Citigroup : Fourth Quarter - January 13, 2023 Financial Supplement

CITIGROUP -- QUARTERLY FINANCIAL DATA SUPPLEMENT	4Q22
	Page
Citigroup
Financial Summary	1
Consolidated Statement of Income	2
Consolidated Balance Sheet	3
Operating Segment and Reporting Unit - Net Revenues and Income	4
Institutional Clients Group (ICG)	5
Reporting Unit Revenues	6
Personal Banking and Wealth Management (PBWM)	7
Metrics	8
Legacy Franchises	9
Corporate / Other	10
Citigroup Supplemental Detail
Average Balances and Interest Rates	11
EOP Loans	12
Deposits	13
Allowance for Credit Losses (ACL) Rollforward	14
Allowance for Credit Losses on Loans and Unfunded Lending Commitments	15 - 16
Non-Accrual Assets	17
CET1 Capital and Supplementary Leverage Ratios, Tangible Common Equity,	18
Book Value Per Share and Tangible Book Value Per Share

CITIGROUP FINANCIAL SUMMARY

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

																4Q22 Increase/			Full			Full		FY 2022 vs.
		4Q			1Q			2Q			3Q			4Q		(Decrease) from			Year			Year		FY 2021 Increase/
		2021			2022			2022			2022			2022		3Q22		4Q21			2021			2022		(Decrease)
Total revenues, net of interest expense(1)(2)(3)	$	17,017	$	19,186	$	19,638	$	18,508	$	18,006	(3%)	6%	$	71,884	$	75,338	5%
Total operating expenses(1)(4)		13,532			13,165			12,393			12,749			12,985	2%	(4%)			48,193			51,292	6%
Net credit losses (NCLs)		866			872			850			887			1,180	33%	36%			4,895			3,789	(23%)
Credit reserve build / (release) for loans		(1,176)			(612)			534			441			593	34%		NM			(7,998)			956		NM
Provision / (release) for unfunded lending commitments		(193)			474			(159)			(71)			47		NM		NM			(788)			291		NM
Provisions for benefits and claims, HTM debt securities and other assets		38			21			49			108			25	(77%)	(34%)			113			203	80%
Provisions for credit losses and for benefits and claims		(465)			755			1,274			1,365			1,845	35%		NM			(3,778)			5,239		NM
Income from continuing operations before income taxes		3,950			5,266			5,971			4,394			3,176	(28%)	(20%)			27,469			18,807	(32%)
Income taxes(5)		771			941			1,182			879			640	(27%)	(17%)			5,451			3,642	(33%)
Income from continuing operations		3,179			4,325			4,789			3,515			2,536	(28%)	(20%)			22,018			15,165	(31%)
Income (loss) from discontinued operations, net of taxes(6)		-			(2)			(221)			(6)			(2)	67%		NM			7			(231)		NM
Net income before noncontrolling interests		3,179			4,323			4,568			3,509			2,534	(28%)	(20%)			22,025			14,934	(32%)
Net income (loss) attributable to noncontrolling interests		6			17			21			30			21	(30%)		NM			73			89	22%
Citigroup's net income	$	3,173		$	4,306		$	4,547		$	3,479		$	2,513	(28%)	(21%)		$	21,952		$	14,845	(32%)
Diluted earnings per share:
Income from continuing operations	$	1.46	$	2.02	$	2.30	$	1.63	$	1.16	(29%)	(21%)	$	10.14	$	7.11	(30%)
Citigroup's net income	$	1.46		$	2.02		$	2.19		$	1.63		$	1.16	(29%)	(21%)		$	10.14		$	7.00	(31%)
Preferred dividends	$	229	$	279	$	238	$	277	$	238	(14%)	4%	$	1,040	$	1,032	(1%)
Income allocated to unrestricted common shareholders - basic
Income from continuing operations	$	2,924	$	4,004	$	4,495	$	3,180	$	2,253	(29%)	(23%)	$	20,751	$	13,930	(33%)
Citigroup's net income	$	2,924	$	4,002			4,274	$	3,174	$	2,251	(29%)	(23%)	$	20,758	$	13,700	(34%)
Income allocated to unrestricted common shareholders - diluted
Income from continuing operations	$	2,932	$	4,012	$	4,506	$	3,191	$	2,264	(29%)	(23%)	$	20,781	$	13,971	(33%)
Citigroup's net income	$	2,932	$	4,010	$	4,285	$	3,185	$	2,262	(29%)	(23%)	$	20,788	$	13,741	(34%)
Shares (in millions):
Average basic		1,984.3			1,971.7			1,941.5			1,936.8			1,936.9	-	(2%)			2,033.0			1,946.7	(4%)
Average diluted		2,001.6			1,988.2			1,958.1			1,955.1			1,955.9	-	(2%)			2,049.4			1,964.3	(4%)
Common shares outstanding, at period end		1,984.4			1,941.9			1,936.7			1,936.9			1,937.0	-	(2%)
Regulatory capital ratios and performance metrics:
Common Equity Tier 1 (CET1) Capital ratio(7)(8)(9)		12.25%			11.38%			11.90%			12.29%			13.0%
Tier 1 Capital ratio(7)(8)(9)		13.91%			12.98%			13.57%			14.01%			14.8%
Total Capital ratio(7)(8)(9)		16.04%			14.84%			15.16%			15.09%			15.4%
Supplementary Leverage ratio (SLR)(7)(9)(10)		5.73%			5.58%			5.63%			5.71%			5.8%
Return on average assets		0.53%			0.74%			0.77%			0.58%			0.41%							0.94%			0.62%
Return on average common equity		6.4%			9.0%			9.7%			7.1%			5.0%							11.5%			7.7%
Average tangible common equity (TCE) (in billions of dollars)	$	157.0	$	155.3	$	154.4	$	155.5	$	156.9	1%	-	$	156.3	$	155.9	-
Return on average tangible common equity (RoTCE)		7.4%			10.5%			11.2%			8.2%			5.8%		320 bps		(740) bps			13.4%			8.9%		110 bps
Efficiency ratio (total operating expenses/total revenues, net)		79.5%			68.6%			63.1%			68.9%			72.1%					67.0%			68.1%
Balance sheet data (in billions of dollars, except per share amounts):
Total assets	$	2,291.4	$	2,394.1	$	2,380.9	$	2,381.1	$	2,416.7	1%	5%
Total average assets		2,386.2			2,374.0			2,380.1			2,399.4			2,430.6	1%	2%			2,347.7			2,396.0	2%
Total loans		667.8			659.7			657.3			646.0			657.2	2%	(2%)
Total deposits		1,317.2			1,333.7			1,321.8			1,306.5			1,366.0	5%	4%
Citigroup's stockholders' equity		202.0			197.7			199.0			198.6			201.2	1%	-
Book value per share		92.21			92.03			92.95			92.71			94.06	1%	2%
Tangible book value per share		79.16			79.03			80.25			80.34			81.65	2%	3%
Direct staff (in thousands)		223			228			231			238			240	1%	8%

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

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

(3) 3Q22 includes an approximate $616 million gain on sale recorded in Other revenue (approximately $290 million after various taxes) related to Citi's sale of the Philippines consumer banking business.

(4) 4Q21 includes approximately $1.052 billion in expenses (approximately $792 million after-tax), primarily related to charges incurred from the voluntary early retirement plan (VERP) in connection with the wind-down of Citi's consumer banking business in Korea.

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

(6) 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.

(7) 4Q22 is preliminary.

(8) Citi's binding CET1 Capital and Tier 1 Capital ratios were derived under the Basel III Standardized Approach, whereas Citi's binding Total Capital

ratios were derived under the Basel III Advanced Approaches framework for all periods presented. For the composition of Citi's CET1 Capital and ratio, see page 18.

(9) Citi's regulatory capital ratios reflect certain deferrals based on the modified regulatory capital transition provision related to the Current Expected Credit Losses (CECL) standard. For additional information, see "Capital Resources-Regulatory Capital Treatment-Modified Transition of the CECL Methodology" in Citigroup's Annual Report on Form 10-K for the year ended December 31, 2021, and Citigroup's Current Report on Form 8-K dated May 10, 2022 (as amended by a Current Report on Form 8-K/A dated May 10, 2022)

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

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

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 1

CITIGROUP CONSOLIDATED STATEMENT OF INCOME (In millions of dollars)

																4Q22 Increase/			Full			Full		FY 2022 vs.
		4Q			1Q			2Q			3Q			4Q		(Decrease) from			Year			Year		FY 2021 Increase/
Revenues		2021			2022			2022			2022			2022		3Q22		4Q21			2021			2022		(Decrease)
Interest revenue	$	12,828	$	13,151	$	15,630	$	19,919	$	25,708	29%	100%	$	50,475	$	74,408	47%
Interest expense(1)		2,009			2,280			3,666			7,356			12,438	69%		NM			7,981			25,740		NM
Net interest income (NII)		10,819			10,871			11,964			12,563			13,270	6%	23%			42,494			48,668	15%
Commissions and fees		3,229			2,568			2,452			2,139			2,016	(6%)	(38%)			13,672			9,175	(33%)
Principal transactions		1,704			4,590			4,525			2,625			2,419	(8%)	42%			10,154			14,159	39%
Administrative and other fiduciary fees		953			966			1,023			915			880	(4%)	(8%)			3,943			3,784	(4%)
Realized gains (losses) on investments		10			80			(58)			52			(7)		NM		NM			665			67	(90%)
Impairment losses on investments and other assets		(94)			(90)			(96)			(91)			(222)		NM		NM			(206)			(499)		NM
Provision for credit losses on AFS debt securities(2)		(2)			-			2			5			(2)		NM	-			(3)			5		NM
Other revenue (loss)		398			201			(174)			300			(348)		NM		NM			1,165			(21)		NM
Total non-interest revenues (NIR)		6,198			8,315			7,674			5,945			4,736	(20%)	(24%)			29,390			26,670	(9%)
Total revenues, net of interest expense		17,017			19,186			19,638			18,508			18,006	(3%)	6%			71,884			75,338	5%
Provisions for credit losses and for benefits and claims
Net credit losses		866			872			850			887			1,180	33%	36%			4,895			3,789	(23%)
Credit reserve build / (release) for loans		(1,176)			(612)			534			441			593	34%		NM			(7,998)			956		NM
Provision for credit losses on loans		(310)			260			1,384			1,328			1,773	34%		NM			(3,103)			4,745		NM
Provision for credit losses on held-to-maturity (HTM) debt securities		14			(2)			20			10			5	(50%)	(64%)			(3)			33		NM
Provision for credit losses on other assets		(3)			(4)			7			73			-	(100%)	100%			-			76		NM
Policyholder benefits and claims		27			27			22			25			20	(20%)	(26%)			116			94	(19%)
Provision for credit losses on unfunded lending commitments		(193)			474			(159)			(71)			47		NM		NM			(788)			291		NM
Total provisions for credit losses and for benefits and claims(3)		(465)			755			1,274			1,365			1,845	35%		NM			(3,778)			5,239		NM
Operating expenses
Compensation and benefits		7,093			6,820			6,472			6,745			6,618	(2%)	(7%)			25,134			26,655	6%
Premises and equipment		620			543			619			557			601	8%	(3%)			2,314			2,320	-
Technology / communication		2,084			2,016			2,068			2,145			2,358	10%	13%			7,828			8,587	10%
Advertising and marketing		478			311			414			407			424	4%	(11%)			1,490			1,556	4%
Other operating(1)		3,257			3,475			2,820			2,895			2,984	3%	(8%)			11,427			12,174	7%
Total operating expenses		13,532			13,165			12,393			12,749			12,985	2%	(4%)			48,193			51,292	6%
Income from continuing operations before income taxes		3,950			5,266			5,971			4,394			3,176	(28%)	(20%)			27,469			18,807	(32%)
Provision for income taxes(4)		771			941			1,182			879			640	(27%)	(17%)			5,451			3,642	(33%)
Income (loss) from continuing operations		3,179			4,325			4,789			3,515			2,536	(28%)	(20%)			22,018			15,165	(31%)
Discontinued operations(5)
Income (loss) from discontinued operations		-			(2)			(262)			(6)			(2)	67%		NM			7			(272)		NM
Provision (benefit) for income taxes		-			-			(41)			-			-	-	-			-			(41)		NM
Income (loss) from discontinued operations, net of taxes		-			(2)			(221)			(6)			(2)	67%		NM			7			(231)		NM
Net income before noncontrolling interests		3,179			4,323			4,568			3,509			2,534	(28%)	(20%)			22,025			14,934	(32%)
Net income (loss) attributable to noncontrolling interests		6			17			21			30			21	(30%)		NM			73			89	22%
Citigroup's net income	$	3,173		$	4,306		$	4,547		$	3,479		$	2,513	(28%)	(21%)		$	21,952		$	14,845	(32%)

1. See footnote 1 on page 1.
2. This presentation is in accordance with ASC 326, which requires the provision for credit losses on AFS securities to be included in revenue.
3. This total excludes the provision for credit losses on AFS securities, which is disclosed separately above.
4. See footnote 5 on page 1.
5. See footnote 6 on page 1.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 2

CITIGROUP CONSOLIDATED BALANCE SHEET (In millions of dollars)

																4Q22 Increase/
	December 31,			March 31,			June 30,		September 30,		December 31,		(Decrease) from
Assets		2021			2022			2022			2022			2022(1)		3Q22		4Q21
Cash and due from banks (including segregated cash and other deposits)	$	27,515	$	27,768	$	24,902	$	26,502	$	30,577	15%	11%
Deposits with banks, net of allowance		234,518			244,319			259,128			273,105			311,448	14%	33%
Securities borrowed and purchased under agreements to resell, net of allowance		327,288			345,410			361,334			349,214			365,401	5%	12%
Brokerage receivables, net of allowance		54,340			89,218			80,486			79,696			54,192	(32%)	-
Trading account assets		331,945			357,997			340,875			358,260			334,114	(7%)	1%
Investments
Available-for-sale debt securities, net of allowance		288,522			264,774			238,499			232,143			249,679	8%	(13%)
Held-to-maturity debt securities, net of allowance		216,963			242,547			267,592			267,864			268,863	-	24%
Equity securities		7,337			7,281			7,787			8,009			8,040	-	10%
Total investments		512,822			514,602			513,878			508,016			526,582	4%	3%
Loans, net of unearned income
Consumer(2)		376,534			350,328			355,605			357,583			368,067	3%	(2%)
Corporate(3)		291,233			309,341			301,728			288,377			289,154	-	(1%)
Loans, net of unearned income		667,767			659,669			657,333			645,960			657,221	2%	(2%)
Allowance for credit losses on loans (ACLL)		(16,455)			(15,393)			(15,952)			(16,309)			(16,974)	(4%)	(3%)
Total loans, net		651,312			644,276			641,381			629,651			640,247	2%	(2%)
Goodwill		21,299			19,865			19,597			19,326			19,691	2%	(8%)
Intangible assets (including MSRs)		4,495			4,522			4,526			4,485			4,428	(1%)	(1%)
Other assets, net of allowance		125,879			146,128			134,797			132,809			129,996	(2%)	3%
Total assets	$	2,291,413	$	2,394,105	$	2,380,904	$	2,381,064	$	2,416,676	1%	5%
Liabilities
Non-interest-bearing deposits in U.S. offices	$	158,552	$	153,666	$	147,214	$	135,514	$	122,655	(9%)	(23%)
Interest-bearing deposits in U.S. offices		543,283			557,327			565,785			570,920			607,470	6%	12%
Total U.S. deposits		701,835			710,993			712,999			706,434			730,125	3%	4%
Non-interest-bearing deposits in offices outside the U.S.		97,270			98,579			100,266			98,904			95,182	(4%)	(2%)
Interest-bearing deposits in offices outside the U.S.		518,125			524,139			508,583			501,148			540,647	8%	4%
Total international deposits		615,395			622,718			608,849			600,052			635,829	6%	3%
Total deposits		1,317,230			1,333,711			1,321,848			1,306,486			1,365,954	5%	4%
Securities loaned and sold under agreements to resell		191,285			204,494			198,472			203,429			202,444	-	6%
Brokerage payables		61,430			91,324			96,474			87,841			69,218	(21%)	13%
Trading account liabilities		161,529			188,059			180,453			196,479			170,647	(13%)	6%
Short-term borrowings		27,973			30,144			40,054			47,368			47,096	(1%)	68%
Long-term debt		254,374			253,954			257,425			253,068			271,606	7%	7%
Other liabilities(4)		74,920			94,066			86,552			87,276			87,873	1%	17%
Total liabilities	$	2,088,741		$	2,195,752		$	2,181,278		$	2,181,947		$	2,214,838	2%	6%
Equity
Stockholders' equity
Preferred stock	$	18,995	$	18,995	$	18,995	$	18,995	$	18,995	-	-
Common stock		31			31			31			31			31	-	-
Additional paid-in capital		108,003			108,050			108,210			108,347			108,458	-	-
Retained earnings		184,948			187,962			191,261			193,462			194,734	1%	5%
Treasury stock, at cost		(71,240)			(73,744)			(73,988)			(73,977)			(73,967)	-	(4%)
Accumulated other comprehensive income (loss) (AOCI)(5)		(38,765)			(43,585)			(45,495)			(48,298)			(47,062)	3%	(21%)
Total common equity	$	182,977		$	178,714		$	180,019		$	179,565		$	182,194	1%	-
Total Citigroup stockholders' equity	$	201,972	$	197,709	$	199,014	$	198,560	$	201,189	1%	-
Noncontrolling interests		700			644			612			557			649	17%	(7%)
Total equity		202,672			198,353			199,626			199,117			201,838	1%	-
Total liabilities and equity	$	2,291,413	$	2,394,105	$	2,380,904	$	2,381,064	$	2,416,676	1%	5%

1. Preliminary.
2. Consumer loans include loans managed by PBWM and Legacy Franchises (other than Mexico Small Business & Middle-Market Banking (Mexico SBMM) loans).
3. Corporate loans include loans managed by ICG and Legacy Franchises-Mexico SBMM.
4. Includes allowance for credit losses for unfunded lending commitments. See page 15.
5. As discussed in footnote 2 on page 1, Citi's third quarter of 2021 results include an approximate $680 million loss on sale (an approximate $580 million after-tax), related to Citi's agreement to sell its Australia consumer banking business. The loss primarily reflects the impact of an approximate $625 million ($475 million (after-tax)) currency translation adjustment (CTA) loss (net of hedges) at September 30, 2021, December 31, 2021 and March 31, 2022, already reflected in the Accumulated Other Comprehensive Income (AOCI) component of equity. The sale closed during the second quarter of 2022, and the CTA balance was removed from the AOCI component of equity as of the end of the second quarter of 2022, resulting in a neutral impact from CTA to Citi's Common Equity Tier 1 Capital.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 3

OPERATING SEGMENT AND REPORTING UNIT DETAILS

(In millions of dollars)																4Q22 Increase/			Full			Full		FY 2022 vs.
		4Q			1Q			2Q			3Q			4Q		(Decrease) from			Year			Year		FY 2021 Increase/
Net revenues		2021			2022			2022			2022			2022		3Q22		4Q21			2021			2022		(Decrease)
Institutional Clients Group	$	8,908	$	11,160	$	11,419	$	9,468	$	9,159	(3%)	3%	$	39,836	$	41,206	3%
Personal Banking and Wealth Management		5,785			5,905			6,029			6,187			6,096	(1%)	5%			23,327			24,217	4%
Legacy Franchises		2,193			1,931			1,935			2,554			2,052	(20%)	(6%)			8,251			8,472	3%
Corporate/Other		131			190			255			299			699		NM		NM			470			1,443		NM
Total net revenues	$	17,017	$	19,186	$	19,638	$	18,508	$	18,006	(3%)	6%	$	71,884	$	75,338	5%
Income (loss) from continuing operations
Institutional Clients Group	$	2,330	$	2,658	$	3,978	$	2,186	$	1,916	(12%)	(18%)	$	14,308	$	10,738	(25%)
Personal Banking and Wealth Management		1,613			1,860			553			792			114	(86%)	(93%)			7,734			3,319	(57%)
Legacy Franchises		(620)			(385)			(15)			316			75	(76%)		NM			(9)			(9)	-
Corporate/Other		(144)			192			273			221			431	95%		NM			(15)			1,117		NM
Income from continuing operations	$	3,179	$	4,325	$	4,789	$	3,515	$	2,536	(28%)	(20%)	$	22,018	$	15,165	(31%)
Discontinued operations		-			(2)			(221)			(6)			(2)	67%		NM			7			(231)		NM
Net income attributable to noncontrolling interests		6			17			21			30			21	(30%)		NM			73			89	22%
Net income	$	3,173	$	4,306	$	4,547	$	3,479	$	2,513	(28%)	(21%)	$	21,952	$	14,845	(32%)

NM Not meaningful.

Reclassified to conform to the current period's presentation.

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