Shares of Citigroup (C) are the stand-out gainer this morning in the wake of Goldman Sachs’s (GS) Friday blow-up, currently rising 3 cents, or 0.7%, at $4.59, after the bank reported a Q1 profit of 15 cents, where analysts were expecting it merely to break even. Revenue rose to $25.4 billion, well ahead of the $20.8 billion expected.
Revenue was up 42% from Q4, Citigroup said. Net income was the highest since Q3 of 2007, the bank said, and loan loss provisions fell to $2.4 billion, down 22% from Q4, or $8.6 billion, and the lowest level since Q1 2008.
Revenue was up in most of the major lines of business, with regional consumer banking revenue up 3% from Q4, at $8.1 billion; securities and banking more than doubled form Q4 to $8 billion, or almost 50% after stripping out credit value adjustments from derivatives; transaction services revenue was down 2% from Q4 at $2.4 billion absent the proceeds in Q4 of the sale of NikkoCiti.
The firm ended the quarter with assets of $2 trillion, up 8% sequentially, and a Tier 1 capital ratio of 11.2% and Tier 1 common ratio of 9.1%. Book value per share was $5.28, down from $5.35 in the prior quarter, while tangible book value was $4.09, down from $4.15.
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