"...while we continue to make substantial investments in our transformation, the efficiencies gained from our simplification and other efforts drove a 2% reduction in overall expenses."
— Jane Fraser
03Detailed Report
C
Citigroup Inc
Period
Q3 2024
CurrencyUSD
Report TypeQuarterly Earnings
GeneratedJun 28, 2026
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Executive Summary
Citigroup Inc reported a stable performance in Q3 2024 with net income of $3.238 billion and earnings per share (EPS) of $1.51, demonstrating resilience in the face of fluctuating macroeconomic conditions. Notably, revenue increased by 3% year-over-year excluding divestitures, supported by strong performance across all business segments. Management expressed confidence in their ongoing transformation strategy, which emphasizes operational efficiency and revenue diversification. The earnings growth was particularly attributed to a healthy demand in fee-based services and banking activities, despite market challenges and interest rate dynamics.
Key Performance Indicators
Revenue
Decreasing
19.86B
QoQ: -1.40% | YoY: -1.39%
Gross Profit
Decreasing
19.86B
1.00% margin
QoQ: -1.40% | YoY: -1.39%
Operating Income
Decreasing
6.72B
QoQ: -3.06% | YoY: -0.06%
Net Income
Decreasing
3.24B
QoQ: 0.65% | YoY: -8.69%
EPS
Decreasing
1.54
QoQ: 0.00% | YoY: -6.10%
Revenue Trend
Margin Analysis
Financial Highlights
### Key Financial Metrics (Q3 2024)
- Total Revenue: $19.862 billion (YoY growth of 3% ex-divestitures)
- Net Income: $3.238 billion (Net Margin: 16.3%, EPS: $1.51)
- CET1 Ratio: 13.7%
- Return on Tangible Common Equity (RoTCE): 7%
- Operating Expenses: $13.3 billion, down 2% YoY
Citi demonstrated improved efficiency with a slight reduction in expenses while investing in transformation efforts, reflecting positive operating leverage across all business lines. The net interest income (NII) decreased by 1%, impacted largely by the interest rate environment in Argentina, while non-interest revenue saw a significant uptick of 9%.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
19.86B
-1.39%
-1.40%
Gross Profit
19.86B
-1.39%
-1.40%
Operating Income
6.72B
-0.06%
-3.06%
Net Income
3.24B
-8.69%
0.65%
EPS
1.54
-6.10%
0.00%
Key Financial Ratios
Gross Profit Margin
Weak
1.00%
Gross profit margin is below industry norms, profitability concerns
Operating Profit Margin
Excellent
33.80%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Good
16.30%
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
1.55%
Return on equity suggests inefficient capital allocation
Current Ratio
Concern
0.05
Current ratio below safe levels, potential liquidity risk
Debt to Equity
High Risk
1.63
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
Value
9.18x
P/E ratio suggests potential undervaluation or stable earnings
Price to Book
Undervalued
0.57x
Trading below book value, potential value opportunity or distressed
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