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:
Citigroup shares are indicated down about 1% at $49.19, and the 52-week trading range is $34.04 to $53.56.
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