Citibank Just Can’t Catch a Break in Q2
Citigroup reported mixed second-quarter results before the markets opened on Friday and shares retreated afterward.
When Citigroup Inc. (NYSE: C) reported its most recent quarterly results before the markets opened on Friday, the bank posted $1.63 in earnings per share (EPS) and $18.5 billion in revenue. Consensus estimates had called for $1.56 in EPS on revenue of $18.51 billion. In the second quarter of last year, it posted EPS of $1.28 and $17.9 billion in revenue.
End-of-period loans were $671 billion as of quarter’s end, up 4% from the prior-year period. And Citigroup’s end-of-period deposits were $997 billion, an increase of 4%.
In terms of its segments, the bank reported as follows:
- Global Consumer Banking revenues increased 2% year over year to $8.25 billion.
- Institutional Clients Group revenues increased 3% to $9.69 billion.
- Corporate and Other revenues decreased 20% to $528 million.
For the quarter, book value per share came in at $71.95 and tangible book value per share was $61.29.
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Citigroup did not offer any guidance in the report, but consensus estimates from Thomson Reuters call for $1.64 in EPS and $18.42 billion in revenue for the next quarter.
Michael Corbat, Citi CEO, commented:
During the quarter, we drove strong year-over-year revenue growth in many of our businesses – including our International Consumer franchise, Treasury and Trade Solutions, Equities, and the Private Bank. And we continue to support our clients as evidenced by solid loan growth that was balanced across businesses and geographies. Our focus on expenses has given us the ability to self-fund many of our investments and resulted in an improvement in our efficiency ratio for both the second quarter and through the first half of this year.
Shares of Citigroup traded down 2% early Friday at $67.15, with a consensus analyst price target of $83.32 and a 52-week range of $64.38 to $80.70.
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Chris Lange is a financial and geopolitical writer with more than a decade of experience covering a myriad of topics. He has published thousands of articles for 24/7 Wall St., with past coverage focused heavily on stocks, IPOs, healthcare, defense, global affairs, and technology.
His work has been quoted, or referenced by a number of outlets including Business Insider, USA Today, Yahoo Finance, MSN, The Motley Fool, and many other publications. A graduate of Southwestern University, he studied business with a focus on investments and has previous experience in banking and startups.
When not reading or writing the news, he is following his passion for Lacrosse, playing chess, or building solar projects with his dad.
