The company said net income for Q1 2024 was $3.4 billion ($1.58 per diluted share) on revenues of $21.1 billion. For Q1 2023, net income was $4.6 billion ($2.19 per diluted share) on revenues of $21.4 billion.

1. 01

   The company said net income for Q1 2024 was $3.4 billion ($1.58 per diluted share) on revenues of $21.1 billion. For Q1 2023, net income was $4.6 billion ($2.19 per diluted share) on revenues of $21.4 billion.

2. 02

   The company said revenues for Q1 decreased 2% from the prior-year period on a reported basis, but excluding divestiture-related impacts of $1 billion, primarily the gain from the sale of the India consumer business, revenues increased 3%.

3. 03

   The company said operating expenses for Q1 were $14.2 billion, up 7%, including repositioning costs of $258 million, an incremental FDIC special assessment of $251 million and restructuring charges of $225 million. Cost of credit was approximately $2.4 billion ($2.0 billion in the prior-year period).

4. 04

   The company said its preliminary CET1 capital ratio at the end of Q1 was 13.5% (13.4% in the prior quarter), and its Supplementary Leverage Ratio was 5.8%, unchanged from the prior quarter. It said it returned a total of $1.5 billion to common shareholders in the form of dividends and share repurchases during the quarter.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the opening part of the filing body and confirmed exhibits, within a length limit. This is not a review of other exhibits, investor presentations or the full earnings call.

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.