Citi Earnings Highlights Massive Discount to Book Value (C)

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