Enhanced Investments - Financial Portal

Published: 2023-04-14 09:30:56 ET

EX-99.2 3 c-20230414xex99d2.htm EXHIBIT-99.2

Exhibit 99.2


CITIGROUP -- QUARTERLY FINANCIAL DATA SUPPLEMENT	1Q23


		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,	18
	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)


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


Total revenues, net of interest expense⁽¹⁾⁽²⁾	$	19,186	$	19,638	$	18,508	$	18,006	$	21,447	19%	12%
Total operating expenses		13,165		12,393		12,749		12,985		13,289	2%	1%
Net credit losses (NCLs)		872		850		887		1,180		1,302	10%	49%
Credit reserve build / (release) for loans		(612)		534		441		593		435	(27%)	NM
Provision / (release) for unfunded lending commitments		474		(159)		(71)		47		(194)	NM	NM
Provisions for benefits and claims, HTM debt securities and other assets		21		49		108		25		432	NM	NM
Provisions for credit losses and for benefits and claims		755		1,274		1,365		1,845		1,975	7%	NM
Income from continuing operations before income taxes		5,266		5,971		4,394		3,176		6,183	95%	17%
Income taxes		941		1,182		879		640		1,531	NM	63%
Income from continuing operations		4,325		4,789		3,515		2,536		4,652	83%	8%
Income (loss) from discontinued operations, net of taxes⁽³⁾		(2)		(221)		(6)		(2)		(1)	50%	50%
Net income before noncontrolling interests		4,323		4,568		3,509		2,534		4,651	84%	8%
Net income (loss) attributable to noncontrolling interests		17		21		30		21		45	NM	NM
Citigroup's net income	$	4,306	$	4,547	$	3,479	$	2,513	$	4,606	83%	7%

Diluted earnings per share:
Income from continuing operations	$	2.02	$	2.30	$	1.63	$	1.16	$	2.19	89%	8%
Citigroup's net income	$	2.02	$	2.19	$	1.63	$	1.16	$	2.19	89%	8%

Preferred dividends	$	279	$	238	$	277	$	238	$	277	16%	(1%)

Income allocated to unrestricted common shareholders - basic
Income from continuing operations	$	4,004	$	4,495	$	3,180	$	2,253	$	4,296	91%	7%
Citigroup's net income	$	4,002		4,274	$	3,174	$	2,251	$	4,295	91%	7%

Income allocated to unrestricted common shareholders - diluted
Income from continuing operations	$	4,012	$	4,506	$	3,191	$	2,264	$	4,307	90%	7%
Citigroup's net income	$	4,010	$	4,285	$	3,185	$	2,262	$	4,306	90%	7%

Shares (in millions):
Average basic		1,971.7		1,941.5		1,936.8		1,936.9		1,943.5	-	(1%)
Average diluted		1,988.2		1,958.1		1,955.1		1,955.9		1,964.1	-	(1%)
Common shares outstanding, at period end		1,941.9		1,936.7		1,936.9		1,937.0		1,946.8	1%	-


Regulatory capital ratios and performance metrics:
Common Equity Tier 1 (CET1) Capital ratio^(4)(5)(6)		11.43%		11.95%		12.29%		13.03%		13.4%
Tier 1 Capital ratio^(4)(5)(6)		13.05%		13.62%		14.01%		14.80%		15.3%
Total Capital ratio^(4)(5)(6)		14.84%		15.20%		15.09%		15.46%		15.6%
Supplementary Leverage ratio (SLR)^(4)(6)(7)		5.58%		5.66%		5.71%		5.82%		5.9%
Return on average assets		0.74%		0.77%		0.58%		0.41%		0.76%
Return on average common equity		9.0%		9.7%		7.1%		5.0%		9.5%
Average tangible common equity (TCE) (in billions of dollars)	$	155.3	$	154.4	$	155.5	$	156.9	$	161.1	3%	4%
Return on average tangible common equity(RoTCE)		10.5%		11.2%		8.2%		5.8%		10.9%
Efficiency ratio (total operating expenses/total revenues, net)		68.6%		63.1%		68.9%		72.1%		62.0%	(1,010) bps	(660) bps

Balance sheet data (in billions of dollars, except per share amounts):
Total assets	$	2,394.1	$	2,380.9	$	2,381.1	$	2,416.7	$	2,455.1	2%	3%
Total average assets		2,374.0		2,380.1		2,399.4		2,430.6		2,462.2	1%	4%
Total loans		659.7		657.3		646.0		657.2		652.0	(1%)	(1%)
Total deposits		1,333.7		1,321.8		1,306.5		1,366.0		1,330.5	(3%)	-
Citigroup's stockholders' equity		197.7		199.0		198.6		201.2		208.3	4%	5%
Book value per share		92.03		92.95		92.71		94.06		96.59	3%	5%
Tangible book value per share		79.03		80.25		80.34		81.65		84.21	3%	7%

Direct staff (in thousands)		228		231		238		240		240	-	5%

(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)

1Q23 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)

											1Q23 Increase/
	1Q		2Q		3Q		4Q		1Q		(Decrease) from
	2022		2022		2022		2022		2023		4Q22	1Q22
Revenues
Interest revenue	$	13,151	$	15,630	$	19,919	$	25,708	$	29,395	14%	NM
Interest expense		2,280		3,666		7,356		12,438		16,047	29%	NM
Net interest income (NII)		10,871		11,964		12,563		13,270		13,348	1%	23%

Commissions and fees		2,568		2,452		2,139		2,016		2,366	17%	(8%)
Principal transactions		4,590		4,525		2,625		2,419		3,939	63%	(14%)
Administrative and other fiduciary fees		966		1,023		915		880		896	2%	(7%)
Realized gains (losses) on investments		80		(58)		52		(7)		72	NM	(10%)
Impairment losses on investments and other assets		(90)		(96)		(91)		(222)		(86)	61%	4%
Provision for credit losses on AFS debt securities⁽¹⁾		-		2		5		(2)		(1)	50%	(100%)
Other revenue (loss)		201		(174)		300		(348)		913	NM	NM
Total non-interest revenues (NIR)		8,315		7,674		5,945		4,736		8,099	71%	(3%)
Total revenues, net of interest expense	$	19,186	$	19,638	$	18,508	$	18,006	$	21,447	19%	12%


Provisions for credit losses and for benefits and claims
Net credit losses		872		850		887		1,180		1,302	10%	49%
Credit reserve build / (release) for loans		(612)		534		441		593		435	(27%)	NM
Provision for credit losses on loans		260		1,384		1,328		1,773		1,737	(2%)	NM
Provision for credit losses on held-to-maturity (HTM) debt securities		(2)		20		10		5		(17)	NM	NM
Provision for credit losses on other assets		(4)		7		73		-		425	NM	NM
Policyholder benefits and claims		27		22		25		20		24	20%	(11%)
Provision for credit losses on unfunded lending commitments		474		(159)		(71)		47		(194)	NM	NM
Total provisions for credit losses and for benefits and claims⁽²⁾		755		1,274		1,365		1,845		1,975	7%	NM

Operating expenses
Compensation and benefits		6,820		6,472		6,745		6,618		7,538	14%	11%
Premises and equipment		543		619		557		601		598	-	10%
Technology / communication		2,016		2,068		2,145		2,358		2,127	(10%)	6%
Advertising and marketing		311		414		407		424		331	(22%)	6%
Other operating		3,475		2,820		2,895		2,984		2,695	(10%)	(22%)
Total operating expenses		13,165		12,393		12,749		12,985		13,289	2%	1%


Income from continuing operations before income taxes		5,266		5,971		4,394		3,176		6,183	95%	17%
Provision for income taxes		941		1,182		879		640		1,531	NM	63%

Income (loss) from continuing operations		4,325		4,789		3,515		2,536		4,652	83%	8%
Discontinued operations⁽³⁾
Income (loss) from discontinued operations		(2)		(262)		(6)		(2)		(1)	50%	50%
Provision (benefit) for income taxes		-		(41)		-		-		-	-	-
Income (loss) from discontinued operations, net of taxes		(2)		(221)		(6)		(2)		(1)	50%	50%

Net income before noncontrolling interests		4,323		4,568		3,509		2,534		4,651	84%	8%
Net income (loss) attributable to noncontrolling interests		17		21		30		21		45	NM	NM

Citigroup's net income	$	4,306	$	4,547	$	3,479	$	2,513	$	4,606	83%	7%

(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)


											1Q23 Increase/
	March 31,		June 30,		September 30,		December 31,		March 31,		(Decrease) from
	2022		2022		2022		2022		2023⁽¹⁾		4Q22	1Q22
Assets
Cash and due from banks (including segregated cash and other deposits)	$	27,768	$	24,902	$	26,502	$	30,577	$	26,224	(14%)	(6%)
Deposits with banks, net of allowance		244,319		259,128		273,105		311,448		302,735	(3%)	24%
Securities borrowed and purchased under agreements to resell, net of allowance		345,410		361,334		349,214		365,401		384,198	5%	11%
Brokerage receivables, net of allowance		89,218		80,486		79,696		54,192		55,491	2%	(38%)
Trading account assets		357,997		340,875		358,260		334,114		383,906	15%	7%
Investments
Available-for-sale debt securities		264,774		238,499		232,143		249,679		240,487	(4%)	(9%)
Held-to-maturity debt securities, net of allowance		242,547		267,592		267,864		268,863		264,342	(2%)	9%
Equity securities		7,281		7,787		8,009		8,040		7,749	(4%)	6%
Total investments		514,602		513,878		508,016		526,582		512,578	(3%)	-
Loans, net of unearned income
Consumer⁽²⁾		350,328		355,605		357,583		368,067		363,696	(1%)	4%
Corporate⁽³⁾		309,341		301,728		288,377		289,154		288,299	-	(7%)
Loans, net of unearned income		659,669		657,333		645,960		657,221		651,995	(1%)	(1%)
Allowance for credit losses on loans (ACLL)		(15,393)		(15,952)		(16,309)		(16,974)		(17,169)	(1%)	(12%)
Total loans, net		644,276		641,381		629,651		640,247		634,826	(1%)	(1%)
Goodwill		19,865		19,597		19,326		19,691		19,882	1%	-
Intangible assets (including MSRs)		4,522		4,526		4,485		4,428		4,632	5%	2%
Property, plant and equipment, net		24,624		24,788		25,157		26,253		27,119	3%	10%
Other assets, net of allowance		121,504		110,009		107,652		103,743		103,522	-	(15%)
Total assets	$	2,394,105	$	2,380,904	$	2,381,064	$	2,416,676	$	2,455,113	2%	3%

Liabilities
Non-interest-bearing deposits in U.S. offices	$	153,666	$	147,214	$	135,514	$	122,655	$	123,969	1%	(19%)
Interest-bearing deposits in U.S. offices		557,327		565,785		570,920		607,470		587,477	(3%)	5%
Total U.S. deposits		710,993		712,999		706,434		730,125		711,446	(3%)	-
Non-interest-bearing deposits in offices outside the U.S.		98,579		100,266		98,904		95,182		90,404	(5%)	(8%)
Interest-bearing deposits in offices outside the U.S.		524,139		508,583		501,148		540,647		528,609	(2%)	1%
Total international deposits		622,718		608,849		600,052		635,829		619,013	(3%)	(1%)

Total deposits		1,333,711		1,321,848		1,306,486		1,365,954		1,330,459	(3%)	-
Securities loaned and sold under agreements to resell		204,494		198,472		203,429		202,444		257,681	27%	26%
Brokerage payables		91,324		96,474		87,841		69,218		76,708	11%	(16%)
Trading account liabilities		188,059		180,453		196,479		170,647		185,010	8%	(2%)
Short-term borrowings		30,144		40,054		47,368		47,096		40,187	(15%)	33%
Long-term debt		253,954		257,425		253,068		271,606		279,684	3%	10%
Other liabilities⁽⁴⁾		94,066		86,552		87,276		87,873		76,365	(13%)	(19%)
Total liabilities	$	2,195,752	$	2,181,278	$	2,181,947	$	2,214,838	$	2,246,094	1%	2%

Equity
Stockholders' equity
Preferred stock	$	18,995	$	18,995	$	18,995	$	18,995	$	20,245	7%	7%
Common stock		31		31		31		31		31	-	-
Additional paid-in capital		108,050		108,210		108,347		108,458		108,369	-	-
Retained earnings		187,962		191,261		193,462		194,734		198,353	2%	6%
Treasury stock, at cost		(73,744)		(73,988)		(73,977)		(73,967)		(73,262)	1%	1%
Accumulated other comprehensive income (loss) (AOCI)⁽⁵⁾		(43,585)		(45,495)		(48,298)		(47,062)		(45,441)	3%	(4%)
Total common equity	$	178,714	$	180,019	$	179,565	$	182,194	$	188,050	3%	5%

Total Citigroup stockholders' equity	$	197,709	$	199,014	$	198,560	$	201,189	$	208,295	4%	5%
Noncontrolling interests		644		612		557		649		724	12%	12%
Total equity		198,353		199,626		199,117		201,838		209,019	4%	5%
Total liabilities and equity	$	2,394,105	$	2,380,904	$	2,381,064	$	2,416,676	$	2,455,113	2%	3%

(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)


											1Q23 Increase/
	1Q		2Q		3Q		4Q		1Q		(Decrease) from
	2022		2022		2022		2022		2023		4Q22	1Q22
Net revenues
Institutional Clients Group	$	11,160	$	11,419	$	9,468	$	9,159	$	11,233	23%	1%
Personal Banking and Wealth Management		5,905		6,029		6,187		6,096		6,448	6%	9%
Legacy Franchises		1,931		1,935		2,554		2,052		2,852	39%	48%
Corporate/Other		190		255		299		699		914	31%	NM

Total net revenues	$	19,186	$	19,638	$	18,508	$	18,006	$	21,447	19%	12%

Income (loss) from continuing operations
Institutional Clients Group	$	2,658	$	3,978	$	2,186	$	1,916	$	3,298	72%	24%
Personal Banking and Wealth Management		1,860		553		792		114		489	NM	(74%)
Legacy Franchises		(385)		(15)		316		75		606	NM	NM
Corporate/Other		192		273		221		431		259	(40%)	35%

Income from continuing operations	$	4,325	$	4,789	$	3,515	$	2,536	$	4,652	83%	8%

Discontinued operations	$	(2)	$	(221)	$	(6)	$	(2)	$	(1)	50%	50%

Net income attributable to noncontrolling interests		17		21		30		21		45	NM	NM

Net income	$	4,306	$	4,547	$	3,479	$	2,513	$	4,606	83%	7%

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)


											1Q23 Increase/
	1Q		2Q		3Q		4Q		1Q		(Decrease) from
	2022		2022		2022		2022		2023		4Q22	1Q22
Commissions and fees	$	1,130	$	1,125	$	1,082	$	1,067	$	1,150	8%	2%
Administration and other fiduciary fees		672		732		651		629		654	4%	(3%)
Investment banking fees⁽¹⁾		1,039		990		816		728		834	15%	(20%)
Principal transactions		4,442		4,358		2,776		2,057		3,709	80%	(17%)
Other		93		(306)		(427)		(359)		(142)	60%	NM
Total non-interest revenue		7,376		6,899		4,898		4,122		6,205	51%	(16%)
Net interest income (including dividends)		3,784		4,520		4,570		5,037		5,028	-	33%
Total revenues, net of interest expense		11,160		11,419		9,468		9,159		11,233	23%	1%
Total operating expenses		6,723		6,434		6,541		6,601		6,973	6%	4%
Net credit losses on loans		30		18		-		104		22	(79%)	(27%)
Credit reserve build / (release) for loans		596		(76)		75		(117)		(75)	36%	NM
Provision for credit losses on unfunded lending commitments		352		(169)		(59)		63		(170)	NM	NM
Provisions for credit losses for HTM debt securities and other assets		(7)		25		70		6		151	NM	NM
Provision for credit losses		971		(202)		86		56		(72)	NM	NM
Income from continuing operations before taxes		3,466		5,187		2,841		2,502		4,332	73%	25%
Income taxes		808		1,209		655		586		1,034	76%	28%
Income from continuing operations		2,658		3,978		2,186		1,916		3,298	72%	24%
Noncontrolling interests		18		17		24		20		40	100%	NM
Net income	$	2,640	$	3,961	$	2,162	$	1,896	$	3,258	72%	23%
EOP assets (in billions)	$	1,704	$	1,700	$	1,706	$	1,730	$	1,769	2%	4%
Average assets (in billions)		1,685		1,698		1,729		1,753		1,774	1%	5%
Efficiency ratio		60%		56%		69%		72%		62%	(1,000) bps	200 bps

Revenue by reporting unit
Services	$	3,465	$	4,050	$	4,177	$	4,326	$	4,467	3%	29%
Markets		5,809		5,292		4,068		3,944		5,601	42%	(4%)
Banking		1,886		2,077		1,223		889		1,165	31%	(38%)
Total revenues, net of interest expense	$	11,160	$	11,419	$	9,468	$	9,159	$	11,233	23%	1%

Revenue by region
North America	$	3,722	$	4,410	$	3,091	$	2,444	$	3,503	43%	(6%)
EMEA		4,030		3,566		3,099		3,293		4,059	23%	1%
Latin America		1,141		1,266		1,202		1,320		1,272	(4%)	11%
Asia		2,267		2,177		2,076		2,102		2,399	14%	6%
Total revenues, net of interest expense	$	11,160	$	11,419	$	9,468	$	9,159	$	11,233	23%	1%

Income (loss) from continuing operations by region
North America	$	589	$	1,501	$	97	$	(90)	$	575	NM	(2%)
EMEA		928		1,172		1,003		857		1,380	61%	49%
Latin America		359		544		426		508		501	(1%)	40%
Asia		782		761		660		641		842	31%	8%
Income (loss) from continuing operations	$	2,658	$	3,978	$	2,186	$	1,916	$	3,298	72%	24%

Average loans by reporting unit (in billions)
Services	$	81	$	85	$	82	$	79	$	79	-	(2%)
Banking		194		199		197		194		191	(2%)	(2%)
Markets		14		13		12		12		13	8%	(7%)
Total	$	289	$	297	$	291	$	285	$	283	(1%)	(2%)

Average deposits by reporting unit and selected component (in billions)
Treasury and trade solutions (TTS)	$	670	$	672	$	664	$	694	$	704	1%	5%
Securities services		135		137		131		129		125	(3%)	(7%)
Services		805		809		795		823		829	1%	3%
Markets and Banking		21		21		22		25		24	(4%)	14%
Total	$	826	$	830	$	817	$	848	$	853	1%	3%

Services Key Drivers (in billions of dollars, except as otherwise noted)
AUC/AUA (in trillions of dollars)	$	23.0	$	21.2	$	20.9	$	22.2	$	23.0	4%	-
Cross border transaction value	$	75.6	$	79.3	$	75.6	$	81.1	$	83.0	2%	10%
U.S.dollar clearing volume (in millions)		36.1		36.7		37.6		38.2		38.3	-	6%
Commercial card spend volume	$	11.4	$	15.0	$	15.6	$	15.4	$	16.0	4%	40%

(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)


											1Q23 Increase/
	1Q		2Q		3Q		4Q		1Q		(Decrease) from
	2022		2022		2022		2022		2023		4Q22	1Q22
Services
Net interest income	$	1,924	$	2,354	$	2,619	$	2,821	$	2,839	1%	48%
Non-interest revenue		1,541		1,696		1,558		1,505		1,628	8%	6%
Total Services revenues	$	3,465	$	4,050	$	4,177	$	4,326	$	4,467	3%	29%

Net interest income	$	1,676	$	2,053	$	2,231	$	2,340	$	2,358	1%	41%
Non-interest revenue		931		1,003		977		946		1,053	11%	13%
Treasury and trade solutions	$	2,607	$	3,056	$	3,208	$	3,286	$	3,411	4%	31%

Net interest income	$	248	$	301	$	388	$	481	$	481	-	94%
Non-interest revenue		610		693		581		559		575	3%	(6%)
Securities services	$	858	$	994	$	969	$	1,040	$	1,056	2%	23%


Markets
Net interest income	$	1,092	$	1,355	$	1,228	$	1,489	$	1,470	(1%)	35%
Non-interest revenue		4,717		3,937		2,840		2,455		4,131	68%	(12%)
Total Markets revenues	$	5,809	$	5,292	$	4,068	$	3,944	$	5,601	42%	(4%)

Fixed income markets	$	4,289	$	4,078	$	3,122	$	3,211	$	4,454	39%	4%
Equity markets		1,520		1,214		946		733		1,147	56%	(25%)
Total	$	5,809	$	5,292	$	4,068	$	3,944	$	5,601	42%	(4%)

Rates and currencies	$	3,214	$	3,249	$	2,492	$	2,787	$	3,640	31%	13%
Spread products / other fixed income		1,075		829		630		424		814	92%	(24%)
Total fixed income markets revenues	$	4,289	$	4,078	$	3,122	$	3,211	$	4,454	39%	4%


Banking
Net interest income	$	768	$	811	$	723	$	727	$	719	(1%)	(6%)
Non-interest revenue		1,118		1,266		500		162		446	NM	(60%)
Total Banking revenues, including gain/(loss) on loan hedges	$	1,886	$	2,077	$	1,223	$	889	$	1,165	31%	(38%)
Investment banking
Advisory	$	347	$	357	$	392	$	269	$	289	7%	(17%)
Equity underwriting		185		177		100		149		109	(27%)	(41%)
Debt underwriting		496		271		139		227		376	66%	(24%)
Total investment banking		1,028		805		631		645		774	20%	(25%)
Corporate lending - excluding gain/(loss) on loan hedges⁽¹⁾		689		778		648		544		590	8%	(14%)
Total Banking revenues (ex-gain/(loss) on loan hedges)⁽¹⁾	$	1,717	$	1,583	$	1,279	$	1,189	$	1,364	15%	(21%)
Gain/(loss) on loan hedges⁽¹⁾		169		494		(56)		(300)		(199)	34%	NM
Total Banking revenues including gain/(loss) on loan hedges⁽¹⁾	$	1,886	$	2,077	$	1,223	$	889	$	1,165	31%	(38%)


Total ICG revenues, net of interest expense	$	11,160	$	11,419	$	9,468	$	9,159	$	11,233	23%	1%
Taxable-equivalent adjustments⁽²⁾		100		116		115		103		122	18%	22%

Total ICG revenues - including taxable-equivalent adjustments⁽²⁾	$	11,260	$	11,535	$	9,583	$	9,262	$	11,355	23%	1%

(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)


											1Q23 Increase/
	1Q		2Q		3Q		4Q		1Q		(Decrease) from
	2022		2022		2022		2022		2023		4Q22	1Q22
Net interest income	$	5,385	$	5,569	$	5,836	$	5,866	$	5,934	1%	10%
Non-interest revenue		520		460		351		230		514	NM	(1%)
Total revenues, net of interest expense		5,905		6,029		6,187		6,096		6,448	6%	9%
Total operating expenses		3,889		3,985		4,077		4,307		4,254	(1%)	9%
Net credit losses on loans		691		699		723		908		1,094	20%	58%
Credit reserve build / (release) for loans		(1,062)		638		360		771		507	(34%)	NM
Provision for credit losses on unfunded lending commitments		(2)		13		19		(19)		(6)	68%	NM
Provisions for benefits and claims, and other assets		(3)		5		7		6		(4)	NM	(33%)
Provisions for credit losses and for benefits and claims (PBC)		(376)		1,355		1,109		1,666		1,591	(5%)	NM
Income (loss) from continuing operations before taxes		2,392		689		1,001		123		603	NM	(75%)
Income taxes (benefits)		532		136		209		9		114	NM	(79%)
Income (loss) from continuing operations		1,860		553		792		114		489	NM	(74%)
Noncontrolling interests		-		-		-		-		-	-	-
Net income (loss)	$	1,860	$	553	$	792	$	114	$	489	NM	(74%)
EOP assets (in billions)	$	476	$	479	$	479	$	494	$	490	(1%)	3%
Average assets (in billions)		474		474		473		484		495	2%	4%
Efficiency ratio		66%		66%		66%		71%		66%	(500) bps	0 bps
Revenue by reporting unit and component
Branded cards	$	2,090	$	2,168	$	2,258	$	2,376	$	2,466	4%	18%
Retail services		1,299		1,300		1,431		1,420		1,613	14%	24%
Retail banking		595		656		642		608		613	1%	3%
U.S. Personal Banking		3,984		4,124		4,331		4,404		4,692	7%	18%
Private bank		779		745		649		589		567	(4%)	(27%)
Wealth at Work		183		170		182		195		193	(1%)	5%
Citigold		959		990		1,025		908		996	10%	4%
Global Wealth Management		1,921		1,905		1,856		1,692		1,756	4%	(9%)
Total	$	5,905	$	6,029	$	6,187	$	6,096	$	6,448	6%	9%

Average loans by reporting unit (in billions)
U.S. Personal Banking	$	161	$	167	$	174	$	180	$	183	2%	14%
Global Wealth Management		151		150		151		150		150	-	(1%)
Total	$	312	$	317	$	325	$	330	$	333	1%	7%

Average deposits by reporting unit (in billions)
U.S. Personal Banking	$	118	$	116	$	115	$	111	$	111	-	(6%)
Global Wealth Management		329		319		313		320		323	1%	(2%)
Total	$	447	$	435	$	428	$	431	$	434	1%	(3%)

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 7

PERSONAL BANKING AND WEALTH MANAGEMENT

Metrics


											1Q23 Increase/
	1Q		2Q		3Q		4Q		1Q		(Decrease) from
	2022		2022		2022		2022		2023		4Q22	1Q22
U.S. Personal Banking Key Indicators (in billions of dollars, except as otherwise noted)

New account acquisitions (in thousands)
Branded cards		991		1,069		1,090		1,023		1,164	14%	17%
Retail services		2,178		2,634		2,339		2,806		1,976	(30%)	(9%)
Credit card spend volume
Branded cards	$	106.8	$	121.8	$	120.7	$	125.3	$	115.9	(8%)	9%
Retail services		21.4		26.1		24.5		27.1		20.8	(23%)	(3%)
Average loans⁽¹⁾
Branded cards	$	84.0	$	87.9	$	91.8	$	95.4	$	96.8	1%	15%
Retail services		44.2		44.8		46.1		48.0		48.8	2%	10%
EOP loans⁽¹⁾
Branded cards	$	85.9	$	91.6	$	93.7	$	100.2	$	97.1	(3%)	13%
Retail services		44.1		45.8		46.7		50.5		48.4	(4%)	10%
NII as a % of average loans⁽²⁾
Branded cards		9.16%		8.86%		8.98%		8.97%		9.34%
Retail services		16.93%		17.32%		17.45%		16.92%		17.57%
NCLs as a % of average loans
Branded cards		1.46%		1.50%		1.50%		1.68%		2.18%
Retail services		2.31%		2.60%		2.71%		3.30%		4.08%
Loans 90+ days past due as a % of EOP loans
Branded cards		0.47%		0.46%		0.51%		0.63%		0.78%
Retail services		1.15%		1.16%		1.35%		1.56%		1.76%
Loans 30-89 days past due as a % of EOP loans
Branded cards		0.49%		0.47%		0.59%		0.69%		0.76%
Retail services		1.27%		1.27%		1.53%		1.62%		1.66%

Average deposits	$	118	$	116	$	115	$	111	$	111	-	(6%)
Branches (actual)		658		658		653		654		653	-	(1%)
Mortgage originations	$	3.1	$	4.1	$	4.2	$	2.7	$	3.3	22%	6%

Global Wealth Management Key Indicators (in billions of dollars)
Client assets	$	788	$	730	$	708	$	746	$	759	2%	(4%)
Average loans		151		150		151		150		150	-	(1%)
Average deposits		329		319		313		320		323	1%	(2%)
U.S. mortgage originations		3.7		5.3		4.4		2.5		1.8	(28%)	(51%)

(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)


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

Net interest income	$	1,508	$	1,474	$	1,385	$	1,324	$	1,290	(3%)	(14%)
Non-interest revenue⁽²⁾⁽³⁾		423		461		1,169		728		1,562	NM	NM
Total revenues, net of interest expense		1,931		1,935		2,554		2,052		2,852	39%	48%
Total operating expenses		2,293		1,814		1,845		1,830		1,752	(4%)	(24%)
Net credit losses on loans		151		133		164		168		186	11%	23%
Credit reserve build / (release) for loans		(146)		(28)		6		(61)		3	NM	NM
Provision for credit losses on unfunded lending commitments		124		(3)		(31)		3		(18)	NM	NM
Provisions for benefits and claims, HTM debt securities and other assets		31		19		28		13		174	NM	NM
Provisions for credit losses and for benefits and claims (PBC)		160		121		167		123		345	NM	NM
Income (loss) from continuing operations before taxes		(522)		-		542		99		755	NM	NM
Income taxes (benefits)		(137)		15		226		24		149	NM	NM
Income (loss) from continuing operations		(385)		(15)		316		75		606	NM	NM
Noncontrolling interests		(2)		2		-		3		2	(33%)	NM
Net income (loss)	$	(383)	$	(17)	$	316	$	72	$	604	NM	NM
EOP assets (in billions)	$	122	$	108	$	100	$	97	$	94	(3%)	(23%)
Average assets (in billions)		124		115		103		99		97	(2%)	(22%)
Efficiency ratio		119%		94%		72%		89%		61%	(2,800) bps	(5,800) bps

Revenue by reporting unit and component
Asia Consumer	$	787	$	880	$	1,372	$	772	$	1,509	95%	92%
Mexico Consumer/SBMM		1,139		1,184		1,173		1,255		1,322	5%	16%
Legacy Holdings Assets		5		(129)		9		25		21	(16%)	NM
Total	$	1,931	$	1,935	$	2,554	$	2,052	$	2,852	39%	48%

Asia Consumer - Key Indicators (in billions of dollars)
EOP loans	$	19.5	$	17.3	$	13.4	$	13.3	$	10.0	(25%)	(49%)
EOP deposits		17.5		17.2		14.6		14.5		14.4	(1%)	(18%)
Average loans		23.1		18.2		15.2		13.2		12.1	(8%)	(48%)
NCLs as a % of average loans		0.79%		0.77%		1.02%		1.23%		1.47%
Loans 90+ days past due as a % of EOP loans		0.28%		0.29%		0.35%		0.37%		0.55%
Loans 30-89 days past due as a % of EOP loans		0.32%		0.40%		0.47%		0.53%		0.65%

Mexico Consumer/SBMM - Key Indicators (in billions of dollars)
EOP loans	$	20.7	$	20.6	$	20.7	$	21.9	$	24.0	10%	16%
EOP deposits		33.9		35.5		35.8		36.5		38.3	5%	13%
Average loans		19.6		20.5		20.4		21.3		22.8	7%	16%
NCLs as a % of average loans		2.55%		2.15%		2.64%		2.48%		2.63%
Loans 90+ days past due as a % of EOP loans (Mexico Consumer only)		1.32%		1.29%		1.26%		1.28%		1.24%
Loans 30-89 days past due as a % of EOP loans (Mexico Consumer only)		1.30%		1.18%		1.23%		1.26%		1.26%

Legacy Holdings Assets - Key Indicators (in billions of dollars)
EOP loans	$	3.7	$	3.2	$	3.2	$	3.0	$	2.8	(7%)	(24%)

(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)


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

Net interest income	$	194	$	401	$	772	$	1,043	$	1,096	5%	NM
Non-interest revenue		(4)		(146)		(473)		(344)		(182)	47%	NM
Total revenues, net of interest expense		190		255		299		699		914	31%	NM
Total operating expenses		260		160		286		247		310	26%	19%
Provisions for HTM debt securities and other assets		-		-		3		-		111	NM	NM
Income (loss) from continuing operations before taxes		(70)		95		10		452		493	9%	NM
Income taxes (benefits)		(262)		(178)		(211)		21		234	NM	NM
Income (loss) from continuing operations		192		273		221		431		259	(40%)	35%
Income (loss) from discontinued operations, net of taxes⁽²⁾		(2)		(221)		(6)		(2)		(1)	50%	50%
Noncontrolling interests		1		2		6		(2)		3	NM	NM
Net income (loss)	$	189	$	50	$	209	$	431	$	255	(41%)	35%
EOP assets (in billions)	$	92	$	94	$	96	$	96	$	102	6%	11%

(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	1Q22		4Q22		1Q23⁽⁵⁾		1Q22		4Q22		1Q23⁽⁵⁾		1Q22		4Q22		1Q23⁽⁵⁾
Assets
Deposits with banks	$	260,536	$	305,658	$	328,141	$	296	$	2,343	$	3,031	0.46%		3.04%		3.75%
Securities borrowed and purchased under resale agreements⁽⁶⁾		343,636		358,513		368,049		394		3,779		5,174	0.46%		4.18%		5.70%
Trading account assets⁽⁷⁾		270,460		277,374		298,824		1,148		2,626		2,748	1.72%		3.76%		3.73%
Investments		518,820		519,072		516,524		2,067		3,812		4,159	1.62%		2.91%		3.27%
Consumer loans		352,230		360,518		363,669		6,262		8,148		8,624	7.21%		8.97%		9.62%
Corporate loans		296,346		291,984		290,068		2,477		4,121		4,687	3.39%		5.60%		6.55%
Total loans (net of unearned income)⁽⁸⁾		648,576		652,502		653,737		8,739		12,269		13,311	5.46%		7.46%		8.26%
Other interest-earning assets		119,815		98,131		87,758		549		912		1,016	1.86%		3.69%		4.70%
Total average interest-earning assets	$	2,161,843	$	2,211,250	$	2,253,033	$	13,193	$	25,741	$	29,439	2.47%		4.62%		5.30%

Liabilities
Deposits	$	1,080,105	$	1,131,425	$	1,147,176	$	871	$	5,998	$	7,708	0.33%		2.10%		2.72%
Securities loaned and sold under repurchase agreements⁽⁶⁾		210,101		205,138		223,708		282		2,267		3,566	0.54%		4.38%		6.46%
Trading account liabilities⁽⁷⁾		114,313		121,423		129,361		147		681		787	0.52%		2.23%		2.47%
Short-term borrowings and other interest-bearing liabilities		138,861		153,326		144,022		55		1,420		1,649	0.16%		3.67%		4.64%
Long-term debt⁽⁹⁾		170,927		169,642		170,533		925		2,072		2,337	2.19%		4.85%		5.56%
Total average interest-bearing liabilities	$	1,714,307	$	1,780,954	$	1,814,800	$	2,280	$	12,438	$	16,047	0.54%		2.77%		3.59%


Net interest income as a % of average interest-earning assets (NIM)⁽⁹⁾							$	10,913	$	13,303	$	13,392	2.05%		2.39%		2.41%

1Q23 increase (decrease) from:													36	bps	2	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 $42 million for 1Q22, $33 million for 4Q22 and $44 million for 1Q23.

(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)	1Q23 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)


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

Corporate loans by region
North America	$	129.2	$	129.9	$	125.9	$	127.8	$	125.1	(2%)	(3%)
EMEA		81.2		76.8		71.6		71.0		70.0	(1%)	(14%)
Latin America		35.9		36.2		35.4		36.2		38.6	7%	8%
Asia		63.0		58.8		55.5		54.2		54.6	1%	(13%)
Total corporate loans	$	309.3	$	301.7	$	288.4	$	289.2	$	288.3	-	(7%)

Corporate loans by reporting unit
Services	$	86.6	$	85.9	$	80.4	$	76.6	$	80.1	5%	(8%)
Markets		14.6		12.6		11.7		13.6		13.5	(1%)	(8%)
Banking		201.0		196.1		189.3		191.9		187.0	(3%)	(7%)
Legacy Franchises - Mexico SBMM		7.1		7.1		7.0		7.1		7.7	8%	8%
Total corporate loans	$	309.3	$	301.7	$	288.4	$	289.2	$	288.3	-	(7%)

Personal Banking and Wealth Management
Branded cards	$	85.9	$	91.6	$	93.7	$	100.2	$	97.1	(3%)	13%
Retail services		44.1		45.8		46.7		50.5		48.4	(4%)	10%
Retail banking		33.3		35.4		35.8		37.1		39.2	6%	18%
U.S. Personal Banking	$	163.3	$	172.8	$	176.2	$	187.8	$	184.7	(2%)	13%
Global Wealth Management		150.2		148.8		151.1		149.2		149.9	-	-
Total	$	313.5	$	321.6	$	327.3	$	337.0	$	334.6	(1%)	7%

Legacy Franchises - Consumer
Asia Consumer⁽³⁾	$	19.5	$	17.3	$	13.4	$	13.3	$	10.0	(25%)	(49%)
Mexico Consumer		13.6		13.5		13.7		14.8		16.3	10%	20%
Legacy Holdings Assets		3.7		3.2		3.2		3.0		2.8	(7%)	(24%)
Total	$	36.8	$	34.0	$	30.3	$	31.1	$	29.1	(6%)	(21%)

Total consumer loans	$	350.3	$	355.6	$	357.6	$	368.1	$	363.7	(1%)	4%

Total loans	$	659.7	$	657.3	$	646.0	$	657.2	$	652.0	(1%)	(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)


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

ICG by region
North America	$	390.5	$	404.3	$	391.0	$	405.5	$	394.7	(3%)	1%
EMEA		208.6		210.7		197.7		215.6		208.8	(3%)	-
Latin America		38.9		37.7		35.5		40.9		41.8	2%	7%
Asia		187.5		176.0		172.7		183.4		174.1	(5%)	(7%)
Total	$	825.5	$	828.7	$	796.9	$	845.4	$	819.4	(3%)	(1%)

ICG by reporting unit
Treasury and trade solutions	$	664.2	$	670.3	$	647.1	$	701.3	$	670.9	(4%)	1%
Securities services		138.7		136.3		127.8		119.8		124.2	4%	(10%)
Services	$	802.9	$	806.6	$	774.9	$	821.1	$	795.1	(3%)	(1%)
Markets		21.5		20.9		20.5		22.6		23.0	2%	7%
Banking		1.1		1.2		1.5		1.7		1.3	(24%)	18%
Total	$	825.5	$	828.7	$	796.9	$	845.4	$	819.4	(3%)	(1%)

Personal Banking and Wealth Management
U.S. Personal Banking	$	119.5	$	115.7	$	115.2	$	112.5	$	114.7	2%	(4%)
Global Wealth Management		332.1		311.9		312.1		325.3		322.2	(1%)	(3%)
Total	$	451.6	$	427.6	$	427.3	$	437.8	$	436.9	-	(3%)

Legacy Franchises
Asia Consumer⁽¹⁾	$	17.5	$	17.2	$	14.6	$	14.5	$	14.4	(1%)	(18%)
Mexico Consumer/SBMM		33.9		35.5		35.8		36.5		38.3	5%	13%
Legacy Holdings Assets		-		-		-		-		-	-	-
Total	$	51.4	$	52.7	$	50.4	$	51.0	$	52.7	3%	3%

Corporate/Other	$	5.2	$	12.8	$	31.9	$	31.8	$	21.5	(32%)	NM

Total deposits - EOP	$	1,333.7	$	1,321.8	$	1,306.5	$	1,366.0	$	1,330.5	(3%)	-

Total deposits - average	$	1,334.3	$	1,322.5	$	1,315.9	$	1,361.1	$	1,363.2	-	2%

(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)


																	Builds						ACLL/EOP
	Balance		Builds (releases)										FY 2022		Balance		(Releases)		1Q23		Balance		Loans
	12/31/21		1Q22		2Q22		3Q22		4Q22		FY 2022		FX/Other		12/31/22		1Q23		FX/Other⁽¹⁾		3/31/23		3/31/23

Allowance for credit losses on loans (ACLL)
ICG	$	2,241	$	596	$	(76)	$	75	$	(117)	$	478	$	(4)	$	2,715	$	(75)	$	3	$	2,643
Legacy Franchises corporate (Mexico SBMM)		174		5		(3)		(34)		(7)		(39)		5		140		(10)		7		137

Total corporate ACLL	$	2,415	$	601	$	(79)	$	41	$	(124)	$	439	$	1	$	2,855	$	(85)	$	10	$	2,780	0.98%
U.S. Cards	$	10,840	$	(1,009)	$	447	$	303	$	814	$	555	$	(2)	$	11,393	$	536	$	(173)	$	11,756	8.08%
Retail banking and Global Wealth Management		1,181		(53)		191		57		(43)		152		(3)		1,330		(29)		(60)		1,241
Total PBWM	$	12,021	$	(1,062)	$	638	$	360	$	771	$	707	$	(5)	$	12,723	$	507	$	(233)	$	12,997
Legacy Franchises consumer		2,019		(151)		(25)		40		(54)		(190)		(433)		1,396		13		(17)		1,392
Total consumer ACLL	$	14,040	$	(1,213)	$	613	$	400	$	717	$	517	$	(438)	$	14,119	$	520	$	(250)	$	14,389	3.96%

Total ACLL	$	16,455	$	(612)	$	534	$	441	$	593	$	956	$	(437)	$	16,974	$	435	$	(240)	$	17,169	2.65%
Allowance for credit losses on unfunded lending commitments (ACLUC)	$	1,871	$	474	$	(159)	$	(71)	$	47	$	291	$	(11)	$	2,151	$	(194)	$	2	$	1,959
Total ACLL and ACLUC (EOP)		18,326														19,125						19,128
Other⁽²⁾		148		(6)		27		83		5		109		(14)		243		408		(19)		632
Total allowance for credit losses (ACL)	$	18,474	$	(144)	$	402	$	453	$	645	$	1,356	$	(462)	$	19,368	$	649	$	(257)	$	19,760

(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)

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

Total Citigroup
Allowance for credit losses on loans (ACLL) at beginning of period	$	16,455	$	15,393	$	15,952	$	16,309	$	16,974	4%	3%
Adjustment to opening balance
Financial instruments—TDRs and Vintage Disclosures⁽¹⁾		-		-		-		-		(352)
Adjusted ACLL at beginning of period		16,455		15,393		15,952		16,309		16,622	2%	1%
Gross credit (losses) on loans		(1,240)		(1,212)		(1,237)		(1,467)		(1,634)	(11%)	(32%)
Gross recoveries on loans		368		362		350		287		332	16%	(10%)
Net credit (losses) / recoveries on loans (NCLs)		(872)		(850)		(887)		(1,180)		(1,302)	10%	49%
Replenishment of NCLs		872		850		887		1,180		1,302	10%	49%
Net reserve builds / (releases) for loans		(612)		534		441		593		435	(27%)	NM
Provision for credit losses on loans (PCLL)		260		1,384		1,328		1,773		1,737	(2%)	NM
Other, net^{(2)(3)(4)(5)(6)(7)}		(450)		25		(84)		72		112	56%	NM
ACLL at end of period (a)	$	15,393	$	15,952	$	16,309	$	16,974	$	17,169	1%	12%

Allowance for credit losses on unfunded lending commitments (ACLUC)⁽⁸⁾ (a)	$	2,343	$	2,193	$	2,089	$	2,151	$	1,959	(9%)	(16%)

Provision (release) for credit losses on unfunded lending commitments	$	474	$	(159)	$	(71)	$	47	$	(194)	NM	NM

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (a)]	$	17,736	$	18,145	$	18,398	$	19,125	$	19,128	-	8%

Total ACLL as a percentage of total loans⁽⁹⁾		2.35%		2.44%		2.54%		2.60%		2.65%

Consumer
ACLL at beginning of period	$	14,040	$	12,368	$	12,983	$	13,361	$	14,119	6%	1%
Adjustment to opening balance
Financial instruments—TDRs and Vintage Disclosures⁽¹⁾		-		-		-		-		(352)
Adjusted ACLL at beginning of period		14,040		12,368		12,983		13,361		13,767	3%	(2%)

NCLs		(841)		(827)		(881)		(1,062)		(1,280)	21%	52%
Replenishment of NCLs		841		827		881		1,062		1,280	21%	52%
Net reserve builds / (releases) for loans		(1,213)		613		400		717		520	(27%)	NM
Provision for credit losses on loans (PCLL)		(372)		1,440		1,281		1,779		1,800	1%	NM
Other, net^{(2)(3)(4)(5)(6)(7)}		(459)		2		(22)		41		102	NM	NM
ACLL at end of period (b)	$	12,368	$	12,983	$	13,361	$	14,119	$	14,389	2%	16%

Consumer ACLUC⁽⁸⁾ (b)	$	139	$	165	$	143	$	120	$	101	(16%)	(27%)

Provision (release) for credit losses on unfunded lending commitments	$	109	$	19	$	(8)	$	(20)	$	(17)	15%	NM

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (b)]	$	12,507	$	13,148	$	13,504	$	14,239	$	14,490	2%	16%

Consumer ACLL as a percentage of total consumer loans		3.53%		3.65%		3.74%		3.84%		3.96%

Corporate
ACLL at beginning of period	$	2,415	$	3,025	$	2,969	$	2,948	$	2,855	(3%)	18%

NCLs		(31)		(23)		(6)		(118)		(22)	(81%)	(29%)
Replenishment of NCLs		31		23		6		118		22	(81%)	(29%)
Net reserve builds / (releases) for loans		601		(79)		41		(124)		(85)	31%	NM
Provision for credit losses on loans (PCLL)		632		(56)		47		(6)		(63)	NM	NM
Other, net⁽²⁾		9		23		(62)		31		10	(68%)	11%
ACLL at end of period (c)	$	3,025	$	2,969	$	2,948	$	2,855	$	2,780	(3%)	(8%)

Corporate ACLUC⁽⁸⁾ (c)	$	2,204	$	2,028	$	1,946	$	2,031	$	1,858	(9%)	(16%)

Provision (release) for credit losses on unfunded lending commitments	$	365	$	(178)	$	(63)	$	67	$	(177)	NM	NM

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (c)]	$	5,229	$	4,997	$	4,894	$	4,886	$	4,638	(5%)	(11%)
Corporate ACLL as a percentage of total corporate loans⁽⁹⁾		1.00%		1.00%		1.04%		1.01%		0.98%

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)

1Q22 includes an approximate $350 million reclass related to the announced sales of Citi's consumer banking businesses in Thailand, India, Malaysia, Taiwan, Indonesia, Bahrain and Vietnam. The ACLL was reclassified to Other assets during 1Q22. 1Q22 consumer also includes a decrease of approximately $100 million related to FX translation.

(4)	2Q22 primarily relates to FX translation.

(5)	3Q22 primarily relates to FX translation.

(6)	4Q22 primarily relates to FX translation.

(7)	1Q23 primarily relates to FX translation.

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

(9)	March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023 exclude $5.7 billion, $4.5 billion, $3.9 billion, $5.4 billion and $5.1 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)

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

Corporate non-accrual loans by region⁽¹⁾
North America	$	462	$	304	$	276	$	138	$	285	NM	(38%)
EMEA		688		712		598		502		383	(24%)	(44%)
Latin America		631		563		555		429		462	8%	(27%)
Asia		85		76		56		53		83	57%	(2%)
Total	$	1,866	$	1,655	$	1,485	$	1,122	$	1,213	8%	(35%)

Corporate non-accrual loans by reporting unit⁽¹⁾
Banking	$	1,323	$	1,015	$	1,085	$	767	$	868	13%	(34%)
Services		297		353		185		153		133	(13%)	(55%)
Markets		13		11		-		3		3	-	(77%)
Mexico SBMM		233		276		215		199		209	5%	(10%)
Total	$	1,866	$	1,655	$	1,485	$	1,122	$	1,213	8%	(35%)

Consumer non-accrual loans⁽¹⁾
U.S. Personal Banking and Global Wealth Management	$	586	$	536	$	585	$	541	$	608	12%	4%
Asia Consumer⁽²⁾		38		34		30		30		29	(3%)	(24%)
Mexico Consumer		512		493		486		457		480	5%	(6%)
Legacy Holdings Assets - Consumer		381		317		300		289		278	(4%)	(27%)
Total	$	1,517	$	1,380	$	1,401	$	1,317	$	1,395	6%	(8%)

Total non-accrual loans (NAL)	$	3,383	$	3,035	$	2,886	$	2,439	$	2,608	7%	(23%)

Other real estate owned (OREO)⁽³⁾	$	26	$	13	$	16	$	15	$	21	40%	(19%)

NAL as a percentage of total loans		0.51%		0.46%		0.45%		0.37%		0.40%

ACLL as a percentage of NAL		455%		526%		565%		696%		658%

(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

CITIGROUP

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)

	March 31,		June 30,		September 30,		December 31,		March 31,
Common Equity Tier 1 Capital Ratio and Components⁽¹⁾	2022		2022		2022		2022		2023⁽²⁾
Citigroup common stockholders' equity⁽³⁾	$	178,845	$	180,150	$	179,696	$	182,325	$	188,186
Add: qualifying noncontrolling interests		126		129		113		128		137
Regulatory capital adjustments and deductions:
Add:
CECL transition provision⁽⁴⁾		2,271		2,271		2,271		2,271		1,514
Less:
Accumulated net unrealized gains (losses) on cash flow hedges, net of tax		(1,440)		(2,106)		(2,869)		(2,522)		(2,161)
Cumulative unrealized net gain (loss) related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax		27		2,145		3,211		1,441		1,037
Intangible assets:
Goodwill, net of related deferred tax liabilities (DTLs)⁽⁵⁾		20,120		19,504		18,796		19,007		18,844
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs		3,698		3,599		3,492		3,411		3,607
Defined benefit pension plan net assets; other		2,230		2,038		1,932		1,935		1,999
Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards⁽⁷⁾		11,701		11,679		11,690		12,197		11,783
Excess over 10% / 15% limitations for other DTAs, certain common stock investments and MSRs⁽⁷⁾⁽⁸⁾		1,157		798		1,261		325		1,052
Common Equity Tier 1 Capital (CET1)	$	143,749	$	144,893	$	144,567	$	148,930	$	153,676
Risk-Weighted Assets (RWA)⁽⁴⁾	$	1,257,293	$	1,212,386	$	1,176,749	$	1,142,985	$	1,144,592
Common Equity Tier 1 Capital ratio (CET1/RWA)		11.43%		11.95%		12.29%		13.03%		13.4%

Supplementary Leverage Ratio and Components
Common Equity Tier 1 Capital (CET1)⁽⁴⁾	$	143,749	$	144,893	$	144,567	$	148,930	$	153,676
Additional Tier 1 Capital (AT1)⁽⁶⁾		20,266		20,266		20,263		20,215		21,499
Total Tier 1 Capital (T1C) (CET1 + AT1)	$	164,015	$	165,159	$	164,830	$	169,145	$	175,175
Total Leverage Exposure (TLE)⁽⁴⁾	$	2,939,533	$	2,918,273	$	2,888,535	$	2,906,773	$	2,944,452
Supplementary Leverage ratio (T1C/TLE)		5.58%		5.66%		5.71%		5.82%		5.9%

Tangible Common Equity, Book Value and Tangible Book Value Per Share
Common stockholders' equity	$	178,714	$	180,019	$	179,565	$	182,194	$	188,050
Less:
Goodwill		19,865		19,597		19,326		19,691		19,882
Intangible assets (other than MSRs)		4,002		3,926		3,838		3,763		3,974
Goodwill and identifiable intangible assets (other than MSRs) related to assets HFS		1,384		1,081		794		589		246
Tangible common equity (TCE)	$	153,463	$	155,415	$	155,607	$	158,151	$	163,948
Common shares outstanding (CSO)		1,941.9		1,936.7		1,936.9		1,937.0		1,946.8
Book value per share (common equity/CSO)	$	92.03	$	92.95	$	92.71	$	94.06	$	96.59
Tangible book value per share (TCE/CSO)	$	79.03	$	80.25	$	80.34	$	81.65	$	84.21

(1)	See footnote 5 on page 1.

(2)	1Q23 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.

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