Citigroup beats by $0.08, reports revs in-line; Beats FIVV trading expectations, misses on Equities (67.42)
- Reports Q1 (Mar) earnings of $1.87 per share, excluding non-recurring items, $0.08 better than the S&P Capital IQ Consensus of $1.79; revenues fell 1.6% year/year to $18.58 bln vs the $18.56 bln S&P Capital IQ Consensus.
- Expenses Down 3% YoY, as investments were more than offset by efficiency savings and the wind-down of legacy assets
- Net Interest Margin 2.72% compared to 2.71% in Q4.
- Net Credit Losses $1.948 bln in Q1, +4% y/y.
- RoTCE 11.9% compared to 10.3% in Q4.
- EOP Loans flat y/y
- Total Banking: Up 8% YoY, driven by continued momentum and solid performance in TTS and Investment Banking
- Total Markets & Securities Services down 6% YoY: • Fixed Income up 1% YoY, as growth in rates and spread products was partially offset by lower FX revenues given low currency volatility
- Equity Markets down 24% YoY, compared to strong 1Q'18, reflecting lower market volumes and client financing balances.