Originally published at www.seclive.com
Citigroup Inc (NYSE:C) announced its financial results for the first quarter of fiscal year 2014, reporting a rise in earnings while revenue slightly dipped. The New York-based bank reported revenue that dipped 0.6% to $20.12B, beating analyst expectations of $19.37B. The company's earnings were $3.94B and $1.23 per share, up from the $3.81B a year-ago and flat with earnings per share unchanged. Citigroup's results pleased investors and are good news for the company after having a rough quarter during which it failed to get Federal Reserve approval for higher investor dividends and share repurchases, a decision made by the Fed after potential fraud in its Mexico business was revealed. CEO Michael Corbat commented that the company delivered strong results despite a tough quarter and reiterated his intent to take the necessary steps to secure Fed approval for its capital plan.
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