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Thursday July 16, 2016

// July 16th, 2015 // Daily News

Citi posts highest profit in 8 years as costs plunge

CNBC.com

Citigroup delivered quarterly earnings that topped analysts’ expectations on Thursday, its highest quarterly profit in eight years as restructuring efforts and cost cuts paid off and legal expenses plunged.
Net income rose to $4.85 billion, or $1.51 per share, in the second quarter ended June 30 from $181 million, or 3 cents per share, a year earlier, when the bank was hit by a $3.8 billion legal charge.
Adjusting for legal costs and some accounting items, Citi’s net income rose 18 percent to $4.65 billion, or $1.45 per share, from $3.93 billion, or $1.24 per share, a year earlier.
Revenue rose to $19.5 billion from $19.38 billion a year ago.
Wall Street expected Citigroup to deliver quarterly earnings per share of $1.34 on $19.11 revenue, according to consensus estimates from Thomson Reuters.
Shares of Citigroup rose in premarket trading following the report. (Get the latest quote here.)
Citigroup earnings follow results from a few other big banks. Earlier this week, JPMorgan Chase beat earnings estimates while Wells Fargo met forecasts.
The majority of analysts rate Citigroup as a “buy,” according to FactSet. During the past year, shares have risen 15 percent, outperforming the S&P 500 financials sector, which has risen roughly 10 percent.
Scotiabank announced on Tuesday it would be acquiring Citigroup’s retail and commercial banking operations in Panama and Costa Rica, pending regulatory approval.
While Citigroup will continue to operate in these countries, the bank hopes to focus more on its Corporate and Institutional Banking Business and International Wealth Management Services, maximizing its global reach and lead in those segments.

Today’s Inspiration

Go with the Flow

by Joyce Meyer

Brethren, for this reason, in [spite of all] our stress and crushing difficulties we have been filled with comfort and cheer about you [because of] your faith (the leaning of your whole personality on God in complete trust and confidence).
– 1 Thessalonians 3:7

Go with the flow, and stop being anxious about things that may never happen. If you really trust God, you don’t need a backup plan. Faith means that you have peace even when you don’t have all the answers.

Life will always be stressful if you constantly try to rearrange it. For example, getting upset in a traffic jam doesn’t get you out of it any sooner. But planning for obstacles will inspire you to leave a little earlier for your appointments and keep you from hurrying. Grow in wisdom, and place high priority on keeping your peace in spite of any jams you get into today.