By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
PulseReporterPulseReporter
  • Home
  • Entertainment
  • Lifestyle
  • Money
  • Tech
  • Travel
  • Investigations
Reading: Citigroup (C) earnings This fall 2024 beat
Share
Notification Show More
Font ResizerAa
PulseReporterPulseReporter
Font ResizerAa
  • Home
  • Entertainment
  • Lifestyle
  • Money
  • Tech
  • Travel
  • Investigations
Have an existing account? Sign In
Follow US
  • Advertise
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
PulseReporter > Blog > Money > Citigroup (C) earnings This fall 2024 beat
Money

Citigroup (C) earnings This fall 2024 beat

Last updated: January 15, 2025 2:43 pm
6 months ago
Share
Citigroup (C) earnings This fall 2024 beat
SHARE


Citigroup shares rise as fourth-quarter earnings top estimates

Citigroup shares jumped Wednesday after fourth-quarter earnings beat estimates on the highest and backside traces, reflecting broad energy throughout the financial institution.

“2024 was a essential yr and our outcomes present our technique is delivering as supposed and driving stronger efficiency in our companies. Our web earnings was up practically 40% to $12.7 billion and we exceeded our full-year income goal, together with document years in Providers, Wealth and U.S. Private Banking,” CEO Jane Fraser stated in a press launch.

Shares rose greater than 3% in morning buying and selling.

Right here is how the corporate did relative to LSEG analyst consensus estimates:

  • Earnings: $1.34 a share vs $1.22 anticipated
  • Income: $19.58 billion vs $19.49 billion anticipated

Citi posted web earnings of $2.86 billion, an enchancment from a web lack of $1.84 billion a yr in the past, when its outcomes have been harm by quite a lot of costs Citi booked within the closing interval of 2023.

The financial institution did say it anticipated its return on tangible widespread fairness to be between 10% and 11% in 2026 because it continues to make investments and reshape its enterprise. That vary is under the financial institution’s acknowledged medium-term objective of 11% to 12%.

“This degree is a waypoint, not a vacation spot. We intend to enhance returns properly above that degree and ship Citi’s full potential for our shareholders,” Fraser stated.

Citi additionally introduced a $20 billion inventory buyback.

The financial institution reported development throughout a number of completely different enterprise items in the course of the fourth quarter. Funding banking particularly was a shiny spot, with income leaping 35% yr over yr to $925 million. Citi stated continued momentum within the issuance of funding grade company debt helped increase that space of the enterprise. Because of this, whole banking income grew 12%, which expanded to 27% when together with the affect of mortgage hedges.

Markets income jumped 36% yr over yr to $4.58 billion, with each the mounted earnings and fairness companies rising. Mounted earnings markets income of $3.48 billion was properly above the $2.95 billion projected by analysts, in line with StreetAccount.

Income for the wealth and providers items climbed 20% and 15%, respectively, yr over yr.

Citi’s value of credit score for quarter was $2.59 billion. That was down from $3.55 billion a yr in the past, and $2.68 billion within the third quarter. The financial institution added a web $203 million to its allowance for credit score losses, which was additionally down from prior durations.

On the analyst name later Wednesday, traders shall be on the lookout for progress updates about Fraser’s turnaround efforts. Fraser took over the financial institution in March 2021 and has centered on slimming down the corporate, together with promoting off some worldwide items.

Citi’s inventory was a powerful performer in 2024, rising practically 37% on the yr. The inventory was up greater than 4% thus far this yr getting into Wednesday.

Don’t miss these insights from CNBC PRO

You Might Also Like

CAT Labs, a startup preventing tech-enabled crime, raises $5.4 million seed spherical

NASA astronauts say they’d fly the Boeing craft once more: ‘I’d get on in a heartbeat’

Earlier than he revolutionized tech with Steve Jobs, Jony Ive needed to give up Apple. Now he’s forging a brand new energy pair with OpenAI’s Sam Altman

Musk is a majority-maker, and he received’t let Congress overlook it

Elon Musk loses authorized struggle with ex-Twitter worker

Share This Article
Facebook Twitter Email Print
Previous Article 16 Actors Who Mentioned "No" To Nudity And Wore Prosthetic Physique Elements Vs. 15 Who Went Full Commando 16 Actors Who Mentioned "No" To Nudity And Wore Prosthetic Physique Elements Vs. 15 Who Went Full Commando
Next Article The Australian Open’s animated livestreams make gamers appear to be Wii Sports activities characters The Australian Open’s animated livestreams make gamers appear to be Wii Sports activities characters
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Weekly Newsletter

Subscribe to our newsletter to get our newest articles instantly!

More News

7 Items for Each Price range
7 Items for Each Price range
14 minutes ago
Twister Money Made Crypto Nameless. Now Certainly one of Its Creators Faces Trial
Twister Money Made Crypto Nameless. Now Certainly one of Its Creators Faces Trial
21 minutes ago
Rilla founder gives staff ,500 lease stipend to stay nearer to the workplace
Rilla founder gives staff $1,500 lease stipend to stay nearer to the workplace
33 minutes ago
Disney Information That You Would possibly Not Know And Are Shocking
Disney Information That You Would possibly Not Know And Are Shocking
45 minutes ago
NYT Connections hints and solutions for July 11: Tricks to resolve ‘Connections’ #761.
NYT Connections hints and solutions for July 11: Tricks to resolve ‘Connections’ #761.
1 hour ago

About Us

about us

PulseReporter connects with and influences 20 million readers globally, establishing us as the leading destination for cutting-edge insights in entertainment, lifestyle, money, tech, travel, and investigative journalism.

Categories

  • Entertainment
  • Investigations
  • Lifestyle
  • Money
  • Tech
  • Travel

Trending

  • 7 Items for Each Price range
  • Twister Money Made Crypto Nameless. Now Certainly one of Its Creators Faces Trial
  • Rilla founder gives staff $1,500 lease stipend to stay nearer to the workplace

Quick Links

  • About Us
  • Contact Us
  • Privacy Policy
  • Terms Of Service
  • Disclaimer
2024 © Pulse Reporter. All Rights Reserved.
Welcome Back!

Sign in to your account