LONDON, UK / ACCESSWIRE / July 18, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Citigroup Inc. (NYSE: C), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=C, following the Company's release of its financial results for the second quarter fiscal 2017 (Q2 FY17) on July 14, 2017. The New York-based bank's quarterly diluted EPS grew 3% y-o-y, outperforming analysts' consensus estimates. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:

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Earnings Reviewed

In the reported quarter, Citigroup's total revenues were up by 2% on a y-o-y basis to $17.90 billion from $17.55 billion in Q2 FY16. Quarterly revenues also beat Wall Street's consensus of $17.32 billion. Furthermore, Citigroup revenues growth was driven by a rise in revenues in both the Institutional Clients Group (ICG) and Global Consumer Banking (GCB), which was partially offset by lower revenues in Corporate/Other segments.

The global bank reported net income of $3.87 billion, or $1.28 per diluted share, in Q2 FY17 versus $4.00 billion, or $1.24 per diluted share, in Q2 FY16. Wall Street had expected net income of $1.21 per diluted share.

Performance Metrics

For the reported quarter, the bank's return on average assets came in at 0.83% compared to 0.89% in the prior year's comparable quarter. The return on average common equity stood at 6.8% as on June 30, 2017, versus 7.0% reported in the year ago comparable date.

Citigroup's net interest revenue as a percentage of average interest-earning assets (NIM) for the reported quarter improved five basis points to 3.70% from 3.65% in Q2 FY16. Moreover, average interest earning assets rose to $1.66 trillion in Q2 FY17 from $1.60 trillion in the previous year's same quarter.

As on June 30, 2017, the bank's Common Equity Tier 1 capital ratio stood at 13.00% compared to 12.53% as at end of the previous year's comparable quarter. However, supplementary leverage ratio fell to 7.20% in Q2 FY17 from 7.48% in the year ago same quarter. Meanwhile, tangible book value per share improved to $67.32 in Q2 FY17 from $63.53 per share in Q2 FY16.

Segment Performance

In the three months ended on June 30, 2017, Global Consumer Banking (GCB) segment's revenues improved 5% y-o-y to $8.04 billion. Meanwhile, on constant dollars, a 5% revenue growth was driven by a 5% increase in both North America GCB and international GCB. However, GCB segment's net income declined 12% y-o-y to $1.13 billion, primarily due to the higher cost of credit and higher operating expenses.

Institutional Clients Group's revenues rose 6% y-o-y in Q2 FY17 to $9.21 billion as the segment witnessed growth Banking products, which was partially offset by a decline in Markets revenues from the prior year's same period. Additionally, the segment's net income came in at $2.76 billion, rising 6% y-o-y, primarily attributed to higher revenues that were partially offset by higher operating expenses.

Due to legacy asset wind-down and divestiture activity along with the absence of gains related to debt buybacks, Corporate /Other segment's revenues declined 45% y-o-y in Q2 FY17 to stand at $653 million. The segment posted a net loss of $15 million in Q2 FY17 against net income of $116 million in the prior year's comparable period as the segment suffered from lower revenue, which was partially offset by lower operating expenses and lower cost of credit.

Geographical Contribution

Citicorp's North American revenues for the reported period were $8.51 billion compared to $8.10 billion in the year ago same period. The region contributed $1.78 billion to the Company's income from continuing operations in Q2 FY17 versus $1.82 billion in Q2 FY16.

Europe, Middle-East, and African revenues stood at $2.84 billion in Q2 FY17, which came in 10% above the $2.58 billion reported in the year ago corresponding quarter. The region's contribution to Citicorp's income from continuing operations rose to $779 million in Q2 FY17 from $695 million in Q2 FY16.

In Q2 FY17, Latin American revenues came in at $2.33 billion versus $2.26 billion in the last year's same quarter. Income from continuing operations was $469 million in Q2 FY17 compared to $565 million Q2 FY16.

Additionally, Asian revenues grew 4% to $3.57 billion in Q2 FY17 from $3.43 billion in the previous year's comparable quarter. Furthermore, the region's contribution to Citicorp's income from continuing operations grew to $879 million in Q2 FY17 from $820 million in Q2 FY16.

Share Repurchase

During Q2 FY17, Citigroup repurchased approximately 29 million common shares and returned a total of approximately $2.2 billion to common shareholders in the form of common share repurchases and dividends.

Stock Performance

Citigroup's share price finished yesterday's trading session at $66.83, slightly up 0.16%. A total volume of 17.50 million shares have exchanged hands, which was higher than the 3-month average volume of 16.98 million shares. The Company's stock price skyrocketed 13.29% in the last three months, 12.07% in the past six months, and 50.76% in the previous twelve months. Additionally, the stock rallied 12.45% since the start of the year. Shares of the Company have a PE ratio of 13.38 and have a dividend yield of 0.96%. The stock currently has a market cap of $184.83 billion.

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