Citigroup Inc. (NYSE:C) today released its financial report for the second quarter of 2024.
Markets revenue of $5.1 billion increased 6%, driven by higher equity market revenue, partially offset by lower fixed income market revenue.
Equity market revenue of $1.5 billion was up 37% from the year-ago period, primarily due to equity derivatives, which included a gain related to the Visa B exchange that ended in the second quarter of 2024. equity markets also benefited from the growth in opening balances (8 ), up by around 18%.
Markets operating expenses of $3.3 billion decreased 1% due to productivity savings, partially offset by higher volume-related expenses.
Markets net revenue of $1.4 billion increased 29%, driven by higher revenue and lower expenses.
Across the board, Citigroup’s revenue of $20.1 billion in the second quarter of 2024 was up 4% on a reported basis. Excluding divestiture-related impacts, revenue increased 3%. This increase in revenue was driven by growth across all businesses, particularly Banking, USPB and Markets.
The increase in revenue included a gain of approximately $400 million related to the Visa B exchange completed in the second quarter of 2024.
Citigroup’s operating expenses of $13.4 billion were down 2%, both on a reported basis and excluding divestiture-related effects. This cost reduction was primarily simplification, reductions in latent costs and lower repositioning costs, partially offset by continued investments in transformation and sanctions imposed by the Federal Reserve Board (FRB) and the Office of the Controller of the Currency (OCC ).
Citigroup’s net income was $3.2 billion in the second quarter of 2024, compared to net income of $2.9 billion in the prior period, due to higher income and lower expenses, partially offset by higher credit costs .