On October 15, 2024, Citigroup Inc. reported its financial results for the third quarter ending September 30, 2024. The financial giant announced a net income of $3.2 billion, or $1.51 per diluted share, on revenues of $20.3 billion. This represents a slight increase in revenues by 1% compared to the same period in the previous year, but a decrease in net income from $3.5 billion. The earnings per share also saw a decline from $1.63 to $1.51. Citigroup's CEO, Jane Fraser, highlighted the quarter as a testament to the company's strategic direction, with positive operating leverage across all businesses, share gains, fee growth, and a 2% reduction in expenses due to simplification efforts. The bank also launched new initiatives, including a cross-border payments capability with Mastercard and a $25 billion...Show More

On October 15, 2024, Citigroup Inc. reported its financial results for the third quarter ending September 30, 2024. The financial giant announced a net income of $3.2 billion, or $1.51 per diluted share, on revenues of $20.3 billion. This represents a slight increase in revenues by 1% compared to the same period in the previous year, but a decrease in net income from $3.5 billion. The earnings per share also saw a decline from $1.63 to $1.51. Citigroup's CEO, Jane Fraser, highlighted the quarter as a testament to the company's strategic direction, with positive operating leverage across all businesses, share gains, fee growth, and a 2% reduction in expenses due to simplification efforts. The bank also launched new initiatives, including a cross-border payments capability with Mastercard and a $25 billion private credit partnership with Apollo. The report detailed performance across various segments, with Services delivering a record quarter, Markets revenue up by 32% in Equities, and Investment Banking revenue up by 31%. U.S. Personal Banking revenues grew by 3%, with Branded Cards revenue increasing by 8%. Citigroup returned approximately $2.1 billion to shareholders in the form of dividends and share repurchases. The bank's CET1 Capital ratio stood at 13.7%, and the Supplementary Leverage ratio was 5.8%. The detailed financial report was filed with the SEC and is available on Citigroup's website.