Citigroup's (C) Q4 2024 earnings report highlights a strong performance with a net income of $12.682 billion, representing a 37% increase compared to $9.228 billion in Q4 2023. This growth was driven by improvements in both net interest income and non-interest revenue.

Revenues, net of interest expense, reached $81.139 billion in 2024, up from $78.462 billion in 2023, reflecting a 3% year-over-year growth. This increase was supported by higher non-interest revenues, which grew by 15% to $27.044 billion, and stable net interest income of $54.095 billion.

Operating expenses for 2024 totaled $53.984 billion, a 4% decrease from $56.366 billion in 2023, indicating improved cost management. The efficiency ratio improved to 67% from 71% in the prior year, reflecting better operational efficiency.

Provisions for credit losses and benefits increased to $10.109 billion in 2024, up from $9.186 billion in 2023, driven by higher credit reserve builds and net credit losses. This reflects a cautious approach to credit risk management amid evolving economic conditions.

Earnings per share (EPS) for Q4 2024 were $6.03 (basic) and $5.95 (diluted), compared to $4.07 (basic) and $4.04 (diluted) in Q4 2023, showcasing significant earnings growth per share.

Segment performance was robust, with Services income growing by 40% year-over-year to $6.584 billion, and Markets income increasing by 27% to $5.005 billion. However, U.S. Personal Banking income declined by 24% to $1.382 billion, reflecting challenges in that segment.

International revenues grew by 10% to $14.234 billion, driven by strong performance in regions like Asia South (up 12%) and the Middle East and Africa (up 20%). North America revenues also increased by 6% to $5.415 billion.

The company reported total comprehensive income of $9.630 billion for 2024, down from $11.463 billion in 2023, primarily due to a $3.052 billion loss in other comprehensive income, driven by currency translation adjustments and debt valuation adjustments.

Citigroup's balance sheet remained strong, with end-of-period assets at $949 billion, a 6% decline from $1.008 trillion in 2023, reflecting strategic asset optimization efforts.

The company continued its shareholder return initiatives, declaring $2.18 in dividends per common share for 2024, up from $2.08 in 2023, and repurchasing $2.5 billion in common stock during the year.