Stock Monitor: Comerica Post Earnings Reporting
LONDON, UK / ACCESSWIRE / January 19, 2018 / Active-Investors.com has just released a free earnings report on Citigroup Inc. (NYSE: C). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=C. The Company posted its financial results on January 16, 2018, for the fourth quarter of the fiscal year 2017. The Company's revenue and adjusted EPS surpassed analysts' expectations.Register today and get access to over 1000 Free Research Reports by joining our site below:
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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Citigroup most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:
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Earnings Highlights and Summary
For the three months ended December 31, 2017, Citigroup's total revenues increased 1% to $17.26 billion from $17.01 billion in Q4 FY16, due to a 2% aggregate growth in Global Consumer Banking (GCB) and Institutional Clients Group (ICG). The Company's total revenue numbers surpassed analysts' expectations of $17.22 billion.
For the reported quarter, the Company's net credit losses increased 11% to $1.88 billion from $1.70 billion in Q4 FY16. For the reported quarter, the Company's total cost of credit increased 16% to $2.07 billion from $1.79 billion in Q4 FY16.
During Q4 FY17, Citigroup's earnings before tax (EBT) was on par with the $5.10 billion reported in the same period of last year. For the reported quarter, the Company's EBT margin decreased 40 basis points to 29.6% of revenue from 30% of revenue in Q4 FY16.
For the reported quarter, Citigroup's net loss was $18.17 billion compared to a net income of $3.59 billion in Q4 FY16. The net loss was primarily due to the impact of an estimated one-time, non-cash charge of $22 billion, or $8.43 per share, related to the enactment of the Tax Cuts and Jobs Act (Tax Reform). During Q4 FY17, the Company's diluted earnings per share (EPS) was negative $7.15 versus positive $1.14 in the comparable period of last year.
For the reported quarter, Citigroup's adjusted net income increased 4% to $3.70 billion on a y-o-y basis from $3.57 billion in Q4 FY16. During Q4 FY17, the Company's adjusted diluted EPS increased 12.3% to $1.28 on a y-o-y basis from $1.14 in the corresponding period of last year, surpassing analysts' expectations of $1.19.
Segment Details
Global Consumer Banking (GCB) - During Q4 FY17, the Company's Global Consumer Banking segment's revenue increased 6%, or 4% on a constant currency basis, to $8.41 billion from $7.97 billion in the same period of last year. For the reported quarter, the segment's total cost of credit increased 8% to $1.85 billion from $1.71 billion in Q4 FY16. For the reported quarter, the segment's net income increased 9%, or 8% on a constant currency basis, to $1.34 billion from $1.22 billion in Q4 FY16. During Q4 2017, the segment's retail banking average loans increased 5% to $145 billion from $138 billion in Q4 FY16. For the reported quarter, the segment's retail banking average deposits increased 2% to $307 billion from $301 billion in Q4 FY16.
Institutional Clients Group (ICG) - During Q4 FY17, the Company's Institutional Clients Group segment's revenue decreased 1% to $8.10 billion from $8.18 billion in the comparable period of last year. For the reported quarter, the segment's total cost of credit increased 156.7% to $267 million from $104 million in Q4 FY16. For the reported quarter, the segment's net income decreased 7% to $2.20 billion from $2.37 billion in Q4 FY16.
Credit Quality
During Q4 FY17, Citigroup's total allowance for loan losses increased 2.5% to $12.4 billion from $12.1 billion in the fourth quarter of 2016. For the reported quarter, the Company's total allowance for loan losses to total loans ratio was 1.87% compared to 1.94% in Q4 FY16.
Balance Sheet
As on December 31, 2017, Citigroup's loans increased 7% to $667 billion on a y-o-y basis. For the reported quarter, the Company's deposits increased 3% to $960 billion on a y-o-y basis.
During Q4 FY17, Citigroup's return on average common equity was negative 36.3% compared to positive 6.2% in the corresponding period of last year. For the reported quarter, the Company's common Equity Tier 1 capital ratio was 12.3% compared to 12.6% in Q4 FY16.
For the reported quarter, the Company's book value per share was $70.85 compared to $74.26 in the fourth quarter of 2016. For the reported quarter, the Company's tangible book value per share was $60.40 compared to $64.57 in the fourth quarter of 2016.
During Q4 FY17, Citigroup repurchased 74 million of its common stock and returned around $6.3 billion to its common shareholders as common stock repurchases and dividends.
Stock Performance Snapshot
January 18, 2018 - At Thursday's closing bell, Citigroup's stock slightly dropped 0.10%, ending the trading session at $77.39.
Volume traded for the day: 15.38 million shares, which was above the 3-month average volume of 15.20 million shares.
Stock performance in the last month – up 3.50%; previous three-month period – up 7.20%; past twelve-month period – up 34.85%; and year-to-date – up 4.00%
After yesterday's close, Citigroup's market cap was at $204.89 billion.
Price to Earnings (P/E) ratio was at 14.92.
The stock has a dividend yield of 1.65%.
The stock is part of the Financial sector, categorized under the Money Center Banks industry.
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