=Citigroup (C) reported earnings on Fri 15 Apr 16 (b/o)

Citigroup beats by $0.05, reports revs in-line:

• Reports Q1 (Mar) earnings of $1.10 per share, $0.05 better than the Capital IQ Consensus of $1.05; revenues fell 11.1% year/year to $17.55 bln vs the $17.44 bln Capital IQ Consensus. 
• Reported net income for the first quarter 2016 of $3.5 billion, Capital IQ consensus $3.3 bln.
• Tangible Book Value per share increased to $62.58; BVPS $71.47.
• Credit Reserve Build $233 mln compared to guidance of $400 mln.
• Return on Tangible Common Equity 7.3%
• Return on Assets 0.79%
• Citigroup's operating expenses decreased 3% to $10.5 billion in the first quarter 2016, as lower expenses in Citi Holdings, lower legal and related expenses and the impact of foreign exchange translation were partially offset by higher repositioning costs and ongoing investments in Citicorp.
  • Operating expenses in the first quarter 2016 included legal and related expenses of $166 million, compared to $388 million in the prior year period, and $491 million of repositioning charges, compared to $16 million in the prior year period.
• Citigroup's loans were $619 billion as of quarter end, approximately unchanged from the prior year period, and up 1% in constant dollars.
• Institutional Clients Group
  • ICG revenues of $8.0 billion decreased 12%, driven by a 15% decrease in Markets and Securities Services revenues and a 9% decrease in Banking revenues. Banking revenues of $4.0 billion decreased 6%.
  • Investment Banking revenues of $875 million decreased 27%, primarily reflecting lower industry-wide activity during the current quarter.