Citi(C) - 2024 Q3 - Quarterly Results

Financial Performance - Total revenues for Q3 2024 were $20,315 million, representing a 1$3,273 million, a decrease of 1% from Q2 2024 and a decrease of 9% from Q3 2023[2]. - Diluted earnings per share for Q3 2024 were $1.51, a decrease of 1$34,837 million, with a net interest income (NII) of $13,828 million, reflecting a 1$3,238 million, a 1% increase from Q3 2023[6]. - Nine months 2024 net revenues were $61,558 million, reflecting a 1$2,172 million, a decrease of 5% from Q2 2024 but an increase of 33% from Q3 2023[2]. - The provision for credit losses on loans was $1,816 million in Q3 2023, a 31$1,840 million in Q3 2023, reflecting an 8% increase from the previous quarter[4]. - Net credit losses on loans were $1,637 million in Q3 2023, a 5$29 million in 2023, with a significant increase to $66 million in 2024, marking a 124$13,250 million, reflecting a 1% decrease from Q2 2024 and a 2% decrease from Q3 2023[2]. - Operating expenses for Q3 2023 totaled $13,511 million, which is a 1$1,225 million in 2023 to $1,179 million in 2024[9]. Assets and Liabilities - Total assets as of Q3 2024 were$2,430.7 billion, reflecting a 1% increase from Q2 2024[2]. - Total liabilities increased by 1% to $2,158,282 million, with long-term debt rising by 7$275,760 million[5]. - Total average interest-earning assets increased to $2,282,116 million in 3Q24, up from$2,256,924 million in 2Q24, reflecting a growth of approximately 1.1%[17]. Capital Ratios and Equity - Common Equity Tier 1 (CET1) Capital ratio for Q3 2024 was 13.7%, an increase from 13.59% in Q2 2024[2]. - Citigroup common stockholders' equity increased to $192,796 million as of September 30, 2024, up from$190,283 million in June 2024[27]. - Total Tier 1 Capital reached $175,788 million as of September 30, 2024, an increase from$173,783 million in June 2024[27]. - Book value per share increased to $101.91 as of September 30, 2024, compared to$99.70 in June 2024[27]. Revenue Segments - Services revenue for Q3 2024 was $5,028 million, up 7$1,597 million in Q3 2024[6]. - Wealth revenue saw a significant increase of 10%, totaling $2,002 million in Q3 2024[6]. - Total non-interest revenues for the nine months ended September 30, 2023, were$19,946 million, a 6% increase compared to the same period in 2022[4]. Efficiency and Profitability - The efficiency ratio improved to 54% in Q3, down from 57% in the previous quarter, maintaining a year-to-date efficiency ratio of 55%[7]. - The efficiency ratio improved from 89% in 2023 to 68% in 2024, indicating enhanced operational efficiency[9]. - Return on Tangible Common Equity (RoTCE) for Q3 was 23.1%, up from 13.6% in the previous quarter, with a year-to-date RoTCE of 22.4%[7]. Deposits and Loans - Total deposits for Q3 2024 were $1,310.0 billion, a 2$688.9 billion, remaining stable compared to Q2 2024[2]. - Total consumer loans increased by 3% year-over-year, reaching $389.2 billion in Q3 2024[18]. - Average loans by reporting unit remained stable at$83 billion, with a slight increase of 6% compared to the previous quarter[7]. Non-Performing Loans - Non-Performing Loans (NCLs) as a percentage of total average loans improved by 28 basis points year-over-year, standing at 1.26% in Q3 2024[18]. - The allowance for credit losses on loans (ACLL) as a percentage of NAL was 538%, indicating a strong coverage ratio[25]. - The company reported a significant decrease in non-accrual loans from the previous year, with a 52% reduction in total non-accrual loans[25].