Citigroup Reports $3.9B in Quarterly Profits

first_imgHome / Daily Dose / Citigroup Reports $3.9B in Quarterly Profits Demand Propels Home Prices Upward 2 days ago Citigroup Reports $3.9B in Quarterly Profits Tagged with: Citigroup Profits Quarterly Earnings Governmental Measures Target Expanded Access to Affordable Housing 2 days ago The Best Markets For Residential Property Investors 2 days ago Data Provider Black Knight to Acquire Top of Mind 2 days ago Share Save Data Provider Black Knight to Acquire Top of Mind 2 days ago Subscribe The Week Ahead: Nearing the Forbearance Exit 2 days ago Citigroup Profits Quarterly Earnings 2014-04-14 Tory Barringer Sign up for DS News Daily center_img Servicers Navigate the Post-Pandemic World 2 days ago The Best Markets For Residential Property Investors 2 days ago Governmental Measures Target Expanded Access to Affordable Housing 2 days ago Related Articles  Print This Post April 14, 2014 621 Views Servicers Navigate the Post-Pandemic World 2 days ago Citigroup profits outperformed analysts’ expectations for the first quarter, thanks to declines in expenses and net credit losses.The bank reported Monday profits of $3.9 billion in Q1, just barely edging out last year’s income of $3.8 billion. Gains were more impressive when put next to Q4’s earnings, which disappointed at $2.5 billion.The gain came despite a year-over-year drop in total revenues, which were down 1 percent to $20.1 billion as a result of declines in fixed income markets revenues and lower refinancing activity.Commenting on the earnings report, Citi CEO Michael Corbat said, “Despite a quarter that was difficult for our company, we delivered strong results.”Indeed, the bank did see its share of setbacks. In early April, Citi offered a $1.13 billion settlement to resolve claims on residential mortgage-backed securities, taking a charge of $100 million in its first-quarter results.Only weeks before that, the Federal Reserve shocked the bank by denying its plans to repurchase stocks and increased dividends based on objections over its capital planning processes.“Very cognizant of our shareholders desire to see a sustainable return of capital, we are engaged with the Fed to better understand their expectations regarding the CCAR [Comprehensive Capital Analysis and Review] process,” Corbat said, adding that Citi remains committed “to bringing our capital planning process to the highest possible standards.”For all the difficulties the company faced, there were a few bright spots. According to the Q1 report, operating expenses came to $12.1 billion, 1 percent lower than the prior-year period, driven by efficiency savings and a decline in Citi Holdings assets (partly offset by higher regulatory costs and legal expenses).Meanwhile, Citi reported net credit losses of $2.4 billion, a 15 percent decline year-over-year, and a loan loss reserve release of $673 million (compared to $650 million), boosting overall profits. Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Headlines, Market Studies, News Previous: Lincoln Appraisal & Settlement Services President Earns Appointment Next: RE/MAX Associates of Dallas Welcomes New Sales Associatelast_img read more

Brooks steps down from Finsbury

first_imgDave Brooks, chief executive of major own-brand premium cakes supplier Finsbury Food Group, who steered the business into its number two position within the UK cake industry, is to step down from his role with effect from 29 September.Brooks will be replaced by major shareholder Martin Lightbody, previously group strategic development director.Brooks, 41, who spearheaded the group’s acquisition trail after it formed in 2002, told British Baker that his departure would be unlikely to lead to a change of direction for Finsbury.He said: “I don’t see us moving away from premium, celebration, health or from our brands.”The board is very clear that the next 18 months will be about driving the businesses we’ve got during tough econo-mic times.”Brooks revealed he had no imminent plans, other than to fulfil a consultancy role for Finsbury until March 2009, and left for personal reasons.Lightbody said “The group has an excellent portfolio of products, so despite the fact that I am taking over at a challenging time, it is an opportunity I relish.”last_img read more