"2024 will be a pivotal year for us, as we put our business and organizational simplification largely behind us and we focus on two main priorities: the transformation and the performance of our businesses and the firm." - Jane Fraser, CEO
— Jane Fraser
03Detailed Report
C
Citigroup Inc
Period
Q1 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 28, 2026
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Executive Summary
Citigroup Inc. (NYSE: C) reported a net income of approximately $3.4 billion for the first quarter of 2024, translating to an earnings per share (EPS) of $1.58. This reflects a year-over-year increase in revenues of over 3%, emphasizing the bank's strategic focus on operational simplification and enhancing client services. CEO Jane Fraser noted that 2024 is a pivotal year for Citigroup as it implements organizational changes to drive efficiency, indicating a strong outlook balanced with macroeconomic considerations. The quarter marked notable gains in investment banking and consumer banking, reflecting the bank's adaptability in a mixed economic environment.
Key Performance Indicators
Revenue
Increasing
21.09B
QoQ: 11.96% | YoY: 3.38%
Gross Profit
Increasing
21.09B
1.00% margin
QoQ: 11.96% | YoY: 3.38%
Operating Income
Increasing
7.72B
QoQ: 128.83% | YoY: 24.89%
Net Income
Decreasing
3.37B
QoQ: 252.05% | YoY: -26.81%
EPS
Decreasing
1.59
QoQ: 237.07% | YoY: -28.05%
Revenue Trend
Margin Analysis
Financial Highlights
- Revenue: $21.1 billion, an increase of 3.38% YoY
- Net Income: $3.4 billion, a decrease of 26.81% YoY but a strong rebound of 252.05% QoQ
- EPS: $1.58, down by 28.05% YoY
- Return on Tangible Common Equity (RoTCE): 7.6%
- Cost of Credit: $2.4 billion, up due to higher net credit losses, notably within consumer lending.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
21.09B
3.38%
11.96%
Gross Profit
21.09B
3.38%
11.96%
Operating Income
7.72B
24.89%
128.83%
Net Income
3.37B
-26.81%
252.05%
EPS
1.59
-28.05%
237.07%
Key Financial Ratios
Gross Profit Margin
Weak
1.00%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Excellent
36.60%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Good
16.00%
Net profit margin is healthy and competitive within industry standards
Return on Assets
Weak
0.14%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
1.63%
Return on equity suggests inefficient capital allocation
Current Ratio
Concern
0.33
Current ratio below safe levels, potential liquidity risk
Debt to Equity
High Risk
3.00
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Value
8.98x
P/E ratio suggests potential undervaluation or stable earnings
Price to Book
Undervalued
0.59x
Trading below book value, potential value opportunity or distressed
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