Citigroup Inc (C) Beats Earnings Expectations, Shares Jump

0
Citigroup Inc (C) Beats Earnings Expectations, Shares Jump
By http://www.citigroup.com/ [Public domain], <a href="https://commons.wikimedia.org/wiki/File%3ACitigroup.svg">via Wikimedia Commons</a>

Citigroup Inc (NYSE:C) posted its earnings prior to opening bell this morning, reporting higher-than expected first quarter profits. Not long after the report, shares of the bank’s stock started jumping. At the moment of this writing, shares of Citigroup Inc (NYSE:C) were up 2.72 percent.

Citigroup Inc (C) Beats Earnings Expectations, Shares Jump

Citigroup Inc (NYSE:C) posted a 30 percent rise in profits and reported that its investment banking and fixed-income businesses soared over the expectations of analysts. It reported net income of $3.81 billion or $1.23 per share. Last year the bank posted net income of $2.93 billion or 95 cents per share.

Quant ESG With PanAgora Asset Management’s George Mussalli

investValueWalk's Raul Panganiban interviews George Mussalli, Chief Investment Officer and Head of Equity Research at PanAgora Asset Management. In this epispode, they discuss quant ESG as well as PanAgora’s unique approach to it. The following is a computer generated transcript and may contain some errors. Q3 2020 hedge fund letters, conferences and more Interview . Read More


Citigroup Inc (NYSE:C)’s profit was $1.29 per share, excluding an adjustment for accounting. That’s compared to a Bloomberg estimate of $1.17 per share in adjusted earnings. The bank’s revenue rose to $20.5 billion compared to $19.4 billion in the first quarter of last year.

The bank reported a decline in bond trading revenue, which fell to $4.6 billion excluding adjustments, a decrease of 3 percent compared to the same quarter last year. Nonetheless, that amount still beat the expectations of analysts, who predicted numbers between $3.2 and $4.2 billion, according to Bloomberg. Citigroup’s investment banking arm posted $1.1 billion in revenue.

Another bright spot in Citigroup Inc (NYSE:C)’s earnings report was the release of $652 million in loss reserves, with $351 million being from the bank’s Citi Holdings portfolio. That portfolio was greatly affected by the rise in U.S. housing prices, according to Reuters.

The bank’s net-interest income was flat from the same quarter a year ago. Also its operating expenses were 1 percent higher than the same quarter a year ago but 3 percent lower than in its previous quarter.

No posts to display