花旗集团：营收、利润和不良率均超预期，净息差不及预期

Investment Rating - The report does not explicitly state an investment rating for Citigroup (C.US) but indicates that revenue and profit exceeded expectations while net interest margin (NIM) fell short of expectations [1][7]. Core Insights - Citigroup's Q3 2024 revenue growth was 0.9% year-over-year, surpassing Bloomberg consensus forecast of -1.6% [2][7]. - Net profit attributable to common stockholders decreased by 8.7% year-over-year, better than the expected decline of 22.9% [2][7]. - The Common Equity Tier 1 (CET1) ratio increased to 13.7%, up by 0.1 percentage points year-over-year, aligning with expectations [4][7]. Summary by Sections Revenue and Profit Performance - Revenue for Q3 2024 was $20.315 billion, with a year-over-year growth of 0.9$19.827 billion [6]. - Net interest income decreased by 3.4% year-over-year to $13.362 billion, better than the expected decline of 4.3$6.953 billion, surpassing the estimate of $6.255 billion [6]. Loan and Deposit Growth - Total deposits grew by 2.9$1.310 trillion, exceeding the expected growth of 0.9% [3][6]. - Gross loans increased by 3.4% year-over-year to $688.922 billion, slightly below the expected growth of 3.6$2.675 billion, slightly above the expected $2.661 billion [4][6]. Return Metrics - Return on Assets (ROA) was 0.52%, down by 0.06 percentage points year-over-year, exceeding the expected 0.46% [4][6]. - Return on Equity (ROE) was 6.2%, down by 0.5 percentage points year-over-year, better than the expected 5.4% [4][6]. - Return on Tangible Common Equity (ROTCE) was 7.0%, down by 0.7 percentage points year-over-year, exceeding the expected 5.9% [4][6].