Earnings Research and Insight - Citigroup

LONDON, October 15, 2014 /PRNewswire/ --

Investor-Edge.com has issued free earnings insight on Citigroup Inc. (NYSE: C). On October 14, 2014, the company reported its financial results for Q3 FY14. Click on www.investor-edge.com/FreeReports to read our free earnings review on Citigroup. During Q3 FY14, Citigroup Inc.'s net revenues and net earnings grew 9% and 7%, respectively on a Y-o-Y basis and diluted EPS increased $0.07 from Q3 FY13. Our free coverage report can be accessed at:

www.investor-edge.com/register

Earnings Overview 

During Q3 FY14, Citigroup Inc. reported net revenues of $19.60 billion, outperforming $17.90 billion reported in the comparable period year ago, and Bloomberg analysts' forecast of $19.08 billion for the quarter. Citicorp revenues grew 8% Y-o-Y contributing $18.01 billion to the total revenues, while Citi Holdings grew 26% Y-o-Y redounding $1.59 billion to total revenues in Q3 FY14. Excluding CVA/DVA, revenues increased 10% Y-o-Y to $20.00 billion in Q3 FY14, driven by the growth in Citicorp revenues, resulting from increased revenues in both Institutional Clients Group (ICG) and Global Consumer Banking (GCB), and increase in Citi Holdings revenues. The free research on C can be downloaded as in PDF format at:

www.Investor-Edge.com/CFreeReport

Citigroup Inc.'s operating expenses for Q3 FY14 increased 6% to $12.36 billion from $11.68 billion in the year ago quarter. On the other hand, the company's total cost of credit decreased 11% to $1.75 billion during Q3 FY14, from $1.96 billion in the corresponding quarter last year, primarily reflecting a $333 million improvement in net credit losses, partially offset by a lower net release of loan loss reserves. The tax rate for the reported quarter increased to 36%, from 30% in the prior year's third quarter. Further, the company's net income broadened to $3.44 billion, or $1.07 per diluted share, from $3.23 billion, or $1.00 per diluted share in Q3 FY13. Analysts from Bloomberg had expected the company to report net income of $3.50 billion, or $1.12 per diluted share in Q3 FY14. Excluding certain items, Citigroup's net income increased 13% Y-o-Y to $3.67 billion during Q3 FY14, driven by higher revenues and a decline in credit costs, partially offset by higher operating expenses.

Michael Corbat, CEO of Citi, commented that the company's consumer bank and institutional business, both had solid performance during the quarter and generated stronger revenues both sequentially and year-on-year basis. The revenue improvement across regions and products was evident he said. He further added that, with Citi Holdings turning a profit again and the utilization of additional deferred tax assets, the company once more demonstrated progress against two execution priorities and increased its capital base. Mr. Corbat stated that the company also continued its work to strengthen its capital planning process to meet the critical goal of returning capital to the shareholders. Sign up and read the free analyst's notes on C at:

www.Investor-Edge.com/C-15102014

Stock Performance 

On the last close, Monday, October 14, 2014, Citigroup Inc.'s stock finished at $51.47, gaining 3.15% for the day. The stock vacillated between $50.44 and $51.63 during the session. A total of 38.86 million shares were traded, which was much above its three months average volume of 16.65 million shares. Over the previous three trading sessions, the company's shares have advanced 0.65%. However, the stock has declined 1.74% over the last one month and 1.23% from the beginning of 2014. Shares in Citigroup Inc. are trading above their 50-day and 200-day moving averages of $51.13 and $49.35, respectively. Furthermore, the stock traded at a PE ratio of 9.43 and has a Relative Strength Index (RSI) of 39.20.

Sneak Peek to Corporate Insider Trading 

In the last one month, there were nineteen transactions made by ten insiders on a single day, October 01, 2014. Nine of the directors at Citigroup Inc. bought a total of 2,153 shares of the company worth $112,187.98, at a price of $52.10 per share. On the same day, Michael E. Oneill, Chairman of Citigroup Inc., purchased 2,408 shares of the company for $125,461.70 at a price of $52.10 per share. Complimentary in-depth research on C is available at:

www.Investor-Edge.com/CInsiderTrading

About Investor-Edge.com 

At Investor-Edge, we provide our members with a simple and reliable way to leverage our economy of scale. Most investors do not have time to track all publicly traded companies, much less perform an in-depth review and analysis of the complexities contained in each situation. That's where Investor-Edge comes in. We provide a single unified platform for investors' to hear about what matters. Situation alerts, moving events, and upcoming opportunities.

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EDITOR'S NOTES:

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