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) January 12, 2024

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 January 12, 2024, Citigroup Inc. announced its results for the quarter and year ended December 31, 2023. 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 and year ended December 31, 2023 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 January 12, 2024.

99.2		Citigroup Inc. Quarterly Financial Data Supplement for the quarter and year ended December 31, 2023.

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: January 12, 2024
	By:	/s/ Johnbull E. Okpara
		Johnbull E. Okpara
		Controller and Chief Accounting Officer
		(Principal Accounting Officer)

EX-99.1 2 c-20240112xex99d1.htm EXHIBIT 99.1

Exhibit 99.1

For Immediate Release Citigroup Inc. (NYSE: C) January 12, 2024
FOURTH QUARTER AND FULL YEAR 2023 RESULTS AND KEY METRICS	CEO COMMENTARY
FOURTH QUARTER AND FULL YEAR 2023 RESULTS AND KEY METRICS		Citi CEO Jane Fraser said, “While the fourth quarter was very disappointing due to the impact of notable items, we made substantial progress simplifying Citi and executing our strategy in 2023. We restructured around five core, interconnected businesses to align our organization with our strategy and to provide greater transparency into their performance. Revenues ex-divestitures grew by 4%(7) and we met our full-year expense guidance. We increased our CET1 ratio to 13.3%, grew our Tangible Book Value per share by 6% to $86.19, and returned $6 billion in capital to our shareholders in the form of common dividends and share buybacks. “Services revenues were up 16% for the year driven by share gains and client wins. In Markets, our fourth quarter Fixed Income results were disappointing as we saw a significant slowdown in December. We had a decent quarter in Equities, particularly in Derivatives, and saw growth in Prime balances. Investment Banking revenue continued to be impacted by a weak wallet globally while activity picked up in the fourth quarter with revenues up 27%. While investment activity in Asia rebounded during the quarter, up 21%, Wealth revenues were down in 2023 and we fully recognize that this business isn’t where it needs to be. USPB was a bright spot with every product up double-digits in the quarter and up 14% overall for the year. “Given how far we are down the path of our simplification and divestures, 2024 will be a turning point as we’ll be able to completely focus on the performance of our five businesses and our Transformation. We remain confident in our ability to adapt to evolving capital and macro environments to reach our medium-term targets and return capital to our shareholders, whilst continuing the investments needed for our Transformation,” Ms. Fraser concluded.
RETURNED ~$6 BILLION IN THE FORM OF DIVIDENDS AND REPURCHASES IN 2023 (~$1.5 BILLION IN THE QUARTER) 2023 PAYOUT RATIO OF 76%(3) BOOK VALUE PER SHARE OF $98.71 TANGIBLE BOOK VALUE PER SHARE OF $86.19(4) New York, January 12, 2024 – Citigroup Inc. today reported a net loss for the fourth quarter 2023 of $(1.8) billion, or $(1.16) per diluted share, on revenues of $17.4 billion. This compares to net income of $2.5 billion, or $1.16 per diluted share, on revenues of $18.0 billion for the fourth quarter 2022. As previously disclosed(5), fourth quarter results included several notable items consisting of: expenses associated with the Federal Deposit Insurance Corporation (FDIC) special assessment of approximately $1.7 billion pre-tax; a reserve build of $1.3 billion associated with transfer risk in Russia and Argentina; the pre-tax revenue impact from the fourth quarter of 2023 devaluation of the Argentine peso of approximately $880 million(6); and a restructuring charge of approximately $780 million related to actions taken as part of Citi’s organizational simplification. The combination of these items negatively impacted diluted earnings per share by approximately $2.00. Excluding these items(5), diluted earnings per share would have been $0.84 for the quarter. Revenues decreased 3% from the prior-year period on a reported basis. Excluding divestiture-related impacts(7) and the pre-tax impact of the Argentina devaluation, revenues increased 2%, driven by strength across Services, US Personal Banking (USPB) and Investment Banking, partially offset by lower revenues in Markets and Wealth and the revenue reduction from the closed exits and wind-downs.

Net loss of $(1.8) billion decreased from net income of $2.5 billion in the prior-year period, primarily driven by higher expenses, higher cost of credit and the lower revenues.

Earnings per share of $(1.16) decreased from $1.16 per diluted share in the prior-year period, reflecting the net loss.

For the full year 2023, Citigroup reported net income of $9.2 billion, on revenues of $78.5 billion, compared to net income of $14.8 billion on revenues of $75.3 billion for the full year 2022.

Percentage comparisons throughout this press release are calculated for the fourth quarter 2023 versus the fourth quarter 2022, unless otherwise specified.

Fourth Quarter Financial Results



Citigroup ($ in millions, except per share amounts and as otherwise noted)	4Q'23		3Q'23		4Q'22		QoQ%	YoY%	2023				2022			%r
Total revenues, net of interest expense	17,440		20,139		18,006		(13)%	(3)%		78,462				75,338		4%

Total operating expenses	15,996		13,511		12,985		18%	23%		56,366				51,292		10%

Net credit losses	1,994		1,637		1,180		22%	69%		6,437				3,789		70%
Net ACL build / (release)(a)	397		125		640		NM	(38)%		924				1,247		(26)%
Other provisions(b)	1,156		78		25		NM	NM		1,825				203		NM
Total cost of credit	3,547		1,840		1,845		93%	92%		9,186				5,239		75%

Income (loss) from continuing operations before taxes	(2,103)		4,788		3,176		NM	NM		12,910				18,807		(31)%
Provision for income taxes	(296)		1,203		640		NM	NM		3,528				3,642		(3)%
Income (loss) from continuing operations	(1,807)		3,585		2,536		NM	NM		9,382				15,165		(38)%
Income (loss) from discontinued operations, net of taxes	(1)		2		(2)		NM	50%		(1)				(231)		100%
Net income attributable to non-controlling interest	31		41		21		(24)%	48%		153				89		72%
Citigroup's net income (loss)	$	(1,839)	$	3,546	$	2,513	NM	NM	$			9,228	$		14,845	(38)%


EOP loans ($B)	689		666		657		3%	5%
EOP assets ($B)	2,405		2,369		2,417		2%	-
EOP deposits ($B)	1,309		1,274		1,366		3%	(4)%


Book value per share	$	98.71	$	99.28	$	94.06	(1)%	5%	$		98.71		$		94.06	5%
Tangible book value per share(4)	$	86.19	$	86.90	$	81.65	(1)%	6%	$		86.19		$		81.65	6%
Common Equity Tier 1 (CET1) Capital ratio(2)	13.3%		13.6%		13.0%					13.3%				13.0%
Supplementary Leverage ratio (SLR)(2)	5.8%		6.0%		5.8%					5.8%				5.8%
Return on average common equity (ROE)	(4.5)%		6.7%		5.0%					4.3%				7.7%
Return on average tangible common equity (RoTCE)(1)	(5.1)%		7.7%		5.8%		(1,280)bps	(1,090)bps		4.9%				8.9%		(400)bps

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 on Other Assets,policyholder benefits and claims and HTM debt securities.

Citigroup

Citigroup revenues of $17.4 billion in the fourth quarter 2023 decreased 3% on a reported basis. Excluding divestiture-related impacts and the pre-tax impact of the Argentina devaluation, revenues increased 2%, driven by strength across Services, USPB and Investment Banking, partially offset by lower revenues in Markets and Wealth and the revenue reduction from the closed exits and wind-downs.

Citigroup operating expenses of $16.0 billion on a reported basis increased 23% in the fourth quarter 2023, which included the FDIC special assessment of $1.7 billion pre-tax and modest divestiture-related costs. Excluding the impact of the FDIC special assessment and the modest divestiture-related costs, expenses increased 10% to $14.2 billion, largely driven by the restructuring charge.

Citigroup cost of credit was approximately $3.5 billion in the fourth quarter 2023, compared to $1.8 billion in the prior-year period. In addition to the reserve build for transfer risk, quarterly cost of credit was driven by cards net credit losses, which are now at pre-Covid levels, as well as allowance for credit losses (ACL) builds for new card volumes.

Citigroup net loss of $(1.8) billion in the fourth quarter 2023, compared to net income of $2.5 billion in the prior-year period, driven by the higher expenses, the higher cost of credit and the lower revenues. Citigroup’s effective tax rate was 14% in the current quarter versus 20% in the fourth quarter 2022, primarily driven by a different geographic mix of pre-tax earnings in the current quarter.

Citigroup’s total allowance for credit losses was approximately $21.8 billion at quarter end, compared to $19.4 billion at the end of the prior-year period. Total allowance for credit losses on loans was approximately $18.1 billion at quarter end, compared to $17.0 billion at the end of the prior-year period, with a reserve-to-funded loans ratio of 2.66%, compared to 2.60% at the end of the prior-year period. Total non-accrual loans increased 31% from the prior-year period to $3.2 billion. Corporate non-accrual loans increased 68% to $1.9 billion. Consumer non-accrual loans were largely unchanged at $1.3 billion.

Citigroup’s end-of-period loans were $689 billion at quarter end, up 5% versus the prior-year period, largely reflecting growth in cards in USPB.

Citigroup’s end-of-period deposits were approximately $1.3 trillion at quarter end, down (4)% versus the prior-year period. The decline in deposits was largely due to a reduction in Services reflecting quantitative tightening, and a reduction in USPB and Wealth reflecting a shift of deposits to higher-yielding products.

Citigroup’s book value per share of $98.71 and tangible book value per share of $86.19 at quarter end increased 5% and 6%, respectively, versus the prior-year period. The increases were largely driven by net income, common share repurchases, and beneficial movements in the accumulated other comprehensive income (AOCI) component of equity, partially offset by payment of common and preferred dividends. At quarter end, Citigroup’s CET1 Capital ratio was 13.3% versus 13.6% in the prior quarter, driven by the net loss for the period, higher deferred tax assets, payment of common and preferred dividends, share repurchases, and higher risk-weighted assets, partially offset by a benefit from the accumulated other comprehensive income (AOCI). Citigroup’s Supplementary Leverage ratio for the fourth quarter 2023 was 5.8% versus 6.0% in the prior quarter. During the quarter, Citigroup returned a total of $1.5 billion to common shareholders in the form of dividends and repurchases.

Services ($ in millions, except as otherwise noted)	4Q'23		3Q'23		4Q'22		QoQ%	YoY%	2023	2022		%r
Net interest income		2,869		2,853		2,534	1%	13%	11,027		8,832	25%
Non-interest revenue		555		643		690	(14)%	(20)%	2,625		2,947	(11)%
Treasury and Trade Solutions		3,424		3,496		3,224	(2)%	6%	13,652		11,779	16%
Net interest income		556		573		501	(3)%	11%	2,171		1,486	46%
Non-interest revenue		520		553		539	(6)%	(4)%	2,227		2,354	(5)%
Securities Services		1,076		1,126		1,040	(4)%	3%	4,398		3,840	15%
Total Services revenues		4,500		4,622		4,264	(3)%	6%	18,050		15,619	16%

Total operating expenses		2,594		2,518		2,389	3%	9%	10,024		8,728	15%

Net credit losses		(6)		27		7	NM	NM	40		51	(22)%
Net ACL build / (release)(a)		105		29		(18)	NM	NM	29		152	(81)%
Other provisions(b)		547		39		1	NM	NM	881		4	NM
Total cost of credit		646		95		(10)	NM	NM	950		207	NM

Net income (loss)	$	776	$	1,332	$	1,368	(42)%	(43)%	4,605		4,888	(6)%


Services Key Statistics and Metrics ($B)
Allocated Average TCE(c)		23		23		23	-	2%	23		23	2%
RoTCE(c)		13.4%		23.0%		24.1%	(960)bps	(1,070)bps	20.0%		21.7%	(170)bps
Average loans		83		83		78	-	6%	81		82	(1)%
Average deposits		802		796		825	1%	(3)%	810		808	-
Cross border transaction value		99		88		81	13%	23%	358		312	15%
US dollar clearing volume (#MM)		40		40		38	1%	5%	157		149	6%
Commercial card spend volume		17		17		15	(2)%	8%	67		57	16%
Assets under custody and/or administration (AUC/AUA) ($T)		25		23		22	9%	13%

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 on Other Assets and for HTM debt securities.

(c) TCE and RoTCE are non-GAAP financial measures.See Appendix I for a reconciliation of the summation of the segments' and component's average allocated TCE.

Services

Services revenues of $4.5 billion were up 6%, largely driven by higher net interest income across Treasury and Trade Solutions (TTS) and Securities Services, partially offset by lower non-interest revenues driven by the Argentina devaluation. Services non-interest revenues were up 20%, excluding the impact of the Argentina devaluation.

Treasury and Trade Solutions revenues of $3.4 billion increased 6%, driven by 13% growth in net interest income, partially offset by a 20% decrease in non-interest revenues, driven by the impact of the Argentina devaluation. The increase in net interest income was primarily driven by higher interest rates. The decline in non-interest revenues was partially offset by an increase in cross-border flows of 23%, outpacing global GDP growth, and an increase in U.S. Dollar clearing volumes of 5%.

Securities Services revenues increased 3%, driven by net interest income growth of 11%, partially offset by a 4% decline in non-interest revenue, largely reflecting the Argentina devaluation. Citi also continued to onboard assets under custody and administration, which increased 13%, or approximately $2.9 trillion.

Services operating expenses of $2.6 billion increased 9%, primarily driven by continued investments in technology, product innovation and client experience.

Services cost of credit was $646 million, compared to $(10) million in the prior-year period, driven by a reserve build of approximately $652 million, primarily associated with the transfer risk in Russia and Argentina.

Services net income of approximately $776 million decreased 43%, driven by the higher expenses and the higher cost of credit, partially offset by the higher revenues.


Markets ($in millions, except as otherwise noted)	4Q'23		3Q'23		4Q'22		QoQ%	YoY%	2023	2022	%Δ
Rates and currencies		1,758		2,769		2,728	(37)%	(36)%	10,885	11,556	(6)%
Spread products / other fixed income		833		1,081		711	(23)%	17%	3,935	4,154	(5)%
Fixed Income markets		2,591		3,850		3,439	(33)%	(25)%	14,820	15,710	(6)%
Equity markets		819		942		748	(13)%	9%	4,037	4,451	(9)%
Total Markets revenues		3,410		4,792		4,187	(29)%	(19)%	18,857	20,161	(6)%

Total operating expenses		3,434		3,303		3,174	4%	8%	13,238	12,413	7%

Net credit losses		30		(4)		1	NM	NM	32	(5)	NM
Net ACL build / (release)(a)		53		127		45	(58)%	18%	205	90	NM
Other provisions(b)		126		40		(7)	NM	NM	200	70	NM
Total cost of credit		209		163		39	28%	NM	437	155	NM

Net income (loss)	$	(134)	$	1,066	$	787	NM	NM	3,953	5,872	(33)%


Markets Key Statistics and Metrics ($B)
Allocated Average TCE(c)		53		53		52	-	3%	53	52	3%
RoTCE(c)		(1.0)%		8.0%		6.1%	(900)bps	(710)bps	7.4%	11.4%	(400)bps
Average trading assets		391		393		332	(1)%	18%	379	334	13%
Average VaR		138		116		142	19%	(2)%	132	122	8%

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 on Other Assets and HTM debt securities.

(c) TCE and RoTCE are non-GAAP financial measures. See Appendix I for a reconciliation of the summation of the segments' and component's average allocated TCE.

Markets

Markets revenues of $3.4 billion decreased 19%, driven by a decline in Fixed Income, including the impact of the devaluation, partially offset by an increase in Equity.

Fixed Income revenues of $2.6 billion decreased 25%, largely driven by rates and currencies on lower volatility and a significant slowdown in December as well as the impact of the Argentina devaluation.

Equity revenues of $819 million increased 9%, driven by gains across all products, including derivatives, and the business also benefited from growth in prime balances.

Markets operating expenses of $3.4 billion increased 8%, driven by investments in transformation and risk and controls and volume related costs, partially offset by productivity savings.

Markets cost of credit was $209 million, compared to $39 million in the prior-year period, driven by a reserve build of approximately $179 million, primarily associated with the transfer risk in Russia and Argentina.

Markets net loss of $(134) million was driven by the higher expenses, the lower revenues and the higher cost of credit in the quarter.


Banking ($in millions, except as otherwise noted)	4Q'23		3Q'23		4Q'22		QoQ%	YoY%	2023		2022		%Δ
Total Investment Banking		669		693		525	(3)%	27%		2,538		2,510	1%
Total Corporate Lending(a)		411		698		553	(41)%	(26)%		2,473		2,579	(4)%
Total Banking revenues(a)		1,080		1,391		1,078	(22)%	-		5,011		5,089	(2)%
Gain / (loss) on loan hedges		(131)		(47)		(300)	NM	56%		(443)		307	NM
Total Banking revenues including gain/(loss) on loan hedges		949		1,344		778	(29)%	22%		4,568		5,396	(15)%

Total operating expenses		1,155		1,220		845	(5)%	37%		4,869		4,471	9%
Net credit losses		71		28		96	NM	(26)%		169		106	59%
Net ACL build / (release)(b)		(225)		(95)		(81)	NM	NM		(723)		423	NM
Other provisions(c)		339		5		12	NM	NM		389		20	NM
Total cost of credit		185		(62)		27	NM	NM		(165)		549	NM

Net income (loss)	$	(322)	$	169	$	(55)	NM	NM	$	(48)	$	386	NM


Banking Key Statistics and Metrics
Allocated Average TCE(d) ($B)		21		21		22	-	(1)%		21		22	(1)%
RoTCE(d)		(6.0)%		3.1%		(1.0)%	(910)bps	(500)bps		(0.2)%		1.8%	(200)bps
Average loans ($B)		87		87		96	-	(9)%		90		98	(8)%

Advisory		286		299		258	(4)%	11%		1,017		1,332	(24)%
Equity underwriting		110		123		132	(11)%	(17)%		500		621	(19)%
Debt underwriting		310		272		217	14%	43%		1,196		1,100	9%
Investment Banking fees		706		694		607	2%	16%		2,713		3,053	(11)%

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 8.

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

(d) TCE and RoTCE are non-GAAP financial measures. See Appendix I for a reconciliation of the summation of the segments' and component's average allocated TCE.

Banking

Banking revenues of $949 million increased 22%, driven by growth in Investment Banking fees and lower losses on loan hedges, partially offset by lower Corporate Lending revenue.

Investment Banking revenues of $669 million increased 27%, driven by Debt Capital Markets (DCM) and Advisory, partially offset by Equity Capital Markets (ECM). Investment Banking fees in Advisory increased 11% versus the prior-year period, reflecting higher client activity. Investment Banking fees in DCM increased 43%, driven by both non-investment and investment grade activity. Investment Banking fees in ECM decreased 17% versus the prior-year period, driven by geopolitical concerns and general IPO market conditions.

Corporate Lending revenues of $411 million, excluding mark-to-market on loan hedges,(8) decreased 26% versus the prior-year, largely driven by lower revenue share from Investment Banking, Services and Markets(9).

Banking operating expenses of $1.2 billion increased 37%, primarily driven by the absence of an operational loss reserve release in the prior year, as continued investments in talent and infrastructure were offset by productivity savings.

Banking cost of credit was $185 million, compared to $27 million in the prior-year period, driven by a net reserve build of approximately $114 million, primarily associated with the transfer risk in Russia and Argentina.

Banking net loss of $(322) million, was driven by the higher expenses and the higher cost of credit, partially offset by the higher revenues.


USPB ($ in millions, except as otherwise noted)	4Q'23		3Q'23		4Q'22		QoQ%	YoY%	2023		2022		%r
Branded Cards	$	2,620	$	2,539	$	2,389	3%	10%		9,988		8,962	11%
Retail Services		1,636		1,728		1,421	(5)%	15%		6,617		5,469	21%
Retail Banking		684		650		597	5%	15%		2,582		2,441	6%
Total revenues, net of interest expense		4,940		4,917		4,407	-	12%		19,187		16,872	14%

Total operating expenses		2,594		2,481		2,609	5%	(1)%		10,102		9,782	3%

Net credit losses		1,599		1,343		852	19%	88%		5,234		2,918	79%
Net ACL build / (release)(a)		472		113		867	NM	(46)%		1,465		516	NM
Other provisions(b)		3		3		4	-	(25)%		8		14	(43)%
Total cost of credit		2,074		1,459		1,723	42%	20%		6,707		3,448	95%

Net income (loss)	$	201	$	756	$	54	(73)%	NM		1,820		2,770	(34)%


USPB Key Statistics and Metrics ($B)
Allocated average TCE(c)		22		22		21	-	6%		22		21	6%
RoTCE(c)		3.6%		13.7%		1.0%	(1,010 )bps	260 bps		8.3%		13.4%	(510) bps
Average loans		202		196		180	3%	12%		193		171	13%
Average deposits		105		110		111	(5)%	(5)%		110		115	(4)%
US cards average loans		158		153		143	3%	10%
US credit card spend volume(d)		156		149		152	5%	2%
New account acquisitions (in 000s)		3,722		3,298		3,829	13%	(3)%

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 on policholder benefits and claims and Other Assets.

(c) TCE and RoTCE are non-GAAP financial measures. See Appendix I for a reconciliation of the summation of the segments' and component's average allocated TCE.

(d) Credit card spend volume was previously referred to as card purchase sales.

US Personal Banking (USPB)

USPB revenues of $4.9 billion increased 12%, driven by higher net interest income due to loan growth in cards and higher deposit spreads.

Branded Cards revenues of $2.6 billion increased 10%, driven by higher net interest margin and interest-earning balance growth of 13%. Revenue also benefited from growth in new account acquisitions, up 8%, and spend volumes, up 3%.

Retail Services revenues of $1.6 billion increased 15%, driven by higher net interest margin and interest-earning balance growth of 11%, as well as lower partner payments due to higher net credit losses.

Retail Banking revenues of $684 million increased 15%, driven by higher deposit spreads, loan growth and improved mortgage margins.

USPB operating expenses of $2.6 billion decreased 1%, primarily driven by lower non-volume related expenses, partially offset by risk and control and business-led investments.

USPB cost of credit was $2.1 billion, compared to $1.7 billion in the prior-year period. The increase was largely driven by higher net credit losses, which are now at pre-Covid levels, partially offset by a lower ACL build.

USPB net income of $201 million, was driven by the higher revenues and the lower expenses, partially offset by the higher cost of credit.


Wealth ($ in millions, except as otherwise noted)	4Q'23		3Q'23		4Q'22		QoQ%	YoY%	2023		2022		%r
Private Bank		542		617		599	(12)%	(10)%		2,332		2,812	(17)%
Wealth at Work		211		234		195	(10)%	8%		862		730	18%
Citigold		918		1,004		929	(9)%	(1)%		3,897		3,906	-
Total revenues, net of interest expense		1,671		1,855		1,723	(10)%	(3)%		7,091		7,448	(5)%

Total operating expenses		1,647		1,711		1,585	(4)%	4%		6,644		6,058	10%

Net credit losses		31		24		56	29%	(45)%		98		103	(5)%
Net ACL build / (release)(a)		(26)		(27)		(115)	4%	77%		(97)		202	NM
Other provisions(b)		(1)		1		2	NM	NM		(3)		1	NM
Total cost of credit		4		(2)		(57)	NM	NM		(2)		306	(101)%

Net income (loss)	$	5	$	118	$	175	(96)%	(97)%		346		950	(64)%


Wealth Key Statistics and Metrics ($B)
Allocated Average TCE(c)		13		13		14	-	(4)%		13		14	(4)%
RoTCE(c)		0.1%		3.5%		5.0%	(340) bps	(490) bps		2.6%		6.8%	(420) bps
Loans		152		151		149	1%	2%
Deposits		323		307		325	5%	(1)%
Client investment assets(d)		498		471		443	6%	12%
EoP client balances		973		929		917	5%	6%

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 on Other Assets and policyholder benefits and claims.

(c) TCE and RoTCE are non-GAAP financial measures. See Appendix I for a reconciliation of the summation of the segments' and component's average allocated TCE.

(d) Includes Assets under management, and trust and custody assets.

Wealth

Wealth revenues of $1.7 billion decreased 3%, driven by lower deposit spreads, partially offset by lower mortgage funding cost and higher investment fee revenues.

Private Bank revenues of $542 million decreased 10%, driven by lower deposit spreads and lower deposit and loan volumes, partially offset by higher investment revenue.

Wealth at Work revenues of $211 million increased 8%, driven by higher mortgage and investment revenue, partially offset by lower deposit revenue.

Citigold revenues of $918 million decreased 1%, as lower deposit spreads were partially offset by growth in investment revenue globally and higher deposit revenue in Asia.

Wealth operating expenses of $1.6 billion increased 4%, largely driven by investments in risk and controls and technology, partially offset by productivity savings.

Wealth cost of credit was $4 million, as net credit losses of $31 million were largely offset by an ACL release for loans and unfunded commitments of $26 million.

Wealth net income was $5 million, as the lower revenues were largely offset by the higher expenses.


All Other (Managed Basis) (a) (b) ($ in millions, except as otherwise noted)	4Q'23		3Q'23		4Q'22		QoQ%	YoY%	2023		2022		%Δ
Legacy Franchises (Managed Basis)		1,710		1,802		1,829	(5)%	(7)%		7,198		7,467	(4)%

Corporate / Other		322		411		609	(22)%	(47)%		2,165		1,521	42%

Total revenues		2,032		2,213		2,438	(8)%	(17)%		9,363		8,988	4%


Total operating expenses		4,466		2,164		2,325	NM	92%		11,117		9,144	22%


Net credit losses		236		238		186	(1)%	27%		870		772	13%

Net ACL build / (release)(c)		81		(24)		(35)	NM	NM		106		(368)	NM

Other provisions(d)		142		(10)		13	NM	NM		350		94	NM

Total cost of credit		459		204		164	NM	NM		1,326		498	NM


Net income (loss)	$	(2,254)	$	(109)	$	71	NM	NM		(2,107)		163	NM


All Other Key Statistics and Metrics ($B)

Allocated Average TCE(e)		32		33		27	-	22%		31		26	20%

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

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

(b) Reflects results on a managed basis, which excludes divestiture-related impacts related to Citi's divestiture of its Asia consumer banking businesses and the planned divestiture of Mexico consumer banking and small business and middle markets within Legacy Franchises. For additional information, please refer to Footnote 10.

(d) Includes provisions on Other Assets and policyholder benefits and claims.

(e) TCE is a non-GAAP financial measures. See Appendix I for a reconciliation of the summation of the segments' and component's average allocated TCE.

All Other (Managed Basis)(10)

All Other (Managed Basis) revenues of $2.0 billion decreased 17%, driven by a decrease in net interest income of 29%, largely driven by higher funding costs in Corporate/Other and the closed exits and wind-downs, partially offset by higher non-interest revenue.

Legacy Franchises (Managed Basis)(10) revenues of $1.7 billion decreased 7%, primarily driven by the closed exits and wind-downs, partially offset by higher rates and volumes in Mexico and Mexican Peso appreciation.

Corporate / Other revenues decreased to $322 million from $609 million in the prior-year period, in part driven by higher funding costs.

All Other (Managed Basis) expenses of $4.5 billion increased 92%, driven by the FDIC special assessment and the restructuring charge, partially offset by lower expenses driven by the closed exits and wind-downs.

All Other (Managed Basis) cost of credit of $459 million, reflecting net credit losses of $236 million, an ACL build for loans and unfunded commitments of $81 million and other provisions of $142 million.

All Other (Managed Basis) net loss of $(2.3) billion, was driven by the higher expenses, the lower revenues and the higher cost of credit.

Citigroup will host a conference call today at 12:00 PM (ET). A live webcast of the presentation, as well as financial results and presentation materials, will be available at https://www.citigroup.com/global/investors. The live webcast of the presentation can also be accessed at https://www.veracast.com/webcasts/citigroup/webinars/Citi4Q23.cfm.

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 Fourth Quarter 2023 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 nearly 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 Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors. These factors include, among others: Citi’s ability to achieve its objectives, including expense savings, from its transformation, strategic and other initiatives, which include management and operating model changes and other actions, as well as the divestiture of Citi’s consumer, small business and middle-market operations in Mexico, which involves significant execution uncertainty and complexity and may result in higher than expected expenses, certain losses or other negative financial or strategic impacts; a potential U.S. federal government shutdown and the resulting impacts; continued elevated interest rates and the impacts on macroeconomic conditions, customer and client behavior, as well as Citi’s funding costs; potential reductions in benchmark interest rates and the resulting impacts on net interest income; potential recessions in the U.S., Europe and other regions or countries; revisions to the U.S. Basel III rules, including the recently issued notice of proposed rulemaking, known as the Basel III Endgame, related to the U.S. regulatory capital framework, and other proposed changes in regulatory capital rules; continued elevated levels of inflation and its impacts; potential increased regulatory requirements and costs; the various uncertainties and impacts related to or resulting from Russia’s war in Ukraine and escalating conflict in the Middle East; impacts from any potential additional currency devaluations in Argentina; and the precautionary statements included in this release. These factors also consist of those contained in Citigroup’s filings with the U.S. Securities and Exchange Commission, including without limitation the “Risk Factors” section of Citigroup’s 2022 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)	4Q23		3Q23		4Q22

Net Income (Loss)	$	(1,839)	$	3,546	$	2,513
Less: Preferred Dividends		300		333		238
Net Income (Loss) to Common Shareholders	$	(2,139)	$	3,213	$	2,275

Average Common Equity	$	189,440	$	189,158	$	180,523
Less: Average Goodwill and Intangibles		(24,268)		(23,831)		(23,644)
Average Tangible Common Equity (TCE)	$	165,172	$	165,327	$	156,879

ROE		(4.5)%		6.7%		5.0%

RoTCE		(5.1)%		7.7%		5.8%


Citigroup ($ in millions)	2023		2022
Net Income (Loss)	$	9,228	$	14,845
Less: Preferred Dividends		1,198		1,032
Net Income (Loss) to Common Shareholders	$	8,030	$	13,813

Average Common Equity	$	187,730	$	180,093
Less: Average Goodwill and Intangibles		(24,374)		(24,150)
Average Tangible Common Equity (TCE)	$	163,356	$	155,943

ROE		4.3%		7.7%

RoTCE		4.9%		8.9%

Appendix B(5)(6)(7)


Citigroup ($ in millions)	4Q'23		4Q'22		% Δ YoY
Total Citigroup Revenue - As Reported	$	17,440	$	18,006	(3)%
Less:
Total Divestiture-related Impact on Revenue		(62)		209
Devaluation of Argentine Peso Impact on Revenue		(880)		(289)
Total Citigroup Revenue, Excluding Impact of Total Divestiture-related and Devaluation of Argentine Peso	$	18,382	$	18,086	2%

Total Citigroup Operating Expenses - As Reported	$	15,996	$	12,985	23%
Less:
Total Divestiture-related Impact on Operating Expenses		106		58
FDIC Special Assessment Impact on Operating Expenses		1,706		-
Total Citigroup Operating Expenses, Excluding Impact of Total Divestiture-related and FDIC Special Assessment	$	14,184	$	12,927	10%


Citigroup ($ in millions)		2023		2022	% Δ YoY
Total Citigroup Revenue - As Reported	$	78,462	$	75,338	4%
Less:
Total Divestiture-related Impact on Revenue		1,346		854
Total Citigroup Revenue, Excluding Total Impact of Divestiture-related	$	77,116	$	74,484	4%

Appendix C(5)(6)


Services ($ in millions)	4Q '23		4Q '22		% Δ YoY
Services Non-interest Revenue - As Reported	$	1,075	$	1,229	(13)%
Less:
Devaluation of Argentine Peso Impact on Revenue		(579)		(153)
Services Non-interest Revenue, Excluding Impact of Devaluation of Argentine Peso	$	1,654	$	1,382	20%

Appendix D(a)


All Other ($in millions)	4Q'23		3Q'23		4Q'22		% Δ QoQ		% Δ YoY		2023		2022		% Δ YoY

All Other Revenues, Managed Basis	$	2,032	$	2,213	$	2,438		(8)%		(17)%	$	9,363	$	8,988	4%
Add:
All Other Divestiture-related Impact on Revenue(c)(d)(e)(g)	$	(62)	$	396	$	209					$	1,346	$	854
All Other Revenues, Including All Other Divestiture-related Impact	$	1,970	$	2,609	$	2,647		(24)%		(26)%	$	10,709	$	9,842	9%

All Other Operating Expenses, Managed Basis	$	4,466	$	2,164	$	2,325		NM		92%	$	11,117	$	9,144	22%
Add:
All Other Divestiture-related Impact on Operating Expenses(b)(f)(h)	$	106	$	114	$	58					$	372	$	696
All Other Operating Expenses, Including All Other Divestiture-related Impact	$	4,572	$	2,278	$	2,383		101%		92%	$	11,489	$	9,840	17%

All Other Cost of Credit, Managed Basis	$	459	$	204	$	164		NM		NM	$	1,326	$	498	NM
Add:
All Other Net credit losses		33		(19)		(18)						(6)		(156)
All Other Net ACL build / (release)(i)		(63)		2		(23)						(61)		232
All Other Other provisions(j)		-		-		-						-		-
All Other Citigroup Cost of Credit, Including All Other Divestiture-related Impact	$	429	$	187	$	123		NM		NM	$	1,259	$	574	NM

All Other Citigroup Net Income (Loss), Managed Basis	$	(2,254)	$	(109)	$	71		NM		NM	$	(2,107)	$	163	NM
Add:
All Other Divestiture-related Impact on Revenue(c)(d)(e)(g)		(62)		396		209						1,346		854
All Other Divestiture-related Impact on Operating Expenses(b)(f)(h)		(106)		(114)		(58)						(372)		(696)
All Other Divestiture-related Impact on Cost of Credit		30		17		41						67		(76)
All Other Divestiture-related Impact on Taxes		27		(85)		(79)						(382)		(266)
All Other Net Income (Loss), Including All Other Divestiture-related Impact	$	(2,365)	$	105	$	184		NM		NM	$	(1,448)	$	(21)	NM

(a) Reconciling Items consist of the divestiture-related impacts excluded from the results of All Other, as well as All Other—Legacy Franchises on a managed basis

(b) 1Q22 includes an approximate $535 million ($489 million after-tax) goodwill write-down due to re-segmentation and timing of Asia consumer banking business divestitures. For additional information, see Citi's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022.

(c) 3Q22 includes an approximate $616 million gain on sale recorded in revenue (approximately $290 million after various taxes) related to Citi's sale of the Philippines consumer banking business. For additional information, see Citi's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022

(d) 4Q22 includes an approximate $209 million (approximately $115 million after various taxes) gain on sale recorded in revenue related to Citi's sale of the Thailand consumer banking business. For additional information, see Citi's Annual Report on Form 10-K for the annual period ended December 31, 2022.

(e) 1Q23 includes an approximate $1.059 billion gain on sale recorded in revenue (approximately $727 million after various taxes) related to Citi's sale of the India consumer banking business. For additional information, see Citi's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023.

(f) 2Q23 includes approximately $79 million in expenses (approximately $57 million after-tax), primarily related to separation costs in Mexico and severance costs in Asia exit markets. For additional information, see Citi's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023.

(g) 3Q23 includes an approximate $403 million gain on sale recorded in revenue (approximately $284 million after various taxes) related to Citi's sale of the Taiwan consumer banking business. For additional information, see Citi's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023.

(h) 4Q23 includes approximately $106 million in expenses (approximately $75 million after-tax), primarily related to separation costs in Mexico and severance costs in Asia exit markets.

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

(j) Includes provisions for policyholder benefits and claims and other assets.

Appendix E


($ in millions)	4Q'23(1)		3Q'23		4Q'22

Citigroup Common Stockholders' Equity(2)	$	187,937	$	190,134	$	182,325
Add: Qualifying noncontrolling interests		208		193		128
Regulatory Capital Adjustments and Deductions:
Add: CECL transition provision(3)		1,514		1,514		2,271
Less:
Accumulated net unrealized gains (losses) on cash flow hedges, net of tax		(1,406)		(1,259)		(2,522)
Cumulative unrealized net gain (loss) related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax		(383)		625		1,441
Intangible Assets:
Goodwill, net of related deferred tax liabilities (DTLs)(4)		18,778		18,552		19,007
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs		3,349		3,444		3,411
Defined benefit pension plan net assets; other		1,317		1,340		1,935
Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards(5)		11,580		11,219		12,197
Excess over 10% / 15% limitations for other DTAs, certain common stock investments, and MSRs(5)(6)		2,936		1,786		325
Common Equity Tier 1 Capital (CET1)	$	153,488	$	156,134	$	148,930

Risk-Weighted Assets (RWA)(3)	$	1,152,800	$	1,148,550	$	1,142,985

Common Equity Tier 1 Capital Ratio (CET1 / RWA)(3)		13.3%		13.6%		13.0%

Note: Citi’s binding CET1 Capital ratios were derived under the Basel III Standardized Approach for all periods reflected.

(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)

Represents deferred tax excludable from Basel III CET1 Capital, which includes net DTAs arising from net operating loss, foreign tax credit and general business credit tax carry-forwards and DTAs arising from timing differences (future deductions) that are deducted from CET1 capital exceeding the 10% limitation.

(6)

Assets subject to 10%/15% limitations include MSRs, DTAs arising from temporary differences and significant common stock investments in unconsolidated financial institutions. For all periods presented, the deduction related only to DTAs arising from temporary differences that exceeded the 10% limitation.

Appendix F

($ in millions)	4Q'23(1)		3Q'23		4Q'22

Common Equity Tier 1 Capital (CET1)(2)	$	153,488	$	156,134	$	148,930

Additional Tier 1 Capital (AT1)(3)		18,909		20,744		20,215

Total Tier 1 Capital (T1C) (CET1 + AT1)	$	172,397	$	176,878	$	169,145

Total Leverage Exposure (TLE)(2)	$	2,960,105	$	2,927,392	$	2,906,773

Supplementary Leverage Ratio (T1C / TLE)		5.8%		6.0%		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.

Appendix G


($ and shares in millions)	4Q'23(1)		3Q'23		4Q'22

Common Stockholders' Equity	$	187,853	$	190,008	$	182,194
Less:
Goodwill		20,098		19,829		19,691
Intangible Assets (other than MSRs)		3,730		3,811		3,763
Goodwill and Identifiable Intangible Assets (other than MSRs) Related to Assets Held-for-Sale		-		49		589
Tangible Common Equity (TCE)	$	164,025	$	166,319	$	158,151

Common Shares Outstanding (CSO)		1,903.1		1,913.9		1,937.0

Tangible Book Value Per Share	$	86.19	$	86.90	$	81.65

(1) Preliminary.

Appendix H


All Other ($ in millions)	4Q'23		3Q'23		4Q'22		% Δ QoQ	% Δ YoY
Corporate Lending Revenues - As Reported	$	280	$	651	$	253	(57)%	11%

Less:

Gain/(loss) on loan hedges(8)	$	(131)	$	(47)	$	(300)	NM	56%

Corporate Lending Revenues - Excluding Gain/(loss) on loan hedges	$	411	$	698	$	553	(41)%	(26)%

Appendix I(1)


($in billions)	4Q'23		3Q'23		4Q'22

Average Tangible Common Equity (TCE)
Services	$	23.0	$	23.0	$	22.5
Markets		53.1		53.1		51.6
Banking		21.4		21.4		21.7
USPB		21.9		21.9		20.7
Wealth		13.4		13.4		13.9
All Other		32.4		32.5		26.5
Total Citigroup Average TCE	$	165.2	$	165.3	$	156.9
Plus:
Average Goodwill		20.4		19.9		19.1
Average Intangible Assets (other than MSRs)		3.8		3.9		3.8
Average Goodwill and Identifiable Intangible Assets (other than MSRs) Related to Assets Held-for-Sale		-		0.1		0.7
Total Citigroup Average Common Stockholders' Equity	$	189.4	$	189.2	$	180.5

(1) TCE and TBVPS are non-GAAP financial measures.

Appendix J(5)(6)


Citigroup
($in millions, except per share amounts)		4Q'23
Citigroup Diluted EPS - As Reported		$(1.16)
Add:
Total Notable Items Impact on Diluted EPS(a)		2.00
Citigroup Diluted EPS, Excluding Notable Items		$0.84

(a) On a pre-tax basis the notable items total approximately $(4.7) billion and include the following items: FDIC special assessment of $(1.7) billion, restructuring charge of $(0.8) billion, devaluation of Argentine peso of $(0.9) billion and transfer risk related to Russia and Argentina of $(1.3) billion. In total, on an after - tax basis the notable items are $(3.8) billion.

(1) Preliminary. Citigroup’s allocated average tangible common equity (TCE) and return on average tangible common equity (RoTCE) are non-GAAP financial measures. RoTCE represents annualized net income available to common shareholders as a percentage of average TCE. For the components of these calculations, see Appendix A. See Appendix G for a reconciliation of common equity to TCE. For a reconciliation of the summation of the segments’ and components’ average allocated TCE to Citigroup’s total average stockholder’s equity, see Appendix I.

(2) Ratios as of December 31, 2023 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 December 31, 2023 would be 13.2% and 5.8%, respectively, on a fully reflected basis. For additional information, see “Capital Resources—Regulatory Capital Treatment—Modified Transition of the Current Expected Credit Losses Methodology” in Citigroup’s 2022 Annual Report on Form 10-K. 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 E. For the composition of Citigroup’s SLR, see Appendix F.

(3) Citigroup’s payout ratio is the sum of common dividends and common share repurchases divided by net income available to common shareholders.

(4) Citigroup’s tangible book value per share is a non-GAAP financial measure. See Appendix G for a reconciliation of common equity to tangible common equity and resulting calculation of tangible book value per share.

(5) For additional information on the notable items, see Citi’s Current Report on Form 8-K filed on January 10, 2024 with the U.S. Securities and Exchange Commission. Results of operations excluding the impact of these notable items are non-GAAP financial measures. Citi believes the presentation of its results of operations and financial condition excluding the impacts of these notable items provides a meaningful depiction of the underlying fundamentals of its broader results for investors, industry analysts and others. For a reconciliation to reported results, please refer to Appendix B and C. For a reconciliation to reported EPS, refer to appendix J.

(6) Citi recorded an approximate $880 million translation loss in revenues in Argentina in the fourth quarter of 2023 due to the recent devaluation of the Argentine peso. This decrease in revenues impacted Services, Markets, and Banking. The translation loss does not include net interest income of approximately $250 million on Citi’s net investment in Argentina in the quarter.

(7) Fourth quarter 2023 results included divestiture-related impacts of $(138) million in earnings before taxes (approximately $(111) million after-tax). This amount included $(62) million revenues from certain divestitures, recorded in Other revenue, $106 million of aggregate divestiture-related costs, recorded in Operating expenses, a $(30) million of divestiture-related credit costs, and related taxes of $(27) million.

Fourth quarter 2022 results included divestiture-related impacts of $192 million in earnings before taxes (approximately $113 million after-tax). This amount included $209 million primarily related to the gain on sale from certain divestitures, recorded in Other revenue, $58 million of aggregate divestiture-related costs, recorded in Operating expenses, a $41 million benefit of divestiture-related credit costs, and related taxes of $79 million.

Results of operations excluding these divestiture-related impacts are non-GAAP financial measures. For additional information and a reconciliation to reported results, please refer to Appendix B and D.

(8) Credit derivatives are used to economically hedge a portion of the Corporate Lending 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 and the mark-to-market on the loans in the portfolio that are at fair value. In the fourth quarter 2023, gain / (loss) on loan hedges included $(131) million related to Corporate Lending, compared to $(300) million in the prior-year period. The fixed premium costs of these hedges are netted against the Corporate Lending revenues to reflect the cost of credit protection. Citigroup’s results of operations excluding the impact of gain / (loss) on loan hedges are non-GAAP financial measures. For a reconciliation to reported results, please refer to Appendix H.

(9) Certain revenues earned by Citi are subject to a revenue sharing agreement to Banking – Corporate Lending from Investment Banking and certain Markets and Services products sold to clients.

(10) All Other (Managed Basis) reflects results on a managed basis, which excludes divestiture-related impacts, for all periods, related to Citi’s divestitures of its Asia consumer banking businesses and the planned divestiture of Mexico consumer banking and small business and middle market banking within Legacy Franchises. Certain of the results of operations of All Other (Managed Basis) and Legacy Franchises (Managed Basis) that exclude divestiture-related impacts are non-GAAP financial measures. Citi believes the presentation of its results of operations excluding these divestiture-related impacts provide a meaningful depiction of the underlying fundamentals of its All Other (Managed Basis) and Legacy Franchises (Managed Basis) results for investors, industry analysts and others, including increased transparency and clarity into operating results, improved visibility into management decisions and their impacts on operational performance; enables better comparison to peer companies; and allows Citi to provide a long-term strategic view of the category going forward. In addition, Citi’s Chief Operating Decision Maker, or its Chief Executive Officer, regularly reviews financial information on a managed basis that excludes these divestiture-related impacts. For additional information and a reconciliation of these results, please refer to Appendix D.

EX-99.2 3 c-20240112xex99d2.htm EXHIBIT-99.2

Exhibit 99.2


CITIGROUP—QUARTERLY FINANCIAL DATA SUPPLEMENT		4Q23


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

Services		5
Markets		6
Banking		7
U.S. Personal Banking (USPB)		8
Metrics		9
Wealth		10
All Other		11
Legacy Franchises		12
Corporate/Other		13
Reconciling Items—Divestiture-related impacts		14

Citigroup Supplemental Detail
Average Balances and Interest Rates		15
Loans		16
Deposits		17
Allowance for Credit Losses (ACL) Rollforward		18
Allowance for Credit Losses on Loans (ACLL) and Unfunded Lending Commitments (ACLUC)		19 - 20
Non-Accrual Assets		21
CET1 Capital and Supplementary Leverage Ratios, Tangible Common Equity, Book Value Per Share and Tangible Book Value Per Share		22

CITIGROUP FINANCIAL SUMMARY

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

											4Q23 Increase/		Full		Full		FY 2023 vs.
	4Q		1Q		2Q		3Q		4Q		(Decrease) from		Year		Year		FY 2022 Increase/
	2022		2023		2023		2023		2023		3Q23	4Q22	2022		2023		(Decrease)

Total revenues, net of interest expense(1)(2)(3)(4)	$	18,006	$	21,447	$	19,436	$	20,139	$	17,440	(13%)	(3%)	$	75,338	$	78,462	4%
Total operating expenses(5)(6)(7)		12,985		13,289		13,570		13,511		15,996	18%	23%		51,292		56,366	10%
Net credit losses (NCLs)		1,180		1,302		1,504		1,637		1,994	22%	69%		3,789		6,437	70%
Credit reserve build / (release) for loans		593		435		257		179		478	NM	(19%)		956		1,349	41%
Provision / (release) for unfunded lending commitments		47		(194)		(96)		(54)		(81)	(50%)	NM		291		(425)	NM
Provisions for benefits and claims, HTM debt securities and other assets		25		432		159		78		1,156	NM	NM		203		1,825	NM
Provisions for credit losses and for benefits and claims		1,845		1,975		1,824		1,840		3,547	93%	92%		5,239		9,186	75%
Income (loss) from continuing operations before income taxes		3,176		6,183		4,042		4,788		(2,103)	NM	NM		18,807		12,910	(31%)
Income taxes (benefits)		640		1,531		1,090		1,203		(296)	NM	NM		3,642		3,528	(3%)
Income (loss) from continuing operations		2,536		4,652		2,952		3,585		(1,807)	NM	NM		15,165		9,382	(38%)
Income (loss) from discontinued operations, net of taxes(8)		(2)		(1)		(1)		2		(1)	NM	50%		(231)		(1)	100%
Net income (loss) before noncontrolling interests		2,534		4,651		2,951		3,587		(1,808)	NM	NM		14,934		9,381	(37%)
Net income (loss) attributable to noncontrolling interests		21		45		36		41		31	(24%)	48%		89		153	72%
Citigroup's net income (loss)	$	2,513	$	4,606	$	2,915	$	3,546	$	(1,839)	NM	NM	$	14,845	$	9,228	(38%)

Diluted earnings per share:
Income (loss) from continuing operations	$	1.16	$	2.19	$	1.33	$	1.63	$	(1.16)	NM	NM	$	7.11	$	4.04	(43%)
Citigroup's net income (loss)	$	1.16	$	2.19	$	1.33	$	1.63	$	(1.16)	NM	NM	$	7.00	$	4.04	(42%)

Preferred dividends	$	238	$	277	$	288	$	333	$	300	(10%)	26%	$	1,032	$	1,198	16%

Income allocated to unrestricted common shareholders - basic
Income (loss) from continuing operations	$	2,253	$	4,296	$	2,595	$	3,158	$	(2,217)	NM	NM	$	13,930	$	7,851	(44%)
Citigroup's net income (loss)	$	2,251	$	4,295	$	2,594	$	3,160	$	(2,218)	NM	NM	$	13,700	$	7,850	(43%)

Income allocated to unrestricted common shareholders - diluted
Income (loss) from continuing operations	$	2,264	$	4,307	$	2,610	$	3,174	$	(2,217)	NM	NM	$	13,971	$	7,908	(43%)
Citigroup's net income (loss)	$	2,262	$	4,306	$	2,609	$	3,176	$	(2,218)	NM	NM	$	13,741	$	7,907	(42%)

Shares (in millions):
Average basic		1,936.9		1,943.5		1,942.8		1,924.4		1,909.7	(1%)	(1%)		1,946.7		1,930.1	(1%)
Average diluted		1,955.9		1,964.1		1,968.6		1,951.7		1,909.7	(2%)	(2%)		1,964.3		1,955.8	-
Common shares outstanding, at period end		1,937.0		1,946.8		1,925.7		1,913.9		1,903.1	(1%)	(2%)

Regulatory capital ratios and performance metrics:
Common Equity Tier 1 (CET1) Capital ratio(9)(10)(11)		13.03%		13.44%		13.37%		13.59%		13.3%
Tier 1 Capital ratio(9)(10)(11)		14.80%		15.31%		15.24%		15.40%		15.0%
Total Capital ratio(9)(10)(11)		15.46%		15.40%		15.84%		15.78%		15.1%
Supplementary Leverage ratio (SLR)(9)(11)(12)		5.82%		5.96%		5.97%		6.04%		5.8%
Return on average assets		0.41%		0.76%		0.47%		0.58%		(0.30%)				0.62%		0.38%
Return on average common equity		5.0%		9.5%		5.6%		6.7%		(4.5%)				7.7%		4.3%
Average tangible common equity (TCE) (in billions of dollars)	$	156.9	$	161.1	$	164.1	$	165.3	$	165.2	-	5%	$	155.9	$	163.4	5%
Return on average tangible common equity (RoTCE)(13)		5.8%		10.9%		6.4%		7.7%		(5.1%)	(1,280) bps	(1,090) bps		8.9%		4.9%	(400) bps
Efficiency ratio (total operating expenses/total revenues, net)		72.1%		62.0%		69.8%		67.1%		91.7%	2,460 bps	1,960 bps		68.1%		71.8%	370 bps

Balance sheet data (in billions of dollars, except per share amounts):
Total assets	$	2,416.7	$	2,455.1	$	2,423.7	$	2,368.5	$	2,405.3	2%	-
Total average assets		2,430.6		2,462.2		2,465.6		2,413.8		2,427.3	1%	-		2,396.0		2,442.2	2%
Total loans		657.2		652.0		660.6		666.3		689.4	3%	5%
Total deposits		1,366.0		1,330.5		1,319.9		1,273.5		1,308.7	3%	(4%)
Citigroup's stockholders' equity		201.2		208.3		208.7		209.5		205.5	(2%)	2%
Book value per share		94.06		96.59		97.87		99.28		98.71	(1%)	5%
Tangible book value per share		81.65		84.21		85.34		86.90		86.19	(1%)	6%

Direct staff (in thousands)		240		240		240		240		239	-	-

(1)	See footnote 7 on page 14.

(2)	See footnote 5 on page 14.

(3)	See footnote 4 on page 14.

(4)	See footnote 3 on page 14.

(5)	See footnote 2 on page 14.

(6)	See footnote 6 on page 14.

(7)	See footnote 8 on page 14.

(8)

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.

(9)	4Q23 is preliminary.

(10)

Citi's binding CET1 Capital and Tier 1 Capital ratios were derived under the Basel III Standardized Approach, whereas Citi's binding Total Capital ratios were derived under the Basel III Advanced Approaches framework for all periods presented. For the composition of Citi's CET1 Capital and ratio, see page 22.

(11)

Citi's regulatory capital ratios and components reflect certain deferrals based on the modified regulatory capital transition provision related to the Current Expected Credit Losses (CECL) standard. For additional information, see "Capital Resources-Regulatory Capital Treatment-Modified Transition of the Current Expected Credit Losses Methodology" in Citigroup's 2022 Annual Report on Form 10-K.

(12)	For the composition of Citi's SLR, see page 22.

(13)	TCE and RoTCE are non-GAAP financial measures. See page 22 for a reconciliation of Citi's average TCE to Citi's total average stockholders' equity.

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)


											4Q23 Increase/		Full		Full		FY 2023 vs.
	4Q		1Q		2Q		3Q		4Q		(Decrease) from		Year		Year		FY 2022 Increase/
	2022		2023		2023		2023		2023		3Q23	4Q22	2022		2023		(Decrease)

Revenues
Interest revenue	$	25,708	$	29,395	$	32,647	$	34,837	$	36,379	4%	42%	$	74,408	$	133,258	79%
Interest expense		12,438		16,047		18,747		21,009		22,555	7%	81%		25,740		78,358	NM
Net interest income (NII)		13,270		13,348		13,900		13,828		13,824	-	4%		48,668		54,900	13%

Commissions and fees		2,016		2,366		2,132		2,195		2,212	1%	10%		9,175		8,905	(3%)
Principal transactions		2,419		3,939		2,528		3,008		1,473	(51%)	(39%)		14,159		10,948	(23%)
Administrative and other fiduciary fees		880		896		989		971		925	(5%)	5%		3,784		3,781	-
Realized gains (losses) on investments		(7)		72		49		30		37	23%	NM		67		188	NM
Impairment losses on investments and other assets		(222)		(86)		(71)		(70)		(96)	(37%)	57%		(499)		(323)	35%
Provision for credit losses on AFS debt securities(1)		(2)		(1)		1		(1)		(3)	NM	(50%)		5		(4)	NM
Other revenue (loss)		(348)		913		(92)		178		(932)	NM	NM		(21)		67	NM
Total non-interest revenues (NIR)		4,736		8,099		5,536		6,311		3,616	(43%)	(24%)		26,670		23,562	(12%)
Total revenues, net of interest expense	$	18,006	$	21,447	$	19,436	$	20,139	$	17,440	(13%)	(3%)		75,338		78,462	4%


Provisions for credit losses and for benefits and claims
Net credit losses		1,180		1,302		1,504		1,637		1,994	22%	69%		3,789		6,437	70%
Credit reserve build / (release) for loans		593		435		257		179		478	NM	(19%)		956		1,349	41%
Provision for credit losses on loans		1,773		1,737		1,761		1,816		2,472	36%	39%		4,745		7,786	64%
Provision for credit losses on held-to-maturity (HTM) debt securities		5		(17)		(4)		(3)		-	100%	(100%)		33		(24)	NM
Provision for credit losses on other assets		-		425		149		56		1,132	NM	NM		76		1,762	NM
Policyholder benefits and claims		20		24		14		25		24	(4%)	20%		94		87	(7%)
Provision for credit losses on unfunded lending commitments		47		(194)		(96)		(54)		(81)	(50%)	NM		291		(425)	NM
Total provisions for credit losses and for benefits and claims(2)		1,845		1,975		1,824		1,840		3,547	93%	92%		5,239		9,186	75%

Operating expenses
Compensation and benefits		6,618		7,538		7,388		7,424		6,882	(7%)	4%		26,655		29,232	10%
Premises and equipment		601		598		595		620		695	12%	16%		2,320		2,508	8%
Technology / communication		2,358		2,127		2,309		2,256		2,414	7%	2%		8,587		9,106	6%
Advertising and marketing		424		331		361		324		377	16%	(11%)		1,556		1,393	(10%)
Restructuring		N/A		N/A		N/A		N/A		781	NM	NM		N/A		781	NM
Other operating		2,984		2,695		2,917		2,887		4,847	68%	62%		12,174		13,346	10%
Total operating expenses		12,985		13,289		13,570		13,511		15,996	18%	23%		51,292		56,366	10%

Income (loss) from continuing operations before income taxes		3,176		6,183		4,042		4,788		(2,103)	NM	NM		18,807		12,910	(31%)
Provision for income taxes		640		1,531		1,090		1,203		(296)	NM	NM		3,642		3,528	(3%)

Income (loss) from continuing operations		2,536		4,652		2,952		3,585		(1,807)	NM	NM		15,165		9,382	(38%)
Discontinued operations(3)
Income (loss) from discontinued operations		(2)		(1)		(1)		2		(1)	NM	50%		(272)		(1)	100%
Provision (benefit) for income taxes		-		-		-		-		-	-	-		(41)		-	100%
Income (loss) from discontinued operations, net of taxes		(2)		(1)		(1)		2		(1)	NM	50%		(231)		(1)	100%

Net income (loss) before noncontrolling interests		2,534		4,651		2,951		3,587		(1,808)	NM	NM		14,934		9,381	(37%)
Net income (loss) attributable to noncontrolling interests		21		45		36		41		31	(24%)	48%		89		153	72%

Citigroup's net income (loss)	$	2,513	$	4,606	$	2,915	$	3,546	$	(1,839)	NM	NM	$	14,845	$	9,228	(38%)

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

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

(3)	See footnote 8 on page 1.

N/A Not applicable.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 2

CITIGROUP CONSOLIDATED BALANCE SHEET

(In millions of dollars)


											4Q23 Increase/
	December 31,		March 31,		June 30,		September 30,		December 31,		(Decrease) from
	2022		2023		2023		2023		2023(1)		3Q23	4Q22
Assets
Cash and due from banks (including segregated cash and other deposits)	$	30,577	$	26,224	$	25,763	$	26,548	$	27,342	3%	(11%)
Deposits with banks, net of allowance		311,448		302,735		271,145		227,439		233,590	3%	(25%)
Securities borrowed and purchased under agreements to resell, net of allowance		365,401		384,198		337,103		335,059		336,750	1%	(8%)
Brokerage receivables, net of allowance		54,192		55,491		60,850		66,194		56,337	(15%)	4%
Trading account assets		334,114		383,906		423,189		406,368		411,756	1%	23%
Investments
Available-for-sale debt securities		249,679		240,487		237,334		241,783		256,936	6%	3%
Held-to-maturity debt securities, net of allowance		268,863		264,342		262,066		259,456		254,247	(2%)	(5%)
Equity securities		8,040		7,749		7,745		7,759		7,902	2%	(2%)
Total investments		526,582		512,578		507,145		508,998		519,085	2%	(1%)
Loans, net of unearned income
Consumer(2)		368,067		363,696		374,591		377,714		389,197	3%	6%
Corporate(3)		289,154		288,299		286,021		288,634		300,165	4%	4%
Loans, net of unearned income		657,221		651,995		660,612		666,348		689,362	3%	5%
Allowance for credit losses on loans (ACLL)		(16,974)		(17,169)		(17,496)		(17,629)		(18,145)	(3%)	(7%)
Total loans, net		640,247		634,826		643,116		648,719		671,217	3%	5%
Goodwill		19,691		19,882		19,998		19,829		20,098	1%	2%
Intangible assets (including MSRs)		4,428		4,632		4,576		4,540		4,421	(3%)	-
Property, plant and equipment, net		26,253		27,119		27,818		27,959		28,747	3%	9%
Other assets, net of allowance		103,743		103,522		102,972		96,824		95,963	(1%)	(7%)
Total assets	$	2,416,676	$	2,455,113	$	2,423,675	$	2,368,477	$	2,405,306	2%	-

Liabilities
Non-interest-bearing deposits in U.S. offices	$	122,655	$	123,969	$	109,844	$	104,061	$	112,089	8%	(9%)
Interest-bearing deposits in U.S. offices		607,470		587,477		590,700		569,428		576,784	1%	(5%)
Total U.S. deposits		730,125		711,446		700,544		673,489		688,873	2%	(6%)
Non-interest-bearing deposits in offices outside the U.S.		95,182		90,404		91,899		84,663		88,988	5%	(7%)
Interest-bearing deposits in offices outside the U.S.		540,647		528,609		527,424		515,354		530,820	3%	(2%)
Total international deposits		635,829		619,013		619,323		600,017		619,808	3%	(3%)

Total deposits		1,365,954		1,330,459		1,319,867		1,273,506		1,308,681	3%	(4%)
Securities loaned and sold under agreements to resell		202,444		257,681		260,035		256,770		269,157	5%	33%
Brokerage payables		69,218		76,708		69,433		75,076		65,961	(12%)	(5%)
Trading account liabilities		170,647		185,010		170,664		164,624		155,345	(6%)	(9%)
Short-term borrowings		47,096		40,187		40,430		43,166		37,457	(13%)	(20%)
Long-term debt		271,606		279,684		274,510		275,760		286,619	4%	6%
Other liabilities(4)		87,873		76,365		79,314		69,380		75,835	9%	(14%)
Total liabilities	$	2,214,838	$	2,246,094	$	2,214,253	$	2,158,282	$	2,199,055	2%	(1%)

Equity
Stockholders' equity
Preferred stock	$	18,995	$	20,245	$	20,245	$	19,495	$	17,600	(10%)	(7%)
Common stock		31		31		31		31		31	-	-
Additional paid-in capital		108,458		108,369		108,579		108,757		108,955	-	-
Retained earnings		194,734		198,353		199,976		202,135		198,905	(2%)	2%
Treasury stock, at cost		(73,967)		(73,262)		(74,247)		(74,738)		(75,238)	(1%)	(2%)
Accumulated other comprehensive income (loss) (AOCI)		(47,062)		(45,441)		(45,865)		(46,177)		(44,800)	3%	5%
Total common equity	$	182,194	$	188,050	$	188,474	$	190,008	$	187,853	(1%)	3%

Total Citigroup stockholders' equity	$	201,189	$	208,295	$	208,719	$	209,503	$	205,453	(2%)	2%
Noncontrolling interests		649		724		703		692		798	15%	23%
Total equity		201,838		209,019		209,422		210,195		206,251	(2%)	2%
Total liabilities and equity	$	2,416,676	$	2,455,113	$	2,423,675	$	2,368,477	$	2,405,306	2%	-

(1)	December 31, 2023 is preliminary.

(2)	Consumer loans include loans managed by USPB, Wealth and All Other-Legacy Franchises (other than Mexico Small Business and Middle-Market Banking (Mexico SBMM) loans) that are included in Consumer loans.

(3)	Corporate loans include loans managed by Services, Markets, Banking, and All Other—Legacy Franchises-Mexico SBMM that are included in Corporate loans.

(4)	Includes allowance for credit losses for unfunded lending commitments. See page 19.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 3

OPERATING SEGMENT, REPORTING UNIT AND COMPONENT DETAILS

(In millions of dollars)


											4Q23 Increase/		Full		Full		FY 2023 vs.
	4Q		1Q		2Q		3Q		4Q		(Decrease) from		Year		Year		FY 2022 Increase/
	2022		2023		2023		2023		2023		3Q23	4Q22	2022		2023		(Decrease)
Revenues, net of interest expense
Services	$	4,264	$	4,383	$	4,545	$	4,622	$	4,500	(3%)	6%	$	15,619	$	18,050	16%
Markets		4,187		5,817		4,838		4,792		3,410	(29%)	(19%)		20,161		18,857	(6%)
Banking		778		1,141		1,134		1,344		949	(29%)	22%		5,396		4,568	(15%)
U.S. Personal Banking		4,407		4,711		4,619		4,917		4,940	-	12%		16,872		19,187	14%
Wealth		1,723		1,766		1,799		1,855		1,671	(10%)	(3%)		7,448		7,091	(5%)
All Other—managed basis(1)(2)		2,438		2,611		2,507		2,213		2,032	(8%)	(17%)		8,988		9,363	4%
Reconciling Items—Divestiture-related impacts(3)		209		1,018		(6)		396		(62)	NM	NM		854		1,346	58%
Total net revenues—reported	$	18,006	$	21,447	$	19,436	$	20,139	$	17,440	(13%)	(3%)	$	75,338	$	78,462	4%

Income (loss) from continuing operations
Services	$	1,379	$	1,302	$	1,224	$	1,348	$	797	(41%)	(42%)	$	4,924	$	4,671	(5%)
Markets		803		1,894		1,167		1,081		(122)	NM	NM		5,924		4,020	(32%)
Banking		(58)		66		42		170		(322)	NM	NM		383		(44)	NM
U.S. Personal Banking		54		402		461		756		201	(73%)	NM		2,770		1,820	(34%)
Wealth		175		159		64		118		5	(96%)	(97%)		950		346	(64%)
All Other—managed basis(1)(2)		70		181		86		(102)		(2,255)	NM	NM		398		(2,090)	NM
Reconciling Items—Divestiture-related impacts(3)		113		648		(92)		214		(111)	NM	NM		(184)		659	NM
Income (loss) from continuing operations—reported		2,536		4,652		2,952		3,585		(1,807)	NM	NM		15,165		9,382	(38%)

Discontinued operations		(2)		(1)		(1)		2		(1)	NM	50%		(231)		(1)	100%

Net income (loss) attributable to noncontrolling interests		21		45		36		41		31	(24%)	48%		89		153	72%

Net income (loss)	$	2,513	$	4,606	$	2,915	$	3,546	$	(1,839)	NM	NM	$	14,845	$	9,228	(38%)

(1)

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

(2)

Reflects results on a managed basis, which excludes divestiture-related impacts related to Citi's divestitures of its Asia consumer banking businesses and the planned divestiture of Mexico consumer banking, small business and middle markets within Legacy Franchises. See page 14 for additional information.

(3)	Reconciling Items consist of the divestiture-related impacts excluded from All Other on a managed basis. See page 14 for additional information. The Reconciling Items are fully reflected in the various line items on Citi's Consolidated Statement of Income (page 2).

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 4

SERVICES

(In millions of dollars, except as otherwise noted)


											4Q23 Increase/		Full		Full		FY 2023 vs.
	4Q		1Q		2Q		3Q		4Q		(Decrease) from		Year		Year		FY 2022 Increase/
	2022		2023		2023		2023		2023		3Q23	4Q22	2022		2023		(Decrease)
Net interest income (including dividends)	$	3,035	$	3,115	$	3,232	$	3,426	$	3,425	-	13%	$	10,318	$	13,198	28%
Fee revenue
Commissions and fees		717		740		785		780		813	4%	13%		2,882		3,118	8%
Other		581		605		663		632		608	(4%)	5%		2,490		2,508	1%
Total fee revenue		1,298		1,345		1,448		1,412		1,421	1%	9%		5,372		5,626	5%
Principal transactions		212		226		242		267		271	1%	28%		854		1,006	18%
All other(1)		(281)		(303)		(377)		(483)		(617)	(28%)	NM		(925)		(1,780)	(92%)
Total Non-interest revenue		1,229		1,268		1,313		1,196		1,075	(10%)	(13%)		5,301		4,852	(8%)
Total revenues, net of interest expense		4,264		4,383		4,545		4,622		4,500	(3%)	6%		15,619		18,050	16%
Total operating expenses		2,389		2,408		2,504		2,518		2,594	3%	9%		8,728		10,024	15%
Net credit losses on loans		7		6		13		27		(6)	NM	NM		51		40	(22%)
Credit reserve build / (release) for loans		1		(72)		(14)		6		127	NM	NM		128		47	(63%)
Provision for credit losses on unfunded lending commitments		(19)		7		(26)		23		(22)	NM	(16%)		24		(18)	NM
Provisions for credit losses for HTM debt securities and other assets		1		45		250		39		547	NM	NM		4		881	NM
Provision for credit losses		(10)		(14)		223		95		646	NM	NM		207		950	NM
Income from continuing operations before taxes		1,885		1,989		1,818		2,009		1,260	(37%)	(33%)		6,684		7,076	6%
Income taxes		506		687		594		661		463	(30%)	(8%)		1,760		2,405	37%
Income from continuing operations		1,379		1,302		1,224		1,348		797	(41%)	(42%)		4,924		4,671	(5%)
Noncontrolling interests		11		13		16		16		21	31%	91%		36		66	83%
Net income	$	1,368	$	1,289	$	1,208	$	1,332	$	776	(42%)	(43%)	$	4,888	$	4,605	(6%)
EOP assets (in billions)	$	599	$	585	$	584	$	551	$	585	6%	(2%)
Average assets (in billions)		577		598		583		565		581	3%	1%	$	545	$	582	7%
Efficiency ratio		56%		55%		55%		54%		58%	400 bps	200 bps		56%		56%	0 bps
Average allocated TCE (in billions)(2)	$	22.5	$	23.0	$	23.0	$	23.0	$	23.0	-	2%		22.5		23.0	2%
RoTCE(2)		24.1%		22.7%		21.1%		23.0%		13.4%	(960) bps	(1,070) bps		21.7%		20.0%	(170) bps

Revenue by component
Net interest income	$	2,534	$	2,600	$	2,705	$	2,853	$	2,869	1%	13%	$	8,832	$	11,027	25%
Non-interest revenue		690		726		701		643		555	(14%)	(20%)		2,947		2,625	(11%)
Treasury and Trade Solutions		3,224		3,326		3,406		3,496		3,424	(2%)	6%		11,779		13,652	16%
Net interest income		501		515		527		573		556	(3%)	11%		1,486		2,171	46%
Non-interest revenue		539		542		612		553		520	(6%)	(4%)		2,354		2,227	(5%)
Securities Services		1,040		1,057		1,139		1,126		1,076	(4%)	3%		3,840		4,398	15%
Total Services	$	4,264	$	4,383	$	4,545	$	4,622	$	4,500	(3%)	6%	$	15,619	$	18,050	16%

Revenue by geography
North America	$	1,223	$	1,204	$	1,295	$	1,333	$	1,300	(2%)	6%	$	4,782	$	5,132	7%
International		3,041		3,179		3,250		3,289		3,200	(3%)	5%		10,837		12,918	19%
Total	$	4,264	$	4,383	$	4,545	$	4,622	$	4,500	(3%)	6%	$	15,619	$	18,050	16%

Key drivers (in billions of dollars, except as otherwise noted)
Average loans by reporting unit (in billions)
Treasury and Trade Solutions (TTS)	$	76	$	78	$	79	$	82	$	82	-	8%	$	80	$	80	-
Securities Services		2		1		1		1		1	-	(50%)		2		1	(50%)
Total	$	78	$	79	$	80	$	83	$	83	-	6%	$	82	$	81	(1%)

ACLL as a % of EOP loans(3)		0.46%		0.36%		0.32%		0.33%		0.47%	14 bps	1 bps

Average deposits by reporting unit and selected component (in billions)
Treasury and Trade Solutions (TTS)	$	694	$	704	$	688	$	676	$	680	1%	(2%)	$	675	$	687	2%
Securities Services		131		125		125		120		122	2%	(7%)		133		123	(8%)
Total	$	825	$	829	$	813	$	796	$	802	1%	(3%)	$	808	$	810	-

AUC/AUA (in trillions of dollars)	$	22.2	$	23.0	$	23.6	$	23.0	$	25.1	9%	13%
Cross-border transaction value	$	81.1	$	83.0	$	87.8	$	87.8	$	99.4	13%	23%	$	311.6	$	358.0	15%
U.S. dollar clearing volume (in millions)		38.2		38.3		38.8		40.0		40.2	1%	5%		148.6		157.3	6%
Commercial card spend volume	$	15.4	$	16.0	$	17.3	$	16.9	$	16.6	(2%)	8%	$	57.4	$	66.8	16%

(1)	Services includes revenues earned by Citi that are subject to a revenue sharing arrangement with Banking—Corporate Lending for Investment Banking, Markets, and Services products sold to clients.

(2)	TCE and RoTCE are non-GAAP financial measures. See page 22 for a reconciliation of the summation of the segments' and component's average allocated TCE to Citi's total average TCE and Citi's total average stockholders' equity.

(3)	Excludes loans that are carried at fair value for all periods.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 5

MARKETS

(In millions of dollars, except as otherwise noted)

											4Q23 Increase/		Full		Full		FY 2023 vs.
	4Q		1Q		2Q		3Q		4Q		(Decrease) from		Year		Year		FY 2022 Increase/
	2022		2023		2023		2023		2023		3Q23	4Q22	2022		2023		(Decrease)

Net interest income (including dividends)	$	1,582	$	1,562	$	2,009	$	1,700	$	1,994	17%	26%	$	5,819	$	7,265	25%
Fee revenue
Brokerage and fees		328		385		331		337		328	(3%)	-		1,452		1,381	(5%)
Investment banking fees(1)		106		89		97		103		103	-	(3%)		481		392	(19%)
Other		40		40		32		32		46	44%	15%		139		150	8%
Total fee revenue		474		514		460		472		477	1%	1%		2,072		1,923	(7%)

Principal transactions		2,346		3,915		2,540		2,874		1,233	(57%)	(47%)		13,087		10,562	(19%)
All other(2)		(215)		(174)		(171)		(254)		(294)	(16%)	(37%)		(817)		(893)	(9%)
Total Non-interest revenue		2,605		4,255		2,829		3,092		1,416	(54%)	(46%)		14,342		11,592	(19%)
Total revenues, net of interest expense		4,187		5,817		4,838		4,792		3,410	(29%)	(19%)		20,161		18,857	(6%)
Total operating expenses		3,174		3,163		3,338		3,303		3,434	4%	8%		12,413		13,238	7%
Net credit losses on loans		1		4		2		(4)		30	NM	NM		(5)		32	NM
Credit reserve build / (release) for loans		35		63		(24)		124		41	(67%)	17%		80		204	NM
Provision for credit losses on unfunded lending commitments		10		(3)		(11)		3		12	NM	20%		10		1	(90%)
Provisions for credit losses for HTM debt securities and other assets		(7)		19		15		40		126	NM	NM		70		200	NM
Provision for credit losses		39		83		(18)		163		209	28%	NM		155		437	NM
Income (loss) from continuing operations before taxes		974		2,571		1,518		1,326		(233)	NM	NM		7,593		5,182	(32%)
Income taxes (benefits)		171		677		351		245		(111)	NM	NM		1,669		1,162	(30%)
Income (loss) from continuing operations		803		1,894		1,167		1,081		(122)	NM	NM		5,924		4,020	(32%)
Noncontrolling interests		16		21		19		15		12	(20%)	(25%)		52		67	29%
Net income (loss)	$	787	$	1,873	$	1,148	$	1,066	$	(134)	NM	NM	$	5,872	$	3,953	(33%)
EOP assets (in billions)	$	950	$	1,009	$	1,006	$	996	$	988	(1%)	4%
Average assets (in billions)		979		994		1,032		1,018		1,028	1%	5%	$	984	$	1,018	3%
Efficiency ratio		76%		54%		69%		69%		101%	3,200 bps	2,500 bps		62%		70%	800 bps
Average allocated TCE (in billions)(3)	$	51.6	$	53.1	$	53.1	$	53.1	$	53.1	-	3%		51.6		53.1	3%
RoTCE(3)		6.1%		14.3%		8.7%		8.0%		(1.0%)	(900) bps	(710) bps		11.4%		7.4%	(400) bps

Revenue by component
Fixed Income markets	$	3,439	$	4,650	$	3,729	$	3,850	$	2,591	(33%)	(25%)	$	15,710	$	14,820	(6%)
Equity markets		748		1,167		1,109		942		819	(13%)	9%		4,451		4,037	(9%)
Total	$	4,187	$	5,817	$	4,838	$	4,792	$	3,410	(29%)	(19%)	$	20,161	$	18,857	(6%)

Rates and currencies	$	2,728	$	3,578	$	2,780	$	2,769	$	1,758	(37%)	(36%)	$	11,556	$	10,885	(6%)
Spread products / other fixed income		711		1,072		949		1,081		833	(23%)	17%		4,154		3,935	(5%)
Total Fixed Income markets revenues	$	3,439	$	4,650	$	3,729	$	3,850	$	2,591	(33%)	(25%)	$	15,710	$	14,820	(6%)

Revenue by geography
North America	$	1,191	$	2,063	$	1,720	$	1,923	$	1,250	(35%)	5%	$	6,846	$	6,956	2%
International		2,996		3,754		3,118		2,869		2,160	(25%)	(28%)		13,315		11,901	(11%)
Total	$	4,187	$	5,817	$	4,838	$	4,792	$	3,410	(29%)	(19%)	$	20,161	$	18,857	(6%)

Key drivers (in billions of dollars)
Average loans	$	111	$	111	$	107	$	108	$	115	6%	4%	$	111	$	110	(1%)
NCLs as a % of average loans		0.00%		0.01%		0.01%		(0.01%)		0.10%	11 bps	10 bps		0.00%		0.03%	3 bps
ACLL as a % of EOP loans(4)		0.58%		0.66%		0.67%		0.76%		0.71%	(5) bps	13 bps
Average Trading account assets	$	332	$	349	$	382	$	393	$	391	(1%)	18%	$	334	$	379	13%
Average deposits		21		23		23		24		23	(4%)	10%		21		23	10%

(1)	Investment banking fees are primarily composed of underwriting, advisory, loan syndication structuring, and other related financing activity.

(2)	Markets includes revenues earned by Citi that are subject to a revenue sharing arrangement with Banking - Corporate Lending for Investment Banking, Markets, and Services products sold to clients.

(3)	TCE and RoTCE are non - GAAP financial measures. See page 22 for a reconciliation of the summation of the segments' and component's average allocated TCE to Citi's total average TCE and Citi's total average stockholders’ equity.

(4)	Excludes loans that are carried at fair value for all periods.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 6

BANKING

(In millions of dollars, except as otherwise noted)


											4Q23 Increase/		Full		Full		FY 2023 vs.
	4Q		1Q		2Q		3Q		4Q		(Decrease) from		Year		Year		FY 2022 Increase/
	2022		2023		2023		2023		2023		3Q23	4Q22	2022		2023		(Decrease)

Net interest income (including dividends)	$	529	$	491	$	522	$	544	$	537	(1%)	2%	$	2,057	$	2,094	2%
Fee revenue
Investment banking fees(1)		607		740		573		694		706	2%	16%		3,053		2,713	(11%)
Other		46		42		39		39		38	(3%)	(17%)		174		158	(9%)
Total Fee revenue		653		782		612		733		744	2%	14%		3,227		2,871	(11%)
Principal transactions		(452)		(334)		(216)		(163)		(223)	(37%)	51%		(133)		(936)	NM
All other(2)		48		202		216		230		(109)	NM	NM		245		539	NM
Total Non-interest revenue		249		650		612		800		412	(49%)	65%		3,339		2,474	(26%)
Total revenues, net of interest expense		778		1,141		1,134		1,344		949	(29%)	22%		5,396		4,568	(15%)
Total operating expenses		845		1,232		1,262		1,220		1,155	(5%)	37%		4,471		4,869	9%
Net credit losses on loans		96		12		58		28		71	NM	(26%)		106		169	59%
Credit reserve build / (release) for loans		(153)		(66)		(112)		(29)		(163)	NM	(7%)		270		(370)	NM
Provision for credit losses on unfunded lending commitments		72		(174)		(51)		(66)		(62)	6%	NM		153		(353)	NM
Provisions for credit losses for HTM debt securities and other assets		12		87		(42)		5		339	NM	NM		20		389	NM
Provision for credit losses		27		(141)		(147)		(62)		185	NM	NM		549		(165)	NM
Income (loss) from continuing operations before taxes		(94)		50		19		186		(391)	NM	NM		376		(136)	NM
Income taxes (benefits)		(36)		(16)		(23)		16		(69)	NM	(92%)		(7)		(92)	NM
Income (loss) from continuing operations		(58)		66		42		170		(322)	NM	NM		383		(44)	NM
Noncontrolling interests		(3)		2		1		1		-	(100%)	100%		(3)		4	NM
Net income (loss)	$	(55)	$	64	$	41	$	169	$	(322)	NM	NM	$	386	$	(48)	NM
EOP assets (in billions)	$	152	$	146	$	147	$	145	$	147	1%	(3%)
Average assets (in billions)		160		155		154		150		149	(1%)	(7%)	$	159	$	152	(4%)
Efficiency ratio		109%		108%		111%		91%		122%	3,100 bps	1,300 bps		83%		107%	2,400 bps
Average allocated TCE (in billions)(3)	$	21.7	$	21.4	$	21.4	$	21.4	$	21.4	-	(1%)		21.7		21.4	(1%)
RoTCE(3)		(1.0)%		1.2%		0.8%		3.1%		(6.0)%	(910) bps	(500) bps		1.8%		(0.2)%	(200) bps

Revenue by component
Total Investment Banking	$	525	$	675	$	501	$	693	$	669	(3%)	27%	$	2,510	$	2,538	1%
Corporate Lending—excluding gain/(loss) on loan hedges(2)(4)		553		665		699		698		411	(41%)	(26%)		2,579		2,473	(4%)
Total Banking revenues (ex-gain/(loss) on loan hedges)(2)(4)		1,078		1,340		1,200		1,391		1,080	(22%)	-		5,089		5,011	(2%)
Gain/(loss) on loan hedges(2)(4)		(300)		(199)		(66)		(47)		(131)	NM	56%		307		(443)	NM
Total Banking revenues including gain/(loss) on loan hedges(2)(4)	$	778	$	1,141	$	1,134	$	1,344	$	949	(29%)	22%	$	5,396	$	4,568	(15%)

Business Metrics—Investment Banking Fees
Advisory	$	258	$	276	$	156	$	299	$	286	(4%)	11%	$	1,332	$	1,017	(24%)
Equity underwriting (Equity Capital Markets (ECM))		132		109		158		123		110	(11%)	(17%)		621		500	(19%)
Debt underwriting (Debt Capital Markets (DCM))		217		355		259		272		310	14%	43%		1,100		1,196	9%
Total	$	607	$	740	$	573	$	694	$	706	2%	16%	$	3,053	$	2,713	(11%)

Revenue by geography
North America	$	157	$	370	$	430	$	597	$	378	(37%)	NM	$	2,453	$	1,775	(28%)
International		621		771		704		747		571	(24%)	(8%)		2,943		2,793	(5%)
Total	$	778	$	1,141	$	1,134	$	1,344	$	949	(29%)	22%	$	5,396	$	4,568	(15%)

Key drivers (in billions of dollars)
Average loans	$	96	$	93	$	91	$	87	$	87	-	(9%)	$	98	$	90	(8%)
NCLs as a % of average loans		0.40%		0.05%		0.26%		0.13%		0.32%	19 bps	(8) bps		0.11%		0.19%	8 bps
ACLL as a % of EOP loans(5)		1.89%		1.86%		1.77%		1.78%		1.60%	(18) bps	(29) bps
Average deposits		2		1		1		1		1	-	(50%)		1		1	-

(1)	Investment banking fees are primarily composed of underwriting, advisory, loan syndication structuring, and other related financing activity.

(2)	Banking includes revenues earned by Citi that are subject to a revenue sharing arrangement with Banking—Corporate Lending for Investment Banking, Markets, and Services products sold to clients.

(3)	TCE and RoTCE are non-GAAP financial measures. See page 22 for a reconciliation of the summation of the segments' and component's average allocated TCE to Citi's total average TCE and Citi's total average stockholders' equity.

(4)

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.

(5)	Excludes loans that are carried at fair value for all periods.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 7

U.S. PERSONAL BANKING
(In millions of dollars, except as otherwise noted)


											4Q23 Increase/		Full		Full		FY 2023 vs.
	4Q		1Q		2Q		3Q		4Q		(Decrease) from		Year		Year		FY 2022 Increase/
	2022		2023		2023		2023		2023		3Q23	4Q22	2022		2023		(Decrease)

Net interest income	$	4,736	$	4,854	$	4,883	$	5,175	$	5,238	1%	11%	$	18,062	$	20,150	12%
Fee revenue
Interchange fees		2,422		2,277		2,482		2,434		2,481	2%	2%		9,190		9,674	5%
Card rewards and partner payments		(2,832)		(2,590)		(2,827)		(2,777)		(2,889)	(4%)	(2%)		(10,862)		(11,083)	(2%)
Other		99		104		72		75		98	31%	(1%)		462		349	(24%)
Total fee revenue		(311)		(209)		(273)		(268)		(310)	(16%)	-		(1,210)		(1,060)	12%
All other		(18)		66		9		10		12	20%	NM		20		97	NM
Total Non-interest revenue		(329)		(143)		(264)		(258)		(298)	(16%)	9%		(1,190)		(963)	19%
Total revenues, net of interest expense		4,407		4,711		4,619		4,917		4,940	-	12%		16,872		19,187	14%

Total operating expenses		2,609		2,529		2,498		2,481		2,594	5%	(1%)		9,782		10,102	3%
Net credit losses on loans		852		1,074		1,218		1,343		1,599	19%	88%		2,918		5,234	79%
Credit reserve build / (release) for loans		867		576		303		114		471	NM	(46%)		517		1,464	NM
Provision for credit losses on unfunded lending commitments		-		-		1		(1)		1	NM	100%		(1)		1	NM
Provisions for benefits and claims, and other assets		4		(1)		3		3		3	-	(25%)		14		8	(43%)
Provisions for credit losses and for benefits and claims (PBC)		1,723		1,649		1,525		1,459		2,074	42%	20%		3,448		6,707	95%
Income (loss) from continuing operations before taxes		75		533		596		977		272	(72%)	NM		3,642		2,378	(35%)
Income taxes (benefits)		21		131		135		221		71	(68%)	NM		872		558	(36%)
Income (loss) from continuing operations		54		402		461		756		201	(73%)	NM		2,770		1,820	(34%)
Noncontrolling interests		-		-		-		-		-	-	-		-		-	-
Net income (loss)	$	54	$	402	$	461	$	756	$	201	(73%)	NM	$	2,770	$	1,820	(34%)
EOP assets (in billions)	$	231	$	228	$	228	$	231	$	242	5%	5%
Average assets (in billions)		223		231		229		230		232	1%	4%	$	213	$	231	8%
Efficiency ratio		59%		54%		54%		50%		53%	300 bps	(600) bps		58%		53%	(500) bps
Average allocated TCE (in billions)(1)	$	20.7	$	21.9	$	21.9	$	21.9	$	21.9	-	6%		20.7		21.9	6%
RoTCE(1)		1.0%		7.4%		8.4%		13.7%		3.6%	(1,010) bps	260 bps		13.4%		8.3%	(510) bps

Revenue by component
Branded Cards	$	2,389	$	2,472	$	2,357	$	2,539	$	2,620	3%	10%	$	8,962	$	9,988	11%
Retail Services		1,421		1,610		1,643		1,728		1,636	(5%)	15%		5,469		6,617	21%
Retail Banking		597		629		619		650		684	5%	15%		2,441		2,582	6%
Total	$	4,407	$	4,711	$	4,619	$	4,917	$	4,940	-	12%	$	16,872	$	19,187	14%

Average loans and deposits (in billions)
Average loans	$	180	$	184	$	189	$	196	$	202	3%	12%	$	171	$	193	13%
ACLL as a % of EOP loans(2)		6.31%		6.62%		6.44%		6.36%		6.28%	(8) bps	(3) bps
Average deposits		111		111		113		110		105	(5%)	(5%)		115		110	(4%)

(1)	TCE and RoTCE are non-GAAP financial measures. See page 22 for a reconciliation of the summation of the segments' and component's average allocated TCE to Citi's total average TCE and Citi's total average stockholders' equity.

(2)	Excludes loans that are carried at fair value for all periods.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 8

U.S. PERSONAL BANKING

Metrics


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

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

New account acquisitions (in thousands)
Branded Cards		1,023		1,164		1,131		1,146		1,105	(4%)	8%
Retail Services		2,806		1,976		2,393		2,152		2,617	22%	(7%)
Credit card spend volume
Branded Cards	$	125.3	$	115.9	$	126.8	$	125.2	$	129.5	3%	3%
Retail Services		27.1		20.8		24.8		23.3		26.0	12%	(4%)
Average loans(1)
Branded Cards	$	95.4	$	96.8	$	99.8	$	103.2	$	106.6	3%	12%
Retail Services		48.0		48.8		49.0		50.2		51.6	3%	8%
Retail Banking		36.6		38.0		40.3		42.2		43.9	4%	20%
EOP loans(1)
Branded Cards	$	100.2	$	97.1	$	103.0	$	105.2	$	111.1	6%	11%
Retail Services		50.5		48.4		50.0		50.5		53.6	6%	6%
Retail Banking		37.1		39.2		41.5		43.1		44.4	3%	20%
Total revenues, net of interest expenses as a % of average loans
Branded Cards		9.94%		10.36%		9.47%		9.76%		9.75%
Retail Services		11.75%		13.38%		13.45%		13.66%		12.58%
NII as a % of average loans(2)
Branded Cards		9.03%		9.36%		9.01%		9.12%		9.17%
Retail Services		16.93%		17.54%		17.44%		17.77%		16.99%
NCLs as a % of average loans
Branded Cards		1.68%		2.18%		2.47%		2.72%		3.06%
Retail Services		3.30%		4.08%		4.46%		4.53%		5.44%
Retail Banking		0.53%		0.66%		0.59%		0.59%		0.62%
Loans 90+ days past due as a % of EOP loans
Branded Cards		0.63%		0.78%		0.81%		0.92%		1.07%
Retail Services		1.56%		1.76%		1.77%		2.12%		2.36%
Retail Banking(3)		0.45%		0.42%		0.39%		0.38%		0.40%
Loans 30-89 days past due as a % of EOP loans
Branded Cards		0.69%		0.76%		0.81%		0.97%		1.03%
Retail Services		1.62%		1.66%		1.81%		2.13%		2.15%
Retail Banking(3)		0.57%		0.47%		0.57%		0.55%		0.62%
Branches (actual)		654		653		653		652		647	(1%)	(1%)
Mortgage originations	$	2.7	$	3.3	$	4.5	$	3.9	$	2.8	(28%)	4%

(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.

(3)	Excludes U.S. government-sponsored agency guaranteed loans.

Reclassified to conform to the current period’s presentation.

Page 9

WEALTH

(In millions of dollars, except as otherwise noted)


											4Q23 Increase/		Full		Full		FY 2023 vs.
	4Q		1Q		2Q		3Q		4Q		(Decrease) from		Year		Year		FY 2022 Increase/
	2022		2023		2023		2023		2023		3Q23	4Q22	2022		2023		(Decrease)

Net interest income	$	1,166	$	1,121	$	1,113	$	1,182	$	1,044	(12%)	(10%)	$	4,744	$	4,460	(6%)
Fee revenue
Commissions and fees		247		305		307		302		297	(2%)	20%		1,218		1,211	(1%)
Other		198		174		207		217		210	(3%)	6%		866		808	(7%)
Total fee revenue		445		479		514		519		507	(2%)	14%		2,084		2,019	(3%)
All other		112		166		172		154		120	(22%)	7%		620		612	(1%)
Total Non-interest revenue		557		645		686		673		627	(7%)	13%		2,704		2,631	(3%)
Total revenues, net of interest expense		1,723		1,766		1,799		1,855		1,671	(10%)	(3%)		7,448		7,091	(5%)
Total operating expenses		1,585		1,626		1,660		1,711		1,647	(4%)	4%		6,058		6,644	10%
Net credit losses on loans		56		20		23		24		31	29%	(45%)		103		98	(5%)
Credit reserve build / (release) for loans		(96)		(69)		30		(19)		(27)	(42%)	72%		190		(85)	NM
Provision for credit losses on unfunded lending commitments		(19)		(6)		1		(8)		1	NM	NM		12		(12)	NM
Provisions for benefits and claims, and other assets		2		(3)		-		1		(1)	NM	NM		1		(3)	NM
Provisions for credit losses and for benefits and claims (PBC)		(57)		(58)		54		(2)		4	NM	NM		306		(2)	(101%)
Income from continuing operations before taxes		195		198		85		146		20	(86%)	(90%)		1,084		449	(59%)
Income taxes		20		39		21		28		15	(46%)	(25%)		134		103	(23%)
Income from continuing operations		175		159		64		118		5	(96%)	(97%)		950		346	(64%)
Noncontrolling interests		-		-		-		-		-	-	-		-		-	-
Net income	$	175	$	159	$	64	$	118	$	5	(96%)	(97%)	$	950	$	346	(64%)
EOP assets (in billions)	$	259	$	258	$	241	$	236	$	232	(2%)	(10%)
Average assets (in billions)		258		261		251		240		234	(3%)	(9%)	$	259	$	247	(5%)
Efficiency ratio		92%		92%		92%		92%		99%	700 bps	700 bps		81%		94%	1,300 bps
Average allocated TCE (in billions)(1)	$	13.9	$	13.4	$	13.4	$	13.4	$	13.4	-	(4%)		13.9		13.4	(4%)
RoTCE(1)		5.0%		4.8%		1.9%		3.5%		0.1%	(340) bps	(490) bps		6.8%		2.6%	(420) bps

Revenue by component
Private Bank	$	599	$	568	$	605	$	617	$	542	(12%)	(10%)	$	2,812	$	2,332	(17%)
Wealth at Work		195		193		224		234		211	(10%)	8%		730		862	18%
Citigold		929		1,005		970		1,004		918	(9%)	(1%)		3,906		3,897	-
Total	$	1,723	$	1,766	$	1,799	$	1,855	$	1,671	(10%)	(3%)	$	7,448	$	7,091	(5%)

Revenue by geography
North America	$	966	$	900	$	904	$	953	$	858	(10%)	(11%)	$	3,927	$	3,615	(8%)
International		757		866		895		902		813	(10%)	7%		3,521		3,476	(1%)
Total	$	1,723	$	1,766	$	1,799	$	1,855	$	1,671	(10%)	(3%)	$	7,448	$	7,091	(5%)

Key drivers (in billions of dollars)

EOP Client balances
Client investment assets(2)	$	443	$	459	$	470	$	471	$	498	6%	12%
Deposits		325		322		315		307		323	5%	(1%)
Loans		149		150		151		151		152	1%	2%
Total	$	917	$	931	$	936	$	929	$	973	5%	6%

ACLL as a % of EOP loans		0.59%		0.52%		0.54%		0.53%		0.51%	(2) bps	(8) bps

(1)	TCE and RoTCE are non-GAAP financial measures. See page 22 for a reconciliation of the summation of the segments' and component's average allocated TCE to Citi's total average TCE and Citi's total average stockholders' equity.

(2)	Includes Assets under management, and trust and custody assets.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 10

ALL OTHER—MANAGED BASIS(1)(2)(3)
(In millions of dollars, except as otherwise noted)


											4Q23 Increase/		Full		Full		FY 2023 vs.
	4Q		1Q		2Q		3Q		4Q		(Decrease) from		Year		Year		FY 2022 Increase/
	2022		2023		2023		2023		2023		3Q23	4Q22	2022		2023		(Decrease)

Net interest income	$	2,222	$	2,205	$	2,141	$	1,801	$	1,586	(12%)	(29%)	$	7,668	$	7,733	1%
Non-interest revenue(4)(5)(6)(7)		216		406		366		412		446	8%	NM		1,320		1,630	23%
Total revenues, net of interest expense		2,438		2,611		2,507		2,213		2,032	(8%)	(17%)		8,988		9,363	4%
Total operating expenses(8)(9)(10)		2,325		2,258		2,229		2,164		4,466	NM	92%		9,144		11,117	22%
Net credit losses on loans		186		198		198		238		236	(1%)	27%		772		870	13%
Credit reserve build / (release) for loans		(39)		-		77		(19)		92	NM	NM		(488)		150	NM
Provision for credit losses on unfunded lending commitments		4		(19)		(9)		(5)		(11)	NM	NM		120		(44)	NM
Provisions for benefits and claims, HTM debt securities and other assets		13		285		(67)		(10)		142	NM	NM		94		350	NM
Provisions for credit losses and for benefits and claims (PBC)		164		464		199		204		459	NM	NM		498		1,326	NM
Income (loss) from continuing operations before taxes		(51)		(111)		79		(155)		(2,893)	NM	NM		(654)		(3,080)	NM
Income taxes (benefits)		(121)		(292)		(7)		(53)		(638)	NM	NM		(1,052)		(990)	6%
Income (loss) from continuing operations		70		181		86		(102)		(2,255)	NM	NM		398		(2,090)	NM
Income (loss) from discontinued operations, net of taxes(11)		(2)		(1)		(1)		2		(1)	NM	50%		(231)		(1)	100%
Noncontrolling interests		(3)		9		-		9		(2)	NM	33%		4		16	NM
Net income (loss)	$	71	$	171	$	85	$	(109)	$	(2,254)	NM	NM	$	163	$	(2,107)	NM
EOP assets (in billions)	$	226	$	229	$	218	$	209	$	211	1%	(7%)
Average assets (in billions)		234		223		217		211		203	(4%)	(13%)	$	236	$	212	(10%)
Efficiency ratio		95%		86%		89%		98%		220%	12,200 bps	12,500 bps		102%		119%	1,700 bps
Average allocated TCE (in billions)(12)		26.5		28.3		31.3		32.5		32.4	-	22%		25.5		30.6	20%

Revenue by reporting unit and component
Asia Consumer	$	576	$	503	$	475	$	289	$	257	(11%)	(55%)	$	2,926	$	1,524	(48%)
Mexico Consumer/SBMM		1,221		1,288		1,407		1,522		1,461	(4%)	20%		4,622		5,678	23%
Legacy Holdings Assets		32		8		5		(9)		(8)	11%	NM		(81)		(4)	95%
Corporate/Other		609		812		620		411		322	(22%)	(47%)		1,521		2,165	42%
Total	$	2,438	$	2,611	$	2,507	$	2,213	$	2,032	(8%)	(17%)	$	8,988	$	9,363	4%

Asia Consumer - Key Indicators (in billions of dollars)
EOP loans	$	13.3	$	10.0	$	9.1	$	8.0	$	7.4	(8%)	(44%)
EOP deposits		14.5		14.4		12.2		10.8		9.5	(12%)	(34%)
Average loans		13.2		12.1		9.5		8.6		7.8	(9%)	(41%)
NCLs as a % of average loans		1.23%		1.47%		1.73%		1.43%		3.87%
Loans 90+ days past due as a % of EOP loans		0.37%		0.55%		0.55%		0.61%		0.69%
Loans 30-89 days past due as a % of EOP loans		0.53%		0.65%		0.66%		0.73%		0.80%

Mexico Consumer/SBMM - Key Indicators (in billions of dollars)
EOP loans	$	21.9	$	24.0	$	26.0	$	26.0	$	27.1	4%	24%
EOP deposits		36.5		38.3		40.8		40.0		42.2	6%	16%
Average loans		21.3		22.8		24.7		26.0		25.8	(1%)	21%
NCLs as a % of average loans		2.48%		2.63%		2.52%		2.95%		3.00%
Loans 90+ days past due as a % of EOP loans (Mexico Consumer only)		1.28%		1.24%		1.37%		1.32%		1.35%
Loans 30-89 days past due as a % of EOP loans (Mexico Consumer only)		1.26%		1.26%		1.28%		1.33%		1.35%

Legacy Holdings Assets - Key Indicators (in billions of dollars)
EOP loans	$	3.0	$	2.8	$	2.7	$	2.5	$	2.5	-	(17%)

(1)

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

(2)	Reflects results on a managed basis, which excludes divestiture-related impacts related to Citi's sales of its Asia consumer banking businesses and the divestiture of Mexico consumer banking, small business and middle markets within Legacy Franchises. See page 14 for additional information.

(3)Certain of the results of operations of All Other—Managed basis are non-GAAP financial measures. See page 14 for additional information.

(4)	See footnote 7 on page 14.

(5)	See footnote 5 on page 14.

(6)	See footnote 3 on page 14.

(7)	See footnote 4 on page 14.

(8)	See footnote 2 on page 14.

(9)	See footnote 6 on page 14.

(10)	See footnote 8 on page 14.

(11)See footnote 8 on page 1.

(12)TCE is a non-GAAP financial measure. See page 22 for a reconciliation of the summation of the segments' and component's average allocated TCE

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 11

ALL OTHER—MANAGED BASIS(1)(2)

Legacy Franchises(3)

(In millions of dollars, except as otherwise noted)

											4Q23 Increase/		Full		Full		FY 2023 vs.
	4Q		1Q		2Q		3Q		4Q		(Decrease) from		Year		Year		FY 2022 Increase/
	2022		2023		2023		2023		2023		3Q23	4Q22	2022		2023		(Decrease)

Net interest income	$	1,302	$	1,256	$	1,305	$	1,262	$	1,187	(6%)	(9%)	$	5,536	$	5,010	(10%)
Non-interest revenue(4)(5)(6)(7)		527		543		582		540		523	(3%)	(1%)		1,931		2,188	13%
Total revenues, net of interest expense		1,829		1,799		1,887		1,802		1,710	(5%)	(7%)		7,467		7,198	(4%)
Total operating expenses(8)(9)(10)		1,748		1,664		1,685		1,663		1,624	(2%)	(7%)		6,994		6,636	(5%)
Net credit losses on loans		186		198		198		238		236	(1%)	27%		772		870	13%
Credit reserve build / (release) for loans		(39)		-		77		(19)		92	NM	NM		(488)		150	NM
Provision for credit losses on unfunded lending commitments		4		(19)		(9)		(5)		(11)	NM	NM		120		(44)	NM
Provisions for benefits and claims, HTM debt securities and other assets		13		174		46		(9)		153	NM	NM		91		364	NM
Provisions for credit losses and for benefits and claims (PBC)		164		353		312		205		470	NM	NM		495		1,340	NM
Income (loss) from continuing operations before taxes		(83)		(218)		(110)		(66)		(384)	NM	NM		(22)		(778)	NM
Income taxes (benefits)		(52)		(159)		(58)		24		(108)	NM	NM		(145)		(301)	NM
Income (loss) from continuing operations		(31)		(59)		(52)		(90)		(276)	NM	NM		123		(477)	NM
Noncontrolling interests		3		2		3		2		1	(50%)	(67%)		3		8	NM
Net income (loss)	$	(34)	$	(61)	$	(55)	$	(92)	$	(277)	NM	NM	$	120	$	(485)	NM
EOP assets (in billions)	$	95	$	92	$	91	$	78	$	78	-	(18%)
Average assets (in billions)		97		95		90		85		79	(7%)	(19%)	$	109	$	87	(20%)
Efficiency ratio		96%		92%		89%		92%		95%	300 bps	(100) bps		94%		92%	-200 bps
Allocated TCE (in billions)(11)		11.1		10.0		10.0		10.0	$	10.0	-	(10%)		11.1		10.0	(10%)

Revenue by reporting unit and component
Asia Consumer	$	576	$	503	$	475	$	289	$	257	(11%)	(55%)	$	2,926	$	1,524	(48%)
Mexico Consumer/SBMM		1,221		1,288		1,407		1,522		1,461	(4%)	20%		4,622		5,678	23%
Legacy Holdings Assets		32		8		5		(9)		(8)	11%	NM		(81)		(4)	95%
Total	$	1,829	$	1,799	$	1,887	$	1,802	$	1,710	(5%)	(7%)	$	7,467	$	7,198	(4%)

Asia Consumer - Key Indicators (in billions of dollars)
EOP loans	$	13.3	$	10.0	$	9.1	$	8.0	$	7.4	(8%)	(44%)
EOP deposits		14.5		14.4		12.2		10.8		9.5	(12%)	(34%)
Average loans		13.2		12.1		9.5		8.6		7.8	(9%)	(41%)
NCLs as a % of average loans		1.23%		1.47%		1.73%		1.43%		3.87%
Loans 90+ days past due as a % of EOP loans		0.37%		0.55%		0.55%		0.61%		0.69%
Loans 30-89 days past due as a % of EOP loans		0.53%		0.65%		0.66%		0.73%		0.80%

Mexico Consumer/SBMM - Key Indicators (in billions of dollars)
EOP loans	$	21.9	$	24.0	$	26.0	$	26.0	$	27.1	4%	24%
EOP deposits		36.5		38.3		40.8		40.0		42.2	6%	16%
Average loans		21.3		22.8		24.7		26.0		25.8	(1%)	21%
NCLs as a % of average loans		2.48%		2.63%		2.52%		2.95%		3.00%
Loans 90+ days past due as a % of EOP loans (Mexico Consumer only)		1.28%		1.24%		1.37%		1.32%		1.35%
Loans 30-89 days past due as a % of EOP loans (Mexico Consumer only)		1.26%		1.26%		1.28%		1.33%		1.35%

Legacy Holdings Assets - Key Indicators (in billions of dollars)
EOP loans	$	3.0	$	2.8	$	2.7	$	2.5	$	2.5	-	(17%)

(1)	Reflects results on a managed basis, which excludes divestiture-related impacts related to Citi's sales of its Asia consumer banking businesses and the divestiture of Mexico consumer banking, small business and middle markets within Legacy Franchises. See page 14 for additional information.

(2)	Certain of the results of operations of All Other—Managed basis are non-GAAP financial measures. See page 14 for additional information.

(3)

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

(4)	See footnote 7 on page 14.

(5)	See footnote 5 on page 14.

(6)	See footnote 3 on page 14.

(7)	See footnote 4 on page 14.

(8)	See footnote 2 on page 14.

(9)	See footnote 6 on page 14.

(10)	See footnote 8 on page 14.

(11)	TCE is a non-GAAP financial measure. See page 22 for a reconciliation of the summation of the segments' and component's average allocated TCE

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 12

ALL OTHER

Corporate/Other(1)

(In millions of dollars, except as otherwise noted)


											4Q23 Increase/		Full		Full		FY 2023 vs.
	4Q		1Q		2Q		3Q		4Q		(Decrease) from		Year		Year		FY 2022 Increase/
	2022		2023		2023		2023		2023		3Q23	4Q22	2022		2023		(Decrease)

Net interest income	$	920	$	949	$	836	$	539	$	399	(26%)	(41%)	$	2,132	$	2,723	28%
Non-interest revenue		(311)		(137)		(216)		(128)		(77)	40%	59%		(611)		(558)	9%
Total revenues, net of interest expense		609		812		620		411		322	(22%)	(33%)		1,521		2,165	42%
Total operating expenses		577		594		544		501		2,842	NM	(13%)		2,150		4,481	NM
Provisions for HTM debt securities and other assets		-		111		(113)		(1)		(11)	NM	(100%)		3		(14)	NM
Income (loss) from continuing operations before taxes		32		107		189		(89)		(2,509)	NM	NM		(632)		(2,302)	NM
Income taxes (benefits)		(69)		(133)		51		(77)		(530)	NM	(12%)		(907)		(689)	24%
Income (loss) from continuing operations		101		240		138		(12)		(1,979)	NM	NM		275		(1,613)	NM
Income (loss) from discontinued operations, net of taxes(2)		(2)		(1)		(1)		2		(1)	NM	NM		(231)		(1)	100%
Noncontrolling interests		(6)		7		(3)		7		(3)	NM	NM		1		8	NM
Net income (loss)	$	105	$	232	$	140	$	(17)	$	(1,977)	NM	NM	$	43	$	(1,622)	NM
EOP assets (in billions)	$	131	$	137	$	127	$	131	$	133	2%	-
Average allocated TCE (in billions)(3)		15.4		18.3		21.3		22.5		22.4	-	45%	$	14.4	$	21.1	47%

(1)

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

(2)	See footnote 8 on page 1.

(3)	TCE is a non-GAAP financial measure. See page 22 for a reconciliation of the summation of the segments' and component's average allocated TCE

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 13

RECONCILING ITEMS(1)

(Divestiture-related Impacts)

(In millions of dollars, except as otherwise noted)

											4Q23 Increase/		Full		Full		FY 2023 vs.
	4Q		1Q		2Q		3Q		4Q		(Decrease) from		Year		Year		FY 2022 Increase/
	2022		2023		2023		2023		2023		3Q23	4Q22	2022		2023		(Decrease)

Net interest income	$	-	$	-	$	-	$	-	$	-	-	-	$	-	$	-	-
Non-interest revenue(3)(4)(5)(7)		209		1,018		(6)		396		(62)	NM	NM		854		1,346	58%
Total revenues, net of interest expense		209		1,018		(6)		396		(62)	NM	NM		854		1,346	58%
Total operating expenses(2)(6)(8)		58		73		79		114		106	(7%)	83%		696		372	(47%)
Net credit losses on loans		(18)		(12)		(8)		(19)		33	NM	NM		(156)		(6)	96%
Credit reserve build / (release) for loans		(22)		3		(3)		2		(63)	NM	NM		259		(61)	NM
Provision for credit losses on unfunded lending commitments		(1)		1		(1)		-		-	-	100%		(27)		-	100%
Provisions for benefits and claims, HTM debt securities and other assets		-		-		-		-		-	-	-		-		-	-
Provisions for credit losses and for benefits and claims (PBC)		(41)		(8)		(12)		(17)		(30)	(76%)	27%		76		(67)	NM
Income (loss) from continuing operations before taxes		192		953		(73)		299		(138)	NM	NM		82		1,041	NM
Income taxes (benefits)		79		305		19		85		(27)	NM	NM		266		382	44%
Income (loss) from continuing operations		113		648		(92)		214		(111)	NM	NM		(184)		659	NM
Income (loss) from discontinued operations, net of taxes		-		-		-		-		-	-	-		-		-	-
Noncontrolling interests		-		-		-		-		-	-	-		-		-	-
Net income (loss)	$	113	$	648	$	(92)	$	214	$	(111)	NM	NM	$	(184)	$	659	NM

(1)	Reconciling Items consist of the divestiture-related impacts excluded from the results of All Other, as well as All Other—Legacy Franchises on a managed basis. The Reconciling Items are fully reflected on Citi's Consolidated Statement of Income on page 2 for each respective line item.

(2)	1Q22 includes an approximate $535 million ($489 million after-tax) goodwill write-down due to re-segmentation and timing of Asia consumer banking business divestitures. For additional information, see Citi's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2022.

(3)

3Q22 includes an approximate $616 million gain on sale recorded in revenue (approximately $290 million after various taxes) related to Citi's sale of the Philippines consumer banking business. For additional information, see Citi's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2022

(4)

4Q22 includes an approximate $209 million (approximately $115 million after various taxes) gain on sale recorded in revenue related to Citi's sale of the Thailand consumer banking business. For additional information, see Citi's Annual Report on Form 10-K for the annual period ended December 31, 2022.

(5)

1Q23 includes an approximate $1.059 billion gain on sale recorded in revenue (approximately $727 million after various taxes) related to Citi's sale of the India consumer banking business. For additional information, see Citi's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023.

(6)	2Q23 includes approximately $79 million in expenses (approximately $57 million after-tax), primarily related to separation costs in Mexico and severance costs in Asia exit markets. For additional information, see Citi's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023.

(7)

3Q23 includes an approximate $403 million gain on sale recorded in revenue (approximately $284 million after various taxes) related to Citi's sale of the Taiwan consumer banking business. For additional information, see Citi's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023.

(8)	4Q23 includes approximately $106 million in operating expenses (approximately $75 million after-tax), primarily related to separation costs in Mexico and, severance costs in the Asia exit markets.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 14

AVERAGE BALANCES AND INTEREST RATES(1)(2)(3)(4)(5)

Taxable Equivalent Basis


	Average Volumes						Interest						% Average Rate (4)
In millions of dollars, except as otherwise noted	4Q22		3Q23		4Q23(5)		4Q22		3Q23		4Q23(5)		4Q22		3Q23		4Q23(5)
Assets
Deposits with banks	$	305,658	$	260,159	$	251,723	$	2,343	$	2,645	$	2,513	3.04%		4.03%		3.96%
Securities borrowed and purchased under resale agreements(6)		358,513		352,608		357,058		3,779		7,363		8,096	4.18%		8.28%		9.00%
Trading account assets(7)		277,374		345,864		354,090		2,626		3,893		4,067	3.76%		4.47%		4.56%
Investments		519,072		508,854		516,272		3,812		4,727		4,993	2.91%		3.69%		3.84%

Consumer loans		360,518		375,632		380,430		8,148		9,609		9,669	8.97%		10.15%		10.08%
Corporate loans		291,984		286,654		294,242		4,121		5,447		5,832	5.60%		7.54%		7.86%
Total loans (net of unearned income)(8)		652,502		662,286		674,672		12,269		15,056		15,501	7.46%		9.02%		9.12%
Other interest-earning assets		98,131		76,400		76,483		912		1,176		1,230	3.69%		6.11%		6.38%
Total average interest-earning assets	$	2,211,250	$	2,206,171	$	2,230,298	$	25,741	$	34,860	$	36,400	4.62%		6.27%		6.48%

Liabilities
Deposits	$	1,131,425	$	1,121,163	$	1,124,798	$	5,998	$	9,630	$	10,235	2.10%		3.41%		3.61%
Securities loaned and sold under repurchase agreements(6)		205,138		275,123		288,144		2,267		6,090		6,830	4.38%		8.78%		9.40%
Trading account liabilities(7)		121,423		111,367		106,399		681		892		878	2.23%		3.18%		3.27%
Short-term borrowings and other interest-bearing liabilities		153,326		117,435		116,054		1,420		1,956		2,056	3.67%		6.61%		7.03%
Long-term debt(9)		169,642		158,485		165,349		2,072		2,441		2,556	4.85%		6.11%		6.13%
Total average interest-bearing liabilities	$	1,780,954	$	1,783,573	$	1,800,744	$	12,438	$	21,009	$	22,555	2.77%		4.67%		4.97%

Net interest income as a % of average interest-earning assets (NIM)(9)							$	13,303	$	13,851	$	13,845	2.39%		2.49%		2.46%

4Q23 increase (decrease) from:													7	bps	(3)	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 $33 million for 4Q22, $23 million for 3Q23 and $21 million for 4Q23.

(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)	4Q23 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 Services, Markets, and Banking is reported as a reduction of Interest revenue. Interest revenue and Interest expense on cash collateral positions are reported in Trading account assets and Trading account liabilities, respectively.

(8)	Nonperforming loans are included in the average loan balances.

(9)	Excludes hybrid financial instruments with changes in fair value recorded in Principal transactions revenue.

Reclassified to conform to the current period's presentation.

Page 15

EOP LOANS(1)(2)

(In billions of dollars)

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

Corporate loans by region
North America	$	127.8	$	125.1	$	121.7	$	123.0	$	128.9	5%	1%
International		161.4		163.2		164.3		165.6		171.3	3%	6%
Total corporate loans	$	289.2	$	288.3	$	286.0	$	288.6	$	300.2	4%	4%

Corporate loans by segment and reporting unit
Services	$	76.6	$	80.1	$	83.6	$	83.4	$	84.7	2%	11%
Markets		114.2		111.5		107.2		112.8		122.2	8%	7%
Banking		91.3		89.0		87.0		84.2		84.9	1%	(7%)
All Other - Legacy Franchises - Mexico SBMM		7.1		7.7		8.2		8.2		8.4	2%	18%
Total corporate loans	$	289.2	$	288.3	$	286.0	$	288.6	$	300.2	4%	4%

U.S. Personal Banking
Branded Cards	$	100.2	$	97.1	$	103.0	$	105.2	$	111.1	6%	11%
Retail Services		50.5		48.4		50.0		50.5		53.6	6%	6%
Retail Banking		37.1		39.2		41.5		43.1		44.4	3%	20%
Total USPB	$	187.8	$	184.7	$	194.5	$	198.8	$	209.1	5%	11%

Wealth by region
North America	$	98.2	$	98.9	$	99.5	$	101.1	$	101.6	-	3%
International		51.0		51.0		51.0		49.5		49.9	1%	(2%)
Total Wealth	$	149.2	$	149.9	$	150.5	$	150.6	$	151.5	1%	2%

All Other - Consumer
Asia Consumer(3)	$	13.3	$	10.0	$	9.1	$	8.0	$	7.4	(8%)	(44%)
Mexico Consumer		14.8		16.3		17.8		17.8		18.7	5%	26%
Legacy Holdings Assets		3.0		2.8		2.7		2.5		2.5	-	(17%)
Total	$	31.1	$	29.1	$	29.6	$	28.3	$	28.6	1%	(8%)

Total consumer loans	$	368.1	$	363.7	$	374.6	$	377.7	$	389.2	3%	6%

Total loans - EOP	$	657.2	$	652.0	$	660.6	$	666.3	$	689.4	3%	5%

Total loans - average	$	652.5	$	653.7	$	653.6	$	662.3	$	674.7	2%	3%

NCLs as a % of total average loans		0.72%		0.81%		0.92%		0.98%		1.17%	19 bps	45 bps

(1)	Corporate loans include loans managed by Services, Markets, Banking, and All Other—Legacy Franchises-Mexico SBMM that are included in Corporate loans.

(2)	Consumer loans include loans managed by USPB, Wealth and All Other-Legacy Franchises (other than Mexico Small Business and Middle-Market Banking (Mexico SBMM) loans) that are included in Consumer loans.

(3)	Asia Consumer also includes loans in Poland and Russia.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 16

EOP DEPOSITS

(In billions of dollars)


											4Q23 Increase/
	4Q		1Q		2Q		3Q		4Q		(Decrease) from
	2022		2023		2023		2023		2023		3Q23	4Q22
Services, Markets, and Banking by region
North America	$	405.5	$	394.7	$	393.2	$	371.5	$	371.1	-	(8%)
International		439.9		424.7		425.0		410.8		429.8	5%	(2%)
Total	$	845.4	$	819.4	$	818.2	$	782.3	$	800.9	2%	(5%)

Treasury and Trade Solutions	$	701.3	$	670.9	$	671.4	$	643.0	$	659.5	3%	(6%)
Securities Services		119.8		124.2		124.4		113.7		119.9	5%	-
Services	$	821.1	$	795.1	$	795.8	$	756.7	$	779.4	3%	(5%)
Markets		22.6		23.0		21.5		24.7		20.8	(16%)	(8%)
Banking		1.7		1.3		0.9		0.9		0.7	(22%)	(59%)
Total	$	845.4	$	819.4	$	818.2	$	782.3	$	800.9	2%	(5%)

U.S Personal Banking	$	112.5	$	114.7	$	112.3	$	108.9	$	103.2	(5%)	(8%)

Wealth
North America	$	193.9	$	192.6	$	184.7	$	183.8	$	196.2	7%	1%
International		131.4		129.6		129.8		123.6		126.5	2%	(4%)
Total	$	325.3	$	322.2	$	314.5	$	307.4	$	322.7	5%	(1%)

All Other
Legacy Franchises
Asia Consumer(1)	$	14.5	$	14.4	$	12.2	$	10.8	$	9.5	(12%)	(34%)
Mexico Consumer/SBMM		36.5		38.3		40.8		40.0		42.2	6%	16%
Legacy Holdings Assets		-		-		-		-		-	-	-
Corporate/Other		31.8		21.5		21.9		24.1		30.2	25%	(5%)
Total	$	82.8	$	74.2	$	74.9	$	74.9	$	81.9	9%	(1%)

Total deposits - EOP	$	1,366.0	$	1,330.5	$	1,319.9	$	1,273.5	$	1,308.7	3%	(4%)

Total deposits - average	$	1,361.1	$	1,363.2	$	1,338.2	$	1,315.1	$	1,319.7	-	(3%)

(1)	Asia Consumer also includes deposits of Poland and Russia.

NMNot meaningful.

Reclassified to conform to the current period's presentation.

Page 17

ALLOWANCE FOR CREDIT LOSSES (ACL) ROLLFORWARD

(In millions of dollars, except ratios)


																																ACLL/EOP
	Balance			Builds (releases)									FY 2022		Balance						Builds (Releases)							YTD 2023		Balance		Loans
	12/31/21		1Q22		2Q22		3Q22		4Q22		FY 2022		FX/Other		12/31/22		1Q23		2Q23			3Q23		4Q23		YTD 2023		FX/Other(1)		12/31/23		12/31/23
Allowance for credit losses on loans (ACLL)
Services	$	183	$	241	$	(7)	$	(107)	$	1	$	128	$	45	$	356	$	(72)	$	(14)		$	6	$	127	$	47	$	(6)	$	397
Markets		588		(80)		8		117		35		80		(35)		633		63		(24)			124		41		204		(18)		819
Banking		1,470		435		(77)		65		(153)		270		(14)		1,726		(66)		(112)			(29)		(163)		(370)		(2)		1,354
Legacy Franchises corporate (Mexico SBMM)		174		5		(3)		(34)		(7)		(39)		5		140		(10)		(2)			1		1		(10)		14		144
Total corporate ACLL	$	2,415	$	601	$	(79)	$	41	$	(124)	$	439	$	1	$	2,855	$	(85)	$	(152)		$	102	$	6	$	(129)	$	(12)	$	2,714	0.93%
U.S. Cards	$	10,840	$	(1,009)	$	447	$	303	$	814	$	555	$	(2)	$	11,393	$	536	$	276		$	128	$	466	$	1,406	$	(173)	$	12,626	7.67%
Retail Banking		514		(87)		(6)		2		53		(38)		(29)		447		40		27			(14)		5		58		(29)		476
Total USPB	$	11,354	$	(1,096)	$	441	$	305	$	867	$	517	$	(31)	$	11,840	$	576	$	303		$	114	$	471	$	1,464	$	(202)	$	13,102
Wealth		667		34		197		55		(96)		190		26		883		(69)		30			(19)		(27)		(85)		(30)		768
All Other - consumer		2,019		(151)		(25)		40		(54)		(190)		(433)		1,396		13		76			(18)		28		99		66		1,561
Total consumer ACLL	$	14,040	$	(1,213)	$	613	$	400	$	717	$	517	$	(438)	$	14,119	$	520	$	409		$	77	$	472	$	1,478	$	(166)	$	15,431	3.97%
Total ACLL	$	16,455	$	(612)	$	534	$	441	$	593	$	956	$	(437)	$	16,974	$	435	$	257		$	179	$	478	$	1,349	$	(178)	$	18,145	2.66%
Allowance for credit losses on unfunded lending commitments (ACLUC)	$	1,871	$	474	$	(159)	$	(71)	$	47	$	291	$	(11)	$	2,151	$	(194)	$	(96)		$	(54)	$	(81)	$	(425)	$	2	$	1,728
Total ACLL and ACLUC (EOP)		18,326														19,125															19,873
Other(2)		148		(6)		27		83		5		109		(14)		243		408		145			53		1,132		1,738		(98)		1,883
Total allowance for credit losses (ACL)	$	18,474	$	(144)	$	402	$	453	$	645	$	1,356	$	(462)	$	19,368	$	649	$	306		$	178	$	1,529	$	2,662	$	(274)	$	21,756

(1)Includes the January 1, 2023 opening adjustment related to the adoption of ASU No. 2022-02 Financial Instruments - Credit Losses (Topic 326) TDRs and Vintage Disclosures. See page 19.

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

Reclassified to conform to the current period's presentation.

Page 18

ALLOWANCE FOR CREDIT LOSSES ON LOANS AND UNFUNDED LENDING COMMITMENTS

Page 1

(In millions of dollars)


											4Q23 Increase/		Full		Full		FY 2023 vs.
	4Q		1Q		2Q		3Q		4Q		(Decrease) from		Year		Year		FY 2022 Increase/
	2022		2023		2023		2023		2023		3Q23	4Q22	2022		2023		(Decrease)
Total Citigroup
Allowance for credit losses on loans (ACLL) at beginning of period	$	16,309	$	16,974	$	17,169	$	17,496	$	17,629	1%	8%	$	16,455	$	16,974
Adjustment to opening balance
Financial instruments—TDRs and Vintage Disclosures(1)		-		(352)		-		-		-				-		(352)
Adjusted ACLL at beginning of period		16,309		16,622		17,169		17,496		17,629	1%	8%		16,455		16,622	1%
Gross credit (losses) on loans		(1,467)		(1,634)		(1,879)		(2,000)		(2,368)	(18%)	(61%)		(5,156)		(7,881)	(53%)
Gross recoveries on loans		287		332		375		363		374	3%	30%		1,367		1,444	6%
Net credit (losses) / recoveries on loans (NCLs)		(1,180)		(1,302)		(1,504)		(1,637)		(1,994)	22%	69%		(3,789)		(6,437)	70%
Replenishment of NCLs		1,180		1,302		1,504		1,637		1,994	22%	69%		3,789		6,437	70%
Net reserve builds / (releases) for loans		593		435		257		179		478	NM	(19%)		956		1,349	41%
Provision for credit losses on loans (PCLL)		1,773		1,737		1,761		1,816		2,472	36%	39%		4,745		7,786	64%
Other, net(2)(3)(4)(5)(6)(7)		72		112		70		(46)		38	NM	(47%)		(437)		174
ACLL at end of period (a)	$	16,974	$	17,169	$	17,496	$	17,629	$	18,145	3%	7%	$	16,974	$	18,145

Allowance for credit losses on unfunded lending commitments (ACLUC)(8) (a)	$	2,151	$	1,959	$	1,862	$	1,806	$	1,728	(4%)	(20%)	$	2,151	$	1,728

Provision (release) for credit losses on unfunded lending commitments	$	47	$	(194)	$	(96)	$	(54)	$	(81)	(50%)	NM	$	291	$	(425)

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (a)]	$	19,125	$	19,128	$	19,358	$	19,435	$	19,873	2%	4%	$	19,125	$	19,873

Total ACLL as a percentage of total loans(9)		2.60%		2.65%		2.67%		2.68%		2.66%	(2) bps	6 bps

Consumer
ACLL at beginning of period	$	13,361	$	14,119	$	14,389	$	14,866	$	14,912	-	12%	$	14,040	$	14,119
Adjustments to opening balance
Financial instruments—TDRs and Vintage Disclosures(1)		-		(352)		-		-		-				-		(352)
Adjusted ACLL at beginning of period		13,361		13,767		14,389		14,866		14,912	-	12%		14,040		13,767	(2%)

NCLs		(1,062)		(1,280)		(1,429)		(1,579)		(1,899)	20%	79%		(3,611)		(6,187)	71%
Replenishment of NCLs		1,062		1,280		1,429		1,579		1,899	20%	79%		3,611		6,187	71%
Net reserve builds/ (releases) for loans		717		520		409		77		472	NM	(34%)		517		1,478	NM
Provision for credit losses on loans (PCLL)		1,779		1,800		1,838		1,656		2,371	43%	33%		4,128		7,665	86%
Other, net(2)(3)(4)(5)(6)(7)		41		102		68		(31)		47	NM	15%		(438)		186	NM
ACLL at end of period (b)	$	14,119	$	14,389	$	14,866	$	14,912	$	15,431	3%	9%	$	14,119	$	15,431

Consumer ACLUC(8) (b)	$	120	$	101	$	88	$	65	$	62	(5%)	(48%)	$	120	$	62

Provision (release) for credit losses on unfunded lending commitments	$	(20)	$	(17)	$	(4)	$	(20)	$	(5)	75%	75%	$	100	$	(46)

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (b)]	$	14,239	$	14,490	$	14,954	$	14,977	$	15,493	3%	9%	$	14,239	$	15,493

Consumer ACLL as a percentage of total consumer loans		3.84%		3.96%		3.97%		3.95%		3.97%	2 bps	13 bps

Corporate
ACLL at beginning of period	$	2,948	$	2,855	$	2,780	$	2,630	$	2,717	3%	(8%)	$	2,415	$	2,855

NCLs		(118)		(22)		(75)		(58)		(95)	64%	(19%)		(178)		(250)	40%
Replenishment of NCLs		118		22		75		58		95	64%	(19%)		178		250	40%
Net reserve builds / (releases) for loans		(124)		(85)		(152)		102		6	(94%)	NM		439		(129)	NM
Provision for credit losses on loans (PCLL)		(6)		(63)		(77)		160		101	(37%)	NM		617		121	(80%)
Other, net(2)		31		10		2		(15)		(9)	40%	NM		1		(12)
ACLL at end of period (c)	$	2,855	$	2,780	$	2,630	$	2,717	$	2,714	-	(5%)	$	2,855	$	2,714

Corporate ACLUC(8) (c)	$	2,031	$	1,858	$	1,774	$	1,741	$	1,666	(4%)	(18%)	$	2,031	$	1,666

Provision (release) for credit losses on unfunded lending commitments	$	67	$	(177)	$	(92)	$	(34)	$	(76)	NM	NM	$	191	$	(379)

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (c)]	$	4,886	$	4,638	$	4,404	$	4,458	$	4,380	(2%)	(10%)	$	4,886	$	4,380

Corporate ACLL as a percentage of total corporate loans(9)		1.01%		0.98%		0.94%		0.97%		0.93%	(4) bps	(8) bps

Footnotes to this table are on the following page (page 20).

Page 19

ALLOWANCE FOR CREDIT LOSSES ON LOANS AND UNFUNDED LENDING COMMITMENTS

Page 2

The following footnotes relate to the table on the preceding page (page 19):

(1)	Includes the January 1, 2023 opening adjustment related to the adoption of ASU No. 2022-02 Financial Instruments - Credit Losses (Topic 326) TDRs and Vintage Disclosures.

(2)	Includes all adjustments to the allowance for credit losses, such as changes in the allowance from acquisitions, dispositions, securitizations, foreign currency translation (FX translation), purchase accounting adjustments, etc.

(3)	4Q22 primarily relates to FX translation.

(4)	1Q23 primarily relates to FX translation.

(5)	2Q23 primarily relates to FX translation.

(6)	3Q23 primarily relates to FX translation.

(7)	4Q23 primarily relates to FX translation.

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

(9)	Excludes loans that are carried at fair value of $5.4 billion, $5.1 billion, $5.8 billion, $7.4 billion, and $7.6 billion, December 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023, and December 31, 2023, respectively.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 20

NON-ACCRUAL ASSETS

(In millions of dollars)

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

Corporate non-accrual loans by region(1)
North America	$	138	$	285	$	358	$	934	$	978	5%	NM
International		984		928		903		1,041		904	(13%)	(8%)
Total	$	1,122	$	1,213	$	1,261	$	1,975	$	1,882	(5%)	68%

Corporate non-accrual loans by segment and component(1)
Banking	$	757	$	833	$	799	$	946	$	799	(16%)	6%
Services		153		133		123		94		103	10%	(33%)
Markets		13		38		133		743		791	6%	NM
Mexico SBMM		199		209		206		192		189	(2%)	(5%)
Total	$	1,122	$	1,213	$	1,261	$	1,975	$	1,882	(5%)	68%

Consumer non-accrual loans(1)
U.S. Personal Banking	$	282	$	287	$	276	$	280	$	291	4%	3%
Wealth		259		321		260		287		288	-	11%
Asia Consumer(2)		30		29		24		25		22	(12%)	(27%)
Mexico Consumer		457		480		498		463		479	3%	5%
Legacy Holdings Assets - Consumer		289		278		263		247		235	(5%)	(19%)
Total	$	1,317	$	1,395	$	1,321	$	1,302	$	1,315	1%	-

Total non-accrual loans (NAL)	$	2,439	$	2,608	$	2,582	$	3,277	$	3,197	(2%)	31%

Other real estate owned (OREO)(3)	$	15	$	21	$	31	$	37	$	36	(3%)	NM

NAL as a percentage of total loans		0.37%		0.40%		0.39%		0.49%		0.46%	(3) bps	9 bps

ACLL as a percentage of NAL		696%		658%		678%		538%		568%

(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 also includes Non-accrual assets of Poland and Russia.

(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 21

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)

											Full		Full
	December 31,		March 31,		June 30,		September 30,		December 31,		Year		Year
Common Equity Tier 1 Capital Ratio and Components (1)	2022		2023		2023		2023		2023(2)		2022		2023
Citigroup common stockholders' equity (3)	$	182,325	$	188,186	$	188,610	$	190,134	$	187,937
Add: qualifying noncontrolling interests		128		207		209		193		208
Regulatory capital adjustments and deductions:
Add:
CECL transition provision (4)		2,271		1,514		1,514		1,514		1,514
Less:
Accumulated net unrealized gains (losses) on cash flow hedges, net of tax		(2,522)		(2,161)		(1,990)		(1,259)		(1,406)
Cumulative unrealized net gain (loss) related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax		1,441		1,037		307		625		(383)
Intangible assets:
Goodwill, net of related deferred tax liabilities (DTLs)(5)		19,007		18,844		18,933		18,552		18,778
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs		3,411		3,607		3,531		3,444		3,349
Defined benefit pension plan net assets; other		1,935		1,999		2,020		1,340		1,317
Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards(7)		12,197		11,783		11,461		11,219		11,580
Excess over 10% / 15% limitations for other DTAs, certain common stock investments and MSRs(7)(8)		325		1,045		1,828		1,786		2,936
Common Equity Tier 1 Capital (CET1)	$	148,930	$	153,753	$	154,243	$	156,134	$	153,488
Risk-Weighted Assets (RWA)(4)	$	1,142,985	$	1,144,359	$	1,153,450	$	1,148,550	$	1,152,800
Common Equity Tier 1 Capital ratio (CET1/RWA)		13.03%		13.44%		13.37%		13.59%		13.3%

Supplementary Leverage Ratio and Components
Common Equity Tier 1 Capital (CET1)(4)	$	148,930	$	153,753	$	154,243	$	156,134	$	153,488
Additional Tier 1 Capital (AT1)(6)		20,215		21,496		21,500		20,744		18,909
Total Tier 1 Capital (T1C) (CET1 + AT1)	$	169,145	$	175,249	$	175,743	$	176,878	$	172,397
Total Leverage Exposure (TLE)(4)	$	2,906,773	$	2,939,744	$	2,943,546	$	2,927,392	$	2,960,105
Supplementary Leverage ratio (T1C/TLE)		5.82%		5.96%		5.97%		6.04%		5.8%


Tangible Common Equity, Book Value and Tangible Book Value Per Share
Common stockholders' equity	$	182,194	$	188,050	$	188,474	$	190,008	$	187,853
Less:
Goodwill		19,691		19,882		19,998		19,829		20,098
Intangible assets (other than MSRs)		3,763		3,974		3,895		3,811		3,730
Goodwill and identifiable intangible assets (other than MSRs) related to assets HFS		589		246		246		49		-
Tangible common equity (TCE)(9)	$	158,151	$	163,948	$	164,335	$	166,319	$	164,025
Common shares outstanding (CSO)		1,937.0		1,946.8		1,925.7		1,913.9		1,903.1
Book value per share (common equity/CSO)	$	94.06	$	96.59	$	97.87	$	99.28	$	98.71
Tangible book value per share (TCE/CSO)(9)	$	81.65	$	84.21	$	85.34	$	86.90	$	86.19

Average TCE (in billions of dollars)(9)
Services	$	22.5	$	23.0	$	23.0	$	23.0	$	23.0	$	22.5	$	23.0
Markets		51.6		53.1		53.1		53.1		53.1		51.6		53.1
Banking		21.7		21.4		21.4		21.4		21.4		21.7		21.4
U.S. Personal Banking		20.7		21.9		21.9		21.9		21.9		20.7		21.9
Wealth		13.9		13.4		13.4		13.4		13.4		13.9		13.4
All Other		26.5		28.3		31.3		32.5		32.4		25.5		30.6
Total Citi average TCE	$	156.9	$	161.1	$	164.1	$	165.3	$	165.2	$	155.9	$	163.4

Plus:
Average Goodwill	$	19.1	$	18.7	$	20.0	$	19.9	$	20.4	$	19.4	$	20.1
Average Intangible assets (other than MSRs)		3.8		3.9		3.9		3.9		3.8		4.0		3.9
Average Goodwill and identifiable intangible assets (other than MSRs) related to assets HFS		0.7		0.4		0.2		0.1		-		0.8		0.3
Total Citi average common stockholders' equity (in billions of dollars)	$	180.5	$	184.1	$	188.2	$	189.2	$	189.4	$	180.1	$	187.7

(1)	See footnote 10 on page 1.

(2)	December 31, 2023 is preliminary.

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

(4)	See footnote 11 on page 1.

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

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

(7)

(8)

Assets subject to 10% / 15% limitations include MSRs, DTAs arising from temporary differences and significant common stock investments in unconsolidated financial institutions. For all periods presented, the deduction related only to DTAs arising from temporary differences that exceeded the 10% limitation.

(9)	TCE and TBVPS are non-GAAP financial measures.

Reclassified to conform to the current period's presentation.

Page 22


			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

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 registrant’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 registrant’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 registrant’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