Slide 1: Earnings Results Presentation Second Quarter 2025
July 15, 2025 Earnings Results Presentation Second 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 2Q25
Delivering strong performance in 2Q25 Revenues Net Income EPS 2Q25 $21.7 billion 2Q25 $4.0 billion 2Q25 $1.96 ∆ 2Q24 8% ∆ 2Q24 25% ∆ 2Q24 29% RoTCE(1) CET1 Capital Ratio(2) Tangible Book Value Per Share(3) 2Q25 8.7% 2Q25 13.5% 2Q25 $94.16 2Q24 7.2% 2Q24 13.6% ∆ 2Q24 8% 2Q25 and 1H25 Firmwide Key Hig
Slide 4: Five interconnected businesses driving strong 2Q25 performance
Five interconnected businesses driving strong 2Q25 performance Global network Interconnected Diversified Services Markets Banking Wealth U.S. Personal Banking Branded Cards and Retail TTS : #1 Rank(1) #3 Overall Rank (tied)(3) Investment Banking: #5 Private Bank (Global): #6 Services: #3 Rank in U.S
Slide 5: Making continued progress on Citi's top two priorities
Making continued progress on Citi’s top two priorities 2Q25 Business Achievements 2Q25 Transformation and Technology ✓ Citi Token Services (CTS), now live in 4 major markets (U.S., U.K., Made significant progress on the Transformation and are now at or mostly Singapore and Hong Kong) and selected as
Slide 6: Financial results overview
Financial results overview Financial Results 2Q25 Financial Overview Highlights ($ in MM, except EPS) 2Q25 % Δ QoQ % Δ YoY YTD '25 % Δ YoY • Revenues – Up 8% YoY, driven by growth in each of our businesses, partially offset by a decline in All Other. Excluding divestiture-related impacts, revenues N
Slide 7: Quarterly expense trend and year-over-year expense drivers
Quarterly expense trend and year-over-year expense drivers Reported Expense Trend 2Q25 Expense Drivers (Up 2% YoY) ($ in B) 13.4 13.6 Technology / 13.2 13.1 13.1 • Continued investments in transformation and communication technology to drive additional efficiencies Technology / communication 2.4 2.3
Slide 8: U.S. credit cards and corporate credit overview
U.S. credit cards and corporate credit overview Citi had nearly $24B in total reserves with a reserve-to-funded loans ratio of 2.7% as of June 30 ($ 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 Othe
Slide 9: Capital and balance sheet overview
Capital and balance sheet overview ($ in B) Regulatory Capital & Liquidity Metrics End of Period Assets QoQ YoY 2Q24 1Q25 2Q25 $2,623 2% 9% $2,572 CET1 Capital (1) 154 156 159 $2,406 337 9% 37% 308 Cash 246 Standardized RWA 1,136 1,162 1,181 449 (1)% (12)% Investments, 453 CET1 Capital Ratio - Stand
Slide 10: Services results, key metrics and statistics
Services results, key metrics and statistics Financial Results 2Q25 Highlights ($ in MM) 2Q25 % Δ QoQ % Δ YoY • Revenues – Up 8% YoY, driven by growth in TTS and Securities Services Net Interest Income 2,949 3% 12% ‒ NII up 13% YoY, driven by an increase in average deposit and loan balances, Non-Int
Slide 11: Markets results, key metrics and statistics
Markets results, key metrics and statistics Financial Results 2Q25 Highlights ($ in MM) 2Q25 % Δ QoQ % Δ YoY • Revenues – Up 16% YoY, driven by growth in both Fixed Income markets and Rates and Currencies 3,134 3% 27% Equity markets Spread Products / Other Fixed Income 1,134 (21)% 3% ‒ Fixed Income
Slide 12: Banking results, key metrics and statistics
Banking results, key metrics and statistics Financial Results 2Q25 Highlights ($ in MM) 2Q25 % Δ QoQ % Δ YoY • Revenues – Up 18% YoY, driven by growth in Corporate Lending and Investment Banking 981 (5)% 15% Investment Banking, partially offset by the impact of mark-to-market on loan Corporate Lendi
Slide 13: Wealth results, key metrics and statistics
Wealth results, key metrics and statistics Financial Results 2Q25 Highlights ($ in MM) 2Q25 % Δ QoQ % Δ YoY • Revenues – Up 20% YoY, driven by growth across Citigold, the Private Bank Private Bank 731 10% 20% and Wealth at Work Wealth at Work 221 (18)% 13% – NII up 22% YoY, driven by improved deposi
Slide 14: U.S. Personal Banking results, key metrics and statistics
U.S. Personal Banking results, key metrics and statistics Financial Results 2Q25 Highlights ($ in MM) 2Q25 % Δ QoQ % Δ YoY • Revenues – Up 6% YoY, driven by higher interest-earning balances in Branded Cards 2,822 (2)% 11% Branded Cards and higher deposit spreads in Retail Banking, partially offset R
Slide 15: All Other (Managed Basis) results, key metrics and statistics
All Other (Managed Basis(1)) results, key metrics and statistics Financial Results 2Q25 Highlights ($ in MM) 2Q25 % Δ QoQ % Δ YoY • Revenues – Down (14)% YoY, with declines across both Corporate/Other and Legacy Franchises (managed basis) 1,691 4% (2)% Legacy Franchises Corporate/Other 7 NM (97)% –
Slide 16: Full year 2025 guidance, subject to macro and market conditions
Full year 2025 guidance, subject to macro and market conditions • ~$84 billion, at the high end of the previous range Revenues • NII ex-Markets up ~4%(1) Expenses • ~$53.4 billion, subject to volume and other revenue-related expenses • Branded Cards NCL range: 3.50%-4.00% Cost of • Retail Services N
Slide 17: Forward-looking statements
Certain statements in this presentation are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. These statements are not g
Slide 18: Slide 18
Slide 19: YTD'25 Financial Summary of Businesses
YTD’25 Financial Summary of Businesses All Other (Managed Basis)(1) Legacy Franchises Reconciling YTD'25 Services Markets Banking Wealth USPB Corporate/Other Total (Managed Basis)(1) Items (2) ($ in B) $ % Δ YoY $ % Δ YoY $ % Δ YoY $ % Δ YoY $ % Δ YoY $ % Δ YoY $ % Δ YoY $ % Δ YoY $ % Δ YoY Net Inte
Slide 20: 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 2.41% 2.33% Citigroup NIM $15.18 $1.16 $1.68 Citigroup NII $13.49 $13.36 $13.73 $14.01 2.01 2.90 $0.89 $0.86 Markets NII 2.04 1.41 1.86 NII 11.96 12.00 12.27 $0.27 $0.82 11.46 11.88 ex-Markets(1) 2
Slide 21: Credit trends for Branded Cards and Retail Services
Credit trends for Branded Cards and Retail Services ($ in B) Branded Cards - Credit Cards Retail Services - Credit Cards 90+ DPD & NCL Trend EOP 2Q24 1Q25 2Q25 90+ DPD & NCL Trend EOP 2Q24 1Q25 2Q25 90+DPD NCL Loans $111.8 $112.6 $116.6 90+DPD NCL Loans $51.7 $50.2 $50.7 2025 NCL guidance range: 3.5
Slide 22: Historical average deposit growth
Historical average deposit growth ($ in B) Total CAGR: 4.4% Services CAGR: 5.7% 1,343 1,370 1,334 1,323 1,316 1,361 1,363 1,338 1,315 1,320 1,326 1,343 1,305 1,304 1,321 1,310 1,311 1,320 1,305 1,268 110 112 106 100 88 1,234 116 90 88 101 103 105 102 85 80 80 129 128 123 97 125 114 118 111 111 113 8
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) 2Q25 1Q25 2Q24 ($ in MM, except per share amounts) 2Q25 1Q25 2Q24 YTD'25 YTD'24 Common Stockholders' Equit
Slide 24: FX impact
FX impact ($ in MM) Total Citigroup Legacy Franchises – Banamex Foreign currency (FX) translation impact(1) 2Q25 1Q25 2Q24 % Δ QoQ % Δ YoY Foreign currency (FX) translation impact(1) 2Q25 1Q25 2Q24 % Δ QoQ % Δ YoY Total Revenues - as Reported $21,668 $21,596 $20,032 - 8% Banamex Revenues - as report
Slide 25: Reconciliation of adjusted results
Reconciliation of adjusted results ($ in MM) Total Citigroup Revenues, Net Interest Income and Non-Interest Revenues 2Q25 2Q25 1Q25 4Q24 3Q24 2Q24 % Δ QoQ % Δ YoY YTD'25 YTD'24 % Δ YoY Total Citigroup Revenues - As Reported $21,668 $21,596 $19,465 $20,209 $20,032 - 8% $43,264 $41,048 5% Less: Total
Slide 26: Reconciliation of adjusted results (cont.)
Reconciliation of adjusted results (cont.) ($ in MM) Total Citigroup Expenses 2Q25 2Q25 1Q25 4Q24 3Q24 2Q24 % Δ QoQ % Δ YoY YTD'25 YTD'24 % Δ YoY Total Citigroup Operating Expenses - As Reported $13,577 $13,425 $13,070 $13,144 $13,246 1% 2% $27,002 $27,353 (1)% Less: (1) Total Divestiture-Related Im
Slide 27: All Other (Managed Basis) Trend
All Other (Managed Basis(1)) Trend ($ in MM) All Other (Managed Basis(1)) 2Q25 1Q25 2Q24 % Δ QoQ % Δ YoY Legacy Franchises (Managed Basis) $1,691 $1,621 $1,719 4% (2)% Corporate/Other 7 (176) 253 NM (97)% Total revenues $1,698 $1,445 $1,972 18% (14)% Total operating expenses $2,276 $2,224 $2,106 2%
Slide 28: Reconciliation of adjusted results (cont.)
Reconciliation of adjusted results (cont.) ($ in MM) All Other (Managed Basis(1)) 2Q25 1Q25 2Q24 % Δ QoQ % Δ YoY YTD'25 YTD'24 % Δ YoY All Other Revenues, Managed Basis $1,698 $1,445 $1,972 18% (14)% $3,143 $4,348 (28)% Add: All Other Divestiture-related Impact on Revenue(2) (177) - 33 NM NM (177) 2
Slide 29: Reconciliation of adjusted results (cont.)
Reconciliation of adjusted results (cont.) ($ in MM) Legacy Franchises (Managed Basis(1)) YTD'25 YTD'24 % Δ YoY Legacy Franchises Revenues, Managed Basis $3,312 $3,538 (6)% Add: Legacy Franchises Divestiture-related Impact on Revenue(2) (177) 21 NM Legacy Franchises Revenues, (U.S. GAAP) $3,135 $3,5
Slide 30: Glossary
Glossary ACL: Allowance for Credit Losses FDIC: Federal Deposit Insurance Corporation NII: Net Interest Income ACLL: Allowance for Credit Losses on Loans FI: Fixed Income NIM: Net Interest Margin AFS: Available for Sale FICO: Fair Isaacson Company NIR: Non-Interest Revenue AI: Artificial Intelligenc
Slide 31: 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 32: Footnotes (cont.)
Footnotes (cont.) Slide 6 1) Allowance for Credit Losses (ACL) Build (Release) and Other provisions includes a net ACL build of approximately $224 million related to loans and unfunded lending commitments as well as other provisions of approximately $414 million relating to held-to-maturity (HTM) de
Slide 33: Footnotes (cont.)
Footnotes (cont.) Slide 9 1) 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 2Q25 earnings press release included as Exhibit 99.1 to Citigroup’s Current Report on Form 8
Slide 34: Footnotes (cont.)
Footnotes (cont.) Slide 11 1) Allowance for Credit Losses (ACL) Build (Release) and Other provisions includes a net ACL build of approximately $45 million related to loans and unfunded lending commitments as well as other provisions of approximately $55 million relating to held-to-maturity (HTM) deb
Slide 35: Footnotes (cont.)
Footnotes (cont.) Slide 13 1) Allowance for Credit Losses (ACL) Build (Release) and Other provisions includes a net ACL release of approximately $(66) million related to loans and unfunded lending commitments. 2) Tangible Common Equity is allocated to each segment based on Citi’s allocation methodol
Slide 36: Footnotes (cont.)
Footnotes (cont.) Slide 14 1) Allowance for Credit Losses (ACL) Build (Release) and Other provisions includes a net ACL release of approximately $(5) million related to loans and unfunded lending commitments as well as other provisions of approximately $1 million relating to benefits and claims, and
Slide 37: Footnotes (cont.)
Footnotes (cont.) Slide 16 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 38: Footnotes (cont.)
Footnotes (cont.) Slide 23 1) Net income to common for All Other (Managed Basis) is reduced by preferred dividends of $287 million in 2Q25, $556 million in YTD’25 and $521 million in YTD’24. 2) Tangible Common Equity is allocated to each segment based on Citi’s allocation methodology which incorpora
Slide 39: Footnotes (cont.)
Footnotes (cont.) Slide 27 1) All Other (Managed Basis) is a non-GAAP financial measure. For a reconciliation of this measure to reported results, please refer to Slide 28. All Other (Managed Basis) reflects results on a managed basis, which excludes divestiture-related impacts, for all periods rela