Investment Rating - The report does not explicitly state an investment rating for Citigroup (C.US) but indicates a positive outlook based on performance metrics [1][5]. Core Insights - Citigroup's Q2 2024 revenue growth was 3.6% year-over-year, aligning closely with Bloomberg's consensus forecast of 3.5% [2][5]. - Net profit attributable to common stockholders increased by 10.4% year-over-year, surpassing the Bloomberg consensus forecast of 3.7% [2][5]. - The CET1 ratio improved to 13.6%, up by 0.2 percentage points year-over-year, indicating strong capital adequacy [2][5]. Summary by Sections Revenue and Profitability - Revenue for Q2 2024 was reported at 20.123 billion, with a year-over-year growth of 3.6% [4]. - Net interest income decreased by 2.9% year-over-year, better than the expected decline of 4.9% [2][4]. - Non-interest income saw a significant increase of 20.1% year-over-year, matching the consensus forecast [2][4]. Cost Management - The cost-to-income ratio improved by 3.5 percentage points year-over-year to 66.3%, outperforming the expected 66.9% [2][4]. Asset Quality - Total credit provisions amounted to 2.616 billion, reflecting better asset quality [2][4]. - The non-accrual loan rate decreased to 0.33%, down 8 basis points from the previous quarter, outperforming the expected 0.45% [2][4]. Return Metrics - Return on Assets (ROA) increased by 0.06 percentage points year-over-year to 0.53%, exceeding the expected 0.49% [2][4]. - Return on Equity (ROE) rose by 0.7 percentage points to 6.3%, better than the anticipated 5.8% [2][4]. - Return on Tangible Common Equity (ROTCE) improved to 7.2%, surpassing the expected 6.5% [2][4].
花旗集团：营收符合预期，利润超预期主要源于计提和成本管控优于预期