Citigroup Inc. today reported net income for the second quarter 2024 of $3.2 billion

Photo Source: citigroup.comRevenues increased 4% from the prior-year period, on a reported basis. Excluding divestiture-related impacts, revenues were up 3%. This increase in revenues was driven by growth across all businesses, particularly in Banking, U.S. Personal Banking (USPB), and Markets. The revenue increase included an approximate $400 million gain related to the Visa B exchange completed in the second quarter of 2024. A significant portion of this gain was reflected in Markets, with the remainder in All Other. A decline in All Other partially offset the revenue growth across the businesses.

Net income of $3.2 billion increased from $2.9 billion in the prior-year period, primarily driven by the higher revenues and lower expenses, partially offset by higher cost of credit.

Earnings per share of $1.52 increased from $1.33 per diluted share in the prior-year period, reflecting the higher net income and an approximate 1% decrease in average diluted shares outstanding.

Source: SECOND QUARTER 2024 RESULTS AND KEY METRICS

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