Slide 1: Earnings Results Presentation Third Quarter 2025
October 14, 2025 Earnings Results Presentation Third Quarter 2025
Slide 2: 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 of the United States Delivering on our Investor Day priorities Largely Complete Mai
Slide 3: Delivering strong performance in 3Q25
Delivering strong performance in 3Q25 Revenues Net Income EPS 3Q25 $22.1 billion 3Q25 $3.8 billion / 16% YoY 3Q25 $1.86 / 23% YoY ∆ 3Q24 9% Ex-notable item(1) $4.5 billion / 38% YoY Ex-notable item(1) $2.24 / 48% YoY ROE RoTCE(2) BV and TBV Per Share(3) 3Q25 7.1% / 8.5% ex-notable item(1) 3Q25 8.0%
Slide 4: Five interconnected businesses driving strong 3Q25 performance
Five interconnected businesses driving strong 3Q25 performance Global network Interconnected Diversified Services Markets Banking Wealth U.S. Personal Banking TTS : #1 Rank(1) #3 Overall Rank (tied)(3) Investment Banking: #5 Private Bank (Global): #6 Branded Cards and Retail TTS: gained ~85 bps of R
Slide 5: Making continued progress on Citi's top two priorities
Making continued progress on Citi’s top two priorities 3Q25 Business Achievements 3Q25 Transformation and Technology ✓ Services achieved an industry first: integrating Citi® Token Services with More than two-thirds of Transformation programs are At or Mostly At 24/7 USD Clearing for Real-Time Cross-
Slide 6: Financial results overview
Financial results overview Financial Results 3Q25 Financial Overview Highlights ($ in MM, except EPS) 3Q25 % Δ QoQ % Δ YoY YTD '25 % Δ YoY • Revenues – Up 9% YoY as reported and ex-divestitures(7), driven by growth in Net Interest Income 14,940 (2)% 12% 44,127 9% each of our businesses and Legacy Fr
Slide 7: Quarterly expense trend and year-over-year expense drivers
Quarterly expense trend and year-over-year expense drivers Expense Trend 3Q25 Expense Drivers (Up 3% YoY ex-notable item(2)) ($ in B) 67.1% 65.0% 64.7% Transactional 62.2% 62.7% Efficiency Ratio and Product • Higher volumes in Markets, USPB, Services, Banking and Wealth, partially offset by producti
Slide 8: U.S. credit cards and corporate credit overview
U.S. credit cards and corporate credit overview Citi had nearly $24B in total reserves with a reserve-to-funded loans ratio of 2.7% as of September 30 ($ 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
Slide 9: Capital and balance sheet overview
Capital and balance sheet overview Regulatory Capital & Liquidity Metrics End of Period Assets ($ in B) 3Q24 2Q25 3Q25 ($ in B) QoQ YoY CET1 Capital(1) 158 159 158 $2,623 $2,642 1% 9% $2,431 Standardized RWA 1,153 1,179 1,198 337 348 3% 15% Cash 303 CET1 Capital Ratio - Standardized(1) 13.7% 13.5% 1
Slide 10: Services results, key metrics and statistics
Services results, key metrics and statistics Financial Results 3Q25 Highlights ($ in MM) 3Q25 % Δ QoQ % Δ YoY • Revenues – Up 7% YoY, driven by growth in both TTS and Securities Services Net Interest Income 3,121 6% 14% Non-Interest Revenue 761 5% (15)% ‒ NII up 11% YoY, primarily driven by the bene
Slide 11: Markets results, key metrics and statistics
Markets results, key metrics and statistics Financial Results 3Q25 Highlights ($ in MM) 3Q25 % Δ QoQ % Δ YoY • Revenues – Up 15% YoY, driven by growth in both Fixed Income Markets and Rates and Currencies 2,823 (10)% 15% Equity Markets Spread Products / Other Fixed Income 1,200 6% 8% ‒ Fixed Income
Slide 12: Banking results, key metrics and statistics
Banking results, key metrics and statistics Financial Results 3Q25 Highlights ($ in MM) 3Q25 % Δ QoQ % Δ YoY • Revenues – Up 34% YoY, driven by growth in Corporate Lending and Investment Investment Banking 1,146 17% 23% Banking, as well as a lower loss on mark-to-market on loan hedges(1) (1) Corpora
Slide 13: Wealth results, key metrics and statistics
Wealth results, key metrics and statistics Financial Results 3Q25 Highlights ($ in MM) 3Q25 % Δ QoQ % Δ YoY • Revenues – Up 8% YoY, driven by growth in Citigold and the Private Bank, Private Bank 656 (10)% 7% partially offset by a decline in Wealth at Work Wealth at Work 214 (3)% (12)% – NII up 8% Y
Slide 14: U.S. Personal Banking results, key metrics and statistics
U.S. Personal Banking results, key metrics and statistics Financial Results 3Q25 Highlights ($ in MM) 3Q25 % Δ QoQ % Δ YoY • Revenues – Up 7% YoY, driven by higher loan spreads and higher interest Branded Cards 2,970 5% 8% earning balances in Branded Cards, as well as higher deposit spreads and Reta
Slide 15: All Other (Managed Basis) results, key metrics and statistics
All Other (Managed Basis(1)) results, key metrics and statistics Financial Results 3Q25 Highlights ($ in MM) 3Q25 % Δ QoQ % Δ YoY • Revenues – Down (16)% YoY, with a decline in Corporate/Other partially offset Legacy Franchises (Managed Basis) 1,871 11% 8% by an increase in Legacy Franchises Corpora
Slide 16: Banamex 25% stake transaction overview
Banamex 25% stake transaction overview – estimated financial impacts at closing using June 30, 2025 balance sheet(1) Estimated Financial Impacts at Closing Transaction Summary – subject to changes including FX (as of June 30, 2025) • Assets increase by $2.3 billion for total estimated sale considera
Slide 17: Full year 2025 guidance
Full year 2025 guidance, subject to macro and market conditions • Revenues higher than $84B, including the impact of FX translation Revenues • NII ex-Markets up ~5.5%(1) • Expect continued fee momentum across Investment Banking, Services and Wealth • Expenses higher than $53.4 billion, including the
Slide 18: 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
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Slide 20: YTD'25 Financial Summary of Businesses
YTD’25 Financial Summary of Businesses All Other (Managed Basis)(1) Legacy Franchises Reconciling YTD'25 Services Markets Banking Wealth USPB Corporate/Other Total (Managed Basis)(1) Items (2) (P&L $ in MM; Balance Sheet $ in B) $ % Δ YoY $ % Δ YoY $ % Δ YoY $ % Δ YoY $ % Δ YoY $ % Δ YoY $ % Δ YoY $
Slide 21: Net interest income, average loans and deposits
Net interest income, average loans and deposits ($ in B) Net Interest Income 2.42% 2.47% 2.51% QoQ YoY 2.33% 2.40% Citigroup NIM $15.18 $14.94 $(0.24) $1.58 Citigroup NII $13.36 $13.73 $14.01 2.90 2.25 $(0.65) $0.84 Markets NII 1.41 1.86 2.01 NII ex-Markets(1) 11.96 11.88 12.00 12.27 12.69 $0.42 $0.
Slide 22: Credit Trends for Branded Cards and Retail Services
Credit Trends for Branded Cards and Retail Services ($ in B) Branded Cards - Credit Cards Retail Services - Credit Cards 90+ DPD & NCL Trend EOP 3Q24 2Q25 3Q25 90+ DPD & NCL Trend EOP 3Q24 2Q25 3Q25 90+ DPD NCL Loans $112.1 $116.6 $117.4 90+ DPD NCL Loans $51.6 $50.7 $50.1 2025 NCL guidance range: 3
Slide 23: Historical average deposit growth
Historical average deposit growth ($ in B) Total CAGR: 4.4% Services CAGR: 5.8% 1,370 1,363 1,338 1,382 1,343 1,334 1,323 1,316 1,361 1,326 1,343 1,305 1,304 1,321 1,315 1,320 1,310 1,311 1,320 1,305 1,268 110 84 1,234 116 90 112 106 100 103 88 123 88 101 105 102 97 85 80 80 129 128 90 125 114 118 1
Slide 24: Banamex 25% stake – estimated financial impacts at closing
Banamex 25% stake – estimated financial impacts at closing using June 30, 2025 balance sheet(1) Estimated Balance Sheet Impacts at Closing – subject to changes a• At closing, assets will increase reflecting the consideration received for including FX (in $ billions as of June 30, 2025) the 25% stake
Slide 25: 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, expect per share amounts) 3Q25 2Q25 3Q24 ($ in MM, expect per share amounts) 3Q25 2Q25 3Q24 YTD'25 YTD'24 Common Stockholders' Equit
Slide 26: FX impact
FX impact ($ in MM) Total Citigroup Legacy Franchises – Mexico Consumer/SBMM Foreign currency (FX) translation impact (1) 3Q25 2Q25 1Q25 3Q24 % Δ QoQ % Δ YoY Foreign currency (FX) translation impact(1) 3Q25 2Q25 1Q25 3Q24 % Δ QoQ % Δ YoY Total Revenues - as reported $22,090 $21,668 $21,596 $20,209 2
Slide 27: Reconciliation of adjusted results
Reconciliation of adjusted results Total Citigroup Revenues, Net Interest Income and Non-Interest Revenues 3Q25 ($ in MM) 3Q25 2Q25 1Q25 4Q24 3Q24 % Δ QoQ % Δ YoY YTD'25 YTD'24 % Δ YoY Total Citigroup Revenues - As Reported $22,090 $21,668 $21,596 $19,465 $20,209 2% 9% $65,354 $61,257 7% Less: Total
Slide 28: Reconciliation of adjusted results (cont.)
Reconciliation of adjusted results (cont.) Total Citigroup Expenses 3Q25 ($ in MM) 3Q25 2Q25 3Q24 % Δ QoQ % Δ YoY YTD'25 YTD'24 % Δ YoY Total Citigroup Operating Expenses - As Reported $14,290 $13,577 $13,144 5% 9% $41,292 $40,497 2% Less: Goodwill Impairment Charge Impact on Operating Expenses(1) 7
Slide 29: Reconciliation of adjusted results (cont.)
Reconciliation of adjusted results (cont.) Goodwill Impairment Adjustments 3Q25 ($ in MM) 3Q25 2Q25 3Q24 % Δ QoQ % Δ YoY YTD'25 YTD'24 % Δ YoY Total Citigroup Net Income - As Reported $3,752 $4,019 $3,238 (7)% 16% $11,835 $9,826 20% Less: Total Goodwill Impairment Impact on Net Income (714) - - NM N
Slide 30: All Other (Managed Basis) Trend
All Other (Managed Basis(1)) Trend All Other (Managed Basis(1)) ($ in MM) 3Q25 2Q25 3Q24 % Δ QoQ % Δ YoY Legacy Franchises (Managed Basis) $1,871 $1,691 $1,734 11% 8% Corporate/Other (336) 7 86 NM NM Total revenues $1,535 $1,698 $1,820 (10)% (16)% Total operating expenses $2,168 $2,276 $2,077 (5)% 4
Slide 31: Reconciliation of adjusted results (cont.)
Reconciliation of adjusted results (cont.) All Other (Managed Basis(1)) ($ in MM) 3Q25 2Q25 3Q24 % Δ QoQ % Δ YoY YTD'25 YTD'24 % Δ YoY All Other Revenues, Managed Basis $1,535 $1,698 $1,820 (10)% (16)% $4,678 $6,168 (24)% Add: All Other Divestiture-related Impact on Revenue(2) 2 (177) 1 NM 100% (175
Slide 32: Reconciliation of adjusted results (cont.)
Reconciliation of adjusted results (cont.) Legacy Franchises (Managed Basis(1)) ($ in MM) YTD'25 YTD'24 % Δ YoY Legacy Franchises Revenues, Managed Basis $5,183 $5,272 (2)% Add: Legacy Franchises Divestiture-related Impact on Revenue(2) (175) 22 NM Legacy Franchises Revenues, (U.S. GAAP) $5,008 $5,2
Slide 33: Reconciliation of adjusted results (cont.)
Reconciliation of adjusted results (cont.) Legacy Franchises Exits Contribution(1) ($ in MM) 3Q25 2024 2023 Closed or Signed Markets Revenues ex-divestitures 112 591 1,131 Add: Total Divestiture-Related Impacts on Closed or Signed Markets Revenues 2 5 1,443 Closed or Signed Markets Revenues, (U.S. G
Slide 34: Glossary
Glossary ACL: Allowance for Credit Losses EMEA: Europe, the Middle East and Africa NAM: North America ACLL: Allowance for Credit Losses on Loans EOP: End of Period NCI: Non-controlling Interest AFG: Asset Finance Group EPS: Earnings per Share NCL: Net Credit Loss AFS: Available for Sale FDIC: Federa
Slide 35: Footnotes
Footnotes Slide 2 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 3 1) Results “ex-notable item” exclude
Slide 36: Footnotes (cont.)
Footnotes Slide 4 1) Source: Coalition Greenwich Global Competitor Benchmarking Analytics for 1H25. Results are based upon Citi’s internal product taxonomy, Citi’s internal revenues, and Large Corporate & FI Client Segment. Market share is calculated using Citi-internal revenues and Coalition Greenw
Slide 37: Footnotes (cont.)
Footnotes (cont.) Slide 6 1) Allowance for Credit Losses (ACL) Build (Release) and Other provisions includes a net ACL build of approximately $145 million related to loans and unfunded lending commitments as well as other provisions of approximately $91 million relating to held-to-maturity (HTM) deb
Slide 38: Footnotes (cont.)
Footnotes (cont.) Slide 9 1) 3Q25 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 3Q25 earnings press release included as Exhibit 99.1 to Citigroup’s Cur
Slide 39: Footnotes (cont.)
Footnotes (cont.) Slide 11 1) Allowance for Credit Losses (ACL) Build (Release) and Other provisions includes a net ACL release of approximately $(31) million related to loans and unfunded lending commitments as well as other provisions of approximately $(5) million relating to held-to-maturity (HTM
Slide 40: Footnotes (cont.)
Footnotes (cont.) Slide 13 1) Allowance for Credit Losses (ACL) Build (Release) and Other provisions includes a net ACL release of approximately $(26) million related to loans and unfunded lending commitments. 2) Tangible Common Equity is allocated to each segment based on Citi’s allocation methodol
Slide 41: Footnotes (cont.)
Footnotes (cont.) Slide 15 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 the Mexico Consumer/SBMM businesses within L
Slide 42: Footnotes (cont.)
Footnotes (cont.) Slide 17 1) 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 financial measures, such as forward-looking estimates or targets for revenue, expenses, and RoTCE. We are unable to p
Slide 43: Footnotes (cont.)
Footnotes (cont.) Slide 21 1) NII excluding Markets is a non-GAAP financial measure. For a reconciliation of these results, please refer to Slide 27. 2) Gross Loan Yield is defined as gross interest revenue earned on loans divided by average loans. 3) Cost of Interest-Bearing Deposits is defined as
Slide 44: Footnotes (cont.)
Footnotes (cont.) Slide 27 1) Revenues excluding divestiture-related impacts is a non-GAAP financial measure. Revenues – Divestiture-related impacts: 2Q25 includes an approximate $186 million loss recorded in revenue (approximately $157 million after tax) related to the announced sale of the Poland
Slide 45: Footnotes (cont.)
Footnotes (cont.) Slide 31 1) All Other (Managed Basis) is a non-GAAP financial measure. 2) 2Q25 includes an approximate $186 million loss recorded in revenue (approximately $157 million after tax) related to the announced sale of the Poland consumer banking business. The reconciling items impact on