HALISTER: Citigroup 1Q Adj. EPS, Rev. Beat Ests.

Citigroup 1Q Adj. EPS, Rev. Beat Ests.

(Bloomberg) -- Citigroup 1Q adj. EPS $1.10, est. $1.03.
  • 1Q adj. rev. $17.55b, est. $17.5b
  • NIM 2.92%
  • While market-sensitive products “clearly suffered” in qtr, C continued to make progress in “key areas"; grew loans, deposits in core business, cut expenses while abosorbing ‘‘significant’’ repositioning charge: CEO Michael Corbat
    • Citi Holding assets down 10% from yr end, was profitable; as accounts for such a small pctg of balance, will no longer report results separately after this yr
  • 1Q fixed income trading rev. $3.09b vs est. $2.97b (Bloomberg survey of 6 ests.)
    • Equities $706m vs est. $731m
  • I-banking rev. of $875m vs the est. $906.7m (Bloomberg survey of 6 ests.)
  • 1Q oper expenses $10.5b vs $11.1b
    • Lower Citi Holdings expenses, legal costs, FX impact were partially offset by higher repositioning costs, investments in Citicorp
    • Legal expenses $166m vs $388m y/y; repositioning $491m vs $16m y/y
    • Net loan loss reserve build $233m, primarly related to energy vs release $239m y/y
  • Allowance for loan losses $12.7b at qtr end, 2.07% of total loans vs $14.6b, or 2.38% of total, y/y
  • Tier 1 common ratio 12.3% vs 12.1% q/q; SLR 7.4% vs 7.1%
  • BV $71.47; tangible book $62.58
  • Follow our TOPLive blog for real-time news, analysis on C earnings starting at 7:50am here
  • Call 11am, 866-516-9582, password 55563196
Banks preview: {NSN O5OA906KLVS9 }
Alert: HALISTER
Source: BFW (Bloomberg First Word)

Tickers
C US (Citigroup Inc)

People
Mike Corbat (Citigroup Inc)

To de-activate this alert, click here

UUID: 7947283