Banking, finance, and taxes
Citigroup Earnings and Revenue Light in Challenging Times, Fixed Income Ops Weak
Published:
Citigroup Inc. (NYSE: C) reported earnings for the third quarter that just missed expectations on the bottom line and missed handily on revenues on the surface. The money center bank posted $1.02 in earnings per share (EPS), versus estimates of $1.04 EPS, based in part on weakness in fixed income revenue. Excluding CVA/DVA and other non-normalized items, revenue was listed as being down 5% at $18.2 billion, versus estimates of closer to $18.7 billion. Citigroup called the current macro environment challenging and uneven.
One thing that investors will try to focus on is book values, and these were listed as $64.49 per share on a stated book value basis and $54.52 per share on a tangible book value basis. These compare to a closing price of $49.60.
Citi Holdings assets of $122 billion declined by some 29% from the prior year and now represent only 6% of the total Citigroup assets. Other key metrics investors will care about are as follows:
- Basel III Tier 1 common equity ratio 10.4%
- Basel I Tier 1 common equity ratio 12.6%
- Return on assets 0.7%
- Return on common equity 6.4%
- Allowance for loan losses was $20.6 billion, or 3.2% of total loans
Citigroup shares are indicated down about 1% at $49.19, and the 52-week trading range is $34.04 to $53.56.
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
