Citigroup Reported Income Up In Q2 2024; Private Bank Revenues Rise

Editorial Staff

15 July 2024

Citigroup has reported net income for the second quarter 2024 of $3.2 billion, on revenues of $20.1 billion, versus net income of $2.9 billion, on revenues of $19.4 billion for the same period a year earlier.

The rise in net income was mainly caused by higher revenues and a fall in costs, partly offset by a higher cost of credit, the US banking group said in a statement on Friday.

At the private banking side, revenues rose 1 per cent year-on-year to $611 million in Q2, Citigroup said. Across the whole of the wealth side of the bank, it had $540 billion in client investment assets, up 15 per cent on a year ago. Total wealth revenues rose 2 per cent to $1.8 billion.

The gain in private bank revenues was caused by improved deposit spreads and higher investment fee revenues, partially offset by higher mortgage funding costs.

The bank’s Common Equity Tier 1 ratio rose to 13.6 per cent.