Summary
Citigroup Inc. reported a 1% increase in total revenues to $20.3 billion for the third quarter of 2024 compared to the prior year, driven by broad segment growth, though this was partially offset by divestiture-related impacts, notably a $400 million gain from the sale of the Taiwan consumer banking business in the prior year. Net income decreased by 9% to $3.2 billion, or $1.51 per diluted share, primarily due to a significant increase in the cost of credit, which rose by 45% to $2.7 billion, largely driven by higher net credit losses in U.S. Personal Banking and an increased allowance for credit losses. Expenses decreased by 2% to $13.3 billion, benefiting from organizational simplification and stranded cost reductions, despite ongoing investments in transformation and risk initiatives. The company returned $2.1 billion to common shareholders through dividends and share repurchases, maintaining a strong Common Equity Tier 1 (CET1) capital ratio of 13.7% under the Basel III Standardized Approach, comfortably exceeding regulatory requirements. The Services segment demonstrated robust growth, with net income up 23% driven by higher revenues in Securities Services and Treasury and Trade Solutions, despite increased technology and risk control investments. Markets revenue saw a modest 1% increase, with a significant 32% surge in Equity Markets offsetting a 6% decline in Fixed Income Markets. The Banking segment reported a substantial 50% increase in net income, propelled by a 16% rise in revenues, particularly from strong Debt Capital Markets and Advisory activity. U.S. Personal Banking experienced a 31% decline in net income due to higher credit costs, while the Wealth segment saw net income more than double, driven by increased investment fee revenues and lower expenses.
Financial Highlights
38 data points| Revenue | $20.21B |
| Operating Income | $9.83B |
| Net Income | $3.24B |
| EPS (Basic) | $1.53 |
| EPS (Diluted) | $1.51 |
| Shares Outstanding (Basic) | 1.90B |
| Shares Outstanding (Diluted) | 1.94B |
Key Highlights
- 1Total revenues increased 1% year-over-year to $20.3 billion, driven by growth across all reportable operating segments, excluding divestiture-related impacts.
- 2Net income decreased 9% year-over-year to $3.2 billion ($1.51 per diluted share), primarily due to a 45% increase in the cost of credit to $2.7 billion.
- 3Operating expenses decreased 2% year-over-year to $13.3 billion, benefiting from cost savings initiatives.
- 4Common Equity Tier 1 (CET1) capital ratio remained strong at 13.7% (Standardized Approach), exceeding regulatory requirements.
- 5Services segment income increased 23% year-over-year, driven by growth in Securities Services and Treasury and Trade Solutions.
- 6Banking segment income increased 50% year-over-year, with strong performance in Investment Banking.
- 7U.S. Personal Banking net income declined 31% year-over-year due to higher cost of credit.