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03Detailed Report
C
Citigroup Inc
Period
Q2 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 28, 2026
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Executive Summary
Citigroup Inc reported a robust quarter for Q2 2024, with net income reaching $3.2 billion, translating to earnings per share (EPS) of $1.52. The bank experienced a 4% increase in revenues, which is notable given the competitive landscape and ongoing regulatory pressures. Management emphasized operational efficiency and strategic transformation as key drivers of performance despite the challenges posed by recent regulatory actions concerning data quality management. Citi remains committed to improving returns, particularly within its U.S. Personal Banking division, and plans to increase its quarterly dividend from $0.53 to $0.56, signaling confidence in its profitability and cash flow generation. The outlook remains optimistic with expectations for an RoTCE of 7.2%.
Key Performance Indicators
Revenue
Increasing
20.14B
QoQ: -4.50% | YoY: 3.62%
Gross Profit
Increasing
20.14B
1.00% margin
QoQ: -4.50% | YoY: 3.62%
Operating Income
Increasing
6.93B
QoQ: -10.21% | YoY: 71.40%
Net Income
Increasing
3.22B
QoQ: -4.57% | YoY: 10.36%
EPS
Increasing
1.54
QoQ: -3.14% | YoY: 14.93%
Revenue Trend
Margin Analysis
Financial Highlights
Financial Performance
- Revenue: $20.14 billion (+4% YoY)
- Net Income: $3.22 billion (+10.36% YoY, -4.57% QoQ)
- EPS: $1.52 (+14.93% YoY, -3.14% QoQ)
- Operating Margin: 34.39%
- CET1 Ratio: 13.6%
- Return on Tangible Common Equity (RoTCE): 7.2%
- Dividend Payout: Increased to $0.56 per share.
Management highlighted that revenues grew in all five core businesses, further demonstrating their broad-based performance. However, they noted that the operating income fell by 10.21% QoQ, primarily due to seasonal credit losses and the impact of credit normalization, reflecting cautious optimism for future quarters.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
20.14B
3.62%
-4.50%
Gross Profit
20.14B
3.62%
-4.50%
Operating Income
6.93B
71.40%
-10.21%
Net Income
3.22B
10.36%
-4.57%
EPS
1.54
14.93%
-3.14%
Key Financial Ratios
Gross Profit Margin
Weak
1.00%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Excellent
34.40%
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
0.13%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
1.54%
Return on equity suggests inefficient capital allocation
Current Ratio
Concern
0.29
Current ratio below safe levels, potential liquidity risk
Debt to Equity
High Risk
3.01
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Value
9.40x
P/E ratio suggests potential undervaluation or stable earnings
Price to Book
Undervalued
0.58x
Trading below book value, potential value opportunity or distressed
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