As expected, Citi revenues hit by slow mortgage and trading business


Global consumer banking revenues fell 7% Y/Y to $9.2B, led by a 12% decline in North America (slow mortgage banking). Securities and banking revenues fell 2% to $4.7B, led (as tipped off by the company a month ago) by a whopping 26% decline in fixed income revenue. Citicorp expenses of $10.3B fell 6%. CEO Corbat: "While many of the factors which influence our revenues are not within our full control, we certainly can control our costs."

Citi Holdings revenue of $1.3B up 28% Y/Y as improving housing led to less need for repurchase reserve builds. More importantly, assets declined 29% to $122B and now represent just 6% of Citigroup assets.

Tangible book value per share of $54.52, up 3% Y/Y. Tier 1 capital ratio of 13.6%.

Conference call live on Seeking Alpha at 11 ET.

C -0.7% premarket.

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Comments (2)
  • DeepValueLover
    , contributor
    Comments (11071) | Send Message
     
    Those TARP warrants are starting to look a bit shaky with these numbers being reported.
    15 Oct 2013, 08:41 AM Reply Like
  • ClarJo02
    , contributor
    Comments (12) | Send Message
     
    76 year old private invester.
    15 Oct 2013, 09:36 AM Reply Like
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