Slide 1: Earnings Results Presentation
January 15, 2025 Earnings Results Presentation Fourth Quarter and Full Year 2024
Slide 2: Agenda
Agenda 4Q24 and FY 2024 Financial Results 3 Financial Outlook 18 Appendix 26 2
Slide 3: Our strategy and path forward remain unchanged
Our strategy and path forward remain unchanged Our Vision Be the preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in our home market Delivering on our Investor Day priorities Largely Complete Main Priorities for 2025
Slide 4: Five interconnected businesses driving strong 2024 performance
Five interconnected businesses driving strong 2024 performance Full Year Key Highlights Services USPB ✓ Delivered $81.1B of revenues, exceeding TTS : #1 Rank(5) Branded Cards and our guidance range Retail Services: #2 Rank in U.S. Cards(11) ✓ Achieved record revenues in Services, Securities Services
Slide 5: Taking stock of our progress and path forward
Taking stock of our progress and path forward 2021 2022 2023 2024 2025 2026 ✓ Refreshed strategy ✓ Hosted 2022 ✓ Completed 4 ✓ Delivered positive ✓ Began work on Investor Day divestitures operating leverage laying out our divestitures strategy ✓ Continued progress ✓ Finalized our Continue Transforma
Slide 6: Transformation and Technology investments driving change
Transformation and Technology investments driving change Building and growing digital Modernizing our bank Improving our Risk Management capabilities • Citi Payments Express continues to expand • ~30k developers armed with leading Gen AI • Closed the 2013 BSA/AML Consent Order capabilities and geogr
Slide 7: Financial results overview
Financial results overview Financial Results(1) 4Q24 Financial Overview Highlights ($ in MM, except EPS) 4Q24 % Δ QoQ % Δ YoY 2024 % Δ YoY • Revenues - Up 12% YoY, driven by growth in each of our businesses and the smaller impact of currency devaluation in Argentina versus the prior year. Net Intere
Slide 8: Full year revenue trend from 2021 to 2024
Full year revenue trend from 2021 to 2024 ($ in B) ‘21-’24 CAGR Revenue 3% 4% 5% $72.6 $74.5 $77.1 $81.1 4% 2024 Highlights ex- Divestitures(1) • Robust growth in underlying fee drivers ‘21-’24 CAGR • Continued momentum in deepening with clients and 81.1 4% 78.5 3% Services acquiring new ones across
Slide 9: Full year expense trend from 2021 to 2024
Full year expense trend from 2021 to 2024 Expense overview Expense drivers (2021-2024) ($ in B) Expenses ex-FDIC special • Investments to consolidate and modernize $51.3 $54.7 $53.8 Citi’s infrastructure (~2,000 applications assessment impact(1) Transformation retired since 2021) 72% Reported 67% 68
Slide 10: Capital and balance sheet overview
Capital and balance sheet overview ($ in B) Risk-based Capital & Liquidity Metrics(1) End of Period Assets 4Q23 3Q24 4Q24 $2,412 $2,431 $2,357 YoY (2)% CET1 Capital 154 158 155 Cash 261 303 277 6% Standardized RWA 1,149 1,153 1,145 Investments, 519 491 477 (8)% CET1 Capital Ratio - Standardized 13.4
Slide 11: Services results, key metrics and statistics
Services results, key metrics and statistics Financial Results 4Q Highlights ($ in MM) 4Q24 % Δ QoQ % Δ YoY 2024 % Δ YoY • Revenues – Up 15% YoY, driven by a smaller impact from the Argentina currency Net Interest Income 2,840 4% (2)% 10,923 (1)% devaluation and continued momentum in Securities Serv
Slide 12: Markets results, key metrics and statistics
Markets results, key metrics and statistics Financial Results 4Q Highlights ($ in MM) 4Q24 % Δ QoQ % Δ YoY 2024 % Δ YoY • Revenues – Up 36% YoY, driven by strong growth in both Fixed Income and Rates and Currencies 2,421 (2)% 39% 10,152 (6)% Equity markets Spread Products / Other Fixed Income 1,057
Slide 13: Banking results, key metrics and statistics
Banking results, key metrics and statistics Financial Results 4Q Highlights ($ in MM) 4Q24 % Δ QoQ % Δ YoY 2024 % Δ YoY • Revenues – Up 27% YoY, largely driven by growth in Investment Banking Investment Banking 925 (1)% 35% 3,637 38% − Investment Banking revenues were up 35% YoY and fees were up Cor
Slide 14: Wealth results, key metrics and statistics
Wealth results, key metrics and statistics Financial Results 4Q Highlights ($ in MM) 4Q24 % Δ QoQ % Δ YoY 2024 % Δ YoY • Revenue – Up 20% YoY, driven by strong growth in deposit and investment revenues, Private Bank 590 (4)% 9% 2,386 2% partially offset by lower mortgage spreads Wealth at Work 256 5
Slide 15: U.S. Personal Banking results, key metrics and statistics
U.S. Personal Banking results, key metrics and statistics Financial Results 4Q Highlights ($ in MM) 4Q24 % Δ QoQ % Δ YoY 2024 % Δ YoY • Revenues – Up 6% YoY, driven by loan growth in cards as well as higher non- Branded Cards 2,794 2% 7% 10,702 7% interest revenue due to lower partner payments Retai
Slide 16: All Other (Managed Basis) results, key metrics and statistics
All Other (Managed Basis(1)) results, key metrics and statistics Financial Results 4Q Highlights ($ in MM) 4Q24 % Δ QoQ % Δ YoY 2024 % Δ YoY • Revenues – Down (34)% YoY, primarily driven by net investment securities Legacy Franchises (managed basis) 1,578 (9)% (9)% 6,873 (6)% losses as we reposition
Slide 17: Agenda
Agenda 4Q24 and FY 2024 Financial Results 3 Financial Outlook 18 Appendix 26 17
Slide 18: 2025 revenue outlook
2025 revenue outlook Full Year Revenue Trend 2025 Revenue Drivers ($ in B) Reported 3% ~3-4% $83.5- $78.5 $81.1 84.5 Revenues • Gaining share in Investment Banking across 4% CAGR products, regions and verticals $83.5- • Continued investment revenue fee growth in Revenue ~3-4% 84.5 Non-Interest Wealt
Slide 19: 2025 NII ex-Markets outlook
2025 NII ex-Markets outlook NII ex-Markets expected to grow in 2025(1,2) Key Highlights ($ in B) • NII ex-Markets up modestly YoY(2), mainly from (1) Up modestly $47.1 – Loan and deposit growth • Benefit of • Potential • Loan growth, cash and impact of – Benefit from securities in Citi's investment
Slide 20: 2025 expense outlook
2025 expense outlook Full Year Expense Trend 2025 Expense Drivers ($ in B) Reported Slightly lower Expenses $56.4 $54.0 than ~$53.8 • Investments in process improvement, automation and Transformation modernization to move away from manual work Expenses, ex- FDIC special Investments • Investments in
Slide 21: Driving Citi towards higher returns, targeting 10-11% in 2026
We continue to drive Citi towards higher returns – targeting a range of 10-11% in 2026(1) Return on Tangible Common Equity, in % Underlying Drivers of (1) 2025 Targets 10-11% Medium-Term Return Target Higher than Continued revenue growth in both Revenues of $83.5 -$84.5B 2024 (1) Net Interest Income
Slide 22: Full year 2025 guidance
Full year 2025 guidance • Approximately $83.5-84.5 billion Revenues • NII ex-Markets up modestly YoY(1) Expenses • Slightly lower than ~$53.8 billion • Cards NCL rates around the top of the 2024 ranges for both businesses, with higher losses Cost of in 1H, consistent with seasonal patterns, subject
Slide 23: Forward-looking statements
Certain statements in this presentation are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. These statements are not g
Slide 24: Slide 24
Slide 25: Agenda
Agenda 4Q24 and FY 2024 Financial Results 3 Financial Outlook 18 Appendix 26 25
Slide 26: 2024 KPIs progress vs. medium-term targets
2024 KPIs progress vs. medium-term targets Investor Day Targets Through 2024 Results Business KPIs the Medium Term vs. 2021(1) • Average Deposits • Mid Single-Digits CAGR • +1% CAGR • USD Clearing Volumes(2) • High Single-Digits CAGR • +5% CAGR TTS • Cross-Border Transaction Value(3) • High Single-D
Slide 27: Net interest income, average loans and deposits
Net interest income, average loans and deposits ($ in B) Net Interest Income 2.46% 2.42% 2.41% QoQ YoY 2.33% 2.42% Citigroup NIM Citigroup NII $13.82 $13.51 $13.49 $13.73 $0.37 $(0.09) $13.36 Markets NII 1.99 1.71 2.04 1.41 1.86 $0.45 $(0.13) NII 11.83 11.96 11.88 $(0.08) $0.05 11.80 11.46 ex-Market
Slide 28: U.S. cards and corporate credit overview
U.S. cards and corporate credit overview ($ in B) U.S. Cards Loans Corporate Lending Exposure EOP Loans by Segment EOP Loans by FICO Score(1) By Region By Grade Rating International Exposure Other, 11% Branded 67% 68% 69% Cards IG 83% 82% 79% ≥ 660 86% 85% 86% International U.S. 44% IG / MNCs or sub
Slide 29: Credit trends for Branded Cards and Retail Services
Credit trends for Branded Cards and Retail Services ($ in B) Branded Cards Retail Services EOP 2Q24 3Q24 4Q24 EOP 2Q24 3Q24 4Q24 90+DPD NCL 90+DPD NCL Loans $111.8 $112.1 $117.3 Loans $51.7 $51.6 $53.8 3.82% 3.65% 3.56% 3.55% 6.32% 6.45% 6.14% 6.21% 3.06% 5.44% 2.72% 2.47% 4.46% 4.53% 2.18% 4.08% 3.
Slide 30: Citi's net investment in Argentina
Citi’s net investment in Argentina • Citi has operated in Argentina for over 110 years and currently serves approximately 1,300 clients, including approximately 700 multinational clients • Generally, Citi supports these clients in Argentina as part of a broader institutional relationship which spans
Slide 31: Update on Russia exposure and net investment
Update on Russia exposure and net investment • Citi ended nearly all of the institutional banking services offered in Russia as of March 31, 2023 • Largely completed wind-downs of Citi’s consumer and local commercial banking businesses • Remaining services are only those necessary to fulfill our rem
Slide 32: Historical average deposit growth
Historical average deposit growth ($ in B) Total CAGR: 4.6% Services CAGR: 5.8% 1,343 1,370 1,334 1,323 1,316 1,361 1,363 1,338 1,315 1,320 1,326 1,305 1,304 1,321 1,310 1,311 1,320 1,268 110 112 106 1,234 116 90 88 101 100 103 105 102 85 80 129 128 123 97 1,115 125 114 118 116 111 111 113 85 86 122
Slide 33: Tangible common equity reconciliation and Citigroup returns
Tangible common equity reconciliation and Citigroup returns Tangible Common Equity and Tangible Book Value Per Share Return on Tangible Common Equity (RoTCE) ($ in MM, except per share amounts) 4Q24 3Q24 4Q23 ($ in MM, except per share amounts) 4Q24 4Q23 2024 2023 Common Stockholders' Equity $190,74
Slide 34: FX impact
FX impact ($ in MM) Total Citigroup Legacy Franchises – Mexico Consumer / SBMM Foreign currency (FX) translation impact(1) 4Q24 3Q24 4Q23 QoQ YoY Foreign currency (FX) translation impact(1) 4Q24 3Q24 4Q23 QoQ YoY Total Revenues - as Reported 19,581 20,315 17,440 (4)% 12% Mexico Revenues - as reporte
Slide 35: Reconciliation of adjusted results
Reconciliation of adjusted results ($ in MM) Total Citigroup Revenues, Net Interest Income, Non-Interest Revenues and Expenses 4Q24 2024 4Q24 3Q24 2Q24 1Q24 4Q23 % Δ QoQ % Δ YoY 2024 2023 2022 % Δ YoY Total Citigroup Revenues - As Reported $19,581 $20,315 $20,139 $21,104 $17,440 (4)% 12% $81,139 $78
Slide 36: Reconciliation of adjusted results (cont.)
Reconciliation of adjusted results (cont.) ($ in MM) Citigroup Revenues and Non-Interest Revenues (NIR) - Excluding Argentina Currency Devaluation and Divestiture-Related Impacts 4Q24 4Q24 3Q24 2Q24 1Q24 4Q23 % Δ QoQ % Δ YoY 2024 2023 % Δ YoY Total Citigroup Revenues - As Reported $19,581 $20,315 $2
Slide 37: All Other (Managed Basis) Trend
All Other (Managed Basis(1)) Trend All Other (Managed Basis(1)) (1) All Other (Managed Basis ) 4Q24 3Q24 4Q23 % Δ QoQ % Δ YoY 2024 2023 % Δ YoY ($ in millions, except as otherwise noted) Legacy Franchises (Managed Basis) 1,578 1,739 1,728 (9)% (9)% 6,873 7,327 (6)% Corporate / Other (228) 86 309 NM
Slide 38: Reconciliation of adjusted results (cont.)
Reconciliation of adjusted results (cont.) ($ in MM) All Other (Managed Basis(1)) 4Q24 3Q24 4Q23 % Δ QoQ % Δ YoY 2024 2023 % Δ YoY All Other Revenues, Managed Basis $1,350 $1,825 $2,037 (26)% (34)% $7,541 $9,442 (20)% Add: All Other Divestiture-related Impact on Revenue(2) $4 $1 $(62) $26 $1,346 All
Slide 39: Reconciliation of adjusted results (cont.)
Reconciliation of adjusted results (cont.) ($ in MM) All Other (Managed Basis(1)) 2024 2023 2022 2021 All Other Revenues, Managed Basis $7,541 $9,442 $9,120 $9,607 Add: All Other Divestiture-related Impact on Revenue(1) $26 $1,346 $854 $(670) All Other Revenues, (U.S. GAAP) $7,567 $10,788 $9,974 $8,
Slide 40: Glossary
Glossary ACL: Allowance for Credit Losses DTA: Deferred Tax Assets KPI: Key performance indicator QoQ: Quarter-0ver-Quarter ACLL: Allowance for Credit Losses on EBT: Earnings before Tax LTD: Long-term Debt RWA: Risk-Weighted Assets Loans ECM: Equity Capital Markets M&A: Mergers & Acquisitions SBMM:
Slide 41: Footnotes
Footnotes Slide 3 1) Represents consumer banking businesses and certain other businesses in All Other – Legacy Franchises that Citi has exited or is exiting across 14 markets in Asia, Europe, the Middle East and Mexico as part of Citi’s strategic refresh. Slide 4 1) 2024 operating expenses excluding
Slide 42: Footnotes (cont.)
Footnotes (cont.) Slide 7 1) As previously disclosed, fourth quarter 2023 results included several notable pre-tax items consisting of: (i) an approximately $1.7 billion charge to operating expenses related to the Federal Deposit Insurance Corporation (FDIC) special assessment; (ii) an approximately
Slide 43: Footnotes (cont.)
Footnotes (cont.) Slide 8 1) Results excluding divestiture-related impacts are non-GAAP financial measures and are primarily recorded in All Other. 2023 divestiture-related impacts includes (i) an approximate $1.059 billion gain on sale recorded in revenue related to the India consumer banking busin
Slide 44: Footnotes (cont.)
Footnotes (cont.) Slide 10 1) 4Q24 is preliminary. Citigroup’s binding CET1 Capital ratios were derived under the U.S. Basel III Standardized Approach. For the composition of Citigroup’s CET1 Capital, please see Appendix D of the 4Q24 earnings press release included as Exhibit 99.1 to Citigroup’s Cu
Slide 45: Footnotes (cont.)
Footnotes (cont.) Slide 11 1) Allowance for Credit Losses (ACL) Build (Release) and Other provisions includes a net ACL release of approximately $(75) million related to loans and unfunded lending commitments as well as other provisions of approximately $159 million relating to held-to-maturity (HTM
Slide 46: Footnotes (cont.)
Footnotes (cont.) Slide 13 1) 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 loa
Slide 47: Footnotes (cont.)
Footnotes (cont.) Slide 15 1) Allowance for Credit Losses (ACL) Build (Release) and Other provisions includes a net ACL build of approximately $246 million related to loans and unfunded lending commitments as well as other provisions of approximately $4 million relating to benefits and claims, and o
Slide 48: Footnotes (cont.)
Footnotes (cont.) Slide 16 1) All Other (Managed Basis) reflects results on a managed basis, which excludes divestiture-related impacts, for all periods, related to Citi's divestitures of its Asia consumer banking businesses and the planned divestiture of Mexico consumer banking and small business a
Slide 49: Footnotes (cont.)
Footnotes (cont.) Slide 19 1) NII excluding Markets is a non-GAAP financial measure. For reconciliation of these results, please refer Slide 35. 2) Full year 2025 NII excluding Markets is a forward-looking non-GAAP financial measure. From time to time, management may discuss forward-looking non-GAAP
Slide 50: Footnotes (cont.)
Footnotes (cont.) Slide 26 1) 2024 wallet share results are preliminary. 2) U.S. Dollar Clearing Volume is defined as the number of USD Clearing Payment instructions processed by Citi on behalf of U.S. and foreign-domiciled entities (primarily Financial Institutions). 3) Cross Border Transaction Val
Slide 51: Footnotes (cont.)
Footnotes (cont.) Slide 30 1) Other Net Income includes income from operations and tax effects. Slide 31 1) The CTA loss is already reflected in AOCI in Equity and therefore any recognition in Citi’s earnings would not impact capital. 2) Other Net Income includes income from operations and tax effec
Slide 52: Footnotes (cont.)
Footnotes (cont.) Slide 35 1) Revenue - Divestiture related-impacts: 2023 divestiture-related impacts include (i) an approximate $1.059 billion gain on sale recorded in revenue related to the India consumer banking business sale; and (ii) an approximate $403 million gain on sale recorded in revenue
Slide 53: Footnotes (cont.)
Footnotes (cont.) Slide 36 1) Argentina currency devaluation-related impacts on both Citigroup total revenues and non-interest revenue in 2024: • 1Q24 includes approximately $55 million loss of non-interest revenue. 2Q24 includes approximately $65 million loss of non-interest revenue. 3Q24 includes
Slide 54: Footnotes (cont.)
Footnotes (cont.) Slide 37 1) All Other (Managed Basis) is a non-GAAP financial measure. For a reconciliation of this measure to reported results, please refer to Slide 38. All Other (Managed Basis) reflects results on a managed basis, which excludes divestiture-related impacts, for all periods, rel