Citigroup (C) Q4 2024 earnings summary

Executive summary

• Net income for 2024 rose 37%–46% to $12.7 billion, with revenues reaching $81.1 billion and record results in Services, Wealth, and U.S. Personal Banking.

• All five core businesses generated positive operating leverage, and the efficiency ratio improved by approximately 340 basis points year-over-year.

• Organizational simplification, strategic exits, and investments in technology and transformation drove performance and efficiency gains.

• Nearly $7 billion was returned to shareholders in 2024 via dividends and buybacks; a $20 billion share repurchase program was authorized.

• New leadership was appointed in Banking and Technology, and a major reorganization was completed.

Financial highlights

• Q4 2024 net income was $2.9 billion, reversing a prior-year loss, with EPS of $1.34 and revenues of $19.6 billion, up 12% year-over-year.

• Full-year 2024 revenues were $81.1 billion, up 3% year-over-year; expenses were $53.8 billion, in line with targets.

• CET1 capital ratio ended at 13.6%, about 150 basis points above regulatory requirements; SLR at 5.8%.

• Book value per share was $101.62 (+3% YoY); tangible book value per share $89.34 (+4% YoY).

• Nearly $7 billion was returned to shareholders in 2024 via dividends and buybacks.

Outlook and guidance

• 2025 revenues expected at $83.5–$84.5 billion, a 3%–4% increase year-over-year.

• Expenses for 2025 projected slightly below $53.8 billion, with further reductions targeted for 2026.

• ROTCE target for 2026 set at 10%–11%, with continued improvement expected beyond.

• $1.5 billion in share repurchases planned for Q1 2025 under the new $20 billion program.

• Cards NCL rates expected at the high end of 2024 ranges, with higher losses in 1H25.