Halister News

(Bloomberg) -- Citigroup 2Q EPS $1.28 vs est. $1.21 (range $1.16-$1.25).

• Rev. $17.9b vs est. $17.4b; global consumer banking rev. up 5% y/y, institutional clients group rev. up 6% y/y, corporate/other rev. down 45% y/y
  • Fixed income markets rev. $3.215b vs est. $2.976b (Bloomberg survey of 8 ests.)
  • Equity markets rev. $691m vs est. $739.4m (Bloomberg survey of 8 ests.)
  • Investment banking rev. $1.486b vs est. $1.22b (Bloomberg survey of 7 ests.)
• CEO Michael Corbat: "Our Institutional Clients Group had a very strong quarter all-around, including its best Investment Banking performance in seven years."
  • "We are clearly on course to increase both the return on capital and return of capital for our shareholders"
• ROE 6.8% vs 7.0% y/y
• Allowance for loan losses $12b at quarter end (1.88% of total loans) vs $12.3b y/y
• End of period loans $645b, up 2% y/y
• Cost of credit $1.7b, up 22% y/y
• Deposits $959b at quarter end, up 2% y/y
• Operating expenses $10.5b vs $10.4b y/y
• Efficiency ratio 59%, unchanged y/y
• CET1 ratio 13% vs 12.5% y/y
• Book value per share $77.36 vs $73.19 y/y
• Repurchased 29m common shares
• Conf. call 11:30am, 866-516-9582, pw 12260944
• NOTE: Earlier, JPMorgan 2Q FICC Sales & Trading Revenue Miss Estimates
• NOTE: July 13, PREVIEW BANKS 2Q: JPMorgan First in Season Pegged to Trump Hopes

Statement link To contact the reporter on this story: Lily Katz in New York at lkatz31@bloomberg.net To contact the editors responsible for this story: Arie Shapira at ashapira3@bloomberg.net Will Daley