Citigroup Inc. (NYSE: C) topped market estimates on revenue and earnings for the second quarter of 2019. Analysts had forecast earnings of $1.81 per share on revenues of $18.4 billion. After climbing in premarket hours, the stock fell by 1.3% in morning trade on Monday.
Total revenues of $18.8 billion were up 2% from the same period last year, reflecting a pretax gain of approx. $350 million on Citi’s investment in Tradeweb as well as higher revenues in the Global Consumer Banking division.
On a GAAP basis, net income rose 7% year-over-year to $4.8 billion, helped by higher revenues, lower expenses and a lower effective tax rate while EPS grew 20% to $1.95. Adjusted EPS rose 12% to $1.83, driven mainly by a 10% reduction in average diluted shares outstanding and the lower effective tax rate.
Allowance for loan losses was $12.5 billion, or 1.82% of total loans at quarter-end compared to $12.1 billion, or 1.81% of total loans last year.
During the quarter, revenues in the Global Consumer Banking (GCB) division increased 3% on a reported basis and 4% in constant dollars to $8.5 billion, driven by growth across all geographic regions.
In Institutional Clients Group (ICG), revenues totaled $9.7 billion, relatively flat versus the prior-year period, as the Tradeweb gain and growth in Treasury and Trade Solutions revenues offset revenue declines in Investment Banking, Fixed Income Markets and Equity Markets.
Corporate/Other revenues grew 1% to $532 million, as higher treasury revenues and gains were largely offset by the wind-down of legacy assets.
End-of-period loans increased 3% to $689 billion from last year both on a reported and constant dollar basis. The constant-dollar increase was driven by a 4% aggregate growth in the ICG and GCB segments.
End-of-period deposits were $1 trillion as of quarter-end, up 5% versus the prior-year period on both a reported and constant dollar basis. The constant-dollar growth was aided by a 6% increase in ICG and a 3% growth in GCB.
Citigroup’s peers JP Morgan (NYSE: JPM) and Wells Fargo (NYSE: WFC) will be publishing results for their most recent quarter on Tuesday while Bank of America (NYSE: BAC) is set to release its second-quarter report on July 17.
Most Popular
CVX Earnings: Chevron reports lower revenue and profit for Q3 2024
Energy exploration company Chevron Corporation (NYSE: CVX) on Friday announced third-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation dropped to
Key highlights from Exxon Mobil Corporation’s (XOM) Q3 2024 earnings results
Exxon Mobil Corporation (NYSE: XOM) reported its third quarter 2024 earnings results today. Total revenues and other income remained relatively flat at $90 billion compared to the same period a
AAPL Earnings: Apple Q4 2024 sales rise 6% YoY, beat estimates
Apple Inc. (NASDAQ: AAPL) reported an increase in revenues for the fourth quarter of 2024. The top line came in above estimates. The gadget giant generated revenues of $94.9 billion