Citigroup, Inc. (C) Tops Q2 EPS by 19c
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Revenue Growth %: -1.4%
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Income (loss) from discontinued operations: -37M
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Citigroup, Inc. (NYSE: C) reported Q2 EPS of $1.24, $0.19 better than the analyst estimate of $1.05. Revenue for the quarter came in at $19.38 billion versus the consensus estimate of $18.81 billion.
Michael Corbat, Chief Executive Officer of Citi, said, “Our businesses showed resilience in the face of an uneven economic environment. During the quarter, we continued to grow loans in our core businesses, reduce operating expenses by simplifying our products and processes and utilize our deferred tax assets. Despite the significant impact of today’s settlement on our net income, our capital position strengthened to an estimated Tier 1 Common ratio of 10.6% on a Basel III basis, and our tangible book value increased.”
Citigroup’s capital levels and book value per share increased versus the prior year period. As of quarter end, book value per share was $66.76 and tangible book value per share was $56.89, 6% and 7% increases, respectively, versus the prior year period. At quarter end, Citigroup’s estimated Basel III Tier 1 Common ratio was 10.6%, up from 10.0% in the prior year period, largely driven by earnings and the utilization of deferred tax assets (DTA). Citigroup utilized approximately $1.1 billion of DTA in the second quarter 2014 and $2.2 billion year-to-date 2014. Citigroup’s estimated Basel III Supplementary Leverage ratio for the second quarter 2014 was 5.7%, up from 4.9% in the prior year period.
For earnings history and earnings-related data on Citigroup, Inc. (C) click here.
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