WASHINGTON (dpa-AFX) - Citigroup (C) reported net income of $3.2 billion in
the second quarter 2024, compared to net income of $2.9 billion, a year ago,
driven by the higher revenues and the lower expenses, partially offset by the
higher cost of credit. Earnings per share was $1.52 compared to $1.33,
reflecting the higher net income and an approximate 1% decrease in average
shares outstanding. On average, 17 analysts polled by Thomson Reuters expected
the company to report profit per share of $1.39, for the quarter. Analysts'
estimates typically exclude special items.

Second quarter revenues were $20.1 billion, up 4%, on a reported basis.
Excluding divestiture-related impacts, revenues were up 3%. The company said
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. Analysts on average had estimated $20.07 billion in
revenue. Operating expenses were $13.4 billion, decreased 2%, both on a reported
basis and excluding divestiturerelated impacts.

Cost of credit was approximately $2.5 billion in the second quarter 2024,
compared to $1.8 billion in the prior-year period, primarily driven by higher
cards net credit losses, partially offset by a lower allowance for credit losses
build in the current period.

For full year 2024, the company projects revenues in a range of approximately
$80 billion-$81 billion. Citigroup expects expenses to be in line with full year
guidance, of approximately $53.5 billion-$53.8 billion excluding FDIC special
assessment and Civil Money Penalties, albeit likely at the higher end.

For medium-term, Citigroup targets 4-5% revenue CAGR. The company said it is
committed to 11-12% RoTCE target.

Citigroup stated that it continues to evaluate share buybacks on a quarterly
basis. The company plans to repurchase approximately $1 billion of common stock
in the current quarter.

Shares of Citigroup are up 2% in pre-market trade on Friday.

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