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CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Revenues        
Interest income $ 36,456 $ 34,837 $ 108,666 $ 96,879
Interest expense 23,094 21,009 68,304 55,803
Net interest income 13,362 13,828 40,362 41,076
Commissions and fees 2,695 2,195 8,081 6,693
Principal transactions 3,219 3,008 9,367 9,475
Administration and other fiduciary fees 1,059 971 3,142 2,856
Realized gains on sales of investments, net 72 30 210 151
Impairment losses on investments:        
Impairment losses on investments (45) (70) (92) (227)
(Provision) releases for credit losses on AFS debt securities [1] 4 (1) 0 (1)
Net impairment losses recognized in earnings (41) (71) (92) (228)
Other revenue (51) 178 488 999
Total non-interest revenues 6,953 6,311 21,196 19,946
Total revenues, net of interest expense 20,315 20,139 61,558 61,022
Provisions for credit losses and for benefits and claims        
Provision for credit losses on loans 2,382 1,816 7,163 5,314
Provision (release) for credit losses on HTM debt securities 50 (3) 55 (24)
Provision for credit losses on other assets 110 56 226 630
Policyholder benefits and claims 28 25 73 63
Provision (release) for credit losses on unfunded lending commitments 105 (54) (1) (344)
Total provisions for credit losses and for benefits and claims [1] 2,675 1,840 7,516 5,639
Operating expenses        
Compensation and benefits 7,058 7,424 21,619 22,350
Premises and equipment 606 620 1,788 1,813
Technology/communication 2,273 2,256 6,757 6,692
Advertising and marketing 282 324 790 1,016
Restructuring 9 0 270 0
Other operating 3,022 2,887 9,574 8,499
Total operating expenses 13,250 13,511 40,798 40,370
Income from continuing operations before income taxes 4,390 4,788 13,244 15,013
Provision for income taxes 1,116 1,203 3,299 3,824
Income from continuing operations 3,274 3,585 9,945 11,189
Discontinued operations        
Income (loss) from discontinued operations (1) 2 (2) 0
Benefit for income taxes 0 0 0 0
Income (loss) from discontinued operations, net of taxes (1) 2 (2) 0
Net income before attribution to noncontrolling interests 3,273 3,587 9,943 11,189
Noncontrolling interests 35 41 117 122
Citigroup’s net income $ 3,238 $ 3,546 $ 9,826 $ 11,067
Basic earnings per share        
Income from continuing operations (in dollars per share) [2] $ 1.53 $ 1.64 $ 4.67 $ 5.19
Income from discontinued operations, net of taxes (in dollars per share) [2] 0 0 0 0
Net income (in dollars per share) [2] $ 1.53 $ 1.64 $ 4.67 $ 5.19
Weighted-average common shares outstanding (in shares) 1,899.9 1,924.4 1,906.0 1,936.9
Diluted earnings per share        
Income from continuing operations (in dollars per share) [2] $ 1.51 $ 1.63 $ 4.61 $ 5.14
Income (loss) from discontinued operations, net of taxes (in dollars per share) [2] 0 0 0 0
Net income (in dollars per share) [2] $ 1.51 $ 1.63 $ 4.61 $ 5.14
Adjusted weighted-average diluted common shares outstanding (in shares) 1,940.3 1,951.7 1,943.1 1,961.5
[1] In accordance with ASC 326, which requires the provision for credit losses on AFS debt securities to be included in revenue. The Total provisions for credit losses and for benefits and claims excludes the provision for credit losses on AFS debt securities, which is disclosed separately above.
[2] Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income.