Citigroup Inc. (NYSE:C) today posted its financial report for the third quarter of 2024.
Markets revenues of $4.8 billion increased 1%, driven by growth in Equity markets revenues, partially offset by lower Fixed Income markets revenues.
Fixed Income markets revenues of $3.6 billion decreased 6%, driven by rates and currencies, largely reflecting a strong prior-year comparison. This decrease was partially offset by strength in spread products and other fixed income, which increased 5%, primarily driven by higher financing and securitization volumes and underwriting fees, partially offset by lower commodities revenue on lower gas volatility.
Equity markets revenues of $1.2 billion increased 32%, driven by momentum in prime, growth in equity derivatives and higher cash equity volumes. Equity markets had growth in prime balances, up approximately 22%.
Markets operating expenses of $3.3 billion increased 1%, primarily due to higher volume-related expenses. Markets cost of credit was $141 million, compared to $162 million in the prior-year period, driven by a lower ACL build, partially offset by higher net credit losses.
Markets net income of $1.1 billion increased 2%, driven by the higher revenues and the lower cost of credit, partially offset by the higher expenses.
Across all segments, Citi reported net income for the third quarter 2024 of $3.2 billion, or $1.51 per diluted share, on revenues of $20.3 billion. This compares to net income of $3.5 billion, or $1.63 per diluted share, on revenues of $20.1 billion for the third quarter of 2023.
Revenues increased 1% from the prior-year period, on a reported basis. Excluding divestiture-related impacts, primarily consisting of an approximately $400 million gain from the sale of the Taiwan consumer banking business in the prior- year period, revenues were up 3%. This increase in revenues was driven by growth across all businesses, partially offset by a decline in All Other.
Net income of $3.2 billion decreased from $3.5 billion in the prior-year period, primarily driven by higher cost of credit, partially offset by the higher revenues and lower expenses.
Earnings per share of $1.51 decreased from $1.63 per diluted share in the prior-year period, reflecting the lower net income.
