In the third quarter of 2024, Citigroup Inc. reported total net revenues of $20,315 million, reflecting an increase of 8% compared to $18,800 million in the same period of 2023. For the nine months ended September 30, 2024, total net revenues reached $61,558 million, up from $57,168 million in the prior year. The growth in revenues was primarily driven by higher contributions from Securities Services and Treasury and Trade Solutions (TTS), with non-interest revenue increasing by 33% year-over-year.

Citigroup's net income for Q3 2024 was $3,238 million, a 23% increase from $2,628 million in Q3 2023. Year-to-date net income also rose to $9,826 million, compared to $9,943 million in the previous year. The increase in profitability was attributed to higher revenues and lower credit costs, despite a rise in operating expenses, which totaled $2,588 million for the quarter, up from $2,520 million in Q3 2023.

The company reported a significant increase in its allowance for credit losses (ACL), which stood at $20,081 million as of September 30, 2024, compared to $19,873 million at the end of 2023. This increase was driven by macroeconomic pressures, including elevated inflation and interest rates, although the corporate ACL decreased due to an improved outlook.

Citigroup's strategic initiatives included the ongoing wind-down of its consumer banking operations in certain markets, including Korea and Russia, and the planned IPO of its Mexico Consumer/SBMM operations by the end of 2025, subject to market conditions. The company also reported progress in its restructuring efforts, with net restructuring charges recorded at approximately $1.051 billion to date.

As of September 30, 2024, Citigroup's total assets were $2,430,663 million, up from $2,411,834 million at the end of 2023. The bank's total deposits increased slightly to $1,309,999 million, driven by growth in Services, while average deposits in U.S. Personal Banking decreased by 23% year-over-year due to the transfer of certain relationships to Wealth Management.

In terms of capital, Citigroup's Common Equity Tier 1 (CET1) Capital ratio was reported at 13.7%, above the regulatory requirement of 12.3%. The bank returned $2.1 billion to shareholders through dividends and share repurchases during the quarter, maintaining a dividend of $0.56 per share.