Investment Rating - Citigroup (C US) received a positive rating with revenue and profit exceeding expectations, and key financial metrics such as ROA, ROE, and ROTE outperforming consensus estimates [1][2][3] Core Views - Citigroup's 24Q4 revenue growth was +12.3% YoY, surpassing Bloomberg consensus of +11.8% [3] - Net interest income grew by -0.7% YoY, better than the expected -2.7%, while non-interest income increased by +61.7%, slightly below the consensus of +66.6% [3] - The cost-to-income ratio improved significantly, dropping by 24.4 percentage points YoY to 67.3%, outperforming the expected 68.5% [3] - Net profit attributable to common shareholders turned positive at 2.424 billion [3] - NIM (Net Interest Margin) increased by 9 basis points QoQ to 2.42%, higher than the expected 2.35% [3] - ROA rose by 0.76 percentage points YoY to 0.46%, and ROE increased by 9.9 percentage points YoY to 5.4%, both outperforming consensus estimates [3] Financial Performance Breakdown Revenue Breakdown - Services revenue grew by 14.6% YoY to 4.576 billion, significantly higher than the expected 18.2% growth [4] - Personal Banking revenue increased by 5.9% YoY to 2.003 billion, outperforming the expected 16.9% growth [4] Asset Quality - Non-performing loans (NPL) ratio increased by 8 basis points QoQ to 0.39%, higher than the expected 0.36% [3] - Total credit impairment losses were 2.578 billion [3] Capital and Profitability - CET1 (Common Equity Tier 1) ratio increased by 0.2 percentage points YoY to 13.6%, slightly below the expected 13.7% [3] - ROTCE (Return on Tangible Common Equity) improved by 11.20 percentage points YoY to 6.1%, outperforming the expected 5.5% [3] Key Metrics - Gross loans grew by 0.7% YoY to 1.284458 trillion, missing the expected 0.7% growth [4]
花旗集团：营收利润超预期，环比净息差扩大，不良率上升