Core Insights - Citigroup reported revenue of $21.1 billion for Q1 2024, a decrease of 1.6% year-over-year, with EPS at $1.58 compared to $1.86 in the same quarter last year [1] - The revenue exceeded the Zacks Consensus Estimate of $20.3 billion by 3.98%, while the EPS surprised by 39.82% against the consensus estimate of $1.13 [1] Financial Metrics - Net Interest Margin (FTE) was 2.4%, matching the average estimate of seven analysts [2] - Efficiency Ratio stood at 67.3%, better than the average estimate of 69.3% [2] - Average balance of Total interest-earning assets was $2,250.19 billion, slightly below the estimated $2,252.88 billion [2] - Supplementary Leverage Ratio was 5.8%, lower than the average estimate of 6.2% [2] - Markets Revenues, net of interest expense, reached $5.38 billion, exceeding the estimate of $5.25 billion [2] - Equity Markets revenue was $1.23 billion, significantly below the estimated $2.08 billion [2] - Fixed Income Markets revenue totaled $4.15 billion, also below the estimate of $7.41 billion [2] - US Personal Banking Revenues, net of interest expense, were $5.18 billion, above the estimate of $5.10 billion [2] - Services Revenues, net of interest expense, amounted to $4.77 billion, slightly above the estimate of $4.75 billion [2] - Corporate/ALL OTHER Revenues Managed Basis (net of interest expense) was $2.39 billion, exceeding the estimate of $1.87 billion [2] - Treasury and Trade Solutions revenue was $3.52 billion, slightly below the estimate of $3.58 billion [2] - Securities Services revenue was $1.25 billion, above the estimate of $1.18 billion [2] Stock Performance - Citigroup shares have returned +6.3% over the past month, outperforming the Zacks S&P 500 composite's +1.6% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Revenue and Net Income - Total revenues for 1Q24 were $21.447 billion, a 21% increase compared to 1Q23[2] - Net income for 1Q24 was $4.652 billion, a significant improvement from a net loss of $1.807 billion in 4Q23[2] - Diluted earnings per share for 1Q24 were $2.19, compared to a loss of $1.16 per share in 4Q23[2] - Net interest income (NII) for Q1 2024 decreased by 2% to $13,507 million compared to Q4 2023, but increased by 1% from Q1 2023[3] - Total non-interest revenues (NIR) for Q1 2024 were $7,597 million, showing a significant increase from Q4 2023 but a 6% decrease from Q1 2023[3] - Total revenues, net of interest expense, increased by 21% to $21,104 million in Q1 2024 compared to Q4 2023, but decreased by 2% from Q1 2023[3] - Citigroup's net income (loss) for Q1 2024 was $3,371 million, showing a significant recovery from the loss in Q4 2023 but a 27% decrease from Q1 2023[3] - Total net revenues increased by 21% to $21.104 billion in 1Q 2024 compared to 4Q 2023, but decreased by 2% compared to 1Q 2023[7] - Net income was $3.371 billion in 1Q 2024, compared to a loss of $1.839 billion in 4Q 2023, but decreased by 27% compared to 1Q 2023[7] - Net interest income for 1Q 2024 decreased by 4% compared to 4Q 2023, but increased by 6% compared to 1Q 2023, reaching $3,317 million[8] - Net income for 1Q 2024 increased by 90% compared to 4Q 2023 and 15% compared to 1Q 2023, totaling $1,494 million[8] - Total revenues, net of interest expense, for 1Q 2024 were $5,378 million, a 59% increase from 4Q 2023 but a 7% decrease from 1Q 2023[9] - Net income for 1Q 2024 was $1,395 million, a 25% decrease from 1Q 2023[9] - Total revenues, net of interest expense, reached $1.714 billion in 1Q 2024, an 80% increase from 4Q 2023 and 49% from 1Q 2023[11] - Total revenues, net of interest expense, increased by 5% from 4Q23 to 1Q24, reaching $5,178 million[12] - Net income for 1Q24 was $150 million, a significant improvement from $5 million in 4Q23[15] - Total revenues decreased by 9% from $2,617 million in 1Q 2023 to $2,385 million in 1Q 2024[16] - Total revenues, net of interest expense, increased by 6% to $1.814 billion in Q1 2024 compared to Q4 2023[17] - Total revenues decreased by 81% from 4Q23 to 1Q24, with 1Q24 revenues at -$12 million compared to -$62 million in 4Q23[20] Loans and Deposits - Total loans decreased by 2% to $674.6 billion in 1Q24 compared to 1Q23[2] - Total deposits remained stable at $1.3072 trillion in 1Q24, a 1% decrease compared to 1Q23[2] - Total loans, net decreased by 2% from 4Q23 to 1Q24, amounting to $656,282 million[5] - Total U.S. deposits decreased by 1% from 4Q23 to 1Q24, totaling $682,794 million[5] - International deposits increased by 1% from 4Q23 to 1Q24, reaching $624,369 million[5] - Total loans - average increased by 4% year-over-year to $678.8 billion in Q1 2024, with a 1% rise from Q4 2023[23] - Total deposits remained stable at $1,307.2 billion in Q1 2024, showing a slight decrease of 2% year-over-year[25] - EOP loans in Mexico Consumer/SBMM increased by 18% from $22.0 billion in 1Q 2023 to $26.0 billion in 1Q 2024[16] - EOP loans in Asia Consumer decreased by 35% from $10.0 billion in 1Q 2023 to $6.5 billion in 1Q 2024[16] - EOP loans in Mexico Consumer/SBMM increased by 18% to $26.0 billion in Q1 2024 compared to Q1 2023[17] - EOP deposits in Asia Consumer decreased by 38% to $9.0 billion in Q1 2024 compared to Q1 2023[17] - Total corporate loans decreased by 2% to $292.8 billion in Q1 2024 compared to Q4 2023, with North America corporate loans down 5% to $122.9 billion[23] - International corporate loans saw a 4% increase year-over-year to $169.9 billion in Q1 2024, despite a 1% decrease from Q4 2023[23] - USPB Branded Cards loans grew 11% year-over-year to $108.0 billion in Q1 2024, though down 3% from Q4 2023[23] - Total consumer loans increased 5% year-over-year to $381.8 billion in Q1 2024, but decreased 2% from Q4 2023[23] - Mexico Consumer loans grew 20% year-over-year to $19.6 billion in Q1 2024, with a 5% increase from Q4 2023[23] - Asia Consumer Legacy Holdings Assets decreased by 35% year-over-year to $6.5 billion in Q1 2024, with an 8% decline from Q4 2023[23] Credit Losses and Provisions - Net credit losses increased by 15% to $2,303 million in Q1 2024 compared to Q4 2023, and by 77% from Q1 2023[3] - Provision for credit losses on loans decreased by 2% to $2,422 million in Q1 2024 compared to Q4 2023, but increased by 39% from Q1 2023[3] - Net credit losses on loans increased by 26% from $198 million in 1Q 2023 to $249 million in 1Q 2024[16] - Net credit losses on loans increased by 26% to $249 million in Q1 2024 compared to Q1 2023[17] - Net credit losses on loans decreased by 67% from 4Q23 to 1Q24, with 1Q24 losses at $11 million compared to $33 million in 4Q23[20] - NCLs (Non-performing loans) as a percentage of total average loans rose to 1.36% in Q1 2024, up 19 bps from Q4 2023 and 55 bps from Q1 2023[23] - Allowance for credit losses on loans (ACLL) increased to $15,431 million as of 12/31/23, up from $14,119 million at the end of 2022[27] - Total ACLL and ACLUC (Allowance for Credit Losses on Unfunded Commitments) reached $19,873 million by the end of 2023, compared to $19,125 million at the start of the year[27] - U.S. Cards Retail Banking ACLL grew to $12,626 million by 12/31/23, up from $11,393 million at the end of 2022[27] - Total allowance for credit losses (ACL) increased to $21,756 million by the end of 2023, compared to $19,368 million at the start of the year[27] - Corporate ACLL in Mexico (SBMM) decreased slightly to $121 million by 12/31/23 from $120 million at the end of 2022[27] - Wealth and All Other consumer ACLL declined to $768 million by 12/31/23, down from $883 million at the end of 2022[27] - Total USPB (U.S. Personal Banking) ACLL rose to $13,102 million by 12/31/23, up from $11,840 million at the end of 2022[27] - ACLUC (Allowance for Credit Losses on Unfunded Commitments) decreased to $1,728 million by 12/31/23, down from $2,151 million at the end of 2022[27] - Total ACLL and ACLUC (EOP) reached $19,925 million by 3/31/24, up from $19,873 million at the end of 2023[27] - Total ACL (Allowance for Credit Losses) stood at $21,753 million by 3/31/24, slightly down from $21,756 million at the end of 2023[27] - Total Citigroup Allowance for Credit Losses on Loans (ACLL) increased by 7% from 1Q23 to 1Q24, reaching $18.296 billion[28] - Gross credit losses on loans increased by 65% from 1Q23 to 1Q24, totaling $2.690 billion[28] - Net credit losses (NCLs) on loans increased by 77% from 1Q23 to 1Q24, reaching $2.303 billion[28] - Provision for credit losses on loans (PCLL) increased by 39% from 1Q23 to 1Q24, totaling $2.422 billion[28] - Consumer ACLL increased by 8% from 1Q23 to 1Q24, reaching $15.524 billion[28] - Corporate ACLL remained relatively flat, with a 2% increase from 1Q23 to 1Q24, reaching $2.772 billion[28] - Allowance for Credit Losses on Unfunded Lending Commitments (ACLUC) decreased by 17% from 1Q23 to 1Q24, totaling $1.629 billion[28] - Total allowance for credit losses on loans, leases, and unfunded lending commitments increased by 4% from 1Q23 to 1Q24, reaching $19.925 billion[28] - Consumer ACLL as a percentage of total consumer loans increased by 11 basis points from 1Q23 to 1Q24, reaching 4.07%[28] - Corporate ACLL as a percentage of total corporate loans remained relatively stable, with a 1 basis point decrease from 1Q23 to 1Q24, reaching 0.97%[28] Capital and Equity - Common Equity Tier 1 (CET1) Capital ratio improved to 13.5% in 1Q24, up from 13.37% in 4Q23[2] - Return on average tangible common equity (RoTCE) was 7.6% in 1Q24, a significant improvement from -5.1% in 4Q23[2] - Total assets increased by 1% to $2.4325 trillion in 1Q24 compared to 1Q23[2] - Total Citigroup stockholders' equity decreased by 1% from 4Q23 to 1Q24, reaching $206,585 million[5] - Noncontrolling interests increased by 2% from 4Q23 to 1Q24, totaling $813 million[5] - Total assets decreased by 1% from 4Q23 to 1Q24, amounting to $2,432,510 million[5] - Average allocated TCE for 1Q 2024 increased by 8% compared to both 4Q 2023 and 1Q 2023, reaching $24.9 billion[8] - RoTCE for 1Q 2024 increased by 1,060 bps compared to 4Q 2023 and 120 bps compared to 1Q 2023, reaching 24.1%[8] - EOP assets for 1Q 2024 were $1,037 billion, a 3% increase from 4Q 2023 and a 2% increase from 1Q 2023[9] - Average allocated TCE for 1Q 2024 was $54.0 billion, a 2% increase from both 4Q 2023 and 1Q 2023[9] - RoTCE for 1Q 2024 was 10.4%, a 370 bps decrease from 1Q 2023[9] - Average allocated TCE (Tangible Common Equity) increased to $21.8 billion in 1Q 2024, up 2% from 4Q 2023 and 2% from 1Q 2023[11] - EOP assets decreased by 2% from 4Q23 to 1Q24, falling from $232 billion to $230 billion[15] - Average assets increased by 2% from 4Q23 to 1Q24, rising from $234 billion to $238 billion[15] - RoTCE improved by 450 bps from 4Q23 to 1Q24, rising from 0.1% to 4.6%[15] - EOP assets decreased by 7% from $216 billion in 1Q 2023 to $200 billion in 1Q 2024[16] - EOP assets increased by 4% to $78 billion in Q1 2024 compared to Q4 2023[17] - Citigroup's CET1 Capital increased from $153,753 million in March 2023 to $153,142 million in March 2024, with a CET1 Capital ratio of 13.5% in March 2024[32] - Total Tier 1 Capital (T1C) decreased from $175,249 million in March 2023 to $172,065 million in March 2024, with a Supplementary Leverage ratio of 5.8% in March 2024[32] - Tangible Common Equity (TCE) increased from $163,948 million in March 2023 to $165,307 million in March 2024, with Tangible Book Value Per Share (TBVPS) rising from $84.21 to $86.67[32] - Risk-Weighted Assets (RWA) decreased from $1,144,359 million in March 2023 to $1,137,050 million in March 2024[32] - Common stockholders' equity increased from $188,050 million in March 2023 to $188,985 million in March 2024, with Book Value Per Share rising from $96.59 to $99.08[32] - Total Citi average TCE increased from $161.1 billion in March 2023 to $164.7 billion in March 2024[32] - Average goodwill decreased from $18.7 billion in March 2023 to $19.6 billion in March 2024[32] - Average intangible assets (other than MSRs) decreased from $3.9 billion in March 2023 to $3.7 billion in March 2024[32] - Total Citi average common stockholders' equity increased from $184.1 billion in March 2023 to $188.0 billion in March 2024[32] Operating Expenses and Efficiency - Efficiency ratio improved to 67.3% in 1Q24, down from 91.7% in 4Q23[2] - Total operating expenses decreased by 11% to $14,195 million in Q1 2024 compared to Q4 2023, but increased by 7% from Q1 2023[3] - Total operating expenses decreased by 2% to $1.588 billion in Q1 2024 compared to Q4 2023[17] - Total operating expenses increased by 18% from $2,254 million in 1Q 2023 to $2,668 million in 1Q 2024[16] - Operating expenses in 1Q24 were $110 million, a 4% increase from $106 million in 4Q23[20] - Efficiency ratio worsened by 100 bps from 4Q23 to 1Q24, increasing from 99% to 98%[15] Non-Interest Revenue and Fees - Commissions and fees increased by 23% to $2,724 million in Q1 2024 compared to Q4 2023, and by 15% from Q1 2023[3] - Total fee revenue for 1Q 2024 increased by 4% compared to 4Q 2023 and 10% compared to 1Q 2023, totaling $1,482 million[8] - Total non-interest revenue for 1Q 2024 surged by 35% compared to 4Q 2023 and 14% compared to 1Q 2023, reaching $1,449 million[8] - Treasury and Trade Solutions (TTS) non-interest revenue for 1Q 2024 increased by 27% compared to 4Q 2023 and 21% compared to 1Q 2023, totaling $656 million[8] - Total fee revenue increased by 14% from 4Q23 to 1Q24, rising from $507 million to $576 million[15] - Total non-interest revenue increased by 14% from 4Q23 to 1Q24, reaching $716 million[15] - Non-interest revenue increased by 59% from $432 million in 1Q 2023 to $687 million in 1Q 2024[16] - Non-interest revenue decreased by 4% to $546 million in Q1 2024 compared to Q1 2023[17] - Total fee revenue increased by 60% from 4Q23 to 1Q24, reaching $123 million[12] - Total non-interest revenue increased by

Key TakeawaysCitigroup reported higher-than-forecast top- and bottom-line results on the back of a rise in investment banking fees.The numbers show CEO Jane Fraser’s restructuring strategy aimed at streamlining the lender is working.Fraser, who took over as CEO in 2021, said the results mark the end of the bank's restructuring. Citigroup (C) reported higher-than-forecast results as rising markets drove up investment banking fees and as CEO Jane Fraser’s restructuring strategy aimed at streamlining the lend ...

Follow Invezz on Telegram , Twitter , and Google News for instant updates >Disclaimer: This article has been updated with the correct title. The previous copy incorrectly stated that Citi reported a loss. Are you looking for signals & alerts from pro-traders? Sign-up to Invezz Signals™ for FREE. Takes 2 mins.Citigroup Inc (NYSE: C) is trading up in premarket on Friday after reporting market-beating financial results for its first quarter. Citi took a hit to markets revenue in Q1Copy link to sectionThe finan ...

Jane Fraser, CEO of Citi, speaks during the Milken Institute Global Conference in Beverly Hills, California, on May 1, 2023.Citigroup is due to report first-quarter earnings before the opening bell Friday.Here's what Wall Street expects:Earnings: $1.23 a share, according to LSEGRevenue: $20.4 billion, according to LSEGNet Interest Income: $13.62 billion, according to StreetAccountTrading Revenue: Fixed income of $4.14 billion and equities of $1.12 billion, according to StreetAccountCitigroup CEO Jane Fraser ...

Citigroup Inc. (C) is scheduled to report first-quarter 2024 results on Apr 12, before market open. The bank’s quarterly earnings and revenues are expected to have witnessed year-over-year declines.In the last reported quarter, adjusted earnings per share surpassed the Zacks Consensus Estimate on growth in total loans and deposits. However, a decline in revenues and deteriorating credit quality were headwinds.C’s earnings surpassed the consensus estimate in the trailing four quarters, delivering an average ...

Note: The following is an excerpt from this week’s Earnings Trends report. You can access the full report that contains detailed historical actual and estimates for the current and following periods, please click here>>>Here are the key points: Total S&P 500 earnings for the first quarter of 2024 are expected to be up +2.2% from the same period last year on +3.4% higher revenues. This follows the +6.8% earnings growth on +3.9% higher revenues in 2023 Q4. As was the case in the preceding two quarters, the Te ...

While acquiring equity shares based on one person’s guidance is an incredibly risky approach, it’s possible to make an exception for Warren Buffett stocks. Fundamentally, the legendary investor – known as the Oracle of Omaha – has been around for a long time. Stated differently, he knows how to navigate both bull and bear markets.Another catalyst for targeting the top holdings of Buffett’s conglomerate Berkshire Hathaway (NYSE:BRK-B) is that the investor focuses on viable prospects. He doesn’t mess around w ...

Wall Street analysts forecast that Citigroup (C) will report quarterly earnings of $1.35 per share in its upcoming release, pointing to a year-over-year decline of 27.4%. It is anticipated that revenues will amount to $20.3 billion, exhibiting a decline of 5.4% compared to the year-ago quarter.The current level reflects an upward revision of 0.6% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their init ...

Key PointsUncertainty with potential Fed interest rate cuts creates an opportunity for consumer staples stocks to see a leg up.Three names stand out as non-cyclical products with high Wall Street regard.EPS projections, price targets, and price action all boost the potential future of these stocks.5 stocks we like better than CitigroupThe swing is coming in this next market cycle. While markets may have priced in potential interest rate cuts from the Federal Reserve (the Fed), some stocks have yet to reach ...