Mixed Quarter for Citigroup; Profitability Is Improving, but Growth Isn't Perfect Yet
Narrow-moat rated Citigroup reported decent first-quarter results, with net income of $4.7 billion, or $1.87 per share, on $18.6 billion of revenue. Revenue was a bit lower than the same quarter last year (down 2%), however, solid expense control (down 3%) and a lower effective tax rate helped drive net income growth of 2%. Citi has reduced its average diluted shares by 9%, driving earnings per share growth of 11%. The bank has repurchased roughly 16% of the share base since investor day and has...Citigroup is a financial services holding company whose businesses provide consumers, corporations, governments and institutions with a range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, trade and securities services and wealth management. The company operates via two primary business segments: Global Consumer Banking, which provides banking services to retail customers through retail banking, Citi-branded cards and Citi retail services; and Institutional Clients Group, which includes banking and markets and securities services.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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