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Citi(C) - 2024 Q1 - Quarterly Results
CCiti(C)2024-04-12 14:15

Revenue and Net Income - Total revenues for 1Q24 were 21.447billion,a2121.447 billion, a 21% increase compared to 1Q23[2] - Net income for 1Q24 was 4.652 billion, a significant improvement from a net loss of 1.807billionin4Q23[2]−Dilutedearningspersharefor1Q24were1.807 billion in 4Q23[2] - Diluted earnings per share for 1Q24 were 2.19, compared to a loss of 1.16persharein4Q23[2]−Netinterestincome(NII)forQ12024decreasedby21.16 per share in 4Q23[2] - Net interest income (NII) for Q1 2024 decreased by 2% to 13,507 million compared to Q4 2023, but increased by 1% from Q1 2023[3] - Total non-interest revenues (NIR) for Q1 2024 were 7,597million,showingasignificantincreasefromQ42023buta67,597 million, showing a significant increase from Q4 2023 but a 6% decrease from Q1 2023[3] - Total revenues, net of interest expense, increased by 21% to 21,104 million in Q1 2024 compared to Q4 2023, but decreased by 2% from Q1 2023[3] - Citigroup's net income (loss) for Q1 2024 was 3,371million,showingasignificantrecoveryfromthelossinQ42023buta273,371 million, showing a significant recovery from the loss in Q4 2023 but a 27% decrease from Q1 2023[3] - Total net revenues increased by 21% to 21.104 billion in 1Q 2024 compared to 4Q 2023, but decreased by 2% compared to 1Q 2023[7] - Net income was 3.371billionin1Q2024,comparedtoalossof3.371 billion in 1Q 2024, compared to a loss of 1.839 billion in 4Q 2023, but decreased by 27% compared to 1Q 2023[7] - Net interest income for 1Q 2024 decreased by 4% compared to 4Q 2023, but increased by 6% compared to 1Q 2023, reaching 3,317million[8]−Netincomefor1Q2024increasedby903,317 million[8] - Net income for 1Q 2024 increased by 90% compared to 4Q 2023 and 15% compared to 1Q 2023, totaling 1,494 million[8] - Total revenues, net of interest expense, for 1Q 2024 were 5,378million,a595,378 million, a 59% increase from 4Q 2023 but a 7% decrease from 1Q 2023[9] - Net income for 1Q 2024 was 1,395 million, a 25% decrease from 1Q 2023[9] - Total revenues, net of interest expense, reached 1.714billionin1Q2024,an801.714 billion in 1Q 2024, an 80% increase from 4Q 2023 and 49% from 1Q 2023[11] - Total revenues, net of interest expense, increased by 5% from 4Q23 to 1Q24, reaching 5,178 million[12] - Net income for 1Q24 was 150million,asignificantimprovementfrom150 million, a significant improvement from 5 million in 4Q23[15] - Total revenues decreased by 9% from 2,617millionin1Q2023to2,617 million in 1Q 2023 to 2,385 million in 1Q 2024[16] - Total revenues, net of interest expense, increased by 6% to 1.814billioninQ12024comparedtoQ42023[17]−Totalrevenuesdecreasedby811.814 billion in Q1 2024 compared to Q4 2023[17] - Total revenues decreased by 81% from 4Q23 to 1Q24, with 1Q24 revenues at -12 million compared to -62millionin4Q23[20]LoansandDeposits−Totalloansdecreasedby262 million in 4Q23[20] Loans and Deposits - Total loans decreased by 2% to 674.6 billion in 1Q24 compared to 1Q23[2] - Total deposits remained stable at 1.3072trillionin1Q24,a11.3072 trillion in 1Q24, a 1% decrease compared to 1Q23[2] - Total loans, net decreased by 2% from 4Q23 to 1Q24, amounting to 656,282 million[5] - Total U.S. deposits decreased by 1% from 4Q23 to 1Q24, totaling 682,794million[5]−Internationaldepositsincreasedby1682,794 million[5] - International deposits increased by 1% from 4Q23 to 1Q24, reaching 624,369 million[5] - Total loans - average increased by 4% year-over-year to 678.8billioninQ12024,witha1678.8 billion in Q1 2024, with a 1% rise from Q4 2023[23] - Total deposits remained stable at 1,307.2 billion in Q1 2024, showing a slight decrease of 2% year-over-year[25] - EOP loans in Mexico Consumer/SBMM increased by 18% from 22.0billionin1Q2023to22.0 billion in 1Q 2023 to 26.0 billion in 1Q 2024[16] - EOP loans in Asia Consumer decreased by 35% from 10.0billionin1Q2023to10.0 billion in 1Q 2023 to 6.5 billion in 1Q 2024[16] - EOP loans in Mexico Consumer/SBMM increased by 18% to 26.0billioninQ12024comparedtoQ12023[17]−EOPdepositsinAsiaConsumerdecreasedby3826.0 billion in Q1 2024 compared to Q1 2023[17] - EOP deposits in Asia Consumer decreased by 38% to 9.0 billion in Q1 2024 compared to Q1 2023[17] - Total corporate loans decreased by 2% to 292.8billioninQ12024comparedtoQ42023,withNorthAmericacorporateloansdown5292.8 billion in Q1 2024 compared to Q4 2023, with North America corporate loans down 5% to 122.9 billion[23] - International corporate loans saw a 4% increase year-over-year to 169.9billioninQ12024,despitea1169.9 billion in Q1 2024, despite a 1% decrease from Q4 2023[23] - USPB Branded Cards loans grew 11% year-over-year to 108.0 billion in Q1 2024, though down 3% from Q4 2023[23] - Total consumer loans increased 5% year-over-year to 381.8billioninQ12024,butdecreased2381.8 billion in Q1 2024, but decreased 2% from Q4 2023[23] - Mexico Consumer loans grew 20% year-over-year to 19.6 billion in Q1 2024, with a 5% increase from Q4 2023[23] - Asia Consumer Legacy Holdings Assets decreased by 35% year-over-year to 6.5billioninQ12024,withan86.5 billion in Q1 2024, with an 8% decline from Q4 2023[23] Credit Losses and Provisions - Net credit losses increased by 15% to 2,303 million in Q1 2024 compared to Q4 2023, and by 77% from Q1 2023[3] - Provision for credit losses on loans decreased by 2% to 2,422millioninQ12024comparedtoQ42023,butincreasedby392,422 million in Q1 2024 compared to Q4 2023, but increased by 39% from Q1 2023[3] - Net credit losses on loans increased by 26% from 198 million in 1Q 2023 to 249millionin1Q2024[16]−Netcreditlossesonloansincreasedby26249 million in 1Q 2024[16] - Net credit losses on loans increased by 26% to 249 million in Q1 2024 compared to Q1 2023[17] - Net credit losses on loans decreased by 67% from 4Q23 to 1Q24, with 1Q24 losses at 11millioncomparedto11 million compared to 33 million in 4Q23[20] - NCLs (Non-performing loans) as a percentage of total average loans rose to 1.36% in Q1 2024, up 19 bps from Q4 2023 and 55 bps from Q1 2023[23] - Allowance for credit losses on loans (ACLL) increased to 15,431millionasof12/31/23,upfrom15,431 million as of 12/31/23, up from 14,119 million at the end of 2022[27] - Total ACLL and ACLUC (Allowance for Credit Losses on Unfunded Commitments) reached 19,873millionbytheendof2023,comparedto19,873 million by the end of 2023, compared to 19,125 million at the start of the year[27] - U.S. Cards Retail Banking ACLL grew to 12,626millionby12/31/23,upfrom12,626 million by 12/31/23, up from 11,393 million at the end of 2022[27] - Total allowance for credit losses (ACL) increased to 21,756millionbytheendof2023,comparedto21,756 million by the end of 2023, compared to 19,368 million at the start of the year[27] - Corporate ACLL in Mexico (SBMM) decreased slightly to 121millionby12/31/23from121 million by 12/31/23 from 120 million at the end of 2022[27] - Wealth and All Other consumer ACLL declined to 768millionby12/31/23,downfrom768 million by 12/31/23, down from 883 million at the end of 2022[27] - Total USPB (U.S. Personal Banking) ACLL rose to 13,102millionby12/31/23,upfrom13,102 million by 12/31/23, up from 11,840 million at the end of 2022[27] - ACLUC (Allowance for Credit Losses on Unfunded Commitments) decreased to 1,728millionby12/31/23,downfrom1,728 million by 12/31/23, down from 2,151 million at the end of 2022[27] - Total ACLL and ACLUC (EOP) reached 19,925millionby3/31/24,upfrom19,925 million by 3/31/24, up from 19,873 million at the end of 2023[27] - Total ACL (Allowance for Credit Losses) stood at 21,753millionby3/31/24,slightlydownfrom21,753 million by 3/31/24, slightly down from 21,756 million at the end of 2023[27] - Total Citigroup Allowance for Credit Losses on Loans (ACLL) increased by 7% from 1Q23 to 1Q24, reaching 18.296billion[28]−Grosscreditlossesonloansincreasedby6518.296 billion[28] - Gross credit losses on loans increased by 65% from 1Q23 to 1Q24, totaling 2.690 billion[28] - Net credit losses (NCLs) on loans increased by 77% from 1Q23 to 1Q24, reaching 2.303billion[28]−Provisionforcreditlossesonloans(PCLL)increasedby392.303 billion[28] - Provision for credit losses on loans (PCLL) increased by 39% from 1Q23 to 1Q24, totaling 2.422 billion[28] - Consumer ACLL increased by 8% from 1Q23 to 1Q24, reaching 15.524billion[28]−CorporateACLLremainedrelativelyflat,witha215.524 billion[28] - Corporate ACLL remained relatively flat, with a 2% increase from 1Q23 to 1Q24, reaching 2.772 billion[28] - Allowance for Credit Losses on Unfunded Lending Commitments (ACLUC) decreased by 17% from 1Q23 to 1Q24, totaling 1.629billion[28]−Totalallowanceforcreditlossesonloans,leases,andunfundedlendingcommitmentsincreasedby41.629 billion[28] - Total allowance for credit losses on loans, leases, and unfunded lending commitments increased by 4% from 1Q23 to 1Q24, reaching 19.925 billion[28] - Consumer ACLL as a percentage of total consumer loans increased by 11 basis points from 1Q23 to 1Q24, reaching 4.07%[28] - Corporate ACLL as a percentage of total corporate loans remained relatively stable, with a 1 basis point decrease from 1Q23 to 1Q24, reaching 0.97%[28] Capital and Equity - Common Equity Tier 1 (CET1) Capital ratio improved to 13.5% in 1Q24, up from 13.37% in 4Q23[2] - Return on average tangible common equity (RoTCE) was 7.6% in 1Q24, a significant improvement from -5.1% in 4Q23[2] - Total assets increased by 1% to 2.4325trillionin1Q24comparedto1Q23[2]−TotalCitigroupstockholders′equitydecreasedby12.4325 trillion in 1Q24 compared to 1Q23[2] - Total Citigroup stockholders' equity decreased by 1% from 4Q23 to 1Q24, reaching 206,585 million[5] - Noncontrolling interests increased by 2% from 4Q23 to 1Q24, totaling 813million[5]−Totalassetsdecreasedby1813 million[5] - Total assets decreased by 1% from 4Q23 to 1Q24, amounting to 2,432,510 million[5] - Average allocated TCE for 1Q 2024 increased by 8% compared to both 4Q 2023 and 1Q 2023, reaching 24.9billion[8]−RoTCEfor1Q2024increasedby1,060bpscomparedto4Q2023and120bpscomparedto1Q2023,reaching24.124.9 billion[8] - RoTCE for 1Q 2024 increased by 1,060 bps compared to 4Q 2023 and 120 bps compared to 1Q 2023, reaching 24.1%[8] - EOP assets for 1Q 2024 were 1,037 billion, a 3% increase from 4Q 2023 and a 2% increase from 1Q 2023[9] - Average allocated TCE for 1Q 2024 was 54.0billion,a254.0 billion, a 2% increase from both 4Q 2023 and 1Q 2023[9] - RoTCE for 1Q 2024 was 10.4%, a 370 bps decrease from 1Q 2023[9] - Average allocated TCE (Tangible Common Equity) increased to 21.8 billion in 1Q 2024, up 2% from 4Q 2023 and 2% from 1Q 2023[11] - EOP assets decreased by 2% from 4Q23 to 1Q24, falling from 232billionto232 billion to 230 billion[15] - Average assets increased by 2% from 4Q23 to 1Q24, rising from 234billionto234 billion to 238 billion[15] - RoTCE improved by 450 bps from 4Q23 to 1Q24, rising from 0.1% to 4.6%[15] - EOP assets decreased by 7% from 216billionin1Q2023to216 billion in 1Q 2023 to 200 billion in 1Q 2024[16] - EOP assets increased by 4% to 78billioninQ12024comparedtoQ42023[17]−Citigroup′sCET1Capitalincreasedfrom78 billion in Q1 2024 compared to Q4 2023[17] - Citigroup's CET1 Capital increased from 153,753 million in March 2023 to 153,142millioninMarch2024,withaCET1Capitalratioof13.5153,142 million in March 2024, with a CET1 Capital ratio of 13.5% in March 2024[32] - Total Tier 1 Capital (T1C) decreased from 175,249 million in March 2023 to 172,065millioninMarch2024,withaSupplementaryLeverageratioof5.8172,065 million in March 2024, with a Supplementary Leverage ratio of 5.8% in March 2024[32] - Tangible Common Equity (TCE) increased from 163,948 million in March 2023 to 165,307millioninMarch2024,withTangibleBookValuePerShare(TBVPS)risingfrom165,307 million in March 2024, with Tangible Book Value Per Share (TBVPS) rising from 84.21 to 86.67[32]−Risk−WeightedAssets(RWA)decreasedfrom86.67[32] - Risk-Weighted Assets (RWA) decreased from 1,144,359 million in March 2023 to 1,137,050millioninMarch2024[32]−Commonstockholders′equityincreasedfrom1,137,050 million in March 2024[32] - Common stockholders' equity increased from 188,050 million in March 2023 to 188,985millioninMarch2024,withBookValuePerSharerisingfrom188,985 million in March 2024, with Book Value Per Share rising from 96.59 to 99.08[32]−TotalCitiaverageTCEincreasedfrom99.08[32] - Total Citi average TCE increased from 161.1 billion in March 2023 to 164.7billioninMarch2024[32]−Averagegoodwilldecreasedfrom164.7 billion in March 2024[32] - Average goodwill decreased from 18.7 billion in March 2023 to 19.6billioninMarch2024[32]−Averageintangibleassets(otherthanMSRs)decreasedfrom19.6 billion in March 2024[32] - Average intangible assets (other than MSRs) decreased from 3.9 billion in March 2023 to 3.7billioninMarch2024[32]−TotalCitiaveragecommonstockholders′equityincreasedfrom3.7 billion in March 2024[32] - Total Citi average common stockholders' equity increased from 184.1 billion in March 2023 to 188.0billioninMarch2024[32]OperatingExpensesandEfficiency−Efficiencyratioimprovedto67.3188.0 billion in March 2024[32] Operating Expenses and Efficiency - Efficiency ratio improved to 67.3% in 1Q24, down from 91.7% in 4Q23[2] - Total operating expenses decreased by 11% to 14,195 million in Q1 2024 compared to Q4 2023, but increased by 7% from Q1 2023[3] - Total operating expenses decreased by 2% to 1.588billioninQ12024comparedtoQ42023[17]−Totaloperatingexpensesincreasedby181.588 billion in Q1 2024 compared to Q4 2023[17] - Total operating expenses increased by 18% from 2,254 million in 1Q 2023 to 2,668millionin1Q2024[16]−Operatingexpensesin1Q24were2,668 million in 1Q 2024[16] - Operating expenses in 1Q24 were 110 million, a 4% increase from 106millionin4Q23[20]−Efficiencyratioworsenedby100bpsfrom4Q23to1Q24,increasingfrom99106 million in 4Q23[20] - Efficiency ratio worsened by 100 bps from 4Q23 to 1Q24, increasing from 99% to 98%[15] Non-Interest Revenue and Fees - Commissions and fees increased by 23% to 2,724 million in Q1 2024 compared to Q4 2023, and by 15% from Q1 2023[3] - Total fee revenue for 1Q 2024 increased by 4% compared to 4Q 2023 and 10% compared to 1Q 2023, totaling 1,482million[8]−Totalnon−interestrevenuefor1Q2024surgedby351,482 million[8] - Total non-interest revenue for 1Q 2024 surged by 35% compared to 4Q 2023 and 14% compared to 1Q 2023, reaching 1,449 million[8] - Treasury and Trade Solutions (TTS) non-interest revenue for 1Q 2024 increased by 27% compared to 4Q 2023 and 21% compared to 1Q 2023, totaling 656million[8]−Totalfeerevenueincreasedby14656 million[8] - Total fee revenue increased by 14% from 4Q23 to 1Q24, rising from 507 million to 576million[15]−Totalnon−interestrevenueincreasedby14576 million[15] - Total non-interest revenue increased by 14% from 4Q23 to 1Q24, reaching 716 million[15] - Non-interest revenue increased by 59% from 432millionin1Q2023to432 million in 1Q 2023 to 687 million in 1Q 2024[16] - Non-interest revenue decreased by 4% to 546millioninQ12024comparedtoQ12023[17]−Totalfeerevenueincreasedby60546 million in Q1 2024 compared to Q1 2023[17] - Total fee revenue increased by 60% from 4Q23 to 1Q24, reaching 123 million[12] - Total non-interest revenue increased by