(Finance) – Citigroup reported a net profit for the third quarter of 2024 of $ 3.2 billion, or $ 1.51 per share, on revenues of 20.3 billion dollars. That compares with net income of $3.5 billion, or $1.63 per share, on revenue of $20.1 billion for the third quarter of 2023. The numbers beat analysts’ expectations (1, $31 in profits on $19.8 billion in revenues).
Revenue increased 1% compared to the prior-year period. Excluding divestment-related impacts, consisting primarily of a gain of approximately $400 million from the sale of the Taiwan consumer banking business in the prior-year period, revenue increased 3%. This revenue increase was driven by growth in all activitiespartially offset by a decline in All Other.
Net income of $3.2 billion decreased from $3.5 billion in the prior-year period, primarily driven by a higher cost of creditpartially offset by higher revenues and lower expenses.
“In a pivotal year, this quarter contains multiple evidence that we are moving in the right direction and that our strategy is gaining traction, including positive operating leverage for each of our businesses, equity gains and fee growth,” commented the CEO Jane Fraser – As we continue to make substantial investments in our number one priority, our transformation, efficiencies gained from our simplification and other efforts have led to a 2% reduction in expenses”.
“Services reported a record quarter driven by growth in loans, deposits and assets, as well as new mandates. In the markets, revenues increased with a 32% increase in equities. Revenues frominvestment banking increased by 31%, driven largely bydebt issuance investment grade. We are also starting to see the positive impact of the changes we have implemented in our Wealth business, with revenues up 9%, including strong growth in client investment assets and investment fee revenues.”