S&P 500
7,226.20
+0.01%
Dow Jones
49,494.60
-0.62%
Nasdaq 100
27,685.40
+0.66%
Russell 2000
2,804.78
-0.02%
FTSE 100
10,364.50
0.00%
Nikkei 225
59,260.50
-0.78%

Banking, finance, and taxes

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

Photo of Jon C. Ogg
By Jon C. Ogg Updated Published
Follow 24/7 Wall St. on Google
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

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

Photo of Jon C. Ogg
About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. a673b.bigscoots-temp.com.

Continue Reading

Jon C. Ogg |

Bank Earnings To Be Clouded By Huge Discounts To Book Value (JPM, WFC, BAC, C, GS)

This Friday is going to mark a key earnings day when we get earnings from J.P. Morgan Chase & Co.…
Jon C. Ogg |

BofA Earnings Masked in Items, Huge Discount to Book Value (BAC, C, FAS)

Bank of America Corporation (NYSE: BAC) has reported its earnings and the headline numbers may look like a disappointment at…
Jon C. Ogg |

Citi Earnings Highlights Massive Discount to Book Value (C)

Citigroup, Inc. (NYSE: C) has reported that the bank made a profit of $2.93 billion in the first quarter.  Outside…
Jon C. Ogg |

Goldman Beats Earnings, Raises Dividend

GS.COMThe Goldman Sachs Group Inc. (NYSE: GS) is out with earnings that look significantly better than estimates on the headlines.…
Jon C. Ogg |

Citi Mixes Earnings Metrics, Trading Under Book Value (C)

Citigroup Inc. (NYSE: C) is continuing to show some improvements from its near-implosion.  The money center bank reported earnings were…
Chris Lange |

Citigroup Earnings Dominated by Deep Discount to Book Value

Citigroup released a better-than-expected second-quarter earnings report Thursday before the markets opened.
Chris Lange |

How the Major Banks Fared This Earnings Season

24/7 Wall St. has been tracking the major banks over the course of this week to kick off corporate earnings…
Banks Likely To Raise Dividends After Stress Tests
Jon C. Ogg |

Banks Likely To Raise Dividends After Stress Tests

[cnxvideo id=”655420″ placement=”ros”]The Federal Reserve has finally released the results of the 2016 stress tests. If there is one thing…
Jon C. Ogg |

Wells Fargo Delivers on Earnings, Value Catching Up (WFC)

Wells Fargo & Co. (NYSE: WFC) has just reported record net income of $3.8 billion on 49% year over year…

Top Gaining Stocks

Cboe Global Markets
CBOE • Vol: 1,568,143
New Pluto Global
PSKY • Vol: 12,285,993
Seagate Technology
STX • Vol: 7,378,346
Oracle
ORCL • Vol: 26,317,675
Datadog
DDOG • Vol: 6,247,779

Top Losing Stocks

LKQ
LKQ • Vol: 4,367,433
Clorox
CLX • Vol: 13,260,523
Stryker
SYK • Vol: 4,519,455
Mohawk Industries
MHK • Vol: 1,859,865
Amgen
AMGN • Vol: 3,818,618