世界第三大金融机构花旗集团日前公布了其2012年第一季度的财报，净利润为29亿美元，相比去年同期相比只有小幅下降，但经过一系列财务调整后，这一结果还是比分析师们预计的要好一些。销售额下滑至194亿美元，下降幅度也比较小。之前花旗集团的许多业务都表现平平，银行卡的销售额也有所下滑。经过财务调整后，花旗的每股收益为1.11美元，而此前分析人士的预计为每股1美元。
但或许更重要的一点是，花旗集团第一季度的财务状况开始有了好转。上个月，美联储（Federal Reserve）对美国多家大型银行进行压力测试时曾警告过花旗集团，称花旗手头没有足够的资金来提高股息。这个消息引发了人们的担忧，担心花旗银行没有充足的资金抵御新一轮的金融危机。不过，该公司的第一季度财报应该能稍稍平息人们的忧虑。虽然其他银行的费用都在上涨，但花旗集团却维持了平稳。而且，花旗可用于弥补潜在信贷亏损的资金量也增加了近10%，贷款额增加了12%。一位分析师在为分析人士召开的电话会议上点评称，看来花旗有能力在经济形势好转时进一步提高贷款额。花旗的净资产损失也下降了37%。
花旗再度缩减了对未来贷款亏损的准备金，批评人士称，此举人为推高了该公司的收益。但花旗从这个策略中获得的收益较之一年前已经大大缩水，仅为12亿美元，而在2011年同一季度，这个数字还高达34亿美元。这是该公司业务状况改善的另一个迹象。
受益于抵押贷款部门的业务增长，花旗银行的零售业务销售额增长了37%。在低利率政策的刺激下，市场再融资活动频繁，许多银行的抵押贷款业务都实现了强劲增长。花旗银行的交易收入较之上季度增加了一倍以上，这也表明华尔街整体的金融形势正在得到改善。
更为重要的是，花旗集团称，如果不考虑因其放贷成本下降而不得不录入的账面亏损，本季度该公司的收入和收益事实上有所攀升。公司首席执行官潘伟迪称：“经营环境在第一季度出现好转，不过仍存在很多宏观的不确定性，我们将继续谨慎管理风险。”
投资者似乎对花旗集团的财报很满意，他们可能更关注的是花旗的财务状况能不断改善，而并不是它的平平业绩。花旗集团的股票盘中已上涨了3%，股价也已达到了34.25美元每股。
Profit at the bank, the third major financial institution to reveal results for the first quarter, fell slightly from a year ago to $2.9 billion, but after a number of accounting adjustments were better than analysts had been expecting. Sales were down as well to $19.4 billion, but only slightly. Many of Citi's businesses were flat from the year before. Card sales were down as well. After accounting adjustments, Citi's per share earnings were $1.11. Analysts had been expecting the company to earn $1.00 a share.
Perhaps more importantly, the company's financial condition appeared to improve in the quarter. Last month, the Federal Reserve, as part of a stress test of the nation's largest banks, told Citigroup it didn't have enough capital on hand to raise it's dividend. That raised concern that the bank did not have enough capital to survive another financial crisis. But the company's first quarter results should remove some of those concerns. Expenses, which grew at other banks, were flat at Citi. And the amount of capital it had to cover potential loan loses rose nearly 10%. The bank increased it's lending by 12%. On a conference call with analysts, one analyst remarked that Citi seemed to have the ability to increase lending even more when the economy improved. Net credit losses fell by 37%.
Citi once again lowered its provision for future loan losses, a move that critics say boosts the company's earnings artificially. But the benefit Citi took from the maneuver was down significantly from a year ago, $1.2 billion from $3.4 billion in the same quarter in 2011. That was other sign that the company's businesses were improving.
In the bank's retail operations, sales rose 37%, helped by an increase in its mortgage division. A number of banks have reported strong mortgage sales as lower rates induced borrowers to refinance. The company's trading revenue also more than doubled from the previous quarter, signalling improving conditions on Wall Street.
What's more, the company said if you exclude accounting losses it had to record because its cost of lending fell, the company's revenue and earnings actually jumped in the quarter. "While the operating environment improved in the first quarter, there is still much macro uncertainty and we will continue to manage risk carefully," said CEO Vikram Pandit.
Investors seemed to be pleased by the bank's results, perhaps focusing in on the improving financial condition at the bank rather than the most flat results. Citigroup's shares were up about 3% at mid-day to $34.25.
