Citi sees US$2.9b net in Q1
Source: Agencies |
April 17, 2012, Tuesday
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Print Edition
Print Edition
CITIGROUP made US$2.9 billion in the first three months of this year, helped by record revenue from processing transactions for its international clients and more customers paying back loans on time.
The bank earned 95 cents per share, falling short of the US$1.01 expected by analysts surveyed by FactSet, a provider of financial data.
The bank pointed to a separate figure for quarterly income, US$1.11 per share, that does not include a US$1.3 billion accounting charge that Citi took because the value of its debt increased.
Revenue was US$19.4 billion, down 2 percent from the quarter a year ago.
Citigroup, which has the most international branches of any US bank, saw quarterly revenue of its overseas transaction services rise 7 percent from last year to US$2.7 billion.
Because more customers paid on time, the bank took a profit of US$1.2 billion from the reserves it had set aside for loan losses. Customer loans late by at least 90 days fell 19 percent from a year ago.
Just like at rival JPMorgan, Citi's investment banking revenue fell, off 12 percent to US$5.3 billion. Volume in the stock market has been light this year. Citi's equity markets revenue fell 18 percent.
Historically low interest rates attracted Citi's large corporate clients to issue more debt. Its debt underwriting revenue rose 19 percent to US$601 million.
The bank earned 95 cents per share, falling short of the US$1.01 expected by analysts surveyed by FactSet, a provider of financial data.
The bank pointed to a separate figure for quarterly income, US$1.11 per share, that does not include a US$1.3 billion accounting charge that Citi took because the value of its debt increased.
Revenue was US$19.4 billion, down 2 percent from the quarter a year ago.
Citigroup, which has the most international branches of any US bank, saw quarterly revenue of its overseas transaction services rise 7 percent from last year to US$2.7 billion.
Because more customers paid on time, the bank took a profit of US$1.2 billion from the reserves it had set aside for loan losses. Customer loans late by at least 90 days fell 19 percent from a year ago.
Just like at rival JPMorgan, Citi's investment banking revenue fell, off 12 percent to US$5.3 billion. Volume in the stock market has been light this year. Citi's equity markets revenue fell 18 percent.
Historically low interest rates attracted Citi's large corporate clients to issue more debt. Its debt underwriting revenue rose 19 percent to US$601 million.
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