Banking, finance, and taxes
Citi Sails Past Estimates, Wind-Down of Citi Holdings Continues
Published:
Last Updated:
Citigroup Inc. (NYSE: C) is out with its third-quarter earnings report. Vikram Pandit and friends turned in earnings of $1.06 per share and $19.4 billion in revenue. These results compare to Thomson Reuters estimates of $0.96 EPS and $18.35 billion in revenue. The results for the same period a year ago were $1.23 EPS and $20.83 billion in revenue.
Today’s earnings report has all sorts of items. If you back out the losses, charges and add in the gains, the earnings came to $0.15 per share and $468 million net earnings, and after adjustments the sales would have been $14 billion. Again, those are the net numbers, and the comparable earnings and sales viewed by analysts is the reported figures in the first paragraph.
Citigroup’s Basel I Tier 1 common ratio is 12.7% and its estimated Basel III Tier 1 Common Ratio increased to 8.6%. The biggest issues that some investors will focus on are the book values. Book value per share increased to $63.59 and the tangible book value per share increased to $52.70 per share.
Citigroup said that its deposits grew 11% to $945 billion. The loans were reported as follows: Citigroup loans rose by 3% to $658 billion, while Citicorp loans grew by 11% to $537 billion. Citi Holdings assets were down by 31% to $171 billion, and this figure now represents only 9% of the total Citigroup asset base.
Citigroup shares are trading up about 1.6% at $35.29 in the premarket after closing at $34.75 on Friday. The 52-week trading range is $23.30 to $38.40.
JON C. OGG
The #1 Thing to Do Before You Claim Social Security (Sponsor)
Choosing the right (or wrong) time to claim Social Security can dramatically change your retirement. So, before making one of the biggest decisions of your financial life, it’s a smart idea to get an extra set of eyes on your complete financial situation.
A financial advisor can help you decide the right Social Security option for you and your family. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Click here to match with up to 3 financial pros who would be excited to help you optimize your Social Security outcomes.
Have questions about retirement or personal finance? Email us at [email protected]!
By emailing your questions to 24/7 Wall St., you agree to have them published anonymously on a673b.bigscoots-temp.com.
By submitting your story, you understand and agree that we may use your story, or versions of it, in all media and platforms, including via third parties.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
