Citigroup has reported a net income of $3.2bn, or $1.51 per diluted share, for the third quarter of 2024, a 9% decrease compared to $3.5bn, or $1.63 per diluted share, for the same period last year.
The US-based lender’s third-quarter 2024 net income increased by 1% compared to $3.2bn for the second quarter of 2024.
Citigroup has reported total revenues of $20.3bn for the third quarter (Q3) of 2024, a 1% increase compared to $20.3bn for the same quarter of 2023.
The bank attributes the increase in revenue to the growth across all businesses, partially offset by a decline in All Other (managed basis).
Citigroup reported operating expenses of $13.3bn for Q3 2024, a 2% decrease compared to $13.3bn for the same period last year.
The lender’s cost of credit was about $2.7bn in Q3 2024, compared to $1.8bn in the prior-year period.
Citigroup’s total allowance for credit losses was approximately $22.1bn at quarter end, compared to $20.2bn at the end of the prior-year period.
The Services unit’s net income rose to $1.7bn, a 23% increase, primarily due to higher revenues, though partially offset by increased expenses and higher credit costs.
Citigroup’s Markets segment reported a net income of $1.1bn for Q3 2024, an increase of 2%, supported by higher revenues and lower credit costs, with higher expenses as a limiting factor.
The Banking unit reported a net income of $238m, a 53% increase, driven by higher revenues and lower expenses, though partially offset by higher credit costs.
The Wealth division’s net income increased to $283m from $132m in the same period last year, mainly due to higher revenues and lower expenses, partially offset by increased credit costs.
The net income of Citigroup’s U.S. Personal Banking (USPB) declined by 31% to $522m, largely due to higher credit costs, though higher revenues and lower expenses provided some offset.
Citigroup’s All Other (managed basis) unit reported a net loss of $483m, primarily due to lower revenues and higher credit costs, partially offset by lower expenses.
Citi CEO Jane Fraser said: “In a pivotal year, this quarter contains multiple proof points that we are moving in the right direction and that our strategy is gaining traction, including positive operating leverage for each of our businesses, share gains and fee growth.
“Our incredible people continue to serve clients through our diversified business model and strong balance sheet. We are on track to meet our expense and revenue targets for the year and look to close out 2024 with momentum as we prepare for 2025.”
