Banking, finance, and taxes
Citi Earnings Highlights Massive Discount to Book Value (C)
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Citigroup, Inc. (NYSE: C) has reported that the bank made a profit of $2.93 billion in the first quarter. Outside of special items the bank’s earnings came to $1.11 in earnings per share. The bank’s revenue in the quarter was $19.4 billion, but outside of items the report would have been up about 1% to $20.2 billion. Thomson Reuters had estimates of $1.00 in earnings per share and its consensus revenue target was $19.8 billion.
The bank’s Tier-1 common equity ratio was 12.4% and its Tier-1 capital ratio was 12.4%.
Citigroup reported that its book value was $61.90 on the stated value methodology and its tangible book value was $50.90 at the end of March. Shares are currently trading up about 1.5% at $33.95 in active trading in the pre-market session.
JON C. OGG
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