Slide 1: Earnings Results Presentation First Quarter 2025
April 15, 2025 Earnings Results Presentation First 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: Five interconnected businesses driving strong 1Q25 performance
Five interconnected businesses driving strong 1Q25 performance 1Q25 Firmwide Key Highlights Services USPB TTS : #1 Rank(3) Branded Cards and ✓ $21.6B of revenues, up 3% YoY Retail Services: #2 Securities Services: Rank in U.S. Cards(9) ✓ Record revenues in USPB and Wealth #1 in Direct Custody(4) Ret
Slide 4: Firm and business performance
Firm and business performance Revenues Net Income EPS 1Q25 $21.6 billion 1Q25 $4.1 billion 1Q25 $1.96 ∆ 1Q24 3% ∆ 1Q24 21% ∆ 1Q24 24% RoTCE(1) CET1 Capital Ratio(2) Tangible Book Value Per Share(3) 1Q25 9.1% 1Q25 13.4% 1Q25 $91.52 1Q24 7.6% 1Q24 13.5% ∆ 1Q24 6% First Quarter Key Highlights Services
Slide 5: Technology and Transformation progress in the first quarter 2025
Technology and Transformation progress in the first quarter 2025 Business Achievements Modernizing Our Bank and Improving Risk and Controls ✓ Services: Citi Payments Express live in 19 countries, with ✓ Continued to optimize, modernize and simplify the bank by increased volumes by 10x since 4Q24 ret
Slide 6: Financial results overview
Financial results overview Financial Results(1) 1Q25 Financial Overview Highlights ($ in MM, except EPS) 1Q25 % Δ QoQ % Δ YoY • Revenues – Up 3%(8) YoY, driven by growth in each of our businesses, largely offset by a decline in All Other. Excluding divestiture-related impacts, revenues Net Interest
Slide 7: Quarterly expense trend and year-over-year expense drivers
Quarterly expense trend and year-over-year expense drivers Reported Expense Trend(1) 1Q25 Expense Drivers (Down (5)% YoY) ($ in B) 14.1 13.4 Technology / 13.2 13.1 13.1 • Continued investments in transformation, safety Technology / communication communication 2.2 & soundness, and continued efforts t
Slide 8: U.S. credit cards and corporate credit overview
U.S. credit cards and corporate credit overview Citi had nearly $23B in total reserves with a reserve-to-funded loans ratio of 2.7% as of March 31 ($ 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 Oth
Slide 9: Capital and balance sheet overview
Capital and balance sheet overview ($ in B) Risk-based Capital & Liquidity Metrics(1) End of Period Assets QoQ YoY 1Q24 4Q24 1Q25 $2,572 9% 6% $2,433 $2,353 CET1 Capital 153 155 156 Cash 308 11% 13% 273 277 Standardized RWA 1,139 1,140 1,159 Investments, 453 (5)% (12)% 515 477 CET1 Capital Ratio - S
Slide 10: Services results, key metrics and statistics
Services results, key metrics and statistics Financial Results(1) 1Q Highlights ($ in MM) 1Q25 % Δ QoQ % Δ YoY • Revenues – Up 3%(5) YoY, driven by growth in TTS Net Interest Income 2,865 1% 5% ‒ NII up 5%, driven by higher deposit spreads, as well as an increase in Non-Interest Revenue 775 (29)% (2
Slide 11: Markets results, key metrics and statistics
Markets results, key metrics and statistics Financial Results 1Q Highlights ($ in MM) 1Q25 % Δ QoQ % Δ YoY • Revenues – Up 12% YoY, driven by growth in both Fixed Income markets and Rates and Currencies 3,048 26% 9% Equity markets Spread Products / Other Fixed Income 1,429 35% 7% ‒ Fixed Income mark
Slide 12: Banking results, key metrics and statistics
Banking results, key metrics and statistics Financial Results 1Q Highlights ($ in MM) 1Q25 % Δ QoQ % Δ YoY • Revenues – Up 12% YoY, driven by growth in Investment Banking as well as the Investment Banking 1,035 12% 12% impact of mark-to-market on loan hedges, partially offset by a decline in Corpora
Slide 13: Wealth results, key metrics and statistics
Wealth results, key metrics and statistics Financial Results(1) 1Q Highlights ($ in MM) 1Q25 % Δ QoQ % Δ YoY • Revenue – Up 24% YoY, driven by growth across Citigold, the Private Bank and Private Bank 664 13% 16% Wealth at Work Wealth at Work 268 5% 48% – NII up 30% YoY, driven by improved deposit s
Slide 14: U.S. Personal Banking results, key metrics and statistics
U.S. Personal Banking results, key metrics and statistics Financial Results(1)(2) 1Q Highlights ($ in MM) 1Q25 % Δ QoQ % Δ YoY • Revenues – Up 2% YoY, driven by higher NII due to loan growth in Branded Branded Cards 2,892 3% 9% Cards as well as higher deposit spreads in Retail Banking, partially off
Slide 15: All Other (Managed Basis) results, key metrics and statistics
All Other (Managed Basis(1)) results, key metrics and statistics Financial Results(2) 1Q Highlights ($ in MM) 1Q25 % Δ QoQ % Δ YoY • Revenues – Down (39)% YoY, driven by lower NII and the impact of mark-to- Legacy Franchises (managed basis) 1,621 4% (11)% market valuation changes on certain investme
Slide 16: Full year 2025 guidance unchanged, subject to macro and market conditions
Full year 2025 guidance unchanged(1), subject to macro and market conditions • ~$83.1-84.1 billion(1) Revenues • NII ex-Markets up 2-3%(2) Expenses • Slightly below $53.4 billion(1) • Cards NCL rates around the top of the 2024 ranges for both businesses, with higher losses Cost of in 1H, consistent
Slide 17: Forward-looking statements
Certain statements in this presentation are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. These statements are not g
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Slide 19: Net interest income, average loans and deposits
Net interest income, average loans and deposits ($ in B) Net Interest Income 2.42% 2.41% QoQ YoY 2.33% 2.42% 2.47% Citigroup NIM Citigroup NII $13.51 $13.49 $13.73 $14.01 $0.28 $0.51 $13.36 Markets NII 1.71 2.04 1.41 1.86 2.01 $0.16 $0.31 NII 12.00 $0.12 $0.20 11.80 11.46 11.96 11.88 ex-Markets(1) 1
Slide 20: Credit trends for Branded Cards and Retail Services
Credit trends for Branded Cards and Retail Services ($ in B) Branded Cards - Credit Cards Retail Services - Credit Cards 90+ DPD & NCL Trend EOP 3Q24 4Q24 1Q25 90+ DPD & NCL Trend EOP 3Q24 4Q24 1Q25 Loans $112.1 $117.3 $112.6 Loans $51.6 $53.8 $50.2 90+DPD NCL 90+DPD NCL 3.82% 3.89% 3.65% 3.56% 3.55
Slide 21: Historical average deposit growth
Historical average deposit growth ($ in B) Total CAGR: 4.2% Services CAGR: 5.5% 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 1,305 1,268 110 112 106 1,234 116 90 88 101 100 103 105 102 85 80 80 129 128 123 97 1,115 125 114 118 116 111 111 113
Slide 22: Update to Income Statement presentation of certain fees
Update to Income Statement presentation of certain fees • Effective January 1, 2025, certain transaction processing fees paid by Citi, primarily to credit card networks, reported within USPB, Services, Wealth and All Other - Legacy Franchises, which were previously presented within Other operating e
Slide 23: 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) 1Q25 4Q24 1Q24 ($ in MM, except per share amounts) 1Q25 4Q24 1Q24 Common Stockholders' Equity $194,058 $19
Slide 24: FX impact
FX impact ($ in MM) Total Citigroup Legacy Franchises – Mexico Consumer / SBMM Foreign currency (FX) translation impact(1) 1Q25 4Q24 1Q24 QoQ YoY Foreign currency (FX) translation impact(1) 1Q25 4Q24 1Q24 QoQ YoY Total Revenues - as Reported 21,596 19,465 21,016 11% 3% Mexico Revenues - as reported
Slide 25: Reconciliation of adjusted results
Reconciliation of adjusted results ($ in MM) Total Citigroup Revenues, Net Interest Income and Non-Interest Revenues 1Q25 1Q25 4Q24 3Q24 2Q24 1Q24 % Δ QoQ % Δ YoY Total Citigroup Revenues - As Reported $21,596 $19,465 $20,209 $20,032 $21,016 11% 3% Less: Total Divestiture-Related Impacts on Revenues
Slide 26: Reconciliation of adjusted results (cont.)
Reconciliation of adjusted results (cont.) ($ in MM) Total Citigroup Expenses 1Q25 1Q25 4Q24 3Q24 2Q24 1Q24 % Δ QoQ % Δ YoY Total Citigroup Operating Expenses - As Reported $13,425 $13,070 $13,144 $13,246 $14,107 3% (5)% Less: (1) Total Divestiture-Related Impacts on Operating Expenses 34 56 67 85 1
Slide 27: All Other (Managed Basis) Trend
All Other (Managed Basis(1)) Trend ($ in MM) All Other (Managed Basis(1)) 1Q25 4Q24 1Q24 % Δ QoQ % Δ YoY Legacy Franchises (Managed Basis) 1,621 1,563 1,819 4% (11)% Corporate / Other (176) (228) 557 23% NM Total revenues 1,445 1,335 2,376 8% (39)% Total operating expenses 2,224 2,162 2,685 3% (17)%
Slide 28: Reconciliation of adjusted results (cont.)
Reconciliation of adjusted results (cont.) ($ in MM) All Other (Managed Basis(1)) 1Q25 4Q24 1Q24 % Δ QoQ % Δ YoY All Other Revenues, Managed Basis $1,445 $1,335 $2,376 8% (39)% Add: All Other Divestiture-related Impact on Revenue - 4 (12) All Other Revenues, (U.S. GAAP) $1,445 $1,339 $2,364 8% (39)%
Slide 29: Glossary
Glossary ACL: Allowance for Credit Losses FDIC: Federal Deposit Insurance Corporation NCL: Net Credit Loss ACLL: Allowance for Credit Losses on Loans FI: Fixed Income NII: Net Interest Income AFS: Available for Sale FICO: Fair Isaacson Company NIM: Net Interest Margin AI: Artificial Intelligence 1H:
Slide 30: 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) Return on Tangible Common Equity
Slide 31: Footnotes (cont.)
Footnotes (cont.) Slide 4 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 23. 2) 1Q25 is preliminary. C
Slide 32: Footnotes (cont.)
Footnotes (cont.) Slide 6 1) Effective January 1, 2025, certain transaction processing fees paid by Citi, primarily to credit card networks, reported within USPB, Services, Wealth, and All Other - Legacy Franchises, which were previously presented within Other operating expense, are presented as a c
Slide 33: Footnotes (cont.)
Footnotes (cont.) Slide 9 1) 1Q25 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 1Q25 earnings press release included as Exhibit 99.1 to Citigroup’s Cur
Slide 34: Footnotes (cont.)
Footnotes (cont.) Slide 10 1) Effective January 1, 2025, certain transaction processing fees paid by Citi, primarily to credit card networks, reported within USPB, Services, Wealth, and All Other - Legacy Franchises, which were previously presented within Other operating expense, are presented as a
Slide 35: Footnotes (cont.)
Footnotes (cont.) Slide 12 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 36: Footnotes (cont.)
Footnotes (cont.) Slide 14 1) Effective January 1, 2025, certain transaction processing fees paid by Citi, primarily to credit card networks, reported within USPB, Services, Wealth, and All Other - Legacy Franchises, which were previously presented within Other operating expense, are presented as a
Slide 37: 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 Mexico consumer banking and small business a
Slide 38: Footnotes (cont.)
Footnotes (cont.) Slide 19 1) NII excluding Markets is a non-GAAP financial measure. For reconciliation of these results, please refer Slide 25. 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 inter
Slide 39: Footnotes (cont.)
Footnotes (cont.) Slide 26 1) Expenses – Divestiture-related impacts: 1Q25 divestiture-related impacts include (i) approximately $34 million in operating expenses primarily related to separation costs in Mexico and severance costs in the Asia exit markets. 2024 divestiture-related impacts include (i