Citi Group, first Quarter 2019 Results and Key Metrics.

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15/04/2019 15:47
. Net Income of $4.7 Billion ($1.87 per Share)
. Revenues of $18.6 Billion
. Returned $5.1 Billion of Capital to Common Shareholders
. Repurchased 66 Million Common Shares
. Book Value per Share of $77.09
. Tangible Book Value per Share of $65.555

New York – Citigroup Inc. today reported net income for the first quarter 2019 of $4.7 billion, or $1.87 per diluted share, on revenues of $18.6 billion. This compared to net income of $4.6 billion, or $1.68 per diluted share, on revenues of $18.9 billion for the first quarter 2018.

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. Excluding this gain6, revenues decreased 1% from the prior-year period largely driven by lower revenues in Equity Markets as well as mark-to-market losses on loan hedges7, both in the Institutional Clients Group (ICG), and the continued wind-down of legacy assets in Corporate / Other. 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. Earnings per share increased 11%, primarily driven by a 9% reduction in average diluted shares outstanding as well as the growth in net income.

Citi CEO Michael Corbat said, “Our earnings reflect the progress we are making to improve our return on and return of capital. Both our consumer and institutional businesses performed well and we saw good momentum in those areas where we have been investing, such as U.S. Branded Cards, Treasury and Trade Solutions, and Investment Banking. Importantly, our strategy in North America consumer banking is showing good early results as we introduce new products and engage with a broader range of customers, through digital channels.

“We increased our Return on Tangible Common Equity to 11.9%, had positive operating leverage for the tenth consecutive quarter and had strong growth in both loans and deposits in our core businesses. We returned over $5 billion to our shareholders during the quarter, contributing to the 11% increase in our earnings per share from a year ago. We further reduced our common shares outstanding, down 9% from a year ago, while maintaining our Common Equity Tier 1 Capital Ratio at 11.9%. We remain committed to executing our strategy and continuing to make steady progress towards our financial targets,” Mr. Corbat concluded.

Percentage comparisons throughout this press release are calculated for the first quarter 2019 versus the first quarter 2018, unless otherwise specified.

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