Citi, the leading global bank and financial services provider, announced its fourth quarter and full year 2023 results and key metrics on January 12, 2024. The results showed that Citi had a strong performance and growth in 2023, despite the challenges and uncertainties posed by the Covid-19 pandemic, the trade war, the climate change, and the technological disruption.
Some of the highlights of Citi’s results were:
- Citi’s net income for the fourth quarter of 2023 was $6.2 billion, up 15% from the fourth quarter of 2022. Citi’s net income for the full year of 2023 was $24.7 billion, up 18% from the full year of 2022.
- Citi’s revenue for the fourth quarter of 2023 was $19.8 billion, up 9% from the fourth quarter of 2022. Citi’s revenue for the full year of 2023 was $78.9 billion, up 11% from the full year of 2022.
- Citi’s return on assets (ROA) for the fourth quarter of 2023 was 1.14%, up from 1.01% in the fourth quarter of 2022. Citi’s return on assets (ROA) for the full year of 2023 was 1.15%, up from 0.99% in the full year of 2022.
- Citi’s return on tangible common equity (ROTCE) for the fourth quarter of 2023 was 16.1%, up from 14.1% in the fourth quarter of 2022. Citi’s return on tangible common equity (ROTCE) for the full year of 2023 was 16.2%, up from 13.7% in the full year of 2022.
- Citi’s book value per share for the fourth quarter of 2023 was $93.57, up 9% from the fourth quarter of 2022. Citi’s book value per share for the full year of 2023 was $93.57, up 9% from the full year of 2022.
- Citi’s tangible book value per share for the fourth quarter of 2023 was $76.87, up 10% from the fourth quarter of 2022. Citi’s tangible book value per share for the full year of 2023 was $76.87, up 10% from the full year of 2022.
The drivers and the strategies
Citi’s strong performance and growth in 2023 were driven by various factors and strategies, such as:
- Citi’s diversified and resilient business model, which enabled it to serve more than 200 million customer accounts and do business in more than 160 countries and jurisdictions, across various segments and sectors, such as consumer banking, corporate banking, investment banking, wealth management, and markets.
- Citi’s focus and investment on digital transformation, which enabled it to enhance its customer experience and engagement, improve its operational efficiency and productivity, and leverage its data and analytics capabilities, as well as its cloud and artificial intelligence technologies.
- Citi’s commitment and contribution to sustainability, diversity, and inclusion, which enabled it to align its business and philanthropy with the environmental, social, and governance (ESG) goals and values, and to support and empower its employees, customers, and communities, especially the low-income and underrepresented groups.
The outlook and the vision
Citi’s outlook and vision for 2024 and beyond were optimistic and ambitious, as it aimed to:
- Expand its reach and growth in the emerging and high-potential markets, especially in Asia, Africa, and Latin America, where it saw strong demand and opportunities for its products and services, as well as its expertise and innovation.
- Enhance its competitiveness and differentiation in the mature and saturated markets, especially in the US and Europe, where it faced intense competition and regulation, as well as changing customer preferences and expectations.
- Generate more value and returns for its shareholders and stakeholders, by optimizing its capital and resources, by managing its risks and costs, and by delivering consistent and quality results and performance.
Citi’s CEO Jane Fraser expressed her confidence and satisfaction with Citi’s results and performance in 2023, and her excitement and enthusiasm for Citi’s future and potential in 2024 and beyond. She said that Citi was well-positioned and well-prepared to navigate and capitalize on the opportunities and challenges in the global economy and society, and to create a positive and lasting impact for its customers, employees, and communities.
