Quartergate

Document 1

EX-99.1 2 c-20240712xex99d1.htm EXHIBIT-99.1

Exhibit 99.1

For Immediate Release Citigroup Inc. (NYSE: C) January 15, 2025
FOURTH QUARTER AND FULL YEAR 2024 RESULTS AND KEY METRICS	CEO COMMENTARY
		Citi CEO Jane Fraser said, “2024 was a critical year and our results show our strategy is delivering as intended and driving stronger performance in our businesses. Our net income was up nearly 40% to $12.7 billion and we exceeded our full-year revenue target, including record years in Services, Wealth and U.S. Personal Banking. We delivered expenses within our guidance and improved our efficiency ratio while concluding a significant reorganization of our firm. We returned nearly $7 billion of capital to common shareholders and our Board of Directors has authorized a program to repurchase $20 billion in common stock. “We entered 2025 with momentum across our businesses and we continue to strengthen our ability to serve our clients. While we now expect our 2026 RoTCE to be between 10% and 11% in order to make additional investments in our businesses and Transformation, this level is a waypoint, not a destination. We intend to improve returns well above that level and deliver Citi’s full potential for our shareholders,” Ms. Fraser concluded.
RETURNED ~$6.7 BILLION IN THE FORM OF COMMON DIVIDENDS AND SHARE REPURCHASES IN 2024 (~$2.1 BILLION IN THE QUARTER) 2024 PAYOUT RATIO OF 58%⁽³⁾ BOOK VALUE PER SHARE OF $101.62 TANGIBLE BOOK VALUE PER SHARE OF $89.34⁽⁴⁾ New York, January 15, 2025 – Citigroup Inc. today reported net income for the fourth quarter 2024 of $2.9 billion, or $1.34 per diluted share, on revenues of $19.6 billion. This compares to a net loss of $(1.8) billion, or $(1.16) per diluted share, on revenues of $17.4 billion for the fourth quarter 2023, reflecting the impact of certain notable items⁽⁵⁾. Revenues increased 12% from the prior-year period, on a reported basis, driven by growth in each of Citi’s businesses and the smaller impact from the currency devaluation in Argentina, partially offset by a decline in All Other. Excluding the impact of the Argentina currency devaluation and divestiture-related impacts in both periods⁽⁶⁾, revenues were up 7%. Net income was $2.9 billion, compared to a net loss of $(1.8) billion in the prior-year period, primarily driven by the higher revenues, lower expenses and lower cost of credit. Earnings per share of $1.34 increased from $(1.16) per diluted share in the prior-year period, primarily reflecting the higher net income. Excluding the notable items in the prior-year period⁽⁵⁾, diluted earnings per share would have been $0.84 for the fourth quarter 2023.

For the full year 2024, Citigroup reported net income of $12.7 billion, on revenues of $81.1 billion, compared to net income of $9.2 billion on revenues of $78.5 billion for the full year 2023.

Percentage comparisons throughout this press release are calculated for the fourth quarter 2024 versus the fourth quarter 2023, unless otherwise specified.

Fourth Quarter Financial Results



Citigroup ($ in millions, except per share amounts and as otherwise noted)	4Q’24		3Q’24		4Q’23		QoQ%	YoY%	2024				2023			%Δ

Total revenues, net of interest expense	19,581		20,315		17,440		(4)%	12%		81,139				78,462		3%

Total operating expenses	13,186		13,250		15,996		-	(18)%		53,984				56,366		(4)%

Net credit losses	2,242		2,172		1,994		3%	12%		9,000				6,437		40%
Net ACL build / (release)^(a)	203		315		397		(36)%	(49)%		607				924		(34)%
Other provisions^(b)	148		188		1,156		(21)%	(87)%		502				1,825		(72)%
Total cost of credit	2,593		2,675		3,547		(3)%	(27)%		10,109				9,186		10%

Income (loss) from continuing operations before taxes	3,802		4,390		(2,103)		(13)%	NM		17,046				12,910		32%
Provision for income taxes	912		1,116		(296)		(18)%	NM		4,211				3,528		19%
Income (loss) from continuing operations	2,890		3,274		(1,807)		(12)%	NM		12,835				9,382		37%
Income (loss) from discontinued operations, net of taxes	-		(1)		(1)		100%	100%		(2)				(1)		(100)%
Net income attributable to non-controlling interest	34		35		31		(3)%	10%		151				153		(1)%
Citigroup’s net income (loss)	$	2,856	$	3,238	$	(1,839)	(12)%	NM	$			12,682	$		9,228	37%


EOP loans ($B)	694		689		689		1%	1%
EOP assets ($B)	2,357		2,431		2,412		(3)%	(2)%
EOP deposits ($B)	1,284		1,310		1,309		(2)%	(2)%


Book value per share	$	101.62	$	101.91	$	98.71	-	3%	$		101.62		$		98.71	3%
Tangible book value per share⁽⁴⁾	$	89.34	$	89.67	$	86.19	-	4%	$		89.34		$		86.19	4%
Common Equity Tier 1 (CET1) Capital ratio⁽²⁾	13.6%		13.7%		13.4%					13.6%				13.4%
Supplementary Leverage ratio (SLR)⁽²⁾	5.8%		5.8%		5.8%					5.8%				5.8%
Return on average common equity (ROCE)	5.4%		6.2%		(4.5)%					6.1%				4.3%
Return on average tangible common equity (RoTCE)⁽¹⁾	6.1%		7.0%		(5.1)%		(90) bps	1,120 bps		7.0%				4.9%		210 bps

Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.

(a) Includes credit reserve build/(release) for loans and provision for credit losses on unfunded lending commitments.

(b) Includes provisions on Other Assets, policyholder benefits and claims and HTM debt securities.

Citigroup

Citigroup revenues of $19.6 billion in the fourth quarter 2024 increased 12%, on a reported basis, driven by growth in each of Citi’s businesses and the smaller impact from the currency devaluation in Argentina, partially offset by a decline in All Other. Excluding the impact of the Argentina currency devaluation and divestiture-related impacts in both periods⁽⁶⁾, revenues were up 7%.

Citigroup operating expenses of $13.2 billion decreased 18%, on a reported basis, largely driven by the FDIC special assessment and the restructuring charge in the prior-year period. Excluding the impact of the FDIC special assessment and divestiture-related impacts in both periods⁽⁷⁾, expenses were down 7%. This decrease was driven by the absence of the restructuring charge and savings associated with Citi’s organizational simplification, partially offset by higher volume-related expenses.

Citigroup cost of credit was approximately $2.6 billion in the fourth quarter 2024, compared to $3.5 billion in the prior-year period, largely driven by a smaller build for transfer risk⁽⁵⁾ impacting the allowance for credit losses (ACL). The lower ACL build was partially offset by higher net credit losses in cards in U.S. Personal Banking (USPB).

Citigroup net income was $2.9 billion in the fourth quarter 2024, compared to net loss of $(1.8) billion in the prior-year period, driven by the higher revenues, the lower expenses and the lower cost of credit. Citigroup’s effective tax rate was approximately 24% in the current quarter, compared to approximately 14% in the prior-year period, reflecting a different geographic mix of earnings.

Citigroup’s total allowance for credit losses was approximately $22.2 billion at quarter end, compared to $21.8 billion at the end of the prior-year period. Total ACL on loans was approximately $18.6 billion at quarter end, compared to $18.1 billion at the end of the prior-year period, with a reserve-to-funded loans ratio of 2.7%, unchanged from the end of the prior-year period. Total non-accrual loans decreased 16% from the prior-year period to $2.7 billion. Corporate non-accrual loans decreased 27% from the prior-year period to $1.4 billion. Consumer non-accrual loans were largely unchanged from the prior-year period at $1.3 billion.

Citigroup’s end-of-period loans were $694 billion at quarter end, up 1% versus the prior-year period, largely reflecting growth in Branded Cards and Retail Banking in USPB and higher loans in Markets and Services.

Citigroup’s end-of-period deposits were approximately $1.3 trillion at quarter end, down 2% versus the prior-year period, largely due to decreases in Markets, Wealth and All Other.

Citigroup’s book value per share of $101.62 at quarter end increased 3% versus the prior-year period, and tangible book value per share of $89.34 at quarter end increased 4% versus the prior-year period. The increases were largely driven by net income and common share repurchases, partially offset by adverse net movements in accumulated other comprehensive income (AOCI) and the payment of common and preferred dividends. At quarter end, Citigroup’s preliminary CET1 Capital ratio was 13.6% versus 13.7% at the end of the prior quarter, driven by adverse net movements in AOCI, the payment of common and preferred dividends as well as common share repurchases, partially offset by net income and lower risk-weighted assets. Citigroup’s Supplementary Leverage ratio for the fourth quarter 2024 remained largely unchanged at 5.8% from the prior quarter. During the quarter, Citigroup returned a total of $2.1 billion to common shareholders in the form of dividends and share repurchases. On January 13, 2025, Citigroup’s Board of Directors authorized a new, multi-year $20 billion common stock repurchase program beginning in the first quarter of 2025.⁽⁸⁾


Services ($ in millions, except as otherwise noted)	4Q’24		3Q’24		4Q’23		QoQ%	YoY%	2024		2023		% Δ
Net interest income		2,840		2,731		2,887	4%	(2)%		10,923		11,085	(1)%
Non-interest revenue		1,105		909		557	22%	98%		3,609		2,631	37%
Treasury and Trade Solutions		3,945		3,640		3,444	8%	15%		14,532		13,716	6%
Net interest income		606		704		555	(14)%	9%		2,500		2,166	15%
Non-interest revenue		624		684		518	(9)%	20%		2,617		2,220	18%
Securities Services		1,230		1,388		1,073	(11)%	15%		5,117		4,386	17%
Total Services revenues^(a)		5,175		5,028		4,517	3%	15%		19,649		18,102	9%

Total operating expenses		2,611		2,588		2,596	1%	1%		10,599		10,031	6%

Net credit losses		28		14		(6)	100%	NM		48		40	20%
Net ACL build / (release)^(b)		(75)		14		105	NM	NM		(113)		29	NM
Other provisions^(c)		159		99		547	61%	(71)%		341		881	(61)%
Total cost of credit		112		127		646	(12)%	(83)%		276		950	(71)%

Net income	$	1,871	$	1,651	$	786	13%	138%	$	6,483	$	4,635	40%


Services Key Statistics and Metrics ($B)
Allocated Average TCE^(d)		25		25		23	-	8%		25		23	8%
RoTCE^(d)		29.9%		26.4%		13.6%	350 bps	1,630 bps		26.0%		20.2%	580 bps
Average loans		87		87		83	-	5%		85		81	5%
Average deposits		839		825		803	2%	4%		819		811	1%
Cross border transaction value		101		95		99	7%	2%		380		358	6%
US dollar clearing volume (#MM)^(e)		44		43		40	3%	10%		168		157	7%
Commercial card spend volume		17		18		17	(5)%	4%		70		67	5%
Assets under custody and/or administration (AUC/AUA) ($T)^(f)		25		26		24	(3)%	8%

Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.

(a) Services includes revenues earned by Citigroup that are subject to a revenue sharing arrangement with Banking—Corporate Lending for Investment Banking, Markets, and Services products sold to Corporate Lending clients.

(b) Includes credit reserve build / (release) for loans and provision for credit losses on unfunded lending commitments.

(d) TCE and RoTCE are non-GAAP financial measures. See Appendix H for a reconciliation of the summation of the segments’ and component’s average allocated TCE to Citi’s total average TCE and Citi’s total average stockholders’ equity.

(e) U.S. Dollar Clearing Volume is defined as the number of USD Clearing Payment instructions processed by Citi on behalf of U.S. and foreign-domiciled entities (primarily Financial Institutions). Amounts in the table are stated in millions of payment instructions processed.

(f) 4Q24 is preliminary.

Services

Services revenues of $5.2 billion were up 15%, reflecting a smaller impact from the Argentina currency devaluation and continued momentum across Treasury and Trade Solutions (TTS) and Securities Services, both of which continued to gain market share this year. Excluding the impact of the Argentina currency devaluation⁽⁶⁾ in both periods, revenues were up 3%. Net interest income was largely unchanged, as the benefit of higher deposit volumes was offset by a decline in interest rates in Argentina. Non-interest revenue increased 61%, driven by the smaller impact from the Argentina currency devaluation, as well as continued strength across underlying TTS fee drivers, and preliminary assets under custody and administration.

Treasury and Trade Solutions revenues of $3.9 billion were up 15%, driven by a 98% increase in non-interest revenues and a 2% decrease in net interest income. The increase in non-interest revenue was driven by the smaller impact from the Argentina currency devaluation as well as an increase in cross-border transaction value of 2%, an increase in U.S. dollar clearing volume of 10% and an increase in commercial card spend volume of 4%. The decrease in net interest income was driven by the decline in interest rates in Argentina, partially offset by the higher deposit volumes.

Securities Services revenues of $1.2 billion increased 15%, largely driven by a 20% increase in non-interest revenue and a 9% increase in net interest income, primarily driven by higher deposit volumes. The increase in non-interest revenue was primarily due to the smaller impact from the Argentina currency devaluation and a preliminary 8% increase in assets under custody and administration that benefited from new client onboardings, deepening relationships with existing clients and higher market valuations.

Services operating expenses of $2.6 billion increased 1%, driven by continued investment in technology and platform modernization, partially offset by productivity savings.

Services cost of creditwas $112 million, compared to $646 million in the prior-year period, driven by a lower reserve build for transfer risk⁽⁹⁾, partially offset by higher net credit losses.

Services net income of $1.9 billion increased 138%, driven by the higher revenues and the lower cost of credit, partially offset by the higher expenses.


Markets ($in millions, except as otherwise noted)	4Q’24		3Q’24		4Q’23		QoQ%	YoY%	2024		2023		%Δ

Rates and currencies		2,421		2,465		1,737	(2)%	39%		10,152		10,794	(6)%
Spread products / other fixed income		1,057		1,113		810	(5)%	30%		4,598		3,818	20%
Fixed Income markets		3,478		3,578		2,547	(3)%	37%		14,750		14,612	1%
Equity markets		1,098		1,239		819	(11)%	34%		5,086		4,037	26%
Total Markets revenues^(a)		4,576		4,817		3,366	(5)%	36%		19,836		18,649	6%

Total operating expenses		3,174		3,339		3,436	(5)%	(8)%		13,202		13,258	-

Net credit losses		-		24		30	(100)%	(100)%		168		32	425%
Net ACL build / (release)^(b)		136		84		52	62%	162%		230		207	11%
Other provisions^(c)		(2)		33		127	NM	NM		65		199	(67)%
Total cost of credit		134		141		209	(5)%	(36)%		463		438	6%

Net income	$	1,009	$	1,072	$	(140)	(6)%	NM	$	4,930	$	3,871	27%


Markets Key Statistics and Metrics ($B)
Allocated Average TCE^(d)		54		54		53	-	2%		54		53	2%
RoTCE^(d)		7.4%		7.9%		(1)%	(50) bps	840 bps		9.1%		7.3%	180 bps
Average trading account assets		449		462		392	(3)%	15%		436		379	15%
Average VaR ($in MM) (99% confidence level)^(e)		118		107		138	10%	(14)%		123		132	(8)%

Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.

(a) Markets includes revenues earned by Citigroup that are subject to a revenue sharing arrangement with Banking—Corporate Lending for Investment Banking, Markets, and Services products sold to Corporate Lending clients.

(b) Includes credit reserve build / (release) for loans and provision for credit losses on unfunded lending commitments.

(e) VaR estimates, at a 99% confidence level, the potential decline in the value of a position or a portfolio under normal market conditions assuming a one-day holding period. VaR statistics, which are based on historical data, can be materially different across firms due to differences in portfolio composition, VaR methodologies and model parameters.

Markets

Markets revenues of $4.6 billion increased 36%, driven by growth in Fixed Income and Equity markets revenues.

Fixed Income markets revenues of $3.5 billion increased 37%, driven by rates and currencies and spread products and other fixed income. The increase in rates and currencies was driven by increased client activity and a favorable trading environment, combined with the comparison to a challenged quarter in the prior-year period. The increase in spread products and other fixed income was driven by increased client activity in credit and mortgage trading, higher securitization volumes and higher commodities revenues.

Equity markets revenues of $1.1 billion increased 34%, largely driven by cash equities. Equity markets also had continued growth in prime balances⁽¹⁰⁾, up approximately 23%.

Markets operating expenses of $3.2 billion decreased 8%, primarily driven by lower legal expenses and productivity savings.

Markets cost of credit was $134 million, compared to $209 million in the prior-year period, driven by a smaller increase in the ACL, primarily due to a reduction in transfer risk⁽⁹⁾, partially offset by a build in spread products. The lower cost of credit was also due to lower net credit losses.

Markets net income of $1.0 billion, compared to a net loss of $(140) million, driven by the higher revenues, the lower expenses and the lower cost of credit.


Banking ($in millions, except as otherwise noted)	4Q’24		3Q’24		4Q’23		QoQ%	YoY%	2024		2023		%Δ

Investment Banking		925		934		687	(1)%	35%		3,637		2,632	38%
Corporate Lending^(a)		322		742		422	(57)%	(24)%		2,744		2,526	9%
Total Banking revenues^(a)^(b)		1,247		1,676		1,109	(26)%	12%		6,381		5,158	24%
Gain / (loss) on loan hedges^(a)		(6)		(79)		(131)	92%	95%		(180)		(443)	59%
Total Banking revenues including gain/(loss) on loan hedges^(a)		1,241		1,597		978	(22)%	27%		6,201		4,715	32%

Total operating expenses		1,051		1,116		1,161	(6)%	(9)%		4,477		4,877	(8)%
Net credit losses		7		36		71	(81)%	(90)%		149		169	(12)%
Net ACL build / (release)^(c)		(204)		121		(226)	NM	10%		(328)		(699)	53%
Other provisions^(d)		(43)		20		339	NM	NM		(45)		387	NM
Total cost of credit		(240)		177		184	NM	NM		(224)		(143)	(57)%

Net income	$	356	$	238	$	(296)	50%	NM	$	1,524	$	(35)	NM


Banking Key Statistics and Metrics
Allocated Average TCE^(e) ($B)		22		22		21	-	2%		22		21	2%
RoTCE^(e)		6.5%		4.3%		(5.5)%	220 bps	1,200 bps		7.0%		(0)%	720 bps
Average loans ($B)		84		88		89	(5)%	(6)%		88		92	(4)%

Advisory		353		394		286	(10)%	23%		1,245		1,017	22%
Equity underwriting		214		129		110	66%	95%		688		500	38%
Debt underwriting		384		476		310	(19)%	24%		1,924		1,196	61%
Investment Banking fees		951		999		706	(5)%	35%		3,857		2,713	42%

Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.

(a) Excludes gain / (loss) on credit derivatives as well as the mark-to-market on loans at fair value. For additional information, please refer to Footnote 11.

(b) Banking includes revenues earned by Citigroup that are subject to a revenue sharing arrangement with Banking—Corporate Lending for Investment Banking, Markets, and Services products sold to Corporate Lending clients.

(d) Includes provisions on Other Assets and HTM debt securities.

(e) TCE and RoTCE are non-GAAP financial measures. See Appendix H for a reconciliation of the summation of the segments’ and component’s average allocated TCE to Citi’s total average TCE and Citi’s total average stockholders’ equity.

Banking

Banking revenues of $1.2 billion increased 27%, largely driven by growth in Investment Banking.

Investment Banking revenues of $925 million increased 35%, driven by an increase in Investment Banking fees of 35%, reflecting growth across all products. Debt Capital Markets benefited from continued investment grade issuance momentum and increased leveraged finance activity, while Equity Capital Markets saw strong issuance activity. Growth in Advisory was driven by continued strong client engagement as well as the completion of previously announced acquisitions, given a more conducive macroeconomic environment.

Corporate Lending revenues of $322 million, excluding mark-to-market on loan hedges,⁽¹¹⁾ decreased 24%, driven by lower revenue share and volumes, partially offset by a smaller impact from the Argentina currency devaluation.

Banking operating expenses of $1.1 billion decreased 9%, primarily driven by benefits of prior repositioning actions, partially offset by higher volume-related expenses.

Banking cost of credit was a benefit of $(240) million, compared to a provision of $184 million in the prior-year period, driven by an ACL release, primarily resulting from a reduction in transfer risk⁽⁹⁾, as well as lower net credit losses.

Banking net income of $356 million increased 220%, reflecting the higher revenues, the lower expenses and the lower cost of credit.


Wealth ($ in millions, except as otherwise noted)	4Q’24		3Q’24		4Q’23		QoQ%	YoY%	2024		2023		%r

Private Bank		590		614		542	(4)%	9%		2,386		2,332	2%
Wealth at Work		256		244		211	5%	21%		876		862	2%
Citigold		1,157		1,144		911	1%	27%		4,250		3,827	11%
Total revenues, net of interest expense		2,003		2,002		1,664	-	20%		7,512		7,021	7%

Total operating expenses		1,570		1,601		1,623	(2)%	(3)%		6,355		6,485	(2)%

Net credit losses		30		27		31	11%	(3)%		121		98	23%
Net ACL build / (release)^(a)		(11)		7		(26)	NM	58%		(245)		(97)	(153)%
Other provisions^(b)		1		(1)		(1)	NM	NM		(2)		(4)	50%
Total cost of credit		20		33		4	(39)%	400%		(126)		(3)	NM

Net income	$	334	$	283	$	21	18%	NM	$	1,002	$	419	139%


Wealth Key Statistics and Metrics ($B)
Allocated Average TCE^(c)		13		13		13	-	(1)%		13		13	(1)%
RoTCE^(c)		10.1%		8.5%		0.6%	160 bps	950 bps		7.6%		3.1%	450 bps

Loans		148		151		151	(2)%	(3)%
Deposits		313		316		319	(1)%	(2)%
Client investment assets^(d)		587		580		496	1%	18%
EOP client balances		1,048		1,047		966	-	8%

Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.

(a) Includes credit reserve build / (release) for loans and provision for credit losses on unfunded lending commitments.

(b) Includes provisions on Other Assets and policyholder benefits and claims.

(c) TCE and RoTCE are non-GAAP financial measures. See Appendix H for a reconciliation of the summation of the segments’ and component’s average allocated TCE to Citi’s total average TCE and Citi’s total average stockholders’ equity.

(d) Includes assets under management, and trust and custody assets. 4Q24 Client investment assets is preliminary.

Wealth

Wealth revenues of $2.0 billion increased 20%, driven by a 22% increase in non-interest revenue, reflecting higher investment fee revenues on growth in client investment assets, as well as a 20% increase in net interest income driven by higher average deposit spreads and volumes.

Private Bank revenues of $590 million increased 9%, mainly due to improved deposit spreads and higher investment fee revenues, partially offset by higher mortgage funding costs.

Wealth at Work revenues of $256 million increased 21%, primarily driven by improved deposit spreads and higher investment fee revenues, partially offset by higher mortgage funding costs.

Citigoldrevenues of $1.2 billion increased 27%, driven by higher deposit spreads, higher deposit volumes reflecting the transfer of relationships and the associated deposits from USPB, and higher investment fee revenues.

Wealth operating expenses of $1.6 billion decreased 3%, primarily driven by the benefits of prior repositioning actions.

Wealth cost of credit was $20 million, compared to $4 million in the prior-year period, largely due to a lower ACL release.

Wealth net income was $334 million, compared to $21 million in the prior-year period, driven by the higher revenues and the lower expenses, partially offset by the higher cost of credit.


USPB ($ in millions, except as otherwise noted)	4Q’24		3Q’24		4Q’23		QoQ%	YoY%	2024		2023		%r

Branded Cards		2,794		2,731		2,620	2%	7%		10,702		9,988	7%
Retail Services		1,753		1,715		1,636	2%	7%		7,114		6,617	8%
Retail Banking		685		599		684	14%	-		2,558		2,582	(1)%
Total revenues, net of interest expense		5,232		5,045		4,940	4%	6%		20,374		19,187	6%

Total operating expenses		2,547		2,457		2,594	4%	(2)%		9,965		10,102	(1)%

Net credit losses		1,920		1,864		1,599	3%	20%		7,579		5,234	45%
Net ACL build / (release)^(a)		246		41		472	500%	(48)%		1,006		1,465	(31)%
Other provisions^(b)		4		4		3	-	33%		13		8	63%
Total cost of credit		2,170		1,909		2,074	14%	5%		8,598		6,707	28%

Net income	$	392	$	522	$	201	(25)%	95%	$	1,382	$	1,820	(24)%


USPB Key Statistics and Metrics ($B)
Allocated average TCE^(c)		25		25		22	-	15%		25		22	15%
RoTCE^(c)		6.2%		8.2%		3.6%	(200) bps	260 bps		5.5%		8.3%	(280) bps
Average loans		216		210		202	3%	7%		209		193	8%
Average deposits		86		85		105	1%	(18)%		91		110	(17)%
US cards average loans		165		162		158	2%	4%
US credit card spend volume		161		151		156	7%	3%
New account acquisitions (in thousands)		3,520		3,023		3,722	16%	(5)%

Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.

(a) Includes credit reserve build / (release) for loans and provision for credit losses on unfunded lending commitments.

(b) Includes provisions on policyholder benefits and claims and Other Assets.

U.S. Personal Banking (USPB)

USPB revenues of $5.2 billion increased 6%, driven by higher net interest income due to loan growth in cards and higher non-interest revenue due to lower partner payments.

Branded Cards revenues of $2.8 billion increased 7%, driven by interest-earning balance growth of 7%, as payment rates continue to normalize, and spend volume growth, up 5%.

Retail Services revenues of $1.8 billion increased 7%, driven by the lower partner payments due to higher net credit losses, as well as interest-earning balance growth of 3%.

Retail Banking revenues of $685 million were largely unchanged, as higher deposit spreads were offset by the transfer of relationships and the associated deposits to Wealth.

USPB operating expenses of $2.5 billion decreased 2%, driven by continued productivity savings, partially offset by higher volume-related expenses.

USPB cost of credit was $2.2 billion, compared to $2.1 billion in the prior-year period. The increase was driven by higher net credit losses, reflecting that multiple card loan vintages originated over the last few years continue to mature and the effects from the elevated inflationary and interest rate environment, partially offset by a smaller ACL build for loans.

USPB net income of $392 million increased 95%, driven by the higher revenues and the lower expenses, partially offset by the higher cost of credit.


All Other (Managed Basis) ^{(a) (b)} ($ in millions, except as otherwise noted)	4Q’24		3Q’24		4Q’23		QoQ%	YoY%	2024		2023		%Δ

Legacy Franchises (managed basis)		1,578		1,739		1,728	(9)%	(9)%		6,873		7,327	(6)%

Corporate / Other		(228)		86		309	NM	NM		668		2,115	(68)%

Total revenues		1,350		1,825		2,037	(26)%	(34)%		7,541		9,442	(20)%


Total operating expenses		2,177		2,082		4,480	5%	(51)%		9,068		11,241	(19)%


Net credit losses		257		208		236	24%	9%		928		870	7%

Net ACL build / (release)^(c)		111		48		83	131%	34%		57		80	(29)%

Other provisions^(d)		29		33		141	(12)%	(79)%		130		354	(63)%

Total cost of credit		397		289		460	37%	(14)%		1,115		1,304	(14)%


Net (loss)	$	(1,070)	$	(483)	$	(2,300)	(122)%	53%	$	(2,432)	$	(2,141)	(14)%


All Other Key Statistics and Metrics ($B)

Allocated Average TCE^(e)		30		29		32	1%	(9)%		28		31	(10)%

Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.

(a) Includes Legacy Franchises and certain unallocated costs of global staff functions (including finance, risk, human resources, legal and compliance-related costs), other corporate expenses, and unallocated global operations and technology expenses and income taxes, as well as Corporate Treasury investment activities and discontinued operations.

(b) Reflects results on a managed basis, which excludes divestiture-related impacts related to Citi’s divestitures of its Asia consumer banking businesses and the planned divestiture of Mexico consumer banking, small business and middle-market banking within Legacy Franchises. For additional information, please refer to Footnote 12.

(d) Includes provisions on Other Assets and policyholder benefits and claims.

(e) TCE is a non-GAAP financial measure. See Appendix H for a reconciliation of the summation of the segments’ and component’s average allocated TCE.

All Other (Managed Basis)⁽¹²⁾

All Other (managed basis) revenues of $1.4 billion decreased 34%, primarily driven by net investment securities losses due to the repositioning of the investment securities portfolio, higher funding costs and the closed exits and wind-downs.

Legacy Franchises (managed basis)⁽¹²⁾ revenues of $1.6 billion decreased 9%, largely driven by the closed exits and wind-downs.

Corporate / Other revenues of $(228) million decreased from $309 million in the prior-year period, driven by the net investment securities losses due to the repositioning of the investment securities portfolio and higher funding costs.

All Other (managed basis) expenses of $2.2 billion decreased 51%, primarily driven by the absence of the restructuring charge and FDIC special assessment recognized in the prior-year period, as well as a reduction from the closed exits and wind-downs.

All Other (managed basis) cost of credit was $397 million, compared to $460 million in the prior-year period, driven by a smaller increase in the ACL due to a reduction in transfer risk⁽⁹⁾, partially offset by a higher ACL build for loans in Mexico.

All Other (managed basis) net loss was $(1.1) billion, compared to $(2.3) billion in the prior-year period, driven by the lower expenses and the lower cost of credit, partially offset by the lower revenues.

Citigroup will host a conference call today at 11:00 AM (ET). A live webcast of the presentation, as well as financial results and presentation materials, will be available at https://www.citigroup.com/global/investors. The live webcast of the presentation can also be accessed at https://www.veracast.com/webcasts/citigroup/webinars/CITI4Q24.cfm.

Additional financial, statistical and business-related information, as well as business and segment trends, is included in a Quarterly Financial Data Supplement. Both this earnings release and Citigroup’s Fourth Quarter 2024 Quarterly Financial Data Supplement are available on Citigroup’s website at www.citigroup.com.

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Certain statements in this release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors. These factors include, among others: (i) geopolitical, macroeconomic and other challenges and uncertainties, including those related to potential changes to policies and in other priorities resulting from the new U.S. administration and Congress, changes in interest rate policies, economic growth and unemployment rates, any resurgence in inflation, the Russia-Ukraine war and conflicts in the Middle East; (ii) the execution and efficacy of Citi’s transformation, simplification and other priorities, including those related to its investment, expense, capital and other revenue-related actions; (iii) the potential outcomes of the extensive legal and regulatory proceedings, examinations, investigations, consent orders and related compliance efforts and other inquiries to which Citi is or may be subject; (iv) ongoing regulatory and legislative uncertainties and changes, including changes in regulatory capital rules, requirements or interpretations; and (v) the precautionary statements included in this release. These factors also consist of those contained in Citigroup’s filings with the U.S. Securities and Exchange Commission, including without limitation the “Risk Factors” section of Citigroup’s 2023 Form 10-K. Any forward-looking statements made by or on behalf of Citigroup speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.

Contacts:

Investors: Jennifer Landis (212) 559-2718

Press: Danielle Romero-Apsilos (212) 816-2264

Appendix A


Citigroup ($ in millions)	4Q’24		3Q’24		4Q’23

Net Income	$	2,856	$	3,238	$	(1,839)
Less:
Preferred Dividends		256		277		300
Net Income (Loss) to Common Shareholders	$	2,600	$	2,961	$	(2,139)

Average Common Equity	$	191,624	$	191,444	$	189,440
Less:
Average Goodwill and Intangibles		22,981		23,155		24,268
Average Tangible Common Equity (TCE)	$	168,643	$	168,289	$	165,172

ROCE		5.4%		6.2%		(4.5)%

RoTCE		6.1%		7.0%		(5.1)%


Citigroup ($ in millions)	2024		2023
Net Income (Loss)	$	12,682	$	9,228
Less:
Preferred Dividends		1,054		1,198
Net Income (Loss) to Common Shareholders	$	11,628	$	8,030

Average Common Equity	$	190,070	$	187,730
Less:
Average Goodwill and Intangibles		23,349		24,374
Average Tangible Common Equity (TCE)	$	166,721	$	163,356

ROCE		6.1%		4.3%

RoTCE		7.0%		4.9%

Appendix B


Citigroup ($ in millions)	4Q’24		4Q’23		% Δ YoY
Total Citigroup Revenues - As Reported	$	19,581	$	17,440	12%
Less:
Total Divestiture-related Impact on Revenues		4		(62)
Argentina currency devaluation Impact on Revenues		(71)		(880)
Total Citigroup Revenues, Excluding Total Divestiture-related and Argentina currency devaluation Impact	$	19,648	$	18,382	7%

Total Citigroup Operating Expenses - As Reported	$	13,186	$	15,996	(18)%
Less:
Total Divestiture-related Impact on Operating Expenses		56		106
FDIC special assessment Impact on Operating Expenses		(26)		1,706
Total Citigroup Operating Expenses, Excluding Total Divestiture-related and FDIC special assessment Impact	$	13,156	$	14,184	(7)%

Total Services Revenues - As Reported	$	5,175	$	4,517	15%
Less:
Argentina currency devaluation Impact on Revenues		(51)		(579)
Total Services Revenues, Excluding Argentina currency devaluation Impact	$	5,226	$	5,096	3%

Appendix C ^(a)


All Other ($ in millions)	4Q’24		3Q’24		4Q’23		% Δ QoQ		% Δ YoY		2024		2023		% Δ YoY

All Other Revenues, Managed Basis	$	1,350	$	1,825	$	2,037		(26)%		(34)%	$	7,541	$	9,442	(20)%
Add:
All Other Divestiture-related Impact on Revenue^(g)		4		1		(62)						26		1,346
All Other Revenues (U.S. GAAP)	$	1,354	$	1,826	$	1,975		(26)%		(31)%	$	7,567	$	10,788	(30)%

All Other Operating Expenses, Managed Basis	$	2,177	$	2,082	$	4,480		5%		(51)%	$	9,068	$	11,241	(19)%
Add:
All Other Divestiture-related Impact on Operating Expenses^{(b)(c)(d)(e)(f)(g)}		56		67		106						318		372
All Other Operating Expenses (U.S. GAAP)	$	2,233	$	2,149	$	4,586		4%		(51)%	$	9,386	$	11,613	(19)%

All Other Cost of Credit, Managed Basis	$	397	$	289	$	460		37%		(14)%	$	1,115	$	1,304	(14)%
Add:
All Other Divestiture-related Impact on Net credit losses		-		(1)		33						7		(6)
All Other Divestiture-related Impact on Net ACL build / (release)^(h)		-		-		(63)						-		(61)
All Other Divestiture-related Impact on Other provisions⁽ⁱ⁾		-		-		-						-		-
All Other Citigroup Cost of Credit (U.S. GAAP)	$	397	$	288	$	430		38%		(8)%	$	1,122	$	1,237	(9)%

All Other Net Income (Loss), Managed Basis	$	(1,070)	$	(483)	$	(2,300)		(122)%		53%	$	(2,432)	$	(2,141)	(14)%
Add:
All Other Divestiture-related Impact on Revenue^(g)		4		1		(62)						26		1,346
All Other Divestiture-related Impact on Operating Expenses^{(b)(c)(d)(e)(f)(g)}		(56)		(67)		(106)						(318)		(372)
All Other Divestiture-related Impact on Cost of Credit^(h)(i)		-		1		30						(7)		67
All Other Divestiture-related Impact on Taxes^{(b)(c)(d)(e)(f)(g)}		16		20		27						92		(382)
All Other Net Income (Loss) (U.S. GAAP)	$	(1,106)	$	(528)	$	(2,411)		(109)%		54%	$	(2,639)	$	(1,482)	(78)%

(a) Reconciling Items consist of the divestiture-related impacts excluded from the results of All Other, as well as All Other—Legacy Franchises on a managed basis.

(b) 4Q23 includes approximately $106 million in expenses (approximately $75 million after-tax), primarily related to separation costs in Mexico and severance costs in Asia exit markets. For additional information, see Citi’s Annual Report on Form 10-K for the annual period ended December 31, 2023.

(c) 1Q24 includes approximately $110 million in operating expenses (approximately $77 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. For additional information, see Citi’s Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024.

(d) 2Q24 includes approximately $85 million in operating expenses (approximately $58 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. For additional information, see Citi’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024.

(e) 3Q24 includes approximately $67 million in operating expenses (approximately $46 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. For additional information, see Citi’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024.

(f) 4Q24 includes approximately $56 million in operating expenses (approximately $39 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets.

(g) For the full year of 2023, revenues included an approximate $1.059 billion gain on sale (approximately $727 million after taxes) related to Citi’s sale of the India consumer banking business, as well as the approximate $403 million gain on sale (approximately $284 million after-tax) related to Citi’s sale of the Taiwan consumer banking business. In addition, for the full year of 2023, expenses included approximately $372 million (approximately $263 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. For additional information, see Citi’s Annual Report on Form 10-K for the year ended December 31, 2023.

(h) Includes credit reserve build / (release) for loans and provision for credit losses on unfunded lending commitments.

(i) Includes provisions for policyholder benefits and claims and other assets.

Appendix D


($ in millions)	4Q’24^(a)		3Q’24		4Q’23

Citigroup Common Stockholders’ Equity^(b)	$	190,815	$	192,796	$	187,937
Add: Qualifying noncontrolling interests		186		168		153
Regulatory Capital Adjustments and Deductions:
Add: CECL transition provision^(c)		757		757		1,514
Less:
Accumulated net unrealized gains (losses) on cash flow hedges, net of tax		(221)		(773)		(1,406)
Cumulative unrealized net gain (loss) related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax		(867)		(906)		(410)
Intangible Assets:
Goodwill,net of related deferred tax liabilities (DTLs)^(d)		17,994		18,397		18,778
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs		3,357		3,061		3,349
Defined benefit pension plan net assets and other		1,504		1,447		1,317
Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards^(e)		11,113		11,318		12,075
Excess over 10% / 15% limitations for other DTAs, certain common stock investments, and MSRs^(e)(f)		3,516		3,071		2,306

Common Equity Tier 1 Capital (CET1)	$	155,362	$	158,106	$	153,595

Risk-Weighted Assets (RWA)^(c)	$	1,144,679	$	1,153,150	$	1,148,608

Common Equity Tier 1 Capital Ratio (CET1 / RWA)^(c)		13.6%		13.7%		13.4%

Note: Citi’s binding CET1 Capital ratios were derived under the Basel III Standardized Approach for all periods reflected.

(a) Preliminary.

(b) Excludes issuance costs related to outstanding preferred stock in accordance with Federal Reserve Board regulatory reporting requirements.

(d) Includes goodwill “embedded” in the valuation of significant common stock investments in unconsolidated financial institutions.

(e) Represents deferred tax excludable from Basel III CET1 Capital, which includes net DTAs arising from net operating loss, foreign tax credit and general business credit tax carry-forwards and DTAs arising from temporary differences (future deductions) that are deducted from CET1 Capital exceeding the 10% limitation.

(f) Assets subject to 10% / 15% limitations include MSRs, DTAs arising from temporary differences and significant common stock investments in unconsolidated financial institutions. For all periods presented, the deduction related only to DTAs arising from temporary differences that exceeded the 10% limitation.

Appendix E


($ in millions)	4Q’24^(a)		3Q’24		4Q’23

Common Equity Tier 1 Capital (CET1)^(b)	$	155,362	$	158,106	$	153,595

Additional Tier 1 Capital (AT1)^(c)		19,164		17,682		18,909

Total Tier 1 Capital (T1C) (CET1 + AT1)	$	174,526	$	175,788	$	172,504

Total Leverage Exposure (TLE)^(b)	$	2,988,868	$	3,005,709	$	2,964,954

Supplementary Leverage Ratio (T1C / TLE)^(b)		5.8%		5.8%		5.8%

(a) Preliminary.

(b) Please refer to Footnote 2 at the end of this press release for additional information.

(c) Additional Tier 1 Capital primarily includes qualifying noncumulative perpetual preferred stock and qualifying trust preferred securities.

Appendix F


($ and shares in millions)	4Q’24^(a)		3Q’24		4Q’23

Common Stockholders’ Equity	$	190,748	$	192,733	$	187,853

Less:

Goodwill		19,300		19,691		20,098

Intangible Assets (other than MSRs)		3,734		3,438		3,730

Goodwill and Identifiable Intangible Assets (other than MSRs) Related to Businesses Held-for-Sale		16		16		-

Tangible Common Equity (TCE)	$	167,698	$	169,588	$	164,025

Common Shares Outstanding (CSO)		1,877.1		1,891.3		1,903.1

Tangible Book Value Per Share	$	89.34	$	89.67	$	86.19

(a) Preliminary.

Appendix G


Banking ($ in millions)	4Q’24		3Q’24		4Q’23		% Δ QoQ	% Δ YoY
Corporate Lending Revenues - As Reported	$	316	$	663	$	291	(52)%	9%

Less:

Gain/(loss) on loan hedges^(a)		(6)		(79)		(131)	92%	95%

Corporate Lending Revenues - Excluding Gain/(loss) on loan hedges	$	322	$	742	$	422	(57)%	(24)%


Banking ($ in millions)	2024		2023		% Δ YoY
Corporate Lending Revenues - As Reported	$	2,564	$	2,083	23%
Less:
Gain/(loss) on loan hedges^(a)		(180)		(443)	59%
Corporate Lending Revenues - Excluding Gain/(loss) on loan hedges	$	2,744	$	2,526	9%

(a) Please refer to Footnote 11 at the end of this press release for additional information.

Appendix H


($ in billions)	4Q’24		3Q’24		4Q’23

Average Tangible Common Equity (TCE)
Services		24.9		24.9		23.0
Markets		54.0		54.0		53.1
Banking		21.8		21.8		21.4
USPB		25.2		25.2		21.9
Wealth		13.2		13.2		13.4
All Other		29.5		29.2		32.4
Total Citigroup Average TCE	$	168.6	$	168.3	$	165.2
Plus:
Average Goodwill		19.4		19.6		20.4
Average Intangible Assets (other than MSRs)		3.6		3.5		3.8
Average Goodwill and Identifiable Intangible Assets (other than MSRs) Related to Businesses Held-for-Sale		-		-		-
Total Citigroup Average Common Stockholders’ Equity	$	191.6	$	191.4	$	189.4

Appendix I


Citigroup ($ in millions, except per share amounts)	4Q’23
Citigroup Diluted EPS - As Reported	$	(1.16)
Add:
Total Notable Items Impact on Diluted EPS^(a)		2.00
Citigroup Diluted EPS, Excluding Notable Items	$	0.84

(a) Please refer to Footnote 5 at the end of this press release for additional information.

⁽¹⁾ Ratios as of December 31, 2024 are preliminary. Citigroup’s allocated average tangible common equity (TCE) and return on average tangible common equity (RoTCE) are non-GAAP financial measures. RoTCE represents annualized net income available to common shareholders as a percentage of average TCE. For the components of these calculations, see Appendix A. See Appendix F for a reconciliation of common equity to TCE. For a reconciliation of the summation of the segments’ and components’ average allocated TCE to Citigroup’s total average stockholder’s equity, see Appendix H.

As used herein, 2026 RoTCE is a forward-looking non-GAAP financial measure. From time to time, management may discuss forward-looking non-GAAP financial measures, such as forward-looking estimates or targets for revenue, expenses and RoTCE. Citi is unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because Citi is unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant for future results.

⁽²⁾Ratios as of December 31, 2024 are preliminary. Citigroup’s Common Equity Tier 1 (CET1) Capital ratio and Supplementary Leverage ratio (SLR) reflect certain deferrals based on the modified regulatory capital transition provision related to the Current Expected Credit Losses (CECL) standard. Excluding these deferrals, Citigroup’s CET1 Capital ratio and SLR as of December 31, 2024 would be 13.5% and 5.8%, respectively, on a fully reflected basis. For additional information, see “Capital Resources—Regulatory Capital Treatment—Modified Transition of the Current Expected Credit Losses Methodology” in Citigroup’s 2023 Annual Report on Form 10-K.

For the composition of Citigroup’s CET1 Capital and ratio, see Appendix D. For the composition of Citigroup’s SLR, see Appendix E.

⁽³⁾Citigroup’s payout ratio is the sum of common dividends and common share repurchases divided by net income available to common shareholders.

⁽⁴⁾Citigroup’s tangible book value per share is a non-GAAP financial measure. See Appendix F for a reconciliation of common equity to tangible common equity and resulting calculation of tangible book value per share.

⁽⁵⁾As previously disclosed, fourth quarter 2023 results included several notable pre-tax items consisting of: (i) an approximately $1.7 billion charge to operating expenses related to the Federal Deposit Insurance Corporation (FDIC) special assessment; (ii) an approximately $1.3 billion net ACL reserve build driven by increases in transfer risk associated with exposures in Russia and Argentina, driven by safety and soundness considerations under U.S. banking law; (iii) an $(880) million revenue impact from the Argentina currency devaluation; and (iv) an approximately $781 million restructuring charge, recorded in operating expenses. In total, the items had a pre-tax impact of $(4.7) billion and an after-tax impact of $(3.8) billion in the fourth quarter of 2023 and negatively impacted diluted EPS by approximately $(2.00) and RoTCE by (9.2)%, reducing RoTCE from 4.1% to (5.1)%. Results of operation excluding the impact of these notable items are non-GAAP financial measures. For a reconciliation of diluted EPS to reported results, see Appendix I.

Fourth quarter 2024 results included the following pre-tax items: (i) an approximately $(26) million release of accruals associated with the FDIC special assessment; (ii) an approximately $47 million net ACL reserve build driven by an aggregate increase in transfer risk associated with exposures in Russia and Argentina driven by safety and soundness considerations under U.S. banking law; (iii) a $(71) million revenue impact from devaluation of the Argentine peso; and (iv) an $(11) million release of the restructuring accrual. In total, the items had a pre-tax impact of $(81) million and an after-tax impact of $(94) million in the fourth quarter of 2024 and did not have a meaningful impact to diluted EPS or RoTCE.

⁽⁶⁾Revenues excluding the impacts of the Argentina currency devaluation and/or divestiture-related impacts are non-GAAP financial measures. For a reconciliation to reported results, please refer to Appendices B and C.

⁽⁷⁾ Expenses excluding the impacts of the FDIC special assessment and divestiture-related impacts are non-GAAP financial measures. For a reconciliation to reported results, please refer to Appendices B and C.

⁽⁸⁾Repurchases by Citigroup under the new common stock repurchase program are subject to quarterly approval by Citigroup’s Board of Directors; may be effected from time to time through open market purchases, trading plans established in accordance with U.S. Securities and Exchange Commission rules, or other means; and as determined by Citigroup, may be subject to satisfactory market conditions, Citigroup’s capital position and capital requirements, applicable legal requirements and other factors.

⁽⁹⁾References to changes in transfer risk are in the aggregate and associated with exposures in Russia and/or Argentina, driven by safety and soundness considerations under U.S. banking law.

⁽¹⁰⁾Prime balances are defined as client’s billable balances where Citi provides cash or synthetic prime brokerage services.

⁽¹¹⁾ Credit derivatives are used to economically hedge a portion of the Corporate Lending portfolio that includes both accrual loans and loans at fair value. Gain / (loss) on loan hedges includes the mark-to-market on the credit derivatives and the mark-to-market on the loans in the portfolio that are at fair value. In the fourth quarter 2024, gain / (loss) on loan hedges included $(6) million related to Corporate Lending, compared to $(131) million in the prior-year period. In the full year 2024, gain / (loss) on loan hedges included $(180) million related to Corporate Lending, compared to $(443) million in the prior-year period. The fixed premium costs of these hedges are netted against the Corporate Lending revenues to reflect the cost of credit protection. Citigroup’s results of operations excluding the impact of gain / (loss) on loan hedges are non-GAAP financial measures. For a reconciliation to reported results, please refer to Appendix G.

⁽¹²⁾All Other (managed basis) reflects results on a managed basis, which excludes divestiture-related impacts, for all periods, related to Citigroup’s divestitures of its Asia consumer banking businesses and the planned divestiture of its Mexico consumer banking and small business and middle market banking within Legacy Franchises. Certain of the results of operations of All Other (managed basis) and Legacy Franchises (managed basis) that exclude divestiture-related impacts are non-GAAP financial measures. For additional information and a reconciliation of these results, please refer to Appendix C.

Document 2

EX-99.2 3 c-20240712xex99d2.htm EXHIBIT 99.2

Exhibit 99.2


CITIGROUP—QUARTERLY FINANCIAL DATA SUPPLEMENT	4Q24


		Page
	Citigroup
	Financial Summary	1
	Consolidated Statement of Income	2
	Consolidated Balance Sheet	3
	Operating Segments, Reporting Units, and Components—Net Revenues and Income	4

	Services	5
	Markets	6
	Banking	7
	Wealth	8
	U.S. Personal Banking (USPB)	9
	Metrics	10
	All Other	11
	Legacy Franchises	12
	Corporate/Other	13
	Reconciling Items—Divestiture-Related Impacts	14

	Citigroup Supplemental Detail
	Average Balances and Interest Rates	15
	EOP (End of period) Loans	16
	EOP Deposits	17
	Allowance for Credit Losses (ACL) Rollforward	18
	Allowance for Credit Losses on Loans (ACLL) and Unfunded Lending Commitments (ACLUC)	19 - 20
	Non-Accrual Assets	21
	CET1 Capital and Supplementary Leverage Ratios, Tangible Common Equity,	22
	Book Value Per Share and Tangible Book Value Per Share

CITIGROUP FINANCIAL SUMMARY

(In millions of dollars, except per share amounts and as otherwise noted)

											4Q24 Increase/		Full		Full		FY 2024 vs.
	4Q		1Q		2Q		3Q		4Q		(Decrease) from		Year		Year		FY 2023 Increase/
	2023		2024		2024		2024		2024		3Q24	4Q23	2023		2024		(Decrease)

Total revenues, net of interest expense⁽¹⁾⁽⁶⁾	$	17,440	$	21,104	$	20,139	$	20,315	$	19,581	(4%)	12%	$	78,462	$	81,139	3%
Total operating expenses^{(1)(2)(3)(4)(5)(6)}		15,996		14,195		13,353		13,250		13,186	-	(18%)		56,366		53,984	(4%)
Net credit losses (NCLs)		1,994		2,303		2,283		2,172		2,242	3%	12%		6,437		9,000	40%
Credit reserve build (release) for loans		478		119		76		210		321	53%	(33%)		1,349		726	(46%)
Provision / (release) for unfunded lending commitments		(81)		(98)		(8)		105		(118)	NM	(46%)		(425)		(119)	72%
Provisions for benefits and claims, other assets and HTM debt securities		1,156		41		125		188		148	(21%)	(87%)		1,825		502	(72%)
Provisions for credit losses and for benefits and claims		3,547		2,365		2,476		2,675		2,593	(3%)	(27%)		9,186		10,109	10%
Income (loss) from continuing operations before income taxes		(2,103)		4,544		4,310		4,390		3,802	(13%)	NM		12,910		17,046	32%
Income taxes (benefits)		(296)		1,136		1,047		1,116		912	(18%)	NM		3,528		4,211	19%
Income (loss) from continuing operations		(1,807)		3,408		3,263		3,274		2,890	(12%)	NM		9,382		12,835	37%
Income (loss) from discontinued operations, net of taxes		(1)		(1)		-		(1)		-	100%	100%		(1)		(2)	(100%)
Net income (loss) before noncontrolling interests		(1,808)		3,407		3,263		3,273		2,890	(12%)	NM		9,381		12,833	37%
Net income (loss) attributable to noncontrolling interests		31		36		46		35		34	(3%)	10%		153		151	(1%)
Citigroup's net income (loss)	$	(1,839)	$	3,371	$	3,217	$	3,238	$	2,856	(12%)	NM	$	9,228	$	12,682	37%

Diluted earnings per share:
Income (loss) from continuing operations	$	(1.16)	$	1.58	$	1.52	$	1.51	$	1.34	(11%)	NM	$	4.04	$	5.95	47%
Citigroup's net income (loss)	$	(1.16)	$	1.58	$	1.52	$	1.51	$	1.34	(11%)	NM	$	4.04	$	5.94	47%

Preferred dividends	$	300	$	279	$	242	$	277	$	256	(8%)	(15%)	$	1,198	$	1,054	(12%)

Income allocated to unrestricted common shareholders—basic
Income (loss) from continuing operations (for EPS purposes)	$	(2,217)	$	3,048	$	2,943	$	2,906	$	2,563	(12%)	NM	$	7,851	$	11,460	46%
Citigroup's net income (loss) (for EPS purposes)		(2,218)		3,047		2,943		2,905		2,563	(12%)	NM		7,850		11,458	46%

Income allocated to unrestricted common shareholders—diluted
Income (loss) from continuing operations (for EPS purposes)	$	(2,217)	$	3,063	$	2,962	$	2,926	$	2,583	(12%)	NM	$	7,908	$	11,534	46%
Citigroup's net income (loss) (for EPS purposes)		(2,218)		3,062		2,962		2,925		2,583	(12%)	NM		7,907		11,532	46%

Shares (in millions):
Average basic		1,909.7		1,910.4		1,907.7		1,899.9		1,887.6	(1%)	(1%)		1,930.1		1,901.4	(1%)
Average diluted		1,909.7		1,943.2		1,945.7		1,940.3		1,931.0	-	1%		1,955.8		1,940.1	(1%)
Common shares outstanding, at period end		1,903.1		1,907.4		1,907.8		1,891.3		1,877.1	(1%)	(1%)

Regulatory capital ratios and performance metrics:
Common Equity Tier 1 (CET1) Capital ratio^(7)(8)(9)		13.37%		13.45%		13.59%		13.71%		13.6%
Tier 1 Capital ratio^(7)(8)(9)		15.02%		15.11%		15.30%		15.24%		15.2%
Total Capital ratio^(7)(8)(9)		15.13%		15.17%		15.41%		15.21%		15.3%
Supplementary Leverage ratio (SLR)^(7)(9)(10)		5.82%		5.84%		5.89%		5.85%		5.8%
Return on average assets		(0.30%)		0.55%		0.53%		0.52%		0.46%				0.38%		0.51%
Return on average common equity		(4.5%)		6.6%		6.3%		6.2%		5.4%				4.3%		6.1%
Average tangible common equity (TCE) (in billions of dollars)⁽¹¹⁾	$	165.2	$	164.7	$	166.1	$	168.3	$	168.6	-	2%	$	163.4	$	166.7	2%
Return on average tangible common equity (RoTCE)⁽¹¹⁾		(5.1%)		7.6%		7.2%		7.0%		6.1%	(90) bps	1,120 bps		4.9%		7.0%	210 bps
Efficiency ratio (total operating expenses/total revenues, net)		91.7%		67.3%		66.3%		65.2%		67.3%	210 bps	(2,440) bps		71.8%		66.5%	(530) bps

Balance sheet data (in billions of dollars, except per share amounts)⁽⁷⁾:
Total assets	$	2,411.8	$	2,432.5	$	2,405.7	$	2,430.7	$	2,357.1	(3%)	(2%)
Total average assets		2,427.3		2,450.3		2,456.5		2,492.1		2,474.8	(1%)	2%		2,442.2		2,468.4	1%
Total loans		689.4		674.6		687.7		688.9		694.5	1%	1%
Total deposits		1,308.7		1,307.2		1,278.1		1,310.0		1,284.5	(2%)	(2%)
Citigroup's stockholders' equity		205.5		206.6		208.3		209.1		208.6	-	2%
Book value per share		98.71		99.08		99.70		101.91		101.62	-	3%
Tangible book value per share⁽¹¹⁾		86.19		86.67		87.53		89.67		89.34	-	4%

Direct staff (in thousands)		239		237		229		229		229	-	(4%)

(1)	See footnote 2 on page 14.

(2)	See footnote 3 on page 14.

(3)	See footnote 4 on page 14.

(4)	See footnote 5 on page 14.

(5)	See footnote 6 on page 14.

(6)	See footnote 7 on page 14.

(7)	4Q24 is preliminary.

(8)

Citi's binding CET1 Capital and Tier 1 Capital ratios were derived under the Basel III Standardized Approach, whereas Citi's binding Total Capital ratios were derived under the Basel III Advanced Approaches framework for all periods presented. For the composition of Citi's CET1 Capital and ratio, see page 22.

(9)

Citi's regulatory capital ratios and components reflect certain deferrals based on the modified regulatory capital transition provision related to the Current Expected Credit Losses (CECL) standard. For additional information, see "Capital Resources—Regulatory Capital Treatment—Modified Transition of the Current Expected Credit Losses Methodology" in Citigroup's 2023 Annual Report on Form 10-K.

(10)	For the composition of Citi's SLR, see page 22.

(11)	TCE, RoTCE and Tangible book value per share are non-GAAP financial measures. See page 22 for a reconciliation of Tangible book value per share and Citi's average TCE to Citi's total average stockholders' equity.

Note: Ratios and variance percentages are calculated based on the displayed amounts.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 1

CITIGROUP CONSOLIDATED STATEMENT OF INCOME

(In millions of dollars)

											4Q24 Increase/		Full		Full		FY 2024 vs.
	4Q		1Q		2Q		3Q		4Q		(Decrease) from		Year		Year		FY 2023 Increase/
	2023		2024		2024		2024		2024		3Q24	4Q23	2023		2024		(Decrease)
Revenues
Interest income (including dividends)	$	36,379	$	36,223	$	35,987	$	36,456	$	35,047	(4%)	(4%)	$	133,258	$	143,713	8%
Interest expense		22,555		22,716		22,494		23,094		21,314	(8%)	(6%)		78,358		89,618	14%
Net interest income (NII)		13,824		13,507		13,493		13,362		13,733	3%	(1%)		54,900		54,095	(1%)

Commissions and fees		2,212		2,724		2,662		2,695		2,572	(5%)	16%		8,905		10,653	20%
Principal transactions		1,473		3,274		2,874		3,219		2,286	(29%)	55%		10,948		11,653	6%
Administrative and other fiduciary fees		925		1,037		1,046		1,059		992	(6%)	7%		3,781		4,134	9%
Realized gains (losses) on sales of investments, net		37		115		23		72		118	64%	219%		188		328	74%
Impairment losses on investments		(96)		(30)		(17)		(45)		(339)	NM	(253%)		(323)		(431)	(33%)
Provision for credit losses on available-for-sale (AFS) debt securities⁽¹⁾		(3)		-		(4)		4		1	(75%)	NM		(4)		1	NM
Other revenue (loss)		(932)		477		62		(51)		218	NM	NM		67		706	NM
Total non-interest revenues (NIR)		3,616		7,597		6,646		6,953		5,848	(16%)	62%		23,562		27,044	15%
Total revenues, net of interest expense		17,440		21,104		20,139		20,315		19,581	(4%)	12%		78,462		81,139	3%


Provisions for credit losses and for benefits and claims
Net credit losses on loans		1,994		2,303		2,283		2,172		2,242	3%	12%		6,437		9,000	40%
Credit reserve build / (release) for loans		478		119		76		210		321	53%	(33%)		1,349		726	(46%)
Provision for credit losses on loans		2,472		2,422		2,359		2,382		2,563	8%	4%		7,786		9,726	25%
Provision for credit losses on held-to-maturity (HTM) debt securities		-		10		(5)		50		(5)	NM	NM		(24)		50	NM
Provision for credit losses on other assets		1,132		4		112		110		136	24%	(88%)		1,762		362	(79%)
Policyholder benefits and claims		24		27		18		28		17	(39%)	(29%)		87		90	3%
Provision for credit losses on unfunded lending commitments		(81)		(98)		(8)		105		(118)	NM	(46%)		(425)		(119)	72%
Total provisions for credit losses and for benefits and claims⁽²⁾		3,547		2,365		2,476		2,675		2,593	(3%)	(27%)		9,186		10,109	10%

Operating expenses
Compensation and benefits		6,882		7,673		6,888		7,058		6,923	(2%)	1%		29,232		28,542	(2%)
Premises and equipment		695		585		597		606		650	7%	(6%)		2,508		2,438	(3%)
Technology / communication		2,414		2,246		2,238		2,273		2,278	-	(6%)		9,106		9,035	(1%)
Advertising and marketing		377		228		280		282		323	15%	(14%)		1,393		1,113	(20%)
Restructuring		781		225		36		9		(11)	NM	NM		781		259	(67%)
Other operating		4,847		3,238		3,314		3,022		3,023	-	(38%)		13,346		12,597	(6%)
Total operating expenses		15,996		14,195		13,353		13,250		13,186	-	(18%)		56,366		53,984	(4%)


Income (loss) from continuing operations before income taxes		(2,103)		4,544		4,310		4,390		3,802	(13%)	NM		12,910		17,046	32%
Provision (benefit) for income taxes		(296)		1,136		1,047		1,116		912	(18%)	NM		3,528		4,211	19%

Income (loss) from continuing operations		(1,807)		3,408		3,263		3,274		2,890	(12%)	NM		9,382		12,835	37%

Discontinued operations
Income (loss) from discontinued operations		(1)		(1)		-		(1)		-	100%	100%		(1)		(2)	(100%)
Provision (benefit) for income taxes		-		-		-		-		-	-	-		-		-	-
Income (loss) from discontinued operations, net of taxes		(1)		(1)		-		(1)		-	100%	100%		(1)		(2)	(100%)

Net income (loss) before attribution to noncontrolling interests		(1,808)		3,407		3,263		3,273		2,890	(12%)	NM		9,381		12,833	37%
Noncontrolling interests		31		36		46		35		34	(3%)	10%		153		151	(1%)
Citigroup's net income (loss)	$	(1,839)	$	3,371	$	3,217	$	3,238	$	2,856	(12%)	NM	$	9,228	$	12,682	37%

(1)	This presentation is in accordance with ASC 326, which requires the provision for credit losses on AFS debt securities to be included in revenue.

(2)	This total excludes the provision for credit losses on AFS debt securities, which is disclosed separately above.

N/A Not applicable.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 2

CITIGROUP CONSOLIDATED BALANCE SHEET

(In millions of dollars)

											4Q24 Increase/
	December 31,		March 31,		June 30,		September 30,		December 31,		(Decrease) from
	2023		2024		2024		2024		2024⁽¹⁾		3Q24	4Q23
Assets
Cash and due from banks (including segregated cash and other deposits)	$	27,342	$	25,174	$	26,917	$	25,266	$	22,782	(10%)	(17%)
Deposits with banks, net of allowance		233,590		247,556		219,217		277,828		253,750	(9%)	9%
Securities borrowed and purchased under resale agreements, net of allowance		345,700		344,264		317,970		285,928		278,252	(3%)	(20%)
Brokerage receivables, net of allowance		53,915		61,314		64,563		63,653		50,841	(20%)	(6%)
Trading account assets		411,756		431,468		446,339		458,072		442,747	(3%)	8%
Investments
Available-for-sale debt securities		256,936		254,898		249,362		234,444		226,876	(3%)	(12%)
Held-to-maturity debt securities, net of allowance		254,247		252,459		251,125		248,274		242,382	(2%)	(5%)
Equity securities		7,902		7,826		7,789		7,953		7,399	(7%)	(6%)
Total investments		519,085		515,183		508,276		490,671		476,657	(3%)	(8%)
Loans
Consumer⁽²⁾		389,197		381,759		386,117		389,151		393,102	1%	1%
Corporate⁽³⁾		300,165		292,819		301,605		299,771		301,386	1%	-
Loans, net of unearned income		689,362		674,578		687,722		688,922		694,488	1%	1%
Allowance for credit losses on loans (ACLL)		(18,145)		(18,296)		(18,216)		(18,356)		(18,574)	(1%)	(2%)
Total loans, net		671,217		656,282		669,506		670,566		675,914	1%	1%
Goodwill		20,098		20,042		19,704		19,691		19,300	(2%)	(4%)
Intangible assets (including MSRs)		4,421		4,338		4,226		4,121		4,494	9%	2%
Premises and equipment, net of depreciation and amortization		28,747		29,188		29,399		30,096		30,192	-	5%
Other assets, net of allowance		95,963		97,701		99,569		104,771		102,206	(2%)	7%
Total assets	$	2,411,834	$	2,432,510	$	2,405,686	$	2,430,663	$	2,357,135	(3%)	(2%)

Liabilities
Non-interest-bearing deposits in U.S. offices	$	112,089	$	112,535	$	117,607	$	118,034	$	123,338	4%	10%
Interest-bearing deposits in U.S. offices		576,784		570,259		546,772		558,461		551,547	(1%)	(4%)
Total U.S. deposits		688,873		682,794		664,379		676,495		674,885	-	(2%)
Non-interest-bearing deposits in offices outside the U.S.		88,988		87,936		83,150		84,913		84,349	(1%)	(5%)
Interest-bearing deposits in offices outside the U.S.		530,820		536,433		530,608		548,591		525,224	(4%)	(1%)
Total international deposits		619,808		624,369		613,758		633,504		609,573	(4%)	(2%)

Total deposits		1,308,681		1,307,163		1,278,137		1,309,999		1,284,458	(2%)	(2%)
Securities loaned and sold under repurchase agreements		278,107		299,387		305,206		278,377		258,945	(7%)	(7%)
Brokerage payables		63,539		73,013		73,621		81,186		66,601	(18%)	5%
Trading account liabilities		155,345		156,652		151,259		142,534		133,846	(6%)	(14%)
Short-term borrowings		37,457		31,910		38,694		41,340		48,505	17%	29%
Long-term debt		286,619		285,495		280,321		299,081		287,300	(4%)	-
Other liabilities, plus allowances⁽⁴⁾		75,835		71,492		69,304		68,244		68,114	-	(10%)
Total liabilities	$	2,205,583	$	2,225,112	$	2,196,542	$	2,220,761	$	2,147,769	(3%)	(3%)

Stockholders' equity
Preferred stock	$	17,600	$	17,600	$	18,100	$	16,350	$	17,850	9%	1%
Common stock		31		31		31		31		31	-	-
Additional paid-in capital		108,955		108,592		108,785		108,969		109,117	-	-
Retained earnings		198,905		200,956		202,913		204,770		206,294	1%	4%
Treasury stock, at cost		(75,238)		(74,865)		(74,842)		(75,840)		(76,842)	(1%)	(2%)
Accumulated other comprehensive income (loss) (AOCI)		(44,800)		(45,729)		(46,677)		(45,197)		(47,852)	(6%)	(7%)
Total common equity	$	187,853	$	188,985	$	190,210	$	192,733	$	190,748	(1%)	2%

Total Citigroup stockholders' equity	$	205,453	$	206,585	$	208,310	$	209,083	$	208,598	-	2%
Noncontrolling interests		798		813		834		819		768	(6%)	(4%)
Total equity		206,251		207,398		209,144		209,902		209,366	-	2%
Total liabilities and equity	$	2,411,834	$	2,432,510	$	2,405,686	$	2,430,663	$	2,357,135	(3%)	(2%)

(1)	December 31, 2024 is preliminary.

(2)	Consumer loans include loans managed by USPB, Wealth, and All Other—Legacy Franchises (other than Mexico small business and middle-market banking (Mexico SBMM), and the Assets Finance Group (AFG)).

(3)	Corporate loans include loans managed by Services, Markets, Banking, and All Other—Legacy Franchises—Mexico SBMM, and the AFG.

(4)	Includes allowance for credit losses for unfunded lending commitments. See page 19.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 3

OPERATING SEGMENT, REPORTING UNIT, AND COMPONENT DETAILS

(In millions of dollars)

											4Q24 Increase/		Full		Full		FY 2024 vs.
	4Q		1Q		2Q		3Q		4Q		(Decrease) from		Year		Year		FY 2023 Increase/
	2023		2024		2024		2024		2024		3Q24	4Q23	2023		2024		(Decrease)
Revenues, net of interest expense
Services	$	4,517	$	4,766	$	4,680	$	5,028	$	5,175	3%	15%	$	18,102	$	19,649	9%
Markets		3,366		5,357		5,086		4,817		4,576	(5%)	36%		18,649		19,836	6%
Banking		978		1,736		1,627		1,597		1,241	(22%)	27%		4,715		6,201	32%
Wealth		1,664		1,693		1,814		2,002		2,003	-	20%		7,021		7,512	7%
U.S. Personal Banking (USPB)		4,940		5,178		4,919		5,045		5,232	4%	6%		19,187		20,374	6%
All Other—managed basis⁽¹⁾⁽²⁾		2,037		2,386		1,980		1,825		1,350	(26%)	(34%)		9,442		7,541	(20%)
Reconciling Items—divestiture-related impacts⁽³⁾		(62)		(12)		33		1		4	300%	NM		1,346		26	(98%)
Total net revenues—reported	$	17,440	$	21,104	$	20,139	$	20,315	$	19,581	(4)%	12%	$	78,462	$	81,139	3%

Income (loss) from continuing operations
Services	$	807	$	1,515	$	1,498	$	1,683	$	1,888	12%	134%	$	4,701	$	6,584	40%
Markets		(128)		1,421		1,469		1,089		1,026	(6%)	NM		3,938		5,005	27%
Banking		(296)		527		409		236		357	51%	NM		(31)		1,529	NM
Wealth		21		175		210		283		334	18%	NM		419		1,002	139%
USPB		201		347		121		522		392	(25%)	95%		1,820		1,382	(24%)
All Other—managed basis⁽¹⁾⁽²⁾		(2,301)		(483)		(412)		(494)		(1,071)	(117%)	53%		(2,124)		(2,460)	(16%)
Reconciling Items—divestiture-related impacts⁽³⁾		(111)		(94)		(32)		(45)		(36)	20%	68%		659		(207)	NM
Income (loss) from continuing operations—reported		(1,807)		3,408		3,263		3,274		2,890	(12%)	260%		9,382		12,835	37%

Discontinued operations		(1)		(1)		-		(1)		-	100%	100%		(1)		(2)	(100%)

Net income (loss) attributable to noncontrolling interests		31		36		46		35		34	(3%)	10%		153		151	(1%)

Net income (loss)	$	(1,839)	$	3,371	$	3,217	$	3,238	$	2,856	(12%)	255%	$	9,228	$	12,682	37%

(1)

Includes Legacy Franchises and certain unallocated costs of global staff functions (including finance, risk, human resources, legal, and compliance-related costs), other corporate expenses, and unallocated global operations and technology expenses, and income taxes, as well as Corporate Treasury investment activities and discontinued operations.

(2)

Reflects results on a managed basis, which excludes divestiture-related impacts related to Citi’s divestitures of its Asia consumer banking businesses and the planned divestiture of Mexico consumer banking, small business and middle-market banking (Mexico Consumer/SBMM) within Legacy Franchises. See page 14 for additional information.

(3)	Reconciling Items consist of the divestiture-related impacts excluded from All Other on a managed basis. See page 14 for additional information. The Reconciling Items are fully reflected in the various line items in Citi’s Consolidated Statement of Income (page 2).

NM Not meaningful.

Reclassified to conform to the current period’s presentation.

Page 4

SERVICES

(In millions of dollars, except as otherwise noted)

											4Q24 Increase/		Full		Full		FY 2024 vs.
	4Q		1Q		2Q		3Q		4Q		(Decrease) from		Year		Year		FY 2023 Increase/
	2023		2024		2024		2024		2024		3Q24	4Q23	2023		2024		(Decrease)


Net interest income (including dividends)	$	3,442	$	3,317	$	3,225	$	3,435	$	3,446	-	-	$	13,251	$	13,423	1%
Fee revenue
Commissions and fees		815		797		867		847		816	(4%)	-		3,125		3,327	6%
Fiduciary and administrative, and other		606		685		695		701		635	(9%)	5%		2,501		2,716	9%
Total fee revenue		1,421		1,482		1,562		1,548		1,451	(6%)	2%		5,626		6,043	7%
Principal transactions		271		248		182		266		263	(1%)	(3%)		1,006		959	(5%)
All other⁽¹⁾		(617)		(281)		(289)		(221)		15	NM	NM		(1,781)		(776)	56%
Total non-interest revenue		1,075		1,449		1,455		1,593		1,729	9%	61%		4,851		6,226	28%
Total revenues, net of interest expense		4,517		4,766		4,680		5,028		5,175	3%	15%		18,102		19,649	9%
Total operating expenses		2,596		2,666		2,734		2,588		2,611	1%	1%		10,031		10,599	6%
Net credit losses (recoveries) on loans		(6)		6		-		14		28	100%	NM		40		48	20%
Credit reserve build (release) for loans		127		34		(100)		7		(71)	NM	NM		47		(130)	NM
Provision (release) for credit losses on unfunded lending commitments		(22)		12		2		7		(4)	NM	82%		(18)		17	NM
Provisions for credit losses for other assets and HTM debt securities		547		12		71		99		159	61%	(71%)		881		341	(61%)
Provision for credit losses		646		64		(27)		127		112	(12%)	(83%)		950		276	(71%)
Income from continuing operations before taxes		1,275		2,036		1,973		2,313		2,452	6%	92%		7,121		8,774	23%
Income taxes		468		521		475		630		564	(10%)	21%		2,420		2,190	(10%)
Income from continuing operations		807		1,515		1,498		1,683		1,888	12%	134%		4,701		6,584	40%
Noncontrolling interests		21		25		27		32		17	(47%)	(19%)		66		101	53%
Net income	$	786	$	1,490	$	1,471	$	1,651	$	1,871	13%	138%	$	4,635	$	6,483	40%
EOP assets (in billions)	$	586	$	577	$	569	$	608	$	584	(4%)	-
Average assets (in billions)		582		580		575		591		596	1%	2%	$	583	$	586	1%
Efficiency ratio		57%		56%		58%		51%		50%	(100) bps	(700) bps		55%		54%	(100) bps
Average allocated TCE (in billions)⁽²⁾	$	23.0	$	24.9	$	24.9	$	24.9	$	24.9	-	8%	$	23.0	$	24.9	8%
RoTCE⁽²⁾		13.6%		24.1%		23.8%		26.4%		29.9%	350 bps	1,630 bps		20.2%		26.0%	580 bps

Revenue by component
Net interest income	$	2,887	$	2,723	$	2,629	$	2,731	$	2,840	4%	(2%)	$	11,085	$	10,923	(1%)
Non-interest revenue		557		793		802		909		1,105	22%	98%		2,631		3,609	37%
Treasury and Trade Solutions (TTS)		3,444		3,516		3,431		3,640		3,945	8%	15%		13,716		14,532	6%
Net interest income		555		594		596		704		606	(14%)	9%		2,166		2,500	15%
Non-interest revenue		518		656		653		684		624	(9%)	20%		2,220		2,617	18%
Securities Services		1,073		1,250		1,249		1,388		1,230	(11%)	15%		4,386		5,117	17%
Total Services	$	4,517	$	4,766	$	4,680	$	5,028	$	5,175	3%	15%	$	18,102	$	19,649	9%

Revenue by geography
North America	$	1,299	$	1,243	$	1,298	$	1,367	$	1,507	10%	16%	$	5,131	$	5,415	6%
International		3,218		3,523		3,382		3,661		3,668	-	14%		12,971		14,234	10%
Total	$	4,517	$	4,766	$	4,680	$	5,028	$	5,175	3%	15%	$	18,102	$	19,649	9%

Key drivers⁽³⁾(in billions of dollars, except as otherwise noted)
Average loans by reporting unit
TTS	$	82	$	81	$	81	$	86	$	85	(1%)	4%	$	80	$	84	5%
Securities Services		1		1		1		1		2	100%	100%		1		1	-
Total	$	83	$	82	$	82	$	87	$	87	-	5%	$	81	$	85	5%

ACLL as a % of EOP loans⁽⁴⁾		0.47%		0.54%		0.37%		0.38%		0.30%	(8) bps	(17) bps

Average deposits by reporting unit and selected component
TTS	$	681	$	684	$	677	$	690	$	704	2%	3%	$	688	$	689	-
Securities Services		122		124		127		135		135	-	11%		123		130	6%
Total	$	803	$	808	$	804	$	825	$	839	2%	4%	$	811	$	819	1%

AUC/AUA (in trillions of dollars)⁽⁵⁾	$	23.5	$	24.0	$	24.2	$	26.3	$	25.4	(3%)	8%
Cross-border transaction value⁽⁶⁾	$	99.4	$	90.7	$	92.7	$	95.0	$	101.3	7%	2%	$	358.0	$	379.7	6%
U.S. dollar clearing volume (in millions)⁽⁷⁾		40.2		39.6		41.6		42.7		44.1	3%	10%		157.3		168.0	7%
Commercial card spend volume	$	16.6	$	16.8	$	18.0	$	18.3	$	17.3	(5%)	4%	$	66.8	$	70.4	5%

(1)	Services includes revenues earned by Citigroup that are subject to a revenue sharing arrangement with Banking—Corporate Lending for Investment Banking, Markets, and Services products sold to Corporate Lending clients.

(2)	TCE and RoTCE are non-GAAP financial measures. See page 22 for a reconciliation of the summation of the segments’ and component's average allocated TCE to Citigroup’s total average TCE and Citi’s total average stockholders’ equity.

(3)	Management uses this information in reviewing the segment’s results and believes it is useful to investors concerning underlying segment performance and trends.

(4)	Excludes loans that are carried at fair value for all periods.

(5)	4Q24 is preliminary.

(6)	Represents the total value of cross-border foreign exchange payments processed through Citi platforms.

(7)	Represents the number of U.S. dollar Clearing Payment instructions processed on behalf of U.S. and foreign-domiciled entities (primarily financial institutions).

NM Not meaningful.

Reclassified to conform to the current period’s presentation.

Page 5

MARKETS

(In millions of dollars, except as otherwise noted)

											4Q24 Increase/		Full		Full		FY 2024 vs.
	4Q		1Q		2Q		3Q		4Q		(Decrease) from		Year		Year		FY 2023 Increase/
	2023		2024		2024		2024		2024		3Q24	4Q23	2023		2024		(Decrease)

Net interest income (including dividends)	$	1,987	$	1,706	$	2,038	$	1,405	$	1,856	32%	(7%)	$	7,233	$	7,005	(3%)
Fee revenue
Brokerage and fees		328		336		346		391		329	(16%)	-		1,381		1,402	2%
Investment banking fees⁽¹⁾		103		100		104		118		104	(12%)	1%		392		426	9%
Other⁽²⁾		46		62		62		64		50	(22%)	9%		147		238	62%
Total fee revenue		477		498		512		573		483	(16%)	1%		1,920		2,066	8%

Principal transactions		1,212		3,178		2,696		2,847		2,480	(13%)	105%		10,472		11,201	7%
All other⁽³⁾		(310)		(25)		(160)		(8)		(243)	NM	22%		(976)		(436)	55%
Total non-interest revenue		1,379		3,651		3,048		3,412		2,720	(20%)	97%		11,416		12,831	12%
Total revenues, net of interest expense		3,366		5,357		5,086		4,817		4,576	(5%)	36%		18,649		19,836	6%
Total operating expenses		3,436		3,384		3,305		3,339		3,174	(5%)	(8%)		13,258		13,202	-
Net credit losses (recoveries) on loans		30		78		66		24		-	(100%)	(100%)		32		168	425%
Credit reserve build (release) for loans		40		120		(111)		37		167	351%	318%		202		213	5%
Provision (release) for credit losses on unfunded lending commitments		12		(1)		2		47		(31)	NM	NM		5		17	240%
Provisions for credit losses for other assets and HTM debt securities		127		2		32		33		(2)	NM	NM		199		65	(67%)
Provision for credit losses		209		199		(11)		141		134	(5%)	(36%)		438		463	6%
Income (loss) from continuing operations before taxes		(279)		1,774		1,792		1,337		1,268	(5%)	NM		4,953		6,171	25%
Income taxes (benefits)		(151)		353		323		248		242	(2%)	NM		1,015		1,166	15%
Income (loss) from continuing operations		(128)		1,421		1,469		1,089		1,026	(6%)	NM		3,938		5,005	27%
Noncontrolling interests		12		15		26		17		17	-	42%		67		75	12%
Net income (loss)	$	(140)	$	1,406	$	1,443	$	1,072	$	1,009	(6%)	NM	$	3,871	$	4,930	27%
EOP assets (in billions)	$	1,008	$	1,038	$	1,023	$	1,002	$	953	(5%)	(5%)
Average assets (in billions)		1,033		1,048		1,064		1,082		1,058	(2%)	2%	$	1,026	$	1,063	4%
Efficiency ratio		102%		63%		65%		69%		69%	0 bps	(3,300) bps		71%		67%	(400) bps
Average allocated TCE (in billions)⁽⁴⁾	$	53.1	$	54.0	$	54.0	$	54.0	$	54.0	-	2%	$	53.1	$	54.0	2%
RoTCE⁽⁴⁾		(1.0%)		10.5%		10.7%		7.9%		7.4%	(50) bps	840 bps		7.3%		9.1%	180 bps

Revenue by component
Fixed Income markets	$	2,547	$	4,130	$	3,564	$	3,578	$	3,478	(3%)	37%	$	14,612	$	14,750	1%
Equity markets		819		1,227		1,522		1,239		1,098	(11%)	34%		4,037		5,086	26%
Total	$	3,366	$	5,357	$	5,086	$	4,817	$	4,576	(5%)	36%	$	18,649	$	19,836	6%

Rates and currencies	$	1,737	$	2,800	$	2,466	$	2,465	$	2,421	(2%)	39%	$	10,794	$	10,152	(6%)
Spread products / other fixed income		810		1,330		1,098		1,113		1,057	(5%)	30%		3,818		4,598	20%
Total Fixed Income markets revenues	$	2,547	$	4,130	$	3,564	$	3,578	$	3,478	(3%)	37%	$	14,612	$	14,750	1%

Revenue by geography
North America	$	1,227	$	2,067	$	2,031	$	1,773	$	1,691	(5%)	38%	$	6,839	$	7,562	11%
International		2,139		3,290		3,055		3,044		2,885	(5%)	35%		11,810		12,274	4%
Total	$	3,366	$	5,357	$	5,086	$	4,817	$	4,576	(5%)	36%	$	18,649	$	19,836	6%

Key drivers⁽⁵⁾ (in billions of dollars)
Average loans	$	115	$	120	$	119	$	119	$	122	3%	6%	$	110	$	120	9%
NCLs as a % of average loans		0.10%		0.26%		0.22%		0.08%		0.00%	(8) bps	(10) bps		0.03%		0.14%	11 bps
ACLL as a % of EOP loans⁽⁶⁾		0.71%		0.86%		0.74%		0.77%		0.88%	11 bps	17 bps
Average trading account assets	$	392	$	408	$	426	$	462	$	449	(3%)	15%	$	379	$	436	15%
Average deposits⁽⁷⁾		23		24		25		19		15	(21%)	(35%)		23		21	(9%)

(1)	Investment banking fees are primarily composed of underwriting, advisory, loan syndication structuring, and other related financing activity.

(2)	Primarily includes other non-brokerage and investment banking fees from customer-driven activities.

(3)	Markets includes revenues earned by Citigroup that are subject to a revenue sharing arrangement with Banking—Corporate Lending for Investment Banking, Markets, and Services products sold to Corporate Lending clients.

(4)	TCE and RoTCE are non-GAAP financial measures. See page 22 for a reconciliation of the summation of the segments' and component's average allocated TCE to Citigroup's total average TCE and Citi's total average stockholders' equity.

(5)	Management uses this information in reviewing the segment’s results and believes it is useful to investors concerning underlying segment performance and trends.

(6)	Excludes loans that are carried at fair value for all periods.

(7)	During the third quarter of 2024, approximately $9 billion of institutional deposits were moved from Markets to Corporate/Other, as they are managed by Citi Treasury. Prior periods were not impacted.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 6

BANKING

(In millions of dollars, except as otherwise noted)

											4Q24 Increase/		Full		Full		FY 2024 vs.
	4Q		1Q		2Q		3Q		4Q		(Decrease) from		Year		Year		FY 2023 Increase/
	2023		2024		2024		2024		2024		3Q24	4Q23	2023		2024		(Decrease)

Net interest income (including dividends)	$	551	$	582	$	527	$	527	$	521	(1%)	(5%)	$	2,161	$	2,157	-
Fee revenue
Investment banking fees⁽¹⁾		706		972		935		999		951	(5%)	35%		2,713		3,857	42%
Other⁽²⁾		38		42		50		31		51	65%	34%		160		174	9%
Total fee revenue		744		1,014		985		1,030		1,002	(3%)	35%		2,873		4,031	40%
Principal transactions		(223)		(227)		(126)		(197)		(209)	(6%)	6%		(938)		(759)	19%
All other⁽³⁾		(94)		367		241		237		(73)	NM	22%		619		772	25%
Total non-interest revenue		427		1,154		1,100		1,070		720	(33%)	69%		2,554		4,044	58%

Total revenues, net of interest expense		978		1,736		1,627		1,597		1,241	(22%)	27%		4,715		6,201	32%
Total operating expenses		1,161		1,179		1,131		1,116		1,051	(6%)	(9%)		4,877		4,477	(8%)

Net credit losses on loans		71		66		40		36		7	(81%)	(90%)		169		149	(12%)
Credit reserve build (release) for loans		(163)		(89)		(51)		62		(122)	NM	25%		(345)		(200)	42%
Provision (release) for credit losses on unfunded lending commitments		(63)		(96)		(9)		59		(82)	NM	(30%)		(354)		(128)	64%
Provisions for credit losses for other assets and HTM debt securities		339		(10)		(12)		20		(43)	NM	NM		387		(45)	NM
Provision for credit losses		184		(129)		(32)		177		(240)	NM	NM		(143)		(224)	(57%)
Income (loss) from continuing operations before taxes		(367)		686		528		304		430	41%	NM		(19)		1,948	NM
Income taxes (benefits)		(71)		159		119		68		73	7%	NM		12		419	NM
Income (loss) from continuing operations		(296)		527		409		236		357	51%	NM		(31)		1,529	NM
Noncontrolling interests		-		3		3		(2)		1	NM	100%		4		5	25%
Net income (loss)	$	(296)	$	524	$	406	$	238	$	356	50%	220%	$	(35)	$	1,524	NM
EOP assets (in billions)	$	148	$	151	$	147	$	151	$	143	(5%)	(3%)
Average assets (in billions)		150		154		152		152		149	(2%)	(1%)	$	153	$	152	(1%)
Efficiency ratio		119%		68%		70%		70%		85%	1,500 bps	(3,400) bps		103%		72%	(3,100) bps
Average allocated TCE (in billions)⁽⁴⁾	$	21.4	$	21.8	$	21.8	$	21.8	$	21.8	-	2%	$	21.4	$	21.8	2%
RoTCE⁽⁴⁾		(5.5%)		9.7%		7.5%		4.3%		6.5%	220 bps	1,200 bps		(0.2%)		7.0%	720 bps

Revenue by component
Total Investment Banking	$	687	$	925	$	853	$	934	$	925	(1%)	35%	$	2,632	$	3,637	38%
Corporate Lending—excluding gain/(loss) on loan hedges⁽³⁾⁽⁵⁾		422		915		765		742		322	(57%)	(24%)		2,526		2,744	9%
Total Banking revenues (ex-gain/(loss) on loan hedges)⁽³⁾⁽⁵⁾		1,109		1,840		1,618		1,676		1,247	(26%)	12%		5,158		6,381	24%
Gain/(loss) on loan hedges⁽³⁾⁽⁵⁾		(131)		(104)		9		(79)		(6)	92%	95%		(443)		(180)	59%
Total Banking revenues including gain/(loss) on loan hedges⁽³⁾⁽⁵⁾	$	978	$	1,736	$	1,627	$	1,597	$	1,241	(22%)	27%	$	4,715	$	6,201	32%

Business metrics—investment banking fees
Advisory	$	286	$	230	$	268	$	394	$	353	(10%)	23%	$	1,017	$	1,245	22%
Equity underwriting (Equity Capital Markets (ECM))		110		171		174		129		214	66%	95%		500		688	38%
Debt underwriting (Debt Capital Markets (DCM))		310		571		493		476		384	(19%)	24%		1,196		1,924	61%
Total	$	706	$	972	$	935	$	999	$	951	(5%)	35%	$	2,713	$	3,857	42%

Revenue by geography
North America	$	402	$	773	$	749	$	837	$	738	(12%)	84%	$	1,898	$	3,097	63%
International		576		963		878		760		503	(34%)	(13%)		2,817		3,104	10%
Total	$	978	$	1,736	$	1,627	$	1,597	$	1,241	(22%)	27%	$	4,715	$	6,201	32%

Key drivers⁽⁶⁾ (in billions of dollars)
Average loans	$	89	$	89	$	89	$	88	$	84	(5%)	(6%)	$	92	$	88	(4%)
NCLs as a % of average loans		0.32%		0.30%		0.18%		0.16%		0.03%	(13) bps	(29) bps		0.18%		0.17%	(1) bps
ACLL as a % of EOP loans⁽⁷⁾		1.59%		1.47%		1.42%		1.54%		1.42%	(12) bps	(17) bps
Average deposits		1		1		1		1		1	-	-		1		1	-

(1)	Investment banking fees are primarily composed of underwriting, advisory, loan syndication structuring, and other related financing activity.

(2)	Primarily includes other non-investment banking fees from customer-driven activities.

(3)	Banking includes revenues earned by Citigroup that are subject to a revenue sharing arrangement with Banking—Corporate Lending for Investment Banking, Markets, and Services products sold to Corporate Lending clients.

(4)	TCE and RoTCE are non-GAAP financial measures. See page 22 for a reconciliation of the summation of the segments' and component's average allocated TCE to Citigroup's total average TCE and Citi's total average stockholders' equity.

(5)

Credit derivatives are used to economically hedge a portion of the corporate loan portfolio that includes both accrual loans and loans at fair value. Gain (loss) on loan hedges includes the mark-to-market on the credit derivatives, partially offset by the mark-to-market on the loans in the portfolio that are at fair value. Hedges on accrual loans reflect the mark-to-market on credit derivatives used to economically hedge the corporate loan accrual portfolio. The fixed premium costs of these hedges are netted against the corporate lending revenues to reflect the cost of credit protection. Citigroup’s results of operations excluding the impact of gain (loss) on loan hedges are non-GAAP financial measures.

(6)	Management uses this information in reviewing the segment’s results and believes it is useful to investors concerning underlying segment performance and trends.

(7)	Excludes loans that are carried at fair value for all periods.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 7

WEALTH

(In millions of dollars, except as otherwise noted)

											4Q24 Increase/		Full		Full		FY 2024 vs.
	4Q		1Q		2Q		3Q		4Q		(Decrease) from		Year		Year		FY 2023 Increase/
	2023		2024		2024		2024		2024		3Q24	4Q23	2023		2024		(Decrease)

Net interest income	$	1,042	$	981	$	1,047	$	1,233	$	1,247	1%	20%	$	4,413	$	4,508	2%
Fee revenue
Commissions and fees		296		344		349		349		367	5%	24%		1,204		1,409	17%
Other⁽¹⁾		209		231		232		241		245	2%	17%		802		949	18%
Total fee revenue		505		575		581		590		612	4%	21%		2,006		2,358	18%
All other⁽²⁾		117		137		186		179		144	(20%)	23%		602		646	7%
Total non-interest revenue		622		712		767		769		756	(2%)	22%		2,608		3,004	15%
Total revenues, net of interest expense		1,664		1,693		1,814		2,002		2,003	-	20%		7,021		7,512	7%

Total operating expenses		1,623		1,642		1,542		1,601		1,570	(2%)	(3%)		6,485		6,355	(2%)
Net credit losses on loans		31		29		35		27		30	11%	(3%)		98		121	23%
Credit reserve build (release) for loans		(27)		(190)		(43)		8		(11)	NM	59%		(85)		(236)	(178%)
Provision (release) for credit losses on unfunded lending commitments		1		(8)		-		(1)		-	100%	(100%)		(12)		(9)	25%
Provisions for benefits and claims (PBC), and other assets		(1)		(1)		(1)		(1)		1	NM	NM		(4)		(2)	50%
Provisions for credit losses and for PBC		4		(170)		(9)		33		20	(39%)	400%		(3)		(126)	NM
Income from continuing operations before taxes		37		221		281		368		413	12%	NM		539		1,283	138%
Income taxes		16		46		71		85		79	(7%)	394%		120		281	134%
Income from continuing operations		21		175		210		283		334	18%	NM		419		1,002	139%
Noncontrolling interests		-		-		-		-		-	-	-		-		-	-
Net income	$	21	$	175	$	210	$	283	$	334	18%	NM	$	419	$	1,002	139%
EOP assets (in billions)	$	229	$	229	$	228	$	230	$	224	(3%)	(2%)
Average assets (in billions)		232		236		230		229		227	(1%)	(2%)	$	244	$	231	(5%)
Efficiency ratio		98%		97%		85%		80%		78%	(200) bps	(2,000) bps		92%		85%	(700) bps
Average allocated TCE (in billions)⁽³⁾	$	13.4	$	13.2	$	13.2	$	13.2	$	13.2	-	(1%)	$	13.4	$	13.2	(1%)
RoTCE⁽³⁾		0.6%		5.3%		6.4%		8.5%		10.1%	160 bps	950 bps		3.1%		7.6%	450 bps

Revenue by component
Private Bank	$	542	$	571	$	611	$	614	$	590	(4%)	9%	$	2,332	$	2,386	2%
Wealth at Work		211		181		195		244		256	5%	21%		862		876	2%
Citigold		911		941		1,008		1,144		1,157	1%	27%		3,827		4,250	11%
Total	$	1,664	$	1,693	$	1,814	$	2,002	$	2,003	-	20%	$	7,021	$	7,512	7%

Revenue by geography
North America	$	858	$	773	$	847	$	1,000	$	1,008	1%	17%	$	3,615	$	3,628	-
International		806		920		967		1,002		995	(1%)	23%		3,406		3,884	14%
Total	$	1,664	$	1,693	$	1,814	$	2,002	$	2,003	-	20%	$	7,021	$	7,512	7%

Key drivers⁽⁴⁾ (in billions of dollars)

EOP client balances
Client investment assets⁽⁵⁾⁽⁶⁾	$	496	$	514	$	541	$	580	$	587	1%	18%
Deposits		319		320		318		316		313	(1%)	(2%)
Loans		151		149		150		151		148	(2%)	(3%)
Total	$	966	$	983	$	1,009	$	1,047	$	1,048	-	8%

Average loans	$	150	$	150	$	150	$	150	$	148	(1%)	(1%)	$	150	$	150	-
ACLL as a % of EOP loans		0.51%		0.39%		0.35%		0.36%		0.36%	0 bps	(15) bps

(1)	Primarily related to fiduciary and administrative fees.

(2)	Primarily related to principal transactions revenue including FX translation.

(3)	TCE and RoTCE are non-GAAP financial measures. See page 22 for a reconciliation of the summation of the segments' and component's average allocated TCE to Citigroup's total average TCE and Citi's total average stockholders' equity.

(4)	Management uses this information in reviewing the segment’s results and believes it is useful to investors concerning underlying segment performance and trends.

(5)	Includes assets under management, and trust and custody assets.

(6)	4Q24 is preliminary.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 8

U.S. PERSONAL BANKING

(In millions of dollars, except as otherwise noted)

											4Q24 Increase/		Full		Full		FY 2024 vs.
	4Q		1Q		2Q		3Q		4Q		(Decrease) from		Year		Year		FY 2023 Increase/
	2023		2024		2024		2024		2024		3Q24	4Q23	2023		2024		(Decrease)

Net interest income	$	5,238	$	5,226	$	5,103	$	5,293	$	5,481	4%	5%	$	20,150	$	21,103	5%
Fee revenue
Interchange fees		2,481		2,352		2,524		2,469		2,565	4%	3%		9,674		9,910	2%
Card rewards and partner payments		(2,889)		(2,580)		(2,847)		(2,839)		(2,960)	(4%)	(2%)		(11,083)		(11,226)	(1%)
Other⁽¹⁾		98		105		114		110		139	26%	42%		349		468	34%
Total fee revenue		(310)		(123)		(209)		(260)		(256)	2%	17%		(1,060)		(848)	20%
All other⁽²⁾		12		75		25		12		7	(42%)	(42%)		97		119	23%
Total non-interest revenue		(298)		(48)		(184)		(248)		(249)	-	16%		(963)		(729)	24%

Total revenues, net of interest expense		4,940		5,178		4,919		5,045		5,232	4%	6%		19,187		20,374	6%

Total operating expenses		2,594		2,519		2,442		2,457		2,547	4%	(2%)		10,102		9,965	(1%)

Net credit losses on loans		1,599		1,864		1,931		1,864		1,920	3%	20%		5,234		7,579	45%
Credit reserve build (release) for loans		471		337		382		41		246	500%	(48%)		1,464		1,006	(31%)
Provision (release) for credit losses on unfunded lending commit.		1		-		-		-		-	-	(100%)		1		-	(100%)
Provisions for benefits and claims (PBC), and other assets		3		3		2		4		4	-	33%		8		13	63%
Provisions for credit losses and for PBC		2,074		2,204		2,315		1,909		2,170	14%	5%		6,707		8,598	28%
Income from continuing operations before taxes		272		455		162		679		515	(24%)	89%		2,378		1,811	(24%)
Income taxes		71		108		41		157		123	(22%)	73%		558		429	(23%)
Income from continuing operations		201		347		121		522		392	(25%)	95%		1,820		1,382	(24%)
Noncontrolling interests		-		-		-		-		-	-	-		-		-	-
Net income	$	201	$	347	$	121	$	522	$	392	(25%)	95%	$	1,820	$	1,382	(24%)
EOP assets (in billions)	$	242	$	237	$	242	$	245	$	252	3%	4%
Average assets (in billions)		232		233		239		244		249	2%	7%	$	231	$	241	4%
Efficiency ratio		53%		49%		50%		49%		49%	0 bps	(400) bps		53%		49%	(400) bps
Average allocated TCE (in billions)⁽³⁾	$	21.9	$	25.2	$	25.2	$	25.2	$	25.2	-	15%	$	21.9	$	25.2	15%
RoTCE⁽³⁾		3.6%		5.5%		1.9%		8.2%		6.2%	(200) bps	260 bps		8.3%		5.5%	(280) bps

Revenue by component
Branded Cards	$	2,620	$	2,640	$	2,537	$	2,731	$	2,794	2%	7%	$	9,988	$	10,702	7%
Retail Services		1,636		1,900		1,746		1,715		1,753	2%	7%		6,617		7,114	8%
Retail Banking		684		638		636		599		685	14%	-		2,582		2,558	(1%)
Total	$	4,940	$	5,178	$	4,919	$	5,045	$	5,232	4%	6%	$	19,187	$	20,374	6%

Average loans and deposits⁽⁴⁾(in billions)
Average loans	$	202	$	204	$	206	$	210	$	216	3%	7%	$	193	$	209	8%
ACLL as a % of EOP loans⁽⁵⁾		6.28%		6.58%		6.60%		6.52%		6.38%	(14) bps	10 bps
Average deposits		105		100		93		85		86	1%	(18%)		110		91	(17%)

(1)	Primarily related to retail banking and credit card-related fees.

(2)	Primarily related to revenue incentives from card networks and partners.

(3)	TCE and RoTCE are non-GAAP financial measures. See page 22 for a reconciliation of the summation of the segments' and component's average allocated TCE to Citigroup's total average TCE and Citi's total average stockholders' equity.

(4)	Management uses this information in reviewing the segment’s results and believes it is useful to investors concerning underlying segment performance and trends.

(5)	Excludes loans that are carried at fair value for all periods.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 9

U.S. PERSONAL BANKING

Metrics

											4Q24 Increase/
	4Q		1Q		2Q		3Q		4Q		(Decrease) from
	2023		2024		2024		2024		2024		3Q24	4Q23

U.S. Personal Banking Key Indicators (in billions of dollars, except as otherwise noted)

New account acquisitions (in thousands)
Branded Cards		1,105		1,170		1,144		1,224		1,129	(8%)	2%
Retail Services		2,617		1,658		2,034		1,799		2,391	33%	(9%)
Credit card spend volume
Branded Cards	$	129.5	$	120.9	$	130.9	$	128.9	$	135.4	5%	5%
Retail Services		26.0		20.0		23.7		21.7		25.2	16%	(3%)
Average loans⁽¹⁾
Branded Cards	$	106.6	$	107.5	$	109.3	$	111.1	$	113.1	2%	6%
Retail Services		51.6		51.7		51.0		51.2		51.9	1%	1%
Retail Banking		43.9		45.0		46.0		48.0		50.6	5%	15%
EOP loans⁽¹⁾
Branded Cards	$	111.1	$	108.0	$	111.8	$	112.1	$	117.3	5%	6%
Retail Services		53.6		50.8		51.7		51.6		53.8	4%	-
Retail Banking		44.4		45.6		46.2		49.4		50.6	2%	14%
Total revenues, net of interest expenses as a % of average loans
Branded Cards		9.75%		9.88%		9.34%		9.78%		9.83%
Retail Services		12.58%		14.78%		13.77%		13.33%		13.44%
NII as a % of average loans⁽²⁾
Branded Cards		9.17%		9.30%		8.93%		9.20%		9.39%
Retail Services		16.99%		17.20%		16.92%		17.12%		17.06%
NCLs as a % of average loans
Branded Cards		3.06%		3.65%		3.82%		3.56%		3.55%
Retail Services		5.44%		6.32%		6.45%		6.14%		6.21%
Retail Banking		0.62%		0.69%		0.66%		0.66%		0.79%
Loans 90+ days past due as a % of EOP loans
Branded Cards		1.07%		1.19%		1.09%		1.11%		1.18%
Retail Services		2.36%		2.53%		2.36%		2.45%		2.46%
Retail Banking⁽³⁾		0.40%		0.35%		0.36%		0.35%		0.33%
Loans 30-89 days past due as a % of EOP loans
Branded Cards		1.03%		1.01%		0.94%		1.05%		1.03%
Retail Services		2.15%		2.18%		2.06%		2.29%		2.09%
Retail Banking⁽³⁾		0.62%		0.53%		0.55%		0.49%		0.54%
Branches (actual)		647		645		641		641		642	-	(1%)
Mortgage originations	$	2.8	$	3.1	$	4.3	$	4.6	$	4.2	(9%)	50%

(1)	Average loans, EOP loans and the related consumer delinquency amounts and ratios include interest and fees receivables balances.

(2)	Net interest income includes certain fees that are recorded as interest revenue.

(3)	Excludes U.S. government-sponsored agency guaranteed loans.

Reclassified to conform to the current period's presentation.

Page 10

ALL OTHER—MANAGED BASIS^(1)(2)(3)

(In millions of dollars, except as otherwise noted)

											4Q24 Increase/		Full		Full		FY 2024 vs.
	4Q		1Q		2Q		3Q		4Q		(Decrease) from		Year		Year		FY 2023 Increase/
	2023		2024		2024		2024		2024		3Q24	4Q23	2023		2024		(Decrease)

Net interest income	$	1,564	$	1,695	$	1,553	$	1,469	$	1,182	(20%)	(24%)	$	7,692	$	5,899	(23%)
Non-interest revenue⁽⁴⁾⁽⁹⁾		473		691		427		356		168	(53%)	(64%)		1,750		1,642	(6%)
Total revenues, net of interest expense		2,037		2,386		1,980		1,825		1,350	(26%)	(34%)		9,442		7,541	(20%)
Total operating expenses^{(4)(5)(6)(7)(8)(9)}		4,480		2,695		2,114		2,082		2,177	5%	(51%)		11,241		9,068	(19%)
Net credit losses on loans		236		249		214		208		257	24%	9%		870		928	7%
Credit reserve build (release) for loans		93		(93)		(1)		55		112	104%	20%		127		73	(43%)
Provision (release) for credit losses on unfunded lending commitments		(10)		(5)		(3)		(7)		(1)	86%	90%		(47)		(16)	66%
Provisions for benefits and claims, other assets and HTM debt securities		141		35		33		33		29	(12%)	(79%)		354		130	(63%)
Provisions for credit losses and for benefits and claims (PBC)		460		186		243		289		397	37%	(14%)		1,304		1,115	(14%)
Income (loss) from continuing operations before taxes		(2,903)		(495)		(377)		(546)		(1,224)	(124%)	58%		(3,103)		(2,642)	15%
Income taxes (benefits)		(602)		(12)		35		(52)		(153)	(194%)	75%		(979)		(182)	81%
Income (loss) from continuing operations		(2,301)		(483)		(412)		(494)		(1,071)	(117%)	53%		(2,124)		(2,460)	(16%)
Income (loss) from discontinued operations, net of taxes		(1)		(1)		-		(1)		-	100%	100%		(1)		(2)	(100%)
Noncontrolling interests		(2)		(7)		(10)		(12)		(1)	92%	50%		16		(30)	NM
Net income (loss)	$	(2,300)	$	(477)	$	(402)	$	(483)	$	(1,070)	(122%)	53%	$	(2,141)	$	(2,432)	(14%)
EOP assets (in billions)	$	199	$	201	$	197	$	195	$	201	3%	1%
Average assets (in billions)		198		199		197		194		196	1%	(1%)	$	205	$	195	(5%)
Efficiency ratio		220%		113%		107%		114%		161%	4,700 bps	(5,900) bps		119%		120%	100 bps
Average allocated TCE (in billions)⁽¹⁰⁾	$	32.4	$	25.6	$	27.0	$	29.2	$	29.5	1%	(9%)	$	30.6	$	27.6	(10%)

Revenue by reporting unit and component
Mexico Consumer/SBMM	$	1,460	$	1,571	$	1,640	$	1,526	$	1,435	(6%)	(2%)	$	5,693	$	6,172	8%
Asia Consumer		257		254		220		193		152	(21%)	(41%)		1,524		819	(46%)
Legacy Holdings Assets (LHA)		11		4		(133)		20		(9)	(145%)	(182%)		110		(118)	(207%)
Corporate/Other		309		557		253		86		(228)	(365%)	(174%)		2,115		668	(68%)
Total	$	2,037	$	2,386	$	1,980	$	1,825	$	1,350	(26%)	(34%)	$	9,442	$	7,541	(20%)

Mexico Consumer/SBMM—key indicators (in billions of dollars)
EOP loans	$	25.2	$	26.0	$	24.5	$	23.5	$	23.1	(2%)	(8%)
EOP deposits		40.2		41.0		37.6		34.6		34.1	(1%)	(15%)
Average loans		23.9		25.0		25.3		23.9		23.4	(2%)	(2%)
NCLs as a % of average loans (Mexico Consumer only)		4.35%		4.67%		4.30%		4.36%		4.81%
Loans 90+ days past due as a % of EOP loans (Mexico Consumer only)		1.35%		1.32%		1.32%		1.37%		1.43%
Loans 30-89 days past due as a % of EOP loans (Mexico Consumer only)		1.35%		1.33%		1.33%		1.47%		1.41%

Asia Consumer—key indicators (in billions of dollars)
EOP loans	$	7.4	$	6.5	$	5.6	$	5.5	$	4.7	(15%)	(36%)
EOP deposits		9.5		9.0		8.3		8.4		7.5	(11%)	(21%)
Average loans		7.8		6.9		6.1		5.6		5.1	(9%)	(35%)

Legacy Holdings Assets—key indicators (in billions of dollars)
EOP loans	$	2.8	$	2.7	$	2.4	$	2.5	$	2.2	(12%)	(21%)

(1)

Includes Legacy Franchises and certain unallocated costs of global staff functions (including finance, risk, human resources, legal and compliance-related costs), other corporate expenses, and unallocated global operations and technology expenses and income taxes, as well as Corporate Treasury investment activities and discontinued operations.

(2)	Reflects results on a managed basis, which excludes divestiture-related impacts related to Citi's divestitures of its Asia consumer banking businesses and the planned divestiture of Mexico Consumer/SBMM within Legacy Franchises. See page 14 for additional information.

(3)	Certain of the results of operations of All Other—managed basis are non-GAAP financial measures. See page 14 for additional information.

(4)	See footnote 2 on page 14.

(5)	See footnote 3 on page 14.

(6)	See footnote 4 on page 14.

(7)	See footnote 5 on page 14.

(8)	See footnote 6 on page 14.

(9)	See footnote 7 on page 14.

(10)	TCE is a non-GAAP financial measure. See page 22 for a reconciliation of the summation of the segments' and component's average allocated TCE.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 11

ALL OTHER—MANAGED BASIS⁽¹⁾⁽²⁾

Legacy Franchises⁽³⁾

(In millions of dollars, except as otherwise noted)

											4Q24 Increase/		Full		Full		FY 2024 vs.
	4Q		1Q		2Q		3Q			4Q	(Decrease) from		Year		Year		FY 2023 Increase/
	2023		2024		2024		2024			2024	3Q24	4Q23	2023		2024		(Decrease)

Net interest income	$	1,179	$	1,278	$	1,196	$	1,253	$	1,160	(7%)	(2%)	$	5,021	$	4,887	(3%)
Non-interest revenue⁽⁴⁾⁽⁹⁾		549		551		531		486		418	(14%)	(24%)		2,306		1,986	(14%)
Total revenues, net of interest expense		1,728		1,829		1,727		1,739		1,578	(9%)	(9%)		7,327		6,873	(6%)
Total operating expenses^{(4)(5)(6)(7)(8)(9)}		1,639		1,615		1,558		1,480		1,396	(6%)	(15%)		6,763		6,049	(11%)
Net credit losses on loans		236		249		214		208		257	24%	9%		870		928	7%
Credit reserve build (release) for loans		93		(93)		(1)		55		112	104%	20%		127		73	(43%)
Provision (release) for credit losses on unfunded lending commitments		(10)		(5)		(3)		(7)		(1)	86%	90%		(47)		(16)	66%
Provisions for benefits and claims (PBC), other assets and HTM debt securities		152		37		28		35		25	(29%)	(84%)		365		125	(66%)
Provisions for credit losses and for PBC		471		188		238		291		393	35%	(17%)		1,315		1,110	(16%)
Income (loss) from continuing operations before taxes		(382)		26		(69)		(32)		(211)	NM	45%		(751)		(286)	62%
Income taxes (benefits)		(114)		23		(11)		(1)		(53)	NM	54%		(319)		(42)	87%
Income (loss) from continuing operations		(268)		3		(58)		(31)		(158)	(410%)	41%		(432)		(244)	44%
Noncontrolling interests		1		2		-		-		3	NM	200%		8		5	(38%)
Net income (loss)	$	(269)	$	1	$	(58)	$	(31)	$	(161)	(419%)	40%	$	(440)	$	(249)	43%
EOP assets (in billions)	$	78	$	80	$	72	$	69	$	74	7%	(5%)
Average assets (in billions)		78		78		77		70		72	3%	(8%)	$	88	$	74	(16%)
Efficiency ratio		95%		88%		90%		85%		88%	300 bps	(700) bps		92%		88%	(400) bps
Allocated TCE (in billions)⁽¹⁰⁾	$	10.0	$	6.2	$	6.2	$	6.2	$	6.2	-	(38%)	$	10.0	$	6.2	(38%)

Revenue by reporting unit and component
Mexico Consumer/SBMM	$	1,460	$	1,571	$	1,640	$	1,526	$	1,435	(6%)	(2%)	$	5,693	$	6,172	8%
Asia Consumer		257		254		220		193		152	(21%)	(41%)		1,524		819	(46%)
Legacy Holdings Assets (LHA)		11		4		(133)		20		(9)	NM	NM		110		(118)	NM
Total	$	1,728	$	1,829	$	1,727	$	1,739	$	1,578	(9%)	(9%)	$	7,327	$	6,873	(6%)

Mexico Consumer/SBMM—key indicators (in billions of dollars)
EOP loans	$	25.2	$	26.0	$	24.5	$	23.5	$	23.1	(2%)	(8%)
EOP deposits		40.2		41.0		37.6		34.6		34.1	(1%)	(15%)
Average loans		23.9		25.0		25.3		23.9		23.4	(2%)	(2%)
NCLs as a % of average loans (Mexico Consumer only)		4.35%		4.67%		4.30%		4.36%		4.81%
Loans 90+ days past due as a % of EOP loans (Mexico Consumer only)		1.35%		1.32%		1.32%		1.37%		1.43%
Loans 30-89 days past due as a % of EOP loans (Mexico Consumer only)		1.35%		1.33%		1.33%		1.47%		1.41%

Asia Consumer—key indicators (in billions of dollars)
EOP loans	$	7.4	$	6.5	$	5.6	$	5.5	$	4.7	(15%)	(36%)
EOP deposits		9.5		9.0		8.3		8.4		7.5	(11%)	(21%)
Average loans		7.8		6.9		6.1		5.6		5.1	(9%)	(35%)

Legacy Holdings Assets—key indicators (in billions of dollars)
EOP loans	$	2.8	$	2.7	$	2.4	$	2.5	$	2.2	(12%)	(21%)

(1)	Reflects results on a managed basis, which excludes divestiture-related impacts related to Citi's divestitures of its Asia consumer banking businesses and the planned divestiture of Mexico Consumer/SBMM within Legacy Franchises. See page 14 for additional information.

(2)	Certain of the results of operations of All Other—managed basis are non-GAAP financial measures. See page 14 for additional information.

(3)

Legacy Franchises consists of the consumer franchises in 13 markets across Asia, Poland and Russia that Citi intends to exit or has exited (collectively Asia Consumer); Mexico consumer banking (Mexico Consumer) and Small Business and Middle-Market Banking (Mexico SBMM), collectively Mexico Consumer/SBMM; and Legacy Holdings Assets (primarily North America consumer mortgage loans, Citigroup's U.K. consumer banking business and other legacy assets).

(4)	See footnote 2 on page 14.

(5)	See footnote 3 on page 14.

(6)	See footnote 4 on page 14.

(7)	See footnote 5 on page 14.

(8)	See footnote 6 on page 14.

(9)	See footnote 7 on page 14.

(10)	TCE is a non-GAAP financial measure. See page 22 for a reconciliation of the summation of the segments' and component's average allocated TCE.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 12

ALL OTHER

Corporate/Other⁽¹⁾

(In millions of dollars, except as otherwise noted)

											4Q24 Increase/		Full		Full		FY 2024 vs.
	4Q		1Q		2Q		3Q		4Q		(Decrease) from		Year		Year		FY 2023 Increase/
	2023		2024		2024		2024		2024		3Q24	4Q23	2023		2024		(Decrease)

Net interest income	$	385	$	417	$	357	$	216	$	22	(90%)	(94%)	$	2,671	$	1,012	(62%)
Non-interest revenue		(76)		140		(104)		(130)		(250)	(92%)	(229%)		(556)		(344)	38%
Total revenues, net of interest expense		309		557		253		86		(228)	NM	NM		2,115		668	(68%)
Total operating expenses		2,841		1,080		556		602		781	30%	(73%)		4,478		3,019	(33%)
Provisions for other assets and HTM debt securities		(11)		(2)		5		(2)		4	NM	NM		(11)		5	NM
Income (loss) from continuing operations before taxes		(2,521)		(521)		(308)		(514)		(1,013)	(97%)	60%		(2,352)		(2,356)	-
Income taxes (benefits)		(488)		(35)		46		(51)		(100)	(96%)	80%		(660)		(140)	79%
Income (loss) from continuing operations		(2,033)		(486)		(354)		(463)		(913)	(97%)	55%		(1,692)		(2,216)	(31%)
Income (loss) from discontinued operations, net of taxes		(1)		(1)		-		(1)		-	100%	100%		(1)		(2)	(100%)
Noncontrolling interests		(3)		(9)		(10)		(12)		(4)	67%	(33%)		8		(35)	NM
Net income (loss)	$	(2,031)	$	(478)	$	(344)	$	(452)	$	(909)	(101%)	55%	$	(1,701)	$	(2,183)	(28%)
EOP assets (in billions)	$	121	$	121	$	125	$	126	$	127	1%	5%
Average allocated TCE (in billions)⁽²⁾		22.4		19.4		20.8		23.0		23.3	1%	4%	$	20.6	$	21.6	5%

(1)

Includes certain unallocated costs of global staff functions (including finance, risk, human resources, legal and compliance-related costs), other corporate expenses and unallocated global operations and technology expenses and income taxes, as well as Corporate Treasury investment activities and discontinued operations.

(2)	TCE is a non-GAAP financial measure. See page 22 for a reconciliation of the summation of the segments' and component's average allocated TCE.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 13

ALL OTHER

RECONCILING ITEMS⁽¹⁾

Divestiture-Related Impacts

(In millions of dollars, except as otherwise noted)

											4Q24 Increase/		Full		Full		FY 2024 vs.
	4Q		1Q		2Q		3Q		4Q		(Decrease) from		Year		Year		FY 2023 Increase/
	2023		2024		2024		2024		2024		3Q24	4Q23	2023		2024		(Decrease)

Net interest income	$	-	$	-	$	-	$	-	$	-	-	-	$	-	$	-	-
Non-interest revenue⁽²⁾⁽⁷⁾		(62)		(12)		33		1		4	300%	NM		1,346		26	(98%)
Total revenues, net of interest expense		(62)		(12)		33		1		4	300%	NM		1,346		26	(98%)
Total operating expenses^{(2)(3)(4)(5)(6)(7)}		106		110		85		67		56	(16%)	(47%)		372		318	(15%)
Net credit losses on loans		33		11		(3)		(1)		-	100%	(100%)		(6)		7	NM
Credit reserve build (release) for loans		(63)		-		-		-		-	-	100%		(61)		-	100%
Provision (release) for credit losses on unfunded lending commitments		-		-		-		-		-	-	-		-		-	-
Provisions for benefits and claims, other assets and HTM debt securities		-		-		-		-		-	-	-		-		-	-
Provisions for credit losses and for benefits and claims (PBC)		(30)		11		(3)		(1)		-	100%	100%		(67)		7	NM
Income (loss) from continuing operations before taxes		(138)		(133)		(49)		(65)		(52)	20%	62%		1,041		(299)	NM
Income taxes (benefits)		(27)		(39)		(17)		(20)		(16)	20%	41%		382		(92)	NM
Income (loss) from continuing operations		(111)		(94)		(32)		(45)		(36)	20%	68%		659		(207)	NM
Income (loss) from discontinued operations, net of taxes		-		-		-		-		-	-	-		-		-	-
Noncontrolling interests		-		-		-		-		-	-	-		-		-	-
Net income (loss)	$	(111)	$	(94)	$	(32)	$	(45)	$	(36)	20%	68%	$	659	$	(207)	NM

(1)	Reconciling Items consist of the divestiture-related impacts excluded from the results of All Other, as well as All Other—Legacy Franchises on a managed basis. The Reconciling Items are fully reflected in Citi's Consolidated Statement of Income on page 2 for each respective line item.

(2)	4Q23 includes approximately $106 million in operating expenses (approximately $75 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. For additional information, see Citi's Annual Report on Form 10-K for the year ended December 31, 2023.

(3)

1Q24 includes approximately $110 million in operating expenses (approximately $77 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. For additional information, see Citi's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024.

(4)

2Q24 includes approximately $85 million in operating expenses (approximately $58 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. For additional information, see Citi's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024.

(5)

3Q24 includes approximately $67 million in operating expenses (approximately $46 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. For additional information, see Citi's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024.

(6)	4Q24 includes approximately $56 million in operating expenses (approximately $39 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets.

(7)

For the full year of 2023, revenues included an approximate $1.059 billion gain on sale (approximately $727 million after taxes) related to Citi’s sale of the India consumer banking business, as well as the approximate $403 million gain on sale (approximately $284 million after-tax) related to Citi’s sale of the Taiwan consumer banking business noted above in footnote (2). In addition, for the full year of 2023, expenses included approximately $372 million (approximately $263 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. For additional information, see Citi’s Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 14

AVERAGE BALANCES AND INTEREST RATES^{(1)(2)(3)(4)(5)}

Taxable Equivalent Basis

	Average Volumes						Interest						% Average Rate⁽⁴⁾


(In millions of dollars), except as otherwise noted	4Q23		3Q24		4Q24⁽⁵⁾		4Q23		3Q24		4Q24⁽⁵⁾		4Q23	3Q24	4Q24⁽⁵⁾
Assets
Deposits with banks	$	251,723	$	266,300	$	284,050	$	2,513	$	3,050	$	3,010	3.96%	4.56%	4.22%
Securities borrowed and purchased under resale agreements⁽⁶⁾		357,058		335,601		324,484		8,096		7,293		6,847	9.00%	8.65%	8.39%
Trading account assets⁽⁷⁾		354,090		416,636		408,741		4,067		4,451		4,494	4.56%	4.25%	4.37%
Investments		516,272		500,007		484,416		4,993		4,690		4,318	3.84%	3.73%	3.55%
Consumer loans		380,430		386,155		388,366		9,669		10,051		9,913	10.08%	10.35%	10.15%
Corporate loans		294,242		300,357		299,641		5,832		5,771		5,378	7.86%	7.64%	7.14%
Total loans (net of unearned income)⁽⁸⁾		674,672		686,512		688,007		15,501		15,822		15,291	9.12%	9.17%	8.84%
Other interest-earning assets		76,483		77,060		71,125		1,230		1,174		1,112	6.38%	6.06%	6.22%
Total average interest-earning assets	$	2,230,298	$	2,282,116	$	2,260,823	$	36,400	$	36,480	$	35,072	6.48%	6.36%	6.17%

Liabilities
Deposits	$	1,124,798	$	1,109,067	$	1,116,527	$	10,235	$	10,319	$	9,361	3.61%	3.70%	3.34%
Securities loaned and sold under repurchase agreements⁽⁶⁾		288,144		338,459		317,665		6,830		7,328		6,628	9.40%	8.61%	8.30%
Trading account liabilities⁽⁷⁾		106,399		96,448		91,601		878		792		933	3.27%	3.27%	4.05%
Short-term borrowings and other interest-bearing liabilities		116,054		122,255		123,004		2,056		2,009		1,830	7.03%	6.54%	5.92%
Long-term debt⁽⁹⁾		165,349		175,690		177,288		2,556		2,646		2,562	6.13%	5.99%	5.75%
Total average interest-bearing liabilities	$	1,800,744	$	1,841,919	$	1,826,085	$	22,555	$	23,094	$	21,314	4.97%	4.99%	4.64%


Net interest income as a % of average interest-earning assets (NIM)⁽⁹⁾							$	13,845	$	13,386	$	13,758	2.46%	2.33%	2.42%

4Q24 increase (decrease) from:													(4) bps	9 bps

(1)	Interest income and Net interest income include the taxable equivalent adjustments (based on the U.S. federal statutory tax rate of 21%) of $21 million for 4Q23, $24 million for 3Q24 and $25 million for 4Q24.

(2)	Citigroup average balances and interest rates include both domestic and international operations.

(3)	Monthly averages have been used by certain subsidiaries where daily averages are unavailable.

(4)	Average rate percentage is calculated as annualized interest over average volumes.

(5)	4Q24 is preliminary.

(6)	Average volumes of securities borrowed or purchased under agreements to resell and securities loaned or sold under agreements to repurchase are reported net pursuant to FIN 41; the related interest excludes the impact of ASU 2013-01 (Topic 210).

(7)	Interest expense on Trading account liabilities of Services, Markets, and Banking is reported as a reduction of Interest income. Interest income and Interest expense on cash collateral positions are reported in Trading account assets and Trading account liabilities, respectively.

(8)	Nonperforming loans are included in the average loan balances.

(9)	Excludes hybrid financial instruments with changes in fair value recorded in Principal transactions revenue.

Reclassified to conform to the current period's presentation.

Page 15

EOP LOANS⁽¹⁾⁽²⁾

(In billions of dollars)

											4Q24 Increase/
	4Q		1Q		2Q		3Q		4Q		(Decrease) from
	2023		2024		2024		2024		2024		3Q24	4Q23


Corporate loans by region
North America	$	128.9	$	122.9	$	129.6	$	127.5	$	130.8	3%	1%
International		171.3		169.9		172.0		172.3		170.6	(1%)	-
Total corporate loans	$	300.2	$	292.8	$	301.6	$	299.8	$	301.4	1%	-

Corporate loans by segment and reporting unit
Services	$	84.7	$	80.5	$	88.9	$	88.7	$	87.9	(1%)	4%
Markets		122.0		118.3		119.5		120.0		125.3	4%	3%
Banking		86.8		87.3		86.7		84.7		82.1	(3%)	(5%)
All Other - Legacy Franchises - Mexico SBMM & AFG⁽³⁾		6.7		6.7		6.5		6.4		6.1	(5%)	(9%)
Total corporate loans	$	300.2	$	292.8	$	301.6	$	299.8	$	301.4	1%	-

Wealth by region
North America	$	101.6	$	100.0	$	100.9	$	99.8	$	98.0	(2%)	(4%)
International		49.8		48.9		49.5		51.2		49.5	(3%)	(1%)
Total	$	151.4	$	148.9	$	150.4	$	151.0	$	147.5	(2%)	(3%)

USPB
Branded Cards	$	111.1	$	108.0	$	111.8	$	112.1	$	117.3	5%	6%
Retail Services		53.6		50.8		51.7		51.6		53.8	4%	-
Retail Banking		44.4		45.6		46.2		49.4		50.6	2%	14%
Total	$	209.1	$	204.4	$	209.7	$	213.1	$	221.7	4%	6%

All Other—Consumer
Mexico Consumer	$	18.7	$	19.6	$	18.2	$	17.4	$	17.2	(1%)	(8%)
Asia Consumer⁽⁴⁾		7.4		6.5		5.6		5.5		4.7	(15%)	(36%)
Legacy Holdings Assets (LHA)		2.6		2.4		2.2		2.2		2.0	(9%)	(23%)
Total	$	28.7	$	28.5	$	26.0	$	25.1	$	23.9	(5%)	(17%)

Total consumer loans	$	389.2	$	381.8	$	386.1	$	389.2	$	393.1	1%	1%

Total loans—EOP	$	689.4	$	674.6	$	687.7	$	688.9	$	694.5	1%	1%

Total loans—average	$	674.7	$	678.8	$	679.6	$	686.5	$	688.0	-	2%

NCLs as a % of total average loans		1.17%		1.36%		1.35%		1.26%		1.30%	4 bps	13 bps

(1)	Corporate loans include loans managed by Services, Markets, Banking, and All Other—Legacy Franchises—Mexico SBMM, and the AFG.

(2)	Consumer loans include loans managed by USPB, Wealth, and All Other—Legacy Franchises (other than Mexico small business and middle-market banking (Mexico SBMM), and the Assets Finance Group (AFG)).

(3)	Includes Legacy Franchises corporate loans activity related to Mexico SBMM and AFG (AFG was previously reported in Markets; all periods have been reclassified to reflect this move into Legacy Franchises), as well as other LHA corporate loans.

(4)	Asia Consumer also includes loans in Poland and Russia.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 16

EOP DEPOSITS

(In billions of dollars)

											4Q24 Increase/
	4Q		1Q		2Q		3Q		4Q		(Decrease) from
	2023		2024		2024		2024		2024		3Q24	4Q23

Services, Markets, and Banking by region
North America	$	371.1	$	375.7	$	376.1	$	394.7	$	397.8	1%	7%
International		431.8		436.0		431.0		444.9		422.5	(5%)	(2%)
Total	$	802.9	$	811.7	$	807.1	$	839.6	$	820.3	(2%)	2%

Treasury and Trade Solutions	$	661.5	$	662.1	$	655.1	$	683.7	$	680.7	-	3%
Securities Services		119.9		125.3		127.8		142.0		126.3	(11%)	5%
Services	$	781.4	$	787.4	$	782.9	$	825.7	$	807.0	(2%)	3%
Markets⁽¹⁾		20.8		23.6		23.7		13.4		12.7	(5%)	(39%)
Banking		0.7		0.7		0.5		0.5		0.6	20%	(14%)
Total	$	802.9	$	811.7	$	807.1	$	839.6	$	820.3	(2%)	2%

Wealth
North America	$	196.2	$	196.0	$	194.2	$	191.7	$	189.5	(1%)	(3%)
International		122.4		124.3		123.8		124.6		123.3	(1%)	1%
Total	$	318.6	$	320.3	$	318.0	$	316.3	$	312.8	(1%)	(2%)

USPB	$	103.2	$	99.6	$	86.1	$	85.1	$	89.4	5%	(13%)

All Other
Legacy Franchises
Mexico Consumer	$	31.9	$	31.8	$	28.6	$	26.1	$	26.0	-	(18%)
Mexico SBMM—corporate		8.3		9.2		9.0		8.5		8.1	(5%)	(2%)
Asia Consumer⁽²⁾		9.5		9.0		8.3		8.4		7.5	(11%)	(21%)
Legacy Holdings Assets (LHA)⁽³⁾		4.1		2.9		1.9		0.4		0.2	(50%)	(95%)
Corporate/Other⁽¹⁾		30.2		22.7		19.1		25.6		20.2	(21%)	(33%)
Total	$	84.0	$	75.6	$	66.9	$	69.0	$	62.0	(10%)	(26%)

Total deposits—EOP	$	1,308.7	$	1,307.2	$	1,278.1	$	1,310.0	$	1,284.5	(2%)	(2%)

Total deposits—average	$	1,319.7	$	1,326.4	$	1,309.9	$	1,311.1	$	1,320.4	1%	-

(1)	During the third quarter of 2024, approximately $9 billion of institutional deposits were moved from Markets to Corporate/Other, as they are managed by Citi Treasury. Prior periods were not impacted.

(2)	Asia Consumer also includes deposits in Poland and Russia.

(3)	LHA includes deposits from the U.K. consumer banking business.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 17

ALLOWANCE FOR CREDIT LOSSES (ACL) ROLLFORWARD

(In millions of dollars, except ratios)

																															ACLL/EOP
	Balance		Builds (Releases)										FY 2023		Balance			Builds (Releases)									FY 2024		Balance		Loans
	12/31/22		1Q23		2Q23		3Q23		4Q23		FY 2023		FX/Other⁽¹⁾		12/31/23		1Q24		2Q24		3Q24		4Q24		FY 2024		FX/Other		12/31/24		12/31/24

Allowance for credit losses on loans (ACLL)
Services	$	356	$	(72)	$	(14)	$	6	$	127	$	47	$	(6)	$	397	$	34	$	(100)	$	7	$	(71)	$	(130)	$	(3)	$	264
Markets		630		64		(21)		119		40		202		(12)		820		120		(111)		37		167		213		(3)		1,030
Banking		1,746		(50)		(110)		(22)		(163)		(345)		(25)		1,376		(89)		(51)		62		(122)		(200)		(9)		1,167
Legacy Franchises corporate (Mexico SBMM & AFG⁽²⁾)		123		(27)		(7)		(1)		2		(33)		31		121		(8)		(12)		(3)		10		(13)		(13)		95

Total corporate ACLL	$	2,855	$	(85)	$	(152)	$	102	$	6	$	(129)	$	(12)	$	2,714	$	57	$	(274)	$	103	$	(16)	$	(130)	$	(28)	$	2,556	0.87%
U.S. Cards⁽³⁾	$	11,393	$	536	$	276	$	128	$	466	$	1,406	$	(173)	$	12,626	$	326	$	357	$	10	$	221	$	914	$	20	$	13,560	7.93%
Retail Banking		447		40		27		(14)		5		58		(29)		476		11		25		31		25		92		1		569
Total USPB	$	11,840	$	576	$	303	$	114	$	471	$	1,464	$	(202)	$	13,102	$	337	$	382	$	41	$	246	$	1,006	$	21	$	14,129
Wealth		883		(69)		30		(19)		(27)		(85)		(31)		767		(190)		(43)		8		(11)		(236)		(2)		529
All Other—consumer		1,396		13		76		(18)		28		99		67		1,562		(85)		11		58		102		86		(288)		1,360
Total consumer ACLL	$	14,119	$	520	$	409	$	77	$	472	$	1,478	$	(166)	$	15,431	$	62	$	350	$	107	$	337	$	856	$	(269)	$	16,018	4.08%

Total ACLL	$	16,974	$	435	$	257	$	179	$	478	$	1,349	$	(178)	$	18,145	$	119	$	76	$	210	$	321	$	726	$	(297)	$	18,574	2.71%
Allowance for credit losses on unfunded lending commitments (ACLUC)	$	2,151	$	(194)	$	(96)	$	(54)	$	(81)	$	(425)	$	2	$	1,728	$	(98)	$	(8)	$	105	$	(118)	$	(119)	$	(8)	$	1,601
Total ACLL and ACLUC (EOP)		19,125		241		161		125		397		924		(176)		19,873		21		68		315		203		607		(305)		20,175
Other⁽⁴⁾		243		408		145		53		1,132		1,738		(98)		1,883		14		107		160		131		412		(293)		2,002
Total allowance for credit losses (ACL)	$	19,368	$	649	$	306	$	178	$	1,529	$	2,662	$	(274)	$	21,756	$	35	$	175	$	475	$	334	$	1,019	$	(598)	$	22,177

(1)	Includes the January 1, 2023 opening adjustment related to the adoption of ASU No. 2022-02, Financial Instruments—Credit Losses (Topic 326): TDRs and Vintage Disclosures. See page 19.

(2)	See footnote 3 on page 16.

(3)	The December 31, 2024 ACLL balance includes approximately $20 million related to an acquired portfolio, which is also reflected in the FX/Other column in this table.

(4)	Includes ACL activity on HTM securities and Other assets.

Reclassified to conform to the current period's presentation.

Page 18

ALLOWANCE FOR CREDIT LOSSES ON LOANS (ACLL) AND UNFUNDED LENDING COMMITMENTS (ACLUC)

Page 1

(In millions of dollars)

											4Q24 Increase/		Full		Full		FY 2024 vs.
	4Q		1Q		2Q		3Q		4Q		(Decrease) from		Year		Year		FY 2023 Increase/
	2023		2024		2024		2024		2024		3Q24	4Q23	2023		2024		(Decrease)

Total Citigroup
Allowance for credit losses on loans (ACLL) at beginning of period	$	17,629	$	18,145	$	18,296	$	18,216	$	18,356	1%	4%	$	16,974	$	18,145
Adjustment to opening balance
Financial instruments—TDRs and Vintage Disclosures⁽¹⁾		-		-		-		-		-	-	-		(352)		-
Adjusted ACLL at beginning of period		17,629		18,145		18,296		18,216		18,356	1%	4%		16,622		18,145	9%
Gross credit (losses) on loans		(2,368)		(2,690)		(2,715)		(2,609)		(2,680)	(3%)	(13%)		(7,881)		(10,694)	(36%)
Gross recoveries on loans		374		387		432		437		438	-	17%		1,444		1,694	17%
Net credit (losses) / recoveries on loans (NCLs)		(1,994)		(2,303)		(2,283)		(2,172)		(2,242)	3%	12%		(6,437)		(9,000)	(40%)
Replenishment of NCLs		1,994		2,303		2,283		2,172		2,242	3%	12%		6,437		9,000	40%
Net reserve builds / (releases) for loans		478		119		76		210		321	53%	(33%)		1,349		726	(46%)
Provision for credit losses on loans (PCLL)		2,472		2,422		2,359		2,382		2,563	8%	4%		7,786		9,726	25%
Other, net^{(2)(3)(4)(5)(6)(7)}		38		32		(156)		(70)		(103)	(47%)	NM		174		(297)
ACLL at end of period (a)	$	18,145	$	18,296	$	18,216	$	18,356	$	18,574	1%	2%	$	18,145	$	18,574

Allowance for credit losses on unfunded lending commitments (ACLUC)⁽⁸⁾ (a)	$	1,728	$	1,629	$	1,619	$	1,725	$	1,601	(7%)	(7%)	$	1,728	$	1,601

Provision (release) for credit losses on unfunded lending commitments	$	(81)	$	(98)	$	(8)	$	105	$	(118)	NM	(46%)	$	(425)	$	(119)

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (a)]	$	19,873	$	19,925	$	19,835	$	20,081	$	20,175	-	2%	$	19,873	$	20,175

Total ACLL as a percentage of total loans⁽⁹⁾		2.66%		2.75%		2.68%		2.70%		2.71%	1 bps	5 bps

Consumer
ACLL at beginning of period	$	14,912	$	15,431	$	15,524	$	15,732	$	15,765	-	6%	$	14,119	$	15,431
Adjustments to opening balance
Financial instruments—TDRs and Vintage Disclosures⁽¹⁾		-		-		-		-		-				(352)		-
Adjusted ACLL at beginning of period		14,912		15,431		15,524		15,732		15,765	-	6%		13,767		15,431	12%

NCLs		(1,899)		(2,139)		(2,175)		(2,098)		(2,191)	4%	15%		(6,187)		(8,603)	39%
Replenishment of NCLs		1,899		2,139		2,175		2,098		2,191	4%	15%		6,187		8,603	39%
Net reserve builds / (releases) for loans		472		62		350		107		337	215%	(29%)		1,478		856	(42%)
Provision for credit losses on loans (PCLL)		2,371		2,201		2,525		2,205		2,528	15%	7%		7,665		9,459	23%
Other, net^{(2)(3)(4)(5)(6)(7)}		47		31		(142)		(74)		(84)	(14%)	NM		186		(269)	NM
ACLL at end of period (b)	$	15,431	$	15,524	$	15,732	$	15,765	$	16,018	2%	4%	$	15,431	$	16,018

Consumer ACLUC⁽⁸⁾ (b)	$	62	$	46	$	42	$	39	$	34	(13%)	(45%)	$	62	$	34

Provision (release) for credit losses on unfunded lending commitments	$	(5)	$	(15)	$	(4)	$	(4)	$	(2)	50%	60%	$	(46)	$	(25)

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (b)]	$	15,493	$	15,570	$	15,774	$	15,804	$	16,052	2%	4%	$	15,493	$	16,052

Consumer ACLL as a percentage of total consumer loans		3.97%		4.07%		4.08%		4.05%		4.08%	3 bps	11 bps

Corporate
ACLL at beginning of period	$	2,717	$	2,714	$	2,772	$	2,484	$	2,591	4%	(5%)	$	2,855	$	2,714

NCLs		(95)		(164)		(108)		(74)		(51)	(31%)	(46%)		(250)		(397)	59%
Replenishment of NCLs		95		164		108		74		51	(31%)	(46%)		250		397	59%
Net reserve builds / (releases) for loans		6		57		(274)		103		(16)	NM	NM		(129)		(130)	(1%)
Provision for credit losses on loans (PCLL)		101		221		(166)		177		35	(80%)	(65%)		121		267	121%
Other, net⁽²⁾		(9)		1		(14)		4		(19)	NM	(111%)		(12)		(28)
ACLL at end of period (c)	$	2,714	$	2,772	$	2,484	$	2,591	$	2,556	(1%)	(6%)	$	2,714	$	2,556

Corporate ACLUC⁽⁸⁾ (c)	$	1,666	$	1,583	$	1,577	$	1,686	$	1,567	(7%)	(6%)	$	1,666	$	1,567

Provision (release) for credit losses on unfunded lending commitments	$	(76)	$	(83)	$	(4)	$	109	$	(116)	NM	(53%)	$	(379)	$	(94)

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (c)]	$	4,380	$	4,355	$	4,061	$	4,277	$	4,123	(4%)	(6%)	$	4,380	$	4,123

Corporate ACLL as a percentage of total corporate loans⁽⁹⁾		0.93%		0.98%		0.85%		0.89%		0.87%	(2) bps	(6) bps

Footnotes to this table are on the following page (page 20).

Page 19

ALLOWANCE FOR CREDIT LOSSES ON LOANS (ACLL) AND UNFUNDED LENDING COMMITMENTS (ACLUC)

Page 2

The following footnotes relate to the table on the preceding page (page 19):

(1)	Includes the January 1, 2023 opening adjustment related to the adoption of ASU No. 2022-02,Financial Instruments—CreditLosses (Topic 326): TDRs and Vintage Disclosures. See page 19.

(2)	Includes all adjustments to the allowance for credit losses, such as changes in the allowance from acquisitions, dispositions, securitizations, foreign currency translation (FX translation), purchase accounting adjustments, etc.

(3)	4Q23 primarily relates to FX translation.

(4)	1Q24 primarily relates to FX translation.

(5)	2Q24 primarily relates to FX translation.

(6)	3Q24 primarily relates to FX translation.

(7)	4Q24 primarily relates to FX translation.

(8)	Represents additional credit reserves recorded as other liabilities on the Consolidated Balance Sheet.

(9)	Excludes loans that are carried at fair value of $7.6 billion, $8.9 billion, $8.5 billion, $8.1 billion, and $8.0 billion at December 31, 2023, March 31, 2024, June 30, 2024, September 30, 2024, and December 31, 2024, respectively.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 20

NON-ACCRUAL ASSETS

(In millions of dollars)

											4Q24 Increase/
	4Q		1Q		2Q		3Q		4Q		(Decrease) from
	2023		2024		2024		2024		2024		3Q24	4Q23

Corporate non-accrual loans by region⁽¹⁾
North America	$	978	$	874	$	456	$	459	$	757	65%	(23%)
International		904		615		542		485		620	28%	(31%)
Total	$	1,882	$	1,489	$	998	$	944	$	1,377	46%	(27%)

Corporate non-accrual loans by segment and component⁽¹⁾
Banking	$	799	$	606	$	462	$	348	$	498	43%	(38%)
Services		103		27		30		96		65	(32%)	(37%)
Markets		791		686		362		390		715	83%	(10%)
Mexico SBMM & AFG		189		170		144		110		99	(10%)	(48%)
Total	$	1,882	$	1,489	$	998	$	944	$	1,377	46%	(27%)

Consumer non-accrual loans⁽¹⁾
Wealth	$	288	$	276	$	303	$	284	$	404	42%	40%
USPB		291		290		285		292		290	(1%)	-
Mexico Consumer		479		465		425		415		411	(1%)	(14%)
Asia Consumer⁽²⁾		22		23		22		21		19	(10%)	(14%)
Legacy Holdings Assets—Consumer		235		227		217		210		186	(11%)	(21%)
Total	$	1,315	$	1,281	$	1,252	$	1,222	$	1,310	7%	-

Total non-accrual loans (NAL)	$	3,197	$	2,770	$	2,250	$	2,166	$	2,687	24%	(16%)

Other real estate owned (OREO)⁽³⁾	$	36	$	26	$	27	$	25	$	18	(28%)	(50%)


NAL as a percentage of total loans		0.46%		0.41%		0.33%		0.31%		0.39%	8 bps	(7) bps

ACLL as a percentage of NAL		568%		661%		810%		847%		691%

(1)

Corporate loans are placed on non-accrual status based on a review by Citigroup's risk officers. Corporate non-accrual loans may still be current on interestpayments. With limited exceptions, the following practices are applied for consumer loans: consumer loans, excluding credit cards and mortgages, are placedon non-accrual status at 90 days past due, and are charged off at 120 days past due; residential mortgage loans are placed on non-accrual status at 90 dayspast due and written down to net realizable value at 180 days past due. Consistent with industry conventions, Citigroup generally accrues interest on credit cardloans until such loans are charged off, which typically occurs at 180 days contractual delinquency. As such, the non-accrual loan disclosures do not includecredit card loans. The balances above represent non-accrual loans within Consumer loans and Corporate loans on the Consolidated Balance Sheet.

(2)	Asia Consumer also includes Non-accrual assets in Poland and Russia.

(3)	Represents the carrying value of all property acquired by foreclosure or other legal proceedings when Citigroup has taken possession of the collateral. Alsoincludes former premises and property for use that is no longer contemplated.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 21

COMMON EQUITY TIER 1 (CET1) CAPITAL AND SUPPLEMENTARY LEVERAGE RATIOS,

TANGIBLE COMMON EQUITY, COMMON EQUITY, BOOK VALUE

PER SHARE AND TANGIBLE BOOK VALUE PER SHARE (TBVPS)

(In millions of dollars or shares, except per share amounts and ratios)

											Full		Full
	December 31,		March 31,		June 30,		September 30,		December 31,		Year		Year
CET1 Capital and Ratio and Components⁽¹⁾	2023		2024		2024		2024		2024⁽²⁾		2023		2024

Citigroup common stockholders’ equity⁽³⁾	$	187,937	$	189,059	$	190,283	$	192,796	$	190,815
Add: qualifying noncontrolling interests		153		159		153		168		186
Regulatory capital adjustments and deductions:
Add:
CECL transition provision⁽⁴⁾		1,514		757		757		757		757
Less:
Accumulated net unrealized gains (losses) on cash flow hedges, net of tax		(1,406)		(914)		(629)		(773)		(221)
Cumulative unrealized net gain (loss) related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax		(410)		(1,031)		(760)		(906)		(867)
Intangible assets:
Goodwill, net of related deferred tax liabilities (DTLs)⁽⁵⁾		18,778		18,647		18,315		18,397		17,994
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs		3,349		3,258		3,138		3,061		3,357
Defined benefit pension plan net assets and other		1,317		1,386		1,425		1,447		1,504
Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards⁽⁶⁾		12,075		11,936		11,695		11,318		11,113
Excess over 10% / 15% limitations for other DTAs, certain common stock investments and MSRs⁽⁶⁾⁽⁸⁾		2,306		3,551		3,652		3,071		3,516
CET1 Capital	$	153,595	$	153,142	$	154,357	$	158,106	$	155,362
Risk-Weighted Assets (RWA)⁽⁴⁾	$	1,148,608	$	1,138,546	$	1,135,750	$	1,153,150	$	1,144,679
CET1 Capital ratio (CET1/RWA)		13.37%		13.45%		13.59%		13.71%		13.6%

Supplementary Leverage Ratio and Components
CET1⁽⁴⁾	$	153,595	$	153,142	$	154,357	$	158,106	$	155,362
Additional Tier 1 Capital (AT1)⁽⁷⁾		18,909		18,923		19,426		17,682		19,164
Total Tier 1 Capital (T1C) (CET1 + AT1)	$	172,504	$	172,065	$	173,783	$	175,788	$	174,526
Total Leverage Exposure (TLE)⁽⁴⁾	$	2,964,954	$	2,948,323	$	2,949,534	$	3,005,709	$	2,988,868
Supplementary Leverage ratio (T1C/TLE)⁽⁴⁾		5.82%		5.84%		5.89%		5.85%		5.8%

Tangible Common Equity, Book Value and Tangible Book Value Per Share
Common stockholders’ equity	$	187,853	$	188,985	$	190,210	$	192,733	$	190,748
Less:
Goodwill		20,098		20,042		19,704		19,691		19,300
Intangible assets (other than MSRs)		3,730		3,636		3,517		3,438		3,734
Goodwill and identifiable intangible assets (other than MSRs) related to businesses HFS		-		-		-		16		16
Tangible common equity (TCE)⁽⁹⁾	$	164,025	$	165,307	$	166,989	$	169,588	$	167,698
Common shares outstanding (CSO)		1,903.1		1,907.4		1,907.8		1,891.3		1,877.1
Book value per share (common equity/CSO)	$	98.71	$	99.08	$	99.70	$	101.91	$	101.62
Tangible book value per share (TCE/CSO)⁽⁹⁾	$	86.19	$	86.67	$	87.53	$	89.67	$	89.34

Average TCE (in billions of dollars)⁽⁹⁾
Services	$	23.0	$	24.9	$	24.9	$	24.9	$	24.9	$	23.0	$	24.9
Markets		53.1		54.0		54.0		54.0		54.0		53.1		54.0
Banking		21.4		21.8		21.8		21.8		21.8		21.4		21.8
USPB		21.9		25.2		25.2		25.2		25.2		21.9		25.2
Wealth		13.4		13.2		13.2		13.2		13.2		13.4		13.2
All Other		32.4		25.6		27.0		29.2		29.5		30.6		27.6
Total Citi average TCE	$	165.2	$	164.7	$	166.1	$	168.3	$	168.6	$	163.4	$	166.7
Plus:
Average goodwill	$	20.4	$	19.6	$	19.5	$	19.6	$	19.4	$	20.1	$	19.8
Average intangible assets (other than MSRs)		3.8		3.7		3.6		3.5		3.6		3.9		3.6
Average goodwill and identifiable intangible assets (other than MSRs) related to businesses HFS		-		-		-		-		-		0.3		-
Total Citi average common stockholders’ equity (in billions of dollars)	$	189.4	$	188.0	$	189.2	$	191.4	$	191.6	$	187.7	$	190.1

(1)	See footnote 8 on page 1.

(2)	December 31, 2024 is preliminary.

(3)	Excludes issuance costs related to outstanding preferred stock in accordance with Federal Reserve Board regulatory reporting requirements.

(4)	See footnote 9 on page 1.

(5)	Includes goodwill “embedded” in the valuation of significant common stock investments in unconsolidated financial institutions.

(6)

Represents deferred tax excludable from Basel III CET1 Capital, which includes net DTAs arising from net operating loss, foreign tax credit, and general business credit tax carry-forwards and DTAs arising from temporary differences (future deductions) that are deducted from CET1 Capital exceeding the 10% limitation.

(7)	Additional Tier 1 Capital primarily includes qualifying noncumulative perpetual preferred stock and qualifying trust preferred securities.

(8)

Assets subject to 10% / 15% limitations include MSRs, DTAs arising from temporary differences, and significant common stock investments in unconsolidated financialinstitutions. For all periods presented, the deduction related only to DTAs arising from temporary differences that exceeded the 10% limitation.

(9)	TCE and TBVPS are non-GAAP financial measures.

Reclassified to conform to the current period's presentation.

Page 22

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