Citigroup Q1 2019 Earnings Breakdown

by EarningsCallsApp

 

  • Q1 2019: Net Income of $4.7 Billion ($1.87 per Share)
  • Q1 2019: Revenues of $18.6 Billion
  • Q1 2019: Returned $5.1 Billion of Capital to Common Shareholders
  • Q1 2019: Repurchased 66 Million Common Shares
  • Q1 2019: Book Value per Share of $77.09
  • Q1 2019: Tangible Book Value per Share of $65.55
  • Revenues decreased 2% from the prior-year period, including the impact of a $150 million gain on the sale of the Hilton portfolio in North America Global Consumer Banking (GCB) in the prior-year period.
  • Net income increased 2% from the prior-year period, driven by a reduction in expenses and a lower effective tax rate, partially offset by the lower revenues and higher cost of credit.
  • Citigroup operating expenses of $10.6 billion in the first quarter 2019 decreased 3%, driven by efficiency savings and the wind-down of legacy assets, partially offset by investments.
  • Citigroup’s effective tax rate was 21% in the current quarter compared to 24% in the first quarter 2018.
  • Total non-accrual assets declined 13% from the prior-year period to $3.8 billion.
  • Consumer non-accrual loans declined 14% to $2.2 billion and corporate non-accrual loans declined 11% to $1.5 billion.
  • Citigroup’s end-of-period loans were $682 billion as of quarter end, up 1% from the prior-year period.
  • Citigroup’s end-of-period deposits were $1.0 trillion as of quarter end, an increase of 3% from the prior-year period.
  • GCB revenues of $8.5 billion remained largely unchanged on a reported basis.
  • Citi-Branded Cards revenues of $2.2 billion increased 5%, excluding the gain on the sale of the Hilton portfolio, driven by continued growth in interest-earning balances.
  • GCB operating expenses of $4.6 billion decreased 1%. In constant dollars, expenses were largely unchanged, as investments and volume-driven expenses were offset by efficiency savings.
  • ICG revenues of $9.7 billion decreased 2%, as growth in Banking (including gain / (loss) on loan hedges) was more than offset by a decline in Markets and Securities Services.
  • Treasury and Trade Solutions revenues of $2.4 billion increased 6% on a reported basis and 10% in constant dollars
  • Investment Banking revenues of $1.4 billion increased 20%
  • Advisory revenues increased 76% to $378 million
  • Private Bank revenues of $880 million decreased 3% compared to a strong prior-year period
  • Corporate / Other revenues of $431 million decreased 27%, primarily driven by the wind-down of legacy assets.
  • Corporate / Other expenses of $549 million decreased 26%, primarily driven by the wind-down of legacy assets.
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