Citi(US:C)2025-04-15 14:10Financial Performance - Total revenues for Q1 2025 reached $21,596 million, an increase of 11% from Q4 2024 and 3% from Q1 2024[3]. - Net income attributable to Citigroup was $4,064 million, reflecting a 42% increase from Q4 2024 and a 21% increase from Q1 2024[3]. - Diluted earnings per share (EPS) rose to $1.96, up 46% from Q4 2024 and 24% from Q1 2024[3]. - Citigroup's net income for Q1 2025 reached $4,064 million, representing a 42% increase from Q4 2024 and a 21% increase from Q1 2024[8]. - Total net revenues reported for Q1 2025 were $21,596 million, an increase of 11% from Q4 2024 and 3% from Q1 2024[13]. - Income from continuing operations for Q1 2025 was $4,108 million, reflecting a 42% increase from Q4 2024 and a 21% increase from Q1 2024[13]. - Net income for Q1 2025 was $1,782 million, up 77% from Q4 2024 and 27% from Q1 2024[23]. - Net income for Q1 2025 was $284 million, a 15% decrease from Q4 2024 but a 62% increase from Q1 2024[33]. - Net income (loss) for Q1 2025 was $(870) million, a 19% increase from Q4 2024 but an 82% decrease from Q1 2024[46]. - Net income for Q1 2025 was a loss of $60 million, a 63% improvement from a loss of $161 million in Q4 2024[50]. Revenue Breakdown - Net interest income (NII) rose to $14,012 million, reflecting a 2% increase from Q4 2024 and a 4% increase from Q1 2024[8]. - Total non-interest revenues (NIR) increased by 32% to $7,584 million compared to Q4 2024, and by 1% compared to Q1 2024[8]. - Principal transactions revenue surged by 72% to $3,921 million compared to Q4 2024, and increased by 20% from Q1 2024[8]. - Total revenues, net of interest expense, reached $5,986 million in Q1 2025, reflecting a 31% increase from Q4 2024 and a 12% increase from Q1 2024[23]. - Total revenues, net of interest expense, for Q1 2025 were $1,445 million, an 8% increase from Q4 2024 but a 39% decrease from Q1 2024[46]. Asset and Liability Management - Total assets increased to $2,571.5 billion, a 9% rise from Q4 2024 and a 6% rise from Q1 2024[3]. - Total liabilities rose to $2,358,256 million, reflecting a 10% increase from the previous quarter[10]. - Total stockholders' equity increased to $212,408 million, a 2% rise from the previous quarter[10]. - Total common equity increased by 2% to $194,058 million[10]. - Total average interest-earning assets increased from $2,250.2 billion in 1Q24 to $2,306.2 billion in 1Q25[4]. Loan and Deposit Trends - Total loans at the end of Q1 2025 were $702.1 billion, a 1% increase from Q4 2024 and a 4% increase from Q1 2024[3]. - Total deposits reached $1,316.4 billion, up 2% from Q4 2024 and 1% from Q1 2024[3]. - North America deposits increased to $406.2 billion in Q1 2025, up 2% from Q4 2024 and 8% from Q1 2024[72]. - International deposits totaled $444.4 billion in Q1 2025, marking a 5% increase from Q4 2024 and a 2% increase from Q1 2024[72]. - Total consumer loans decreased slightly to $386.3 billion in 1Q25, a 2% decline from 4Q24 but a 1% increase from 1Q24[68]. Efficiency and Operating Expenses - The efficiency ratio improved to 62.2%, a decrease of 490 basis points from Q4 2024[3]. - Operating expenses for Q1 2025 were $13,425 million, which is a 3% increase from Q4 2024 but a 5% decrease from Q1 2024[8]. - Total operating expenses for Q1 2025 were $2,584 million, a decrease of 1% from Q4 2024 and 3% from Q1 2024[18]. - Total operating expenses for Q1 2025 were $3,468 million, a 9% increase from Q4 2024 and a 2% increase from Q1 2024[23]. - The efficiency ratio improved to 58% in Q1 2025, a decrease of 1,100 basis points from Q4 2024[23]. Credit Quality and Losses - Provisions for credit losses and for benefits and claims totaled $2,723 million, a 5% increase from Q4 2024 and a 15% increase from Q1 2024[8]. - The provision for credit losses on loans remained stable at $2,561 million, showing no change from Q4 2024 but a 6% increase from Q1 2024[8]. - Net credit losses (NCLs) for loans in 1Q25 amounted to $2,459 million, representing a 7% increase from the previous quarter[78]. - Non-accrual loans totaled $2,704 million in 1Q25, showing a 2% decrease from 4Q24[83]. - The total allowance for credit losses as a percentage of total loans was 2.70% in 1Q25, consistent with 4Q24[78]. Capital Ratios and Equity - Common Equity Tier 1 (CET1) Capital ratio stood at 13.4%, slightly down from 13.63% in Q4 2024[3]. - Citigroup's Common Equity Tier 1 (CET1) capital was $153,142 million as of March 31, 2024, with a CET1 capital ratio of 13.45%[87]. - The tangible common equity (TCE) was reported at $165,307 million, with a tangible book value per share of $86.67[87]. - The total Tier 1 capital (CET1 + Additional Tier 1 Capital) was $172,065 million as of March 31, 2024[87]. - The book value per share increased to $99.08 as of March 31, 2024, from $99.70 in the previous quarter[87].