Citigroup earnings top expectations as costs drop

“The quarter had more than its fair share of volatility and our results speak to the resilience of our franchise globally”, said Citigroup chief executive Michael Corbat. That compares with the $2.84 billion, or 88 cents a share, it reported in the same period of 2014.

Citicorp, the bank’s consumer and corporate banking division, had net income of $4.26 billion in the period excluding an accounting adjustment, up from $2.82 billion a year earlier.

Finally, Vetr raised shares of Citigroup from a “hold” rating to a “buy” rating and set a $58.85 target price on the stock in a report on Thursday, June 25th.

Analysts are looking for revenue of about $18.6 billion, according to analysts polled by Bloomberg, which would represent a decline from this quarter a year ago.

Citigroup eventually took $45 billion in government bailouts, and has since grappled with low interest rates and regulatory issues including a probe of currency-market rigging.

Net income rose 51% to $4.3 billion, driven by lower operating expenses and a lower effective tax rate.

Citigroup (NYSE:C) issued its quarterly earnings results on Thursday. This is the seventh consecutive quarter for Citigroup to produce an earning beat.

We’ll have more coming once Citi announces results… On average, equities analysts predict that Citigroup will post $5.55 EPS for the current year. Citicorp consists of the managing companies: Institutional Customers Group, which includes securities services and Markets and Banking, and Global Consumer Banking, which consists of consumer banking in North America, EMEA, Latin America and Asia.

Total revenue in Citi’s core businesses, called Citicorp, declined 2 percent to $17.28 billion but the unit showed more efficiency, with operating expenses falling 18 percent. Retail banking revenues rose 3% from the prior year period to $1.3 billion, reflecting 7% growth in average loans, 7% growth in checking deposits and improved deposit spreads, partially offset by a lower mortgage repurchase reserve release.