01—Abstract
Summary
Summary of the 10-K filed February 21, 2025. Cited figures are marked; the original filing is the authoritative source.
Citigroup Inc. (C) reported a strong financial performance for the fiscal year ended December 30, 2024.
The company achieved net income of $12.7 billiona, or $5.94 per diluted share, a significant increase from the prior year, driven by robust revenue growth across its segments and disciplined expense management. Services and U.S. Personal Banking (USPB) reported record revenues, while Markets also demonstrated strength. The company continued to execute its multiyear transformation, completing organizational simplification and progressing with strategic divestitures.
Citigroup's capital position remains strong, with a CET1 Capital ratio of 13.6% at year-end 2024. The company returned $6.7 billionb to common shareholders through dividends and share repurchases, signaling confidence in its financial health and future prospects.
Management also announced a new $20 billionc common stock repurchase program. While the company faces ongoing regulatory scrutiny and potential macroeconomic headwinds, its strategic initiatives and diversified business model position it to navigate these challenges.
02—Key points
Key Highlights
- Net income of $12.7 billion, or $5.94 per diluted share, up 37% from the prior year.
- Total revenues increased 3% to $81.1 billion, with Services and USPB achieving record revenues.
- Operating expenses decreased 4% to $54.0 billion, reflecting disciplined expense management and simplification initiatives.
- CET1 Capital ratio improved to 13.6% as of December 31, 2024.
- Returned $6.7 billion to common shareholders in 2024 through dividends ($4.2 billion) and share repurchases ($2.5 billion).
- Announced a new multiyear $20 billion common stock repurchase program.
- Continued to advance its multiyear transformation, including organizational simplification and strategic divestitures.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2024filed February 21, 2025Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Revenue | $80.72B$78.07B | +3.4% |
| Operating Income | $12.68B$9.23B | +37.4% |
| Net Income | $12.68B$9.23B | +37.4% |
| EPS (Basic) | $6.03$4.07 | +48.2% |
| EPS (Diluted) | $5.94$4.04 | +47.0% |
| Shares Outstanding (Basic) | 1.90B1.93B | −1.5% |
| Shares Outstanding (Diluted) | 1.94B1.96B | −0.8% |
05—Questions
Frequently Asked Questions
What was Citigroup's net income and earnings per share for 2024?
Citigroup reported a net income of $12.7 billion, or $5.94 per diluted share, for the year ended December 30, 2024. This represents a 37% increase compared to the prior year.
How did Citigroup's revenue and expenses perform in 2024?
Total revenues increased by 3% to $81.1 billion, driven by record revenues in Services and U.S. Personal Banking (USPB), and strength in Markets. Operating expenses decreased by 4% to $54.0 billion, reflecting savings from organizational simplification, restructuring charges, and the lower impact of the FDIC special assessment.
What is Citigroup's capital position and shareholder return strategy?
Citigroup's Common Equity Tier 1 (CET1) Capital ratio was 13.6% as of December 31, 2024, an improvement from the previous year. The company returned $6.7 billion to common shareholders in 2024 through $4.2 billion in dividends and $2.5 billion in share repurchases. Furthermore, Citigroup's Board of Directors authorized a new, multiyear $20 billion common stock repurchase program, signaling continued commitment to returning capital to shareholders.
What are the key progress points in Citigroup's multiyear transformation?
Citigroup continued to advance its multiyear transformation by completing its organizational simplification, which resulted in a simpler management structure to enhance accountability and decision-making. The company also made progress on its remaining divestitures, including exits from consumer banking operations in Korea and Poland and operations in Russia. Additionally, the separation of its Mexico businesses was completed, marking a milestone towards a planned IPO.
06—Continue