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Citigroup (NYSE: C) reported second quarter EPS that beat estimates on the top and bottom lines. However, some accounting items boosted profits and made the numbers appear slightly better at first glance than they really are.
Second Quarter Highlights
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For the second quarter of 2013, Citigroup reported earnings per share of $1.25, beating the consensus forecast of $1.18 by 5.93 percent. Earnings per share rose from the same period a year ago when the company reported earnings per share of $1.00.
Michael Corbat, Chief Executive Officer of Citi, said, "Our businesses performed well during the quarter and these results are well-balanced through our products and geographies, especially in the emerging markets, where growth is being challenged. We also continued to make progress in several critical areas. We reduced the earnings drag caused by Citi Holdings, where we saw the largest percentage reduction of assets since 2010."
Earnings per share in the second quarter included many one-time items. First, Citi reported that it saw a gain of $0.2579 per share from a reduction in loan loss reserves. Also, the company reported an additional $0.1974 per share benefit from the use of deferred tax assets. In all, Citigroup after-these items reported EPS of $0.93.
Revenue in the quarter was strong though as Citi reported revenue of $20.5 billion vs. the forecast of $19.79 billion, a beat of 3.59 percent. Revenues in the second quarter of 2013 were $18.64 billion.
"We increased our already strong capital levels, reaching an estimated Basel III Tier 1 Common ratio of 10%", continued Corbat. "Generating consistent and quality earnings is a key priority and this quarter met that goal."
Barron's Positive, Stock Rises
Over the weekend, Barron's made a positive recommendation of Citi stock, noting that shares could gain 50 percent from current levels. Citi shares rose 2.68 percent pre-market to $52.17, just shy of the 52-week high of $53.56.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.