Citigroup Inc. Files Q1 2024 10-Q Report

TL;DR

Citi's Q1 2024 10-Q is in. They've filed everything required.

AI Summary

Citigroup Inc. reported its quarterly results for the period ended March 31, 2024. The company, incorporated in Delaware with its principal executive offices at 388 Greenwich Street, New York, NY 10013, filed its 10-Q report. Citigroup is a large accelerated filer and has submitted all required reports and Interactive Data Files.

Why It Matters

This filing provides investors with an update on Citigroup's financial performance and operational status for the first quarter of 2024, crucial for understanding the bank's current health and future prospects.

Risk Assessment

Risk Level: low — This is a standard quarterly filing providing routine financial information, not indicating any immediate or unusual risks.

Key Players & Entities

• Citigroup Inc. (company) — Registrant
• March 31, 2024 (date) — Quarterly period ended
• 388 Greenwich Street, New York NY 10013 (location) — Principal executive offices
• 1-9924 (other) — Commission file number
• 52-1568099 (other) — I.R.S. Employer Identification No.

FAQ

Key Financial Figures

• $1 b — titure-related impacts of approximately $1 billion, primarily consisting of a gain f
• $258 m — ncrease included repositioning costs of $258 million, an incremental FDIC special asse
• $251 million — incremental FDIC special assessment of $251 million and net restructuring charges of $225 m
• $225 million — illion and net restructuring charges of $225 million. Excluding divestiture-related impacts
• $2.4 billion — Citi's cost of credit was approximately $2.4 billion versus $2.0 billion in the prior-year p
• $2.0 billion — t was approximately $2.4 billion versus $2.0 billion in the prior-year period. The increase
• $1.5 billion — "Cost of Credit" below). Citi returned $1.5 billion to common shareholders in the form of d
• $1.0 billion — shareholders in the form of dividends ($1.0 billion) and share repurchases ($0.5 billion).
• $0.5 billion — s ($1.0 billion) and share repurchases ($0.5 billion). Citi's Common Equity Tier 1 (CET1) C
• $3.4 b — group Citigroup reported net income of $3.4 billion, or $1.58 per share, compared to
• $1.58 — reported net income of $3.4 billion, or $1.58 per share, compared to net income of $4
• $4.6 b — 58 per share, compared to net income of $4.6 billion, or $2.19 per share in the prior-
• $2.19 — pared to net income of $4.6 billion, or $2.19 per share in the prior-year period. Net
• $21.1 billion — ng decreased 1%. Citigroup revenues of $21.1 billion in the first quarter of 2024 decreased
• $675 b — . Citigroup's end-of-period loans were $675 billion, up 3% versus the prior-year peri

Filing Documents

• c-20240331.htm (10-Q) — 11929KB
• citi-exh31x3312024.htm (EX-3.1) — 3356KB
• citi-exh32x3312024.htm (EX-3.2) — 149KB
• citi-exh1001x3312024.htm (EX-10.01) — 54KB
• citi-exh1002x3312024.htm (EX-10.02) — 76KB
• citi-exh1003x3312024.htm (EX-10.03) — 109KB
• citi-exh1004x3312024.htm (EX-10.04) — 162KB
• citi-exh22x3312024.htm (EX-22) — 5KB
• citi-exh3101x3312024.htm (EX-31.01) — 10KB
• citi-exh3102x3312024.htm (EX-31.02) — 10KB
• citi-exh3201x3312024.htm (EX-32.01) — 6KB
• c-20240331_d2.htm (EX-99.01) — 25KB
• c-20240331_g1.jpg (GRAPHIC) — 109KB
• c-20240331_g2.jpg (GRAPHIC) — 9KB
• c-20240331_g3.jpg (GRAPHIC) — 19KB
• c-20240331_g4.jpg (GRAPHIC) — 19KB
• c-20240331_g5.jpg (GRAPHIC) — 20KB
• c-20240331_g6.jpg (GRAPHIC) — 19KB
• c-20240331_g7.jpg (GRAPHIC) — 18KB
• c-20240331_g8.jpg (GRAPHIC) — 20KB
• c-20240331_g9.jpg (GRAPHIC) — 48KB
• image2.jpg (GRAPHIC) — 4KB
• image_3.jpg (GRAPHIC) — 0KB
• image_8.jpg (GRAPHIC) — 0KB
• 0000831001-24-000051.txt ( ) — 58811KB
• c-20240331.xsd (EX-101.SCH) — 217KB
• c-20240331_cal.xml (EX-101.CAL) — 304KB
• c-20240331_def.xml (EX-101.DEF) — 1546KB
• c-20240331_lab.xml (EX-101.LAB) — 2111KB
• c-20240331_pre.xml (EX-101.PRE) — 1895KB
• c-20240331_htm.xml (XML) — 14281KB

FORWARD-LOOKING STATEMENTS 86

FORWARD-LOOKING STATEMENTS 86

FINANCIAL STATEMENTS AND NOTES

FINANCIAL STATEMENTS AND NOTES TABLE OF CONTENTS 89 CONSOLIDATED FINANCIAL STATEMENTS 90 NOTES TO CONSOLIDATED FINANCIAL UNREGISTERED SALES OF EQUITY SECURITIES, REPURCHASES OF EQUITY SECURITIES AND DIVIDENDS 202 OTHER INFORMATION 202 GLOSSARY OF TERMS AND ACRONYMS 204 OVERVIEW This Quarterly Report on Form 10-Q should be read in conjunction with Citigroup's Annual Report on Form 10-K for the year ended December 31, 2023 (referred to herein as Citi's 2023 Form 10-K). Throughout this report, "Citigroup," "Citi" and "the Company" refer to Citigroup Inc. and its consolidated subsidiaries. All "Note" references correspond to the Notes to the Consolidated Financial Statements herein, unless otherwise indicated. For a list of certain terms and acronyms used in this Quarterly Report on Form 10-Q and other Citigroup presentations, see "Glossary of Terms and Acronyms" at the end of this report. Additional information about Citigroup is available on Citi's website at www.citigroup.com. Citigroup's annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and proxy statements, as well as other filings with the U.S. Securities and Exchange Commission (SEC) are available free of charge through Citi's website by clicking on "SEC Filings" under the "Investors" tab. The SEC's website also contains these filings and other information regarding Citi at www.sec.gov. Please see "Risk Factors" in Citi's 2023 Form 10-K for a discussion of material risks and uncertainties that could impact Citigroup's businesses, results of operations and financial condition. Non-GAAP Financial Measures Citi prepares its financial statements in accordance with U.S. generally accepted accounting principles (GAAP) and also presents certain non-GAAP financial measures (non-GAAP measures) that exclude certain items or otherwise include components that differ from the most directly comparable measures calculated in accordance wi

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS EXECUTIVE SUMMARY First Quarter of 2024—Results Demonstrated Improved Business Performance and Progress Toward Citi's Priorities As described further throughout this Executive Summary, during the first quarter of 2024: Citi's revenues decreased 2% versus the prior-year period on a reported basis. Excluding divestiture-related impacts of approximately $1 billion, primarily consisting of a gain from the sale of the India consumer business in the prior-year period, revenues increased 3%, driven by growth across Banking , U.S. Personal Banking ( USPB ) and Services , partially offset by declines in Markets and Wealth . Citi's expenses increased 7% versus the prior-year period. The increase included repositioning costs of $258 million, an incremental FDIC special assessment of $251 million and net restructuring charges of $225 million. Excluding divestiture-related impacts in both the current quarter and the prior-year period and the incremental FDIC special assessment, expenses increased 5%, largely driven by inflation and volume-related expenses, partially offset by productivity savings (see "Expenses" below). Citi's cost of credit was approximately $2.4 billion versus $2.0 billion in the prior-year period. The increase was primarily driven by higher cards net credit losses in Branded Cards and Retail Services in USPB , largely reflecting the continued maturation of cards loan vintages originated during the pandemic, as well as the impact of the higher inflationary and interest rate environment, partially offset by a lower build in the allowance for credit losses (ACL) in the current quarter (see "Cost of Credit" below). Citi returned $1.5 billion to common shareholders in the form of dividends ($1.0 billion) and share repurchases ($0.5 billion). Citi's Common Equity Tier 1 (CET1) Capital ratio under the Basel III Standardized Approach was 13.5% as of March 31, 2024 (comp

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View this 10-Q filing on SEC EDGAR