Citigroup Company Earnings Continue Rebound

Before you go, we thought you'd like these...
Before you go close icon

BankCitigroup 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
Read Full Story

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners

Cops Catch Up To A Suspicious Speeding Vehicle - And Make An Appalling Discovery Inside Cops Catch Up To A Suspicious Speeding Vehicle - And Make An Appalling Discovery Inside
Don't Get Too Close To a Newborn Giraffe Unless You Want to Get Kicked in the Nuts Don't Get Too Close To a Newborn Giraffe Unless You Want to Get Kicked in the Nuts
If You Find One Of These In Your Yard, Don't Touch It - And Try Not To Panic If You Find One Of These In Your Yard, Don't Touch It - And Try Not To Panic