Citigroup's 1st-quarter earnings dip

Bank of New York profit climbs by 14 percent

April 17, 2001

Citigroup, the nation's largest bank, posted first-quarter earnings yesterday that were down from a year earlier but still beat analysts' estimates.

After adjustments of $80 million for restructuring and merger-related charges and $42 million for an accounting change on derivatives and hedging, Citigroup's net income totaled $3.54 billion, or 69 cents a share, down from $3.86 billion, or 75 cents a share a year earlier.

The New York-based bank reported for its first quarter that its core income excluding those one-time items was $3.66 billion, or 71 cents a share, in the January-March quarter, compared with $3.94 billion, or 76 cents a share, a year earlier.

Analysts surveyed by Thomson Financial/First Call had expected core income of 70 cents a share.

The bank said it beat core income expectations despite weakness in its investment activities. Income from investment activities declined sharply, coming in at $136 million in the first quarter compared with $633 million a year earlier.

Bank of New York Co. Inc.

The parent of one of the oldest U.S. commercial banks said its first-quarter earnings climbed 14 percent as fees rose from securities servicing operations.

It said net earnings were $384 million, or 52 cents per diluted share, compared with $338 million, or 46 cents, a year earlier.

Analysts surveyed by research firm Thomson Financial/First Call expected 52 cents a share, the mean of estimates that ranged from 51 to 53 cents a share.

Eli Lilly and Co.

The drug maker posted a 16 percent rise in first-quarter profit, in line with Wall Street expectations, on strong sales of schizophrenia treatment Zyprexa and osteoporosis drug Evista.

The Indianapolis-based firm, which expressed confidence with quarterly earnings estimates last month, posted profit before adjustments of $806.8 million, or 74 cents per share, compared with $692.3 million, or 63 cents per share, a year earlier.

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