Citigroup beats by $0.17, beats on revs; reports $7.2 bln in write-downs
By Daniel at 18 July, 2008, 6:54 am
Reports Q2 (Jun) loss of $0.49 per share from continuing operations, $0.17 better than the First Call consensus of ($0.66); revenues fell 29.2% year/year to $18.65 bln vs the $17.55 bln consensus. Co said that results in the core franchise were offset by write-downs and credit costs. Results include $7.2 billion in pre-tax write-downs in Securities and Banking. Additionally, credit costs increased $4.5 billion, mainly driven by Consumer Banking in North America and Global Cards. Co said, “We continue to demonstrate strength in our core franchise. We cut our second quarter losses in half compared to the first quarter. The cost of credit increased by 20% from the first quarter, but write-downs in our Securities and Banking business dropped by 42%. Additionally, headcount and expenses declined sequentially. While there is still much to do, we are encouraged by our progress in delivering on our commitment to the re-engineering efforts”.
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