Citigroup Company Earnings Continue Rebound
Citigroup Inc. (NYSE: C) reported fiscal second quarter results before markets opened this morning. The bank reported adjusted diluted quarterly earnings per share (EPS) of $1.254 on revenues of $20.5 billion. In the same period a year ago, Citigroup reported adjusted EPS of $1.00 on revenues of $18.4 billion. Second-quarter results also compare to the consensus estimates for EPS of $1.18 on revenues of $19.79 billion.
On a GAAP basis, excluding credit/debit valuation adjustments, revenues for the quarter totaled $20 billion and EPS totaled $1.343, reflecting lower net credit losses and higher revenues.
At the end of the second quarter, the bank's Basel 1 Tier 1 capital ratio was 13.3% and the common ratio was 12.2%. Citigroup's estimated Basel III Tier 1 common ratio at the end of the quarter rose from 9.3% in the first quarter to 10%.
The bank's CEO said:
Our businesses performed well during the quarter and these results are well-balanced through our products and geographies, especially in the emerging markets, where growth is being challenged.
The bank's cost of credit in the quarter reach $2 billion, down 25% from the second quarter of 2012 and an improvement of $883 million in net credit losses.
Shares are up about 2.8% in premarket trading this morning, at $50.81 in a 52-week range of $24.91 to $53.56. Thomson Reuters had a consensus analyst price target of around $55.80 before today's results were announced.
Filed under: Banking & Finance Tagged: C