Citigroup beats by $0.08, reports revs in-line (72.13)
- Reports Q1 (Mar) earnings of $1.68 per share, $0.08 better than the Capital IQ Consensus of $1.60; revenues rose 2.8% year/year to $18.87 bln vs the $18.89 bln Capital IQ Consensus, driven by growth in both the Institutional Clients Group (ICG) and Global Consumer Banking (GCB) -- up 7% in total, partially offset by lower revenues in Corporate / Other primarily due to the continued wind-down of legacy assets. Net income of $4.6 billion increased 13%, driven by the higher revenues and a lower effective tax rate, partially offset by higher expenses (+2%) and cost of credit (+12%).
- Tangible book +1.4% to $61.02.
- "During the quarter, we returned more than $3 billion in capital to common shareholders which helped drive a significant improvement in earnings per share. And we recently submitted our capital plan and believe we remain on track to meet the commitment we outlined at investor day of returning at least $60 billion over the 2017, 2018 and 2019 cycles, subject to regulatory approval."