Citigroup (
C)
reported its first quarter earnings before the opening bell on Monday, posting a slight increase in net income over last year's same quarter, while revenues were down 1%.
C's Earnings in Brief
- Citigroup reported first quarter revenues of $20.124 billion, which were down 1% from last year's Q1 revenues of $20.248 billion
- Adjusted net income for the quarter came in at $4.149 billion, marking a 4% increase from last year's Q1 figure of $4.006 billion.
- The bank's adjusted earnings per share came in at $1.30, which was up from last year's Q1 EPS of $1.29.
- Citigroup was able to beat analysts' EPS estimates of $1.14 and revenue estimates of $19.38 billion.
CEO Commentary
Citibank's CEO, Michael Corbat, had the following comments about the bank's first quarter: "Despite a quarter that was difficult for our company, we delivered strong results. Both our consumer and institutional businesses performed well and we grew both loans and deposits while holding the line on our expenses. We reduced our deferred tax assets more than any other quarter since the crisis and drove Citi Holdings closer to break even.
“$4 billion in net income helped generate $6 billion in regulatory capital during the quarter and increased our estimated Tier 1 Common ratio to 10.4% on a Basel III basis. Very cognizant of our shareholders desire to see a sustainable return of capital, we are engaged with the Fed to better understand their expectations regarding the CCAR process. We are committed to bringing our capital planning process to the highest possible standards, befitting an institution of our global reach. I will dedicate whatever resources and make whatever changes necessary to achieve this critical goal."
C's Dividend
Citigroup currently pays a dividend of 1 cent per quarter, and the company was
denied its request to raise its dividend last month. We expect the bank to declare its next dividend in the coming days.
Stock Performance
Citigroup stock was up $1.72, or 3.77%, in pre-market trading. YTD, the company's stock is down 12.61%.
C Dividend Snapshot
As of Market Close on April 11, 2014
Click here to see the complete history of C dividends.
The Bottom Line
Citigroup (C) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.
