Citigroup Inc. today reported second quarter 2011 net income of $3.3 billion, or $1.09 per diluted share, on revenues of $20.6 billion. Second quarter net income grew 24% from the prior year period and 11% from the first quarter 2011, while net revenues were 7% lower versus the prior year period and 5% higher than the first quarter 2011.
Vikram Pandit, Citi's CEO, said: "Citi achieved another solid quarter of operating performance as we continue to execute our strategy. We produced growth in both loans and deposits in Citicorp, reduced assets in Citi Holdings, continued to invest in our core businesses and improved our financial strength. Although the near-term macroeconomic outlook is uneven, Citi is consistently profitable, and we remain focused on producing responsible growth by serving our clients."
John Gerspach, Citi's CFO, said: "We expect to begin returning capital to shareholders next year and end that year with an 8%-9% Tier 1 Common Capital Ratio under Basel III. During the first half of 2011, we added an estimated $9 billion in Basel III regulatory capital through the ‘multiplier effect' created by the combined impact of earnings and the utilization of our deferred tax assets. In addition, at the end of 2012, we currently expect Citigroup's risk-weighted assets under Basel III to be in the range of 135% of what they would be under Basel I and, more importantly, Citicorp's risk-weighted assets to be approximately 120% of what they would be under Basel I."
Citicorp revenues were essentially flat from the prior year period, while the overall decline in Citigroup revenues from the prior year largely reflected lower results in Citi Holdings and Corporate/Other.
Citicorp revenues of $16.3 billion in the second quarter 2011 decreased less than 1% from the prior year period. Revenue growth in Citicorp's international Regional Consumer Banking (RCB) businesses and in Transaction Services during the quarter was offset by declines in Securities and Banking and North America RCB.
Source: Citigroup Inc.Date: 15.07.2011
| |  Rating agency Moody's downgrades 16 Spanish banks - 18.05.2012
Rating agency Moody's downgraded 16 Spanish banks on Thursday, the latest sign of distress in Europe. Among those downgraded were giants Banco Santander and BBVA, the country's two largest banks.
Source: CNNMoney |
| | Middle East's Leading Banking Technology & Innovation Summit to be held in Dubai - 07.05.2012
Following on from the success of the 2011 Middle East Banking Technology & Innovation Summit, Expotrade announces that this year’s event will once again take place in Dubai on the 1-2 October 2012. This year’s conference will focus on strengthening the Middle Eastern banking and financial industry’s position within the global market.
Source: Expotrade |
| | More than 2.5 billion people around the world don’t have a bank account - 23.04.2012
Three quarters of the world’s poor don’t have a bank account, not only because of poverty, but the cost, travel distance and amount of paper work involved in opening an account, according to new data released by the World Bank.
Source: World Bank |
| | No breakthrough in Swiss-US tax dispute despite talks - 22.04.2012
Talks between senior U.S. and Swiss officials about a dispute over unpaid taxes on accounts held in Swiss banks led to no breakthroughs, Swiss President Eveline Widmer-Schlumpf said on Saturday.
Source: Reuters |
| | World's best emerging market banks in Central and Eastern Europe (CEE) - 26.03.2012
The following are the «World's best emerging market banks 2012 in Central & Eastern Europe» according to rankings published by Global Finance magazine:
Source: Global Finance |
| | Western Union to launch innovative payments platform WU Pay - 22.03.2012
The Western Union Company, a leader in global payment services, today announced that it will launch WU Pay, a new and innovative electronic payments platform that will significantly improve the customer experience and safety for millions of people seeking to make online payments or transfer money.
Source: Western Union |
| | U.S. Banks Complete Stress Tests - 14.03.2012
The majority of the largest banks will continue to have enough capital to satisfy regulators, even if they suffer a financial shock that includes unemployment hitting 13 percent and a 21 percent drop in housing prices, the Federal Reserve said on Tuesday.
Source: Reuters |
