Slide 1: Earnings Results Presentation Fourth Quarter 2021
Earnings Results Presentation Fourth Quarter 2021 January 14, 2022
Slide 2: Fourth Quarter and Full Year Results Snapshot
Fourth Quarter and Full Year Results Snapshot Revenues Net Income EPS 4Q21 $17.0 billion 4Q21 $3.2 billion 4Q21 $1.46 2021 $71.9 billion 2021 $22.0 billion 2021 $10.14 RoTCE(1) CET1 Capital Ratio(2) Tangible Book Value Per Share(3) 4Q21 7.4 % 4Q21 12.2% 4Q21 $79.16 2021 13.4 % 4Q20 11.7% vs 4Q20 + 7
Slide 3: Progress Against Priorities in 2021
Progress Against Priorities in 2021 Transformation Strategic Refresh Culture and Talent ✓ Submitted plans to regulators in the third ✓ Announced 13 consumer exits ✓ Enhanced culture of accountability quarter ✓ Signed deals for six consumer businesses: Australia, Indonesia, Malaysia, Philippines, ✓ C
Slide 4: Changing Our Financial Reporting Structure to Align with Our Strategy
Changing Our Financial Reporting Structure to Align with Our Strategy Current Reporting Structure as of 2021 New Reporting Structure Effective in 2022 Equity Markets Treasury & Trade Solutions Services Markets Fixed Income Markets Securities Services Institutional Securities Services Institutional E
Slide 5: Strategy Refresh – Mexico Update
Strategy Refresh – Mexico Update Highlights ✓ Announced intention to exit Mexico Consumer, Small Business and Middle Market Banking ✓ 2021 contribution of ~$4.7B in revenues, ~$1.1B in net income and ~$4B in average allocated TCE ✓ Planned divestitures of consumer businesses across Mexico, Asia and
Slide 6: Deposit Insurance Revision P&L Summary
Deposit Insurance Revision P&L Summary Financials Highlights • Revenue previously referred to as Net Interest Pre-Deposit Insurance Impact Post-Deposit Insurance Impact Revenue will now be called Net Interest Income (NII) ($ in MM) 2019 2020 2021 2019 2020 2021 • Revenue previously called Non-NIR wi
Slide 7: Financial Results Overview
Financial Results Overview Financial Results Financial Overview Highlights $ in MM, except EPS 4Q21 % Δ vs 3Q21 % Δ vs 4Q20 2021 % Δ vs 2020 • Revenues – Up 1% YoY as growth in non-interest revenue, driven by ICG, was mostly offset by lower NII across GCB and ICG Net Interest Income $10,819 1% 0% $4
Slide 8: 2020 to 2021 Full Year Expense Walk
2020 to 2021 Full Year Expense Walk ($ in B) +~6% ~3% $48.2 ~2% ~(1%) $47.0 ~2% ~3% • Includes • ~50% related roughly • Investing in TTS to higher $44.4 & Securities $300MM to transaction $400MM • ~4,000 non- Services expenses productivity technology • Digital, new • ~50% related saves per people pr
Slide 9: Net Interest Income, Average Loans and Deposits
Net Interest Income, Average Loans and Deposits ($ in B) Net Interest Income 2.53% Citigroup NIM 2.22% 2.10% 2.06% 2.02% 1.97% 1.99% 1.98% 4Q21 4Q21 FY21 QoQ r YoY r YoY r $11.72 $11.35 Markets(1) 1.20 $10.87 $10.82 $10.51 $10.48 $10.69 $10.82 $0.13 $0.00 $(2.26) 1.55 1.46 1.39 1.36 1.33 $(0.03) $(0
Slide 10: Capital and Balance Sheet
Capital and Balance Sheet ($ in B) Risk-based Capital Metrics(1) End of Period Assets 4Q20 3Q21 4Q21 $2,362 $2,260 $2,291 (1) CET1 Capital $147 $150 $150 324 262 Cash 310 Standardized RWAs 1,222 1,284 1,224 Investments, net 447 501 513 CET1 Capital Ratio - Standardized 12.1% 11.7% 12.2% Advanced RWA
Slide 11: Institutional Clients Group Results
Institutional Clients Group Results Institutional Clients Group Results Institutional Clients Group Highlights ($ in MM) 4Q21 % Δ vs 3Q21 % Δ vs 4Q20 • Revenues – Up 4% YoY, primarily driven by strong growth in fees, partially offset by a decline in markets Net Interest Income $4,414 1% (4)% Non-Int
Slide 12: ICG Revenue Items and Selected Business Drivers and Statistics
ICG Revenue Items and Selected Business Drivers and Statistics Revenues Highlights ($ in MM) 4Q21 % Δ vs 3Q21 % Δ vs 4Q20 • Treasury and Trade Solutions revenues were down 1% YoY as higher fees were Treasury and Trade Solutions $2,459 4% (1)% more than offset by lower deposit spreads. Up 4% QoQ Advi
Slide 13: Global Consumer Banking Results
Global Consumer Banking Results Global Consumer Banking Results Global Consumer Banking Highlights (Constant $ in MM) 4Q21 % Δ vs 3Q21 % Δ vs 4Q20 • Revenues – Down 6% YoY, driven by lower revenues across regions Net Interest Income $6,201 3% (3)% Non-Interest Revenue 738 NM (23)% • Expenses – Up 9%
Slide 14: GCB Revenues Items and Selected Business Drivers and Statistics
GCB Revenues Items and Selected Business Drivers and Statistics Revenues Highlights (Constant $ in MM) 4Q21 % Δ vs 3Q21 % Δ vs 4Q20 • Branded Cards revenues down 3% YoY driven by higher payment rates and Branded Cards $2,073 1% (3)% Retail Services 1,290 1% (10)% portfolio mix Retail Banking 1,049 0
Slide 15: Corporate / Other Results
Corporate / Other Results Corporate / Other Results Corporate / Other Highlights ($ in MM) 4Q21 % Δ vs 3Q21 % Δ vs 4Q20 • Revenues – Up YoY, primarily driven by higher net revenue from the Net Interest Income $204 (20)% NM investment portfolio Non-Interest Revenue 4 NM (97)% • Expenses – Down YoY, p
Slide 16: Forward-looking statements
Certain statements in this document are “forward-looking statements” within the meaning of the rules and regulations of the Private Securities Litigation and Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstance
Slide 17: Citi
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Slide 18: Strategy Refresh – 13 Asia and EMEA Consumer Banking Exit Update
Strategy Refresh – 13 Asia and EMEA Consumer Banking Exit Update Highlights ✓ Australia sale, announced in August 2021 ✓ Philippines sale, announced December 2021 ✓ ~$680MM loss on sale related to CTA; capital neutral at closing ✓ At closing, ~$300MM of allocated TCE released and ~$500MM increase to
Slide 19: Global Consumer Banking – Credit Trends
Global Consumer Banking – Credit Trends (EOP Loans in Constant $B) NCL 90+ DPD North America Branded Cards North America Retail Services EOP 4Q20 3Q21 4Q21 EOP 4Q20 3Q21 4Q21 Loans $84.0 $82.8 $87.9 5.35% 5.53% Loans $46.4 $42.7 $46.0 4.51% 3.80% 3.40% 3.17% 3.45% 2.84% 3.00% 3.09% 2.43% 2.36% 2.23%
Slide 20: Adjusted Results
Adjusted Results Citigroup ($ in MM) 4Q21 3Q21 4Q20 2021 2020 Reported Revenue (Loss) $17,017 $17,447 $16,832 $71,884 $75,501 (1) Impact of Gain / (Loss) on sale related to Asia Divestitures (14) (680) - (694) - Adjusted Revenue $17,031 $18,127 $16,832 $72,578 $75,501 Reported Expenses $13,532 $11,7
Slide 21: Adjusted Results continued
Adjusted Results continued Global Consumer Banking Institutional Clients Group ($ in MM) 4Q21 3Q21 4Q20 2021 ($ in MM) 4Q21 2021 Reported Revenues $6,939 $6,348 $7,405 $27,330 Reported Net Income $2,543 $15,680 Impact of Gain / (Loss) on sale related to Asia Divestitures (1) (14) (680) (694) Allocat
Slide 22: FX Reconciliations
FX Reconciliations ($ in MM) Global Consumer Banking Latin America Consumer Banking 4Q21 3Q21 4Q20 4Q21 3Q21 4Q20 Reported Net Interest Income $6,201 $6,051 $6,443 Reported Revenues $1,075 $1,064 $1,122 Impact of FX Translation - (24) (32) Impact of FX Translation - (30) (19) Net Interest Income in
Slide 23: Tangible Common Equity Reconciliation
Tangible Common Equity Reconciliation ($ in MM, except per share amounts) Tangible Common Equity and Tangible Book Value Per Share 4Q21 3Q21 4Q20 Common Stockholders' Equity $182,977 $182,880 $179,962 Less: Goodwill 21,299 21,573 22,162 Intangible Assets (other than Mortgage Servicing Rights) 4,091
Slide 24: Footnotes
Footnotes Slide 2 1) Return on Tangible Common Equity (RoTCE) is a non-GAAP financial measure. RoTCE represents annualized net income available to common shareholders as a percentage of average TCE. For a reconciliation to reported results, please refer to Slides 20 and 23. 2) Preliminary. Citigroup
Slide 25: Footnotes continued
Footnotes continued Slide 7 1) Allowance for Credit Losses (ACL) Build / (Release) and Other provisions includes a net ACL release of approximately $(1.4) billion, including provision / (release) for unfunded lending commitments, and other provisions of approximately $38 million relating to policyho
Slide 26: Footnotes continued
Footnotes continued Slide 9 1) Markets is defined as Fixed Income Markets and Equity Markets. Slide 10 1) Preliminary. Citigroup’s reportable CET1 Capital ratios were derived under the U.S. Basel III Standardized Approach framework as of December 31, 2021 and September 30, 2021, and the U.S. Basel I
Slide 27: Footnotes continued
Footnotes continued Slide 11 1) Allowance for Credit Losses (ACL) Build / (Release) and Other provisions includes a net ACL release of $(396) million, including provision / (release) for unfunded lending commitments, and other provisions of approximately $10 million relating to held-to-maturity (HTM
Slide 28: Footnotes continued
Footnotes continued Slide 13 1) Allowance for Credit Losses (ACL) Build / (Release) and Other provisions includes a net ACL release of $(941) million, including provision / (release) for unfunded lending commitments, and other provisions of approximately $31 million which relate to policyholder bene
Slide 29: Footnotes continued
Footnotes continued Slide 15 1) Allowance for Credit Losses (ACL) Build / (Release) and Other provisions includes a net ACL release of approximately $(32) million, including provision / (release) for unfunded lending commitments, and other provisions of approximately $(3) million relating to policyh