On July 12, 2024, Citigroup Inc. reported its financial results for the second quarter ended June 30, 2024. The bank announced a net income of $3.2 billion, or $1.52 per diluted share, on revenues of $20.1 billion. This represents an increase from the $2.9 billion net income, or $1.33 per diluted share, on revenues of $19.4 billion for the same period in the previous year. Revenues rose by 4% from the prior-year period, driven by growth across all businesses, particularly in Banking, U.S. Personal Banking, and Markets. The revenue increase included a $400 million gain related to the Visa B exchange completed in the quarter. Operating expenses decreased by 2% to $13.4 billion, reflecting savings from organizational simplification and lower repositioning costs, partially offset by investments in transformation and penalties imposed by...Show More

On July 12, 2024, Citigroup Inc. reported its financial results for the second quarter ended June 30, 2024. The bank announced a net income of $3.2 billion, or $1.52 per diluted share, on revenues of $20.1 billion. This represents an increase from the $2.9 billion net income, or $1.33 per diluted share, on revenues of $19.4 billion for the same period in the previous year. Revenues rose by 4% from the prior-year period, driven by growth across all businesses, particularly in Banking, U.S. Personal Banking, and Markets. The revenue increase included a $400 million gain related to the Visa B exchange completed in the quarter. Operating expenses decreased by 2% to $13.4 billion, reflecting savings from organizational simplification and lower repositioning costs, partially offset by investments in transformation and penalties imposed by regulatory authorities. The cost of credit was approximately $2.5 billion, up from $1.8 billion in the prior-year period, primarily due to higher cards net credit losses. Citigroup's CEO Jane Fraser highlighted the progress in executing the company's strategy and the diversified business model's benefits. The bank's CET1 ratio now stands at 13.6%, and it is increasing its dividend by 6%. Citigroup will host a conference call to discuss the results and has made the financial results and presentation materials available on its website.