Citigroup Revenues Decline, Regions and Schwab Profit Surge

Mukesh Buch
15 Apr, 2016
New York City

Citigroup net and revenues tumbled. Charles Schwab profit surged 36% on 16% increase in revenues. First Horizon National net swung to profit after revenues jumped 7%. Regions Financial net soared 18%. Argan net advanced 19%.

[R]1:00 PM New York – Citigroup net and revenues tumbled. Charles Schwab profit surged 36% on 16% increase in revenues. First Horizon National net swung to profit after revenues jumped 7%. Regions Financial net soared 18%. Argan net advanced 19%.[/R]

Tollbooth Index increased 47.72 or 0.4% to 10,874.82.

Earnings Review

Argan, Inc ((AGX)) dropped 2.9% or $1 to $33.17 after the industrial infrastructure services provider said revenues in the fourth-quarter ending in January jumped 8% from a year ago to $413.3 million.

Net income in the quarter soared 19% to $36.3 million or $2.42 per diluted share compared to $30.4 million or $2.05 per share from the same quarter last year.

Citigroup Inc ((C)) rose 35 cents to $45.33 after the banking and financial services provider reported net revenues in the first-quarter ending in March declined 10.7% from a year ago to $17.6 billion.

Net income in the quarter tumbled 27.1% to $3.5 billion or $1.10 per diluted share compared to $4.8 billion or $1.51 per share from the same quarter last year.

Citigroup’s allowance for loan losses dropped to $12.7 billion from $14.6 billion from same period a year ago and total loans in the quarter approximately unchanged to $619 billion from the prior year period.

Citigroup deposits in the quarter jumped 4% to $935 billion while operating expenses slipped 2% to $10.5 billion.

Charles Schwab Corp ((SCHW)) gained 20 cents to $28.94 after the banking and brokerage services provider said revenues in the first-quarter ending in March soared 16% from a year ago to $1.76 billion.

Net income in the quarter surged 36% to $412 million or 29 cents per diluted share compared to $302 million or 22 cents per share from the same quarter last year.

Charles Schwab said new retail brokerage accounts in the quarter slumped 8% to 163,000 and total accounts increased 3% to 6.9 million.

First Horizon National Corp ((FHN)) slid 4 cents to $13.70 after the financial services provider stated total revenues in the first-quarter ending in March advanced 7% from a year ago to $306.4 million.

Net in the quarter swung to profit $47.8 million or 20 cents per diluted share compared to a loss of $76.7 million or 33 cents per share from the same quarter last year.

Regions Financial Corp ((RF)) jumped 3.1% or 26 cents to $8.74 after the banking and financial services provider said total revenues in the first-quarter ending in March increased 6.5% from a year ago to $1.37 billion.

Net income in the quarter advanced 17.9% to $257 million or 20 cents per diluted share compared to $218 million or 16 cents per share from the same quarter last year.