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Banking, finance, and taxes

Citi Sneaks Past Earnings Estimates, Huge Discount To Book Value (C, JPM)

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By Jon C. Ogg Updated Published

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Citigroup, Inc. (NYSE: C) is out with earnings and the headline figure looks like a substantial beat at $1.23 EPS versus $0.82 EPS estimates.  The headline number includes an accounting benefit of $0.39, similar to what J.P. Morgan Chase & Co. (NYSE: JPM) had reported.  The operating number looks like it would have been $0.84 PS without the benefit.

We have already noted that book value will be a ceiling rather than floor, but these are the book values: stated book value $60.56 per share, tangible book value $49.50.

Citigroup won in fixed income trading $3.8 billion in trading revenues, but only $634 million in revenue came from equity trading.

Another key metric is capital ratios, and Citi noted that its Tier-1 common equity ratio was 11.7% and its Tier-1 Capital ratio was 13.5%.

Citigroup shares are up 1.5% at $25.84 in the pre-market trading indications with about 90 minutes until the opening bell.

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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