Citigroup Inc (NYSE:C) released its first quarter earnings results this morning before opening bell, posting earnings of $1.30 a share, excluding items, on revenue of $20.1 billion. Analysts had been expecting the bank to report earnings of $1.14 per share on revenue of $19.38 billion for the most recently completed quarter.
Details on Citigroup’s results
The bank posted GAAP earnings of $1.23 per share. Citigroup Inc (NYSE:C) reported that its net interest margin rose to 2.9%, while its net credit losses fell 15% to $2.4 billion. The bank released $673 million in loan loss reserves, compared to $650 million in the same quarter a year ago. It also cut back its deferred tax assets by about $1.1 billion.
Citigroup Inc (NYSE:C) reported that its book value per share rose to $66.25, while its tangible book value per share increased to $56.40. The bank saw its deposits rise 3% year over year to $966 billion and its loans grow by 7% to $575 billion. Its holdings assets fell 23% year over year to $114 billion and made up 6% of the total Citigroup assets at the end of the quarter. The bank’s Tier 1 Common ratio rose to 10.4% on a Basel III basis.
Breaking down Citigroup’s results
The bank reported $18.7 billion in revenues for its Citicorp division, a 3% year over year decline. Revenue from its global consumer banking division fell 5% to $9.3 billion for the quarter. Citigroup Inc (NYSE:C) reported that revenue from its institutional clients group dell 4% to $9.2 billion for the quarter, while its banking revenue for that division rose 1% to $4.1 billion. Revenues from its markets and securities services arm fell 12% to $5.2 billion. Revenue from Citi Holdings rose 61% to $1.5 billion.
“Despite a quarter that was difficult for our company, we delivered strong results,” said Citigroup Inc (NYSE:C) CEO Michael Corbat in a statement. “Both our consumer and institutional businesses performed well and we grew both loans and deposits while holding the line on our expenses. We reduced our deferred tax assets more than any other quarter since the crisis and drove Citi Holdings closer to break even.”