Citi Sneaks Past Earnings Estimates, Huge Discount To Book Value (C, JPM)

Citigroup, Inc. (NYSE: C) is out with earnings and the headline figure looks like a substantial beat at $1.23 EPS versus $0.82 EPS estimates.  The headline number includes an accounting benefit of $0.39, similar to what J.P. Morgan Chase & Co. (NYSE: JPM) had reported.  The operating number looks like it would have been $0.84 PS without the benefit.

We have already noted that book value will be a ceiling rather than floor, but these are the book values: stated book value $60.56 per share, tangible book value $49.50.

Citigroup won in fixed income trading $3.8 billion in trading revenues, but only $634 million in revenue came from equity trading.

Another key metric is capital ratios, and Citi noted that its Tier-1 common equity ratio was 11.7% and its Tier-1 Capital ratio was 13.5%.

Citigroup shares are up 1.5% at $25.84 in the pre-market trading indications with about 90 minutes until the opening bell.

JON C. OGG