Citigroup Inc (C)

[MCArmel1]

Citigroup beats by $0.03, misses on revenue

Oct 15 2015, 08:02 ET | About: Citigroup Inc. (C) | By: Gaurav Batavia, SA News Editor

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.

Press Release

http://seekingalpha.com/news/2831256-citigroup-beats-by-0_03-misses-on-revenue?uprof=45#email_link


Citigroup Reports Third Quarter 2015 Earnings Per Share of $1.35; $1.31 Excluding CVA/DVA1
Thu October 15, 2015 7:59 AM|Business Wire | About: C

NET INCOME OF $4.3 BILLION; $4.2 BILLION EXCLUDING CVA/DVA

REVENUES OF $18.7 BILLION; $18.5 BILLION EXCLUDING CVA/DVA

NET INTEREST MARGIN OF 2.94%

RETURNED $2.1 BILLION OF CAPITAL TO COMMON SHAREHOLDERS;
REPURCHASED 36 MILLION COMMON SHARES

COMMON EQUITY TIER 1 CAPITAL RATIO OF 11.6%2
SUPPLEMENTARY LEVERAGE RATIO OF 6.8%3

BOOK VALUE PER SHARE OF $69.03
TANGIBLE BOOK VALUE PER SHARE OF $60.074

CITI HOLDINGS ASSETS OF $110 BILLION DECLINED 20% FROM PRIOR YEAR PERIOD
AND REPRESENTED 6% OF TOTAL CITIGROUP ASSETS AT QUARTER END

YEAR-TO-DATE CITICORP EFFICIENCY RATIO OF 55%

YEAR-TO-DATE RETURN ON AVERAGE ASSETS OF 0.99% EXCLUDING CVA/DVA

YEAR-TO-DATE RETURN ON TANGIBLE COMMON EQUITY OF 10.0% EXCLUDING CVA/DVA

YEAR-TO-DATE UTILIZED APPROXIMATELY $2.1 BILLION OF DEFERRED TAX ASSETS

NEW YORK--(BUSINESS WIRE)-- Citigroup Inc. (C) today reported net income for the third quarter 2015 of $4.3 billion, or $1.35 per diluted share, on revenues of $18.7 billion. This compared to net income of $2.8 billion, or $0.88 per diluted share, on revenues of $19.7 billion for the third quarter 2014.

CVA/DVA was $196 million ($127 million after-tax) in the third quarter 2015, compared to negative $371 million (negative $228 million after-tax) in the prior year period. Excluding CVA/DVA, revenues were $18.5 billion, down 8% from the prior year period, and earnings were $1.31 per diluted share, up 38% from prior year earnings of $0.95 per diluted share.

Michael Corbat, Chief Executive Officer of Citigroup, said, The quarter had more than its fair share of volatility and our results speak to the resilience of our franchise globally. And despite revenue headwinds, we once again proved our ability to manage our risk, our expenses and our capital. We remain on track to deliver our full-year efficiency and ROA targets. I feel good about the quality and consistency of our earnings over the course of this year, as we have continued to make solid progress against our core priorities.

Citi Holdings was profitable again this quarter and its assets declined 20% year-over-year to $110 billion. Consistent utilization of our deferred tax assets helped us generate $14 billion of regulatory capital. So far this year we have returned over $4 billion of that capital to our shareholders in the form of share buybacks and common stock dividends. Our tangible book value surpassed $60 per share and our Common Equity Tier One Capital ratio increased to 11.6% on a fully-implemented basis. Challenging environments have become the norm, but the work we have done to make our firm simpler, smaller, safer and stronger has given us a resilient and sturdy platform from which to operate, Mr. Corbat concluded.

More...

http://seekingalpha.com/pr/14994616-citigroup-reports-third-quarter-2015-earnings-per-share-of-1_35-1_31-excluding-cva-dva1