Citi Calls For Continued Profitability (C)

Citigroup, Inc. (NYSE: C) is seeing what appears to be a slight positive reaction to its earnings beat.  The banking giant reported earnings Monday morning with $0.08 EPS versus Thomson Reuters estimates of $0.06 EPS.  The numbers were broken down as Citicorp revenues of $16.3 billion with net income of $3.5 billion and Citi Holdings revenues of $3.9 billion with a net loss of $1.1 billion.  Total Revenue for the quarter was $20.74 billion versus estimates of $21.15 billion.

Tangible Book Value was listed as $4.44 per share versus a $3.95 close on Friday.

The profits improved in retail banking while corporate operations appear to have declined.  Citi continued to pare down non-essential businesses and the student loan group efforts were a part of that move.  CEO Vikram Pandit maintained the stance of “all of the elements for continued profitability” rather than talking about only choppy and uncertain times.

Tier 1 Capital Ratio was 12.5%.
Tier 1 Common Ratio was 10.3%
Tier 1 Common of $103.7 billion and allowance for loan losses was $43.7 Billion
Tier 1 common ratio of 10.3%, allowance for consumer loan losses $37.6B, allowance for loan losses $43.7 billion.

Citi shares are up 2% at $4.03 right withmore than an hour until the open.

JON C. OGG