The company reported net income of $3.2 billion for Q2 2024, or $1.52 per diluted share, on revenues of $20.1 billion. It reported net income of $2.9 billion, or $1.33 per share, on revenues of $19.4 billion in the prior-year period.

1. 01

   The company reported net income of $3.2 billion for Q2 2024, or $1.52 per diluted share, on revenues of $20.1 billion. It reported net income of $2.9 billion, or $1.33 per share, on revenues of $19.4 billion in the prior-year period.

2. 02

   Citigroup said revenues for Q2 rose 4% from the prior-year period, and operating expenses of $13.4 billion fell 2%. It said the revenue increase included an approximate $400 million gain related to the Visa B exchange.

3. 03

   The company said cost of credit for Q2 was approximately $2.5 billion, up from $1.8 billion in the prior-year period. It cited higher cards net credit losses as the driver, which was partially offset by a lower ACL build.

4. 04

   Citi said its preliminary CET1 Capital ratio at the end of Q2 was 13.6%, compared with 13.5% at the end of the prior quarter. It also said it returned a total of $1.0 billion to common shareholders in the form of dividends during the quarter.

Analysis scope · Filing body and confirmed press-release exhibitWe analyzed the filing body and confirmed exhibits. 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.