Q1 2024 Citigroup Inc Earnings Call Transcript
Key Points
- Citigroup Inc (C) reported net income of approximately $3.4 billion, earnings per share of $1.58 and an RoTCE of 7.6% on over $21 billion of revenues.
- Revenues were up over 3% year-over-year excluding divestitures, primarily driven by the $1 billion gain from the India consumer sale last year.
- Services continue to perform well and generate very attractive returns, with revenue up 8% for the quarter and fees up 10% year-over-year.
- Markets bounced back from a tough final quarter in '23, with good client activity in Equities and in spread products.
- Banking revenue growth of 49% was led by near-record levels of investment-grade debt issuance and a pickup in ECM activity.
- Markets revenues were down 7% as lower volatility impacted rates and currencies.
- Expenses were $14.2 billion, up 7% on a reported basis, including the incremental FDIC special assessment and restructuring charges.
- Wealth revenues decreased 4% due to lower deposit spreads and higher mortgage funding costs, despite an 11% increase in noninterest revenue.
- U.S. Personal Banking cost of credit of approximately $2.2 billion increased 34% largely driven by higher NCLs.
- Retail Services NCL rate of 6.32% was slightly above the high end of the guidance range for the full year.
Hello and welcome to Citi's First Quarter 2024 Earnings Call. Today's call will be hosted by Jen Landis, Head of Citi Investor Relations. (Operator Instructions) Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time.
Ms. Landis, you may begin.
Thank you, operator. Good morning and thank you all for joining our first quarter 2024 earnings call. I am joined today by our Chief Executive Officer, Jane Fraser; and our Chief Financial Officer, Mark Mason.
I'd like to remind you that today's presentation, which is available for download on our website, citigroup.com, may contain forward-looking statements which are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these statements due to a variety of factors, including those described in our earnings materials as well as in our SEC filings.
And with that, I'll turn it over to Jane.
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