Citigroup Q2 2024 – Net Income Up to $3.2 Billion

By Bobby Samwell • Friday, July 12 15:11 • Permanent Link

Citigroup Inc. has reported its second quarter 2024 results, showcasing growth in various key metrics. The company’s net income for the quarter was $3.2 billion, up from $2.9 billion in the same period last year. Revenues also saw a 4% increase, rising to $20.1 billion from $19.4 billion in the second quarter of 2023. The positive performance was driven by growth across all businesses, particularly in banking, U.S. personal banking, and markets.

Operating expenses decreased by 2%, amounting to $13.4 billion for the quarter. Additionally, the company achieved positive operating leverage with a 4% increase in revenue and a 2% decline in expenses. Citigroup’s total allowance for credit losses stood at approximately $21.8 billion at quarter end, compared to $20.1 billion in the prior-year period.

In terms of specific business segments, Services revenues grew by 3% to $4.7 billion, primarily reflecting strength in securities services and continued momentum in treasury and trade solutions. Markets revenues increased by 6% to $5.1 billion, driven by growth in equity markets revenues, partially offset by lower fixed income markets revenues. Banking revenues also showed significant improvement, increasing by 38% to $1.6 billion.

CEO Jane Fraser commented on the progress made in executing the company’s strategy, emphasizing the benefit of its diversified business model. She highlighted the positive operating leverage achieved and the growth in various business segments. The company's CEO also expressed confidence in meeting medium-term targets and further improving returns over time.

Citigroup's book value per share at quarter end increased by 2% to $99.70, and tangible book value per share increased by 3% to $87.53. The company also increased its dividend by 6%. These results demonstrate Citigroup’s continued commitment to delivering strong financial performance and creating value for its shareholders. Today the company's shares have moved -1.0% to a price of $65.08. For the full picture, make sure to review Citigroup's 8-K report.

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