Fri, Jul. 15, 11:07 AM
- The bank earned $1.24 per share in Q2, topping estimates by $0.13, but one year ago, analysts were estimating Citi (NYSE:C) would earn $1.49, reminds John Carney. Just two months ago, consensus was a full $1.26.
- For full-year 2016, one year ago, analysts were forecasting $5.99, and today the average is $4.53 - a 24% decline which about matches the drop in the share price.
- Helping the quick cut in Street forecasts over the past few weeks, was CEO Michael Corbat in early June saying he thought Q2 trading revenue would be up only slightly vs. Q1. It ended up rising 12%, though this was likely due to a late-month, post-Brexit flurry of action, rather than Corbat low-balling.
- After an early rise, the stock has turned lower by 0.7% on today's session.
- Previously: Citi profit drops, but tops expectations (July 15)
Fri, Jul. 15, 8:17 AM
- Q2 net income of $4B or $1.24 per share vs. $4.8B and $1.51 a year ago. Revenue of $17.5B down 10%. Excluding DVA, revenues fell 8%, and EPS 14%.
- CET 1 ratio of 12.5% up 110 bps Y/Y. ROE of 7% down 210 bps. Tangible book value per share of $63.53 up from $59.18.
- Loans of $634B flat Y/Y. Deposits of $938B up 5% in constant dollars.
- Global Consumer Banking revenue of $7.733B down 6% Y/Y. Reserve build of $32M vs. $87M in Q1 and release of $101M a year ago. North America GCB revenue of $4.8B down 3%, net income of $843M down 22%.
- Institutional Clients Group revenue of $8.846B down 1% Y/Y. Fixed income revenue of $3.468B up 12% from Q1, up 14% Y/Y. Investment banking revenue of $1.217B up 39% from Q1, down 6% Y/Y.
- Citi Holdings revenue of $843M down 57% Y/Y. EOP assets of $66B down 47%.
- CC at 11:30 ET
- Previously: Citigroup beats by $0.14, beats on revenue (July 15)
- C +0.8% premarket
Fri, Jul. 15, 8:01 AM
Thu, Jul. 14, 5:30 PM
Fri, Apr. 15, 8:15 AM
- Q1 net income of $3.5B or $1.10 per share vs. just over $4.8B and $1.52 (ex. DVA) one year ago. Expectations were for just $1.03 this year. $1.6B of the DTA utilized.
- TBVPS of $62.58 up 9% Y/Y. CET1 ratio of 12.3% up 120 basis points.
- CEO Michael Corbat: "While our market-sensitive products clearly suffered from weak investor sentiment during the quarter, e continued to make progress in several key areas."
- Operating expenses of $10.5B in Q1 fell 3% from a year ago, thanks to Citi Holdings and legal charges, partly offset by repositioning costs.
- Loan loss allowance of $12.7B at quarter end, or 2.07% of total loans vs. $14.6B and 2.38% a year ago. Corporate non-accrual loans of $2.3B up 46% from last quarter, up 97% from a year ago (energy).
- Total loans of $619B about flat from a year ago, and deposits of $935B up 4%.
- Total markets & securities services revenue of $4.075B down 15% Y/Y, with fixed-income revenue of $3.085B down 11%.
- Citi Holdings ending assets at $73B down from $81B last quarter and $130B a year ago. With the "bad bank" now representing such a small portion of overall bank assets, it will not be reported separately after this year.
- Conference call at 11 ET
- Previously: Citigroup beats by $0.07, beats on revenue (April 15)
- C +2.4% premarket
Fri, Apr. 15, 8:01 AM
Thu, Apr. 14, 5:30 PM
Tue, Mar. 15, 8:45 AM
- "Our overall Q1 results reflect an exceptionally volatile and turbulent market environment during our first fiscal quarter," says Jefferies (NYSE:LUK) CEO Richard Handler. "A quiet December was followed by an extremely challenging January and first few weeks of February."
- The investment bank posted a loss of $166.8M in Q1 vs. a profit of $12.9M a year ago. Revenue of $299M fell a full 49%, led by an 82% plunge in trading revenue to $58.8M. Of this, fixed-income revenue fell to $56.8M from $126M. Equity trading revenue fell to just $1.7M from $203.5M thanks to markdowns on two equity block trades.
- Good times ahead: Not only have markets stabilized, says management, they've "aggressively snapped back" in the early part of Q2.
- Coming one month ahead of the rest of the Wall Street banks, Jefferies results are often seen as a bellwether of what to expect. It sounds like Goldman (NYSE:GS), Morgan Stanley (NYSE:MS), Bank of America (NYSE:BAC), CItigroup (NYSE:C), and JPMorgan (NYSE:JPM) have the month of March to make up for what was a very lame start to the quarter.
- ETFs: IAI, KCE, KBWC
Fri, Jan. 15, 10:43 AM
- Citigroup (C -5.4%) beat headline estimates, but Oppenheimer's Chris Kotowski - a bull on the stock - says it's nearly impossible to figure out the "true" operating earnings thanks to a large number of one-time items, and the bank's weak job in providing detail.
- We do know profit at Citi Holdings soared to $704M from $87M a year ago thanks to, among other things, the sale of OneMain Financial. Income at the Global Consumer Banking unit, however, fell 20%, and at the Institutional Clients Group by 18%.
- His bottom line: “It strikes us that the general picture is that consumer banking revenues were somewhat weaker than expected, but importantly that all the credit metrics, both domestically and abroad, were stable at excellent levels.”
- Nomura's Steven Chubak calls the results "disappointing," citing the above numbers at GCB and ICG. He expects the stock to continue to underperform.
- Back out the sales of Citi Holdings assets, says RBC's Gerard Cassidy, and Q4 missed by plenty.
- Earnings call slide deck
- It's a rough day for the markets in general, but Citi's loss today is about double that of the other TBTFs.
- Previously: Surge in income at Citi Holdings boosts Citigroup to earnings beat (Jan. 15)
Fri, Jan. 15, 8:16 AM
- Excluding CVA/DVA, Q4 EPS of $1.06 beat estimates by a penny, with revenue of $18.6B up 4% Y/Y, and also beating estimates.
- CET 1 ratio of 12% is up 140 basis points from a year ago. ROE of 5.9% for the quarter up from 0.4% a year ago. Tangible book value per share of $60.61 up from $56.71.
- Loan loss allowance of $12.6B, or 2.06% of total loans vs. $16B and 2.5% a year ago. Total non-accrual assets down 26% to $5.5B, but corporate non-accrual loans up 32% to $1.6B thanks to energy.
- Global Consumer Banking net income of $1.344B down 20% Y/Y, with North American GCB net income of $1B down 13%. At issue are lower net reserve releases - $32B this year vs. $269B a year ago. Expenses of $4.611B fell 8%.
- Institutional Clients Group adjusted net income of $1.352B down 18% Y/Y. Markets and securities services revenue of $3.2B up 9%, with fixed income markets revenues of $2.2B up 7%. Adjusted net income fell thanks to a net loan loss reserve build of $549M, including about $250M due to energy.
- Citi Holdings was profitable again at $704M vs. $87M a year ago. Assets in the unit fell to 4% of total bank assets.
- Conference call at 11:30 ET
- Previously: Citigroup beats by $0.01, beats on revenue (Jan. 15)
- C down 2.5% premarket amid a big decline in U.S. futures
Fri, Jan. 15, 8:02 AM
- Citigroup (NYSE:C): Q4 EPS (Excl. CVA/DVA) of $1.06 beats by $0.01.
- Revenue (Excl. CVA/DVA) of $18.64B (+4.2% Y/Y) beats by $770M.
Thu, Jan. 14, 5:30 PM
Oct. 15, 2015, 10:18 AM
- Speaking to the media ahead of the investor call Citigroup (C +2%) CFO John Gerspach says trading activity is up early in Q4, but still running at muted levels - Markets and Securities services revenue fell 5% Y/Y in Q3, led by fixed income's 16% decline.
- Despite a 25% decline in revenue at the investment banking unit, Gerspach says he feels good about Citi's M&A franchise. Advisory revenue fell 24%, debt underwriting dropped 17%, and equity underwriting tumbled 43%.
- The revamp of the credit-card division is a long-term project, says Gerspach on the investor call, and will probably take up to two years. Q3 card revenue fell 9% Y/Y to $1.93B. Credit card loans fell 3% to $64.8B. Gerspach hopes those balances start to increase early next year.
- WSJ's Moneybeat
- Presentation slides
- Previously: Citigroup gains after earnings beat (Oct. 15)
- Previously: Citigroup beats by $0.03, misses on revenue (Oct. 15)
Oct. 15, 2015, 8:19 AM
- Q3 EPS excluding CVA/DVA adjustment of $1.31 up 38% from $0.95 one year ago. Revenues of $18.5B fell 8%.
- 36M shares repurchased during quarter. CET 1 ratio of 11.6%. Tangible book value per share of $60.07 compares to last night's close of $50.72.
- Global Consumer Banking income of $1.674M fell 11% Y/Y, on revenues of $8.46B down 8%. In constant dollars, revenues fell just 1%.
- Institutional Clients Group net adjusted net income of $2.273B fell 9% Y/Y on revenue of $8.597B up 3%. Investment banking revenue of $937M fell 25%, fixed income markets revenue of $2.577B fell 16%, equity markets revenue of $996M gained 31%. Total Markets and Securities Services revenue of $4B fell 5%.
- Citi Holdings is profitable again, with adjusted net income of $47M vs. $157M in Q2 and $246M a year ago. Adjusted revenues of $1.442B down 32%. End-of-period assets of $110B down 5% Q/Q, down 20% Y/Y.
- Conference call at 11 ET
- Previously: Citigroup beats by $0.03, misses on revenue (Oct. 15)
- C +2.7% premarket
Oct. 15, 2015, 8:02 AM
- Citigroup (NYSE:C): Q3 EPS (Excl. CVA/DVA) of $1.31 beats by $0.03.
- Revenue of $18.5B (-7.4% Y/Y) misses by $40M.
Citigroup, Inc. is a global financial services holding company that engages in the provision of financial products and services to consumers, corporations, governments, and institutions. It offers savings, checking, online banking, individual retirement accounts, and private banking products and... More
Industry: Money Center Banks
Country: United States
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