Altos: Critics wrong about housing, it’s going to soar

Altos: Critics wrong about housing, it’s going to soar

2015 will see notable price appreciation

The real reason Fannie and Freddie don't do principal modifications

Looking out for your retirement

Blackstone adviser: Investors worried about ‘serious correction’

Byron Wien still holds his line
W S
Lending / The Ticker

Citigroup earnings rise 31%

/ Print / Reprints /
| Share More
/ Text Size+

Mega bank Citigroup (Citi ) first-quarter earnings rose 31% over year ago levels as the firm saw consistent growth in loans and deposits, the company’s CEO Michael Corbat said Monday.

The bank posted a profit of $3.8 billion, or $1.23 a share, up from a net profit of $2.9 billion, or 95 cents a share, a year earlier.

Citigroup income improvement is attributed to revenue growth and lower credit losses overall. Not to mention, a decline in the company’s needed loss reserves to cover bad loans.

Citigroup allowance for loan losses stood at $23.7 billion in the first quarter – or roughly 3.7% of its total loan book. That is down from $29 billion, or 4.5% of all loans, during the same period a year ago, according to the company's earnings.

Citi’s revenue also rose to $20.5 billion in 1Q, up from $19.4 billion a year earlier.

The company’s net loan loss reserve for the first quarter hit $351 million, down from $576 million in 1Q of 2012.

"Citigroup asset quality remained largely stable to improving in the first quarter 2013 as total non-accrual assets fell 9% to $11.1 billion compared to the first quarter 2012," the firm stated.

 

 

Recent Articles by HousingWire Staff

Comments powered by Disqus