Citigroup Inc. (NYSE: C) is a leading global bank with operations in over 180 countries, offering a wide range of financial products and services to consumers, corporations, and institutions. For the fourth quarter of 2024, Citigroup reported net income of $2.9 billion, or $1.34 per diluted share, on revenues of $19.6 billion. This marks a significant recovery from a net loss of $(1.8) billion, or $(1.16) per share, on revenues of $17.4 billion reported in the same quarter a year prior.

In the fourth quarter, revenues increased by 12% year-over-year, driven by growth across all operating segments. Excluding the impact of the Argentina currency devaluation, which negatively affected results in the prior year, revenues increased 7% from the fourth quarter 2023. Total operating expenses for the fourth quarter 2024 were $13.2 billion, down 18% from $16.0 billion in the same period last year, largely due to the absence of previous special assessments and restructuring costs.

For full-year 2024, Citigroup reported net income of $12.7 billion, up 37% from $9.2 billion a year earlier, with full-year revenues of $81.1 billion, an increase of 3% from $78.5 billion in 2023. The company’s efficiency ratio improved, reflecting a focus on cost management. Citigroup maintained a payout ratio of 58% for 2024, returning approximately $6.7 billion to shareholders through dividends and share repurchases, including $2.1 billion returned in the fourth quarter alone.

The company’s total allowance for credit losses was approximately $22.2 billion at quarter-end, compared to $21.8 billion at the same time last year. The end-of-period loan balances stood at $694 billion, up 1% year-over-year, largely driven by growth in Branded Cards and U.S. Personal Banking loans. End-of-period deposits were approximately $1.3 trillion, reflecting a decrease of 2% from the previous year.

Key metrics from the fourth quarter 2024 included an increase in book value per share to $101.62, up 3% from the previous year, and tangible book value per share of $89.34, which also increased 4% year-over-year. The Common Equity Tier 1 (CET1) Capital ratio was reported at 13.6%, down slightly from 13.7% in the prior quarter.

In segments, the Services arm saw revenues of $5.2 billion, up 15% versus the year-ago quarter. Markets revenue rose to $4.6 billion, driven by growth in fixed income and equity markets. Banking revenues of $1.2 billion reflected strong performance in Investment Banking, which increased by 35%, contrasted by a decrease in Corporate Lending revenues. Wealth segment revenues grew 20%, driven by higher investment fees and improvements in net interest income.

In summary, Citigroup’s recovery in profitability and strong revenue growth across its segments suggest a robust performance for the fourth quarter and full year 2024, building momentum as the company enters 2025 with a focus on returning value to shareholders.