Citi(C) - 2024 Q1 - Quarterly Results

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