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Citigroup Q2 Earnings Summary And Presentation

Tyler Durden's picture




 

Here are the key highlights from the just released Citigroup Q2 earnings:

  • Net Income of $0.95 or $1.00 excluding CVA and one time loss; Exp $0.86
  • Citigroup Net Income of $2.9 Billion; $3.1 Billion Excluding CVA/DVA and the Loss on Akbank;
  • Citigroup Revenues of $18.6 Billion; $18.8 Billion Excluding $219 Million of CVA/DVA and the $424 Million Loss on Akbank; Exp. $19.01 Billion
  • Where the bottom line beat came from: Loan Loss Reserve Release of $984 Million in Second Quarter, or 35% of pretax net income.
  • Complete freeze in capital markets:
    • Fixed Income markets revenue plummets from $4.7B in Q1 to $2.8B in Q2 (and down 4% Y/Y from $2.9 billion)
    • Equity Markets revenue slides 39% sequentially from $776MM to $550MM, down 29% Y/Y from $776MM. It's a zombie zone out there
  • Total Securities and Banking revenues slide 22%, yet Expenses decline just 4%
  • And just like JPM, Americans can't wait to hand over their deposits to Citi: Citigroup Quarter-End Deposits of $914 Billion, 6% Above Prior Year Period
  • This compares to total Loans of $655 billion or a $259 billion mismatch; we know that this surplus is what JPM uses as funding for its Treasury/CIO group. Does Citi also use the excess deposits to fund its internal hedge fund?

Visual summary:

Complete loan loss and release information: Citi has "generated" $16.2 billion in Net Income in the past 2 years.

Why expenses rose in Q2:

Full summary financial presentation.

 

 

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Mon, 07/16/2012 - 08:21 | 2619693 negative rates
negative rates's picture

And this matters because?

Mon, 07/16/2012 - 08:38 | 2619719 FEDbuster
FEDbuster's picture

"Americans can't wait to hand over their deposits to Citi"

I can't say it any better than Ann Barnhardt did the other day:

Ninety Miles An Hour Down a Dead End Street Posted by Ann Barnhardt - July 12, AD 2012 11:39 AM MST

"People are emailing asking what firm I recommend.

NONE.

GET OUT.
GET OUT.
GET OUT.
GET OUT.
GET OUT.
GET OUT.
GET OUT.
GET OUT.
GET OUT.

The ENTIRE SYSTEM is totally, completely corrupt and therefore NO FIRM IS SAFE. Don't be stupid. Don't be obtuse. Snap yourself out of the Stockholm Syndrome that you are clearly stuck in. Get ALL MONEY out of the ENTIRE FINANCIAL SYSTEM, including stocks, bonds, retirement accounts, futures, EVERYTHING.

But what about . . .

What part of EVERYTHING are you not comprehending?

One. More. Time.

If you can't touch it, if it isn't physically on your property such that you can stand in front of it with an assault rifle and PHYSICALLY defend it, you don't own it, and it could be confiscated/stolen from you at any time, if it ever actually existed at all."

Mon, 07/16/2012 - 08:44 | 2619735 ghengis86
ghengis86's picture

Amen.

From paper FRNs to gold bars, if you can't hold it, Corzine will.

Mon, 07/16/2012 - 08:24 | 2619702 q99x2
q99x2's picture

If they have a one time loss next quarter does that make it a two time loss or a one time quarterly loss twice.

Mon, 07/16/2012 - 08:34 | 2619715 adr
adr's picture

Yeah, it is funny how earnings would have always been higher excluding these one time charges every quarter.

The actual number doesn't mean a thing anymore. It is a fantasy dreamed up by CFO and his department. As long as it is believable enough with enough bullshit to cover the outright lie, the market doesn't care. If everybody cheats it makes the person telling the truth look like the liar.

Mon, 07/16/2012 - 08:42 | 2619729 oogs66
oogs66's picture

how implicated will C be in the LIBOR mess?

Mon, 07/16/2012 - 08:43 | 2619730 TooBearish
TooBearish's picture

wow- burning the furniture to keep the lights on - of course CNBS saying they Beat....these number are total shite

Mon, 07/16/2012 - 09:02 | 2619792 Meesohaawnee
Meesohaawnee's picture

but but.. bubblevision said they beat

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