Citigroup Inc. Files Q2 2024 10-Q Report

TL;DR

Citi's Q2 10-Q is in. All systems go.

AI Summary

Citigroup Inc. filed its quarterly report for the period ended June 30, 2024. The company is a large accelerated filer and has submitted all required reports and interactive data files for the preceding 12 months. The filing indicates its principal executive offices are located at 388 Greenwich Street, New York, NY 10013.

Why It Matters

This filing provides investors with an update on Citigroup's financial performance and regulatory compliance for the second quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing and does not contain any immediate red flags.

Key Players & Entities

• Citigroup Inc. (company) — Registrant
• June 30, 2024 (date) — Quarterly period ended
• 388 Greenwich Street, New York NY 10013 (location) — Principal executive offices

FAQ

Key Financial Figures

• $33 m — xcluding divestiture-related impacts of $33 million, revenues increased 3%, driven by
• $400 million — ting segments, including an approximate $400 million episodic gain related to the Visa B exc
• $2.5 billion — Citi's cost of credit was approximately $2.5 billion versus $1.8 billion in the prior-year p
• $1.8 billion — t was approximately $2.5 billion versus $1.8 billion in the prior-year period. The increase
• $1.0 billion — ly driving the increase. Citi returned $1.0 billion to common shareholders in the form of d
• $61 m — itigroup in the amount of approximately $61 million, and the OCC entered into a Civil
• $75 million — bsidiary of Citigroup, in the amount of $75 million (collectively, the 2024 Consent Orders)
• $3.2 b — group Citigroup reported net income of $3.2 billion, or $1.52 per share, compared to
• $1.52 — reported net income of $3.2 billion, or $1.52 per share, compared to net income of $2
• $2.9 b — 52 per share, compared to net income of $2.9 billion, or $1.33 per share in the prior-
• $1.33 — pared to net income of $2.9 billion, or $1.33 per share in the prior-year period. Net
• $20.1 billion — ng decreased 1%. Citigroup revenues of $20.1 billion increased 4% versus the prior-year peri
• $688 b — . Citigroup's end-of-period loans were $688 billion, up 4% versus the prior-year peri
• $1.3 — d-of-period deposits were approximately $1.3 trillion, down 3% versus the prior-year
• $13.4 billion — nses Citigroup's operating expenses of $13.4 billion decreased 2% from the prior-year period

Filing Documents

• c-20240630.htm (10-Q) — 15031KB
• citi-exh31x6302024.htm (EX-3.1) — 3566KB
• citi-exh22x6302024.htm (EX-22.01) — 5KB
• citi-exh3101x6302024.htm (EX-31.01) — 10KB
• citi-exh3102x6302024.htm (EX-31.02) — 10KB
• citi-exh3201x6302024.htm (EX-32.01) — 6KB
• c-20240630_d2.htm (EX-99.01) — 25KB
• c-20240630_g1.jpg (GRAPHIC) — 102KB
• c-20240630_g2.jpg (GRAPHIC) — 9KB
• c-20240630_g3.jpg (GRAPHIC) — 20KB
• c-20240630_g4.jpg (GRAPHIC) — 20KB
• c-20240630_g5.jpg (GRAPHIC) — 19KB
• c-20240630_g6.jpg (GRAPHIC) — 19KB
• c-20240630_g7.jpg (GRAPHIC) — 19KB
• c-20240630_g8.jpg (GRAPHIC) — 20KB
• c-20240630_g9.jpg (GRAPHIC) — 47KB
• seriesuimagea01.jpg (GRAPHIC) — 4KB
• 0000831001-24-000100.txt ( ) — 68761KB
• c-20240630.xsd (EX-101.SCH) — 217KB
• c-20240630_cal.xml (EX-101.CAL) — 300KB
• c-20240630_def.xml (EX-101.DEF) — 1559KB
• c-20240630_lab.xml (EX-101.LAB) — 2144KB
• c-20240630_pre.xml (EX-101.PRE) — 1918KB
• c-20240630_htm.xml (XML) — 18077KB

FORWARD-LOOKING STATEMENTS 97

FORWARD-LOOKING STATEMENTS 97

FINANCIAL STATEMENTS AND NOTES

FINANCIAL STATEMENTS AND NOTES TABLE OF CONTENTS 101 CONSOLIDATED FINANCIAL STATEMENTS 102 NOTES TO CONSOLIDATED FINANCIAL UNREGISTERED SALES OF EQUITY SECURITIES, REPURCHASES OF EQUITY SECURITIES AND DIVIDENDS 222 OTHER INFORMATION 222 GLOSSARY OF TERMS AND ACRONYMS 224 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) and Citigroup's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (First Quarter of 2024 Form 10-Q). 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. Certain reclassifications have been made to the prior periods' financial statements and disclosures to conform to the current period's presentation, including certain reclassifications to align with Citi's transformation and strategy, for all periods presented. In connection therewith, during the second quarter of 2024, Citi transferred the retail banking business in the United Kingdom (U.K.), which is being wound down, from We

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS EXECUTIVE SUMMARY Second Quarter of 2024—Results Demonstrated Improved Business Performance and Citi's Continued Focus on Executing Its Strategy As described further throughout this Executive Summary, during the second quarter of 2024: Citi's revenues increased 4% versus the prior-year period on a reported basis. Excluding divestiture-related impacts of $33 million, revenues increased 3%, driven by growth across all reportable operating segments, including an approximate $400 million episodic gain related to the Visa B exchange completed in the current quarter. A significant portion of this gain was reflected in Markets , with the remainder in All Other (managed basis). The revenue growth across the reportable operating segments was partially offset by a decline in All Other (managed basis). Citi's expenses decreased 2% versus the prior-year period. Excluding divestiture-related impacts in both the current quarter and the prior-year period, expenses also decreased 2%. The decrease was driven by savings associated with Citi's organizational simplification, stranded cost reductions and lower repositioning costs, partially offset by continued investment in Citi's transformation and the accrual for the civil money penalties imposed by the Board of Governors of the Federal Reserve System (FRB) and the Office of the Comptroller of the Currency (OCC) (Civil Money Penalties). (See "Citi's Multiyear Transformation" below.) Citi's cost of credit was approximately $2.5 billion versus $1.8 billion in the prior-year period. The increase was primarily driven by higher cards net credit losses in Branded Cards and Retail Services in U.S. Personal Banking ( USPB ), partially offset by allowance for credit losses (ACL) releases in all businesses except USPB and All Other . The higher cards net credit losses primarily reflected the maturation of multiple cards loan vintages originated in re

View Full Filing

View this 10-Q filing on SEC EDGAR