Shares of Citigroup Inc C traded marginally higher after initially dipping in the red in reaction to the big bank's mixed first-quarter results.
What Happened
Citi said it earned $1.87 per share in the quarter on revenue of $18.58 billion versus expectations of $1.80 per share and $18.65 billion. Net income improved from $4.6 billion in the same quarter last year to $4.7 billion due to a reduction in expenses and a lower tax rate.
Total revenue fell 1 percent (excluding the sale of Hilton portfolio). The bank saw a decline in revenue in the Equity Markets business along with mark-to-market losses on certain loan hedges and the ongoing wind-down of legacy assets in the Corporate/Other business.
EPS growth of 11 percent was mostly due to a 9-percent reduction in average diluted shares and growth in net income.
Book value per share rose 8 percent from last year to $77.09, while tangible book value per share rose 7 percent to $65.55.
Why It's Important
Citi CEO Michael Corbat said its institutional and consumer businesses performed well with "good momentum" across US Branded Cards, Treasury and Trade Solutions, and Investment Banking.
The company is also seeing "good early results" in its North America consumer banking business as new products are resonating well with customers, Corbat said.
Citi will host a conference call at 10:00 a.m. ET to discuss its results and management is likely to offer commentary on its outlook.
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