ADVFN - Advanced Financial Network.
HOME» NYSE » C » C Stock Price » C Stock News

Citigroup Share News

 Citigroup Stock Price
C Stock Price
 Citigroup Stock Chart
C Stock Chart
 Citigroup Stock News
C Stock News
 Citigroup Company Information
C Company Information
 Citigroup Stock Trades
C Stock Trades

Citigroup's Profit Falls 12% But Still Tops Views

Citigroup Inc.'s (C) second-quarter profit fell 12% from a year earlier amid a decline in revenue and a smaller benefit from releasing reserves set aside for losses from defaulting loans. Citi's focus has been on growing abroad and cutting expenses, but second-quarter results were caught in the cross current of the rising dollar--but benefited in North America from the booming mortgage business driven by low interest rates and government programs for struggling home owners. The $2.9 billion profit, flat from the first quarter, beat the average analyst estimate. Revenue fell 9.7% from a year earlier, to $18.6 billion, and slipped slightly from the first quarter in part because Citi's $219 million gain from the valuation of its own debt was considerably smaller than the loss in previous quarters. Chief Executive Vikram Pandit called the quarter "solid" and pointed to the diverse set of businesses. Expenses declined, and Pandit reiterated that the focus on reducing operating costs would continue. Total loans rose 1% from a year earlier, to $655 billion. Pandit rebuilt Citi after the financial crisis around its international operations. But, uncharacteristically, the consumer business in North America ended up doing better than abroad because revenue from deposits and consumer lending in Asia and Latin America were hampered by the impact of translating the foreign currency income into dollars. Revenue in the international consumer business would have been up 4% had currency swings not pushed the revenue down, while revenue in North America's consumer business remained flat. Overall, revenue in Citi's consumer business remained roughly flat from a year earlier, at $9.8 billion. Net income in all consumer businesses fell slightly from a year earlier, to $2 billion, and rose in securities and banking, to $1.4 billion. Capital markets revenue, however, held its own in a difficult trading quarter where bankers struggled with uncertainties about economic growth in the U.S. and Asia, while Europe continued to struggle with its debt crisis. The securities and banking segment's revenue were flat from a year earlier and rose slightly from the previous quarter, benefiting from the strength in the interest rates and currency markets. Citi's third segment, transaction services, did well as usual. And Citi Holdings--the division in charge of shrinking assets and business that are troubled or Citi no longer considers core to its operations--continued to shrink as planned; it generated a $920 million loss. Citi reduced its reserve for bad loans by $984 million, half of what it released into earnings a year earlier, and booked a $424 million loss from the sale of a 10% stake in Akbank TAS (AKBNK.IS). Citi retains a 9.9% stake in the Turkish bank. Citi's per-share earnings of 95 cents beat analysts' estimates, even excluding the gain from the valuation of its own debt. Analysts polled by Thomson Reuters had expected 89 cents a share, excluding mark-to-market adjustments on debt gains. --Saabira Chaudhuri contributed to this article. Write to Matthias Rieker at matthias.rieker@dowjones.com

Stock News for Citigroup (C)
DateTimeHeadline
04/15/201423:41:11Citi Picks Dewilde to Lead Asia Markets and Investor Services...
04/15/201416:48:51MARKET SNAPSHOT: Stocks Gain For 2nd Day In Row After Ukraine...
04/15/201415:52:11MARKET SNAPSHOT: Stocks Bounce Back As Ukraine Worries Ease
04/15/201415:01:49MARKET SNAPSHOT: Stocks Rebound As Ukraine Worries Ease Slightly
04/15/201413:57:11MARKET SNAPSHOT: Stock Losses Deepen As Ukraine Tensions Escalate
04/15/201413:28:33MARKET SNAPSHOT: Stock Losses Deepen Amid Deepenng Ukraine Tensions
04/15/201412:01:52MARKET SNAPSHOT: Stocks Rattled By Housing Data, Ukraine Tensions
04/15/201410:08:36MARKET SNAPSHOT: U.S. Stocks Gain As Coke, J&J Jump After Earnings
04/15/201408:52:57U.S. Stock Futures Rise
04/15/201404:50:10European Markets Steadying After Heavy Losses
04/15/201404:33:21European Markets Steadying After Last Week's Heavy Losses
04/14/201419:30:18Citi's Mexico Unit Says Fraud Will Cut Profit by $112 Million
04/14/201419:20:37Citi's Mexico Unit Says Fraud Will Cut 1Q Profit by $112 Million
04/14/201416:42:11MARKET SNAPSHOT: Stocks Rebound; Nasdaq Erases Late Swoon
04/14/201415:49:35MARKET SNAPSHOT: Stocks Trim Gains; Nasdaq Turns Negative
04/14/201413:20:46LONDON MARKETS: FTSE 100 Turns Higher As Mining Stocks Strengthen
04/14/201413:00:03EUROPE MARKETS: European Stocks Swing To Gains Following Sell...
04/14/201411:56:03MARKET SNAPSHOT: Stocks Rebound On Retail Sales, Citi Results
04/14/201411:39:31U.S. Stocks Stay Higher on Positive News
04/14/201411:00:08LONDON MARKETS: FTSE 100 Slips, But Glencore Xstrata Gains

Citigroup and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad