Citigroup, Inc. · NYSE:C
Citigroup — Debt Investor Presentation (February 2025)
24 slides from Citigroup's debt investor presentation, Feb 26, 2025
Slide 1: Fixed Income Investor Presentation
February 26, 2025 Fixed Income Investor Presentation Fourth Quarter and Full Year 2024
Slide 2: Key takeaways
Key takeaways • Net Income of $2.9 billion Fourth Quarter 2024 • RoTCE(1) of 6.1% Results • Revenue $19.6 billion • Net Income of $12.7 billion Full Year 2024 Results • RoTCE(1) of 7.0% • Revenue of $81.1 billion • 13.63% CET1 Capital Ratio(2) Strong Capital Position • 5.85% SLR(3) • Maintained surp
Slide 3: Five interconnected businesses driving strong 2024 performance
Five interconnected businesses driving strong 2024 performance Full Year Key Highlights Services USPB ✓ Delivered $81.1B of revenues, exceeding TTS : #1 Rank(5) Branded Cards and our guidance range Retail Services: #2 Rank in U.S. Cards(11) ✓ Achieved record revenues in Services, Securities Services
Slide 4: Transformation and Technology investments driving change
Transformation and Technology investments driving change Building and growing digital Modernizing our bank Improving our Risk Management capabilities • Citi Payments Express continues to expand • ~30k developers armed with leading Gen AI • Closed the 2013 BSA/AML Consent Order capabilities and geogr
Slide 5: U.S. cards and corporate credit overview
U.S. cards and corporate credit overview ($ 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 6: Capital and balance sheet overview
Capital and balance sheet overview ($ in B) Risk-based Capital & Liquidity Metrics(1) End of Period Assets YoY 4Q23 3Q24 4Q24 $2,412 $2,431 $2,353 (2)% CET1 Capital 154 158 155 Cash 261 303 6% 277 Standardized RWA 1,149 1,153 1,140 Investments, (8)% 519 491 477 CET1 Capital Ratio - Standardized 13.3
Slide 7: Access to diverse sources of funding (as of 12/31/2024)
Access to diverse sources of funding (as of 12/31/2024) (EOP $ in B, except as noted) Total Liabilities and Stockholders’ Equity Composition of Long-Term Debt Funding (%) Non-Bank Benchmark Debt Detail Bank Benchmark, 7% Securitizations, 2% (3) $2,353 FHLB, 3% $138B Non-Bank Benchmark Debt Other Non
Slide 8: Outstanding long-term debt trends
Outstanding long-term debt trends (EOP $ in B, except as noted) Senior Debt Customer-Related Debt(1) FHLB Bank Benchmark Subordinated Debt(2) Local Country & Other Securitizations $287 $286 $299 $287 $280 Total Citigroup $37 $36 $32 $33 3 $29 3 3 3 3 13 17 10 8 19 Bank 7 7 6 5 5 12 12 12 12 9 4Q 23
Slide 9: Parent benchmark debt: issuance & maturities
Parent benchmark debt: issuance & maturities When determining its issuance agenda for 2025, Citi considers client activity, maturities and potential calls, and the ideal mix of composition across bank and non-bank entities Senior & Subordinated Debt: Issuance, Calls, Maturity Trends (as of 12/31/24)
Slide 10: Total loss-absorbing capacity requirements
Total loss-absorbing capacity requirements While Citi’s binding Total Loss-Absorbing Capacity Requirement is Long-Term Debt/Total Leverage Exposure, at $331B eligible TLAC and $144B eligible LTD the firm holds excess capital above all required ratios Required Ratio ($ in B) Total Loss-Absorbing Long
Slide 11: 4Q24 excess capital vs. required ratios
4Q24 excess capital vs. required ratios As of 4Q24, Citi remains compliant and has excess capital above all required ratios. For the Standardized CET1 Capital ratio, this includes a 100bps management buffer 4Q24 Actual 4Q24 Actual Ratio Variance Required Capital Variance Ratio Ratio Components Requi
Slide 12: 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 13: Slide 13
Slide 14: Appendix
Appendix Table of Contents 15. 4Q24 Liquidity and investment portfolio metrics 17. Preferred stock dividends 16. Additional tier 1 capital securities (as of 12/31/2024) 18. Tangible common equity reconciliation and Citigroup returns
Slide 15: 4Q24 Liquidity and investment portfolio metrics
4Q24 Liquidity and investment portfolio metrics ($ in B) Average LCR and Historical Trajectory (30-Day Stress) EOP Available Liquidity Resources(1) LCR 4Q23 4Q24 $558 Ratio 116% 116% $933 $481 Composed of unencumbered Other Liquidity securities and unused borrowing Resources = $379 capacity 4Q24 LCR
Slide 16: Additional tier 1 capital securities (as of 12/31/2024)
Additional tier 1 capital securities (as of 12/31/2024) Preferred Stock & Trust Preferred Securities Redemption price per Redeemable by Dividend Rate as of depositary share/ Number of Carrying value Series Issuance Date Issuer beginning December 31, 2024 preference share depositary shares (in millio
Slide 17: Preferred stock dividends
Preferred stock dividends ($ in MM) (1) 2022 2023 2024 2025 (2) 1Q $279 $277 $279 $269 2Q 238 288 242 287 3Q 277 333 277 317 4Q 238 300 256 285 Total $1,032 $1,198 $1,054 $1,158 Note: Totals may not sum due to rounding. All footnotes are presented starting on Slide 21. 17
Slide 18: Tangible common equity reconciliation and Citigroup returns
Tangible common equity reconciliation and Citigroup returns Tangible Common Equity and Tangible Book Value Per Share Return on Tangible Common Equity (RoTCE) ($ in MM, except per share amounts) 4Q24 3Q24 4Q23 ($ in MM, except per share amounts) 4Q24 2024 2023 Common Stockholders' Equity $190,748 $19
Slide 19: Reconciliation of adjusted results
Reconciliation of adjusted results ($ 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 Operating Expenses - As Reported $13,186 $13,250 $13,353 $14,195 $15,996 - (18)% $5
Slide 20: Glossary
Glossary ACL: Allowance for Credit Losses FHLB: Federal Home Loan Banks QoQ: Quarter-Over-Quarter ACLL: Allowance for Credit Losses on Loans FI: Fixed Income RoTCE: Return on Average Tangible Common Equity AFS: Available for Sale FICO: Fair Isaacson Company RWA: Risk-Weighted Assets AI: Artificial I
Slide 21: Footnotes
Footnotes Slide 2 (Key takeaways) 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 Slide 18. 2) Citigroup’s bi
Slide 22: Footnotes (cont.)
Footnotes (cont.) Slide 5 (U.S. cards and corporate credit overview) 1) FICO scores are updated as they become available. Citi adjusted its disclosures for U.S. credit card FICO score distribution in 1Q24 to align with industry reporting practices using a threshold of 660 versus the 680 threshold us
Slide 23: Footnotes (cont.)
Footnotes (cont.) Slide 7 (Access to diverse sources of funding (as of 12/31/2024)) 1) Other liabilities include noncontrolling interests. 2) Trading-related liabilities include securities loaned and sold under agreements to repurchase and trading account liabilities and brokerage payables. 3) Secur
Slide 24: Footnotes (cont.)
Footnotes (cont.) Slide 15 (4Q24 Liquidity and investment portfolio metrics) 1) Available Liquidity Resources is defined as end-of-period HQLA; additional unencumbered securities, including excess liquidity held at bank entities that is non-transferable to other entities within Citigroup; and availa
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