- Q1 net income of $4.1B or $1.35 per share vs. $3.5B and $1.10 a year ago. Items boosted the 2017 result by $0.08 per share.
- Between earnings and use of DTA assets, $5.5B of capital generated during quarter, with $2.2B returned to shareholders. CET 1 ratio rose to 12.8%, up 50 bps from a year ago. Tangible book value per share of $65.94 up 5% Y/Y.
- Global Consumer Banking net income of $1B down 16% Y/Y. At issue was cost of credit, with net credit losses of $1.2B up 28% Y/Y driven by the Costco (NASDAQ:COST) portfolio acquisition, organic volume growth and seasoning, and the impact of changes in the collection process in cards. Reserve build of $159M vs. $79M a year ago.
- Institutional Clients Group net income of $3B up 61% Y/Y. Banking revenues of $4.4B up 13%. Markets and Securities Services revenue of $4.8B up 18%; fixed-income revenue of $3.6B up 19%.
- Conference call at 11:30 ET
- Previously: Citigroup beats by $0.11, beats on revenue (April 13)
- C +0.2% premarket
Original article