Summary
Citigroup Inc. reported strong financial performance in 2019, with net income rising to $19.4 billion, or $8.04 per share, up from $18.0 billion, or $6.68 per share, in 2018. This increase was driven by higher revenues, a lower effective tax rate, and disciplined expense management, which largely offset an increase in the cost of credit. Total revenues grew by 2% to $74.3 billion, with balanced growth across both the Global Consumer Banking (GCB) and Institutional Clients Group (ICG) segments. The company demonstrated strong expense discipline, with operating expenses remaining largely unchanged year-over-year, leading to positive operating leverage. Citigroup also returned significant capital to shareholders in 2019, totaling $22.3 billion through stock repurchases and dividends, which contributed to a 9% reduction in average outstanding common shares. Regulatory capital metrics remained robust, with a Common Equity Tier 1 (CET1) Capital ratio of 11.8% at year-end 2019.
Financial Highlights
40 data points| Revenue | $75.07B |
| Cost of Revenue | $8.38B |
| Gross Profit | $66.68B |
| Operating Income | $19.41B |
| Interest Expense | $28.38B |
| Net Income | $19.40B |
| EPS (Basic) | $8.08 |
| EPS (Diluted) | $8.04 |
| Shares Outstanding (Basic) | 2.25B |
| Shares Outstanding (Diluted) | 2.27B |
Key Highlights
- 1Net income increased by 8% to $19.4 billion.
- 2Earnings per diluted share increased by 20% to $8.04.
- 3Total revenues increased by 2% to $74.3 billion.
- 4Operating expenses remained largely unchanged at $42.0 billion.
- 5Provisions for credit losses increased by 11% to $8.4 billion.
- 6Common Equity Tier 1 (CET1) Capital ratio remained strong at 11.8%.
- 7Returned $22.3 billion of capital to shareholders via repurchases and dividends.