Slides
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Earnings Results Presentation First Quarter 2025 April 15, 2025
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Maximize unique global network Scale Wealth Target share gains in Services, Banking, Markets and U.S. Personal Banking Grow Commercial Banking client segment Enhance Business Performance Focus on five core interconnected businesses Exit 14 international consumer markets(1) Simplify the organization and management structure Simplification Be the preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in our home market of the United States Our Vision Delivering on our Investor Day priorities Build a winning culture Invest in talent Deliver One Citi #1 priority Relentless execution Regulatory remediation Modernize infrastructure Data enhancements TransformationCulture and Talent Largely Complete Our strategy and path forward remain unchanged Note: All footnotes are presented starting on Slide 30. Main Priorities for 2025 and 2026 2
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Five interconnected businesses driving strong 1Q25 performance Note: All footnotes are presented starting on Slide 30. 3 1Q25 Firmwide Key Highlights TTS : #1 Rank(3) Securities Services: #1 in Direct Custody(4) Services Branded Cards and Retail Services: #2 Rank in U.S. Cards(9) Retail Banking: #1 Rank in deposits per branch(8) USPB #3 Overall Rank(5) Fixed Income: #2 Rank(5) Equity: #6 Rank (tied)(5) Markets Investment Banking: #5 Rank(6) Banking Private Bank named North America's Best for Next-Gen 2025 by Euromoney(7) Wealth ✓ $21.6B of revenues, up 3% YoY ✓ Record revenues in USPB and Wealth ✓ Expenses of $13.4B, efficiency ratio of 62% improved by ~490 bps YoY ✓ Positive operating leverage for Citi and across all businesses ✓ RoTCE of 9.1% up ~150 bps YoY(1) ✓ CET1 Capital Ratio(2) of 13.4%, ~130 bps above current regulatory minimum ✓ Returned ~$2.8 billion to common shareholders through buybacks & dividends 3 consecutive quarters of positive operating leverage 4 consecutive quarters of positive operating leverage 4 consecutive quarters of positive operating leverage 10 consecutive quarters of positive operating leverage 5 consecutive quarters of positive operating leverage
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Revenues 1Q25 $21.6 billion ∆ 1Q24 3% Net Income 1Q25 $4.1 billion ∆ 1Q24 21% EPS 1Q25 $1.96 ∆ 1Q24 24% RoTCE(1) 1Q25 9.1% 1Q24 7.6% CET1 Capital Ratio(2) 1Q25 13.4% 1Q24 13.5% Tangible Book Value Per Share(3) 1Q25 $91.52 ∆ 1Q24 6% 4 First Quarter Key Highlights Firm and business performance Executing on Strategy NIR: up 16% YoY • NNIA(10) of $16.5B, 11% organic growth(11) • Client Investment Assets(12) up 16% YoY Client Balances(13): up 7% YoY Continued Momentum TTS: gained ~65 bps of market share YoY(4) • Cross Border Transaction Value(5) up 5% YoY • U.S. Dollar Clearing Volume(6) up 8% YoY Securities Services: gained ~100 bps of market share YoY(7) Improving Returns RoTCE(1): 12.9%, up ~740 bps YoY Revenue: up 2% YoY, NII growth of 6% YoY • Interest-Earning Balances up 8% YoY in Branded Cards and up 2% YoY in Retail Services 12% Revenue Growth Equities: revenues up 23% YoY • Prime balances(8) up approximately 16% YoY Fixed Income: revenues up 8% YoY, Rates and Currencies up 9% YoY IB Wallet Share Gains(9) IB Fees: up 14% YoY • Increased market share by ~80 bps YoY(9) • Advisory Fees up 84% YoY Services Markets Banking USPBWealth Note: All footnotes are presented starting on Slide 30.
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✓ Services: Citi Payments Express live in 19 countries, with increased volumes by 10x since 4Q24 ✓ Markets: continued to support the growth of Equities and Prime by progressing our platform’s strengths across Execution and Financing ✓ Wealth: signed a partnership with Palantir to modernize how we leverage data and improve client experience and operational agility through enhanced processes such as onboarding, account management, and real-time insights ✓ USPB: improved customer support and self-service rates through Gen AI pilot for better call routing and pre-defined customer responses; launched Flex Pay on Apple Pay, which enables eligible Citi cardmembers to pay over time when checking out with Apple Pay online or in apps ✓ Cross LOBs: enhanced institutional client planning tool for ~2K relationship managers, enabling deeper client insights and analysis ✓ Continued to optimize, modernize and simplify the bank by retiring or replacing 130 applications in 1Q25 ✓ Significantly expanded adoption of Gen AI tools, increasing efficiency and productivity across Citi ✓ 385K utilizations of two enterprise-wide tools (document intelligence and virtual assistant) ✓ Completed ~220K automated code reviews in our Gen AI developer tool, considerably increasing coding capacity ✓ Automating high priority manual reconciliations, supporting Services, Markets and Banking operations, generating efficiencies and improving risk management capabilities ✓ Using Gen AI to enhance detection of unauthorized trading activity to improve FX trade surveillance Technology and Transformation progress in the first quarter 2025 Business Achievements Modernizing Our Bank and Improving Risk and Controls Enhance top-line revenue growth Improve operating efficiency Reduce risk and improve safety and soundness Benefits 5
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($ in MM, except EPS) 1Q25 % Δ QoQ % Δ YoY Net Interest Income 14,012 2% 4% Non-Interest Revenue 7,584 32% 1% Total Revenues 21,596 11% 3% Expenses 13,425 3% (5)% NCLs 2,459 10% 7% ACL Build and Other (2) 264 (25)% 326% Credit Costs 2,723 5% 15% EBT 5,448 43% 20% Income Taxes 1,340 47% 18% Net Income 4,064 42% 21% Net Income to Common (3) 3,768 46% 23% Diluted EPS $1.96 46% 24% Efficiency Ratio ( Δ in bps) 62% (490) (490) ROCE 8.0% RoTCE (4) (Δ in bps) 9.1% 300 150 CET1 Capital Ratio (5) 13.4% Memo: NII ex-Markets(6) 11,999 1% 2% NIR ex-Markets (7) 3,611 20% (6)% • Revenues – Up 3%(8) YoY, driven by growth in each of our businesses, largely offset by a decline in All Other. Excluding divestiture-related impacts, revenues were also up 3% YoY(9) NII up 4% YoY, driven by USPB, Markets, Wealth and Services, largely offset by declines in All Other and Banking NIR up 1% YoY, driven by Markets, Banking and Wealth, offset by declines in All Other, USPB and Services • Expenses - Down (5)%, driven by a smaller FDIC special assessment, the absence of a restructuring charge and lower compensation which benefitted from favorable FX, partially offset by increases in technology and communications, professional fees related to the Transformation, as well as advertising and marketing expense. Excluding the impact of the FDIC special assessment and divestitures(10), expenses were down (3)% YoY • Credit Costs – Cost of $2.7 billion, primarily consisting of net credit losses in cards and a firmwide ACL build, reflecting uncertainty and deterioration in the macroeconomic outlook • RoTCE(4) of 9.1% Financial Results(1) 1Q25 Financial Overview Highlights Financial results overview Note: Totals may not sum due to rounding. All footnotes are presented starting on Slide 30. 6 4.8 5.2 4.9 5.4 4.6 6.0 1.7 1.2 2.0 1.7 2.0 2.1 5.1 5.2 5.2 2.4 1.3 1.4 21.0 19.5 21.6 1Q24 4Q24 1Q25 ($ in B) Services Markets Banking Wealth USPB All Other (Managed Basis)(11) Revenue by Segment
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• Absence of restructuring and lower severance • Productivity saves, largely from our organizational simplification and stranded cost reduction • Favorable FX impacts • Partially offset by investments in transformation and technology along with higher revenue -related compensation Compensation and benefits & restructuring Down (6)% YoY Note: Totals may not sum due to rounding. All footnotes are presented starting on Slide 30. Quarterly expense trend and year-over-year expense drivers 1Q25 Expense Drivers (Down (5)% YoY)Reported Expense Trend(1) ($ in B) 7.9 6.9 7.1 6.9 7.5 4.0 4.1 3.8 3.9 3.6 2.2 2.2 2.3 2.3 2.4 14.1 13.2 13.1 13.1 13.4 1Q24 2Q24 3Q24 4Q24 1Q25 Compensation and benefits & restructuring Technology / communication Other Expenses(2) Direct Staff (in thousands) 237 229 229229 229 • Continued investments in transformation, safety & soundness, and continued efforts to drive efficiency • Lower deposit insurance costs, including a lower FDIC special assessment(3), and legal-related charges • Partially offset by higher professional fees related to transformation in Corporate/Other and an increase in advertising and marketing Other Expenses(2) Down (10)% YoY Technology / communication Up 6% YoY 7
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International 43% U.S. 57% IG / MNCs or subsidiaries, 89% Other, 11% 17% 21% 21% 83% 79% 79% 1Q24 4Q24 1Q25 15% 14% 15% 85% 86% 85% 1Q24 4Q24 1Q25 32% 31% 31% 68% 69% 69% 1Q24 4Q24 1Q25 Key Corporate Lending Exposure Metrics 1Q24 4Q24 1Q25 EOP Corporate Loans $293 $301 $316 NCLs $0.2 $0.1 $0.2 % of Average Loans 0.2% 0.1% 0.2% NALs $1.5 $1.4 $1.4 % of Loans 0.5% 0.5% 0.4% ACLL / EOP Loans(2) 1.0% 0.9% 0.9% U.S. Cards Loans Corporate Lending Exposure ($ in B) By Region By Grade RatingEOP Loans by Segment EOP Loans by FICO Score(1) International Exposure Total EOP Consumer Loans: $386 Total Exposure: $724 IG Non- IG Branded Cards Retail Services ≥ 660 <660 Note: Totals may not sum due to rounding. All information for 1Q25 is preliminary. All footnotes are presented starting on Slide 30. U.S. credit cards and corporate credit overview Key U.S. Credit Cards Loan Metrics 1Q24 4Q24 1Q25 EOP Credit Card Loans $159 $171 $163 NCLs $1.8 $1.8 $1.9 % of Average Loans 4.5% 4.4% 4.7% 90+ Days Past Due (DPD) % 1.6% 1.6% 1.6% ACLL / EOP Loans 8.2% 7.9% 8.2% 8 Citi had nearly $23B in total reserves with a reserve-to-funded loans ratio of 2.7% as of March 31
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13.6% 4.5% 34 bps (25) bps 5 bps (32) bps 3.5% 4.1% 1.3% 4Q24 Net Income to Common Capital Distribution Unrealized AFS Gains RWA, DTA Impact, Other 1Q25 207 209 213 285 287 296 103 117 115 1,307 1,284 1,316 529 455 631 $2,433 $2,353 $2,572 1Q24 4Q24 1Q25 151 156 161 656 676 683 837 768 966 515 477 453 273 277 308 $2,433 $2,353 $2,572 1Q24 4Q24 1Q25 End of Period Assets End of Period Liabilities and Equity Cash Investments, net(4) Trading-Related Assets(5) Loans, net(6) Other Assets(7) Trading-Related Liabilities(8) Other Liabilities(9) LTD Equity YoY 6% 13% (12)% 15% 4% 6% 6% 19% 11% 4% 3% YoY 1%Deposits Note: Totals may not sum due to rounding. All information for 1Q25 is preliminary. All footnotes are presented starting on Slide 30. Risk-based Capital & Liquidity Metrics(1) ($ in B) QoQ Standardized CET1 Capital Ratio Walk Regulatory Minimum Stress Capital Buffer GSIB Surcharge Management Buffer and Excess (3) Capital and balance sheet overview 9 (1) 13.4% 1Q24 4Q24 1Q25 CET1 Capital 153 155 156 Standardized RWA 1,139 1,140 1,159 CET1 Capital Ratio - Standardized 13.5% 13.6% 13.4% Advanced RWA 1,281 1,280 1,309 CET1 Capital Ratio - Advanced 12.0% 12.1% 11.9% Supplementary Leverage Ratio(2) 5.8% 5.8% 5.8% Liquidity Coverage Ratio 117% 116% 117% AFS Securities (Duration: ~2 Years) 255 227 225 HTM Securities (Duration: ~3 Years) 252 242 220 QoQ 9% 11% (5)% 26% 1% 3% 9% 39% (1)% 3% 2% QoQ 2%
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($ in B, unless otherwise noted) 1Q25 % Δ QoQ % Δ YoY Treasury and Trade Solutions Average Loans 86 1% 6% Average Deposits 690 (2)% 1% Cross Border Transaction Value(6) 95 (6)% 5% U.S. Dollar Clearing Volume (#MM)(7) 43 (3)% 8% Commercial Card Spend Volume(8) 17 (1)% 2% Securities Services Average Deposits 136 1% 10% AUC/AUA ($T) 26 3% 9% ($ in B, unless otherwise noted) 1Q25 % Δ QoQ % Δ YoY Allocated Average TCE (3) 25 (1)% (1)% RoTCE(4) 26.2% Efficiency Ratio (Δ in bps) 53% 300 (300) Average Loans 87 - 6% EOP Loans 98 11% 22% Average Deposits 826 (2)% 2% EOP Deposits 833 3% 6% Memo: ($ in MM) Net Interest Income 3,498 2% 5% Non-Interest Revenue 1,391 (19)% (4)% ($ in MM) 1Q25 % Δ QoQ % Δ YoY Net Interest Income 2,865 1% 5% Non-Interest Revenue 775 (29)% (2)% Treasury and Trade Solutions 3,640 (7)% 4% Net Interest Income 633 4% 7% Non-Interest Revenue 616 (1)% (6)% Securities Services 1,249 2% - Total Revenues 4,889 (5)% 3% Expenses 2,584 (1)% (3)% NCLs 6 (79)% - ACL Build (Release) and Other(2) 45 (46)% (22)% Credit Costs 51 (54)% (20)% EBT 2,254 (8)% 11% Net Income 1,595 (15)% 7% 1Q Highlights Services results, key metrics and statistics • Revenues – Up 3%(5) YoY, driven by growth in TTS ‒ NII up 5%, driven by higher deposit spreads, as well as an increase in deposit and loan balances ‒ NIR down (4)%, driven by a decline in Securities Services due to the absence of certain episodic fees, as well as higher revenue share and the impact of FX in both TTS and Securities Services, partially offset by continued strength in underlying fee drivers across the business • Expenses – Down (3)% YoY, largely driven by lower deposit insurance costs, severance and legal expenses • Credit Costs – Cost of $51 million, primarily driven by a net ACL build of $45 million • Net Income – $1.6 billion • RoTCE(4) of 26.2% Financial Results(1) Key Metrics and Statistics Key Metrics and Statistics – Detail by Business Note: Services includes revenues earned by Citigroup that are subject to a revenue sharing arrangement with Banking—Corporate Lending for Investment Banking, Markets and Services products sold to Corporate Lending clients. Totals may not sum due to rounding. 1Q25 AUC/AUA is preliminary. All footnotes are presented starting on Slide 30. 10
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($ in B, unless otherwise noted) 1Q25 % Δ QoQ % Δ YoY Allocated Average TCE (2) 50 (7)% (7)% RoTCE(3) 14.3% Efficiency Ratio (Δ in bps) 58% (1,100) (500) Average Trading Account Assets 476 6% 17% Average Total Assets 1,121 6% 7% Average Loans 128 5% 7% Average VaR(4) ($ in MM) (99% confidence level) 118 - (23)% ($ in MM) 1Q23 1Q24 2Q24 3Q24 4Q24 1Q25 % Δ QoQ % Δ YoY Fixed Income markets 4,589 4,130 3,564 3,578 3,478 4,477 29% 8% Equity markets 1,167 1,227 1,522 1,239 1,098 1,509 37% 23% Total Markets Revenues 5,756 5,357 5,086 4,817 4,576 5,986 31% 12% ($ in MM) 1Q25 % Δ QoQ % Δ YoY Rates and Currencies 3,048 26% 9% Spread Products / Other Fixed Income 1,429 35% 7% Fixed Income markets 4,477 29% 8% Equity markets 1,509 37% 23% Total Revenues 5,986 31% 12% Expenses 3,468 9% 2% NCLs 142 NM 82% ACL Build (Release) and Other(1) 59 (56)% (51)% Credit Costs 201 50% 1% EBT 2,317 83% 31% Net Income 1,782 77% 27% 11 Markets results, key metrics and statistics • Revenues – Up 12% YoY, driven by growth in both Fixed Income markets and Equity markets ‒ Fixed Income markets was up 8% YoY, driven by strong performance in Rates and Currencies, up 9% YoY, and Spread Products / Other Fixed Income, up 7% YoY ‒ Equity markets was up 23% YoY, primarily driven by Equity Derivatives and momentum in Prime Services • Expenses – Up 2% YoY, driven by higher volume and other revenue-related expenses • Credit Costs – Cost of $201 million, primarily related to Spread Products, driven by a net ACL build due to uncertainty and a deteriorating macroeconomic outlook, as well as net credit losses • Net Income – $1.8 billion • RoTCE(3) of 14.3% Financial Results Note: Markets includes revenues earned by Citigroup that are subject to a revenue sharing arrangement with Banking—Corporate Lending for Investment Banking, Markets and Services products sold to Corporate Lending clients. Totals may not sum due to rounding. All footnotes are presented starting on Slide 30. Key Metrics and Statistics Revenue Trend 1Q Highlights
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($ in MM) 1Q25 % Δ QoQ % Δ YoY Investment Banking 1,035 12% 12% Corporate Lending (ex-gain/(loss))(1) 903 180% (1)% Gain/(loss) on loan hedges 14 NM NM Corporate Lending (incl. gain/(loss)) 917 190% 13% Total Revenues 1,952 57% 12% Expenses 1,034 (2)% (12)% NCLs 34 386% (48)% ACL Build (Release) and Other(2) 180 NM NM Credit Costs 214 NM NM EBT 704 64% 3% Net Income 543 53% 4% ($ in B, unless otherwise noted) 1Q25 % Δ QoQ % Δ YoY Allocated Average TCE (3) 21 (6)% (6)% RoTCE(4) 10.7% Efficiency Ratio (Δ in bps) 53% (3,200) (1,500) Average Loans 82 (2)% (8)% EOP Loans 81 (1)% (7)% NCL Rate (Δ in bps) 0.17% 14 (13) Memo: ($ in MM) Net Interest Income 491 (6)% (16)% Non-Interest Revenue 1,461 103% 27% ($ in MM) 1Q23 1Q24 2Q24 3Q24 4Q24 1Q25 % Δ QoQ % Δ YoY Advisory 276 230 268 394 353 424 20% 84% Equity Underwriting 109 171 174 129 214 127 (41)% (26)% Debt Underwriting 355 571 493 476 384 553 44% (3)% Investment Banking fees 740 972 935 999 951 1,104 16% 14% 12 Banking results, key metrics and statistics Financial Results • Revenues – Up 12% YoY, driven by growth in Investment Banking as well as the impact of mark-to-market on loan hedges, partially offset by a decline in Corporate Lending ex-gain/(loss) on loan hedges(1) Investment Banking fees up 14%, with growth in Advisory partially offset by declines in DCM and ECM Corporate Lending ex-gain/(loss) on loan hedges(1) revenues down (1)%, as increases in revenue share were more than offset by the combined impact of lower balances and higher recoveries in the prior year • Expenses – Down (12)% YoY, largely driven by lower compensation, reflecting the benefits of prior actions to right-size the workforce and expense base • Credit Costs – Cost of $214 million, consisting of net ACL build of $180 million and net credit losses of $34 million • Net Income – $543 million • RoTCE(4) of 10.7% Key Metrics and Statistics Investment Banking Fees – Trend by Business Note: Banking includes revenues earned by Citigroup that are subject to a revenue sharing arrangement with Banking—Corporate Lending for Investment Banking, Markets and Services products sold to Corporate Lending clients. Totals may not sum due to rounding. All footnotes are presented starting on Slide 30. 1Q Highlights
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($ in B, unless otherwise noted) 1Q25 % Δ QoQ % Δ YoY Allocated Average TCE (3) 12 (7)% (7)% RoTCE(4) 9.4% Efficiency Ratio ( Δ in bps) 78% - (1,900) Average Loans 147 (1)% (2)% Average Deposits(5) 310 (2)% (2)% Client Investment Assets(6) 595 1% 16% EOP Loans 147 - (1)% EOP Deposits(5) 309 (1)% (4)% Client Balances (7) 1,051 - 7% NNIA (excludes USPB transfers)(8) 16.5 6% 489% Memo: ($ in MM) Net Interest Income 1,274 2% 30% Non-Interest Revenue 822 10% 16% ($ in MM) 1Q25 % Δ QoQ % Δ YoY Private Bank 664 13% 16% Wealth at Work 268 5% 48% Citigold 1,164 1% 24% Total Revenues 2,096 5% 24% Expenses 1,639 5% - NCLs 38 27% 31% ACL Build (Release) and Other(2) 60 NM NM Credit Costs 98 390% NM EBT 359 (13)% 62% Net Income 284 (15)% 62% 13 Wealth results, key metrics and statistics • Revenue – Up 24% YoY, driven by growth across Citigold, the Private Bank and Wealth at Work – NII up 30% YoY, driven by improved deposit spreads, partially offset by lower deposit balances – NIR up 16% YoY, primarily driven by higher investment fee revenues • Expenses – Flat YoY, as the benefits of prior actions to right-size the workforce expense base and lower technology expenses were offset by higher revenue- related expenses and higher severance • Credit Costs – Cost of $98 million, consisting of a net ACL build of $60 million and net credit losses of $38 million • Net Income – $284 million • RoTCE(4) of 9.4% Financial Results(1) Key Metrics and Statistics Note: Totals may not sum due to rounding. Net new investment assets are preliminary as of 1Q25. All footnotes are presented starting on Slide 30. NNIA(8) Trend 1Q Highlights 2.8 10.3 13.8 15.6 16.5 1Q24 2Q24 3Q24 4Q24 1Q25 ($ in B) ($ in MM) 1Q23 1Q24 2Q24 3Q24 4Q24 1Q25 Wealth EBT 228 221 281 368 413 359 EBT Trend 1Q25 up 62% YoY Last twelve months NNIA represents ~11% organic growth(9)
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($ in B, unless otherwise noted) 1Q25 % Δ QoQ % Δ YoY Branded Cards Credit Card Spend Volume 125 (8)% 3% Credit Card Average Loans 113 - 5% Credit Card NCL Rate (Δ in bps) 3.89% 34 24 Credit Card 90+ DPD % (Δ in bps) 1.20% 2 1 Retail Services Credit Card Spend Volume 19 (25)% (5)% Credit Card Average Loans 51 (1)% (1)% Credit Card NCL Rate (Δ in bps) 6.43% 22 11 Credit Card 90+ DPD % (Δ in bps) 2.38% (8) (15) Retail Banking EOP Digital Deposits (10) 28 4% 0% USPB Branches (#) 644 - - Mortgage Originations 3 (33)% (10)% Average Mortgage Loans 47 2% 15% ($ in B, unless otherwise noted) 1Q25 % Δ QoQ % Δ YoY Allocated Average TCE (4) 23 (7)% (7)% RoTCE(5) 12.9% Efficiency Ratio ( Δ in bps) 47% (100) (100) Average Loans 216 - 6% EOP Loans 215 (3)% 5% Average Deposits(6) 89 3% (11)% EOP Deposits(6) 92 3% (7)% Active Mobile Users (MM)(7) 20 2% 8% Active Digital Users (MM)(8) 26 2% 5% NCL Rate (Δ in bps) 3.72% 18 5 Average Installment Loans(9) 6 (2)% 5% Memo: ($ in MM) Net Interest Income 5,541 1% 6% Non-Interest Revenue (313) 5% (168)% ($ in MM) 1Q25 % Δ QoQ % Δ YoY Branded Cards 2,892 3% 9% Retail Services 1,675 (4)% (11)% Retail Banking 661 10% 17% Total Revenues 5,228 2% 2% Expenses 2,442 (1)% - NCLs 1,983 3% 6% ACL Build (Release) and Other(3) (172) NM NM Credit Costs 1,811 (17)% (18)% EBT 975 89% 114% Net Income 745 90% 115% U.S. Personal Banking results, key metrics and statistics • Revenues – Up 2% YoY, driven by higher NII due to loan growth in Branded Cards as well as higher deposit spreads in Retail Banking, partially offset by lower NIR in Retail Services • Expenses – Flat YoY, as continued productivity savings were offset by higher advertising and marketing as well as legal expenses • Credit Costs – Cost of $1.8 billion, consisting of net credit losses of $2.0 billion, partially offset by a net ACL release of $172 million. The net ACL release included a build related to changes in the portfolio composition and macroeconomic outlook, which was more than offset by a release due to lower Card balances • Net Income – $745 million • RoTCE(5) of 12.9% Financial Results(1)(2) Key Metrics and Statistics – Detail by BusinessKey Metrics and Statistics Note: Totals may not sum due to rounding. All footnotes are presented starting on Slide 30. 14 1Q Highlights
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2023 2024 1Q25 Status Revenue Expenses Revenue Expenses Revenue Expenses Closed Exit Markets 2.3 1.5 0.3 0.5 0.0 0.1 Mexico Consumer / SBMM 5.7 4.2 6.1 4.4 1.5 1.1 Wind-Down / Sale / Other 0.7 1.4 0.4 1.4 0.1 0.2 Legacy Franchises 8.6 7.1 6.9 6.3 1.6 1.4 Divestiture-related Impacts 1.3 0.4 0.0 0.3 (0.0) 0.0 Legacy Franchises ex- divestitures 7.3 6.7 6.8 6.0 1.6 1.3 ($ in B, unless otherwise noted) 1Q25 % Δ QoQ % Δ YoY Legacy Franchises Average Allocated TCE (4) 5 (18)% (18)% Corporate/Other Average Allocated TCE (4) 33 41% 69% Allocated Average TCE (4) 38 28% 48% Efficiency Ratio (Δ in bps) 154% (800) 4,100 Legacy Franchises Revenues (in $MM) 1,621 4% (11)% Legacy Franchises Expenses (in $MM) 1,334 (3)% (17)% Corporate/Other Revenues (in $MM) (176) 23% NM Corporate/Other Expenses (in $MM) 890 14% (18)% Memo: ($ in MM) Net Interest Income 1,195 1% (29)% Non-Interest Revenue 250 63% (63)% ($ in MM) 1Q25 % Δ QoQ % Δ YoY Legacy Franchises (managed basis) 1,621 4% (11)% Corporate/Other (176) 23% NM Total Revenues 1,445 8% (39)% Expenses 2,224 3% (17)% NCLs 256 - 3% ACL Build (Release) and Other(3) 103 (26)% NM Credit Costs 359 (10)% 93% EBT (1,138) 7% (130)% Net Income (870) 19% (82)% All Other (Managed Basis(1)) results, key metrics and statistics • Revenues – Down (39)% YoY, driven by lower NII and the impact of mark-to- market valuation changes on certain investments in Corporate/Other, as well as lower revenue related to closed exits and wind-downs and Mexican peso depreciation ‒ All Other NIR down $(431)mm YoY, primarily driven by the impact of mark-to-market valuation changes on certain instruments and the impact of the closed exits and wind downs • Expenses – Down (17)% YoY, driven by the smaller FDIC special assessment and absence of a restructuring charge, as well as lower expenses from both wind-down and exit markets and Mexican peso depreciation • Credit Costs – Cost of $359 million, consisting of net credit losses of $256 million driven by consumer loans in Mexico and an ACL build of $103 million 15 Financial Results(2) Key Metrics and Statistics 1Q Highlights Note: Wind-downs / Sale / Other includes consumer businesses in Poland, China and Korea, as well as Russia, UK and Legacy Assets. Totals may not sum due to rounding. All footnotes are presented starting on Slide 30. Legacy Franchises Exits Contribution(5) ($ in B)
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• ~$83.1-84.1 billion(1) • NII ex-Markets up 2-3%(2) • Slightly below $53.4 billion(1) Cost of Credit • Cards NCL rates around the top of the 2024 ranges for both businesses, with higher losses in 1H, consistent with seasonal patterns, subject to changing conditions • ACL build will be a function of macroeconomic environment and business volumes Capital • Board of Directors authorized a $20 billion common share repurchase program in January(3) • Repurchased $1.75 billion of common shares in 1Q25; targeting a similar level of share repurchases in 2Q25 Expenses Revenues Full year 2025 guidance unchanged(1), subject to macro and market conditions 16 We remain committed to continuing to improve returns over time Note: (1) Citi’s 2025 guidance has been adjusted by ~$400 million to reflect the revenue and expense impacts from the change in presentation related to certain transaction processing fees paid by Citi. For additional information, see slide 22. All footnotes are presented starting on Slide 30.
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Certain statements in this presentation are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors. These factors include, among others: (i) macroeconomic, geopolitical, and other challenges and uncertainties, including those related to actual or potential policies and actions from the new U.S. administration, such as tariffs, and reciprocal actions by other countries or regions, significant volatility and disruptions in financial markets, a resurgence of inflation, increases in unemployment rates, increases in interest rates and slowing economic growth or recession in the U.S. and other countries or regions; (ii) the execution and efficacy of Citi’s priorities regarding its simplification, transformation and enhanced business performance, including those related to revenue, net interest income, expense and capital-related expectations; (iii) a deterioration in business and consumer confidence and spending, including lower credit card spend and loan growth, as well as lower than expected interest rates; (iv) changes in regulatory capital requirements, interpretations or rules; and (v) the precautionary statements included in this presentation. These factors also consist of those contained in Citigroup's filings with the U.S. Securities and Exchange Commission, including without limitation the “Risk Factors” section of Citigroup’s 2024 Form 10-K. Any forward-looking statements made by or on behalf of Citigroup speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made. 17
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297 296 300 300 304 382 383 386 388 387 $679 $680 $687 $688 $691 1Q24 2Q24 3Q24 4Q24 1Q25 77 71 65 64 65 833 830 845 855 841 416 409 401 401 399 $1,326 $1,310 $1,311 $1,320 $1,305 1Q24 2Q24 3Q24 4Q24 1Q25 11.80 11.46 11.96 11.88 12.00 1.71 2.04 1.41 1.86 2.01 $13.51 $13.49 $13.36 $13.73 $14.01 2.42% 2.41% 2.33% 2.42% 2.47% 1Q24 2Q24 3Q24 4Q24 1Q25 NII ex-Markets(1) Net Interest Income Citigroup NIM Markets NII 19 Average Loans Average Deposits Corporate Consumer Corporate Consumer All Other Gross Loan Yield(2) Cost of Interest-Bearing Deposits(3) 9.22% 9.17% 9.17% 8.84% 8.66% 3.70% 3.71% 3.70% 3.34% 3.10% YoYQoQ Note: Totals may not sum due to rounding. Excludes discontinued operations. NIM (Net Interest Margin) (%) includes the taxable equivalent adjustment (based on the U.S. federal statutory tax rate of 21% in all periods). Consumer loans includes USPB, Wealth and Legacy excluding Mexico SBMM. Consumer deposits includes USPB and Wealth. Corporate loans includes Services, Markets, Banking and Mexico SBMM. All footnotes are presented starting on Slide 30. ($ in B) 1%(0)% 2%1% 2%0% YoYQoQ (2)%(1)% (16)%2% Net interest income, average loans and deposits QoQ YoY $0.28 $0.51 $0.16 $0.31 $0.12 $0.20 (4)%(0)% 1%(2)% Citigroup NII
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1.76% 1.77% 2.12% 2.36% 2.53% 2.36% 2.45% 2.46% 2.38% 4.08% 4.46% 4.53% 5.44% 6.32% 6.45% 6.14% 6.21% 6.43% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 90+DPD NCL 0.78% 0.81% 0.92% 1.07% 1.19% 1.09% 1.11% 1.18% 1.20% 2.18% 2.47% 2.72% 3.06% 3.65% 3.82% 3.56% 3.55% 3.89% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 90+DPD NCL $5.4 $5.6 $5.6 $6.0 $6.1 $6.2 $6.1 $6.1 $5.9 11.1% 11.2% 11.0% 11.1% 11.9% 11.9% 11.7% 11.3% 11.8% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 ACLL Balance ACLL / EOP Loans $6.4 $6.4 $6.6 $6.7 $6.9 $7.1 $7.3 $7.5 $7.5 6.6% 6.3% 6.3% 6.0% 6.4% 6.4% 6.5% 6.4% 6.6% 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 ACLL Balance ACLL / EOP Loans Retail Services - Credit CardsBranded Cards - Credit Cards EOP Loans 3Q24 4Q24 1Q25 $112.1 $117.3 $112.6 EOP Loans 3Q24 4Q24 1Q25 $51.6 $53.8 $50.2 ACLL Balance and ACLL / EOP Loans ACLL Balance and ACLL / EOP Loans 20 Credit trends for Branded Cards and Retail Services ($ in B) 90+ DPD & NCL Trend 90+ DPD & NCL Trend
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598 614 636 652 666 770 783 797 786 795 810 831 806 809 796 826 830 814 797 803 808 804 825 839 826 220 221 226 235 237 247 260 275 282 290 303 315 320 310 304 312 316 311 305 307 316 316 316 315 310 80 81 82 83 88 95 100 104 108 113 114 114 118 116 115 111 111 113 110 105 100 93 85 86 89 121 124 123 120 124 122 125 129 128 123 116 110 90 88 101 112 106 100 103 105 102 97 80 1,017 1,040 1,066 1,090 1,115 1,234 1,268 1,305 1,304 1,321 1,343 1,370 1,334 1,323 1,316 1,361 1,363 1,338 1,315 1,320 1,326 1,310 1,311 1,320 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 85 80 1,305 Note: Totals may not sum due to rounding. All other includes Banking, Markets, Legacy Franchises and Corp/Other. Total CAGR: 4.2% Services CAGR: 5.5% 21 ($ in B) Historical average deposit growth Services USPB Wealth All other
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22 Update to Income Statement presentation of certain fees • Effective January 1, 2025, certain transaction processing fees paid by Citi, primarily to credit card networks, reported within USPB, Services, Wealth and All Other - Legacy Franchises, which were previously presented within Other operating expense, are presented as a contra- revenue within Commissions and fees, reported in non-interest revenue. Prior periods were conformed to reflect this change in presentation • This presentation change does not impact Citi's net income • Impact to Citi’s reported revenues and operating expenses is presented below: ($mm) FY24 1Q24 4Q24 1Q25 Pre Post ∆ Pre Post ∆ Pre Post ∆ Pre Post ∆ Reported Revenues $81,139 $80,722 $(417) $21,104 $21,016 $(88) $19,581 $19,465 $(116) $21,694 $21,596 $(98) Reported Operating Expenses $53,984 $53,567 $(417) $14,195 $14,107 $(88) $13,186 $13,070 $(116) $13,523 $13,425 $(98) Net Income $- $- $- $-
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1Q25 4Q24 1Q24 Citigroup Net Income $4,064 $2,856 $3,371 Less: Preferred Stock Dividends 269 256 279 Net Income Available to Common Shareholders $3,795 $2,600 $3,092 Average Common Equity $191,794 $191,624 $188,001 Less: Average Goodwill and Intangibles 22,474 22,981 23,335 Average TCE $169,320 $168,643 $164,666 RoTCE 9.1% 6.1% 7.6% 1Q25 4Q24 1Q24 Common Stockholders' Equity $194,058 $190,748 $188,985 Less: Goodwill 19,422 19,300 20,042 Intangible Assets (other than Mortgage Servicing Rights) 3,679 3,734 3,636 Goodwill and Identifiable Intangible Assets (other than MSRs) Related to Businesses Held-for-Sale 16 16 - Tangible Common Equity (TCE) $170,941 $167,698 $165,307 Common Shares Outstanding (CSO) 1,867.7 1,877.1 1,907.4 Tangible Book Value Per Share (TCE / CSO) $91.52 $89.34 $86.67 RoTCE by Segment Tangible common equity reconciliation and Citigroup returns Tangible Common Equity and Tangible Book Value Per Share Note: Totals may not sum due to rounding. Tangible common equity (TCE) is defined as common stockholders’ equity less goodwill and identifiable intangible assets (other than mortgage servicing rights (MSRs)). Tangible book value per share is defined as TCE divided by common shares outstanding. All footnotes are presented starting on Slide 30. ($ in MM, except per share amounts) Return on Tangible Common Equity (RoTCE) ($ in B) Average Tangible Common Equity by Segment ($ in B) 23 ($ in MM, except per share amounts) Average Tangible Common Equity (TCE) 1Q25 4Q24 1Q24 Services $24.7 $24.9 $24.9 Markets 50.4 54.0 54.0 Banking 20.6 21.8 21.8 Wealth 12.3 13.2 13.2 USPB 23.4 25.2 25.2 All Other 37.9 29.5 25.6 Total Citigroup Average TCE $169.3 $168.6 $164.7 Plus: Average Goodwill 18.8 19.4 19.6 Average Intangible Assets (other than MSRs) 3.7 3.6 3.7 Average Goodwill and Identifiable Intangible Assets (other than MSRs) Related to Businesses Held-for-Sale - - - Total Citigroup Average Common Stockholders' Equity $191.8 $191.6 $188.0 1Q25 Net Income to Common(1) Average Allocated TCE(2) RoTCE(3) Services $1.6 $25 26.2% Markets 1.8 50 14.3% Banking 0.5 21 10.7% Wealth 0.3 12 9.4% USPB 0.7 23 12.9% All Other (Managed Basis)(1) (1.1) 38 NM Reconciling Items (4) (0.0) - NM Citigroup(1) $3.8 $169 9.1% 1Q24 Net Income to Common(1) Average Allocated TCE(2) RoTCE(3) Services $1.5 $25 24.1% Markets 1.4 54 10.5% Banking 0.5 22 9.7% Wealth 0.2 13 5.3% USPB 0.3 25 5.5% All Other (Managed Basis)(1) (0.7) 26 NM Reconciling Items (4) (0.1) - NM Citigroup(1) $3.1 $165 7.6%
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Foreign currency (FX) translation impact(1) 1Q25 4Q24 1Q24 QoQ YoY Mexico Revenues - as reported 1,467 1,422 1,563 3% (6)% Impact of FX translation - (8) (225) Mexico Revenues - Ex-FX 1,467 1,414 1,338 4% 10% Mexico Expenses - as reported 1,060 1,072 1,184 (1)% (10)% Impact of FX translation - (8) (186) Mexico Expenses - Ex-FX 1,060 1,064 998 0% 6% Foreign currency (FX) translation impact(1) 1Q25 4Q24 1Q24 QoQ YoY Total Revenues - as Reported 21,596 19,465 21,016 11% 3% Impact of FX translation - (34) (646) Total Revenues - Ex-FX 21,596 19,431 20,370 11% 6% Total operating expenses - as reported 13,425 13,070 14,107 3% (5)% Impact of FX translation - (24) (331) Total operating expenses - Ex-FX 13,425 13,046 13,776 3% (3)% Total provisions for credit losses & PBC - as reported 2,723 2,593 2,365 5% 15% Impact of FX translation - 41 (17) Total provisions for credit losses & PBC - Ex-FX 2,723 2,634 2,348 3% 16% Total EBT - as reported 5,448 3,802 4,544 43% 20% Impact of FX translation - (51) (298) Total EBT - Ex-FX 5,448 3,751 4,246 45% 28% Total EOP Loans - as reported ($ in B) 702 694 675 1% 4% Impact of FX translation - 4 (7) Total EOP Loans - Ex-FX ($ in B) 702 698 668 1% 5% Total EOP Deposits - as reported ($ in B) 1,316 1,285 1,307 2% 1% Impact of FX translation - 11 (13) Total EOP Deposits - Ex-FX ($ in B) 1,316 1,295 1,294 2% 2% Total Average Loans - as reported ($ in B) 691 688 679 0% 2% Impact of FX translation - (2) (9) Total Average Loans - Ex-FX ($ in B) 691 686 670 1% 3% Total Average Deposits - as reported ($ in B) 1,305 1,320 1,326 (1)% (2)% Impact of FX translation - (4) (19) Total Average Deposits - Ex-FX ($ in B) 1,305 1,316 1,307 (1)% 0% Total Citigroup Legacy Franchises – Mexico Consumer / SBMM ($ in MM) Note: Totals may not sum due to rounding. All footnotes are presented starting on Slide 30. 24 FX impact
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Reconciliation of adjusted results Note: Totals may not sum due to rounding. All footnotes are presented starting on Slide 30. 25 Total Citigroup Revenues, Net Interest Income and Non-Interest Revenues ($ in MM) Corporate Lending Revenues 1Q25 1Q25 4Q24 1Q24 % Δ QoQ % Δ YoY Banking Corporate Lending Revenues - As Reported $917 $316 $811 190% 13% Less: Gain/(loss) on loan hedges(4) 14 (6) (104) Banking Corporate Lending Revenues - Excluding Gain/(loss) on loan hedges $903 $322 $915 180% (1)% 1Q25 1Q25 4Q24 3Q24 2Q24 1Q24 % Δ QoQ % Δ YoY Total Citigroup Revenues - As Reported $21,596 $19,465 $20,209 $20,032 $21,016 11% 3% Less: Total Divestiture-Related Impacts on Revenues - 4 1 33 (12) Total Citigroup Revenues - Excluding Divestiture-Related Impacts(1) $21,596 $19,461 $20,208 $19,999 $21,028 11% 3% Total Citigroup Net Interest Income (NII) - As Reported $14,012 $13,733 $13,362 $13,493 $13,507 2% 4% Less: Markets NII 2,013 1,856 1,405 2,038 1,706 8% 18% Total Citigroup NII Ex-Markets(2) $11,999 $11,877 $11,957 $11,455 $11,801 1% 2% Total Citigroup NIR - As Reported $7,584 $5,732 $6,847 $6,539 $7,509 32% 1% Less: Markets NIR 3,973 2,720 3,412 3,048 3,651 46% 9% Total Citigroup NIR Ex-Markets(3) $3,611 $3,012 $3,435 $3,491 $3,858 20% (6)%
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Reconciliation of adjusted results (cont.) Note: Totals may not sum due to rounding. All footnotes are presented starting on Slide 30. 26 ($ in MM) Total Citigroup Expenses 1Q25 1Q25 4Q24 3Q24 2Q24 1Q24 % Δ QoQ % Δ YoY Total Citigroup Operating Expenses - As Reported $13,425 $13,070 $13,144 $13,246 $14,107 3% (5)% Less: Total Divestiture-Related Impacts on Operating Expenses(1) 34 56 67 85 110 Total Citigroup Operating Expenses, Excluding Divestiture Impacts(2) $13,391 $13,014 $13,077 $13,161 $13,997 3% (4)% FDIC Special Assessment Impact on Operating Expenses(3) 20 (26) (56) 34 251 Total Citigroup Operating Expenses, Excluding Divestiture Impacts & FDIC Special Assessment(4) $13,371 $13,040 $13,133 $13,127 $13,746 3% (3)%
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27 All Other (Managed Basis(1)) Trend Note: Totals may not sum due to rounding. All footnotes are presented starting on Slide 30. All Other (Managed Basis(1)) 1Q25 4Q24 1Q24 % Δ QoQ % Δ YoY Legacy Franchises (Managed Basis) 1,621 1,563 1,819 4% (11)% Corporate / Other (176) (228) 557 23% NM 1,445 1,335 2,376 8% (39)% 2,224 2,162 2,685 3% (17)% Net credit losses 256 257 249 - 3% ACL Build (Release) 72 111 (98) (35)% NM Other provisions 31 29 35 7% (11)% 359 397 186 (10)% 93% EBT (1,138) (1,224) (495) 7% (130)% $(870) $(1,070) $(477) 19% (82)% Total revenues Total operating expenses Total cost of credit Net income (loss) ($ in MM)
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Reconciliation of adjusted results (cont.) Note: Totals may not sum due to rounding. All footnotes are presented starting on Slide 30. 28 All Other (Managed Basis(1)) ($ in MM) 1Q25 4Q24 1Q24 % Δ QoQ % Δ YoY All Other Revenues, Managed Basis $1,445 $1,335 $2,376 8% (39)% Add: All Other Divestiture-related Impact on Revenue - 4 (12) All Other Revenues, (U.S. GAAP) $1,445 $1,339 $2,364 8% (39)% All Other Operating Expenses, Managed Basis $2,224 $2,162 $2,685 3% (17)% Add: All Other Divestiture-related Impact on Operating Expenses(2) 34 56 110 All Other Operating Expenses, (U.S. GAAP) $2,258 $2,218 $2,795 2% (19)% All Other Cost of Credit, Managed Basis $359 $397 $186 (10)% 93% Add: All Other Divestiture-related Net credit losses - - 11 All Other Divestiture-related Net ACL build / (release)(3) (11) - - All Other Divestiture-related Other provisions(4) - - - All Other Cost of Credit, (U.S. GAAP) $348 $397 $197 (12)% 77% All Other EBT, Managed Basis $(1,138) $(1,224) $(495) 7% (130)% Add: All Other Divestiture-related Impact on Revenue - 4 (12) All Other Divestiture-related Impact on Operating Expenses(2) (34) (56) (110) All Other Divestiture-related Impact on Cost of Credit(3)(4) 11 - (11) All Other EBT, (U.S. GAAP) $(1,161) $(1,276) $(628) 9% (85)% All Other Net Income (Loss), Managed Basis $(870) $(1,070) $(477) 19% (82)% Add: All Other Divestiture-related Impact on Revenue - 4 (12) All Other Divestiture-related Impact on Operating Expenses(2) (34) (56) (110) All Other Divestiture-related Impact on Cost of Credit(3)(4) 11 - (11) All Other Divestiture-related Impact on Taxes(2) 8 16 39 All Other Net Income (Loss), (U.S. GAAP) $(885) $(1,106) $(571) 20% (55)%
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Glossary 29 ACL: Allowance for Credit Losses ACLL: Allowance for Credit Losses on Loans AFS: Available for Sale AI: Artificial Intelligence AUA: Assets Under Administration AUC: Assets Under Custody B: Billions bps: Basis Points CAGR: Compound Annual Growth Rate CECL: Current Expected Credit Losses CET1: Common Equity Tier 1 CoC: Cost of Credit CSO: Common Shares Outstanding DCM: Debt Capital Markets DPD: Days Past Due DTA: Deferred Tax Assets EBT: Earnings before Tax ECM: Equity Capital Markets EOP: End of Period EPS: Earnings per Share FDIC: Federal Deposit Insurance Corporation FI: Fixed Income FICO: Fair Isaacson Company 1H: First Half FX: Foreign Exchange FY: Full Year GAAP: Generally Accepted Accounting Principles Gen AI: Generative Artificial Intelligence GSIB: Global Systemically Important Banks HQLA: High Quality Liquid Assets HTM: Held to Maturity IG: Investment Grade LOB: Line of Business LTD: Long-term Debt M&A: Mergers & Acquisitions MM: Millions MNC: Multi-National Corporation MSR: Mortgage Servicing Right NA: Not applicable NAL: Non-Accrual Loan NCL: Net Credit Loss NII: Net Interest Income NIM: Net Interest Margin NIR: Non-Interest Revenue NM: Not Meaningful NNIA: Net New Investment Assets PBC: Provision for Benefits and Claims QoQ: Quarter-0ver-Quarter RWA: Risk-Weighted Assets SBMM: Small Business and Middle Market ROCE: Return on Average Common Equity RoTCE: Return on Average Tangible Common Equity SEC: U.S. Securities & Exchange Commission T: Trillions TCE: Tangible Common Equity TTS: Treasury and Trade Solutions USD: U.S. Dollar USPB: U.S. Personal Banking VaR: Value at Risk YoY: Year-Over-Year
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30 Footnotes Slide 3 1) Return on Tangible Common Equity (RoTCE) is a non-GAAP financial measure. RoTCE represents annualized net income available to common shareholders as a percentage of average TCE. For a reconciliation to reported results, please refer to Slide 23. 2) 1Q25 is preliminary. Citigroup’s binding CET1 Capital ratios were derived under the U.S. Basel III Standardized Approach. For the composition of Citigroup’s CET1 Capital, please see Appendix D of the 1Q25 earnings press release included as Exhibit 99.1 to Citigroup’s Current Report on Form 8 -K filed with the SEC on April 15, 2025. 3) Source: Coalition Greenwich Global Competitor Benchmarking Analytics for FY24. Results are based upon Citi’s internal product taxonomy, Citi’s internal revenues, and Large Corporate & FI Client Segment. Market share is calculated using Citi-internal revenues and Coalition Greenwich’s Industry Revenue Pools for Large Corporate & FI Client Segment. Peer Group in industry ranking includes BAC, BARC, BNPP, DB, HSBC, JPM, MUFG, SG, SCB, USB and WFC. 4) Source: Coalition Greenwich Global Competitor Benchmarking Analytics for FY24. Results are based upon Citi’s internal product taxonomy and Citi’s internal revenues. Market share is calculated using Citi-internal revenues and Coalition Greenwich’s Industry Revenue Pools. Peer Group in industry ranking includes BBH, BNPP, BNY, CACEIS, DB, HSBC, JPM, NT, RBC, SCB, SG, and ST. 5) Coalition Greenwich Global Competitor Benchmarking Analytics for FY24. Results are based upon Citi’s internal product taxonom y and Citi’s internal revenues post exclusions for non-comparable items. Market share is calculated using Citi internal revenues and Coalition Greenwich’s Industry Revenue Pools. 6) Source: Based on external Dealogic data as of March 31, 2025. 7) Source: Euromoney Private Banking Awards 2025, March 28, 2025. The methodology for each award/rating has been reviewed, but not verified, by Citigroup Inc. (Citi) or its affiliates. Please contact the provider of the relevant award/rating for information regarding eligibility of the underlying criteria and factors utilized in compiling the data. The receipt of an award/rating with respect to a product or service may not be representative of the actual experience of any client and is not a guarantee of future performa nce success. These awards consider information provided by Citi (and other applicants), and do not solicit input or responses from actual clients. 8) Source: FDIC filings as of June 30, 2024. Based on Citi’s internal definition of deposits, which excludes commercial deposits. Nation wide deposits divided by total branches. Citi includes branch- driven consumer wealth deposits reported under Wealth. 9) Source: Company filings. Based on End of Period Loans as of December 31, 2024. Includes Citi Branded Cards and Citi Retail Services. Peer group includes AXP, BAC, BFH, COF, DFS, JPM, SYF, and WFC. Slide 2 1) Represents consumer banking businesses and certain other businesses in All Other – Legacy Franchises that Citi has exited or is exiting across 14 markets in Asia, Europe, the Middle East and Mexico as part of Citi’s strategic refresh.
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31 Footnotes (cont.) Slide 4 1) Return on Tangible Common Equity (RoTCE) is a non-GAAP financial measure. RoTCE represents annualized net income available to common shareholders as a percentage of average TCE. For a reconciliation to reported results, please refer to Slide 23. 2) 1Q25 is preliminary. Citigroup’s binding CET1 Capital ratios were derived under the U.S. Basel III Standardized Approach. For the composition of Citigroup’s CET1 Capital, please see Appendix D of the 1Q25 earnings press release included as Exhibit 99.1 to Citigroup’s Current Report on Form 8-K filed with the SEC on April 15, 2025. 3) Tangible Book Value Per Share is a non-GAAP financial measure. For a reconciliation of this measure to reported results, please refer to Slide 23. 4) Source: Coalition Greenwich Global Competitor Benchmarking Analytics for FY24. Results are based upon Citi’s internal product taxonomy, Citi’s internal revenues, and Large Corporate & FI Client Segment. Market share is calculated using Citi-internal revenues and Coalition Greenwich’s Industry Revenue Pools for Large Corporate & FI Client Segment. Peer Group in industry ranking includes BAC, BARC, BNPP, DB, HSBC, JPM, MUFG, SG, SCB, USB and WFC. 5) Cross Border Transaction Value is defined as the total value of cross-border FX Payments processed through Citi’s proprietary Worldlink and Cross Border Funds Transfer platforms, including payments from Consumer, Corporate, Financial Institution and Public Sector clients. 6) U.S. Dollar Clearing Volume is defined as the number of USD Clearing Payment instructions processed by Citi on behalf of U.S. and foreign-domiciled entities (primarily Financial Institutions). 7) Source: Coalition Greenwich FY24 Global Competitor Benchmarking Analytics. Securities Services Results are based on Citi’s in ternal product taxonomy and internal revenues. Market share is calculated using Citi-internal revenues and Coalition Greenwich’s Industry Revenue Pools. 8) Prime balances are defined as client’s billable balances where Citi provides cash or synthetic prime brokerage services. 9) Wallet share based on Dealogic data as of March 31, 2025; wallet share for Debt Capital Markets includes Leveraged Finance an d Securitization. 10) Net New Investment Assets (NNIA) represents investment asset inflows, including dividends, interest and distributions, less investment asset outflows. Excluded from the calculation are the impact of fees and commissions, market movement, internal transfers within Citi specific to systematic upgrades/downgrades with USPB , and any impact from strategic decisions by Citi to exit certain markets or services. Also excluded from the calculation are net new investment assets associated with markets for which data was not available for current period reporting. 1Q25 is preliminary. 11) Organic growth is defined as the sum of NNIA for each quarter from the second quarter 2024 through first quarter 2025 divided by 1Q24 Client Investment Assets. 12) Client Investment Assets includes Assets Under Management, trust and custody assets. 1Q25 is preliminary. 13) Client Balances includes EOP Deposits, Loans, and Client Investment Assets.
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Slide 6 1) Effective January 1, 2025, certain transaction processing fees paid by Citi, primarily to credit card networks, reported with in USPB, Services, Wealth, and All Other - Legacy Franchises, which were previously presented within Other operating expense, are presented as a contra -revenue within Commissions and fees, reported in non-interest revenue. Prior periods were conformed to reflect this change in presentation. For further detail, please refer to slide 22. 2) Allowance for Credit Losses (ACL) Build (Release) and Other provisions includes a net ACL build of approximately $210 million related to loans and unfunded lending commitments as well as other provisions of approximately $54 million relating to held-to-maturity (HTM) debt securities and other assets and policyholder benefits and claims. 3) Represents net income, less preferred stock dividends, dividends and undistributed earnings allocated to employee restricted and deferred shares w ith rights to dividends, and issuance costs related to the redemption of preferred stock. 4) Return on Tangible Common Equity (RoTCE) is a non-GAAP financial measure. RoTCE represents annualized net income available to common shareholders as a percentage of average TCE. For a reconciliation to reported results, please refer to slide 23. 5) 1Q25 is preliminary. Citigroup’s binding CET1 Capital ratios were derived under the U.S. Basel III Standardized Approach. For the composition of Citigroup’s CET1 Capital, please see Appendix D of the 1Q25 earnings press release included as Exhibit 99.1 to Citigroup’s Current Report on Form 8 -K filed with the SEC on April 15, 2025. 6) NII excluding Markets is a non-GAAP financial measure. For reconciliation of these results, please refer Slide 25. 7) NIR excluding Markets is a non-GAAP financial measure. For reconciliation of these results, please refer Slide 25. 8) In the first quarter of 2025, Citigroup's reported revenue included $(51) million from the impact of the currency devaluation in Argentina. 9) Revenues excluding the divestiture-related impacts is a non-GAAP financial measure. For a reconciliation of these results, please refer to Slide 25. 10) Expenses excluding impacts of the FDIC special assessment and divestitures is a non -GAAP financial measure. For a reconciliation of these results, please refer to Slide 26. 11) All Other (managed basis) is a non-GAAP financial measure. For a reconciliation of this measure to reported results, please refer to Slides 27 and 28. All Other (managed basis) reflects results on a managed basis, which excludes divestiture-related impact (Reconciling Items), for all periods, related to Citi's divestitures of its Asia consumer banking businesses and the planned divestiture of Mexico consumer banking and small business and middle market banking within Legacy Franchises. For reconciliation of these re sults, please refer to Slide 28. 32 Footnotes (cont.) Slide 8 1) FICO scores are updated as they become available. Citi adjusted its disclosures for U.S. credit card FICO score distribution in 1Q24 to align with industry reporting practices using a threshold of 660 versus the 680 threshold used previously. 2) Excludes corporate loans that are carried at fair value of $8.6 billion, $7.8 billion and $7.9 billion at March 31, 2024, December 31, 2024, and March 31, 2025, respectively. Slide 7 1) Citigroup's reported expenses included $34 million, $56 million, $67 million, $85 million, and $110 million of divestiture-related impacts in 1Q25, 4Q24, 3Q24, 2Q24, and 1Q24, respectively, presented within operating expenses, primarily related to separation costs in Mexico and severance costs in the Asia exit mar kets. 2) Other expenses includes premises and equipment, advertising and marketing, and other operating expenses. 3) First quarter 2024 expenses include an incremental FDIC special assessment of approximately $251 million. Second quarter 2024 expenses include an incremental FDIC special assessment of approximately $34 million. Third quarter 2024 expenses include a reduction in the FDIC special assessment of approximately $5 6 million. Fourth quarter 2024 expenses include a reduction in operating expenses related to the FDIC special assessment of approximately $26 million. First quarter 2025 expenses include a n incremental FDIC special assessment of approximately $20 million.
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Slide 9 1) 1Q25 is preliminary. Citigroup’s binding CET1 Capital ratios were derived under the U.S. Basel III Standardized Approach. For the composition of Citigroup’s CET1 Capital, please see Appendix D of the 1Q25 earnings press release included as Exhibit 99.1 to Citigroup’s Current Report on Form 8 -K filed with the SEC on April 15, 2025. 2) 1Q25 is preliminary. For the composition of Citigroup's Supplementary Leverage ratio, please see Appendix E of the 1Q25 earni ngs press release included as Exhibit 99.1 to Citigroup's Current Report on Form 8-K filed with the SEC on April 15, 2025. 3) Includes changes in goodwill and intangible assets, and changes in Other Comprehensive Income. Also includes deferred tax exc ludable from Basel III CET1 Capital, which includes net deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit tax carry -forwards and DTAs arising from temporary differences (future deductions) that are deducted from CET1 capital exceeding the 10% limitation. Commencing January 1, 2025, the capital effects resulting from adoption of the Cur rent Expected Credit Losses (CECL) methodology have been fully reflected in Citi's regulatory capital. For additional information, see “Capital Resources – Regulatory Capital Treatment-Modified Transition of the Current Expected Credit Losses Methodology” in Citigroup’s 2024 Annual Report on Form 10-K. 4) Investments, net, include available-for-sale debt securities, held-to-maturity debt securities, net of allowance, and equity securities. 5) Trading-Related Assets include securities borrowed or purchased under agreements to resell net of allowance and trading account assets and brokerage receivables net of allowance. 6) Loans, net, include ACLL. EOP gross loans, which does not include ACLL, for 1Q25, 4Q24 and 1Q24 are $ 702 billion, $694 billion, and $675 billion, respectively. 7) Other Assets include goodwill, intangible assets, deferred tax assets, allowance for credit losses on loans, premises and equipment and all other assets net of allowance. 8) Trading-Related Liabilities include securities loaned or sold under agreements to repurchase and trading account liabilities and brokerage payables. 9) Other Liabilities include short-term borrowings and other liabilities, plus allowances. 33 Footnotes (cont.)
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Slide 10 1) Effective January 1, 2025, certain transaction processing fees paid by Citi, primarily to credit card networks, reported with in USPB, Services, Wealth, and All Other - Legacy Franchises, which were previously presented within Other operating expense, are presented as a contra -revenue within Commissions and fees, reported in non-interest revenue. Prior periods were conformed to reflect this change in presentation. For further detail, please refer to slide 22. 2) Allowance for Credit Losses (ACL) Build (Release) and Other provisions includes a net ACL build of approximately $ 18 million related to loans and unfunded lending commitments as well as other provisions of approximately $27 million relating to held-to-maturity (HTM) debt securities and other assets. 3) Tangible Common Equity is allocated to each segment based on Citi’s allocation methodology which incorporates Basel III stand ardized risk-weighted assets, the global systemically important banks (GSIB) surcharge, a simulation of TCE in severe stress environments, as well as a leverage component. The allocation methodol ogy, including underlying assumptions and judgments used to allocate TCE, are periodically reassessed and as a result the TCE allocated to the segments may change. TCE is a non -GAAP financial measure. For additional information on this measure and a reconciliation of the summation of the segment’s and component's average allocated TCE to Citi's total average TCE and Citi's total average stockholders' equity, please refer to slide 23. 4) Return on Tangible Common Equity (RoTCE) is a non-GAAP financial measure. RoTCE represents annualized net income available to common shareholders as a percentage of average TCE. For the components of the calculation, please refer to slide 23. 5) In the first quarter of 2025, Services’ reported revenue included $(36) million from the impact of devaluation in Argentina currency. 6) Cross Border Transaction Value is defined as the total value of cross-border FX Payments processed through Citi’s proprietary Worldlink and Cross Border Funds Transfer platforms, including payments from Consumer, Corporate, Financial Institution and Public Sector clients. 7) U.S. Dollar Clearing Volume is defined as the number of USD Clearing Payment instructions processed by Citi on behalf of U.S. and foreign-domiciled entities (primarily Financial Institutions). Amounts in the table are stated in millions of payment instructions processed. 8) Commercial Card Spend Volume is defined as total global spend volumes using Citi issued commercial cards net of refunds and r eturns. Slide 11 1) Allowance for Credit Losses (ACL) Build (Release) and Other provisions includes a net ACL build of approximately $ 57 million related to loans and unfunded lending commitments as well as other provisions of approximately $2 million relating to held-to-maturity (HTM) debt securities and other assets. 2) Tangible Common Equity is allocated to each segment based on Citi’s allocation methodology which incorporates Basel III stand ardized risk-weighted assets, the global systemically important banks (GSIB) surcharge, a simulation of TCE in severe stress environments, as well as a leverage component. The allocation methodol ogy, including underlying assumptions and judgments used to allocate TCE, are periodically reassessed and as a result the TCE allocated to the segments may change. TCE is a non -GAAP financial measure. For additional information on this measure and a reconciliation of the summation of the segment’s and component's average allocated TCE to Citi's total average TCE and Citi's total average stockholders' equity, please refer to slide 23. 3) Return on Tangible Common Equity (RoTCE) is a non-GAAP financial measure. RoTCE represents annualized net income available to common shareholders as a percentage of average TCE. For the components of the calculation, please refer to slide 23. 4) VaR estimates, at a 99% confidence level, the potential decline in the value of a position or a portfolio under normal market conditions assuming a one-day holding period. VaR statistics, which are based on historical data, can be materially different across firms due to differences in portfolio composition, VaR methodolo gies and model parameters. Footnotes (cont.) 34
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35 Footnotes (cont.) Slide 12 1) Credit derivatives are used to economically hedge a portion of the Corporate Lending portfolio that includes both accrual loa ns and loans at fair value. Gain / (loss) on loan hedges includes the mark- to-market on the credit derivatives and the mark-to-market on the loans in the portfolio that are at fair value. In the first quarter 2025, gain / (loss) on loan hedges included $14 million related to Corporate Lending, compared to $(104) million in the prior-year period. The fixed premium costs of these hedges are netted again st the Corporate Lending revenues to reflect the cost of credit protection. Citigroup’s results of operations excluding the impact of gain / (loss) on loan hedges are non -GAAP financial measures. For additional information on this measure, please refer to Slide 25. 2) Allowance for Credit Losses (ACL) Build (Release) and Other provisions includes a net ACL build of approximately $185 million related to loans and unfunded lending commitments as well as other provisions of approximately $(5) million relating to other assets. 3) Tangible Common Equity is allocated to each segment based on Citi’s allocation methodology which incorporates Basel III stand ardized risk-weighted assets, the global systemically important banks (GSIB) surcharge, a simulation of TCE in severe stress environments, as well as a leverage component. The allocation methodol ogy, including underlying assumptions and judgments used to allocate TCE, are periodically reassessed and as a result the TCE allocated to the segments may change. TCE is a non -GAAP financial measure. For additional information on this measure and a reconciliation of the summation of the segment’s and component's average allocated TCE to Citi's total average TCE and Citi's total average stockholders' equity, please refer to slide 23. 4) Return on Tangible Common Equity (RoTCE) is a non-GAAP financial measure. RoTCE represents annualized net income available to common shareholders as a percentage of average TCE. For the components of the calculation, please refer to slide 23. Slide 13 1) Effective January 1, 2025, certain transaction processing fees paid by Citi, primarily to credit card networks, reported with in USPB, Services, Wealth, and All Other - Legacy Franchises, which were previously presented within Other operating expense, are presented as a contra -revenue within Commissions and fees, reported in non-interest revenue. Prior periods were conformed to reflect this change in presentation. For further detail, please refer to slide 22. 2) Allowance for Credit Losses (ACL) Build (Release) and Other provisions includes a net ACL build of approximately $60 million related to loans and unfunded lending commitments. 3) Tangible Common Equity is allocated to each segment based on Citi’s allocation methodology which incorporates Basel III stand ardized risk-weighted assets, the global systemically important banks (GSIB) surcharge, a simulation of TCE in severe stress environments, as well as a leverage component. The allocation methodol ogy, including underlying assumptions and judgments used to allocate TCE, are periodically reassessed and as a result the TCE allocated to the segments may change. TCE is a non -GAAP financial measure. For additional information on this measure and a reconciliation of the summation of the segment’s and component’s average allocated TCE to Citi's total average TCE and Citi's total average stockholders' equity, please refer to slide 23. 4) Return on Tangible Common Equity (RoTCE) is a non-GAAP financial measure. RoTCE represents annualized net income available to common shareholders as a percentage of average TCE. For the components of the calculation, please refer to slide 23. 5) The period-over-period variances includes the impact of the net deposit balance transfers from USPB to Citigold in Wealth of app roximately $14 billion over the last 12 months, including $4 billion during first quarter 2025. These amounts represent the balances at the time client relationships are transferred. 6) 1Q25 is preliminary. Client Investment Assets includes Assets Under Management, trust and custody assets. 7) Client Balances includes EOP Deposits, Loans, and Client Investment Assets. 8) Net New Investment Assets represents investment asset inflows, including dividends, interest and distributions, less investment asset outflows. Excluded from the calculation are the impact of fees and commissions, market movement, internal transfers within Citi specific to systematic upgrades/downgrades with USPB, and an y impact from strategic decisions by Citi to exit certain markets or services. Also excluded from the calculation are net new investment assets associated with markets for which data was not ava ilable for current period reporting. 1Q25 is Preliminary. 9) Organic growth is defined as the sum of NNIA for each quarter from the second quarter 2024 through first quarter 2025 divided by 1Q24 Client Investment Assets.
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36 Footnotes (cont.) Slide 14 1) Effective January 1, 2025, certain transaction processing fees paid by Citi, primarily to credit card networks, reported with in USPB, Services, Wealth, and All Other - Legacy Franchises, which were previously presented within Other operating expense, are presented as a contra -revenue within Commissions and fees, reported in non-interest revenue. Prior periods were conformed to reflect this change in presentation. For further detail, please refer to slide 22. 2) Effective January 1, 2025, USPB changed its reporting for certain installment lending products that were transferred from Retail Banking to Branded Cards and Retail Services to reflect where these products are managed. Prior periods were conformed to reflect this change. 3) Allowance for Credit Losses (ACL) Build (Release) and Other provisions includes a net ACL release of approximately $(17 1) million related to loans and unfunded lending commitments as well as other provisions of approximately $(1) million relating to benefits and claims, and other assets. 4) Tangible Common Equity is allocated to each segment based on Citi’s allocation methodology which incorporates Basel III stand ardized risk-weighted assets, the global systemically important banks (GSIB) surcharge, a simulation of TCE in severe stress environments, as well as a leverage component. The allocation methodol ogy, including underlying assumptions and judgments used to allocate TCE, are periodically reassessed and as a result the TCE allocated to the segments may change. TCE is a non -GAAP financial measure. For additional information on this measure and a reconciliation of the summation of the segment’s and component's average allocated TCE to Citi's total average TCE and Citi's total average stockholders' equity, please refer to Slide 23. 5) Return on Tangible Common Equity (RoTCE) is a non-GAAP financial measure. RoTCE represents annualized net income available to common shareholders as a percentage of average TCE. For the components of the calculation, please refer to Slide 23. 6) The period-over-period variances includes the impact of the net deposit balance transfers from USPB to Citigold in Wealth of app roximately $14 billion over the last 12 months, including $4 billion during first quarter 2025. These amounts represent the balances at the time client relationships are transferred. 7) Active Mobile Users represents customers of all mobile services (mobile apps or via mobile browser) within the last 90 days t hrough February 2025. Excludes Citi mortgage and Retail Services reported in U.S. Personal Banking and includes U.S. Citigold reported in Wealth. 8) Active Digital Users represents customers of all online and/or mobile services within the last 90 days through February 2025. Excludes Citi mortgage and Retail Services reported in U.S. Personal Banking and includes U.S. Citigold reported in Wealth. 9) Average Installment Loans is the subset of average loans including the total of U.S. Personal Installment Loans, Merchant Installment Loans, and Flex (Loan/Pay/Point-of-Sale) products. 10) Digital Deposits also includes U.S. Citigold deposits reported under Wealth.
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37 Footnotes (cont.) Slide 15 1) All Other (Managed Basis) reflects results on a managed basis, which excludes divestiture -related impacts, for all periods, related to Citi's divestitures of its Asia consumer banking businesses and the planned divestiture of Mexico consumer banking and small business and middle market banking within Legacy Franchises. For add itional information and a reconciliation of All Other-Legacy Franchises on a managed basis, please refer to Slides 27 and 28. 2) Effective January 1, 2025, certain transaction processing fees paid by Citi, primarily to credit card networks, reported within USPB, Services, Wealth, and All Other - Legacy Franchises, which were previously presented within Other operating expense, are presented as a contra -revenue within Commissions and fees, reported in non-interest revenue. Prior periods were conformed to reflect this change in presentation. For further detail, please refer to slide 22. 3) Allowance for Credit Losses (ACL) Build (Release) and Other provisions includes a net ACL build of approximately $ 72 million related to loans and unfunded lending commitments as well as other provisions of approximately $31 million relating to benefits and claims, held-to-maturity (HTM) debt securities and other assets. 4) Tangible Common Equity is allocated to each segment based on Citi’s allocation methodology which incorporates Basel III stand ardized risk-weighted assets, the global systemically important banks (GSIB) surcharge, a simulation of TCE in severe stress environments, as well as a leverage component. The allocation methodol ogy, including underlying assumptions and judgments used to allocate TCE, are periodically reassessed and as a result the TCE allocated to the segments may change. TCE is a non -GAAP financial measure. For additional information on this measure and a reconciliation of the summation of the segment's and component's average allocated TCE to Citi's total average TCE and Citi's total average stockholders' equity, please refer to Slide 23. 5) Legacy Franchises revenues and expenses ex-divestitures are non-GAAP financial measures. 1Q25 divestiture-related impacts include (i) approximately $34 million in operating expenses primarily related to separation cos ts in Mexico and severance costs in the Asia exit markets. 2024 divestiture-related impacts include (i) approximately $318 million in operating expenses primarily related to separation co sts in Mexico and severance costs in the Asia exit markets. 2023 divestiture-related impacts include (i) an approximate $1.059 billion gain on sale recorded in revenue related to the Indi a consumer banking business sale; (ii) an approximate $403 million gain on sale recorded in revenue related to the Taiwan consumer banking business sale; and (iii) approximately $372 million in ope rating expenses primarily related to separation costs in Mexico and severance costs in the Asia exit markets. Slide 16 1) Citi’s 2025 guidance has been adjusted by ~$400 million to reflect the revenue and expense impacts from the change in present ation related to certain transaction processing fees paid by Citi. For additional information, see slide 22. 2) Full year 2025 NII excluding Markets is a forward-looking non-GAAP financial measure. From time to time, management may discuss forward-looking non-GAAP financial measures, such as forward-looking estimates or targets for revenue, expenses, and RoTCE. We are unable to provide a reconciliation of forward -looking non-GAAP financial measures to their most directly comparable GAAP financial measures because we are unable to provide, without unreasonable effort, a meaningful or accurate calculation o r estimation of amounts excluded or adjusted that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant to future results. 3) On January 13, 2025, Citigroup’s Board of Directors authorized a new, multi-year $20 billion common stock repurchase program, beginning in the first quarter 2025. Repurchases by Citigroup under this common stock repurchase program are subject to quarterly approval by Citigroup’s Board of Directors; may be effected from time to time through open market purchases, trading plans established in accordance with U.S. Securities and Exchange Commission rules, or other means; and as determined by Citigroup, may be subject to satisfactory market conditions, Citigroup’s capital position and capital requirements, applicable legal requirements and other factors.
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38 Footnotes (cont.) Slide 19 1) NII excluding Markets is a non-GAAP financial measure. For reconciliation of these results, please refer Slide 25. 2) Gross Loan Yield is defined as gross interest revenue earned on loans divided by average loans. 3) Cost of Interest-Bearing Deposits is defined as interest expense associated with Citi’s deposits divided by average interest -bearing deposits. Slide 23 1) Net income to common for All Other (Managed Basis) is reduced by preferred dividends of $269 million in 1Q25. 2) Tangible Common Equity is allocated to each segment based on Citi’s allocation methodology which incorporates Basel III stand ardized risk-weighted assets, the global systemically important banks (GSIB) surcharge, a simulation of TCE in severe stress environments, as well as a leverage component. The allocation methodo logy, including underlying assumptions and judgments used to allocate TCE, are periodically reassessed and as a result the TCE allocated to the segments may change. TCE is a non -GAAP financial measure. 3) Return on Tangible Common Equity (RoTCE) is a non-GAAP financial measure. RoTCE represents annualized net income available to common shareholders as a percentage of average TCE. 4) Reconciling Items consist of the divestiture-related impacts excluded from the results of All Other, as well as All Other - Legacy Franchises on a managed basis. For a reconciliation of these results, please refer to Slide 28. Slide 24 1) Reflects the impact of foreign currency (FX) translation into U.S. dollars applying the first quarter 2025 average exchange rates for all periods presented, with the exception of EOP loans and deposits which was calculated based on exchange rates as of March 31, 2025. Citi’s results excluding the impact of FX translation are non-GAAP financial measures. Slide 25 1) Revenues excluding divestiture-related impacts is a non-GAAP financial measure. 2) NII excluding Markets is a non-GAAP financial measure. 3) NIR excluding Markets is a non-GAAP financial measure. 4) Credit derivatives are used to economically hedge a portion of the Corporate Lending portfolio that includes both accrual loa ns and loans at fair value. Gain / (loss) on loan hedges includes the mark- to-market on the credit derivatives and the mark-to-market on the loans in the portfolio that are at fair value. In the first quarter 2025, gain / (loss) on loan hedges included $14 million related to Corporate Lending, compared to $(104) million in the prior-year period. The fixed premium costs of these hedges are netted against the Corporate Lending revenues to reflect the cost of credit protection. Citigroup’s results of operations excluding the impact of gain / (loss) on loan hedges are non -GAAP financial measures.
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Slide 26 1) Expenses – Divestiture-related impacts: 1Q25 divestiture-related impacts include (i) approximately $34 million in operating expenses primarily related to separation costs in Mexico and severance costs in the Asia exit markets. 2024 divestiture-related impacts include (i) approximately $318 million in operating expenses primarily related to separation costs in Mexico and severance costs in the Asia exit markets. 2) Operating expenses excluding divestiture-related impacts is a non-GAAP financial measure. 3) First quarter 2024 expenses include an incremental FDIC special assessment of approximately $251 million. Second quarter 2024 expenses include an incremental FDIC special assessment of approximately $34 million. Third quarter 2024 expenses include a reduction in the FDIC special assessment of approximately $5 6 million. Fourth quarter 2024 expenses include a reduction in operating expenses related to the FDIC special assessment of approximately $26 million. First quarter 2025 expenses include a n incremental FDIC special assessment of approximately $20 million. 4) Operating expenses excluding impacts of the FDIC special assessment and divestitures is a non-GAAP financial measure. 39 Footnotes (cont.) Slide 28 1) All Other (Managed Basis) is a non-GAAP financial measure. 2) 1Q25 divestiture-related impacts include approximately $34 million in operating expenses (approximately $23 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. 4Q24 divestiture-related impacts include approximately $56 million in operating expenses (approximately $39 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. 1Q24 divestiture-related impacts include approximately $110 million in operating expenses (approximately $77 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. 3) Includes credit reserve build / (release) for loans and provision for credit losses on unfunded lending commitments. 4) Includes provisions for policyholder benefits and claims and other assets Slide 27 1) All Other (Managed Basis) is a non-GAAP financial measure. For a reconciliation of this measure to reported results, please refer to Slide 28. All Other (Managed Basis) reflects results on a managed basis, which excludes divestiture-related impacts, for all periods related to Citi's divestitures of its Asia consumer banking businesses and the planned divestiture of Mexico consumer banking and small business and middle market banking within Legacy Franchises. For additional information and a reconciliation of All Oth er Legacy Franchises on a managed basis, please refer to Slide 28.