Citigroup reported Q2 2024 net income of $3.2 billion ($1.52 per share), up 10% from $2.9 billion ($1.33 per share) in Q2 2023. Revenues increased 4% to $20.1 billion, driven by growth across all businesses, particularly in Banking (+38%), Markets (+6%) and U.S. Personal Banking (+6%). The results included a $400 million gain from Visa B share exchange.Operating expenses decreased 2% to $13.4 billion, reflecting savings from organizational simplification and lower repositioning costs. Cost of credit rose 36% to $2.5 billion due to higher credit card losses. The CET1 capital ratio strengthened to 13.6%, leading to a 6% dividend increase.Markets revenue growth was led by a 37% increase in Equity markets, while Banking benefited from strong debt issuance activity. Services revenues rose 3% on higher fee income, though U.S. Personal Banking saw net income decline 74% to $121 million due to higher credit costs despite 6% revenue growth.

Citigroup reported Q2 2024 net income of $3.2 billion ($1.52 per share), up 10% from $2.9 billion ($1.33 per share) in Q2 2023. Revenues increased 4% to $20.1 billion, driven by growth across all businesses, particularly in Banking (+38%), Markets (+6%) and U.S. Personal Banking (+6%). The results included a $400 million gain from Visa B share exchange.Operating expenses decreased 2% to $13.4 billion, reflecting savings from organizational simplification and lower repositioning costs. Cost of credit rose 36% to $2.5 billion due to higher credit card losses. The CET1 capital ratio strengthened to 13.6%, leading to a 6% dividend increase.Markets revenue growth was led by a 37% increase in Equity markets, while Banking benefited from strong debt issuance activity. Services revenues rose 3% on higher fee income, though U.S. Personal Banking saw net income decline 74% to $121 million due to higher credit costs despite 6% revenue growth.