AI English summary of an SEC filing — figures as filed
Citigroup CThe company said Citigroup’s net income for 2023 was $9.2 billion ($4.04 per share), down 38% from $14.8 billion ($7.00 per share) in the prior year. The company cited higher expenses, higher cost of credit and an effective tax rate of 27% (19% in the prior year) as factors, partially offset by higher revenues.
Key points
AI summaryThe company said Citigroup’s net income for 2023 was $9.2 billion ($4.04 per share), down 38% from $14.8 billion ($7.00 per share) in the prior year. The company cited higher expenses, higher cost of credit and an effective tax rate of 27% (19% in the prior year) as factors, partially offset by higher revenues.
The company said revenues for 2023 rose to $78.5 billion, up 4%, and operating expenses rose to $56.4 billion, up 10%. Expenses included an FDIC special assessment of about $1.7 billion in Q4 and restructuring charges of about $780 million.
Citi said its cost of credit for 2023 was $9.2 billion, compared with $5.2 billion a year earlier. The company cited higher card net credit losses and reserve builds of about $1.9 billion for transfer risk tied to Russia and Argentina exposures (about $1.3 billion in Q4) as factors.
The company said it returned $6.1 billion to common shareholders in 2023, consisting of dividends of $4.1 billion and share repurchases of $2.0 billion. The Common Equity Tier 1 Capital ratio was 13.4% as of December 31, 2023 (13.0% as of the end of the prior year), and the company put the required ratio as of October 1, 2023 at 12.3%.
Key figures
Fiscal year ended December 31, 2023
- Revenue
- $78.5B
- Net income
- $9.2B
- EPS
- $4.04
- Operating cash flow
- −$73.4B
From the XBRL financial data filed with the SEC · not processed by AI.
Summary
AI-writtenAnalysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.
Citigroup 2023 net income of $9.2 billion, down 38% from a year earlier
The company said Citigroup’s net income for 2023 was $9.2 billion ($4.04 per share), down 38% from $14.8 billion ($7.00 per share) in the prior year. The company cited higher expenses, higher cost of credit and an effective tax rate of 27% (19% in the prior year) as factors, partially offset by higher revenues.
Source · Based on the MD&A text of the filing
Revenues up 4% to $78.5 billion; operating expenses up 10%
The company said revenues for 2023 rose to $78.5 billion, up 4%, and operating expenses rose to $56.4 billion, up 10%. Expenses included an FDIC special assessment of about $1.7 billion in Q4 and restructuring charges of about $780 million.
Source · Based on the MD&A text of the filing
Cost of credit at $9.2 billion; reserve builds for Russia and Argentina
Citi said its cost of credit for 2023 was $9.2 billion, compared with $5.2 billion a year earlier. The company cited higher card net credit losses and reserve builds of about $1.9 billion for transfer risk tied to Russia and Argentina exposures (about $1.3 billion in Q4) as factors.
Source · Based on the MD&A text of the filing
Shareholder returns of $6.1 billion; CET1 ratio at 13.4%
The company said it returned $6.1 billion to common shareholders in 2023, consisting of dividends of $4.1 billion and share repurchases of $2.0 billion. The Common Equity Tier 1 Capital ratio was 13.4% as of December 31, 2023 (13.0% as of the end of the prior year), and the company put the required ratio as of October 1, 2023 at 12.3%.
Source · Based on the MD&A text of the filing
AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.
Original filing
The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.
Loading the filing text…