Q2 2024 Citigroup Inc Earnings Call Transcript
Key Points
- Citigroup Inc (C) reported net income of $3.2 billion with an earnings per share of $1.52 and an ROTCE of 7.2%.
- Revenues were up 4% overall, with growth in each of the five core businesses.
- Expenses were down 2% year over year, indicating effective cost management.
- The company plans to increase its dividend from $0.53 to $0.56 per share and resume modest buybacks this quarter.
- Citigroup Inc (C) has made significant progress in its transformation, including reducing the number of data centers and consolidating platforms.
- The company is facing regulatory actions from the Federal Reserve and the Office of the Controller of the Currency, resulting in two civil money penalties.
- Citigroup Inc (C) acknowledged being behind in data quality management, which has required increased investment.
- The company expects to be at the higher end of its expense guidance range due to continued investment in transformation and technology.
- Credit costs increased to $2.5 billion, primarily driven by higher card net credit losses.
- The company is experiencing pressure on returns from elevated net credit losses and industry headwinds in the US Personal Banking segment.
Hello, and welcome to Citi's Second Quarter 2024 earnings call. Today's call will be hosted by Jenn Landis, Head of Citi Investor Relations. We ask that you please hold all questions until the completion of the formal remarks at which time we would be given instructions for the question and answer session. Also, as a reminder, this conference is being recorded today. If you have any objections, please disconnect at this time. Jenn Landis, you may begin.
Thank you operator. Good morning, and thank you all for joining our second 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. They 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
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
