Citigroup’s (C) quarter was as bad as advertised. The bank reported net income for the 2007 third quarter of $2.38 billion, or $0.47 per share, a decline of 57% from the prior-year quarter. Results include a $729 million pre-tax gain on the sale of Redecard shares. Return on equity was 7.4%. On October 1, 2007,
|
Citi Segment Results |
||||||||||||||||||||||
| Third Quarter Revenues |
|
Third Quarter Net Income |
|
|||||||||||||||||||
| (In Millions of Dollars, except EPS) | 2007 | 2006 |
% |
2007 | 2006 |
% |
||||||||||||||||
| Global Consumer | $ | 14,683 | $ | 12,834 | 14 | % | $ | 1,783 | $ | 3,195 | (44 | )% | ||||||||||
| Markets & Banking | 4,603 | 6,067 | (24 | ) | 446 | 1,721 | (74 | ) | ||||||||||||||
| Global Wealth Management | 3,509 | 2,486 | 41 | 489 | 399 | 23 | ||||||||||||||||
| Alternative Investments | 125 | 334 | (63 | ) | (67 | ) | 117 | NM | ||||||||||||||
| Corporate/Other | (257 | ) | (299 | ) | 14 | (273 | ) | (129 | ) | NM | ||||||||||||
| Results from Continuing Operations | $ | 22,663 | $ | 21,422 | 6 | % | $ | 2,378 | $ | 5,303 | (55 | )% | ||||||||||
| Discontinued Operations | – | 202 | NM | |||||||||||||||||||
| Total Citi | $ | 2,378 | $ | 5,505 | (57 | )% | ||||||||||||||||
| Earnings per Share from Continuing Operations | $ | 0.47 | $ | 1.06 | (56 | )% | ||||||||||||||||
| Earnings per Share | $ | 0.47 | $ | 1.10 | (57 | )% | ||||||||||||||||
| International results (1) | $ | 12,256 | $ | 9,460 | 30 | % | $ | 2,035 | $ | 2,276 | (11 | )% | ||||||||||
|
(1) International results are fully reflected in the Total Citi results above, and exclude Alternative Investments, Corporate/Other and Discontinued Operations. |
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|
NM Not meaningful. Douglas A. McIntyre |
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