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CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues        
Interest income $ 35,987 $ 32,647 $ 72,210 $ 62,042
Interest expense 22,494 18,747 45,210 34,794
Net interest income 13,493 13,900 27,000 27,248
Commissions and fees 2,662 2,132 5,386 4,498
Principal transactions 2,874 2,528 6,148 6,467
Administration and other fiduciary fees 1,046 989 2,083 1,885
Realized gains on sales of investments, net 23 49 138 121
Impairment losses on investments:        
Impairment losses on investments (17) (71) (47) (157)
(Provision) releases for credit losses on AFS debt securities [1] (4) 1 (4) 0
Net impairment losses recognized in earnings (21) (70) (51) (157)
Other revenue 62 (92) 539 821
Total non-interest revenues 6,646 5,536 14,243 13,635
Total revenues, net of interest expense 20,139 19,436 41,243 40,883
Provisions for credit losses and for benefits and claims        
Provision for credit losses on loans 2,359 1,761 4,781 3,498
Provision (release) for credit losses on HTM debt securities (5) (4) 5 (21)
Provision for credit losses on other assets 112 149 116 574
Policyholder benefits and claims 18 14 45 38
Provision (release) for credit losses on unfunded lending commitments (8) (96) (106) (290)
Total provisions for credit losses and for benefits and claims [2] 2,476 1,824 4,841 3,799
Operating expenses        
Compensation and benefits 6,888 7,388 14,561 14,926
Premises and equipment 597 595 1,182 1,193
Technology/communication 2,238 2,309 4,484 4,436
Advertising and marketing 280 361 508 692
Restructuring 36 0 261 0
Other operating 3,314 2,917 6,552 5,612
Total operating expenses 13,353 13,570 27,548 26,859
Income from continuing operations before income taxes 4,310 4,042 8,854 10,225
Provision for income taxes 1,047 1,090 2,183 2,621
Income from continuing operations 3,263 2,952 6,671 7,604
Discontinued operations        
Income (loss) from discontinued operations 0 (1) (1) (2)
Benefit for income taxes 0 0 0 0
Income (loss) from discontinued operations, net of taxes 0 (1) (1) (2)
Net income before attribution to noncontrolling interests 3,263 2,951 6,670 7,602
Noncontrolling interests 46 36 82 81
Citigroup’s net income $ 3,217 $ 2,915 $ 6,588 $ 7,521
Basic earnings per share        
Income from continuing operations (in dollars per share) [3] $ 1.54 $ 1.34 $ 3.14 $ 3.55
Income from discontinued operations, net of taxes (in dollars per share) [3] 0 0 0 0
Net income (in dollars per share) [3] $ 1.54 $ 1.34 $ 3.14 $ 3.54
Weighted-average common shares outstanding (in shares) 1,907.7 1,942.8 1,909.1 1,943.2
Diluted earnings per share        
Income from continuing operations (in dollars per share) [3] $ 1.52 $ 1.33 $ 3.10 $ 3.52
Income (loss) from discontinued operations, net of taxes (in dollars per share) [3] 0 0 0 0
Net income (in dollars per share) [3] $ 1.52 $ 1.33 $ 3.10 $ 3.52
Adjusted weighted-average diluted common shares outstanding (in shares) 1,945.7 1,968.6 1,944.4 1,966.3
[1] In accordance with ASC 326, which requires the provision for credit losses on AFS debt securities to be included in revenue.
[2] This total excludes the provision for credit losses on AFS debt securities, which is disclosed separately above.
[3] Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income.