New York, April 12, 2024 Citigroup Inc. today reported net income for the first quarter 2024 of $3.4 billion, or $1.58 per diluted share, on revenues of $21.1 billion. This compares to net income of $4.6 billion, or $2.19 per diluted share, on revenues of $21.4 billion for the first quarter 2023.
1Q24 Financial Overview Highlights
- Revenues decreased 2% from the prior-year period, on a reported basis. Excluding divestiture-related impacts of $1 billion, primarily consisting of the gain from the sale ofthe India consumer business in the prior-year period, revenues were up 3% year over year. This increase in revenues was driven by growth across Banking, U.S. Personal Banking (USPB) and Services, partially offset by declines in Markets and Wealth.
- Net income of $3.4 billion decreased from $4.6 billion in the prior-year period, primarily driven by higher expenses, higher cost of credit and the lower revenues.
- Earnings per share of $1.58 decreased from $2.19 per diluted share in the prior-year period, reflecting the lower net income.
