Enhanced Investments - Financial Portal

Published: 2023-07-14 09:25:49 ET

EX-99.2 3 c-20230714xex99d2.htm EXHIBIT 99.2

Exhibit 99.2


CITIGROUP -- QUARTERLY FINANCIAL DATA SUPPLEMENT		2Q23


		Page
Citigroup
Financial Summary		1
Consolidated Statement of Income		2
Consolidated Balance Sheet		3
Operating Segment and Reporting Unit - Net Revenues and Income		4

Institutional Clients Group (ICG)		5
Reporting Unit Revenues		6
Personal Banking and Wealth Management (PBWM)		7
Metrics		8
Legacy Franchises		9
Corporate / Other		10

Citigroup Supplemental Detail
Average Balances and Interest Rates		11
EOP Loans		12
Deposits		13
Allowance for Credit Losses (ACL) Rollforward		14
Allowance for Credit Losses on Loans and Unfunded Lending Commitments		15 - 16
Non-Accrual Assets		17
CET1 Capital and Supplementary Leverage Ratios, Tangible Common Equity, Book Value Per Share and Tangible Book Value Per Share		18

CITIGROUP FINANCIAL SUMMARY

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

		2Q		3Q		4Q		1Q		2Q		2Q23 Increase/ (Decrease) from		Six Months		Six Months		YTD 2023 vs. YTD 2022 Increase/
		2022		2022		2022		2023		2023		1Q23	2Q22	2022		2023		(Decrease)

Total revenues, net of interest expense⁽¹⁾⁽²⁾		$	19,638	$	18,508	$	18,006	$	21,447	$	19,436	(9%)	(1%)	$	38,824	$	40,883	5%
Total operating expenses			12,393		12,749		12,985		13,289		13,570	2%	9%		25,558		26,859	5%
Net credit losses (NCLs)			850		887		1,180		1,302		1,504	16%	77%		1,722		2,806	63%
Credit reserve build / (release) for loans			534		441		593		435		257	(41%)	(52%)		(78)		692	NM
Provision / (release) for unfunded lending commitments			(159)		(71)		47		(194)		(96)	51%	40%		315		(290)	NM
Provisions for benefits and claims, HTM debt securities and other assets			49		108		25		432		159	(63%)	NM		70		591	NM
Provisions for credit losses and for benefits and claims			1,274		1,365		1,845		1,975		1,824	(8%)	43%		2,029		3,799	87%
Income from continuing operations before income taxes			5,971		4,394		3,176		6,183		4,042	(35%)	(32%)		11,237		10,225	(9%)
Income taxes			1,182		879		640		1,531		1,090	(29%)	(8%)		2,123		2,621	23%
Income from continuing operations			4,789		3,515		2,536		4,652		2,952	(37%)	(38%)		9,114		7,604	(17%)
Income (loss) from discontinued operations, net of taxes⁽³⁾			(221)		(6)		(2)		(1)		(1)	-	100%		(223)		(2)	99%
Net income before noncontrolling interests			4,568		3,509		2,534		4,651		2,951	(37%)	(35%)		8,891		7,602	(14%)
Net income (loss) attributable to noncontrolling interests			21		30		21		45		36	(20%)	71%		38		81	NM
Citigroup's net income		$	4,547	$	3,479	$	2,513	$	4,606	$	2,915	(37%)	(36%)	$	8,853	$	7,521	(15%)

Diluted earnings per share:
Income from continuing operations		$	2.30	$	1.63	$	1.16	$	2.19	$	1.33	(39%)	(42%)	$	4.32	$	3.52	(19%)
Citigroup's net income		$	2.19	$	1.63	$	1.16	$	2.19	$	1.33	(39%)	(39%)	$	4.20	$	3.52	(16%)

Preferred dividends		$	238	$	277	$	238	$	277	$	288	4%	21%	$	517	$	565	9%

Income allocated to unrestricted common shareholders - basic
Income from continuing operations		$	4,495	$	3,180	$	2,253	$	4,296	$	2,595	(40%)	(42%)	$	8,499	$	6,890	(19%)
Citigroup's net income			4,274	$	3,174	$	2,251	$	4,295		2,594	(40%)	(39%)	$	8,276	$	6,888	(17%)

Income allocated to unrestricted common shareholders - diluted
Income from continuing operations		$	4,506	$	3,191	$	2,264	$	4,307	$	2,610	(39%)	(42%)	$	8,518	$	6,916	(19%)
Citigroup's net income		$	4,285	$	3,185	$	2,262	$	4,306	$	2,609	(39%)	(39%)	$	8,295	$	6,914	(17%)

Shares (in millions):
Average basic			1,941.5		1,936.8		1,936.9		1,943.5		1,942.8	-	-		1,956.6		1,943.2	(1%)
Average diluted			1,958.1		1,955.1		1,955.9		1,964.1		1,968.6	-	1%		1,973.2		1,966.3	-
Common shares outstanding, at period end			1,936.7		1,936.9		1,937.0		1,946.8		1,925.7	(1%)	(1%)

Regulatory capital ratios and performance metrics:
Common Equity Tier 1 (CET1) Capital ratio^(4)(5)(6)			11.95%		12.29%		13.03%		13.44%		13.3%
Tier 1 Capital ratio^(4)(5)(6)			13.62%		14.01%		14.80%		15.31%		15.2%
Total Capital ratio^(4)(5)(6)			15.20%		15.09%		15.46%		15.57%		16.1%
Supplementary Leverage ratio (SLR)^(4)(6)(7)			5.66%		5.71%		5.82%		5.96%		6.0%
Return on average assets			0.77%		0.58%		0.41%		0.76%		0.47%				0.75%		0.62%
Return on average common equity			9.7%		7.1%		5.0%		9.5%		5.6%				9.3%		7.5%
Average tangible common equity (TCE) (in billions of dollars)		$	154.4	$	155.5	$	156.9	$	161.1	$	164.1	2%	6%	$	155.3	$	162.1	4%
Return on average tangible common equity (RoTCE)			11.2%		8.2%		5.8%		10.9%		6.4%				10.8%		8.7%
Efficiency ratio (total operating expenses/total revenues, net)			63.1%		68.9%		72.1%		62.0%		69.8%	780 bps	670 bps		65.8%		65.7%	(10) bps

Balance sheet data (in billions of dollars, except per share amounts):
Total assets		$	2,380.9	$	2,381.1	$	2,416.7	$	2,455.1	$	2,423.7	(1%)	2%
Total average assets			2,380.1		2,399.4		2,430.6		2,462.2		2,465.6	-	4%		2,377.1		2,463.9	4%
Total loans			657.3		646.0		657.2		652.0		660.6	1%	1%
Total deposits			1,321.8		1,306.5		1,366.0		1,330.5		1,319.9	(1%)	-
Citigroup's stockholders' equity			199.0		198.6		201.2		208.3		208.7	-	5%
Book value per share			92.95		92.71		94.06		96.59		97.87	1%	5%
Tangible book value per share			80.25		80.34		81.65		84.21		85.34	1%	6%

Direct staff (in thousands)			231		238		240		240		240	-	4%


	(1) 1Q23 includes an approximate $1.059 billion gain on sale recorded in Other revenue (approximately $727 million after various taxes) related to Citi's sale of the India consumer banking business. (2) 3Q22 includes an approximate $616 million gain on sale recorded in Other revenue (approximately $290 million after various taxes) related to Citi's sale of the Philippines consumer banking business. (3) 2Q22 discontinued operations reflects the release of a currency translation adjustment (CTA) loss (net of hedges) recorded in Accumulated Other Comprehensive Income (AOCI) related to the substantial liquidation of a legal entity (with a non-U.S. dollar functional currency), that had previously divested a legacy business. (4) 2Q23 is preliminary. (5) 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 18. (6) 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 2022 Annual Report on Form 10-K. (7) For the composition of Citi's SLR, see page 18. 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)


	2Q		3Q		4Q		1Q		2Q		2Q23 Increase/ (Decrease) from		Six Months		Six Months		YTD 2023 vs. YTD 2022 Increase/
	2022		2022		2022		2023		2023		1Q23	2Q22	2022		2023		(Decrease)

Revenues
Interest revenue	$	15,630	$	19,919	$	25,708	$	29,395	$	32,647	11%	NM	$	28,781	$	62,042	NM
Interest expense		3,666		7,356		12,438		16,047		18,747	17%	NM		5,946		34,794	NM
Net interest income (NII)		11,964		12,563		13,270		13,348		13,900	4%	16%		22,835		27,248	19%

Commissions and fees		2,452		2,139		2,016		2,366		2,132	(10%)	(13%)		5,020		4,498	(10%)
Principal transactions		4,525		2,625		2,419		3,939		2,528	(36%)	(44%)		9,115		6,467	(29%)
Administrative and other fiduciary fees		1,023		915		880		896		989	10%	(3%)		1,989		1,885	(5%)
Realized gains (losses) on investments		(58)		52		(7)		72		49	(32%)	NM		22		121	NM
Impairment losses on investments and other assets		(96)		(91)		(222)		(86)		(71)	17%	26%		(186)		(157)	16%
Provision for credit losses on AFS debt securities⁽¹⁾		2		5		(2)		(1)		1	NM	(50%)		2		-	(100%)
Other revenue (loss)		(174)		300		(348)		913		(92)	NM	47%		27		821	NM
Total non-interest revenues (NIR)		7,674		5,945		4,736		8,099		5,536	(32%)	(28%)		15,989		13,635	(15%)
Total revenues, net of interest expense	$	19,638	$	18,508	$	18,006	$	21,447	$	19,436	(9%)	(1%)		38,824		40,883	5%


Provisions for credit losses and for benefits and claims
Net credit losses		850		887		1,180		1,302		1,504	16%	77%		1,722		2,806	63%
Credit reserve build / (release) for loans		534		441		593		435		257	(41%)	(52%)		(78)		692	NM
Provision for credit losses on loans		1,384		1,328		1,773		1,737		1,761	1%	27%		1,644		3,498	NM
Provision for credit losses on held-to-maturity (HTM) debt securities		20		10		5		(17)		(4)	76%	NM		18		(21)	NM
Provision for credit losses on other assets		7		73		-		425		149	(65%)	NM		3		574	NM
Policyholder benefits and claims		22		25		20		24		14	(42%)	(36%)		49		38	(22%)
Provision for credit losses on unfunded lending commitments		(159)		(71)		47		(194)		(96)	51%	40%		315		(290)	NM
Total provisions for credit losses and for benefits and claims⁽²⁾		1,274		1,365		1,845		1,975		1,824	(8%)	43%		2,029		3,799	87%

Operating expenses
Compensation and benefits		6,472		6,745		6,618		7,538		7,388	(2%)	14%		13,292		14,926	12%
Premises and equipment		619		557		601		598		595	(1%)	(4%)		1,162		1,193	3%
Technology / communication		2,068		2,145		2,358		2,127		2,309	9%	12%		4,084		4,436	9%
Advertising and marketing		414		407		424		331		361	9%	(13%)		725		692	(5%)
Other operating		2,820		2,895		2,984		2,695		2,917	8%	3%		6,295		5,612	(11%)
Total operating expenses		12,393		12,749		12,985		13,289		13,570	2%	9%		25,558		26,859	5%

Income from continuing operations before income taxes		5,971		4,394		3,176		6,183		4,042	(35%)	(32%)		11,237		10,225	(9%)
Provision for income taxes		1,182		879		640		1,531		1,090	(29%)	(8%)		2,123		2,621	23%

Income (loss) from continuing operations		4,789		3,515		2,536		4,652		2,952	(37%)	(38%)		9,114		7,604	(17%)
Discontinued operations⁽³⁾
Income (loss) from discontinued operations		(262)		(6)		(2)		(1)		(1)	-	100%		(264)		(2)	99%
Provision (benefit) for income taxes		(41)		-		-		-		-	-	100%		(41)		-	100%
Income (loss) from discontinued operations, net of taxes		(221)		(6)		(2)		(1)		(1)	-	100%		(223)		(2)	99%

Net income before noncontrolling interests		4,568		3,509		2,534		4,651		2,951	(37%)	(35%)		8,891		7,602	(14%)
Net income (loss) attributable to noncontrolling interests		21		30		21		45		36	(20%)	71%		38		81	NM

Citigroup's net income	$	4,547	$	3,479	$	2,513	$	4,606	$	2,915	(37%)	(36%)	$	8,853	$	7,521	(15%)

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

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

(3)	See footnote 2 on page 1.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 2

CITIGROUP CONSOLIDATED BALANCE SHEET

(In millions of dollars)

											2Q23 Increase/
	June 30,		September 30,		December 31,		March 31,		June 30,		(Decrease) from
	2022		2022		2022		2023		2023⁽¹⁾		1Q23	2Q22
Assets
Cash and due from banks (including segregated cash and other deposits)	$	24,902	$	26,502	$	30,577	$	26,224	$	25,763	(2%)	3%
Deposits with banks, net of allowance		259,128		273,105		311,448		302,735		271,145	(10%)	5%
Securities borrowed and purchased under agreements to resell, net of allowance		361,334		349,214		365,401		384,198		337,103	(12%)	(7%)
Brokerage receivables, net of allowance		80,486		79,696		54,192		55,491		60,850	10%	(24%)
Trading account assets		340,875		358,260		334,114		383,906		423,189	10%	24%
Investments
Available-for-sale debt securities		238,499		232,143		249,679		240,487		237,334	(1%)	-
Held-to-maturity debt securities, net of allowance		267,592		267,864		268,863		264,342		262,066	(1%)	(2%)
Equity securities		7,787		8,009		8,040		7,749		7,745	-	(1%)
Total investments		513,878		508,016		526,582		512,578		507,145	(1%)	(1%)
Loans, net of unearned income
Consumer⁽²⁾		355,605		357,583		368,067		363,696		374,591	3%	5%
Corporate⁽³⁾		301,728		288,377		289,154		288,299		286,021	(1%)	(5%)
Loans, net of unearned income		657,333		645,960		657,221		651,995		660,612	1%	-
Allowance for credit losses on loans (ACLL)		(15,952)		(16,309)		(16,974)		(17,169)		(17,496)	(2%)	(10%)
Total loans, net		641,381		629,651		640,247		634,826		643,116	1%	-
Goodwill		19,597		19,326		19,691		19,882		19,998	1%	2%
Intangible assets (including MSRs)		4,526		4,485		4,428		4,632		4,576	(1%)	1%
Property, plant and equipment, net		24,788		25,157		26,253		27,119		27,818	3%	12%
Other assets, net of allowance		110,009		107,652		103,743		103,522		102,972	(1%)	(6%)
Total assets	$	2,380,904	$	2,381,064	$	2,416,676	$	2,455,113	$	2,423,675	(1%)	2%

Liabilities
Non-interest-bearing deposits in U.S. offices	$	147,214	$	135,514	$	122,655	$	123,969	$	109,844	(11%)	(25%)
Interest-bearing deposits in U.S. offices		565,785		570,920		607,470		587,477		590,700	1%	4%
Total U.S. deposits		712,999		706,434		730,125		711,446		700,544	(2%)	(2%)
Non-interest-bearing deposits in offices outside the U.S.		100,266		98,904		95,182		90,404		91,899	2%	(8%)
Interest-bearing deposits in offices outside the U.S.		508,583		501,148		540,647		528,609		527,424	-	4%
Total international deposits		608,849		600,052		635,829		619,013		619,323	-	2%

Total deposits		1,321,848		1,306,486		1,365,954		1,330,459		1,319,867	(1%)	-
Securities loaned and sold under agreements to resell		198,472		203,429		202,444		257,681		260,035	1%	31%
Brokerage payables		96,474		87,841		69,218		76,708		69,433	(9%)	(28%)
Trading account liabilities		180,453		196,479		170,647		185,010		170,664	(8%)	(5%)
Short-term borrowings		40,054		47,368		47,096		40,187		40,430	1%	1%
Long-term debt		257,425		253,068		271,606		279,684		274,510	(2%)	7%
Other liabilities⁽⁴⁾		86,552		87,276		87,873		76,365		79,314	4%	(8%)
Total liabilities	$	2,181,278	$	2,181,947	$	2,214,838	$	2,246,094	$	2,214,253	(1%)	2%

Equity
Stockholders' equity
Preferred stock	$	18,995	$	18,995	$	18,995	$	20,245	$	20,245	-	7%
Common stock		31		31		31		31		31	-	-
Additional paid-in capital		108,210		108,347		108,458		108,369		108,579	-	-
Retained earnings		191,261		193,462		194,734		198,353		199,976	1%	5%
Treasury stock, at cost		(73,988)		(73,977)		(73,967)		(73,262)		(74,247)	(1%)	-
Accumulated other comprehensive income (loss) (AOCI)		(45,495)		(48,298)		(47,062)		(45,441)		(45,865)	(1%)	(1%)
Total common equity	$	180,019	$	179,565	$	182,194	$	188,050	$	188,474	-	5%

Total Citigroup stockholders' equity	$	199,014	$	198,560	$	201,189	$	208,295	$	208,719	-	5%
Noncontrolling interests		612		557		649		724		703	(3%)	15%
Total equity		199,626		199,117		201,838		209,019		209,422	-	5%
Total liabilities and equity	$	2,380,904	$	2,381,064	$	2,416,676	$	2,455,113	$	2,423,675	(1%)	2%

(1)	Preliminary.

(2)	Consumer loans include loans managed by PBWM and Legacy Franchises (other than Mexico Small Business and Middle-Market Banking (Mexico SBMM) loans).

(3)	Corporate loans include loans managed by ICG and Legacy Franchises-Mexico SBMM.

(4)	Includes allowance for credit losses for unfunded lending commitments. See page 15.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 3

OPERATING SEGMENT AND REPORTING UNIT DETAILS

(In millions of dollars)

											2Q23 Increase/		Six		Six		YTD 2023 vs.
	2Q		3Q		4Q		1Q		2Q		(Decrease) from		Months		Months		YTD 2022 Increase/
	2022		2022		2022		2023		2023		1Q23	2Q22	2022		2023		(Decrease)
Net revenues
Institutional Clients Group	$	11,419	$	9,468	$	9,159	$	11,233	$	10,441	(7%)	(9%)	$	22,579	$	21,674	(4%)
Personal Banking and Wealth Management		6,029		6,187		6,096		6,448		6,395	(1%)	6%		11,934		12,843	8%
Legacy Franchises		1,935		2,554		2,052		2,852		1,923	(33%)	(1%)		3,866		4,775	24%
Corporate/Other		255		299		699		914		677	(26%)	NM		445		1,591	NM
Total net revenues	$	19,638	$	18,508	$	18,006	$	21,447	$	19,436	(9%)	(1%)	$	38,824	$	40,883	5%

Income (loss) from continuing operations
Institutional Clients Group	$	3,978	$	2,186	$	1,916	$	3,298	$	2,219	(33%)	(44%)	$	6,636	$	5,517	(17%)
Personal Banking and Wealth Management		553		792		114		489		494	1%	(11%)		2,413		983	(59%)
Legacy Franchises		(15)		316		75		606		(122)	NM	NM		(400)		484	NM
Corporate/Other		273		221		431		259		361	39%	32%		465		620	33%
Income from continuing operations	$	4,789	$	3,515	$	2,536	$	4,652	$	2,952	(37%)	(38%)	$	9,114	$	7,604	(17%)

Discontinued operations	$	(221)	$	(6)	$	(2)	$	(1)	$	(1)	-	100%		(223)		(2)	99%

Net income attributable to noncontrolling interests		21		30		21		45		36	(20%)	71%		38		81	NM

Net income	$	4,547	$	3,479	$	2,513	$	4,606	$	2,915	(37%)	(36%)	$	8,853	$	7,521	(15%)

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 4

INSTITUTIONAL CLIENTS GROUP

(In millions of dollars, except as otherwise noted)

	2Q		3Q		4Q		1Q		2Q		2Q23 Increase/ (Decrease) from		Six Months		Six Months		YTD 2023 vs. YTD 2022 Increase/
	2022		2022		2022		2023		2023		1Q23	2Q22	2022		2023		(Decrease)
Commissions and fees	$	1,125	$	1,082	$	1,067	$	1,150	$	1,126	(2%)	-		2,255		2,276	1%
Administration and other fiduciary fees		732		651		629		654		709	8%	(3%)		1,404		1,363	(3%)
Investment banking fees⁽¹⁾		990		816		728		834		686	(18%)	(31%)		2,029		1,520	(25%)
Principal transactions		4,358		2,776		2,057		3,709		2,463	(34%)	(43%)		8,800		6,172	(30%)
Other		(306)		(427)		(359)		(142)		(166)	(17%)	46%		(213)		(308)	(45%)
Total non-interest revenue		6,899		4,898		4,122		6,205		4,818	(22%)	(30%)		14,275		11,023	(23%)
Net interest income (including dividends)		4,520		4,570		5,037		5,028		5,623	12%	24%		8,304		10,651	28%
Total revenues, net of interest expense		11,419		9,468		9,159		11,233		10,441	(7%)	(9%)		22,579		21,674	(4%)
Total operating expenses		6,434		6,541		6,601		6,973		7,286	4%	13%		13,157		14,259	8%
Net credit losses on loans		18		-		104		22		73	NM	NM		48		95	98%
Credit reserve build / (release) for loans		(76)		75		(117)		(75)		(150)	(100%)	(97%)		520		(225)	NM
Provision for credit losses on unfunded lending commitments		(169)		(59)		63		(170)		(88)	48%	48%		183		(258)	NM
Provisions for credit losses for HTM debt securities and other assets		25		70		6		151		223	48%	NM		18		374	NM
Provision for credit losses		(202)		86		56		(72)		58	NM	NM		769		(14)	NM
Income from continuing operations before taxes		5,187		2,841		2,502		4,332		3,097	(29%)	(40%)		8,653		7,429	(14%)
Income taxes		1,209		655		586		1,034		878	(15%)	(27%)		2,017		1,912	(5%)
Income from continuing operations		3,978		2,186		1,916		3,298		2,219	(33%)	(44%)		6,636		5,517	(17%)
Noncontrolling interests		17		24		20		40		29	(28%)	71%		35		69	97%
Net income	$	3,961	$	2,162	$	1,896	$	3,258	$	2,190	(33%)	(45%)	$	6,601	$	5,448	(17%)
EOP assets (in billions)	$	1,700	$	1,706	$	1,730	$	1,769	$	1,765	-	4%
Average assets (in billions)		1,698		1,729		1,753		1,774		1,795	1%	6%		1,692		1,785	5%
Efficiency ratio		56%		69%		72%		62%		70%	800 bps	1,400 bps		58%		66%	800 bps

Revenue by reporting unit
Services	$	4,050	$	4,177	$	4,326	$	4,467	$	4,655	4%	15%	$	7,515	$	9,122	21%
Markets		5,292		4,068		3,944		5,601		4,619	(18%)	(13%)		11,101		10,220	(8%)
Banking		2,077		1,223		889		1,165		1,167	-	(44%)		3,963		2,332	(41%)
Total revenues, net of interest expense	$	11,419	$	9,468	$	9,159	$	11,233	$	10,441	(7%)	(9%)	$	22,579	$	21,674	(4%)

Revenue by region
North America	$	4,410	$	3,091	$	2,444	$	3,503	$	3,277	(6%)	(26%)	$	8,132	$	6,780	(17%)
EMEA		3,566		3,099		3,293		4,059		3,461	(15%)	(3%)		7,596		7,520	(1%)
Latin America		1,266		1,202		1,320		1,272		1,527	20%	21%		2,407		2,799	16%
Asia		2,177		2,076		2,102		2,399		2,176	(9%)	-		4,444		4,575	3%
Total revenues, net of interest expense	$	11,419	$	9,468	$	9,159	$	11,233	$	10,441	(7%)	(9%)	$	22,579	$	21,674	(4%)

Income (loss) from continuing operations by region
North America	$	1,501	$	97	$	(90)	$	575	$	127	(78%)	(92%)	$	2,090	$	702	(66%)
EMEA		1,172		1,003		857		1,380		759	(45%)	(35%)		2,100		2,139	2%
Latin America		544		426		508		501		636	27%	17%		903		1,137	26%
Asia		761		660		641		842		697	(17%)	(8%)		1,543		1,539	-
Income (loss) from continuing operations	$	3,978	$	2,186	$	1,916	$	3,298	$	2,219	(33%)	(44%)	$	6,636	$	5,517	(17%)

Average loans by reporting unit (in billions)
Services	$	85	$	82	$	79	$	79	$	80	1%	(6%)	$	82	$	80	(2%)
Banking		199		197		194		191		185	(3%)	(7%)		197		188	(5%)
Markets		13		12		12		13		13	-	-		14		13	(7%)
Total	$	297	$	291	$	285	$	283	$	278	(2%)	(6%)	$	293	$	281	(4%)

Average deposits by reporting unit and selected component (in billions)
Treasury and trade solutions (TTS)	$	672	$	664	$	694	$	704	$	688	(2%)	2%	$	671	$	696	4%
Securities services		137		131		129		125		125	-	(9%)		136		125	(8%)
Services		809		795		823		829		813	(2%)	-		807		821	2%
Markets and Banking		21		22		25		24		24	-	14%		21		24	14%
Total	$	830	$	817	$	848	$	853	$	837	(2%)	1%	$	828	$	845	2%

Services Key Drivers (in billions of dollars, except as otherwise noted)
AUC/AUA (in trillions of dollars)	$	21.2	$	20.9	$	22.2	$	23.0	$	23.6	3%	11%
Cross border transaction value	$	79.3	$	75.6	$	81.1	$	83.0	$	87.8	6%	11%	$	154.9	$	170.8	10%
U.S. dollar clearing volume (in millions)		36.7		37.6		38.2		38.3		38.8	1%	6%		72.8		77.1	6%
Commercial card spend volume	$	15.0	$	15.6	$	15.4	$	16.0	$	17.3	8%	15%	$	26.4		33.3	26%

(1)Investment banking fees are substantially composed of underwriting and advisory revenues.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 5

INSTITUTIONAL CLIENTS GROUP

REPORTING UNIT REVENUES

(In millions of dollars, except as otherwise noted)

											2Q23 Increase/		Six		Six		YTD 2023 vs.
	2Q		3Q		4Q		1Q		2Q		(Decrease) from		Months		Months		YTD 2022 Increase/
	2022		2022		2022		2023		2023		1Q23	2Q22	2022		2023		(Decrease)
Services
Net interest income	$	2,354	$	2,619	$	2,821	$	2,839	$	2,914	3%	24%	$	4,278	$	5,753	34%
Non-interest revenue		1,696		1,558		1,505		1,628		1,741	7%	3%		3,237		3,369	4%
Total Services revenues	$	4,050	$	4,177	$	4,326	$	4,467	$	4,655	4%	15%	$	7,515	$	9,122	21%

Net interest income	$	2,053	$	2,231	$	2,340	$	2,358	$	2,425	3%	18%	$	3,729	$	4,783	28%
Non-interest revenue		1,003		977		946		1,053		1,085	3%	8%		1,934		2,138	11%
Treasury and trade solutions	$	3,056	$	3,208	$	3,286	$	3,411	$	3,510	3%	15%	$	5,663	$	6,921	22%

Net interest income	$	301	$	388	$	481	$	481	$	489	2%	62%	$	549	$	970	77%
Non-interest revenue		693		581		559		575		656	14%	(5%)		1,303		1,231	(6%)
Securities services	$	994	$	969	$	1,040	$	1,056	$	1,145	8%	15%	$	1,852	$	2,201	19%


Markets
Net interest income	$	1,355	$	1,228	$	1,489	$	1,470	$	1,982	35%	46%	$	2,447	$	3,452	41%
Non-interest revenue		3,937		2,840		2,455		4,131		2,637	(36%)	(33%)		8,654		6,768	(22%)
Total Markets revenues	$	5,292	$	4,068	$	3,944	$	5,601	$	4,619	(18%)	(13%)	$	11,101	$	10,220	(8%)

Fixed income markets	$	4,078	$	3,122	$	3,211	$	4,454	$	3,529	(21%)	(13%)	$	8,367	$	7,983	(5%)
Equity markets		1,214		946		733		1,147		1,090	(5%)	(10%)		2,734		2,237	(18%)
Total	$	5,292	$	4,068	$	3,944	$	5,601	$	4,619	(18%)	(13%)	$	11,101	$	10,220	(8%)
Rates and currencies	$	3,249	$	2,492	$	2,787	$	3,640	$	2,844	(22%)	(12%)	$	6,463	$	6,484	-
Spread products / other fixed income		829		630		424		814		685	(16%)	(17%)		1,904		1,499	(21%)
Total fixed income markets revenues	$	4,078	$	3,122	$	3,211	$	4,454	$	3,529	(21%)	(13%)	$	8,367	$	7,983	(5%)


Banking
Net interest income	$	811	$	723	$	727	$	719	$	727	1%	(10%)	$	1,579	$	1,446	(8%)
Non-interest revenue		1,266		500		162		446		440	(1%)	(65%)		2,384		886	(63%)
Total Banking revenues, including gain/(loss) on loan hedges	$	2,077	$	1,223	$	889	$	1,165	$	1,167	-	(44%)	$	3,963	$	2,332	(41%)
Investment banking
Advisory	$	357	$	392	$	269	$	289	$	162	(44%)	(55%)	$	704	$	451	(36%)
Equity underwriting		177		100		149		109		162	49%	(8%)		362		271	(25%)
Debt underwriting		271		139		227		376		288	(23%)	6%		767		664	(13%)
Total investment banking		805		631		645		774		612	(21%)	(24%)		1,833		1,386	(24%)
Corporate lending - excluding gain/(loss) on loan hedges⁽¹⁾		778		648		544		590		621	5%	(20%)		1,467		1,211	(17%)
Total Banking revenues (ex-gain/(loss) on loan hedges)⁽¹⁾	$	1,583	$	1,279	$	1,189	$	1,364	$	1,233	(10%)	(22%)	$	3,300	$	2,597	(21%)
Gain/(loss) on loan hedges⁽¹⁾		494		(56)		(300)		(199)		(66)	67%	NM		663		(265)	NM
Total Banking revenues including gain/(loss) on loan hedges⁽¹⁾	$	2,077	$	1,223	$	889	$	1,165	$	1,167	-	(44%)	$	3,963	$	2,332	(41%)


Total ICG revenues, net of interest expense	$	11,419	$	9,468	$	9,159	$	11,233	$	10,441	(7%)	(9%)	$	22,579	$	21,674	(4%)
Taxable-equivalent adjustments⁽²⁾		116		115		103		122		85	(30%)	(27%)		216		207	(4%)
Total ICG revenues - including taxable-equivalent adjustments⁽²⁾	$	11,535	$	9,583	$	9,262	$	11,355	$	10,526	(7%)	(9%)	$	22,795	$	21,881	(4%)

(1)

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.

(2)	Primarily relates to income tax credits related to affordable housing and alternative energy investments as well as tax exempt income from municipal bond investments.

NM Not meaningful.

Reclassified to conform to the current period’s presentation.

Page 6

PERSONAL BANKING AND WEALTH MANAGEMENT

(In millions of dollars, except as otherwise noted)


											2Q23 Increase/		Six		Six		YTD 2023 vs.
	2Q		3Q		4Q		1Q		2Q		(Decrease) from		Months		Months		YTD 2022 Increase/
	2022		2022		2022		2023		2023		1Q23	2Q22	2022		2023		(Decrease)

Net interest income	$	5,569	$	5,836	$	5,866	$	5,934	$	5,963	-	7%	$	10,954	$	11,897	9%
Non-interest revenue		460		351		230		514		432	(16%)	(6%)		980		946	(3%)
Total revenues, net of interest expense		6,029		6,187		6,096		6,448		6,395	(1%)	6%		11,934		12,843	8%
Total operating expenses		3,985		4,077		4,307		4,254		4,204	(1%)	5%		7,874		8,458	7%
Net credit losses on loans		699		723		908		1,094		1,241	13%	78%		1,390		2,335	68%
Credit reserve build / (release) for loans		638		360		771		507		333	(34%)	(48%)		(424)		840	NM
Provision for credit losses on unfunded lending commitments		13		19		(19)		(6)		2	NM	(85%)		11		(4)	NM
Provisions for benefits and claims, and other assets		5		7		6		(4)		3	NM	(40%)		2		(1)	NM
Provisions for credit losses and for benefits and claims (PBC)		1,355		1,109		1,666		1,591		1,579	(1%)	17%		979		3,170	NM
Income (loss) from continuing operations before taxes		689		1,001		123		603		612	1%	(11%)		3,081		1,215	(61%)
Income taxes (benefits)		136		209		9		114		118	4%	(13%)		668		232	(65%)
Income (loss) from continuing operations		553		792		114		489		494	1%	(11%)		2,413		983	(59%)
Noncontrolling interests		-		-		-		-		-	-	-		-		-	-
Net income (loss)	$	553	$	792	$	114	$	489	$	494	1%	(11%)	$	2,413	$	983	(59%)
EOP assets (in billions)	$	479	$	479	$	494	$	490	$	473	(3%)	(1%)
Average assets (in billions)		474		473		484		495		484	(2%)	2%		474		490	3%
Efficiency ratio		66%		66%		71%		66%		66%	0 bps	0 bps		66%		66%	0 bps

Revenue by reporting unit and component
Branded cards	$	2,168	$	2,258	$	2,376	$	2,466	$	2,352	(5%)	8%	$	4,258	$	4,818	13%
Retail services		1,300		1,431		1,420		1,613		1,646	2%	27%		2,599		3,259	25%
Retail banking		656		642		608		613		594	(3%)	(9%)		1,251		1,207	(4%)
U.S. Personal Banking		4,124		4,331		4,404		4,692		4,592	(2%)	11%		8,108		9,284	15%
Private bank		745		649		589		567		605	7%	(19%)		1,524		1,172	(23%)
Wealth at Work		170		182		195		193		224	16%	32%		353		417	18%
Citigold		990		1,025		908		996		974	(2%)	(2%)		1,949		1,970	1%
Global Wealth Management		1,905		1,856		1,692		1,756		1,803	3%	(5%)		3,826		3,559	(7%)
Total	$	6,029	$	6,187	$	6,096	$	6,448	$	6,395	(1%)	6%	$	11,934	$	12,843	8%

Average loans by reporting unit (in billions)
U.S. Personal Banking	$	167	$	174	$	180	$	183	$	189	3%	13%	$	164	$	186	13%
Global Wealth Management		150		151		150		150		150	-	-		151		150	(1%)
Total	$	317	$	325	$	330	$	333	$	339	2%	7%	$	315	$	336	7%

Average deposits by reporting unit (in billions)
U.S. Personal Banking	$	116	$	115	$	111	$	111	$	113	2%	(3%)	$	117	$	112	(4%)
Global Wealth Management		319		313		320		323		318	(2%)	-		324		321	(1%)
Total	$	435	$	428	$	431	$	434	$	431	(1%)	(1%)	$	441	$	433	(2%)

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 7

PERSONAL BANKING AND WEALTH MANAGEMENT

Metrics


											2Q23 Increase/
	2Q		3Q		4Q		1Q		2Q		(Decrease) from
	2022		2022		2022		2023		2023		1Q23	2Q22

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

New account acquisitions (in thousands)
Branded cards		1,069		1,090		1,023		1,164		1,131	(3%)	6%
Retail services		2,634		2,339		2,806		1,976		2,393	21%	(9%)
Credit card spend volume
Branded cards	$	121.8	$	120.7	$	125.3	$	115.9	$	126.8	9%	4%
Retail services		26.1		24.5		27.1		20.8		24.8	19%	(5%)
Average loans⁽¹⁾
Branded cards	$	87.9	$	91.8	$	95.4	$	96.8	$	99.8	3%	14%
Retail services		44.8		46.1		48.0		48.8		49.0	-	9%
EOP loans⁽¹⁾
Branded cards	$	91.6	$	93.7	$	100.2	$	97.1	$	103.0	6%	12%
Retail services		45.8		46.7		50.5		48.4		50.0	3%	9%
NII as a % of average loans⁽²⁾
Branded cards		8.86%		8.98%		8.97%		9.34%		8.99%
Retail services		17.32%		17.45%		16.92%		17.57%		17.45%
NCLs as a % of average loans
Branded cards		1.50%		1.50%		1.68%		2.18%		2.47%
Retail services		2.60%		2.71%		3.30%		4.08%		4.46%
Loans 90+ days past due as a % of EOP loans
Branded cards		0.46%		0.51%		0.63%		0.78%		0.81%
Retail services		1.16%		1.35%		1.56%		1.76%		1.77%
Loans 30-89 days past due as a % of EOP loans
Branded cards		0.47%		0.59%		0.69%		0.76%		0.81%
Retail services		1.27%		1.53%		1.62%		1.66%		1.81%

Average deposits	$	116	$	115	$	111	$	111	$	113	2%	(3%)
Branches (actual)		658		653		654		653		653	-	(1%)
Mortgage originations	$	4.1	$	4.2	$	2.7	$	3.3	$	4.5	36%	10%

Global Wealth Management Key Indicators (in billions of dollars)
Client assets	$	730	$	708	$	746	$	759	$	764	1%	5%
Average loans		150		151		150		150		150	-	-
Average deposits		319		313		320		323		318	(2%)	-
U.S. mortgage originations		5.3		4.4		2.5		1.8		2.9	61%	(45%)

(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.

Reclassified to conform to the current period’s presentation.

Page 8

LEGACY FRANCHISES⁽¹⁾
(In millions of dollars, except as otherwise noted)


											2Q23 Increase/		Six		Six		YTD 2023 vs.
	2Q		3Q		4Q		1Q		2Q		(Decrease) from		Months		Months		YTD 2022 Increase/
	2022		2022		2022		2023		2023		1Q23	2Q22	2022		2023		(Decrease)

Net interest income	$	1,474	$	1,385	$	1,324	$	1,290	$	1,345	4%	(9%)	$	2,982	$	2,635	(12%)
Non-interest revenue⁽²⁾⁽³⁾		461		1,169		728		1,562		578	(63%)	25%		884		2,140	NM
Total revenues, net of interest expense		1,935		2,554		2,052		2,852		1,923	(33%)	(1%)		3,866		4,775	24%
Total operating expenses		1,814		1,845		1,830		1,752		1,778	1%	(2%)		4,107		3,530	(14%)
Net credit losses on loans		133		164		168		186		190	2%	43%		284		376	32%
Credit reserve build / (release) for loans		(28)		6		(61)		3		74	NM	NM		(174)		77	NM
Provision for credit losses on unfunded lending commitments		(3)		(31)		3		(18)		(10)	44%	NM		121		(28)	NM
Provisions for benefits and claims, HTM debt securities and other assets		19		28		13		174		46	(74%)	NM		50		220	NM
Provisions for credit losses and for benefits and claims (PBC)		121		167		123		345		300	(13%)	NM		281		645	NM
Income (loss) from continuing operations before taxes		-		542		99		755		(155)	NM	NM		(522)		600	NM
Income taxes (benefits)		15		226		24		149		(33)	NM	NM		(122)		116	NM
Income (loss) from continuing operations		(15)		316		75		606		(122)	NM	NM		(400)		484	NM
Noncontrolling interests		2		-		3		2		3	50%	50%		-		5	NM
Net income (loss)	$	(17)	$	316	$	72	$	604	$	(125)	NM	NM	$	(400)	$	479	NM
EOP assets (in billions)	$	108	$	100	$	97	$	94	$	92	(2%)	(15%)
Average assets (in billions)		115		103		99		97		92	(5%)	(20%)		120		95	(21%)
Efficiency ratio		94%		72%		89%		61%		92%	3,100 bps	(200) bps		106%		74%	-3200 bps

Revenue by reporting unit and component
Asia Consumer	$	880	$	1,372	$	772	$	1,509	$	454	(70%)	(48%)	$	1,667	$	1,963	18%
Mexico Consumer/SBMM		1,184		1,173		1,255		1,322		1,449	10%	22%		2,323		2,771	19%
Legacy Holdings Assets		(129)		9		25		21		20	(5%)	NM		(124)		41	NM
Total	$	1,935	$	2,554	$	2,052	$	2,852	$	1,923	(33%)	(1%)	$	3,866	$	4,775	24%

Asia Consumer - Key Indicators (in billions of dollars)
EOP loans	$	17.3	$	13.4	$	13.3	$	10.0	$	9.1	(9%)	(47%)
EOP deposits		17.2		14.6		14.5		14.4		12.2	(15%)	(29%)
Average loans		18.2		15.2		13.2		12.1		9.5	(21%)	(48%)
NCLs as a % of average loans		0.77%		1.02%		1.23%		1.47%		1.73%
Loans 90+ days past due as a % of EOP loans		0.29%		0.35%		0.37%		0.55%		0.55%
Loans 30-89 days past due as a % of EOP loans		0.40%		0.47%		0.53%		0.65%		0.66%

Mexico Consumer/SBMM - Key Indicators (in billions of dollars)
EOP loans	$	20.6	$	20.7	$	21.9	$	24.0	$	26.0	8%	26%
EOP deposits		35.5		35.8		36.5		38.3		40.8	7%	15%
Average loans		20.5		20.4		21.3		22.8		24.7	8%	20%
NCLs as a % of average loans		2.15%		2.64%		2.48%		2.63%		2.52%
Loans 90+ days past due as a % of EOP loans (Mexico Consumer only)		1.29%		1.26%		1.28%		1.24%		1.37%
Loans 30-89 days past due as a % of EOP loans (Mexico Consumer only)		1.18%		1.23%		1.26%		1.26%		1.28%

Legacy Holdings Assets - Key Indicators (in billions of dollars)
EOP loans	$	3.2	$	3.2	$	3.0	$	2.8	$	2.7	(4%)	(16%)

(1)

Legacy Franchises consists of the consumer franchises in 13 markets across Asia and EMEA that Citi intends to exit or has exited (Asia Consumer); the consumer, small business and middle-market banking (Mexico SBMM) operations in Mexico (collectively Mexico Consumer/SBMM); and Legacy Holdings Assets (primarily North America consumer mortgage loans and other legacy assets).

(2)	See footnote 1 on page 1.

(3)	See footnote 2 on page 1.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 9

CORPORATE / OTHER⁽¹⁾

(In millions of dollars, except as otherwise noted)

											2Q23 Increase/		Six		Six		YTD 2023 vs.
	2Q		3Q		4Q		1Q		2Q		(Decrease) from		Months		Months		YTD 2022 Increase/
	2022		2022		2022		2023		2023		1Q23	2Q22	2022		2023		(Decrease)

Net interest income	$	401	$	772	$	1,043	$	1,096	$	969	(12%)	NM	$	595	$	2,065	NM
Non-interest revenue		(146)		(473)		(344)		(182)		(292)	(60%)	(100%)		(150)		(474)	NM
Total revenues, net of interest expense		255		299		699		914		677	(26%)	NM		445		1,591	NM
Total operating expenses		160		286		247		310		302	(3%)	89%		420		612	46%
Provisions for HTM debt securities and other assets		-		3		-		111		(113)	NM	NM		-		(2)	NM
Income (loss) from continuing operations before taxes		95		10		452		493		488	(1%)	NM		25		981	NM
Income taxes (benefits)		(178)		(211)		21		234		127	(46%)	NM		(440)		361	NM
Income (loss) from continuing operations		273		221		431		259		361	39%	32%		465		620	33%
Income (loss) from discontinued operations, net of taxes⁽²⁾		(221)		(6)		(2)		(1)		(1)	-	100%		(223)		(2)	99%
Noncontrolling interests		2		6		(2)		3		4	33%	100%		3		7	NM
Net income (loss)	$	50	$	209	$	431	$	255	$	356	40%	NM	$	239	$	611	NM
EOP assets (in billions)	$	94	$	96	$	96	$	102	$	94	(8%)	-

(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)	See footnote 3 on page 1.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 10

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	2Q22		1Q23		2Q23⁽⁵⁾		2Q22		1Q23		2Q23⁽⁵⁾		2Q22		1Q23		2Q23⁽⁵⁾
Assets
Deposits with banks	$	227,377	$	328,141	$	310,047	$	658	$	3,031	$	3,049	1.16%		3.75%		3.94%
Securities borrowed and purchased under resale agreements⁽⁶⁾		349,520		368,049		365,704		805		5,174		6,254	0.92%		5.70%		6.86%
Trading account assets⁽⁷⁾		275,937		298,824		329,229		1,662		2,748		3,752	2.42%		3.73%		4.57%
Investments		519,582		516,524		507,949		2,387		4,159		4,456	1.84%		3.27%		3.52%

Consumer loans		352,531		363,669		367,852		6,601		8,624		8,962	7.51%		9.62%		9.77%
Corporate loans		304,956		290,068		285,739		2,917		4,687		5,102	3.84%		6.55%		7.16%
Total loans (net of unearned income)⁽⁸⁾		657,487		653,737		653,591		9,518		13,311		14,064	5.81%		8.26%		8.63%
Other interest-earning assets		121,629		87,758		85,083		644		1,016		1,085	2.12%		4.70%		5.11%
Total average interest-earning assets	$	2,151,532	$	2,253,033	$	2,251,603	$	15,674	$	29,439	$	32,660	2.92%		5.30%		5.82%

Liabilities
Deposits	$	1,068,002	$	1,147,176	$	1,132,211	$	1,420	$	7,708	$	8,727	0.53%		2.72%		3.09%
Securities loaned and sold under repurchase agreements⁽⁶⁾		208,399		223,708		262,147		655		3,566		4,953	1.26%		6.46%		7.58%
Trading account liabilities⁽⁷⁾		124,810		129,361		128,354		137		787		870	0.44%		2.47%		2.72%
Short-term borrowings and other interest-bearing liabilities		154,239		144,022		126,734		268		1,649		1,777	0.70%		4.64%		5.62%
Long-term debt⁽⁹⁾		168,724		170,533		162,327		1,186		2,337		2,420	2.82%		5.56%		5.98%
Total average interest-bearing liabilities	$	1,726,174	$	1,814,800	$	1,811,773	$	3,666	$	16,047	$	18,747	0.85%		3.59%		4.15%

Net interest income as a % of average interest-earning assets (NIM)⁽⁹⁾							$	12,008	$	13,392	$	13,913	2.24%		2.41%		2.48%

2Q23 increase (decrease) from:													24	bps	7	bps

(1)	Interest revenue and Net interest income include the taxable equivalent adjustments (based on the U.S. federal statutory tax rate of 21%) of $44 million for 2Q22, $44 million for 1Q23 and $13 million for 2Q23.

(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)	2Q23 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 ICG is reported as a reduction of Interest revenue. Interest revenue 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 11

EOP LOANS⁽¹⁾⁽²⁾

(In billions of dollars)


											2Q23 Increase/
	2Q		3Q		4Q		1Q		2Q		(Decrease) from
	2022		2022		2022		2023		2023		1Q23	2Q22

Corporate loans by region
North America	$	129.9	$	125.9	$	127.8	$	125.1	$	121.7	(3%)	(6%)
EMEA		76.8		71.6		71.0		70.0		70.9	1%	(8%)
Latin America		36.2		35.4		36.2		38.6		38.9	1%	7%
Asia		58.8		55.5		54.2		54.6		54.5	-	(7%)
Total corporate loans	$	301.7	$	288.4	$	289.2	$	288.3	$	286.0	(1%)	(5%)

Corporate loans by reporting unit
Services	$	85.9	$	80.4	$	76.6	$	80.1	$	83.5	4%	(3%)
Markets		12.6		11.7		13.6		13.5		14.0	4%	11%
Banking		196.1		189.3		191.9		187.0		180.3	(4%)	(8%)
Legacy Franchises - Mexico SBMM		7.1		7.0		7.1		7.7		8.2	6%	15%
Total corporate loans	$	301.7	$	288.4	$	289.2	$	288.3	$	286.0	(1%)	(5%)

Personal Banking and Wealth Management
Branded cards	$	91.6	$	93.7	$	100.2	$	97.1	$	103.0	6%	12%
Retail services		45.8		46.7		50.5		48.4		50.0	3%	9%
Retail banking		35.4		35.8		37.1		39.2		41.5	6%	17%
U.S. Personal Banking	$	172.8	$	176.2	$	187.8	$	184.7	$	194.5	5%	13%
Global Wealth Management		148.8		151.1		149.2		149.9		150.5	-	1%
Total	$	321.6	$	327.3	$	337.0	$	334.6	$	345.0	3%	7%

Legacy Franchises - Consumer
Asia Consumer⁽³⁾	$	17.3	$	13.4	$	13.3	$	10.0	$	9.1	(9%)	(47%)
Mexico Consumer		13.5		13.7		14.8		16.3		17.8	9%	32%
Legacy Holdings Assets		3.2		3.2		3.0		2.8		2.7	(4%)	(16%)
Total	$	34.0	$	30.3	$	31.1	$	29.1	$	29.6	2%	(13%)

Total consumer loans	$	355.6	$	357.6	$	368.1	$	363.7	$	374.6	3%	5%

Total loans - EOP	$	657.3	$	646.0	$	657.2	$	652.0	$	660.6	1%	1%

Total loans – average	$	657.5	$	654.7	$	652.5	$	653.7	$	653.6	-	(1%)

(1)	Corporate loans include loans managed by ICG and Legacy Franchises-Mexico SBMM.

(2)	Consumer loans include loans managed by PBWM and Legacy Franchises (other than Mexico Small Business and Middle-Market Banking (Mexico SBMM) loans).

(3)	Asia Consumer includes loans of certain EMEA countries for all periods presented.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 12

DEPOSITS

(In billions of dollars)


											2Q23 Increase/
	2Q		3Q		4Q		1Q		2Q		(Decrease) from
	2022		2022		2022		2023		2023		1Q23	2Q22
ICG by region
North America	$	404.3	$	391.0	$	405.5	$	394.7	$	393.2	-	(3%)
EMEA		210.7		197.7		215.6		208.8		206.6	(1%)	(2%)
Latin America		37.7		35.5		40.9		41.8		41.9	-	11%
Asia		176.0		172.7		183.4		174.1		176.5	1%	-
Total	$	828.7	$	796.9	$	845.4	$	819.4	$	818.2	-	(1%)

ICG by reporting unit
Treasury and trade solutions	$	670.3	$	647.1	$	701.3	$	670.9	$	671.4	-	-
Securities services		136.3		127.8		119.8		124.2		124.4	-	(9%)
Services	$	806.6	$	774.9	$	821.1	$	795.1	$	795.8	-	(1%)
Markets		20.9		20.5		22.6		23.0		21.5	(7%)	3%
Banking		1.2		1.5		1.7		1.3		0.9	(31%)	(25%)
Total	$	828.7	$	796.9	$	845.4	$	819.4	$	818.2	-	(1%)

Personal Banking and Wealth Management
U.S. Personal Banking	$	115.7	$	115.2	$	112.5	$	114.7	$	112.3	(2%)	(3%)
Global Wealth Management		311.9		312.1		325.3		322.2		314.5	(2%)	1%
Total	$	427.6	$	427.3	$	437.8	$	436.9	$	426.8	(2%)	-

Legacy Franchises
Asia Consumer⁽¹⁾	$	17.2	$	14.6	$	14.5	$	14.4	$	12.2	(15%)	(29%)
Mexico Consumer/SBMM		35.5		35.8		36.5		38.3		40.8	7%	15%
Legacy Holdings Assets		-		-		-		-		-	-	-
Total	$	52.7	$	50.4	$	51.0	$	52.7	$	53.0	1%	1%

Corporate/Other	$	12.8	$	31.9	$	31.8	$	21.5		21.9	2%	71%

Total deposits - EOP	$	1,321.8	$	1,306.5	$	1,366.0	$	1,330.5	$	1,319.9	(1%)	-

Total deposits - average	$	1,322.5	$	1,315.9	$	1,361.1	$	1,363.2	$	1,338.2	(2%)	1%

(1)	Asia Consumer includes deposits of certain EMEA countries for all periods presented.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 13

ALLOWANCE FOR CREDIT LOSSES (ACL) ROLLFORWARD

(In millions of dollars, except ratios)

																											ACLL/EOP
	Balance		Builds (releases)										FY 2022		Balance		Builds (Releases)						YTD 2023		Balance		Loans
	12/31/21		1Q22		2Q22		3Q22		4Q22		FY 2022		FX/Other		12/31/22		1Q23		2Q23		YTD 2023		FX/Other⁽¹⁾		6/30/23		6/30/23
Allowance for credit losses on loans (ACLL)
ICG	$	2,241	$	596	$	(76)	$	75	$	(117)	$	478	$	(4)	$	2,715	$	(75)	$	(150)	$	(225)	$	-	$	2,490
Legacy Franchises corporate (Mexico SBMM)		174		5		(3)		(34)		(7)		(39)		5		140		(10)		(2)		(12)		12		140
Total corporate ACLL	$	2,415	$	601	$	(79)	$	41	$	(124)	$	439	$	1	$	2,855	$	(85)	$	(152)	$	(237)	$	12	$	2,630	0.94%
U.S. Cards	$	10,840	$	(1,009)	$	447	$	303	$	814	$	555	$	(2)	$	11,393	$	536	$	276	$	812	$	(174)	$	12,031	7.86%
Retail banking and Global Wealth Management		1,181		(53)		191		57		(43)		152		(3)		1,330		(29)		57		28		(59)		1,299
Total PBWM	$	12,021	$	(1,062)	$	638	$	360	$	771	$	707	$	(5)	$	12,723	$	507	$	333	$	840	$	(233)	$	13,330
Legacy Franchises consumer		2,019		(151)		(25)		40		(54)		(190)		(433)		1,396		13		76		89		51		1,536
Total consumer ACLL	$	14,040	$	(1,213)	$	613	$	400	$	717	$	517	$	(438)	$	14,119	$	520	$	409	$	929	$	(182)	$	14,866	3.97%
Total ACLL	$	16,455	$	(612)	$	534	$	441	$	593	$	956	$	(437)	$	16,974	$	435	$	257	$	692	$	(170)	$	17,496	2.67%
Allowance for credit losses on unfunded lending commitments (ACLUC)	$	1,871	$	474	$	(159)	$	(71)	$	47	$	291	$	(11)	$	2,151	$	(194)	$	(96)	$	(290)	$	1	$	1,862
Total ACLL and ACLUC (EOP)		18,326														19,125										19,358
Other⁽²⁾		148		(6)		27		83		5		109		(14)		243		408		145		553		(38)		758
Total allowance for credit losses (ACL)	$	18,474	$	(144)	$	402	$	453	$	645	$	1,356	$	(462)	$	19,368	$	649	$	306	$	955	$	(207)	$	20,116

(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 15.

(2)	Includes ACL on HTM securities and Other assets.

Reclassified to conform to the current period's presentation.

Page 14

ALLOWANCE FOR CREDIT LOSSES ON LOANS AND UNFUNDED LENDING COMMITMENTS

Page 1

(In millions of dollars)

											2Q23 Increase/		Six		Six		YTD 2023 vs.
	2Q		3Q		4Q		1Q		2Q		(Decrease) from		Months		Months		YTD 2022 Increase/
	2022		2022		2022		2023		2023		1Q23	2Q22	2022		2023		(Decrease)
Total Citigroup
Allowance for credit losses on loans (ACLL) at beginning of period	$	15,393	$	15,952	$	16,309	$	16,974	$	17,169	1%	12%	$	16,455	$	16,974
Adjustment to opening balance
Financial instruments—TDRs and Vintage Disclosures⁽¹⁾		-		-		-		(352)		-				-		(352)
Adjusted ACLL at beginning of period		15,393		15,952		16,309		16,622		17,169	3%	12%		16,455		16,622	1%
Gross credit (losses) on loans		(1,212)		(1,237)		(1,467)		(1,634)		(1,879)	(15%)	(55%)		(2,452)		(3,513)	(43%)
Gross recoveries on loans		362		350		287		332		375	13%	4%		730		707	(3%)
Net credit (losses) / recoveries on loans (NCLs)		(850)		(887)		(1,180)		(1,302)		(1,504)	16%	77%		(1,722)		(2,806)	63%
Replenishment of NCLs		850		887		1,180		1,302		1,504	16%	77%		1,722		2,806	63%
Net reserve builds / (releases) for loans		534		441		593		435		257	(41%)	(52%)		(78)		692	NM
Provision for credit losses on loans (PCLL)		1,384		1,328		1,773		1,737		1,761	1%	27%		1,644		3,498	NM
Other, net^{(2)(3)(4)(5)(6)(7)}		25		(84)		72		112		70	(38%)	NM		(425)		182
ACLL at end of period (a)	$	15,952	$	16,309	$	16,974	$	17,169	$	17,496	2%	10%	$	15,952	$	17,496

Allowance for credit losses on unfunded lending commitments (ACLUC)⁽⁸⁾ (a)	$	2,193	$	2,089	$	2,151	$	1,959	$	1,862	(5%)	(15%)	$	2,193	$	1,862

Provision (release) for credit losses on unfunded lending commitments	$	(159)	$	(71)	$	47	$	(194)	$	(96)	51%	40%	$	315	$	(290)

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (a)]	$	18,145	$	18,398	$	19,125	$	19,128	$	19,358	1%	7%	$	18,145	$	19,358

Total ACLL as a percentage of total loans⁽⁹⁾		2.44%		2.54%		2.60%		2.65%		2.67%

Consumer
ACLL at beginning of period	$	12,368	$	12,983	$	13,361	$	14,119	$	14,389	2%	16%	$	14,040	$	14,119
Adjustments to opening balance
Financial instruments—TDRs and Vintage Disclosures⁽¹⁾		-		-		-		(352)		-				-		(352)
Adjusted ACLL at beginning of period		12,368		12,983		13,361		13,767		14,389	5%	16%		14,040		13,767	(2%)

NCLs		(827)		(881)		(1,062)		(1,280)		(1,429)	12%	73%		(1,668)		(2,709)	62%
Replenishment of NCLs		827		881		1,062		1,280		1,429	12%	73%		1,668		2,709	62%
Net reserve builds/ (releases) for loans		613		400		717		520		409	(21%)	(33%)		(600)		929	NM
Provision for credit losses on loans (PCLL)		1,440		1,281		1,779		1,800		1,838	2%	28%		1,068		3,638	NM
Other, net^{(2)(3)(4)(5)(6)(7)}		2		(22)		41		102		68	(33%)	NM		(457)		170	NM
ACLL at end of period (b)	$	12,983	$	13,361	$	14,119	$	14,389	$	14,866	3%	15%	$	12,983	$	14,866

Consumer ACLUC⁽⁸⁾ (b)	$	165	$	143	$	120	$	101	$	88	(13%)	(47%)	$	165	$	88

Provision (release) for credit losses on unfunded lending commitments	$	19	$	(8)	$	(20)	$	(17)	$	(4)	76%	NM	$	128	$	(21)

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (b)]	$	13,148	$	13,504	$	14,239	$	14,490	$	14,954	3%	14%	$	13,148	$	14,954

Consumer ACLL as a percentage of total consumer loans		3.65%		3.74%		3.84%		3.96%		3.97%

Corporate
ACLL at beginning of period	$	3,025	$	2,969	$	2,948	$	2,855	$	2,780	(3%)	(8%)	$	2,415	$	2,855

NCLs		(23)		(6)		(118)		(22)		(75)	NM	NM		(54)		(97)	80%
Replenishment of NCLs		23		6		118		22		75	NM	NM		54		97	80%
Net reserve builds / (releases) for loans		(79)		41		(124)		(85)		(152)	(79%)	(92%)		522		(237)	NM
Provision for credit losses on loans (PCLL)		(56)		47		(6)		(63)		(77)	(22%)	(38%)		576		(140)	NM
Other, net⁽²⁾		23		(62)		31		10		2	(80%)	(91%)		32		12
ACLL at end of period (c)	$	2,969	$	2,948	$	2,855	$	2,780	$	2,630	(5%)	(11%)	$	2,969	$	2,630

Corporate ACLUC⁽⁸⁾ (c)	$	2,028	$	1,946	$	2,031	$	1,858	$	1,774	(5%)	(13%)	$	2,028	$	1,774

Provision (release) for credit losses on unfunded lending commitments	$	(178)	$	(63)	$	67	$	(177)	$	(92)	48%	48%	$	187	$	(269)

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (c)]	$	4,997	$	4,894	$	4,886	$	4,638	$	4,404	(5%)	(12%)	$	4,997	$	4,404

Corporate ACLL as a percentage of total corporate loans⁽⁹⁾		1.00%		1.04%		1.01%		0.98%		0.94%

Footnotes to this table are on the following page (page 16).

Page 15

ALLOWANCE FOR CREDIT LOSSES ON LOANS AND UNFUNDED LENDING COMMITMENTS

Page 2

The following footnotes relate to the table on the preceding page (page 15):

(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.

(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)	2Q22 primarily relates to FX translation.

(4)	3Q22 primarily relates to FX translation.

(5)	4Q22 primarily relates to FX translation.

(6)	1Q23 primarily relates to FX translation.

(7)	2Q23 primarily relates to FX translation.

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

(9)	June 30, 2022, September 30, 2022, December 31, 2022, March 31, 2023 and June 30, 2023 exclude $4.5 billion, $3.9 billion, $5.4 billion, $5.1 billion and $5.8 billion, respectively, of loans that are carried at fair value.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 16

NON-ACCRUAL ASSETS

(In millions of dollars)


											2Q23 Increase/
	2Q		3Q		4Q		1Q		2Q		(Decrease) from
	2022		2022		2022		2023		2023		1Q23	2Q22

Corporate non-accrual loans by region⁽¹⁾
North America	$	304	$	276	$	138	$	285	$	358	26%	18%
EMEA		712		598		502		383		350	(9)%	(51%)
Latin America		563		555		429		462		428	(7%)	(24%)
Asia		76		56		53		83		125	51%	64%
Total	$	1,655	$	1,485	$	1,122	$	1,213	$	1,261	4%	(24%)

Corporate non-accrual loans by reporting unit⁽¹⁾
Banking	$	1,015	$	1,085	$	767	$	868	$	931	7%	(8%)
Services		353		185		153		133		123	(8%)	(65%)
Markets		11		-		3		3		1	(67%)	(91%)
Mexico SBMM		276		215		199		209		206	(1%)	(25%)
Total	$	1,655	$	1,485	$	1,122	$	1,213	$	1,261	4%	(24%)

Consumer non-accrual loans⁽¹⁾
U.S. Personal Banking and Global Wealth Management	$	536	$	585	$	541	$	608	$	536	(12%)	-
Asia Consumer⁽²⁾		34		30		30		29		24	(17%)	(29%)
Mexico Consumer		493		486		457		480		498	4%	1%
Legacy Holdings Assets - Consumer		317		300		289		278		263	(5%)	(17%)
Total	$	1,380	$	1,401	$	1,317	$	1,395	$	1,321	(5%)	(4%)

Total non-accrual loans (NAL)	$	3,035	$	2,886	$	2,439	$	2,608	$	2,582	(1%)	(15%)

Other real estate owned (OREO)⁽³⁾	$	13	$	16	$	15	$	21	$	31	48%	NM

NAL as a percentage of total loans		0.46%		0.45%		0.37%		0.40%		0.39%

ACLL as a percentage of NAL		526%		565%		696%		658%		678%

(1)

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

(2)	Asia Consumer includes balances for certain EMEA countries for all periods presented.

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

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 17

CET1 CAPITAL AND SUPPLEMENTARY LEVERAGE RATIOS, TANGIBLE COMMON EQUITY, BOOK VALUE

PER SHARE AND TANGIBLE BOOK VALUE PER SHARE

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


	June 30,		September 30,		December 31,		March 31,		June 30,
Common Equity Tier 1 Capital Ratio and Components ⁽¹⁾	2022		2022		2022		2023		2023⁽²⁾

Citigroup common stockholders' equity ⁽³⁾	$	180,150	$	179,696	$	182,325	$	188,186	$	188,610
Add: qualifying noncontrolling interests		129		113		128		207		209
Regulatory capital adjustments and deductions:
Add:
CECL transition provision ⁽⁴⁾		2,271		2,271		2,271		1,514		1,514
Less:
Accumulated net unrealized gains (losses) on cash flow hedges, net of tax		(2,106)		(2,869)		(2,522)		(2,161)		(1,990)
Cumulative unrealized net gain (loss) related to changes in fair value of financial
liabilities attributable to own creditworthiness, net of tax		2,145		3,211		1,441		1,037		307
Intangible assets:
Goodwill, net of related deferred tax liabilities (DTLs)⁽⁵⁾		19,504		18,796		19,007		18,844		18,933
Identifiable intangible assets other than mortgage servicing rights
(MSRs), net of related DTLs		3,599		3,492		3,411		3,607		3,531
Defined benefit pension plan net assets; other		2,038		1,932		1,935		1,999		2,046
Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit
and general business credit carry-forwards⁽⁷⁾		11,679		11,690		12,197		11,783		11,461
Excess over 10% / 15% limitations for other DTAs, certain
common stock investments and MSRs⁽⁷⁾⁽⁸⁾		798		1,261		325		1,045		1,831
Common Equity Tier 1 Capital (CET1)	$	144,893	$	144,567	$	148,930	$	153,753	$	154,214
Risk-Weighted Assets (RWA)⁽⁴⁾	$	1,212,386	$	1,176,749	$	1,142,985	$	1,144,359	$	1,155,949
Common Equity Tier 1 Capital ratio (CET1/RWA)		11.95%		12.29%		13.03%		13.44%		13.3%

Supplementary Leverage Ratio and Components
Common Equity Tier 1 Capital (CET1)⁽⁴⁾	$	144,893	$	144,567	$	148,930	$	153,753	$	154,214
Additional Tier 1 Capital (AT1)⁽⁶⁾		20,266		20,263		20,215		21,496		21,500
Total Tier 1 Capital (T1C) (CET1 + AT1)	$	165,159	$	164,830	$	169,145	$	175,249	$	175,714
Total Leverage Exposure (TLE)⁽⁴⁾	$	2,918,273	$	2,888,535	$	2,906,773	$	2,939,744	$	2,942,736
Supplementary Leverage ratio (T1C/TLE)		5.66%		5.71%		5.82%		5.96%		6.0%


Tangible Common Equity, Book Value and Tangible Book Value Per Share
Common stockholders' equity	$	180,019	$	179,565	$	182,194	$	188,050	$	188,474
Less:
Goodwill		19,597		19,326		19,691		19,882		19,998
Intangible assets (other than MSRs)		3,926		3,838		3,763		3,974		3,895
Goodwill and identifiable intangible assets (other than MSRs) related to assets HFS		1,081		794		589		246		246
Tangible common equity (TCE)	$	155,415	$	155,607	$	158,151	$	163,948	$	164,335
Common shares outstanding (CSO)		1,936.7		1,936.9		1,937.0		1,946.8		1,925.7
Book value per share (common equity/CSO)	$	92.95	$	92.71	$	94.06	$	96.59	$	97.87
Tangible book value per share (TCE/CSO)	$	80.25	$	80.34	$	81.65	$	84.21	$	85.34

(1)See footnote 5 on page 1.

(2)2Q23 is preliminary.

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

(4)See footnote 6 on page 1.

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

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

(7)

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 timing differences (future deductions) that are deducted from CET1 capital exceeding the 10% limitation.

(8)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.

Reclassified to conform to the current period's presentation.

Page 18