Citigroup Inc 10-Q Filing

FAQ

Key Financial Figures

• $400 million — impacts, which included an approximate $400 million gain from the sale of the Taiwan consum
• $56 million — quarter and the prior-year period and a $56 million FDIC special assessment benefit in the
• $2.7 billion — Citi's cost of credit was approximately $2.7 billion versus $1.8 billion in the prior-year p
• $1.8 billion — t was approximately $2.7 billion versus $1.8 billion in the prior-year period. The increase
• $2.1 billion — ble corporate dividends. Citi returned $2.1 billion to common shareholders in the form of c
• $3.2 b — group Citigroup reported net income of $3.2 billion, or $1.51 per share, compared to
• $1.51 — reported net income of $3.2 billion, or $1.51 per share, compared to net income of $3
• $3.5 b — 51 per share, compared to net income of $3.5 billion, or $1.63 per share in the prior-
• $1.63 — pared to net income of $3.5 billion, or $1.63 per share in the prior-year period. Net
• $20.3 billion — ng decreased 1%. Citigroup revenues of $20.3 billion increased 1% versus the prior-year peri
• $689 b — . Citigroup's end-of-period loans were $689 billion, up 3% versus the prior-year peri
• $1.3 — d-of-period deposits were approximately $1.3 trillion, up 3% versus the prior-year p
• $13.3 billion — nses Citigroup's operating expenses of $13.3 billion decreased 2% from the prior-year period
• $67 million — included divestiture-related impacts of $67 million (compared to $114 million in the prior-
• $114 million — ted impacts of $67 million (compared to $114 million in the prior-year period). Excluding di

Filing Documents

• c-20240930.htm (10-Q) — 15163KB
• citi-exh31x9302024.htm (EX-3.1) — 3576KB
• citi-exh101x9302024.htm (EX-10.1) — 165KB
• citi-exh102x9302024.htm (EX-10.2) — 161KB
• citi-exh103x9302024.htm (EX-10.3) — 51KB
• citi-exh2201x9302024.htm (EX-22.01) — 5KB
• citi-exh3101x9302024.htm (EX-31.01) — 10KB
• citi-exh3102x9302024.htm (EX-31.02) — 10KB
• citi-exh3201x9302024.htm (EX-32.01) — 6KB
• c-20240930_d2.htm (EX-99.01) — 25KB
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• seriesuimagea01.jpg (GRAPHIC) — 4KB
• 0000831001-24-000134.txt ( ) — 69549KB
• c-20240930.xsd (EX-101.SCH) — 215KB
• c-20240930_cal.xml (EX-101.CAL) — 300KB
• c-20240930_def.xml (EX-101.DEF) — 1502KB
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FORWARD-LOOKING STATEMENTS 93

FORWARD-LOOKING STATEMENTS 93

FINANCIAL STATEMENTS AND NOTES

FINANCIAL STATEMENTS AND NOTES TABLE OF CONTENTS 97 CONSOLIDATED FINANCIAL STATEMENTS 98 NOTES TO CONSOLIDATED FINANCIAL UNREGISTERED SALES OF EQUITY SECURITIES, REPURCHASES OF EQUITY SECURITIES AND DIVIDENDS 219 OTHER INFORMATION 219 EXHIBIT INDEX 220 GLOSSARY OF TERMS AND ACRONYMS 222 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), Citigroup's Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (First Quarter of 2024 Form 10-Q) and Citigroup's Quarterly Report on Form 10-Q for the quarter ended June 30, 2024 (Second 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. Please see "Risk Factors" in Citi's

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS EXECUTIVE SUMMARY Third Quarter of 2024—Continued Progress on Strategy Execution and Other Priorities As described further throughout this Executive Summary, during the third quarter of 2024: Citi's revenues increased 1% versus the prior-year period on a reported basis. Excluding divestiture-related impacts, which included an approximate $400 million gain from the sale of the Taiwan consumer banking business in the prior-year period, revenues increased 3%, driven by growth across all reportable operating segments, partially offset by a decline in revenues 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 and a $56 million FDIC special assessment benefit in the current quarter, expenses decreased 1%. The decrease was primarily driven by savings associated with Citi's organizational simplification and stranded cost reductions, partially offset by volume-related expenses and continued investments in Citi's transformation and other risk and control initiatives. (See "Expenses" below.) Citi's cost of credit was approximately $2.7 billion versus $1.8 billion in the prior-year period. The increase was largely driven by higher cards net credit losses in Branded Cards and Retail Services in U.S. Personal Banking ( USPB ) and a higher allowance for credit losses (ACL) build. The higher cards net credit losses primarily reflected the continued maturation of multiple cards loan vintages originated in recent years, impacted by unprecedented levels of government stimulus during the pandemic. In addition, the higher ACL build was primarily driven by changes in portfolio composition in the corporate portfolio and an increase in transfer risk reserves associated with unremittable corporate dividends. Citi returned $2.1 billion to common shareholders in the fo

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