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Banking, finance, and taxes

Citi Earnings Highlights Massive Discount to Book Value (C)

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By Jon C. Ogg Updated Published

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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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About the Author Jon C. Ogg →

Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.

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