Citigroup Inc. (NYSE:C) today posted its financial report for the second quarter of 2024.
Markets revenues of $5.1 billion increased 6%, driven by growth in Equity markets revenues, partially offset by lower Fixed Income markets revenues.
Equity markets revenues of $1.5 billion increased 37% from the year-ago period, primarily driven by equity derivatives, which included a gain related to the Visa B exchange completed in the second quarter 2024. Equity markets also benefited from growth in prime balances(8), up approximately 18%.
Markets operating expenses of $3.3 billion decreased 1%, driven by productivity savings, partially offset by higher volume-related expenses.
Markets net income of $1.4 billion increased 29%, driven by the higher revenues and the lower expenses.
Across all segments, Citigroup revenues of $20.1 billion in the second quarter 2024 increased 4%, 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, USPB and Markets.
The revenue increase included an approximate $400 million gain related to the Visa B exchange completed in the second quarter 2024.
Citigroup operating expenses of $13.4 billion decreased 2%, both on a reported basis and excluding divestiture- related impacts. This decrease in expenses was primarily simplification, stranded cost reductions and lower repositioning costs, partially offset by continued investments in transformation and the civil money penalties imposed by the Federal Reserve Board (FRB) and the Office of the Comptroller of the Currency (OCC).
Citigroup net income was $3.2 billion in the second quarter 2024, compared to net income of $2.9 billion in the prior-year period, driven by the higher revenues and the lower expenses, partially offset by the higher cost of credit.
