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Citigroup Inc. (C)

- NYSE
  • Thu, Aug. 6, 12:36 PM
    • Springleaf (LEAF -9.1%) has agreed not to close the OneMain purchase from Citigroup (C -1.1%) prior to Sept. 10 in order to give the DOJ time to complete its review of the deal. Both Justice and certain state AG's have expressed antitrust concerns.
    • Turning to operations, Q2 core earnings of $67M or $0.53 per share vs. $59M and $0.52 one year ago.
    • Consumer net finance receivables of $4.3B up 27% Y/Y, up 10% Q/Q; per branch of $5.2M up 27% Y/Y.
    • Yield for consumer segment of 26.5% down 53 bps from a year ago. Risk-adjusted yield of 21.64% down 27 bps.
    • $1.2B of total consumer loans originated in Q2 includes $274M of direct auto originations.
    • Previously: Springleaf Holdings beats by $0.02, misses on revenue (Aug. 6)
    | Thu, Aug. 6, 12:36 PM | 3 Comments
  • Thu, Jul. 16, 8:13 AM
    • Global consumer banking  revenue of $8.549B down 4% Y/Y; taking out currency fluctuations, revenue gained 1%. Net credit losses of $1.579B down 9%. Loan loss release of $104M down 66%. Net income of $1.625B up 4%.
    • Institutional clients group revenue (excl. DVA) of $8.878B up 6% Y/Y. Adjusted net income of $2.63B up 2%. Fixed income revenue of $3.062B down 1%.
    • Citi Holdings adjusted revenue of $1.664B down 16% Y/Y, down 9% from Q1. Net credit losses of $258M down 42% Y/Y, down 37% from Q1. Adjusted net income of $157M vs. $149M in Q1. End-of-period assets of $116B down 5% from Q1, down 22% Y/Y.
    • Conference call at 11 ET
    • Previously: Citigroup beats by $0.11, beats on revenue (July 16)
    • C +2.6% premarket
    | Thu, Jul. 16, 8:13 AM | 9 Comments
  • Thu, Jul. 16, 8:00 AM
    • Citigroup (NYSE:C): Q2 EPS (Excl. CVA/DVA) of $1.45 beats by $0.11.
    • Revenue (Excl. CVA/DVA) of $19.15B (-1.6% Y/Y) beats by $40M.
    • Press Release
    | Thu, Jul. 16, 8:00 AM | 4 Comments
  • Wed, Jul. 15, 5:30 PM
  • Thu, Apr. 16, 12:15 PM
    • Citigroup (C +1.8%) beat Q1 estimates on the bottom line, writes Maureen Farrell, despite a reserve release that was less than some had expected. KBW, for one, expected a release of $325M for the Q, but Citi only released $202M.
    • Asked about the crash in the oil price, CFO John Gerspach isn't worried, noting commodities is a small part of the bank's overall business and performed well during Q1. Deterioration in the oil & gas companies Citi work with has been only "minor."
    • Citigroup is "the big turnaround story for the large-cap banks," says RBC's Gerard Cassidy, noting Citi delivered on lower expenses. The stock, he says, remains very attractive on a valuation basis and the Q1 results are further evidence of management's progress.
    • Earnings call slides
    • Previously: Citigroup beats by $0.13, misses on revenue (April 16)
    • Previously: Citigroup +2.1% after cruising past estimates (April 16)
    | Thu, Apr. 16, 12:15 PM | 1 Comment
  • Thu, Apr. 16, 8:13 AM
    • Excluding CVA/DVA adjustments and a tax item from last year, Q1 EPS of $1.52 per share vs. $1.30 one year ago.
    • CET1 Ratio of 11% up 40 bps during quarter as Citi Holdings is able to utilize $1.2B of its DTA. Tangible book value per share of $57.66 up from $56.71 at start of year.
    • Global Consumer Banking net income of $1.73B up 4% Y/Y, on revenue of $4.552B down 7%. Net credit losses of $1.551B down 10%. Loan loss release of $114M down 47%.
    • Institutional Clients Group adjusted net income of $2.972B up 2% on revenue of $9.028B down 1%. Fixed income markets revenue of $3.483B down 11%. Total Markets & Securities Services revenue of $4.805B down 6%.
    • Citi Holdings adjusted net income of $149M vs. a loss of $292M one year ago. Net credit losses of $408M vs. $573M. Loan loss release of $201M vs. $350M. Assets in Citi Holdings of $122B down 5% Q/Q, down 19% Y/Y.
    • Conference call at 11 ET
    • Previously: Citigroup beats by $0.13, misses on revenue (April 16)
    • C +2.1% premarket
    | Thu, Apr. 16, 8:13 AM | 18 Comments
  • Thu, Apr. 16, 8:01 AM
    • Citigroup (NYSE:C): Q1 EPS (Excl. CVA/DVA) of $1.52 beats by $0.13.
    • Revenue  (Excl. CVA/DVA) of $19.81B (-1.5% Y/Y) misses by $10M.
    • Shares +1.9% PM.
    • Press Release
    | Thu, Apr. 16, 8:01 AM | 8 Comments
  • Wed, Apr. 15, 5:30 PM
  • Thu, Jan. 15, 8:18 AM
    • Q4 net income of $350M vs. $2.5B one year ago, with Q4 legal and related expenses of $2.9B vs. $809M. Repositioning charges were another $600M.
    • Citicorp adjusted net income of $185M vs. $3.034B a year ago on adjusted revenue of $16.492B vs. $16.637B (see above legal charges).
    • Global Consumer Banking net income of $1.666B up 8% Y/Y on revenue of $9.442B, flat from a year ago. North American revenues grew 4%, while EMEA, LatAm, and Asia revenues all fell.
    • Institutional Clients Group net income of $1.637B up 13% Y/Y on revenue (ex-DVA) of $7.187B, flat from a year ago. Fixed income markets revenue of $1.988B falls 33% from Q3 and 16% from a year ago. Private banking, corporate lending, and securities services helped make up the difference.
    • Citi Holdings adjusted net income of $161M vs. a loss of $432M a year ago as adjusted expenses fall to $765M from $1.493B. Assets now at $98B are off 16% from a year ago, and represent about 5% of total bank assets.
    • Book value per share of $66.16 up 1% Y/Y; TBVS of $56.83 up 3%.
    • Conference call at 11 ET
    • Previously: Citigroup misses by $0.05, misses on revenue (Jan. 15)
    • C -0.8% premarket
    | Thu, Jan. 15, 8:18 AM | 4 Comments
  • Thu, Jan. 15, 8:01 AM
    • Citigroup (NYSE:C): Q4 EPS of $0.06 misses by $0.05.
    • Revenue of $17.8B (-0.8% Y/Y) misses by $710M.
    • Shares -2.1% PM.
    • Press Release
    | Thu, Jan. 15, 8:01 AM | Comment!
  • Wed, Jan. 14, 5:30 PM
  • Oct. 30, 2014, 4:37 PM
    • Citing "rapidly-evolving regulatory inquiries and investigations, including very recent communications with certain regulatory agencies related to previously-disclosed matters," Citigroup (NYSE:C) boosts Q3 legal accruals by $600M, thus cutting previously-reported income for the quarter to $2.839B.
    • Income from continuing operations is cut to $0.88 from $1.08, and the efficiency ratio deteriorates by 300 bps to 66%.
    • The Tier 1 Capital ratio falls 8 bps to 11.43%, and tangible book value per share slips to $57.53 from $57.73.
    • Source: Press Release
    • The stock's lower by 1.2% AH.
    | Oct. 30, 2014, 4:37 PM | 3 Comments
  • Oct. 14, 2014, 11:58 AM
    • Assets at Citi Holdings fell to $103B by the end of Q3, says Citigroup (C +2.3%) CFO John Gerspach on the earnings call. He notes that's just 5% of total Citigroup assets. In the meantime, lower legal expenses allowed Citi Holdings to post positive net income of $272M during Q3, and $224M YTD.
    • For perspective, Citicorp net income was $3.395B in Q3.
    • Webcast and slide presentation
    • Of the bank's plan to exit consumer operations in 11 overseas markets, Gerspach says sales processes are underway and they will be reported as part of Citi Holdings in 2015 Q1. The 11 units had revenue of $1.624B over the last twelve months vs. $37.78B for all of Global Consumer Banking, and net income of $34M vs. $6.785B for all of Global Consumer Banking.
    • Turning to expenses, the efficiency ratio in Global Consumer Banking of 56% in Q3 is roughly in line with what it's been over the past few Qs. The bank's goal is for 49-52% next year.
    • Net interest margin of 2.91% was actually 10 basis points higher in Q3 than a year ago (Wells Fargo and JPMorgan both saw declines as those lenders aggressively sought deposits). Net interest income of $11.3B rose from $10.7B one year ago.
    • Tangible book value per share of $57.53 is up from $54.52 a year ago. The current price of $51.10 is an 11.5% discount to TBV per share.
    • The Q&A begins momentarily.
    • Previously: Citigroup +2.3% after earnings beat
    | Oct. 14, 2014, 11:58 AM | 2 Comments
  • Oct. 14, 2014, 8:20 AM
    • Net income (excl. DVA) of $3.7B or $1.15 per share is up 13% from a year ago.
    • Citicorp revenue of $18B up 8% Y/Y; net income of $3.2B down 4%. Excluding DVA, net income rose 1%. Operating expenses of $11.5B up 11% thanks in part to higher legal costs.
    • Global Consumer Banking net income of $1.928B up 26% Y/Y as cost of credit drops 17% to $1.415B.
    • Institutional Clients Group adjusted net income of $2.485B up 29% Y/Y. Investment banking revenue of $1.248B up 32%. Fixed income revenue of $2.981B up 5%.
    • Citi Holdings posts adjusted net income of $272M vs. a loss of $113M a year ago. Allowance for credit losses of $5B or 6.44% of loans vs. $7.3B or 7.59% of loans a year ago.
    • Conference call at 11:30 ET
    • C +2.3% premarket
    • Previously: Citi to exit 11 consumer markets
    • Previously: Citigroup beats by $0.03, beats on revenue
    | Oct. 14, 2014, 8:20 AM | 8 Comments
  • Oct. 14, 2014, 8:00 AM
    • Citigroup (NYSE:C): Q3 EPS (Excl. CVA/DVA) of $1.15 beats by $0.03.
    • Revenue (Excl. CVA/DVA) of $19.97B (+9.5% Y/Y) beats by $920M.
    • Press Release
    | Oct. 14, 2014, 8:00 AM | 7 Comments
  • Oct. 13, 2014, 5:30 PM
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Company Description
Citigroup Inc is a financial services holding company. It provides financial products and services, including consumer banking, credit cards, corporate and investment banking, securities brokerage and wealth management.
Sector: Financial
Country: United States