Enhanced Investments - Financial Portal

Published: 2023-10-13 08:40:36 ET

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

Exhibit 99.2


CITIGROUP -- QUARTERLY FINANCIAL DATA SUPPLEMENT		3Q23


		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
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)

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

Total revenues, net of interest expense^(1)(2)(3)	$	18,508	$	18,006	$	21,447	$	19,436	$	20,139	4%	9%	$	57,332	$	61,022	6%
Total operating expenses		12,749		12,985		13,289		13,570		13,511	-	6%		38,307		40,370	5%
Net credit losses (NCLs)		887		1,180		1,302		1,504		1,637	9%	85%		2,609		4,443	70%
Credit reserve build / (release) for loans		441		593		435		257		179	(30%)	(59%)		363		871	NM
Provision / (release) for unfunded lending commitments		(71)		47		(194)		(96)		(54)	44%	24%		244		(344)	NM
Provisions for benefits and claims, HTM debt securities and other assets		108		25		432		159		78	(51%)	(28%)		178		669	NM
Provisions for credit losses and for benefits and claims		1,365		1,845		1,975		1,824		1,840	1%	35%		3,394		5,639	66%
Income from continuing operations before income taxes		4,394		3,176		6,183		4,042		4,788	18%	9%		15,631		15,013	(4%)
Income taxes		879		640		1,531		1,090		1,203	10%	37%		3,002		3,824	27%
Income from continuing operations		3,515		2,536		4,652		2,952		3,585	21%	2%		12,629		11,189	(11%)
Income (loss) from discontinued operations, net of taxes⁽⁴⁾		(6)		(2)		(1)		(1)		2	NM	NM		(229)		-	100%
Net income before noncontrolling interests		3,509		2,534		4,651		2,951		3,587	22%	2%		12,400		11,189	(10%)
Net income (loss) attributable to noncontrolling interests		30		21		45		36		41	14%	37%		68		122	79%
Citigroup's net income	$	3,479	$	2,513	$	4,606	$	2,915	$	3,546	22%	2%	$	12,332	$	11,067	(10%)

Diluted earnings per share:
Income from continuing operations	$	1.63	$	1.16	$	2.19	$	1.33	$	1.63	23%	-	$	5.95	$	5.14	(14%)
Citigroup's net income	$	1.63	$	1.16	$	2.19	$	1.33	$	1.63	23%	-	$	5.84	$	5.14	(12%)

Preferred dividends	$	277	$	238	$	277	$	288	$	333	16%	20%	$	794	$	898	13%

Income allocated to unrestricted common shareholders - basic
Income from continuing operations	$	3,180	$	2,253	$	4,296	$	2,595	$	3,158	22%	(1%)	$	11,678	$	10,048	(14%)
Citigroup's net income	$	3,174	$	2,251	$	4,295	$	2,594	$	3,160	22%	-	$	11,449	$	10,048	(12%)

Income allocated to unrestricted common shareholders - diluted
Income from continuing operations	$	3,191	$	2,264	$	4,307	$	2,610	$	3,174	22%	(1%)	$	11,708	$	10,090	(14%)
Citigroup's net income	$	3,185	$	2,262	$	4,306	$	2,609	$	3,176	22%	-	$	11,479	$	10,090	(12%)

Shares (in millions):
Average basic		1,936.8		1,936.9		1,943.5		1,942.8		1,924.4	(1%)	(1%)		1,950.0		1,936.9	(1%)
Average diluted		1,955.1		1,955.9		1,964.1		1,968.6		1,951.7	(1%)	-		1,967.1		1,961.5	-
Common shares outstanding, at period end		1,936.9		1,937.0		1,946.8		1,925.7		1,913.9	(1%)	(1%)

Regulatory capital ratios and performance metrics:
Common Equity Tier 1 (CET1) Capital ratio^(5)(6)(7)		12.26%		12.97%		13.44%		13.37%		13.5%
Tier 1 Capital ratio^(5)(6)(7)		13.97%		14.73%		15.31%		15.24%		15.3%
Total Capital ratio^(5)(6)(7)		14.99%		15.32%		15.57%		16.04%		15.7%
Supplementary Leverage ratio (SLR)^(5)(7)(8)		5.71%		5.82%		5.96%		5.97%		6.0%
Return on average assets		0.58%		0.41%		0.76%		0.47%		0.58%				0.69%		0.60%
Return on average common equity		7.1%		5.0%		9.5%		5.6%		6.7%				8.6%		7.3%
Average tangible common equity (TCE) (in billions of dollars)	$	155.5	$	156.9	$	161.1	$	164.1	$	165.3	1%	6%	$	155.4	$	163.2	5%
Return on average tangible common equity (RoTCE)		8.2%		5.8%		10.9%		6.4%		7.7%				9.9%		8.3%
Efficiency ratio (total operating expenses/total revenues, net)		68.9%		72.1%		62.0%		69.8%		67.1%	(270) bps	(180) bps		66.8%		66.2%	(60) bps

Balance sheet data (in billions of dollars, except per share amounts)⁽⁵⁾:
Total assets	$	2,381.1	$	2,416.7	$	2,455.1	$	2,423.7	$	2,368.5	(2%)	(1%)
Total average assets		2,399.4		2,430.6		2,462.2		2,465.6		2,413.8	(2%)	1%		2,384.5		2,447.2	3%
Total loans		646.0		657.2		652.0		660.6		666.3	1%	3%
Total deposits		1,306.5		1,366.0		1,330.5		1,319.9		1,273.5	(4%)	(3%)
Citigroup's stockholders' equity		198.6		201.2		208.3		208.7		209.5	-	5%
Book value per share		92.71		94.06		96.59		97.87		99.28	1%	7%
Tangible book value per share		80.34		81.65		84.21		85.34		86.90	2%	8%

Direct staff (in thousands)		238		240		240		240		240	-	1%

(1) 3Q23 includes an approximate $403 million gain on sale recorded in Other revenue (approximately $284 million after various taxes) related to Citi's sale of the Taiwan consumer banking business. (2) 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. (3) 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. (4) 2022 YTD 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. (5) 3Q23 is preliminary. (6) 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. (7) 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. (8) 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)


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

Revenues
Interest revenue	$	19,919	$	25,708	$	29,395	$	32,647	$	34,837	7%	75%	$	48,700	$	96,879	99%
Interest expense		7,356		12,438		16,047		18,747		21,009	12%	NM		13,302		55,803	NM
Net interest income (NII)		12,563		13,270		13,348		13,900		13,828	(1%)	10%		35,398		41,076	16%

Commissions and fees		2,139		2,016		2,366		2,132		2,195	3%	3%		7,159		6,693	(7%)
Principal transactions		2,625		2,419		3,939		2,528		3,008	19%	15%		11,740		9,475	(19%)
Administrative and other fiduciary fees		915		880		896		989		971	(2%)	6%		2,904		2,856	(2%)
Realized gains (losses) on investments		52		(7)		72		49		30	(39%)	(42%)		74		151	NM
Impairment losses on investments and other assets		(91)		(222)		(86)		(71)		(70)	1%	23%		(277)		(227)	18%
Provision for credit losses on Available-for-sale (AFS) debt securities⁽¹⁾		5		(2)		(1)		1		(1)	NM	NM		7		(1)	NM
Other revenue (loss)		300		(348)		913		(92)		178	NM	(41%)		327		999	NM
Total non-interest revenues (NIR)		5,945		4,736		8,099		5,536		6,311	14%	6%		21,934		19,946	(9%)
Total revenues, net of interest expense	$	18,508	$	18,006	$	21,447	$	19,436	$	20,139	4%	9%		57,332		61,022	6%


Provisions for credit losses and for benefits and claims
Net credit losses		887		1,180		1,302		1,504		1,637	9%	85%		2,609		4,443	70%
Credit reserve build / (release) for loans		441		593		435		257		179	(30%)	(59%)		363		871	NM
Provision for credit losses on loans		1,328		1,773		1,737		1,761		1,816	3%	37%		2,972		5,314	79%
Provision for credit losses on held-to-maturity (HTM) debt securities		10		5		(17)		(4)		(3)	25%	NM		28		(24)	NM
Provision for credit losses on other assets		73		-		425		149		56	(62%)	(23%)		76		630	NM
Policyholder benefits and claims		25		20		24		14		25	79%	-		74		63	(15%)
Provision for credit losses on unfunded lending commitments		(71)		47		(194)		(96)		(54)	44%	24%		244		(344)	NM
Total provisions for credit losses and for benefits and claims⁽²⁾		1,365		1,845		1,975		1,824		1,840	1%	35%		3,394		5,639	66%

Operating expenses
Compensation and benefits		6,745		6,618		7,538		7,388		7,424	-	10%		20,037		22,350	12%
Premises and equipment		557		601		598		595		620	4%	11%		1,719		1,813	5%
Technology / communication		2,145		2,358		2,127		2,309		2,256	(2%)	5%		6,229		6,692	7%
Advertising and marketing		407		424		331		361		324	(10%)	(20%)		1,132		1,016	(10%)
Other operating		2,895		2,984		2,695		2,917		2,887	(1%)	-		9,190		8,499	(8%)
Total operating expenses		12,749		12,985		13,289		13,570		13,511	-	6%		38,307		40,370	5%

Income from continuing operations before income taxes		4,394		3,176		6,183		4,042		4,788	18%	9%		15,631		15,013	(4%)
Provision for income taxes		879		640		1,531		1,090		1,203	10%	37%		3,002		3,824	27%

Income (loss) from continuing operations		3,515		2,536		4,652		2,952		3,585	21%	2%		12,629		11,189	(11%)
Discontinued operations⁽³⁾
Income (loss) from discontinued operations		(6)		(2)		(1)		(1)		2	NM	NM		(270)		-	100%
Provision (benefit) for income taxes		-		-		-		-		-	-	-		(41)		-	100%
Income (loss) from discontinued operations, net of taxes		(6)		(2)		(1)		(1)		2	NM	NM		(229)		-	100%

Net income before noncontrolling interests		3,509		2,534		4,651		2,951		3,587	22%	2%		12,400		11,189	(10%)
Net income (loss) attributable to noncontrolling interests		30		21		45		36		41	14%	37%		68		122	79%

Citigroup's net income	$	3,479	$	2,513	$	4,606	$	2,915	$	3,546	22%	2%	$	12,332	$	11,067	(10%)

(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 3 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)


											3Q23 Increase/
	September 30,		December 31,		March 31,		June 30,		September 30,		(Decrease) from
	2022		2022		2023		2023		2023⁽¹⁾		2Q23	3Q22
Assets
Cash and due from banks (including segregated cash and other deposits)	$	26,502	$	30,577	$	26,224	$	25,763	$	26,548	3%	-
Deposits with banks, net of allowance		273,105		311,448		302,735		271,145		227,439	(16%)	(17%)
Securities borrowed and purchased under agreements to resell, net of allowance		349,214		365,401		384,198		337,103		335,059	(1%)	(4%)
Brokerage receivables, net of allowance		79,696		54,192		55,491		60,850		66,194	9%	(17%)
Trading account assets		358,260		334,114		383,906		423,189		406,368	(4%)	13%
Investments
Available-for-sale debt securities		232,143		249,679		240,487		237,334		241,783	2%	4%
Held-to-maturity debt securities, net of allowance		267,864		268,863		264,342		262,066		259,456	(1%)	(3%)
Equity securities		8,009		8,040		7,749		7,745		7,759	-	(3%)
Total investments		508,016		526,582		512,578		507,145		508,998	-	-
Loans, net of unearned income
Consumer⁽²⁾		357,583		368,067		363,696		374,591		377,714	1%	6%
Corporate⁽³⁾		288,377		289,154		288,299		286,021		288,634	1%	-
Loans, net of unearned income		645,960		657,221		651,995		660,612		666,348	1%	3%
Allowance for credit losses on loans (ACLL)		(16,309)		(16,974)		(17,169)		(17,496)		(17,629)	(1%)	(8%)
Total loans, net		629,651		640,247		634,826		643,116		648,719	1%	3%
Goodwill		19,326		19,691		19,882		19,998		19,829	(1%)	3%
Intangible assets (including mortgage servicing rights (MSRs))		4,485		4,428		4,632		4,576		4,540	(1%)	1%
Property, plant and equipment, net		25,157		26,253		27,119		27,818		27,959	1%	11%
Other assets, net of allowance		107,652		103,743		103,522		102,972		96,824	(6%)	(10%)
Total assets	$	2,381,064	$	2,416,676	$	2,455,113	$	2,423,675	$	2,368,477	(2%)	(1%)

Liabilities
Non-interest-bearing deposits in U.S. offices	$	135,514	$	122,655	$	123,969	$	109,844	$	104,061	(5%)	(23%)
Interest-bearing deposits in U.S. offices		570,920		607,470		587,477		590,700		569,428	(4%)	-
Total U.S. deposits		706,434		730,125		711,446		700,544		673,489	(4%)	(5%)
Non-interest-bearing deposits in offices outside the U.S.		98,904		95,182		90,404		91,899		84,663	(8%)	(14%)
Interest-bearing deposits in offices outside the U.S.		501,148		540,647		528,609		527,424		515,354	(2%)	3%
Total international deposits		600,052		635,829		619,013		619,323		600,017	(3%)	-

Total deposits		1,306,486		1,365,954		1,330,459		1,319,867		1,273,506	(4%)	(3%)
Securities loaned and sold under agreements to resell		203,429		202,444		257,681		260,035		256,770	(1%)	26%
Brokerage payables		87,841		69,218		76,708		69,433		75,076	8%	(15%)
Trading account liabilities		196,479		170,647		185,010		170,664		164,624	(4%)	(16%)
Short-term borrowings		47,368		47,096		40,187		40,430		43,166	7%	(9%)
Long-term debt		253,068		271,606		279,684		274,510		275,760	-	9%
Other liabilities⁽⁴⁾		87,276		87,873		76,365		79,314		69,380	(13%)	(21%)
Total liabilities	$	2,181,947	$	2,214,838	$	2,246,094	$	2,214,253	$	2,158,282	(3%)	(1%)

Equity
Stockholders' equity
Preferred stock	$	18,995	$	18,995	$	20,245	$	20,245	$	19,495	(4%)	3%
Common stock		31		31		31		31		31	-	-
Additional paid-in capital		108,347		108,458		108,369		108,579		108,757	-	-
Retained earnings		193,462		194,734		198,353		199,976		202,135	1%	4%
Treasury stock, at cost		(73,977)		(73,967)		(73,262)		(74,247)		(74,738)	(1%)	(1%)
Accumulated other comprehensive income (loss) (AOCI)		(48,298)		(47,062)		(45,441)		(45,865)		(46,177)	(1%)	4%
Total common equity	$	179,565	$	182,194	$	188,050	$	188,474	$	190,008	1%	6%

Total Citigroup stockholders' equity	$	198,560	$	201,189	$	208,295	$	208,719	$	209,503	-	6%
Noncontrolling interests		557		649		724		703		692	(2%)	24%
Total equity		199,117		201,838		209,019		209,422		210,195	-	6%
Total liabilities and equity	$	2,381,064	$	2,416,676	$	2,455,113	$	2,423,675	$	2,368,477	(2%)	(1%)

(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)


											3Q23 Increase/		Nine		Nine		YTD 2023 vs.
	3Q		4Q		1Q		2Q		3Q		(Decrease) from		Months		Months		YTD 2022 Increase/
	2022		2022		2023		2023		2023		2Q23	3Q22	2022		2023		(Decrease)
Net revenues
Institutional Clients Group	$	9,468	$	9,159	$	11,233	$	10,441	$	10,644	2%	12%	$	32,047	$	32,318	1%
Personal Banking and Wealth Management		6,187		6,096		6,448		6,395		6,778	6%	10%		18,121		19,621	8%
Legacy Franchises		2,554		2,052		2,852		1,923		2,217	15%	(13%)		6,420		6,992	9%
Corporate/Other		299		699		914		677		500	(26%)	67%		744		2,091	NM
Total net revenues	$	18,508	$	18,006	$	21,447	$	19,436	$	20,139	4%	9%	$	57,332	$	61,022	6%

Income (loss) from continuing operations
Institutional Clients Group	$	2,186	$	1,916	$	3,298	$	2,219	$	2,465	11%	13%	$	8,822	$	7,982	(10%)
Personal Banking and Wealth Management		792		114		489		494		803	63%	1%		3,205		1,786	(44%)
Legacy Franchises		316		75		606		(122)		127	NM	(60%)		(84)		611	NM
Corporate/Other		221		431		259		361		190	(47%)	(14%)		686		810	18%
Income from continuing operations	$	3,515	$	2,536	$	4,652	$	2,952	$	3,585	21%	2%	$	12,629	$	11,189	(11%)

Discontinued operations	$	(6)	$	(2)	$	(1)	$	(1)	$	2	NM	NM	$	(229)	$	-	100%

Net income attributable to noncontrolling interests		30		21		45		36		41	14%	37%		68		122	79%

Net income	$	3,479	$	2,513	$	4,606	$	2,915	$	3,546	22%	2%	$	12,332	$	11,067	(10%)

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)


											3Q23 Increase/		Nine		Nine		YTD 2023 vs.
	3Q		4Q		1Q		2Q		3Q		(Decrease) from		Months		Months		YTD 2022 Increase/
	2022		2022		2023		2023		2023		2Q23	3Q22	2022		2023		(Decrease)
Commissions and fees	$	1,082	$	1,067	$	1,150	$	1,126	$	1,138	1%	5%		3,337		3,414	2%
Administration and other fiduciary fees		651		629		654		709		673	(5%)	3%		2,055		2,036	(1%)
Investment banking fees⁽¹⁾		816		728		834		686		805	17%	(1%)		2,845		2,325	(18%)
Principal transactions		2,776		2,057		3,709		2,463		2,899	18%	4%		11,576		9,071	(22%)
Other		(427)		(359)		(142)		(166)		(365)	NM	15%		(640)		(673)	(5%)
Total non-interest revenue		4,898		4,122		6,205		4,818		5,150	7%	5%		19,173		16,173	(16%)
Net interest income (including dividends)		4,570		5,037		5,028		5,623		5,494	(2%)	20%		12,874		16,145	25%
Total revenues, net of interest expense		9,468		9,159		11,233		10,441		10,644	2%	12%		32,047		32,318	1%
Total operating expenses		6,541		6,601		6,973		7,286		7,179	(1%)	10%		19,698		21,438	9%
Net credit losses on loans		-		104		22		73		51	(30%)	NM		48		146	NM
Credit reserve build / (release) for loans		75		(117)		(75)		(150)		101	NM	35%		595		(124)	NM
Provision for credit losses on unfunded lending commitments		(59)		63		(170)		(88)		(40)	55%	32%		124		(298)	NM
Provisions for credit losses for HTM debt securities and other assets		70		6		151		223		84	(62%)	20%		88		458	NM
Provision for credit losses		86		56		(72)		58		196	NM	NM		855		182	(79%)
Income from continuing operations before taxes		2,841		2,502		4,332		3,097		3,269	6%	15%		11,494		10,698	(7%)
Income taxes		655		586		1,034		878		804	(8%)	23%		2,672		2,716	2%
Income from continuing operations		2,186		1,916		3,298		2,219		2,465	11%	13%		8,822		7,982	(10%)
Noncontrolling interests		24		20		40		29		36	24%	50%		59		105	78%
Net income	$	2,162	$	1,896	$	3,258	$	2,190	$	2,429	11%	12%	$	8,763	$	7,877	(10%)
EOP assets (in billions)	$	1,706	$	1,730	$	1,769	$	1,765	$	1,722	(2%)	1%
Average assets (in billions)		1,729		1,753		1,774		1,795		1,757	(2%)	2%		1,704		1,775	4%
Efficiency ratio		69%		72%		62%		70%		67%	(300) bps	(200) bps		61%		66%	500 bps

Revenue by reporting unit
Services	$	4,177	$	4,326	$	4,467	$	4,655	$	4,715	1%	13%	$	11,692	$	13,837	18%
Markets		4,068		3,944		5,601		4,619		4,480	(3%)	10%		15,169		14,700	(3%)
Banking		1,223		889		1,165		1,167		1,449	24%	18%		5,186		3,781	(27%)
Total revenues, net of interest expense	$	9,468	$	9,159	$	11,233	$	10,441	$	10,644	2%	12%	$	32,047	$	32,318	1%

Revenue by region
North America	$	3,091	$	2,444	$	3,503	$	3,277	$	3,726	14%	21%	$	11,223	$	10,506	(6%)
EMEA		3,099		3,293		4,059		3,461		3,324	(4%)	7%		10,695		10,844	1%
Latin America		1,202		1,320		1,272		1,527		1,385	(9%)	15%		3,609		4,184	16%
Asia		2,076		2,102		2,399		2,176		2,209	2%	6%		6,520		6,784	4%
Total revenues, net of interest expense	$	9,468	$	9,159	$	11,233	$	10,441	$	10,644	2%	12%	$	32,047	$	32,318	1%

Income (loss) from continuing operations by region
North America	$	97	$	(90)	$	575	$	127	$	504	NM	NM	$	2,187	$	1,206	(45%)
EMEA		1,003		857		1,380		759		754	(1%)	(25%)		3,103		2,893	(7%)
Latin America		426		508		501		636		477	(25%)	12%		1,329		1,614	21%
Asia		660		641		842		697		730	5%	11%		2,203		2,269	3%
Income (loss) from continuing operations	$	2,186	$	1,916	$	3,298	$	2,219	$	2,465	11%	13%	$	8,822	$	7,982	(10%)

Average loans by reporting unit (in billions)
Services	$	82	$	79	$	79	$	80	$	83	4%	1%	$	82	$	81	(1%)
Banking		197		194		191		185		181	(2%)	(8%)		197		186	(6%)
Markets		12		12		13		13		14	8%	17%		13		13	-
Total	$	291	$	285	$	283	$	278	$	278	-	(4%)	$	292	$	280	(4%)

Average deposits by reporting unit and selected component (in billions)
Treasury and trade solutions	$	664	$	694	$	704	$	688	$	676	(2%)	2%	$	669	$	690	3%
Securities services		131		129		125		125		120	(4%)	(8%)		134		123	(8%)
Services		795		823		829		813		796	(2%)	-		803		813	1%
Markets and Banking		22		25		24		24		25	4%	14%		21		24	14%
Total	$	817	$	848	$	853	$	837	$	821	(2%)	-	$	824	$	837	2%

Services Key Drivers (in billions of dollars, except as otherwise noted)
AUC/AUA (in trillions of dollars)	$	20.9	$	22.2	$	23.0	$	23.6	$	23.0	(3%)	10%
Cross border transaction value	$	75.6	$	81.1	$	83.0	$	87.8	$	87.8	-	16%	$	230.5	$	258.6	12%
U.S. dollar clearing volume (in millions)		37.6		38.2		38.3		38.8		40.0	3%	6%		110.4		117.1	6%
Commercial card spend volume	$	15.6	$	15.4	$	16.0	$	17.3	$	16.9	(2%)	8%	$	42.0		50.2	20%

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

AUC: Assets Under Custody.

AUA: Assets Under Administration.

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)


											3Q23 Increase/		Nine		Nine		YTD 2023 vs.
	3Q		4Q		1Q		2Q		3Q		(Decrease) from		Months		Months		YTD 2022 Increase/
	2022		2022		2023		2023		2023		2Q23	3Q22	2022		2023		(Decrease)
Services
Net interest income	$	2,619	$	2,821	$	2,839	$	2,914	$	3,133	8%	20%	$	6,897	$	8,886	29%
Non-interest revenue		1,558		1,505		1,628		1,741		1,582	(9%)	2%		4,795		4,951	3%
Total Services revenues	$	4,177	$	4,326	$	4,467	$	4,655	$	4,715	1%	13%	$	11,692	$	13,837	18%

Net interest income	$	2,231	$	2,340	$	2,358	$	2,425	$	2,607	8%	17%	$	5,960	$	7,390	24%
Non-interest revenue		977		946		1,053		1,085		984	(9%)	1%		2,911		3,122	7%
Treasury and trade solutions	$	3,208	$	3,286	$	3,411	$	3,510	$	3,591	2%	12%	$	8,871	$	10,512	18%

Net interest income	$	388	$	481	$	481	$	489	$	526	8%	36%	$	937	$	1,496	60%
Non-interest revenue		581		559		575		656		598	(9%)	3%		1,884		1,829	(3%)
Securities services	$	969	$	1,040	$	1,056	$	1,145	$	1,124	(2%)	16%	$	2,821	$	3,325	18%


Markets
Net interest income	$	1,228	$	1,489	$	1,470	$	1,982	$	1,578	(20%)	29%	$	3,675	$	5,030	37%
Non-interest revenue		2,840		2,455		4,131		2,637		2,902	10%	2%		11,494		9,670	(16%)
Total Markets revenues	$	4,068	$	3,944	$	5,601	$	4,619	$	4,480	(3%)	10%	$	15,169	$	14,700	(3%)

Fixed income markets	$	3,122	$	3,211	$	4,454	$	3,529	$	3,562	1%	14%	$	11,489	$	11,545	-
Equity markets		946		733		1,147		1,090		918	(16%)	(3%)		3,680		3,155	(14%)
Total	$	4,068	$	3,944	$	5,601	$	4,619	$	4,480	(3%)	10%	$	15,169	$	14,700	(3%)
Rates and currencies	$	2,492	$	2,787	$	3,640	$	2,844	$	2,801	(2%)	12%	$	8,955	$	9,285	4%
Spread products / other fixed income		630		424		814		685		761	11%	21%		2,534		2,260	(11%)
Total fixed income markets revenues	$	3,122	$	3,211	$	4,454	$	3,529	$	3,562	1%	14%	$	11,489	$	11,545	-


Banking
Net interest income	$	723	$	727	$	719	$	727	$	783	8%	8%	$	2,302	$	2,229	(3%)
Non-interest revenue		500		162		446		440		666	51%	33%		2,884		1,552	(46%)
Total Banking revenues, including gain/(loss) on loan hedges	$	1,223	$	889	$	1,165	$	1,167	$	1,449	24%	18%	$	5,186	$	3,781	(27%)
Investment banking
Advisory	$	392	$	269	$	289	$	162	$	309	91%	(21%)	$	1,096	$	760	(31%)
Equity underwriting		100		149		109		162		132	(19%)	32%		462		403	(13%)
Debt underwriting		139		227		376		288		403	40%	NM		906		1,067	18%
Total investment banking		631		645		774		612		844	38%	34%		2,464		2,230	(9%)
Corporate lending - excluding gain/(loss) on loan hedges⁽¹⁾		648		544		590		621		652	5%	1%		2,115		1,863	(12%)
Total Banking revenues (ex-gain/(loss) on loan hedges)⁽¹⁾	$	1,279	$	1,189	$	1,364	$	1,233	$	1,496	21%	17%	$	4,579	$	4,093	(11%)
Gain/(loss) on loan hedges⁽¹⁾		(56)		(300)		(199)		(66)		(47)	29%	16%		607		(312)	NM
Total Banking revenues including gain/(loss) on loan hedges⁽¹⁾	$	1,223	$	889	$	1,165	$	1,167	$	1,449	24%	18%	$	5,186	$	3,781	(27%)


Total ICG revenues, net of interest expense	$	9,468	$	9,159	$	11,233	$	10,441	$	10,644	2%	12%	$	32,047	$	32,318	1%
Taxable-equivalent adjustments⁽²⁾		115		103		122		85		98	15%	(15%)		331		305	(8%)
Total ICG revenues - including taxable-equivalent adjustments⁽²⁾	$	9,583	$	9,262	$	11,355	$	10,526	$	10,742	2%	12%	$	32,378	$	32,623	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)


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

Net interest income	$	5,836	$	5,866	$	5,934	$	5,963	$	6,356	7%	9%	$	16,790	$	18,253	9%
Non-interest revenue		351		230		514		432		422	(2%)	20%		1,331		1,368	3%
Total revenues, net of interest expense		6,187		6,096		6,448		6,395		6,778	6%	10%		18,121		19,621	8%
Total operating expenses		4,077		4,307		4,254		4,204		4,301	2%	5%		11,951		12,759	7%
Net credit losses on loans		723		908		1,094		1,241		1,367	10%	89%		2,113		3,702	75%
Credit reserve build / (release) for loans		360		771		507		333		95	(71%)	(74%)		(64)		935	NM
Provision for credit losses on unfunded lending commitments		19		(19)		(6)		2		(9)	NM	NM		30		(13)	NM
Provisions for benefits and claims, and other assets		7		6		(4)		3		4	33%	(43%)		9		3	(67%)
Provisions for credit losses and for benefits and claims		1,109		1,666		1,591		1,579		1,457	(8%)	31%		2,088		4,627	NM
Income (loss) from continuing operations before taxes		1,001		123		603		612		1,020	67%	2%		4,082		2,235	(45%)
Income taxes (benefits)		209		9		114		118		217	84%	4%		877		449	(49%)
Income (loss) from continuing operations		792		114		489		494		803	63%	1%		3,205		1,786	(44%)
Noncontrolling interests		-		-		-		-		-	-	-		-		-	-
Net income (loss)	$	792	$	114	$	489	$	494	$	803	63%	1%	$	3,205	$	1,786	(44%)
EOP assets (in billions)	$	479	$	494	$	490	$	473	$	471	-	(2%)
Average assets (in billions)		473		484		495		484		474	(2%)	-		474		484	2%
Efficiency ratio		66%		71%		66%		66%		63%	(300) bps	(300) bps		66%		65%	-100 bps

Revenue by reporting unit and component
Branded cards	$	2,258	$	2,376	$	2,466	$	2,352	$	2,538	8%	12%	$	6,516	$	7,356	13%
Retail services		1,431		1,420		1,613		1,646		1,731	5%	21%		4,030		4,990	24%
Retail banking		642		608		613		594		624	5%	(3%)		1,893		1,831	(3%)
U.S. Personal Banking		4,331		4,404		4,692		4,592		4,893	7%	13%		12,439		14,177	14%
Private bank		649		589		567		605		640	6%	(1%)		2,173		1,812	(17%)
Wealth at Work		182		195		193		224		234	4%	29%		535		651	22%
Citigold		1,025		908		996		974		1,011	4%	(1%)		2,974		2,981	-
Global Wealth Management		1,856		1,692		1,756		1,803		1,885	5%	2%		5,682		5,444	(4%)
Total	$	6,187	$	6,096	$	6,448	$	6,395	$	6,778	6%	10%	$	18,121	$	19,621	8%

Average loans by reporting unit (in billions)
U.S. Personal Banking	$	174	$	180	$	183	$	189	$	196	4%	13%	$	167	$	190	14%
Global Wealth Management		151		150		150		150		151	1%	-		151		150	(1%)
Total	$	325	$	330	$	333	$	339	$	347	2%	7%	$	318	$	340	7%

Average deposits by reporting unit (in billions)
U.S. Personal Banking	$	115	$	111	$	111	$	113	$	110	(3%)	(4%)	$	117	$	112	(4%)
Global Wealth Management		313		320		323		318		311	(2%)	(1%)		320		317	(1%)
Total	$	428	$	431	$	434	$	431	$	421	(2%)	(2%)	$	437	$	429	(2%)

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 7

PERSONAL BANKING AND WEALTH MANAGEMENT

Metrics


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

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

New account acquisitions (in thousands)
Branded cards		1,090		1,023		1,164		1,131		1,146	1%	5%
Retail services		2,339		2,806		1,976		2,393		2,152	(10%)	(8%)
Credit card spend volume
Branded cards	$	120.7	$	125.3	$	115.9	$	126.8	$	125.2	(1%)	4%
Retail services		24.5		27.1		20.8		24.8		23.3	(6%)	(5%)
Average loans⁽¹⁾
Branded cards	$	91.8	$	95.4	$	96.8	$	99.8	$	103.2	3%	12%
Retail services		46.1		48.0		48.8		49.0		50.2	2%	9%
EOP loans⁽¹⁾
Branded cards	$	93.7	$	100.2	$	97.1	$	103.0	$	105.2	2%	12%
Retail services		46.7		50.5		48.4		50.0		50.5	1%	8%
NII as a % of average loans⁽²⁾
Branded cards		8.98%		8.97%		9.34%		8.99%		9.12%
Retail services		17.45%		16.92%		17.57%		17.45%		17.80%
NCLs as a % of average loans
Branded cards		1.50%		1.68%		2.18%		2.47%		2.72%
Retail services		2.71%		3.30%		4.08%		4.46%		4.53%
Loans 90+ days past due as a % of EOP loans
Branded cards		0.51%		0.63%		0.78%		0.81%		0.92%
Retail services		1.35%		1.56%		1.76%		1.77%		2.12%
Loans 30-89 days past due as a % of EOP loans
Branded cards		0.59%		0.69%		0.76%		0.81%		0.97%
Retail services		1.53%		1.62%		1.66%		1.81%		2.13%

Average deposits	$	115	$	111	$	111	$	113	$	110	(3%)	(4%)
Branches (actual)		653		654		653		653		652	-	-
Mortgage originations	$	4.2	$	2.7	$	3.3	$	4.5	$	3.9	(13%)	(7%)

Global Wealth Management Key Indicators (in billions of dollars)
Client assets	$	708	$	746	$	759	$	764	$	756	(1%)	7%
Average loans		151		150		150		150		151	1%	-
Average deposits		313		320		323		318		311	(2%)	(1%)
U.S. mortgage originations		4.4		2.5		1.8		2.9		3.2	10%	(27%)

(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)


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

Net interest income	$	1,385	$	1,324	$	1,290	$	1,345	$	1,279	(5%)	(8%)	$	4,367	$	3,914	(10%)
Non-interest revenue^(2)(3)(4)		1,169		728		1,562		578		938	62%	(20%)		2,053		3,078	50%
Total revenues, net of interest expense		2,554		2,052		2,852		1,923		2,217	15%	(13%)		6,420		6,992	9%
Total operating expenses		1,845		1,830		1,752		1,778		1,794	1%	(3%)		5,952		5,324	(11%)
Net credit losses on loans		164		168		186		190		219	15%	34%		448		595	33%
Credit reserve build / (release) for loans		6		(61)		3		74		(17)	NM	NM		(168)		60	NM
Provision for credit losses on unfunded lending commitments		(31)		3		(18)		(10)		(5)	50%	84%		90		(33)	NM
Provisions for benefits and claims, HTM debt securities and other assets		28		13		174		46		(9)	NM	NM		78		211	NM
Provisions for credit losses and for benefits and claims		167		123		345		300		188	(37%)	13%		448		833	86%
Income (loss) from continuing operations before taxes		542		99		755		(155)		235	NM	(57%)		20		835	NM
Income taxes (benefits)		226		24		149		(33)		108	NM	(52%)		104		224	NM
Income (loss) from continuing operations		316		75		606		(122)		127	NM	(60%)		(84)		611	NM
Noncontrolling interests		-		3		2		3		2	(33%)	NM		-		7	NM
Net income (loss)	$	316	$	72	$	604	$	(125)	$	125	NM	(60%)	$	(84)	$	604	NM
EOP assets (in billions)	$	100	$	97	$	94	$	92	$	80	(13%)	(20%)
Average assets (in billions)		103		99		97		92		87	(5%)	(16%)		114		92	(19%)
Efficiency ratio		72%		89%		61%		92%		81%	(1,100) bps	900 bps		93%		76%	-1700 bps

Revenue by reporting unit and component
Asia Consumer	$	1,372	$	772	$	1,509	$	454	$	672	48%	(51%)	$	3,039	$	2,635	(13%)
Mexico Consumer/SBMM		1,173		1,255		1,322		1,449		1,552	7%	32%		3,496		4,323	24%
Legacy Holdings Assets		9		25		21		20		(7)	NM	NM		(115)		34	NM
Total	$	2,554	$	2,052	$	2,852	$	1,923	$	2,217	15%	(13%)	$	6,420	$	6,992	9%

Asia Consumer - Key Indicators (in billions of dollars)
EOP loans	$	13.4	$	13.3	$	10.0	$	9.1	$	8.0	(12%)	(40%)
EOP deposits		14.6		14.5		14.4		12.2		10.8	(11%)	(26%)
Average loans		15.2		13.2		12.1		9.5		8.6	(9%)	(43%)
NCLs as a % of average loans		1.02%		1.23%		1.47%		1.73%		1.43%
Loans 90+ days past due as a % of EOP loans		0.35%		0.37%		0.55%		0.55%		0.61%
Loans 30-89 days past due as a % of EOP loans		0.47%		0.53%		0.65%		0.66%		0.73%

Mexico Consumer/SBMM - Key Indicators (in billions of dollars)
EOP loans	$	20.7	$	21.9	$	24.0	$	26.0	$	26.0	-	26%
EOP deposits		35.8		36.5		38.3		40.8		40.0	(2%)	12%
Average loans		20.4		21.3		22.8		24.7		26.0	5%	27%
NCLs as a % of average loans		2.64%		2.48%		2.63%		2.52%		2.95%
Loans 90+ days past due as a % of EOP loans (Mexico Consumer only)		1.26%		1.28%		1.24%		1.37%		1.32%
Loans 30-89 days past due as a % of EOP loans (Mexico Consumer only)		1.23%		1.26%		1.26%		1.28%		1.33%

Legacy Holdings Assets - Key Indicators (in billions of dollars)
EOP loans	$	3.2	$	3.0	$	2.8	$	2.7	$	2.5	(7%)	(22%)

(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.

(4)	See footnote 3 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)


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

Net interest income	$	772	$	1,043	$	1,096	$	969	$	699	(28%)	(9%)	$	1,367	$	2,764	NM
Non-interest revenue		(473)		(344)		(182)		(292)		(199)	32%	58%		(623)		(673)	(8%)
Total revenues, net of interest expense		299		699		914		677		500	(26%)	67%		744		2,091	NM
Total operating expenses		286		247		310		302		237	(22%)	(17%)		706		849	20%
Provisions for HTM debt securities and other assets		3		-		111		(113)		(1)	99%	NM		3		(3)	NM
Income (loss) from continuing operations before taxes		10		452		493		488		264	(46%)	NM		35		1,245	NM
Income taxes (benefits)		(211)		21		234		127		74	(42%)	NM		(651)		435	NM
Income (loss) from continuing operations		221		431		259		361		190	(47%)	(14%)		686		810	18%
Income (loss) from discontinued operations, net of taxes⁽²⁾		(6)		(2)		(1)		(1)		2	NM	NM		(229)		-	100%
Noncontrolling interests		6		(2)		3		4		3	(25%)	(50%)		9		10	11%
Net income (loss)	$	209	$	431	$	255	$	356	$	189	(47%)	(10%)	$	448	$	800	79%
EOP assets (in billions)	$	96	$	96	$	102	$	94	$	95	1%	(1%)

(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 4 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	3Q22		2Q23		3Q23⁽⁵⁾		3Q22		2Q23		3Q23⁽⁵⁾		3Q22		2Q23		3Q23⁽⁵⁾
Assets
Deposits with banks	$	256,444	$	310,047	$	260,159	$	1,218	$	3,049	$	2,645	1.88%		3.94%		4.03%
Securities borrowed and purchased under resale agreements⁽⁶⁾		361,719		365,704		352,608		2,176		6,254		7,363	2.39%		6.86%		8.28%
Trading account assets⁽⁷⁾		272,996		329,229		345,864		1,991		3,752		3,893	2.89%		4.57%		4.47%
Investments		513,414		507,949		508,854		3,010		4,456		4,727	2.33%		3.52%		3.69%

Consumer loans		356,347		367,852		375,632		7,380		8,962		9,609	8.22%		9.77%		10.15%
Corporate loans		298,371		285,739		286,654		3,430		5,102		5,447	4.56%		7.16%		7.54%
Total loans (net of unearned income)⁽⁸⁾		654,718		653,591		662,286		10,810		14,064		15,056	6.55%		8.63%		9.02%
Other interest-earning assets		110,619		85,083		76,400		760		1,085		1,176	2.73%		5.11%		6.11%
Total average interest-earning assets	$	2,169,910	$	2,251,603	$	2,206,171	$	19,965	$	32,660	$	34,860	3.65%		5.82%		6.27%

Liabilities
Deposits	$	1,075,359	$	1,132,211	$	1,121,163	$	3,270	$	8,727	$	9,630	1.21%		3.09%		3.41%
Securities loaned and sold under repurchase agreements⁽⁶⁾		207,190		262,147		275,123		1,251		4,953		6,090	2.40%		7.58%		8.78%
Trading account liabilities⁽⁷⁾		128,525		128,354		111,367		472		870		892	1.46%		2.72%		3.18%
Short-term borrowings and other interest-bearing liabilities		154,322		126,734		117,435		745		1,777		1,956	1.92%		5.62%		6.61%
Long-term debt⁽⁹⁾		169,329		162,327		158,485		1,618		2,420		2,441	3.79%		5.98%		6.11%
Total average interest-bearing liabilities	$	1,734,725	$	1,811,773	$	1,783,573	$	7,356	$	18,747	$	21,009	1.68%		4.15%		4.67%

Net interest income as a % of average interest-earning assets (NIM)⁽⁹⁾							$	12,609	$	13,913	$	13,851	2.31%		2.48%		2.49%

3Q23 increase (decrease) from:													18	bps	1	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 $46 million for 3Q22, $13 million for 2Q23 and $23 million for 3Q23.

(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)	3Q23 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)


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

Corporate loans by region
North America	$	125.9	$	127.8	$	125.1	$	121.7	$	123.0	1%	(2%)
EMEA		71.6		71.0		70.0		70.9		71.5	1%	-
Latin America		35.4		36.2		38.6		38.9		39.5	2%	12%
Asia		55.5		54.2		54.6		54.5		54.6	-	(2%)
Total corporate loans	$	288.4	$	289.2	$	288.3	$	286.0	$	288.6	1%	-

Corporate loans by reporting unit
Services	$	80.4	$	76.6	$	80.1	$	83.5	$	83.4	-	4%
Markets		11.7		13.6		13.5		14.0		17.2	23%	47%
Banking		189.3		191.9		187.0		180.3		179.8	-	(5%)
Legacy Franchises - Mexico SBMM		7.0		7.1		7.7		8.2		8.2	-	17%
Total corporate loans	$	288.4	$	289.2	$	288.3	$	286.0	$	288.6	1%	-

Personal Banking and Wealth Management
Branded cards	$	93.7	$	100.2	$	97.1	$	103.0	$	105.2	2%	12%
Retail services		46.7		50.5		48.4		50.0		50.5	1%	8%
Retail banking		35.8		37.1		39.2		41.5		43.1	4%	20%
U.S. Personal Banking	$	176.2	$	187.8	$	184.7	$	194.5	$	198.8	2%	13%
Global Wealth Management		151.1		149.2		149.9		150.5		150.6	-	-
Total	$	327.3	$	337.0	$	334.6	$	345.0	$	349.4	1%	7%

Legacy Franchises - Consumer
Asia Consumer⁽³⁾	$	13.4	$	13.3	$	10.0	$	9.1	$	8.0	(12%)	(40%)
Mexico Consumer		13.7		14.8		16.3		17.8		17.8	-	30%
Legacy Holdings Assets		3.2		3.0		2.8		2.7		2.5	(7%)	(22%)
Total	$	30.3	$	31.1	$	29.1	$	29.6	$	28.3	(4%)	(7%)

Total consumer loans	$	357.6	$	368.1	$	363.7	$	374.6	$	377.7	1%	6%

Total loans - EOP	$	646.0	$	657.2	$	652.0	$	660.6	$	666.3	1%	3%

Total loans – average	$	654.7	$	652.5	$	653.7	$	653.6	$	662.3	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.

NMNot meaningful.

Reclassified to conform to the current period's presentation.

Page 12

EOP DEPOSITS

(In billions of dollars)


											3Q23 Increase/
	3Q		4Q		1Q		2Q		3Q		(Decrease) from
	2022		2022		2023		2023		2023		2Q23	3Q22
ICG by region
North America	$	391.0	$	405.5	$	394.7	$	393.2	$	371.5	(6%)	(5%)
EMEA		197.7		215.6		208.8		206.6		195.3	(5%)	(1%)
Latin America		35.5		40.9		41.8		41.9		43.2	3%	22%
Asia		172.7		183.4		174.1		176.5		172.3	(2%)	-
Total	$	796.9	$	845.4	$	819.4	$	818.2	$	782.3	(4%)	(2%)

ICG by reporting unit
Treasury and trade solutions	$	647.1	$	701.3	$	670.9	$	671.4	$	643.0	(4%)	(1%)
Securities services		127.8		119.8		124.2		124.4		113.7	(9%)	(11%)
Services	$	774.9	$	821.1	$	795.1	$	795.8	$	756.7	(5%)	(2%)
Markets		20.5		22.6		23.0		21.5		24.7	15%	20%
Banking		1.5		1.7		1.3		0.9		0.9	-	(40%)
Total	$	796.9	$	845.4	$	819.4	$	818.2	$	782.3	(4%)	(2%)

Personal Banking and Wealth Management
U.S. Personal Banking	$	115.2	$	112.5	$	114.7	$	112.3	$	108.9	(3%)	(5%)
Global Wealth Management		312.1		325.3		322.2		314.5		307.4	(2%)	(2%)
Total	$	427.3	$	437.8	$	436.9	$	426.8	$	416.3	(2%)	(3%)

Legacy Franchises
Asia Consumer⁽¹⁾	$	14.6	$	14.5	$	14.4	$	12.2	$	10.8	(11%)	(26%)
Mexico Consumer/SBMM		35.8		36.5		38.3		40.8		40.0	(2%)	12%
Legacy Holdings Assets		-		-		-		-		-	-	-
Total	$	50.4	$	51.0	$	52.7	$	53.0	$	50.8	(4%)	1%

Corporate/Other	$	31.9	$	31.8	$	21.5		21.9		24.1	10%	(24%)

Total deposits - EOP	$	1,306.5	$	1,366.0	$	1,330.5	$	1,319.9	$	1,273.5	(4%)	(3%)

Total deposits - average	$	1,315.9	$	1,361.1	$	1,363.2	$	1,338.2	$	1,315.1	(2%)	-

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

NMNot 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		3Q23		YTD 2023		FX/Other⁽¹⁾		9/30/23		9/30/23
Allowance for credit losses on loans (ACLL)
ICG	$	2,241	$	596	$	(76)	$	75	$	(117)	$	478	$	(4)	$	2,715	$	(75)	$	(150)	$	101	$	(124)	$	(13)	$	2,578
Legacy Franchises corporate (Mexico SBMM)		174		5		(3)		(34)		(7)		(39)		5		140		(10)		(2)		1		(11)		10		139
Total corporate ACLL	$	2,415	$	601	$	(79)	$	41	$	(124)	$	439	$	1	$	2,855	$	(85)	$	(152)	$	102	$	(135)	$	(3)	$	2,717	0.97%
U.S. Cards	$	10,840	$	(1,009)	$	447	$	303	$	814	$	555	$	(2)	$	11,393	$	536	$	276	$	128	$	940	$	(173)	$	12,160	7.81%
Retail banking and Global Wealth Management		1,181		(53)		191		57		(43)		152		(3)		1,330		(29)		57		(33)		(5)		(60)		1,265
Total PBWM	$	12,021	$	(1,062)	$	638	$	360	$	771	$	707	$	(5)	$	12,723	$	507	$	333	$	95	$	935	$	(233)	$	13,425
Legacy Franchises consumer		2,019		(151)		(25)		40		(54)		(190)		(433)		1,396		13		76		(18)		71		20		1,487
Total consumer ACLL	$	14,040	$	(1,213)	$	613	$	400	$	717	$	517	$	(438)	$	14,119	$	520	$	409	$	77	$	1,006	$	(213)	$	14,912	3.95%
Total ACLL	$	16,455	$	(612)	$	534	$	441	$	593	$	956	$	(437)	$	16,974	$	435	$	257	$	179	$	871	$	(216)	$	17,629	2.68%
Allowance for credit losses on unfunded lending commitments (ACLUC)	$	1,871	$	474	$	(159)	$	(71)	$	47	$	291	$	(11)	$	2,151	$	(194)	$	(96)	$	(54)	$	(344)	$	(1)	$	1,806
Total ACLL and ACLUC (EOP)		18,326														19,125												19,435
Other⁽²⁾		148		(6)		27		83		5		109		(14)		243		408		145		53		606		(56)		793
Total allowance for credit losses (ACL)	$	18,474	$	(144)	$	402	$	453	$	645	$	1,356	$	(462)	$	19,368	$	649	$	306	$	178	$	1,133	$	(273)	$	20,228

(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 activity 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)


											3Q23 Increase/		Nine		Nine		YTD 2023 vs.
	3Q		4Q		1Q		2Q		3Q		(Decrease) from		Months		Months		YTD 2022 Increase/
	2022		2022		2023		2023		2023		2Q23	3Q22	2022		2023		(Decrease)
Total Citigroup
Allowance for credit losses on loans (ACLL) at beginning of period	$	15,952	$	16,309	$	16,974	$	17,169	$	17,496	2%	10%	$	16,455	$	16,974
Adjustment to opening balance
Financial instruments—TDRs and Vintage Disclosures⁽¹⁾		-		-		(352)		-		-				-		(352)
Adjusted ACLL at beginning of period		15,952		16,309		16,622		17,169		17,496	2%	10%		16,455		16,622	1%
Gross credit (losses) on loans		(1,237)		(1,467)		(1,634)		(1,879)		(2,000)	(6%)	(62%)		(3,689)		(5,513)	(49%)
Gross recoveries on loans		350		287		332		375		363	(3%)	4%		1,080		1,070	(1%)
Net credit (losses) / recoveries on loans (NCLs)		(887)		(1,180)		(1,302)		(1,504)		(1,637)	9%	85%		(2,609)		(4,443)	70%
Replenishment of NCLs		887		1,180		1,302		1,504		1,637	9%	85%		2,609		4,443	70%
Net reserve builds / (releases) for loans		441		593		435		257		179	(30%)	(59%)		363		871	NM
Provision for credit losses on loans (PCLL)		1,328		1,773		1,737		1,761		1,816	3%	37%		2,972		5,314	79%
Other, net^{(2)(3)(4)(5)(6)(7)}		(84)		72		112		70		(46)	NM	45%		(509)		136
ACLL at end of period (a)	$	16,309	$	16,974	$	17,169	$	17,496	$	17,629	1%	8%	$	16,309	$	17,629

Allowance for credit losses on unfunded lending commitments (ACLUC)⁽⁸⁾ (a)	$	2,089	$	2,151	$	1,959	$	1,862	$	1,806	(3%)	(14%)	$	2,089	$	1,806

Provision (release) for credit losses on unfunded lending commitments	$	(71)	$	47	$	(194)	$	(96)	$	(54)	44%	24%	$	244	$	(344)

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (a)]	$	18,398	$	19,125	$	19,128	$	19,358	$	19,435	-	6%	$	18,398	$	19,435

Total ACLL as a percentage of total loans⁽⁹⁾		2.54%		2.60%		2.65%		2.67%		2.68%

Consumer
ACLL at beginning of period	$	12,983	$	13,361	$	14,119	$	14,389	$	14,866	3%	15%	$	14,040	$	14,119
Adjustments to opening balance
Financial instruments—TDRs and Vintage Disclosures⁽¹⁾		-		-		(352)		-		-				-		(352)
Adjusted ACLL at beginning of period		12,983		13,361		13,767		14,389		14,866	3%	15%		14,040		13,767	(2%)

NCLs		(881)		(1,062)		(1,280)		(1,429)		(1,579)	10%	79%		(2,549)		(4,288)	68%
Replenishment of NCLs		881		1,062		1,280		1,429		1,579	10%	79%		2,549		4,288	68%
Net reserve builds/ (releases) for loans		400		717		520		409		77	(81%)	(81%)		(200)		1,006	NM
Provision for credit losses on loans (PCLL)		1,281		1,779		1,800		1,838		1,656	(10%)	29%		2,349		5,294	NM
Other, net^{(2)(3)(4)(5)(6)(7)}		(22)		41		102		68		(31)	NM	(41%)		(479)		139	NM
ACLL at end of period (b)	$	13,361	$	14,119	$	14,389	$	14,866	$	14,912	-	12%	$	13,361	$	14,912

Consumer ACLUC⁽⁸⁾ (b)	$	143	$	120	$	101	$	88	$	65	(26%)	(55%)	$	143	$	65

Provision (release) for credit losses on unfunded lending commitments	$	(8)	$	(20)	$	(17)	$	(4)	$	(20)	NM	NM	$	120	$	(41)

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (b)]	$	13,504	$	14,239	$	14,490	$	14,954	$	14,977	-	11%	$	13,504	$	14,977

Consumer ACLL as a percentage of total consumer loans		3.74%		3.84%		3.96%		3.97%		3.95%

Corporate
ACLL at beginning of period	$	2,969	$	2,948	$	2,855	$	2,780	$	2,630	(5%)	(11%)	$	2,415	$	2,855

NCLs		(6)		(118)		(22)		(75)		(58)	(23%)	NM		(60)		(155)	NM
Replenishment of NCLs		6		118		22		75		58	(23%)	NM		60		155	NM
Net reserve builds / (releases) for loans		41		(124)		(85)		(152)		102	NM	NM		563		(135)	NM
Provision for credit losses on loans (PCLL)		47		(6)		(63)		(77)		160	NM	NM		623		20	(97%)
Other, net⁽²⁾		(62)		31		10		2		(15)	NM	76%		(30)		(3)
ACLL at end of period (c)	$	2,948	$	2,855	$	2,780	$	2,630	$	2,717	3%	(8%)	$	2,948	$	2,717

Corporate ACLUC⁽⁸⁾ (c)	$	1,946	$	2,031	$	1,858	$	1,774	$	1,741	(2%)	(11%)	$	1,946	$	1,741

Provision (release) for credit losses on unfunded lending commitments	$	(63)	$	67	$	(177)	$	(92)	$	(34)	63%	46%	$	124	$	(303)

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (c)]	$	4,894	$	4,886	$	4,638	$	4,404	$	4,458	1%	(9%)	$	4,894	$	4,458

Corporate ACLL as a percentage of total corporate loans⁽⁹⁾		1.04%		1.01%		0.98%		0.94%		0.97%

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)	3Q22 primarily relates to FX translation.

(4)	4Q22 primarily relates to FX translation.

(5)	1Q23 primarily relates to FX translation.

(6)	2Q23 primarily relates to FX translation.

(7)	3Q23 primarily relates to FX translation.

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

(9)	September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023 and September 30, 2023 exclude $3.9 billion, $5.4 billion, $5.1 billion, $5.8 billion and $7.4 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)


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

Corporate non-accrual loans by region⁽¹⁾
North America	$	276	$	138	$	285	$	358	$	934	NM	NM
EMEA		598		502		383		350		507	45%	(15%)
Latin America		555		429		462		428		407	(5%)	(27%)
Asia		56		53		83		125		127	2%	NM
Total	$	1,485	$	1,122	$	1,213	$	1,261	$	1,975	57%	33%

Corporate non-accrual loans by reporting unit⁽¹⁾
Banking	$	1,085	$	767	$	868	$	931	$	1,689	81%	56%
Services		185		153		133		123		94	(24%)	(49%)
Markets		-		3		3		1		-	(100%)	-
Mexico SBMM		215		199		209		206		192	(7%)	(11%)
Total	$	1,485	$	1,122	$	1,213	$	1,261	$	1,975	57%	33%

Consumer non-accrual loans⁽¹⁾
U.S. Personal Banking and Global Wealth Management	$	585	$	541	$	608	$	536	$	567	6%	(3%)
Asia Consumer⁽²⁾		30		30		29		24		25	4%	(17%)
Mexico Consumer		486		457		480		498		463	(7%)	(5%)
Legacy Holdings Assets - Consumer		300		289		278		263		247	(6%)	(18%)
Total	$	1,401	$	1,317	$	1,395	$	1,321	$	1,302	(1%)	(7%)

Total non-accrual loans (NAL)	$	2,886	$	2,439	$	2,608	$	2,582	$	3,277	27%	14%

Other real estate owned (OREO)⁽³⁾	$	16	$	15	$	21	$	31	$	37	19%	NM

NAL as a percentage of total loans		0.45%		0.37%		0.40%		0.39%		0.49%

ACLL as a percentage of NAL		565%		696%		658%		678%		538%

(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.

NMNot 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)


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

Citigroup common stockholders' equity ⁽³⁾	$	179,696	$	182,325	$	188,186	$	188,610	$	190,134
Add: qualifying noncontrolling interests		113		128		207		209		193
Regulatory capital adjustments and deductions:
Add:
CECL transition provision ⁽⁴⁾		2,271		2,271		1,514		1,514		1,514
Less:
Accumulated net unrealized gains (losses) on cash flow hedges, net of tax		(2,869)		(2,522)		(2,161)		(1,990)		(1,259)
Cumulative unrealized net gain (loss) related to changes in fair value of financial
liabilities attributable to own creditworthiness, net of tax		3,211		1,441		1,037		307		625
Intangible assets:
Goodwill, net of related deferred tax liabilities (DTLs)⁽⁵⁾		18,796		19,007		18,844		18,933		18,552
Identifiable intangible assets other than mortgage servicing rights
(MSRs), net of related DTLs		3,492		3,411		3,607		3,531		3,444
Defined benefit pension plan net assets; other		1,932		1,935		1,999		2,020		1,340
Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit
and general business credit carry-forwards⁽⁷⁾		11,690		12,197		11,783		11,461		11,219
Excess over 10% / 15% limitations for other DTAs, certain
common stock investments and MSRs⁽⁷⁾⁽⁸⁾		1,261		325		1,045		1,828		1,786
Common Equity Tier 1 Capital (CET1)	$	144,567	$	148,930	$	153,753	$	154,243	$	156,134
Risk-Weighted Assets (RWA)⁽⁴⁾	$	1,179,657	$	1,148,678	$	1,144,359	$	1,153,450	$	1,152,735
Common Equity Tier 1 Capital ratio (CET1/RWA)		12.26%		12.97%		13.44%		13.37%		13.5%

Supplementary Leverage Ratio and Components
Common Equity Tier 1 Capital (CET1)⁽⁴⁾	$	144,567	$	148,930	$	153,753	$	154,243	$	156,134
Additional Tier 1 Capital (AT1)⁽⁶⁾		20,263		20,215		21,496		21,500		20,744
Total Tier 1 Capital (T1C) (CET1 + AT1)	$	164,830	$	169,145	$	175,249	$	175,743	$	176,878
Total Leverage Exposure (TLE)⁽⁴⁾	$	2,888,535	$	2,906,773	$	2,939,744	$	2,943,546	$	2,928,295
Supplementary Leverage ratio (T1C/TLE)		5.71%		5.82%		5.96%		5.97%		6.0%


Tangible Common Equity, Book Value and Tangible Book Value Per Share
Common stockholders' equity	$	179,565	$	182,194	$	188,050	$	188,474	$	190,008
Less:
Goodwill		19,326		19,691		19,882		19,998		19,829
Intangible assets (other than MSRs)		3,838		3,763		3,974		3,895		3,811
Goodwill and identifiable intangible assets (other than MSRs) related to assets HFS		794		589		246		246		49
Tangible common equity (TCE)	$	155,607	$	158,151	$	163,948	$	164,335	$	166,319
Common shares outstanding (CSO)		1,936.9		1,937.0		1,946.8		1,925.7		1,913.9
Book value per share (common equity/CSO)	$	92.71	$	94.06	$	96.59	$	97.87	$	99.28
Tangible book value per share (TCE/CSO)	$	80.34	$	81.65	$	84.21	$	85.34	$	86.90

(1)See footnote 6 on page 1.

(2)3Q23 is preliminary.

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

(4)See footnote 7 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