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Banking, finance, and taxes

Citi Calls For Continued Profitability (C)

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By Jon C. Ogg Updated Published
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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

Photo of Jon C. Ogg
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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