Robert Way Citigroup (NYSE:C) reported earnings for the June quarter on July 12th, comfortably beating analyst consensus estimates on both revenue and earnings. However, despite the strong results, shares declined by almost 2% as Citigroup warned that costs for the FY 2024 may come in at the higher end of the range. Now, while I do acknowledge that cost is a focus point for investors when drafting an equity story for the bank, I also highlight that an investment opportunity should be judged holistically ...

MicroStockHub In the earnings preview written late last week on what was expected for the two banking giants Friday morning, July 12th, ’24, neither offered any real surprises. At one point, in the earnings preview, it was written that ”if there were two opposites in the large-cap, money-center bank universe, it was Citigroup and JPMorgan” and that remains the case. Most pair trades in the hedge fund world, are “long one stock, short another” maybe in the same sector, but for long-only investors, a good ...

_ultraforma_ It has taken a painfully long time, and there is still a lot of work to do, but Citigroup (NYSE:C) is finally getting some credit for the multiyear turnaround efforts that have significantly changed the bank’s earning profile today and into the future. There is still a lot of work to be done, and I think Citi is going to struggle to hit some of its targets, but progress is progress and there are still businesses here worth more than the share price suggests. Citigroup shares are up about 60 ...

It’s no secret that most of the market’s attention has been centered around the technology sector, especially in stocks dealing with the advancement and global adoption of artificial intelligence, names like NVIDIA Co. NASDAQ: NVDA and even Taiwan Semiconductor Manufacturing NYSE: TSM. While these stocks have outperformed this year, investors should focus on the road ahead.Procter & Gamble TodayPGProcter & Gamble$166.01 -0.60 (-0.36%) 52-Week Range$141.45▼$169.41Dividend Yield2.43%P/E Ratio27.13Price Target ...

Earnings season is in full swing, as big banks – specifically, JPMorgan and Citigroup – helped sway the fortunes of the CE 100 Index.The Index was up 1.3% for the week, as the bank earnings detailed relative strength in consumer spending, though company management at Citi and at JPMorgan took note of pressures facing lower income and lower-credit-scoring consumers. The Banking segment gained 3.9%, helping lead the connected economy index’s performance higher.JPMorgan shares were up 4.3%. In the company’s ea ...

Investment Rating - The report does not explicitly state an investment rating for Citigroup (C.US) but indicates a positive outlook based on performance metrics [1][5]. Core Insights - Citigroup's Q2 2024 revenue growth was 3.6% year-over-year, aligning closely with Bloomberg's consensus forecast of 3.5% [2][5]. - Net profit attributable to common stockholders increased by 10.4% year-over-year, surpassing the Bloomberg consensus forecast of 3.7% [2][5]. - The CET1 ratio improved to 13.6%, up by 0.2 percentage points year-over-year, indicating strong capital adequacy [2][5]. Summary by Sections Revenue and Profitability - Revenue for Q2 2024 was reported at $20.139 billion, slightly above the estimated $20.123 billion, with a year-over-year growth of 3.6% [4]. - Net interest income decreased by 2.9% year-over-year, better than the expected decline of 4.9% [2][4]. - Non-interest income saw a significant increase of 20.1% year-over-year, matching the consensus forecast [2][4]. Cost Management - The cost-to-income ratio improved by 3.5 percentage points year-over-year to 66.3%, outperforming the expected 66.9% [2][4]. Asset Quality - Total credit provisions amounted to $2.476 billion, lower than the expected $2.616 billion, reflecting better asset quality [2][4]. - The non-accrual loan rate decreased to 0.33%, down 8 basis points from the previous quarter, outperforming the expected 0.45% [2][4]. Return Metrics - Return on Assets (ROA) increased by 0.06 percentage points year-over-year to 0.53%, exceeding the expected 0.49% [2][4]. - Return on Equity (ROE) rose by 0.7 percentage points to 6.3%, better than the anticipated 5.8% [2][4]. - Return on Tangible Common Equity (ROTCE) improved to 7.2%, surpassing the expected 6.5% [2][4].

The market isn’t particularly impressed with what it saw in the quarterly releases from JPMorgan (JPM) , Citigroup (C) , and Wells Fargo (WFC) , even though all three beat top- and bottom-line expectations.Part of the issue appears to be underwhelming guidance and management commentary, reflecting moderating economic activities on the back of elevated interest rates. The stocks' outperformance entering this reporting cycle also contributed to the market’s tentative initial reaction to these results.You can ...

Citigroup’s earnings results showed a bit of bifurcation in consumer spending, as higher credit scoring individuals continue to use their cards and lower FICO consumers are falling behind a bit amid evidence of budget tightening.The company’s earnings release indicates that spending on Citi’s cards was 3% higher than a year ago. Volumes were up 8% from the previous quarter to $131 billion. At the same time, the average card loans were up 10% year on year to $109 billion. The 90-day delinquency rate was 1.1% ...

Mixed results from large U.S. banks kicked off the financial world's second-quarter earnings season.As the focus remains on potential Federal Reserve rate cuts, high interest rates remain an income hurdle for banks.Meanwhile, the big banks' profit statements exhibit growing concern about a cooling economy. Earnings at two of the three large U.S. banks that traditionally launch the financial sector's quarterly earnings season exceeded investors' expectations Friday. But their income statements revealed the o ...

Citigroup Inc. (NYSE:C) Q2 2024 Earnings Conference Call July 12, 2024 11:00 AM ET Company Participants Jenn Landis - Head, Investor Relations Jane Fraser - Chief Executive Officer Mark Mason - Chief Financial Officer Conference Call Participants Mike Mayo - Wells Fargo Glenn Schorr - Evercore Jim Mitchell - Seaport Global Erika Najarian - UBS Gerard Cassidy - RBC Ken Usdin - Jefferies Betsy Graseck - Morgan Stanley Vivek Juneja - JPMorgan Matt O'Connor - Deutsche Bank Saul Martinez - HSBC Steven Chubak - W ...