Citigroup reported full-year 2024 net income of $12.7 billion on 15 January 2025, a rise of 37 per cent from the $9.2 billion recorded in 2023. The result was accompanied by revenues of $81.1 billion, which the bank said represented a 5 per cent increase when adjusted for the impact of divestitures. Three major business lines — Services, Wealth, and US Personal Banking — delivered their best annual performances on record.
The improvement in net income reflects higher revenues and lower expenses, with 2023 results having been weighed down by an FDIC special assessment and restructuring charges; Citigroup's net interest income slipped 1 per cent to $54.1 billion. The bank has spent several years simplifying its organisational structure, exiting retail banking markets in a number of non-core international geographies, and investing in the technology and compliance infrastructure required to address longstanding concerns from its regulators.
CAPITAL POSITION
Citigroup ended 2024 with a Common Equity Tier 1 ratio of 13.6 per cent, a level that is 150 basis points above its regulatory requirement. Citigroup continues to work through the remediation programmes associated with consent orders from the Federal Reserve and the Office of the Comptroller of the Currency, which relate to deficiencies in the bank's risk management and data governance frameworks.
DIVISIONAL PERFORMANCE
Services encompasses treasury and trade solutions and securities services.
US Personal Banking, which includes the Citi-branded card business as well as retail services, delivered its best-ever annual revenue.
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