Q3 2024 Citigroup Inc Earnings Call Transcript
Key Points
- Citigroup Inc (C) reported net income of $3.2 billion and earnings per share of $1.51, with a return on tangible common equity (RoTCE) of 7%.
- Overall revenues grew by 3% excluding divestitures, with each core business delivering growth and positive operating leverage.
- The services division delivered a record quarter with revenues up by 8%, driven by significant fee growth and loan and deposit volume growth.
- Investment banking fees increased by 44%, driven by investment-grade debt issuance and strategic transactions.
- The wealth management division saw revenues increase by 9%, with client investment assets growing by 24%.
- Fixed income revenues decreased by 6%, with the rates and currencies business not matching last year's performance.
- Net interest income, excluding markets, was down 1% year over year, largely due to lower interest rates in Argentina.
- Retail services revenues decreased by 1% due to a slowing growth rate in interest-earning balances.
- The cost of credit was $2.7 billion, driven by net credit losses in card portfolios and allowance for credit losses (ACL) builds.
- Expenses were $13.3 billion, down only 2%, with continued investments in transformation and risk and control initiatives.
Hello, and welcome to Citi's third-quarter 2024 earnings call. This call will be hosted by Jenn Landis, Head, 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 third-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
| 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
