Citigroup (C) Tops Q1 EPS by 7c

(Updated - April 15, 2016 8:00 AM EDT)

Citigroup (NYSE: C) reported Q1 EPS of $1.10, $0.07 better than the analyst estimate of $1.03. Revenue for the quarter came in at $17.6 billion versus the consensus estimate of $17.46 billion.

First quarter 2015 included CVA/DVA4 of negative $73 million (negative $47 million after-tax). Excluding CVA/DVA in the prior year period, revenues decreased 11% from the prior year period, and earnings per diluted share decreased 28% from $1.52 per diluted share in the prior year period.

Michael Corbat, Chief Executive Officer of Citi, said, “While our market-sensitive products clearly suffered from weak investor sentiment during the quarter, we continued to make progress in several key areas. We grew loans and deposits in our core businesses, reduced our expenses while absorbing a significant repositioning charge, utilized additional Deferred Tax Assets, and generated capital in excess of what we returned to our shareholders. Our Common Equity Tier 1 Capital ratio now stands at 12.3% and our Tangible Book Value per share increased to $62.58.

“We also drove another significant reduction of assets in Citi Holdings, which were down 10% from the end of last year and, for the seventh quarter in a row, Holdings was profitable. Given that Holdings now accounts for such a small percentage of Citi’s balance sheet, we will no longer report its results separately after this year. Winding down Holdings has been a longtime goal and shows Citi's progress in becoming a simpler, smaller, safer and stronger institution,” Mr. Corbat concluded.

Common equity tier capital ratio of 12.3 percent.

Citigroup’s book value per share was $71.47 and tangible book value per share was $62.58, each as of quarter end, representing 7% and 9% increases, respectively. At quarter end, Citigroup’s Common Equity Tier 1 Capital ratio was 12.3%, up from 11.1% in the prior year period. Citigroup’s Supplementary Leverage Ratio for the first quarter 2016 was 7.4%, up from 6.4% in the prior year period. During the first quarter 2016, Citigroup returned a total of approximately $1.5 billion of capital to common shareholders in the form of dividends and repurchases of approximately 31 million common shares.

For earnings history and earnings-related data on Citigroup (C) click here.

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