BlackRock, Inc., the world’s largest asset manager, has reported a highly successful third quarter for 2024, marked by strong financial growth. The firm’s total assets under management (AUM) surged to a record $11.5 trillion, driven by $221 billion in net inflows during the quarter. This represents a significant year-over-year increase of $2.4 trillion in AUM, showcasing BlackRock's continued leadership in the asset management industry.
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Citigroup Inc. Reports First Quarter 2024 Financial Results
New York, April 12, 2024 - Citigroup Inc. (NYSE: C) today released its financial results for the first quarter of 2024, indicating a mix of growth in certain areas and declines in others compared to the first quarter of the previous year.
Key Financial Metrics
- Net Income: $3.4 billion, down from $4.6 billion in Q1 2023.
- Earnings Per Share (EPS): $1.58 per diluted share, decreased from $2.19 per diluted share in the prior year.
- Total Revenue: $21.1 billion, a slight decrease of 2% from $21.4 billion in Q1 2023.
- Book Value Per Share: $99.08.
- Tangible Book Value Per Share: $86.67.
Revenue Details
The company's revenues saw a slight decrease overall but showed some areas of growth excluding certain one-time transactions:
- Reported a decrease of 2% on a year-over-year basis.
- Excluding divestiture-related impacts, revenues increased by 3%.
Expense and Credit Cost Analysis
Citigroup reported an increase in expenses and credit costs:
- Operating Expenses: $14.2 billion, up by 7%.
- Included repositioning costs of $258 million.
- An incremental FDIC special assessment of $251 million.
- Restructuring charges of $225 million.
- Cost of Credit: Approximately $2.4 billion, compared to $2.0 billion in Q1 2023.
Capital and Dividends
- Common Equity Tier 1 (CET1) Capital Ratio: 13.5%.
- Returned approximately $1.5 billion to shareholders through dividends and share repurchases.
- Payout Ratio: 49%.
Segment Performance
Banking
The Banking segment showed significant growth:
- Total Revenue: $1.7 billion, a 49% increase.
- Investment Banking and Corporate Lending primarily drove this increase.
- Net Income: $536 million, bolstered by higher revenues and lower expenses.
Markets
The Markets segment faced challenges:
- Total Revenue: $5.4 billion, a decrease of 7%.
- Net Income: $1.4 billion, down 25%, affected by lower revenues and higher cost of credit.
Wealth Management
Wealth Management experienced a slight decline:
- Total Revenue: $1.7 billion, a 4% decrease.
- Net Income: $150 million, a decrease of 6%.
US Personal Banking (USPB)
USPB reported growth driven by higher net interest income:
- Total Revenue: $5.2 billion, up 10%.
- Net Income: $347 million, a decrease of 14% due to higher credit costs.
Outlook and Strategic Focus
Citigroup continues to navigate a complex economic environment, focusing on strategic growth areas and maintaining a robust capital buffer. The financial results reflect both the challenges and resilience in various business segments. Citigroup remains committed to delivering value to its shareholders through strategic investments and careful management of resources.
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