Citigroup Inc. (C) today reported 2Q 2011 earnings in which earnings per share (EPS) came in at $1.09 per share, revenue of $20.62 billion and net income of $3.3 billion dollars versus $2.7 billion dollars of 2Q 2010 for a year to year gain of 500 million dollars. Overall revenue of rose 4.5% year to year from today’s $20.62 billion dollars Q2 figure above street consensus of $19.76 billion dollars.
Shareholders did not seem to be terribly impressed today on the other hand as shares of Citi closed at $38.38 dollars, down from Thursday’s close of $39.02 dollars for a negative 1.64 percentage change. Citi has yet to post a quarterly report this year that caused more than detrimental price action or indifference among investors. Regarding the indifference note, Q1 of 2011 earnings did provide support to share valuation, however, Citi’s 10 to 1 split on May 9th, 2011, erased any support that had been made.
Citi’s Chief Executive Officer, Vikram Pandit, said the following regarding today’s Q2 earnings, “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.”
Citigroup Inc. (C) is a global diversified financial services holding company whose businesses provide consumers, corporations, governments and institutions with a broad range of financial products and services. Citi has approximately 200 million customer accounts and does business in more than 140 countries. The company has a market value of $111,757,110,040 at the time of writing, with 2,911,858,000 shares outstanding.