シティグループの適時開示・決算・その他

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) July 15, 2022

Citigroup Inc.

(Exact name of registrant as specified in its charter)


Delaware	1-9924	52-1568099
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

388 Greenwich Street, New York, NY (Address of principal executive offices)		10013 (Zip Code)

(212) 559-1000

(Registrant's telephone number,
including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 formatted in Inline XBRL: See Exhibit 99.3

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

CITIGROUP INC.

Current Report on Form 8-K

Item 2.02 Results of Operations and Financial Condition.

On July 15, 2022, Citigroup Inc. announced its results for the quarter ended June 30, 2022. A copy of the related press release, filed as Exhibit 99.1 to this Form 8-K, is incorporated herein by reference in its entirety and shall be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended (the Act).

In addition, a copy of the Citigroup Inc. Quarterly Financial Data Supplement for the quarter ended June 30, 2022 is being furnished as Exhibit 99.2 to this Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Act or otherwise subject to the liabilities of that section.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number

99.1		Citigroup Inc. press release dated July 15, 2022.

99.2		Citigroup Inc. Quarterly Financial Data Supplement for the quarter ended June 30, 2022.

99.3		Citigroup Inc. securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 as of the filing date.

104.1		See the cover page of this Current Report on Form 8-K, formatted in Inline XBRL.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		CITIGROUP INC.

Dated: July 15, 2022
	By:	/s/ Johnbull E. Okpara
		Johnbull E. Okpara
		Controller and Chief Accounting Officer
		(Principal Accounting Officer)

EX-99.1 2 c-20220715xex99d1.htm EXHIBIT 99.1

Exhibit 99.1


For Immediate Release Citigroup Inc. (NYSE: C) July 15, 2022
SECOND QUARTER 2022 RESULTS AND KEY METRICS		CEO COMMENTARY
RETURNED $1.3 BILLION TO COMMON SHAREHOLDERS IN THE FORM OF DIVIDENDS AND REPURCHASES PAYOUT RATIO OF 29%(3) BOOK VALUE PER SHARE OF $92.95 TANGIBLE BOOK VALUE PER SHARE OF $80.25(4) New York, July 15, 2022 – Citigroup Inc. today reported net income for the second quarter 2022 of $4.5 billion, or $2.19 per diluted share, on revenues of $19.6 billion. This compared to net income of $6.2 billion, or $2.85 per diluted share, on revenues of $17.8 billion for the second quarter 2021. Revenues increased 11% from the prior-year period, with growth in both net interest income as well as non-interest revenue. Higher net interest income was primarily driven by the benefits of higher rates as well as strong volumes across Institutional Clients Group (ICG) and Personal Banking and Wealth Management (PBWM). Non-interest revenue also increased, driven by Fixed Income Markets and Services in ICG, which more than offset lower non-interest revenue in Investment Banking in ICG and PBWM. Net income of $4.5 billion decreased 27% from the prior-year period, as higher cost of credit and an 8% increase in expenses more than offset the 11% increase in revenues. Earnings per share of $2.19 decreased 23% from the prior-year period, reflecting the lower net income, partly offset by an approximate 4% decline in shares outstanding. Percentage comparisons throughout this press release are calculated for the second quarter 2022 versus the second quarter 2021, unless otherwise specified.		Citi CEO Jane Fraser said, “While the world has changed since our Investor Day in March, our strategy has not and we are executing it with discipline and urgency. Treasury and Trade Solutions fired on all cylinders as clients took advantage of our global network, leading to the best quarter this business has had in a decade. Trading volatility continued to create strong corporate client activity for us, driving revenue growth of 25% in Markets. While economic sentiment clearly impacted Investment Banking and Wealth Management, we continue to invest in these businesses and we like where they are headed. In U.S. Personal Banking, the positive drivers we saw in our two credit cards businesses over the last few quarters converted into solid revenue growth this quarter, most notably, 10% growth in Branded Cards. “In a challenging macro and geopolitical environment, our team delivered solid results and we are in a strong position to weather uncertain times, given our liquidity, credit quality and reserve levels. I am particularly pleased with our capital strength. We ended the quarter with a Common Equity Tier 1 ratio of 11.9%, having built capital due to a higher regulatory requirement. We intend to generate significant capital for our investors, given our earnings power and the upcoming divestitures,” Ms. Fraser concluded.

Second Quarter Financial Results


Citigroup ($ in millions, except per share amounts and as otherwise noted)	2Q'22		1Q'22		2Q'21		QoQ%	YoY%
Institutional Clients Group	$	11,419	$	11,160	$	9,549	2%	20%
Personal Banking and Wealth Management		6,029		5,905		5,698	2%	6%
Legacy Franchises		1,935		1,931		2,279	-	(15)%
Corporate / Other		255		190		227	34%	12%
Total revenues, net of interest expense		19,638		19,186		17,753	2%	11%

Total operating expenses		12,393		13,165		11,471	(6)%	8%

Net credit losses		850		872		1,320	(3)%	(36)%
Net ACL build / (release)(a)		375		(138)		(2,402)	NM	NM
Other provisions(b)		49		21		16	NM	NM
Total cost of credit		1,274		755		(1,066)	69%	NM

Income from continuing operations before income taxes		5,971		5,266		7,348	13%	(19)%
Provision for income taxes		1,182		941		1,155	26%	2%
Income from continuing operations		4,789		4,325		6,193	11%	(23)%
Income (loss) from discontinued operations, net of taxes(5)		(221)		(2)		10	NM	NM
Net income attributable to non-controlling interest		21		17		10	24%	NM
Citigroup's net income	$	4,547	$	4,306	$	6,193	6%	(27)%

Income (loss) from continuing operations, net of taxes
Institutional Clients Group		3,978		2,658		3,433	50%	16%
Personal Banking and Wealth Management		553		1,860		1,805	(70)%	(69)%
Legacy Franchises		(15)		(385)		492	96%	NM
Corporate / Other		273		192		463	42%	(41)%

EOP loans ($B)		657		660		677	-	(3)%
EOP assets ($B)		2,381		2,394		2,328	(1)%	2%
EOP deposits ($B)		1,322		1,334		1,310	(1)%	1%

Book value per share	$	92.95	$	92.03	$	90.86	1%	2%
Tangible book value per share(4)	$	80.25	$	79.03	$	77.87	2%	3%
Common Equity Tier 1 (CET1) Capital ratio(2)		11.9%		11.4%		11.8%
Supplementary Leverage ratio (SLR)(2)		5.6%		5.6%		5.8%
Return on average common equity		9.7%		9.0%		13.0%
Return on average tangible common equity (RoTCE)(1)		11.2%		10.5%		15.2%

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

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

(b) Includes provisions for policyholder benefits and claims, HTM debt securities and other assets.

Citigroup

Citigroup revenues of $19.6 billion in the second quarter 2022 increased 11%, driven by increased rates, client activity in Markets and continued momentum in the U.S. cards businesses, partially offset by a slowdown in Investment Banking activity as well as investment fee headwinds in Global Wealth Management.

Citigroup operating expenses of $12.4 billion in the second quarter 2022 increased 8%, driven by continued investments in Citi’s transformation, higher business-led investments and volume-related expenses, partially offset by productivity savings.

Citigroup cost of credit of $1.3 billion in the second quarter 2022 compared to $(1.1) billion in the prior-year period, reflecting a net build in the allowance for credit losses (ACL) of $0.4 billion, compared to a net ACL release of $2.4 billion in the prior-year period, partially offset by lower net credit losses.

Citigroup net income of $4.5 billion in the second quarter 2022 decreased 27% from the prior-year period, driven by the higher cost of credit and the higher expenses, partially offset by the increase in revenues. Citigroup’s effective tax rate was 19.8% in the current quarter versus 15.7% in the second quarter 2021.

The higher tax rate for the current quarter reflected lower tax benefits related to certain non-U.S. operations.

Citigroup’s total allowance for credit losses on loans was approximately $16.0 billion at quarter end, with a reserve-to-funded loans ratio of 2.44%, compared to $19.2 billion, or 2.88% of funded loans, at the end of the prior-year period. Total non-accrual loans decreased 31% from the prior-year period to $3.0 billion. Consumer non-accrual loans decreased 35% to $1.4 billion, while corporate non-accrual loans of $1.7 billion decreased 26% from the prior-year period.

Citigroup’s end-of-period loans were $657 billion as of quarter end, down 3% versus the prior-year period.

Citigroup’s end-of-period deposits were $1.3 trillion as of quarter end, up 1% versus the prior-year period.

Citigroup’s book value per share of $92.95 and tangible book value per share of $80.25 increased 2% and 3%, respectively, largely driven by net income and lower shares outstanding, partially offset by adverse movements in the accumulated other comprehensive income component of equity and common dividends. At quarter end, Citigroup’s CET1 Capital ratio was 11.9% versus 11.4% in the prior quarter. Citigroup’s SLR for the second quarter 2022 was 5.6%, unchanged from the prior quarter. During the quarter, Citigroup returned a total of $1.3 billion to common shareholders in the form of dividends and repurchases.


Institutional Clients Group ($ in millions, except as otherwise noted)	2Q'22		1Q'22		2Q'21		QoQ%	YoY%
Securities Services	$	994	$	858	$	855	16%	16%
Treasury and Trade Solutions		3,029		2,590		2,285	17%	33%
Total Services revenues		4,023		3,448		3,140	17%	28%
Fixed Income Markets		4,084		4,299		3,111	(5)%	31%
Equity Markets		1,236		1,527		1,144	(19)%	8%
Total Markets revenues		5,320		5,826		4,255	(9)%	25%
Investment Banking		805		1,028		1,503	(22)%	(46)%
Corporate Lending(a)		777		689		688	13%	13%
Total Banking revenues(a)		1,582		1,717		2,191	(8)%	(28)%
Product revenues, net of interest expense(a)		10,925		10,991		9,586	(1)%	14%
Gain / (loss) on loan hedges		494		169		(37)	NM	NM
Total revenues, net of interest expense		11,419		11,160		9,549	2%	20%

Total operating expenses		6,434		6,723		5,829	(4)%	10%

Net credit losses		18		30		68	(40)%	(74)%
Net ACL build / (release)(b)		(245)		948		(765)	NM	68%
Other provisions(c)		25		(7)		3	NM	NM
Total cost of credit		(202)		971		(694)	NM	71%

Net income	$	3,961	$	2,640	$	3,421	50%	16%

Services Key Drivers
Cross border transaction value ($B)		79		76		68	5%	17%
Commercial card spend volume ($B)		15		11		9	32%	61%
US dollar clearing volume (#MM)		37		36		36	2%	2%
Assets under custody and/or administration (AUC/AUA) ($T)		21		23		23	(8)%	(7)%

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

(a) Excludes gain / (loss) on credit derivatives as well as the mark-to-market on loans at fair value. For additional information, please refer to Footnote 6.

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

Institutional Clients Group

ICG revenues of $11.4 billion increased 20% (including gain/(loss) on loan hedges(6)), driven by Services and Markets, partially offset by a decrease in Investment Banking revenues.

Services revenues of $4.0 billion increased 28% versus the prior year. Treasury and Trade Solutions revenues of $3.0 billion increased 33%, driven by 42% growth in net interest income, as well as 17% growth in non-interest revenue, reflecting strong growth with both mid and large corporate clients. Securities Services revenues of $994 million increased 16%, as net interest income grew 41%, driven by higher interest rates across currencies, and non-interest revenue grew 8%, reflecting elevated levels of corporate settlement activity in Issuer Services.

Markets revenues of $5.3 billion were up 25% versus the prior year, driven by higher volatility leading to elevated client engagement. Fixed Income Markets revenues of $4.1 billion increased 31%, primarily reflecting strong client engagement in the rates, currencies and commodities businesses. Equity Markets revenues of $1.2 billion were up 8%, driven by strong equity derivatives performance, partially offset by less client activity in cash, and a net decrease in prime balances, as lower asset valuations more than offset new client balances.

Banking revenues of $2.1 billion decreased 4% versus the prior-year period (including gain/(loss) on loan hedges). Excluding the gain/(loss) on loan hedges, Banking revenues of $1.6 billion decreased 28% versus the prior year. Investment Banking revenues of $805 million declined 46%, as heightened geopolitical uncertainty and the overall macroeconomic backdrop reduced capital markets activity and M&A. The decline in Investment Banking revenues were partially offset by higher revenues in Corporate Lending.

ICG operating expenses of $6.4 billion increased 10%, driven by continued investments in Citi’s transformation, higher business-led investments and volume-related expenses, partially offset by productivity savings.

ICG cost of credit of $(202) million compared to $(694) million in the prior-year period, with a net ACL release of $245 million and net credit losses of $18 million. The release was largely driven by a reduction in Russia-related risk in the quarter, partially offset by a build due to increased macroeconomic uncertainty.

ICG net income of $4.0 billion increased 16% from the prior year, driven by the higher revenues, partially offset by the higher expenses and the higher cost of credit.


Personal Banking and Wealth Management ($ in millions, except as otherwise noted)	2Q'22		1Q'22		2Q'21		QoQ%	YoY%
Branded Cards	$	2,168	$	2,090	$	1,968	4%	10%
Retail Services		1,300		1,299		1,210	-	7%
Retail Banking		656		595		618	10%	6%
Total US Personal Banking revenues		4,124		3,984		3,796	4%	9%
Private Bank		745		779		747	(4)%	-
Wealth at Work		170		183		171	(7)%	(1)%
Citigold		990		959		984	3%	1%
Total Global Wealth Management revenues		1,905		1,921		1,902	(1)%	-
Total revenues, net of interest expense		6,029		5,905		5,698	2%	6%

Total operating expenses		3,985		3,889		3,547	2%	12%

Net credit losses		699		691		862	1%	(19)%
Net ACL build / (release)(a)		651		(1,064)		(1,035)	NM	NM
Other provisions(b)		5		(3)		3	NM	67%
Total cost of credit		1,355		(376)		(170)	NM	NM

Net income	$	553	$	1,860	$	1,805	(70)%	(69)%

Key Indicators ($B)
US Personal Banking average loans		167		161		157	4%	6%
US Personal Banking average deposits		116		118		113	(2)%	3%
US cards average loans		133		128		122	4%	9%
US credit card spend volume(c)		148		128		127	15%	16%
Global Wealth Management client assets		730		788		790	(7)%	(8)%
Global Wealth Management average loans		150		151		147	(1)%	2%
Global Wealth Management average deposits		319		329		297	(3)%	7%

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

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

(b) Includes provisions for policyholder benefits and claims, HTM debt securities and other assets.

Personal Banking and Wealth Management

PBWM revenues of $6.0 billion increased 6%, as net interest income growth was partially offset by a decline in non-interest revenue, largely driven by partner payments in Retail Services.

US Personal Banking revenues of $4.1 billion increased 9%. Branded Cards revenues of $2.2 billion increased 10%, driven by higher interest on higher loan balances. New accounts and card spend volumes increased 18% while average loans increased 11%. Retail Services revenues of $1.3 billion increased 7%, driven by higher interest on higher loan balances, partially offset by higher partner payments. Retail Banking revenues of $656 million increased 6%, largely driven by higher deposit spreads and volumes.

Global Wealth Management revenues of $1.9 billion were flat, as investment fee headwinds, particularly in Asia, were offset by growth in average deposits and loans.

PBWM operating expenses of $4.0 billion increased 12%, driven by continued investments in Citi’s transformation, higher business-led investments and volume-driven expenses, partially offset by productivity savings.

PBWM cost of credit of $1.4 billion compared to $(170) million in the prior-year period, largely driven by a net ACL build of $651 million in the current quarter, compared to a net ACL release of $1.0 billion in the prior-year period, reflecting increased macroeconomic uncertainty. Net credit losses declined 19%, reflecting continued strong credit performance across portfolios.

PBWM net income of $553 million decreased 69%, largely driven by the higher expenses and the ACL build, partially offset by the higher revenues.


Legacy Franchises ($ in millions, except as otherwise noted)	2Q'22		1Q'22		2Q'21		QoQ%	YoY%
Asia Consumer	$	880	$	787	$	1,052	12%	(16)%
Mexico Consumer/SBMM(a)		1,184		1,139		1,184	4%	-
Legacy Holdings Assets		(129)		5		43	NM	NM
Total Legacy revenues, net of interest expense		1,935		1,931		2,279	-	(15)%

Total operating expenses		1,814		2,293		1,788	(21)%	1%

Net credit losses		133		151		390	(12)%	(66)%
Net ACL build / (release)(b)		(31)		(22)		(602)	(41)%	95%
Other provisions(c)		19		31		8	(39)%	NM
Total cost of credit		121		160		(204)	(24)%	NM

Net income (loss)	$	(17)	$	(383)	$	494	96%	NM

Key Indicators ($B)
Asia Consumer EOP loans		17		20		54	(11)%	(68)%
Asia Consumer EOP deposits		17		18		54	(2)%	(68)%
Mexico Consumer/SBMM EOP loans(a)		21		21		20	-	3%
Mexico Consumer/SBMM EOP deposits(a)		36		34		33	5%	8%
Legacy Holdings EOP loans		3		4		5	(14)%	(36)%

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

(a) SBMM refers to Small Business & Middle Market Banking.

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

Legacy Franchises

Legacy Franchises revenues of $1.9 billion decreased 15% versus the prior year, largely driven by the impacts related to the Australia consumer banking sale and Korea wind-down, as well as lower investment activity in Asia Consumer.

Legacy Franchises expenses of $1.8 billion increased 1%.

Legacy Franchises cost of credit of $121 million compared to $(204) million in the prior-year period, primarily driven by a lower net ACL release, partially offset by lower net credit losses.

Legacy Franchises net loss of $(17) million compared to net income of $494 million in the prior-year period, reflecting the lower revenues, the higher expenses and the higher cost of credit.


Corporate / Other ($ in millions)	2Q'22		1Q'22		2Q'21		QoQ%	YoY%
Revenues, net of interest expense	$	255	$	190	$	227	34%	12%

Total operating expenses		160		260		307	(38)%	(48)%

Total cost of credit(a)		-		-		2	-	(100)%

Income from continuing operations		273		192		463	42%	(41)%

Net income	$	50	$	189	$	473	(74)%	(89)%

(a) Includes provisions for HTM debt securities and other assets.

Corporate / Other

Corporate / Other revenues of $255 million increased 12%, largely driven by higher net revenues from the investment portfolio.

Corporate / Other expenses of $160 million decreased 48% versus the prior-year period, driven by certain settlements and the impact of foreign currency translation into U.S. Dollars for reporting purposes.

Corporate / Other income from continuing operations of $273 million compared to $463 million in the prior-year period, largely reflecting lower tax benefits related to certain non-U.S. operations.

Citigroup will host a conference call today at 11:00 AM (ET). A live webcast of the presentation, as well as financial results and presentation materials, will be available at www.citigroup.com/citi/investor. Dial-in numbers for the conference call are as follows: (800) 343-1703 (for U.S. and Canada callers) or (203) 518-9859 (for international callers).

Additional financial, statistical and business-related information, as well as business and segment trends, is included in a Quarterly Financial Data Supplement. Both this earnings release and Citigroup’s Second Quarter 2022 Quarterly Financial Data Supplement are available on Citigroup’s website at www.citigroup.com.

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Certain statements in this release are “forward-looking statements” within the meaning of the rules and regulations of the Private Securities Litigation and 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: higher inflation and its impacts; higher interest rates and the impacts on macroeconomic conditions, customer and client behavior, as well as Citi’s funding costs; the impacts related to or resulting from Russia’s military action in Ukraine, including the imposition of additional sanctions and export controls, as well as the broader impacts to financial markets and the global macroeconomic and geopolitical environments; consummation of Citi’s exits and wind-down, and the impact of any additional CTA or other losses; macroeconomic and other challenges and uncertainties related to the COVID-19 pandemic, such as the impacts to the U.S. and global economies; and the precautionary statements included in this release. These factors also consist of those contained in Citigroup’s filings with the U.S. Securities Exchange and Commission, including without limitation the “Risk Factors” section of Citigroup’s 2021 Form 10-K. Any forward-looking statements made by or on behalf of Citigroup speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.

Contacts:
Investors: Jennifer Landis (212) 559-2718
Press: Danielle Romero-Apsilos (212) 816-2264

Appendix A



Citigroup ($ in millions)
Net Income	$	4,547
Less: Preferred Dividends		238
Net Income to Common Shareholders	$	4,309

Common Share Repurchases		250
Common Dividends		1,010
Total Capital Returned to Common Shareholders	$	1,260

Payout Ratio		29%

Average TCE	$	154,439

RoTCE		11.2%

Appendix B


($ in millions)		2Q'22(1)		1Q'22		2Q'21


Citigroup Common Stockholders' Equity(2)	$	180,150	$	178,845	$	184,289
Add: Qualifying noncontrolling interests		129		126		138
Regulatory Capital Adjustments and Deductions:
Add: CECL transition provision(3)		2,271		2,271		3,774
Less:
Accumulated net unrealized gains (losses) on cash flow hedges, net of tax		(2,106)		(1,440)		864
Cumulative unrealized net gain (loss) related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax		2,145		27		(1,258)
Intangible Assets:
Goodwill, net of related deferred tax liabilities (DTLs)(4)		19,504		20,120		20,999
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs		3,599		3,698		3,986
Defined benefit pension plan net assets; other		2,038		2,230		2,040
Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards		11,757		11,701		11,192
Excess over 10% / 15% limitations for other DTAs, certain common stock investments, and MSRs(5)		727		1,157		-

Common Equity Tier 1 Capital (CET1)(6)	$	144,886	$	143,749	$	150,378

Risk-Weighted Assets (RWA)(3)(6)	$	1,220,000	$	1,263,298	$	1,277,234

Common Equity Tier 1 Capital Ratio (CET1 / RWA)(6)		11.9%		11.4%		11.8%

Note: Citi’s reportable CET1 Capital ratios were derived under the Basel III Standardized Approach framework for all periods reflected. This reflects the more binding CET1 Capital ratios under both the Standardized Approach and the Advanced Approaches under the Collins Amendment.

(1)	Preliminary.

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

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

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

(5)

Assets subject to 10%/15% limitations include MSRs, DTAs arising from temporary differences and significant common stock investments in unconsolidated financial institutions. As of March 31, 2022 and June 30, 2022, the deduction related only to DTAs arising from temporary differences that exceeded the 10% limitation.

(6)	Certain prior period amounts and ratios have been revised to conform with enhancements made in the current period.

Appendix C


($ in millions)		2Q'22(1)		1Q'22		2Q'21

Common Equity Tier 1 Capital (CET1)(2)	$	144,886	$	143,749	$	150,378

Additional Tier 1 Capital (AT1)(3)		20,265		20,266		19,258

Total Tier 1 Capital (T1C) (CET1 + AT1)	$	165,151	$	164,015	$	169,636

Total Leverage Exposure (TLE)(2)(4)	$	2,936,894	$	2,939,533	$	2,903,760

Supplementary Leverage Ratio (T1C / TLE)		5.6%		5.6%		5.8%

(1)	Preliminary.

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

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

(4)	Certain prior period amounts and ratios have been revised to conform with enhancements made in the current period.

Appendix D


($ and shares in millions, except per share amounts)	2Q'22(1)		1Q'22		2Q'21

Common Stockholders' Equity	$	180,019	$	178,714	$	184,164
Less:
Goodwill		19,597		19,865		22,060
Intangible Assets (other than MSRs)		3,926		4,002		4,268
Goodwill and Identifiable Intangible Assets (other than MSRs) Related to Assets Held-for-Sale		1,081		1,384		-
Tangible Common Equity (TCE)	$	155,415	$	153,463	$	157,836

Common Shares Outstanding (CSO)		1,937		1,942		2,027

Tangible Book Value Per Share	$	80.25	$	79.03	$	77.87

(1)Preliminary.

(1) Preliminary. Citigroup’s return on average tangible common equity (RoTCE) is a non-GAAP financial measure. RoTCE represents annualized net income available to common shareholders as a percentage of average tangible common equity (TCE). For the components of the calculation, see Appendix A.

(2) Ratios as of June 30, 2022 are preliminary. Citigroup’s Common Equity Tier 1 (CET1) Capital ratio and Supplementary Leverage ratio (SLR) reflect certain deferrals based on the modified regulatory capital transition provision related to the Current Expected Credit Losses (CECL) standard. Excluding these deferrals, Citigroup’s CET1 Capital ratio and SLR as of June 30, 2022 would be 11.7% and 5.5%, respectively, on a fully reflected basis. For additional information, please refer to the “Capital Resources” section of Citigroup’s 2021 Annual Report on Form 10-K. Certain prior-period amounts have been revised to conform with enhancements made in the current period.

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

(3) Citigroup’s payout ratio is the sum of common dividends and common share repurchases divided by net income available to common shareholders. For the components of the calculation, see Appendix A.

(4) Citigroup’s tangible book value per share is a non-GAAP financial measure. For a reconciliation of this measure to reported results, see Appendix D.

(5) Second quarter 2022 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.

(6) Credit derivatives are used to economically hedge a portion of the Corporate Loan portfolio that includes both accrual loans and loans at fair value. Gains / (losses) 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 second quarter 2022, gains / (losses) on loan hedges included $494 million related to Corporate Lending, compared to $(37) 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 gains / (losses) on loan hedges are non-GAAP financial measures.

EX-99.2 3 c-20220715xex99d2.htm EXHIBIT 99.2

Exhibit 99.2

citi-r_2c-blu_pos_rgb


CITIGROUP -- QUARTERLY FINANCIAL DATA SUPPLEMENT		2Q22


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

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

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

CITIGROUP FINANCIAL SUMMARY

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

	2Q			3Q			4Q			1Q			2Q			2Q22 Increase/ (Decrease) from		Six Months			Six Months			YTD 2022 vs. YTD 2021 Increase/
	2021			2021			2021			2022			2022			1Q22	2Q21	2021			2022			(Decrease)
Total revenues, net of interest expense(1)(2)	$	17,753		$	17,447		$	17,017		$	19,186		$	19,638		2%	11%	$	37,420		$	38,824		4%
Total operating expenses(1)(3)		11,471			11,777			13,532			13,165			12,393		(6%)	8%		22,884			25,558		12%
Net credit losses (NCLs)		1,320			961			866			872			850		(3%)	(36%)		3,068			1,722		(44%)
Credit reserve build / (release) for loans		(2,446)			(1,149)			(1,176)			(612)			534		NM	NM		(5,673)			(78)		99%
Provision / (release) for unfunded lending commitments		44			(13)			(193)			474			(159)		NM	NM		(582)			315		NM
Provisions for benefits and claims, HTM debt securities and other assets		16			9			38			21			49		NM	NM		66			70		6%
Provisions for credit losses and for benefits and claims		(1,066)			(192)			(465)			755			1,274		69%	NM		(3,121)			2,029		NM
Income from continuing operations before income taxes		7,348			5,862			3,950			5,266			5,971		13%	(19%)		17,657			11,237		(36%)
Income taxes(4)		1,155			1,193			771			941			1,182		26%	2%		3,487			2,123		(39%)
Income from continuing operations		6,193			4,669			3,179			4,325			4,789		11%	(23%)		14,170			9,114		(36%)
Income (loss) from discontinued operations, net of taxes(5)		10			(1)			-			(2)			(221)		NM	NM		8			(223)		NM
Net income before noncontrolling interests		6,203			4,668			3,179			4,323			4,568		6%	(26%)		14,178			8,891		(37%)
Net income (loss) attributable to noncontrolling interests		10			24			6			17			21		24%	NM		43			38		(12%)
Citigroup's net income	$	6,193		$	4,644		$	3,173		$	4,306		$	4,547		6%	(27%)	$	14,135		$	8,853		(37%)

Diluted earnings per share:
Income from continuing operations	$	2.84		$	2.15		$	1.46		$	2.02		$	2.30		14%	(19%)	$	6.47		$	4.32		(33%)
Citigroup's net income	$	2.85		$	2.15		$	1.46		$	2.02		$	2.19		8%	(23%)	$	6.47		$	4.20		(35%)

Preferred dividends	$	253		$	266		$	229		$	279		$	238		(15%)	(6%)	$	545		$	517		(5%)

Income allocated to unrestricted common shareholders - basic
Income from continuing operations	$	5,889		$	4,353		$	2,924		$	4,004		$	4,495		12%	(24%)	$	13,474		$	8,499		(37%)
Citigroup's net income	$	5,899		$	4,352		$	2,924		$	4,002			4,274		7%	(28%)	$	13,482		$	8,276		(39%)

Income allocated to unrestricted common shareholders - diluted
Income from continuing operations	$	5,897		$	4,361		$	2,932		$	4,012		$	4,506		12%	(24%)	$	13,490		$	8,518		(37%)
Citigroup's net income	$	5,907		$	4,360		$	2,932		$	4,010		$	4,285		7%	(27%)	$	13,498		$	8,295		(39%)

Shares (in millions):
Average basic		2,056.5			2,009.3			1,984.3			1,971.7			1,941.5		(2%)	(6%)		2,069.3			1,956.6		(5%)
Average diluted		2,073.0			2,026.2			2,001.6			1,988.2			1,958.1		(2%)	(6%)		2,084.8			1,973.2		(5%)
Common shares outstanding, at period end		2,026.8			1,984.3			1,984.4			1,941.9			1,936.7		-	(4%)

Regulatory capital ratios and performance metrics:
Common Equity Tier 1 (CET1) Capital ratio(6)(7)(8)		11.77	%		11.65	%		12.25	%		11.38	%		11.9	%
Tier 1 Capital ratio(6)(7)(8)		13.28	%		13.15	%		13.91	%		12.98	%		13.5	%
Total Capital ratio(6)(7)(8)		15.58	%		15.37	%		16.04	%		14.84	%		15.1	%
Supplementary Leverage ratio (SLR)(6)(8)(9)		5.84	%		5.80	%		5.73	%		5.58	%		5.6	%
Return on average assets		1.06	%		0.79	%		0.53	%		0.74	%		0.77	%				1.22	%		0.75	%
Return on average common equity		13.0	%		9.5	%		6.4	%		9.0	%		9.7	%				15.1	%		9.3	%
Average tangible common equity (TCE) (in billions of dollars)	$	156.9		$	157.4		$	157.0		$	155.3		$	154.4		(1%)	(2%)	$	155.8		$	155.3		-
Return on average tangible common equity (RoTCE)		15.2	%		11.0	%		7.4	%		10.5	%		11.2	%				17.6	%		10.8	%
Efficiency ratio (total operating expenses/total revenues, net)		64.6	%		67.5	%		79.5	%		68.6	%		63.1	%	-550 bps	-150 bps		61.2	%		65.8	%	460 bps

Balance sheet data (in billions of dollars, except per share amounts):
Total assets	$	2,327.9		$	2,361.9		$	2,291.4		$	2,394.1		$	2,380.9		(1%)	2%
Total average assets		2,341.8			2,346.0			2,386.2			2,374.0			2,380.1		-	2%		2,329.3			2,377.1		2%
Total loans		676.8			664.8			667.8			659.7			657.3		-	(3%)
Total deposits		1,310.3			1,347.5			1,317.2			1,333.7			1,321.8		(1%)	1%
Citigroup's stockholders' equity		202.2			200.9			202.0			197.7			199.0		1%	(2%)
Book value per share		90.86			92.16			92.21			92.03			92.95		1%	2%
Tangible book value per share		77.87			79.07			79.16			79.03			80.25		2%	3%

Direct staff (in thousands)		214			220			223			228			231		1%	8%

(1)	During the fourth quarter of 2021, Citi reclassified deposit insurance expenses from Interest expense to Other operating expenses for all periods presented. For additional information, see Note 1 to the Consolidated Financial Statements in Citi's 2021 Annual Report on Form 10-K.

(2)	The third quarter of 2021 includes an approximate $680 million loss on sale (an approximate $580 million after-tax), related to Citi's agreement to sell its Australia consumer banking business.

(3)	The fourth quarter of 2021 includes approximately $1.052 billion in expenses (approximately $792 million after-tax), primarily related to charges incurred from the voluntary early retirement plan (VERP) in connection with the wind-down of Citi's consumer banking business in Korea.

(4)	2021 includes an approximate $600 million benefit from a reduction in Citi’s valuation allowance related to its Deferred Tax Assets (DTAs).

(5)

2Q22 discontinued operations reflects the release of a currency translation adjustment (CTA) loss (net of hedges) recorded in Accumulated Other Comprehensive Income (AOCI) related to the substantial liquidation of a legal entity (with a non-U.S. dollar functional currency), that had previously divested a legacy business.

(6)	2Q22 is preliminary.

(7)

For all periods presented, Citi's reportable CET1 Capital and Tier 1 Capital ratios were derived under the Basel III Standardized Approach framework, whereas Citi's reportable Total Capital ratios were derived under the Basel III Advanced Approaches framework. These reportable ratios reflect the more binding ratios under both the Standardized Approach and the Advanced Approaches under the Collins Amendment. For the composition of Citi's CET1 Capital and ratio, see page 18.

(8)	Citi's regulatory capital ratios 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" in Citi's 2021 Annual Report on Form 10-K.

(9)	For the composition of Citi's SLR, see page 18.

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

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 1

CITIGROUP CONSOLIDATED STATEMENT OF INCOME

(In millions of dollars)


	2Q		3Q		4Q		1Q		2Q		2Q22 Increase/ (Decrease) from		Six Months		Six Months		YTD 2022 vs. YTD 2021 Increase/
	2021		2021		2021		2022		2022		1Q22	2Q21	2021		2022		(Decrease)

Revenues
Interest revenue	$	12,463	$	12,650	$	12,828	$	13,151	$	15,630	19%	25%	$	24,997	$	28,781	15%
Interest expense(1)		1,985		1,959		2,009		2,280		3,666	61%	85%		4,013		5,946	48%
Net interest income (NII)		10,478		10,691		10,819		10,871		11,964	10%	14%		20,984		22,835	9%

Commissions and fees		3,374		3,399		3,229		2,568		2,452	(5%)	(27%)		7,044		5,020	(29%)
Principal transactions		2,304		2,233		1,704		4,590		4,525	(1%)	96%		6,217		9,115	47%
Administrative and other fiduciary fees		1,022		1,007		953		966		1,023	6%	-		1,983		1,989	-
Realized gains (losses) on investments		137		117		10		80		(58)	NM	NM		538		22	(96%)
Impairment losses on investments and other assets		(13)		(30)		(94)		(90)		(96)	(7%)	NM		(82)		(186)	NM
Provision for credit losses on AFS debt securities(2)		-		(1)		(2)		-		2	NM	NM		-		2	NM
Other revenue (loss)		451		31		398		201		(174)	NM	NM		736		27	(96%)
Total non-interest revenues (NIR)		7,275		6,756		6,198		8,315		7,674	(8%)	5%		16,436		15,989	(3%)
Total revenues, net of interest expense		17,753		17,447		17,017		19,186		19,638	2%	11%		37,420		38,824	4%


Provisions for credit losses and for benefits and claims
Net credit losses		1,320		961		866		872		850	(3%)	(36%)		3,068		1,722	(44%)
Credit reserve build / (release) for loans		(2,446)		(1,149)		(1,176)		(612)		534	NM	NM		(5,673)		(78)	99%
Provision for credit losses on loans		(1,126)		(188)		(310)		260		1,384	NM	NM		(2,605)		1,644	NM
Provision for credit losses on held-to-maturity (HTM) debt securities		4		(10)		14		(2)		20	NM	NM		(7)		18	NM
Provision for credit losses on other assets		(3)		(3)		(3)		(4)		7	NM	NM		6		3	(50%)
Policyholder benefits and claims		15		22		27		27		22	(19%)	47%		67		49	(27%)
Provision for credit losses on unfunded lending commitments		44		(13)		(193)		474		(159)	NM	NM		(582)		315	NM
Total provisions for credit losses and for benefits and claims(3)		(1,066)		(192)		(465)		755		1,274	69%	NM		(3,121)		2,029	NM

Operating expenses
Compensation and benefits		5,982		6,058		7,093		6,820		6,472	(5%)	8%		11,983		13,292	11%
Premises and equipment		558		560		620		543		619	14%	11%		1,134		1,162	2%
Technology / communication		1,895		1,997		2,084		2,016		2,068	3%	9%		3,747		4,084	9%
Advertising and marketing		340		402		478		311		414	33%	22%		610		725	19%
Other operating(1)		2,696		2,760		3,257		3,475		2,820	(19%)	5%		5,410		6,295	16%
Total operating expenses		11,471		11,777		13,532		13,165		12,393	(6%)	8%		22,884		25,558	12%

Income from continuing operations before income taxes		7,348		5,862		3,950		5,266		5,971	13%	(19%)		17,657		11,237	(36%)
Provision for income taxes (4)		1,155		1,193		771		941		1,182	26%	2%		3,487		2,123	(39%)

Income (loss) from continuing operations		6,193		4,669		3,179		4,325		4,789	11%	(23%)		14,170		9,114	(36%)
Discontinued operations(5)
Income (loss) from discontinued operations		10		(1)		-		(2)		(262)	NM	NM		8		(264)	NM
Provision (benefit) for income taxes		-		-		-		-		(41)	NM	NM		-		(41)	NM
Income (loss) from discontinued operations, net of taxes		10		(1)		-		(2)		(221)	NM	NM		8		(223)	NM

Net income before noncontrolling interests		6,203		4,668		3,179		4,323		4,568	6%	(26%)		14,178		8,891	(37%)
Net income (loss) attributable to noncontrolling interests		10		24		6		17		21	24%	NM		43		38	(12%)

Citigroup's net income	$	6,193	$	4,644	$	3,173	$	4,306	$	4,547	6%	(27%)	$	14,135	$	8,853	(37%)

(1)	See footnote 1 on page 1.

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

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

(4)	See footnote 4 on page 1.

(5)	See footnote 5 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)


											2Q22 Increase/
	June 30,		September 30,		December 31,		March 31,		June 30,		(Decrease) from
	2021		2021		2021		2022		2022(1)		1Q22	2Q21
Assets
Cash and due from banks (including segregated cash and other deposits)	$	27,117	$	28,906	$	27,515	$	27,768	$	24,902	(10%)	(8%)
Deposits with banks, net of allowance		272,121		294,902		234,518		244,319		259,128	6%	(5%)
Securities borrowed and purchased under agreements to resell, net of allowance		309,047		337,696		327,288		345,410		361,334	5%	17%
Brokerage receivables, net of allowance		61,138		59,487		54,340		89,218		80,486	(10%)	32%
Trading account assets		370,950		342,914		331,945		357,997		340,875	(5%)	(8%)
Investments
Available-for-sale debt securities, net of allowance		302,977		295,573		288,522		264,774		238,499	(10%)	(21%)
Held-to-maturity debt securities, net of allowance		176,742		198,056		216,963		242,547		267,592	10%	51%
Equity securities		7,344		7,220		7,337		7,281		7,787	7%	6%
Total investments		487,063		500,849		512,822		514,602		513,878	-	6%
Loans, net of unearned income
Consumer(2)		380,804		369,292		376,534		350,328		355,605	2%	(7%)
Corporate(3)		296,030		295,472		291,233		309,341		301,728	(2%)	2%
Loans, net of unearned income		676,834		664,764		667,767		659,669		657,333	-	(3%)
Allowance for credit losses on loans (ACLL)		(19,238)		(17,715)		(16,455)		(15,393)		(15,952)	(4%)	17%
Total loans, net		657,596		647,049		651,312		644,276		641,381	-	(2%)
Goodwill		22,060		21,573		21,299		19,865		19,597	(1%)	(11%)
Intangible assets (including MSRs)		4,687		4,553		4,495		4,522		4,526	-	(3%)
Other assets, net of allowance		116,089		123,947		125,879		146,128		134,797	(8%)	16%
Total assets	$	2,327,868	$	2,361,876	$	2,291,413	$	2,394,105	$	2,380,904	(1%)	2%

Liabilities
Non-interest-bearing deposits in U.S. offices	$	149,373	$	145,103	$	158,552	$	153,666	$	147,214	(4%)	(1%)
Interest-bearing deposits in U.S. offices		485,589		567,902		543,283		557,327		565,785	2%	17%
Total U.S. deposits		634,962		713,005		701,835		710,993		712,999	-	12%
Non-interest-bearing deposits in offices outside the U.S.		101,723		94,016		97,270		98,579		100,266	2%	(1%)
Interest-bearing deposits in offices outside the U.S.		573,596		540,507		518,125		524,139		508,583	(3%)	(11%)
Total international deposits		675,319		634,523		615,395		622,718		608,849	(2%)	(10%)

Total deposits		1,310,281		1,347,528		1,317,230		1,333,711		1,321,848	(1%)	1%
Securities loaned and sold under agreements to resell		221,817		209,184		191,285		204,494		198,472	(3%)	(11%)
Brokerage payables		59,416		60,501		61,430		91,324		96,474	6%	62%
Trading account liabilities		174,706		179,286		161,529		188,059		180,453	(4%)	3%
Short-term borrowings		31,462		29,683		27,973		30,144		40,054	33%	27%
Long-term debt		264,575		258,274		254,374		253,954		257,425	1%	(3%)
Other liabilities(4)		62,701		75,810		74,920		94,066		86,552	(8%)	38%
Total liabilities	$	2,124,958	$	2,160,266	$	2,088,741	$	2,195,752	$	2,181,278	(1%)	3%

Equity
Stockholders' equity
Preferred stock	$	17,995	$	17,995	$	18,995	$	18,995	$	18,995	-	6%
Common stock		31		31		31		31		31	-	-
Additional paid-in capital		107,820		107,922		108,003		108,050		108,210	-	-
Retained earnings		179,686		183,024		184,948		187,962		191,261	2%	6%
Treasury stock, at cost		(68,253)		(71,246)		(71,240)		(73,744)		(73,988)	-	(8%)
Accumulated other comprehensive income (loss) (AOCI)(5)		(35,120)		(36,851)		(38,765)		(43,585)		(45,495)	(4%)	(30%)
Total common equity	$	184,164	$	182,880	$	182,977	$	178,714	$	180,019	1%	(2%)

Total Citigroup stockholders' equity	$	202,159	$	200,875	$	201,972	$	197,709	$	199,014	1%	(2%)
Noncontrolling interests		751		735		700		644		612	(5%)	(19%)
Total equity		202,910		201,610		202,672		198,353		199,626	1%	(2%)
Total liabilities and equity	$	2,327,868	$	2,361,876	$	2,291,413	$	2,394,105	$	2,380,904	(1%)	2%

(1)	Preliminary.

(2)	Consumer loans include loans managed by PBWM and Legacy Franchises (other than Mexico Small Business & 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.

(5)

As discussed in footnote 2 on page 1, Citi's third quarter of 2021 results include an approximate $680 million loss on sale (an approximate $580 million after-tax), related to Citi’s agreement to sell its Australia consumer banking business. The loss primarily reflects the impact of an approximate $625 million ($475 million (after-tax)) currency translation adjustment (CTA) loss (net of hedges) at September 30, 2021, December 31, 2021 and March 31, 2022, already reflected in the Accumulated Other Comprehensive Income (AOCI) component of equity. The sale closed during the second quarter of 2022, and the CTA balance was removed from the AOCI component of equity as of the end of the second quarter of 2022, resulting in a neutral impact from CTA to Citi’s Common Equity Tier 1 Capital.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 3

OPERATING SEGMENT AND REPORTING UNIT DETAILS

(In millions of dollars)


											2Q22 Increase/		Six		Six		YTD 2022 vs.
	2Q		3Q		4Q		1Q		2Q		(Decrease) from		Months		Months		YTD 2021 Increase/
	2021		2021		2021		2022		2022		1Q22	2Q21	2021		2022		(Decrease)
Net revenues
Institutional Clients Group	$	9,549	$	9,991	$	8,908	$	11,160	$	11,419	2%	20%	$	20,937	$	22,579	8%
Personal Banking and Wealth Management		5,698		5,852		5,785		5,905		6,029	2%	6%		11,690		11,934	2%
Legacy Franchises		2,279		1,536		2,193		1,931		1,935	-	(15%)		4,522		3,866	(15%)
Corporate/Other		227		68		131		190		255	34%	12%		271		445	64%
Total net revenues	$	17,753	$	17,447	$	17,017	$	19,186	$	19,638	2%	11%	$	37,420	$	38,824	4%

Income from continuing operations
Institutional Clients Group	$	3,433	$	3,115	$	2,330	$	2,658	$	3,978	50%	16%	$	8,863	$	6,636	(25%)
Personal Banking and Wealth Management		1,805		1,896		1,613		1,860		553	(70%)	(69%)		4,225		2,413	(43%)
Legacy Franchises		492		(201)		(620)		(385)		(15)	96%	NM		812		(400)	NM
Corporate/Other		463		(141)		(144)		192		273	42%	(41%)		270		465	72%
Income from continuing operations	$	6,193	$	4,669	$	3,179	$	4,325	$	4,789	11%	(23%)	$	14,170	$	9,114	(36%)

Discontinued operations		10		(1)		-		(2)		(221)	NM	NM		8		(223)	NM

Net income attributable to noncontrolling interests		10		24		6		17		21	24%	NM		43		38	(12%)

Net income	$	6,193	$	4,644	$	3,173	$	4,306	$	4,547	6%	(27%)	$	14,135	$	8,853	(37%)

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 4

INSTITUTIONAL CLIENTS GROUP

(In millions of dollars, except as otherwise noted)

	2Q		3Q		4Q		1Q		2Q		2Q22 Increase/ (Decrease) from				Six Months		Six Months		YTD 2022 vs. YTD 2021 Increase/
	2021		2021		2021		2022		2022		1Q22		2Q21		2021		2022		(Decrease)
Commissions and fees	$	1,071	$	1,055	$	1,064	$	1,130	$	1,125	-		5%			2,181		2,255	3%
Administration and other fiduciary fees		698		676		662		672		732	9%		5%			1,355		1,404	4%
Investment banking		1,568		1,685		1,669		1,039		990	(5%)		(37%)			3,355		2,029	(40%)
Principal transactions		2,135		2,229		1,654		4,442		4,358	(2%)		NM			5,880		8,800	50%
Other		317		608		91		93		(306)	NM		NM			673		(213)	NM
Total non-interest revenue		5,789		6,253		5,140		7,376		6,899	(6%)		19%			13,444		14,275	6%
Net interest income (including dividends)		3,760		3,738		3,768		3,784		4,520	19%		20%			7,493		8,304	11%
Total revenues, net of interest expense		9,549		9,991		8,908		11,160		11,419	2%		20%			20,937		22,579	8%
Total operating expenses		5,829		5,963		6,225		6,723		6,434	(4%)		10%			11,761		13,157	12%
Net credit losses on loans		68		31		82		30		18	(40%)		(74%)			243		48	(80%)
Credit reserve build / (release) for loans		(812)		14		(192)		596		(76)	NM		91%			(1,915)		520	NM
Provision for credit losses on unfunded lending commitments		47		(13)		(181)		352		(169)	NM		NM			(559)		183	NM
Provisions for credit losses for HTM debt securities and other assets		3		(8)		10		(7)		25	NM		NM			(2)		18	NM
Provision for credit losses		(694)		24		(281)		971		(202)	NM		71%			(2,233)		769	NM
Income from continuing operations before taxes		4,414		4,004		2,964		3,466		5,187	50%		18%			11,409		8,653	(24%)
Income taxes		981		889		634		808		1,209	50%		23%			2,546		2,017	(21%)
Income from continuing operations		3,433		3,115		2,330		2,658		3,978	50%		16%			8,863		6,636	(25%)
Noncontrolling interests		12		24		10		18		17	(6%)		42%			49		35	(29%)
Net income	$	3,421	$	3,091	$	2,320	$	2,640	$	3,961	50%		16%		$	8,814	$	6,601	(25%)
EOP assets (in billions)	$	1,654	$	1,670	$	1,613	$	1,704	$	1,700	-		3%
Average assets (in billions)		1,667		1,660		1,698		1,685		1,698	1%		2%			1,658		1,692	2%
Efficiency ratio		61%		60%		70%		60%		56%	(400)	bps	(500)	bps		56%		58%	200 bps

Revenue by reporting unit
Services	$	3,140	$	3,141	$	3,258	$	3,448	$	4,023	17%		28%		$	6,140	$	7,471	22%
Markets		4,255		4,387		3,343		5,826		5,320	(9%)		25%			10,188		11,146	9%
Banking		2,154		2,463		2,307		1,886		2,076	10%		(4%)			4,609		3,962	(14%)
Total revenues, net of interest expense	$	9,549	$	9,991	$	8,908	$	11,160	$	11,419	2%		20%		$	20,937	$	22,579	8%

Revenue by region
North America	$	3,279	$	3,727	$	3,278	$	3,722	$	4,410	18%		34%		$	7,754	$	8,132	5%
EMEA		3,127		2,981		2,705		4,030		3,566	(12%)		14%			6,729		7,596	13%
Latin America		1,035		1,129		1,113		1,141		1,266	11%		22%			2,035		2,407	18%
Asia		2,108		2,154		1,812		2,267		2,177	(4%)		3%			4,419		4,444	1%
Total revenues, net of interest expense	$	9,549	$	9,991	$	8,908	$	11,160	$	11,419	2%		20%		$	20,937	$	22,579	8%

Income (loss) from continuing operations by region
North America	$	1,074	$	718	$	768	$	589	$	1,501	NM		40%		$	3,603	$	2,090	(42%)
EMEA		1,101		990		672		928		1,172	26%		6%			2,541		2,100	(17%)
Latin America		507		580		473		359		544	52%		7%			1,007		903	(10%)
Asia		751		827		417		782		761	(3%)		1%			1,712		1,543	(10%)
Income from continuing operations	$	3,433	$	3,115	$	2,330	$	2,658	$	3,978	50%		16%		$	8,863	$	6,636	(25%)

Average loans by reporting unit (in billions)
Services	$	74	$	76	$	77	$	81	$	85	5%		15%		$	72	$	82	14%
Banking		197		196		195		194		199	3%		1%			197		197	-
Markets		16		17		17		14		13	(7%)		(19%)			15		14	(7%)
Total	$	287	$	289	$	289	$	289	$	297	3%		3%		$	284	$	293	3%

Average deposits by reporting unit (in billions)
Treasury and trade solutions (TTS)	$	652	$	668	$	684	$	664	$	665	-		2%		$	652	$	664	2%
Securities services		137		135		140		135		137	1%		-			133		136	2%
Services		789		803		824		799		802	-		2%			785		800	2%
Markets		29		28		28		27		28	4%		(3%)			29		28	(3%)
Total	$	818	$	831	$	852	$	826	$	830	-		1%		$	814	$	828	2%

Services Key Drivers (in billions of dollars, except as otherwise noted)
AUC/AUA (in trillions of dollars)	$	22.7	$	22.6	$	23.7	$	23.0	$	21.2	(8%)		(7%)
Cross border transaction value	$	67.8	$	69.0	$	78.2	$	75.6	$	79.3	5%		17%		$	132.3	$	154.9	17%
U.S.-dollar clearing volume (in millions)		36.0		37.0		37.8		36.1		36.7	2%		2%			71.4		72.8	2%
Commercial card spend volume	$	9.3	$	10.5	$	11.4	$	11.4	$	15.0	32%		61%		$	16.7	$	26.4	58%

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)

											2Q22 Increase/		Six		Six		YTD 2022 vs.
	2Q		3Q		4Q		1Q		2Q		(Decrease) from		Months		Months		YTD 2021 Increase/
	2021		2021		2021		2022		2022		1Q22	2Q21	2021		2022		(Decrease)
Services
Net interest income	$	1,640	$	1,613	$	1,682	$	1,907	$	2,327	22%	42%	$	3,257	$	4,234	30%
Non-interest revenue		1,500		1,528		1,576		1,541		1,696	10%	13%		2,883		3,237	12%
Total Services revenues	$	3,140	$	3,141	$	3,258	$	3,448	$	4,023	17%	28%	$	6,140	$	7,471	22%

Net interest income	$	1,427	$	1,389	$	1,444	$	1,659	$	2,026	22%	42%	$	2,832	$	3,685	30%
Non-interest revenue		858		908		960		931		1,003	8%	17%		1,641		1,934	18%
Treasury and trade solutions	$	2,285	$	2,297	$	2,404	$	2,590	$	3,029	17%	33%	$	4,473	$	5,619	26%

Net interest income	$	213	$	224	$	238	$	248	$	301	21%	41%	$	425	$	549	29%
Non-interest revenue		642		620		616		610		693	14%	8%		1,242		1,303	5%
Securities services	$	855	$	844	$	854	$	858	$	994	16%	16%	$	1,667	$	1,852	11%

Markets
Net interest income	$	1,379	$	1,265	$	1,250	$	1,109	$	1,383	25%	-	$	2,688	$	2,492	(7%)
Non-interest revenue		2,876		3,122		2,093		4,717		3,937	(17%)	37%		7,500		8,654	15%
Total Markets revenues	$	4,255	$	4,387	$	3,343	$	5,826	$	5,320	(9%)	25%	$	10,188	$	11,146	9%

Fixed income markets	$	3,111	$	3,040	$	2,425	$	4,299	$	4,084	(5%)	31%	$	7,457	$	8,383	12%
Equity markets		1,144		1,347		918		1,527		1,236	(19%)	8%		2,731		2,763	1%
Total	$	4,255	$	4,387	$	3,343	$	5,826	$	5,320	(9%)	25%	$	10,188	$	11,146	9%
Rates and currencies	$	1,978	$	2,112	$	1,721	$	3,231	$	3,277	1%	66%	$	5,002	$	6,508	30%
Spread products / other fixed income		1,133		928		704		1,068		807	(24%)	(29%)		2,455		1,875	(24%)
Total fixed income markets revenues	$	3,111	$	3,040	$	2,425	$	4,299	$	4,084	(5%)	31%	$	7,457	$	8,383	12%

Banking
Net interest income	$	741	$	860	$	836	$	768	$	810	5%	9%	$	1,548	$	1,578	2%
Non-interest revenue		1,413		1,603		1,471		1,118		1,266	13%	(10%)		3,061		2,384	(22%)
Total Banking revenues, including gain/(loss) on loan hedges	$	2,154	$	2,463	$	2,307	$	1,886	$	2,076	10%	(4%)	$	4,609	$	3,962	(14%)
Investment banking
Advisory	$	405	$	539	$	571	$	347	$	357	3%	(12%)	$	686	$	704	3%
Equity underwriting		484		468		462		185		177	(4%)	(63%)		1,319		362	(73%)
Debt underwriting		614		770		520		496		271	(45%)	(56%)		1,296		767	(41%)
Total investment banking		1,503		1,777		1,553		1,028		805	(22%)	(46%)		3,301		1,833	(44%)
Corporate lending - excluding gain/(loss) on loan hedges(1)		688		732		733		689		777	13%	13%		1,423		1,466	3%
Total Banking revenues (ex-gain/(loss) on loan hedges)(1)	$	2,191	$	2,509	$	2,286	$	1,717	$	1,582	(8%)	(28%)	$	4,724	$	3,299	(30%)
Gain/(loss) on loan hedges(1)		(37)		(46)		21		169		494	NM	NM		(115)		663	NM
Total Banking revenues including gain/(loss) on loan hedges(1)	$	2,154	$	2,463	$	2,307	$	1,886	$	2,076	10%	(4%)	$	4,609	$	3,962	(14%)

Total ICG revenues, net of interest expense	$	9,549	$	9,991	$	8,908	$	11,160	$	11,419	2%	20%	$	20,937	$	22,579	8%
Taxable-equivalent adjustments(2)		181		105		159		100		116	16%	(36%)		295		216	(27%)
Total ICG revenues - including taxable-equivalent adjustments(2)	$	9,730	$	10,096	$	9,067	$	11,260	$	11,535	2%	19%	$	21,232	$	22,795	7%

(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)


											2Q22 Increase/				Six		Six		YTD 2022 vs.
	2Q		3Q		4Q		1Q		2Q		(Decrease) from				Months		Months		YTD 2021 Increase/
	2021		2021		2021		2022		2022		1Q22		2Q21		2021		2022		(Decrease)

Net interest income	$	4,985	$	5,174	$	5,322	$	5,385	$	5,569	3%		12%		$	10,150	$	10,954	8%
Non-interest revenue		713		678		463		520		460	(12%)		(35%)			1,540		980	(36%)
Total revenues, net of interest expense		5,698		5,852		5,785		5,905		6,029	2%		6%			11,690		11,934	2%
Total operating expenses		3,547		3,624		4,017		3,889		3,985	2%		12%			6,969		7,874	13%
Net credit losses on loans		862		641		568		691		699	1%		(19%)			1,852		1,390	(25%)
Credit reserve build / (release) for loans		(1,040)		(836)		(866)		(1,062)		638	NM		NM			(2,582)		(424)	84%
Provision for credit losses on unfunded lending commitments		5		(7)		(3)		(2)		13	NM		NM			(6)		11	NM
Provisions for benefits and claims, and other assets		3		1		5		(3)		5	NM		67%			9		2	(78%)
Provisions for credit losses and for benefits and claims (PBC)		(170)		(201)		(296)		(376)		1,355	NM		NM			(727)		979	NM
Income (loss) from continuing operations before taxes		2,321		2,429		2,064		2,392		689	(71%)		(70%)			5,448		3,081	(43%)
Income taxes (benefits)		516		533		451		532		136	(74%)		(74%)			1,223		668	(45%)
Income (loss) from continuing operations		1,805		1,896		1,613		1,860		553	(70%)		(69%)			4,225		2,413	(43%)
Noncontrolling interests		-		-		-		-		-	-		-			-		-	-
Net income (loss)	$	1,805	$	1,896	$	1,613	$	1,860	$	553	(70%)		(69%)		$	4,225	$	2,413	(43%)
EOP assets (in billions)	$	452	$	477	$	464	$	476	$	479	1%		6%
Average assets (in billions)		458		474		476		474		474	-		3%			458		474	3%
Efficiency ratio		62%		62%		69%		66%		66%	-	bps	400	bps		60%		66%	600	bps

Revenue by reporting unit and component
Branded cards	$	1,968	$	2,045	$	2,073	$	2,090	$	2,168	4%		10%		$	4,072	$	4,258	5%
Retail services		1,210		1,277		1,290		1,299		1,300	-		7%			2,515		2,599	3%
Retail banking		618		629		624		595		656	10%		6%			1,253		1,251	-
U.S. Personal Banking		3,796		3,951		3,987		3,984		4,124	4%		9%			7,840		8,108	3%
Private bank		747		722		688		779		745	(4%)		-			1,533		1,524	(1%)
Wealth at Work		171		172		177		183		170	(7%)		(1%)			342		353	3%
Citigold		984		1,007		933		959		990	3%		1%			1,975		1,949	(1%)
Global Wealth Management		1,902		1,901		1,798		1,921		1,905	(1%)		-			3,850		3,826	(1%)
Total	$	5,698	$	5,852	$	5,785	$	5,905	$	6,029	2%		6%		$	11,690	$	11,934	2%

Average loans by reporting unit (in billions)
U.S. Personal Banking	$	157	$	158	$	162	$	161	$	167	4%		6%		$	158	$	164	4%
Global Wealth Management		147		151		150		151		150	(1%)		2%			146		151	3%
Total	$	304	$	309	$	312	$	312	$	317	2%		4%		$	304	$	315	4%

Average deposits by reporting unit (in billions)
U.S. Personal Banking	$	113	$	114	$	114	$	118	$	116	(2%)		3%		$	111	$	117	5%
Global Wealth Management		297		310		323		329		319	(3%)		7%			293		324	11%
Total	$	410	$	424	$	437	$	447	$	435	(3%)		6%		$	404	$	441	9%

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 7

PERSONAL BANKING AND WEALTH MANAGEMENT

Metrics


											2Q22 Increase/
	2Q		3Q		4Q		1Q		2Q		(Decrease) from
	2021		2021		2021		2022		2022		1Q22	2Q21

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

New account acquisitions (in thousands)
Branded cards		907		995		1,069		991		1,069	8%	18%
Retail services		2,792		2,526		3,126		2,178		2,634	21%	(6%)
Credit card spend volume
Branded cards	$	103.5	$	106.0	$	115.2	$	106.8	$	121.8	14%	18%
Retail services		23.6		22.7		27.1		21.4		26.1	22%	11%
Average loans(1)
Branded cards	$	79.4	$	81.9	$	84.5	$	84.0	$	87.9	5%	11%
Retail services		42.3		42.4		43.8		44.2		44.8	1%	6%
EOP loans(1)
Branded cards	$	82.1	$	82.8	$	87.9	$	85.9	$	91.6	7%	12%
Retail services		42.7		42.7		46.0		44.1		45.8	4%	7%
NII as a % of average loans(2)
Branded cards		8.90%		9.00%		8.93%		9.16%		8.86%
Retail services		15.70%		16.54%		16.55%		16.93%		17.32%
NCLs as a % of average loans
Branded cards		2.36%		1.73%		1.33%		1.46%		1.50%
Retail services		3.09%		2.23%		2.10%		2.31%		2.60%
Loans 90+ days past due as a % of EOP loans
Branded cards		0.56%		0.44%		0.44%		0.47%		0.46%
Retail services		1.08%		0.99%		1.05%		1.15%		1.16%
Loans 30-89 days past due as a % of EOP loans
Branded cards		0.43%		0.45%		0.46%		0.49%		0.47%
Retail services		0.97%		1.10%		1.17%		1.27%		1.27%

Average deposits	$	113	$	114	$	114	$	118	$	116	(2%)	3%
Branches (actual)		659		658		658		658		658	-	-
Mortgage originations	$	4.1	$	3.4	$	3.4	$	3.1	$	4.1	32%	-

Global Wealth Management Key Indicators (in billions of dollars)
Client assets	$	790	$	789	$	814	$	788	$	730	(7%)	(8%)
Average loans		147		151		150		151		150	(1%)	2%
Average deposits		297		310		323		329		319	(3%)	7%
U.S. mortgage originations		5.0		3.8		3.5		3.7		5.3	43%	6%

(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)


											2Q22 Increase/		Six		Six		YTD 2022 vs.
	2Q		3Q		4Q		1Q		2Q		(Decrease) from		Months		Months		YTD 2021 Increase/
	2021		2021		2021		2022		2022		1Q22	2Q21	2021		2022		(Decrease)

Net interest income	$	1,621	$	1,532	$	1,534	$	1,508	$	1,474	(2%)	(9%)	$	3,184	$	2,982	(6%)
Non-interest revenue(2)		658		4		659		423		461	9%	(30%)		1,338		884	(34%)
Total revenues, net of interest expense		2,279		1,536		2,193		1,931		1,935	-	(15%)		4,522		3,866	(15%)
Total operating expenses(3)		1,788		1,748		2,971		2,293		1,814	(21%)	1%		3,540		4,107	16%
Net credit losses on loans		390		289		216		151		133	(12%)	(66%)		973		284	(71%)
Credit reserve build / (release) for loans		(594)		(327)		(118)		(146)		(28)	81%	95%		(1,176)		(174)	85%
Provision for credit losses on unfunded lending commitments		(8)		7		(9)		124		(3)	NM	63%		(17)		121	NM
Provisions for benefits and claims, HTM debt securities and other assets		8		17		23		31		19	(39%)	NM		60		50	(17%)
Provisions for credit losses and for benefits and claims (PBC)		(204)		(14)		112		160		121	(24%)	NM		(160)		281	NM
Income from continuing operations before taxes		695		(198)		(890)		(522)		-	100%	(100%)		1,142		(522)	NM
Income taxes (benefits)		203		3		(270)		(137)		15	NM	(93%)		330		(122)	NM
Income (loss) from continuing operations		492		(201)		(620)		(385)		(15)	96%	NM		812		(400)	NM
Noncontrolling interests		(2)		(1)		(4)		(2)		2	NM	NM		(5)		-	100%
Net income (loss)	$	494	$	(200)	$	(616)	$	(383)	$	(17)	96%	NM	$	817	$	(400)	NM
EOP assets (in billions)	$	131	$	124	$	125	$	122	$	108	(11%)	(18%)
Average assets (in billions)		128		126		123		124		115	(7%)	(10%)		129		120	(7%)
Efficiency ratio		78%		114%		135%		119%		94%				78%		106%

Revenue by reporting unit and component
Asia Consumer	$	1,052	$	330	$	948	$	787	$	880	12%	(16%)	$	2,127	$	1,667	(22%)
Mexico Consumer/SBMM		1,184		1,162		1,168		1,139		1,184	4%	-		2,321		2,323	-
Legacy Holdings Assets		43		44		77		5		(129)	NM	NM		74		(124)	NM
Total	$	2,279	$	1,536	$	2,193	$	1,931	$	1,935	-	(15%)	$	4,522	$	3,866	(15%)

Asia Consumer - Key Indicators (in billions of dollars)
EOP loans	$	53.5	$	42.9	$	41.1	$	19.5	$	17.3	(11%)	(68%)
EOP deposits		54.0		46.6		43.3		17.5		17.2	(2%)	(68%)
Average loans		54.2		46.4		42.3		23.1		18.2	(21%)	(66%)	$	54.6	$	20.7	(62%)
Net credit losses on loans as a % of average loans		1.13%		1.10%		0.96%		0.79%		0.77%				1.40%		0.78%
Loans 90+ days past due as a % of EOP loans		0.65%		0.60%		0.51%		0.28%		0.29%
Loans 30-89 days past due as a % of EOP loans		0.87%		0.80%		0.69%		0.32%		0.40%

Mexico Consumer/SBMM - Key Indicators (in billions of dollars)
EOP loans	$	20.0	$	19.4	$	20.0	$	20.7	$	20.6	-	3%
EOP deposits		33.0		31.4		32.7		33.9		35.5	5%	8%
Average loans		20.2		19.6		19.4		19.6		20.5	5%	1%	$	20.4	$	20.1	(1%)
Net credit losses on loans as a % of average loans		5.14%		3.70%		2.72%		2.55%		2.15%				6.27%		2.34%
Loans 90+ days past due as a % of EOP loans (Mexico Consumer only)		1.84%		1.52%		1.38%		1.32%		1.29%
Loans 30-89 days past due as a % of EOP loans (Mexico Consumer only)		1.60%		1.46%		1.30%		1.30%		1.18%

Legacy Holdings Assets - Key Indicators (in billions of dollars)
EOP loans	$	5.0	$	4.2	$	3.9	$	3.7	$	3.2	(14%)	(36%)

(1)

Legacy Franchises consists of the consumer franchises in 13 markets across Asia and EMEA that Citi intends to exit (Asia Consumer), the consumer, small business & 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 2 on page 1.

(3)	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)

											2Q22 Increase/		Six		Six		YTD 2022 vs.
	2Q		3Q		4Q		1Q		2Q		(Decrease) from		Months		Months		YTD 2021 Increase/
	2021		2021		2021		2022		2022		1Q22	2Q21	2021		2022		(Decrease)

Net interest income	$	112	$	247	$	195	$	194	$	401	NM	NM	$	157	$	595	NM
Non-interest revenue		115		(179)		(64)		(4)		(146)	NM	NM		114		(150)	NM
Total revenues, net of interest expense		227		68		131		190		255	34%	12%		271		445	64%
Total operating expenses		307		442		319		260		160	(38%)	(48%)		614		420	(32%)
Provisions for HTM debt securities and other assets		2		(1)		—		—		—	—	(100%)		(1)		—	100%
Income (loss) from continuing operations before taxes		(82)		(373)		(188)		(70)		95	NM	NM		(342)		25	NM
Income taxes (benefits)		(545)		(232)		(44)		(262)		(178)	32%	67%		(612)		(440)	28%
Income (loss) from continuing operations		463		(141)		(144)		192		273	42%	(41%)		270		465	72%
Income (loss) from discontinued operations, net of taxes(2)		10		(1)		—		(2)		(221)	NM	NM		8		(223)	NM
Noncontrolling interests		—		1		—		1		2	100%	NM		(1)		3	NM
Net income (loss)	$	473	$	(143)	$	(144)	$	189	$	50	(74%)	(89%)	$	279	$	239	(14%)
EOP assets (in billions)	$	91	$	91	$	89	$	92	$	94	2%	3%

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

(2)	See footnote 5 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)
	Second		First		Second		Second		First		Second		Second		First		Second
	Quarter		Quarter		Quarter		Quarter		Quarter		Quarter		Quarter		Quarter		Quarter
In millions of dollars, except as otherwise noted	2021		2022		2022(5)		2021		2022		2022(5)		2021		2022		2022(5)
Assets
Deposits with banks	$	296,445	$	260,536	$	227,377	$	126	$	296	$	658	0.17	%	0.46	%	1.16	%
Securities borrowed and purchased under resale agreements(6)		319,821		343,636		349,520		205		394		805	0.26	%	0.46	%	0.92	%
Trading account assets(7)		302,141		270,460		275,937		1,472		1,148		1,662	1.95	%	1.72	%	2.42	%
Investments		484,238		518,820		519,582		1,844		2,067		2,387	1.53	%	1.62	%	1.84	%

Consumer loans		377,131		352,230		352,531		6,521		6,262		6,601	6.94	%	7.21	%	7.51	%
Corporate loans		293,149		296,346		304,956		2,235		2,477		2,917	3.06	%	3.39	%	3.84	%
Total loans (net of unearned income)(8)		670,280		648,576		657,487		8,756		8,739		9,518	5.24	%	5.46	%	5.81	%
Other interest-earning assets		69,691		119,815		121,629		111		549		644	0.64	%	1.86	%	2.12	%
Total average interest-earning assets	$	2,142,616	$	2,161,843	$	2,151,532	$	12,514	$	13,193	$	15,674	2.34	%	2.47	%	2.92	%

Liabilities
Deposits(9)		1,075,130		1,080,105		1,068,002		677		871		1,420	0.25	%	0.33	%	0.53	%
Securities loaned and sold under repurchase agreements(6)		236,639		210,101		208,399		260		282		655	0.44	%	0.54	%	1.26	%
Trading account liabilities(7)		122,138		114,313		124,810		150		147		137	0.49	%	0.52	%	0.44	%
Short-term borrowings and other interest-bearing liabilities		93,682		138,861		154,239		31		55		268	0.13	%	0.16	%	0.70	%
Long-term debt(10)		195,364		170,927		168,724		867		925		1,186	1.78	%	2.19	%	2.82	%
Total average interest-bearing liabilities	$	1,722,953	$	1,714,307	$	1,724,174	$	1,985	$	2,280	$	3,666	0.46	%	0.54	%	0.85	%

Net interest income as a % of average interest-earning assets (NIM)(9)							$	10,529	$	10,913	$	12,008	1.97	%	2.05	%	2.24	%

2Q22 increase (decrease) from:													27	bps	19	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 $51 million for 2Q21, $42 million for 1Q22 and $44 million for 2Q22.

(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)Second quarter of 2022 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)See footnote 1 on page 1.

(10)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)


											2Q22 Increase/
	2Q		3Q		4Q		1Q		2Q		(Decrease) from
	2021		2021		2021		2022		2022		1Q22	2Q21

Corporate loans - by region
North America	$	127.6	$	127.7	$	126.7	$	129.2	$	129.9	1%	2%
EMEA		77.6		77.4		75.7		81.2		76.8	(5%)	(1%)
Latin America		32.6		31.6		32.2		35.9		36.2	1%	11%
Asia		58.2		58.8		56.6		63.0		58.8	(7%)	1%
Total corporate loans	$	296.0	$	295.5	$	291.2	$	309.3	$	301.7	(2%)	2%

Corporate loans - by reporting unit
Services	$	77.5	$	79.8	$	75.2	$	86.7	$	86.1	(1%)	11%
Markets		17.3		17.5		15.1		14.6		12.6	(14%)	(27%)
Banking		194.7		191.8		194.2		200.9		195.9	(2%)	1%
Legacy Franchises - Mexico SBMM		6.5		6.4		6.7		7.1		7.1	-	9%
Total corporate loans	$	296.0	$	295.5	$	291.2	$	309.3	$	301.7	(2%)	2%

Personal Banking and Wealth Management
Branded cards	$	82.1	$	82.8	$	87.9	$	85.9	$	91.6	7%	12%
Retail services		42.7		42.7		46.0		44.1		45.8	4%	7%
Retail banking		34.3		33.4		33.0		33.3		35.4	6%	3%
U.S. Personal Banking	$	159.1	$	158.9	$	166.9	$	163.3	$	172.8	6%	9%
Global Wealth Management		149.7		150.3		151.3		150.2		148.8	(1%)	(1%)
Total	$	308.8	$	309.2	$	318.2	$	313.5	$	321.6	3%	4%

Legacy Franchises - Consumer
Asia Consumer(3)	$	53.5	$	42.9	$	41.1	$	19.5	$	17.3	(11%)	(68%)
Mexico Consumer		13.5		13.0		13.3		13.6		13.5	(1%)	-
Legacy Holdings Assets		5.0		4.2		3.9		3.7		3.2	(14%)	(36%)
Total	$	72.0	$	60.1	$	58.3	$	36.8	$	34.0	(8%)	(53%)

Total consumer loans	$	380.8	$	369.3	$	376.5	$	350.3	$	355.6	2%	(7%)

Total loans	$	676.8	$	664.8	$	667.8	$	659.7	$	657.3	-	(3%)

(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 & Middle-Market Banking (Mexico SBMM) loans).

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

Reclassified to conform to the current period's presentation.

Page 12

DEPOSITS

(In billions of dollars)


											2Q22 Increase/
	2Q		3Q		4Q		1Q		2Q		(Decrease) from
	2021		2021		2021		2022		2022		1Q22	2Q21
ICG by region
North America	$	379.1	$	408.0	$	382.8	$	390.5	$	404.3	4%	7%
EMEA		204.3		200.3		193.1		208.6		210.7	1%	3%
Latin America		36.7		38.8		37.7		38.9		37.7	(3%)	3%
Asia		178.4		185.5		175.8		187.5		176.0	(6%)	(1%)
Total	$	798.5	$	832.6	$	789.4	$	825.5	$	828.7	-	4%

ICG by reporting unit
Treasury and trade solutions	$	634.9	$	667.8	$	627.9	$	657.5	$	663.5	1%	5%
Securities services		135.2		136.7		133.8		138.7		136.3	(2%)	1%
Services	$	770.1	$	804.5	$	761.7	$	796.2	$	799.8	-	4%
Markets		26.5		26.7		26.4		27.8		27.7	-	5%
Banking		1.9		1.4		1.3		1.5		1.2	(20%)	(37%)
Total	$	798.5	$	832.6	$	789.4	$	825.5	$	828.7	-	4%

Personal Banking and Wealth Management
U.S. Personal Banking	$	113.1	$	113.5	$	116.8	$	119.5	$	115.7	(3%)	2%
Global Wealth Management		303.9		316.5		329.2		332.1		311.9	(6%)	3%
Total	$	417.0	$	430.0	$	446.0	$	451.6	$	427.6	(5%)	3%

Legacy Franchises
Asia Consumer(1)	$	54.0	$	46.6	$	43.3	$	17.5	$	17.2	(2%)	(68%)
Mexico Consumer/SBMM		33.0		31.4		32.7		33.9		35.5	5%	8%
Legacy Holdings Assets		-		-		-		-		-	-	-
Total	$	87.0	$	78.0	$	76.0	$	51.4	$	52.7	3%	(39%)

Corporate/Other		7.8		6.9		5.8		5.2		12.8	NM	64%

Total deposits - EOP	$	1,310.3	$	1,347.5	$	1,317.2	$	1,333.7	$	1,321.8	(1%)	1%

Total deposits - average	$	1,321.3	$	1,343.0	$	1,370.3	$	1,334.3	$	1,322.5	(1%)	-

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

Reclassified to conform to the current period’s presentation.

Page 13

ALLOWANCE FOR CREDIT LOSSES (ACL) ROLLFORWARD

(In millions of dollars, except for ratios)

																											ACLL/EOP
	Balance		Builds / (releases)										FY 2021		Balance		Builds / (releases)						YTD 2022		Balance		Loans
	12/31/20		1Q21		2Q21		3Q21		4Q21		FY 2021		FX/Other		12/31/21		1Q22		2Q22		YTD 2022		FX/Other		6/30/22		6/30/22
Allowance for credit losses on loans (ACLL)
ICG	$	4,356	$	(1,103)	$	(812)	$	14	$	(192)	$	(2,093)	$	(22)	$	2,241	$	596	$	(76)	$	520	$	30	$	2,791
Legacy Franchises corporate (Mexico SBMM)		420		(124)		(51)		(61)		(1)		(237)		(9)		174		5		(3)		2		2		178
Total corporate ACLL	$	4,776	$	(1,227)	$	(863)	$	(47)	$	(193)	$	(2,330)	$	(31)	$	2,415	$	601	$	(79)	$	522	$	32	$	2,969	1.00%
U.S. Cards	$	14,665	$	(1,301)	$	(840)	$	(763)	$	(921)	$	(3,825)	$	-	$	10,840	$	(1,009)	$	447	$	(562)	$	-	$	10,278	7.48%
Retail banking and Global Wealth Management		1,643		(241)		(200)		(73)		55		(459)		(3)		1,181		(53)		191		138		(6)		1,313
Total PBWM	$	16,308		$(1,542)	$	(1,040)	$	(836)	$	(866)	$	(4,284)	$	(3)	$	12,021	$	(1,062)	$	638	$	(424)	$	(6)	$	11,591
Legacy Franchises consumer		3,872		(458)		(543)		(266)		(117)		(1,384)		(469)		2,019		(151)		(25)		(176)		(451)		1,392
Total consumer ACLL	$	20,180	$	(2,000)	$	(1,583)	$	(1,102)	$	(983)	$	(5,668)	$	(472)	$	14,040	$	(1,213)	$	613	$	(600)	$	(457)	$	12,983	3.65%
Total ACLL	$	24,956	$	(3,227)	$	(2,446)	$	(1,149)	$	(1,176)	$	(7,998)	$	(503)	$	16,455	$	(612)	$	534	$	(78)	$	(425)	$	15,952	2.44%
Allowance for credit losses on unfunded lending commitments (ACLUC)		2,655		(626)		44		(13)		(193)		(788)		4		1,871		474		(159)		315		7		2,193
Total ACLL and ACLUC (EOP)		27,611														18,326										18,145
Other(1)		146		1		1		(13)		11		-		2		148		(6)		27		21		10		179
Total allowance for credit losses (ACL)	$	27,757	$	(3,852)	$	(2,401)	$	(1,175)	$	(1,358)	$	(8,786)	$	(497)	$	18,474	$	(144)	$	402	$	258	$	(408)	$	18,324

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

Reclassified to conform to the current period’s presentation.

Page 14

ALLOWANCE FOR CREDIT LOSSES ON LOANS AND UNFUNDED LENDING COMMITMENTS

Page 1

(In millions of dollars)

																2Q22 Increase/		Six		Six		YTD 2022 vs.
	2Q			3Q			4Q			1Q			2Q			(Decrease) from		Months		Months		YTD 2021 Increase/
	2021			2021			2021			2022			2022			1Q22	2Q21	2021		2022		(Decrease)
Total Citigroup
Allowance for credit losses on loans (ACLL) at beginning of period	$	21,638		$	19,238		$	17,715		$	16,455		$	15,393		(6%)	(29%)	$	24,956	$	16,455
Gross credit (losses) on loans		(1,844)			(1,389)			(1,279)			(1,240)			(1,212)		2%	34%		(4,052)		(2,452)	39%
Gross recoveries on loans		524			428			413			368			362		(2%)	(31%)		984		730	(26%)
Net credit (losses) / recoveries on loans (NCLs)		(1,320)			(961)			(866)			(872)			(850)		(3%)	(36%)		(3,068)		(1,722)	(44%)
Replenishment of NCLs		1,320			961			866			872			850		(3%)	(36%)		3,068		1,722	(44%)
Net reserve builds / (releases) for loans		(2,446)			(1,149)			(1,176)			(612)			534		NM	NM		(5,673)		(78)	99%
Provision for credit losses on loans (PCLL)		(1,126)			(188)			(310)			260			1,384		NM	NM		(2,605)		1,644	NM
Other, net(1)(2)(3)(4)(5)(6)		46			(374)			(84)			(450)			25		NM	(46%)		(45)		(425)
ACLL at end of period (a)	$	19,238		$	17,715		$	16,455		$	15,393		$	15,952		4%	(17%)	$	19,238	$	15,952

Allowance for credit losses on unfunded lending commitments (ACLUC)(7) (a)	$	2,073		$	2,063		$	1,871		$	2,343		$	2,193		(6%)	6%	$	2,073	$	2,193

Provision (release) for credit losses on unfunded lending commitments	$	44		$	(13)		$	(193)		$	474		$	(159)		NM	NM	$	(582)	$	315

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (a)]	$	21,311		$	19,778		$	18,326		$	17,736		$	18,145		2%	(15%)	$	21,311	$	18,145

Total ACLL as a percentage of total loans(8)		2.88%			2.69%			2.49%			2.35%			2.44%

Consumer
ACLL at beginning of period	$	18,096		$	16,566		$	15,105		$	14,040		$	12,368		(12%)	(32%)	$	20,180	$	14,040

NCLs		(1,243)			(922)			(781)			(841)			(827)		(2%)	(33%)		(2,806)		(1,668)	(41%)
Replenishment of NCLs		1,243			922			781			841			827		(2%)	(33%)		2,806		1,668	(41%)
Net reserve builds/ (releases) for loans		(1,583)			(1,102)			(983)			(1,213)			613		NM	NM		(3,583)		(600)	83%
Provision for credit losses on loans (PCLL)		(340)			(180)			(202)			(372)			1,440		NM	NM		(777)		1,068	NM
Other, net(1)(2)(3)(4)(5)(6)		53			(359)			(82)			(459)			2		100%	(96%)		(31)		(457)	NM
ACLL at end of period (b)	$	16,566		$	15,105		$	14,040		$	12,368		$	12,983		5%	(22%)	$	16,566	$	12,983

Consumer ACLUC(7) (b)	$	44		$	35		$	29		$	139		$	165		19%	NM	$	44	$	165

Provision (release) for credit losses on unfunded lending commitments	$	1		$	(9)		$	(5)		$	109		$	19		(83%)	NM	$	(14)	$	127

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (b)]	$	16,610		$	15,140		$	14,069		$	12,507		$	13,148		5%	(21%)	$	16,610	$	13,148

Consumer ACLL as a percentage of total consumer loans		4.35	%		4.09	%		3.73	%		3.53	%		3.65	%

Corporate
ACLL at beginning of period	$	3,542		$	2,672		$	2,610		$	2,415		$	3,025		25%	(15%)	$	4,776	$	2,415

NCLs		(77)			(39)			(85)			(31)			(23)		(26%)	(70%)		(262)		(54)	(79%)
Replenishment of NCLs		77			39			85			31			23		(26%)	(70%)		262		54	(79%)
Net reserve builds / (releases) for loans		(863)			(47)			(193)			601			(79)		NM	91%		(2,090)		522	NM
Provision for credit losses on loans (PCLL)		(786)			(8)			(108)			632			(56)		NM	93%		(1,828)		576	NM
Other, net(1)		(7)			(15)			(2)			9			23		NM	NM		(14)		32
ACLL at end of period (c)	$	2,672		$	2,610		$	2,415		$	3,025		$	2,969		(2%)	11%	$	2,672	$	2,969

Corporate ACLUC(7) (c)	$	2,029		$	2,028		$	1,842		$	2,204		$	2,028		(8%)	-	$	2,029	$	2,028

Provision (release) for credit losses on unfunded lending commitments	$	43		$	(4)		$	(188)		$	365		$	(178)		NM	NM	$	(568)	$	188

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (c)]	$	4,701		$	4,638		$	4,257		$	5,229		$	4,997		(4%)	6%	$	4,701	$	4,997

Corporate ACLL as a percentage of total corporate loans(7)		0.93	%		0.91	%		0.85	%		1.00	%		1.00	%

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 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.

(2)	2Q21 consumer includes an increase of approximately $53 million related to FX translation.

(3)	3Q21 includes an approximate $280 million reclass related to the announced sale of Citi's consumer banking operations in Australia. The ACLL was reclassified to Other assets during 3Q21. 3Q21 consumer also includes a decrease of approximately $80 million related to FX translation.

(4)	4Q21 includes an approximate $90 million reclass related to the announced sale of Citi's consumer banking operations in the Philippines. The ACLL was reclassified to Other assets during 4Q21. 4Q21 consumer also includes a decrease of approximately $6 million related to FX translation.

(5)

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

(6)	2Q22 primarily relates to FX translation.

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

(8)	June 30, 2021, September 30, 2021, December 31, 2021, March 31, 2022 and June 30, 2022 exclude $7.7 billion, $7.2 billion, $6.1 billion, $5.7 billion, and $4.5 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)


											2Q22 Increase/
	2Q		3Q		4Q		1Q		2Q		(Decrease) from
	2021		2021		2021		2022		2022		1Q22	2Q21

Corporate non-accrual loans by region(1)
North America	$	895	$	923	$	510	$	462	$	304	(34%)	(66%)
EMEA		447		407		367		688		712	3%	59%
Latin America		767		679		568		631		563	(11%)	(27%)
Asia		141		110		108		85		76	(11%)	(46%)
Total	$	2,250	$	2,119	$	1,553	$	1,866	$	1,655	(11%)	(26%)

Corporate non-accrual loans(1)
Banking	$	1,852	$	1,739	$	1,239	$	1,323	$	1,015	(23%)	(45%)
Services		81		74		70		297		353	19%	NM
Markets		12		13		12		13		11	(15%)	(8%)
Mexico SBMM		305		293		232		233		276	18%	(10%)
Total	$	2,250	$	2,119	$	1,553	$	1,866	$	1,655	(11%)	(26%)

Consumer non-accrual loans(1)
Personal Banking and Global Wealth Management	$	711	$	637	$	680	$	586	$	536	(9%)	(25%)
Asia Consumer(2)		303		259		209		38		34	(11%)	(89%)
Mexico Consumer		612		549		524		512		493	(4%)	(19%)
Legacy Holdings Assets-Consumer		506		425		413		381		317	(17%)	(37%)
Total	$	2,132	$	1,870	$	1,826	$	1,517	$	1,380	(9%)	(35%)

Total non-accrual loans (NAL)	$	4,382	$	3,989	$	3,379	$	3,383	$	3,035	(10%)	(31%)

Other real estate owned (OREO)(3)	$	33	$	21	$	27	$	26	$	13	(50%)	(61%)

NAL as a percentage of total loans		0.65%		0.60%		0.51%		0.51%		0.46%

ACLL as a percentage of NAL		439%		444%		487%		455%		526%

(1)

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

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

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

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 17

CITIGROUP

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

SHARE AND TANGIBLE BOOK VALUE PER SHARE

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


	June 30,		September 30,		December 31,		March 31,		June 30,
Common Equity Tier 1 Capital Ratio and Components (1)	2021		2021(2)		2021(2)		2022(2)		2022(3)

Citigroup common stockholders' equity (4)	$	184,289	$	183,005	$	183,108	$	178,845	$	180,150
Add: qualifying noncontrolling interests		138		136		143		126		129
Regulatory capital adjustments and deductions:
Add:
CECL transition provision (5)		3,774		3,389		3,028		2,271		2,271
Less:
Accumulated net unrealized gains (losses) on cash flow hedges, net of tax		864		663		101		(1,440)		(2,106)
Cumulative unrealized net gain (loss) related to changes in fair value of financial
liabilities attributable to own creditworthiness, net of tax		(1,258)		(1,317)		(896)		27		2,145
Intangible assets:
Goodwill, net of related deferred tax liabilities (DTLs)(6)		20,999		20,689		20,619		20,120		19,504
Identifiable intangible assets other than mortgage servicing rights
(MSRs), net of related DTLs		3,986		3,899		3,800		3,698		3,599
Defined benefit pension plan net assets; other		2,040		2,068		2,080		2,230		2,038
Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit
and general business credit carry-forwards		11,192		10,897		11,270		11,701		11,757
Excess over 10% / 15% limitations for other DTAs, certain
common stock investments and MSRs(8)		-		-		-		1,157		727
Common Equity Tier 1 Capital (CET1)	$	150,378	$	149,631	$	149,305	$	143,749	$	144,886
Risk-Weighted Assets (RWA)(5)	$	1,277,234	$	1,284,316	$	1,219,175	$	1,263,298	$	1,220,000
Common Equity Tier 1 Capital ratio (CET1/RWA)		11.77%		11.65%		12.25%		11.38%		11.9%

Supplementary Leverage Ratio and Components
Common Equity Tier 1 Capital (CET1)(5)	$	150,378	$	149,631	$	149,305	$	143,749	$	144,886
Additional Tier 1 Capital (AT1)(7)		19,258		19,271		20,263		20,266		20,265
Total Tier 1 Capital (T1C) (CET1 + AT1)	$	169,636	$	168,902	$	169,568	$	164,015	$	165,151
Total Leverage Exposure (TLE)(5)	$	2,903,760	$	2,911,050	$	2,957,764	$	2,939,533	$	2,936,894
Supplementary Leverage ratio (T1C/TLE)		5.84%		5.80%		5.73%		5.58%		5.6%


Tangible Common Equity, Book Value and Tangible Book Value Per Share
Common stockholders' equity	$	184,164	$	182,880	$	182,977	$	178,714	$	180,019
Less:
Goodwill		22,060		21,573		21,299		19,865		19,597
Intangible assets (other than MSRs)		4,268		4,144		4,091		4,002		3,926
Goodwill and identifiable intangible assets (other than MSRs) related to assets HFS		-		257		510		1,384		1,081
Tangible common equity (TCE)	$	157,836	$	156,906	$	157,077	$	153,463	$	155,415
Common shares outstanding (CSO)		2,026.8		1,984.3		1,984.4		1,941.9		1,936.7
Book value per share (common equity/CSO)	$	90.86	$	92.16	$	92.21	$	92.03	$	92.95
Tangible book value per share (TCE/CSO)	$	77.87	$	79.07	$	79.16	$	79.03	$	80.25

(1)See footnote 7 on page 1.

(2)See footnote 5 on page 3.

(3)2Q22 is preliminary.

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

(5)See footnote 8 on page 1.

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

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

(8)Assets subject to 10%/15% limitations include MSRs, DTAs arising from temporary differences and significant common stock investments in unconsolidated

financial institutions. As of March 31, 2022 and June 30, 2022, 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


			Exhibit 99.3

Citigroup Inc. securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class	Ticker Symbol(s)	Title for iXBRL	Name of each exchange on which registered

Common Stock, par value $.01 per share	C	Common Stock, par value $.01 per share	New York Stock Exchange
Depositary Shares, each representing 1/1,000th interest in a share of 7.125% Fixed/Floating Rate Noncumulative Preferred Stock, Series J	C Pr J	Dep Shs, represent 1/1,000th interest in a share of 7.125% Fix/Float Rate Noncum Pref Stk, Ser J	New York Stock Exchange
Depositary Shares, each representing 1/1,000th interest in a share of 6.875% Fixed/Floating Rate Noncumulative Preferred Stock, Series K	C Pr K	Dep Shs, represent 1/1,000th interest in a share of 6.875% Fix/Float Rate Noncum Pref Stk, Ser K	New York Stock Exchange
7.625% Trust Preferred Securities of Citigroup Capital III (and registrant’s guaranty with respect thereto)	C/36Y	7.625% TRUPs of Cap III (and registrant’s guaranty)	New York Stock Exchange
7.875% Fixed Rate / Floating Rate Trust Preferred Securities (TruPS®) of Citigroup Capital XIII (and registrant’s guaranty with respect thereto)	C N	7.875% FXD / FRN TruPS of Cap XIII (and registrant’s guaranty)	New York Stock Exchange
Medium-Term Senior Notes, Series N, Callable Step-Up Coupon Notes Due March 31, 2036 of CGMHI (and registrant’s guaranty with respect thereto)	C/36A	MTN, Series N, Callable Step-Up Coupon Notes Due Mar 2036 of CGMHI (and registrant’s guaranty)	New York Stock Exchange
Medium-Term Senior Notes, Series N, Callable Step-Up Coupon Notes Due February 26, 2036 of CGMHI (and registrant's guaranty with respect thereto)	C/36	MTN, Series N, Callable Step-Up Coupon Notes Due Feb 2036 of CGMHI (and registrant's guaranty)	New York Stock Exchange
Medium-Term Senior Notes, Series N, Callable Fixed Rate Notes Due December 18, 2035 of CGMHI (and registrant's guaranty with respect thereto)	C/35	MTN, Series N, Callable Fixed Rate Notes Due Dec 2035 of CGMHI (and registrant's guaranty)	New York Stock Exchange
Medium-Term Senior Notes, Series N, Callable Fixed Rate Notes Due April 26, 2028 of CGMHI (and registrant’s guaranty with respect thereto)	C/28	MTN, Series N, Callable Fixed Rate Notes Due Apr 2028 of CGMHI (and registrant’s guaranty)	New York Stock Exchange
Medium-Term Senior Notes, Series N, Floating Rate Notes Due September 17, 2026 of CGMHI (and registrant’s guaranty with respect thereto)	C/26	MTN, Series N, Floating Rate Notes Due Sept 2026 of CGMHI (and registrat’s guaranty)	New York Stock Exchange

Medium-Term Senior Notes, Series N, Floating Rate Notes Due September 15, 2028 of CGMHI (and registrant’s guaranty with respect thereto)	C/28A	MTN, Series N, Floating Rate Notes Due Sept 2028 of CGMHI (and registrat’s guaranty)	New York Stock Exchange
Medium-Term Senior Notes, Series N, Floating Rate Notes Due October 6, 2028 of CGMHI (and registrant’s guaranty with respect thereto)	C/28B	MTN, Series N, Floating Rate Notes Due Oct 2028 of CGMHI (and registrat’s guaranty)	New York Stock Exchange
Medium-Term Senior Notes, Series N, Floating Rate Notes Due March 21, 2029 of CGMHI (and registrant’s guaranty with respect thereto)	C/29A	MTN, Series N, Floating Rate Notes Due Mar 2029 of CGMHI (and registrant’s guaranty)	New York Stock Exchange