Citigroup’s net income and revenue in 2024 bested expectations, with strong growth in 2024’s fourth quarter.
Its net income in 2024’s fourth quarter was US$2.9 billion (A$4.66 billion), compared to a net loss of $1.8 billion in 2023’s Q4. Citigroup’s total net income in 2024 reached $12.7 billion.
“2024 was a critical year and our results show our strategy is delivering as intended and driving stronger performance in our businesses,” said Citi CEO Jane Fraser. "We entered 2025 with momentum across our businesses and we continue to strengthen our ability to serve our clients.”
The company surpassed its 2024 revenue target, according to Fraser.
According to Citigroup, its net income growth was due to higher revenues, lower expenses, and lower cost of credit. Citigroup’s total revenue in 2024 was US$81.1 billion, compared to $78.5 billion in 2023.
The company reported earnings per share of US$1.34, up from -$1.16 year-over-year. LSEG analysts estimated this would reach $1.22 per share.
Its total operating expenses were US$13.2 billion, down 18% from the same period in 2023.
Revenue from its banking and markets sectors grew the most, at 27% and 36% year-over-year. The only sector to see a decline in revenue was ‘All Other’, which decreased by 34%.
Citigroup expects its 2026 return on tangible common equity to be from 10 to 11%, below its previous goal of 11 to 12%, but “this level is a waypoint, not a destination,” said Fraser. “We intend to improve returns well above that level and deliver Citi's full potential for our shareholders.”
Its cost of credit last quarter was US$2.59 billion, down from $3.55 billion year-over-year. Citigroup added
Citigroup also announced a US$20 billion stock buyback program, which will begin in 2025’s first quarter.
The company did not release its guidance for 2025 in its earnings report.
Banks including JPMorgan and Goldman Sachs also reported earnings this week, with both companies posting revenue increases. Wells Fargo reported mixed results.
Citigroup’s stock rose almost 37% across 2024. Its share price closed at US$78.27, up from a previous close at $73.50. Its market capitalisation is $148 billion.