Citigroup Inc. (NYSE: C) released its fourth quarter and full-year 2024 results, showing significant improvements in key metrics compared to the same periods in 2023.
In the fourth quarter of 2024, Citigroup reported net income of $2.9 billion, a remarkable turnaround from the net loss of $(1.8) billion in the fourth quarter of 2023. This reflected a 12% increase in revenues to $19.6 billion, largely driven by growth in each of Citigroup’s businesses and a smaller impact from the currency devaluation in Argentina. Excluding the impact of the Argentina currency devaluation and divestiture-related impacts in both periods, revenues were up 7%.
For the full year 2024, Citigroup's net income reached $12.7 billion, compared to $9.2 billion in the full year 2023, representing a 38% increase. Total revenues for the full year 2024 stood at $81.1 billion, up from $78.5 billion in the full year 2023.
Operating expenses for the fourth quarter of 2024 were reported at $13.2 billion, marking an 18% decrease from the same period in 2023. Similarly, the total operating expenses for the full year 2024 amounted to $53.9 billion, down from $56.4 billion in 2023.
Citigroup’s book value per share at the end of the fourth quarter of 2024 was $101.62, representing a 3% increase from the same period in 2023, while tangible book value per share increased by 4% to $89.34.
In the services segment, revenues of $5.2 billion in the fourth quarter of 2024 were up 15%, reflecting a smaller impact from the Argentina currency devaluation and continued momentum across treasury and trade solutions (TTS) and securities services. Meanwhile, in the markets segment, revenues of $4.6 billion were down 5% from the previous quarter, but still represented a 36% increase compared to the same period in 2023.
Following these announcements, the company's shares moved 7.4%, and are now trading at a price of $78.96. For the full picture, make sure to review Citigroup's 8-K report.
