C 0001104659-24-079431 8-K as filed: Jul 12, 2024

Exhibit 99.1

For Immediate Release Citigroup Inc. (NYSE: C) July 12, 2024
SECOND QUARTER 2024 RESULTS AND KEY METRICS	CEO COMMENTARY
SECOND QUARTER 2024 RESULTS AND KEY METRICS		Citi CEO Jane Fraser said, “Our results show the progress we are making in executing our strategy and the benefit of our diversified business model. We achieved positive operating leverage with revenue up 4% and a 2% decline in expenses. Services continued to grow, driven by solid fee growth increased activity in cross border payments and new client onboardings. Markets had a strong finish to the quarter leading to better performance than we had anticipated. Fixed Income was slightly down year-over-year and Equities was up 37%, driven by strong performance in derivatives. Banking was up 38% as the wallet rebound gained some momentum and we again grew share. Wealth is starting to improve. Growth in client investment assets drove stronger investment revenue, and our focus on rationalizing the expense base is starting to pay off. U.S. Personal Banking saw revenue growth of 6%, with all three businesses again contributing to the topline. “The recent stress tests again showcased the strength of our balance sheet. Our CET1 ratio now stands at 13.6% and we are increasing our dividend by 6%. We have made an incredible amount of progress in simplification - both strategically and organizationally. We are modernizing our infrastructure to improve our client service and automating processes to strengthen controls. We will continue to execute our transformation and our strategy so we can meet our medium-term targets and continue to further improve our returns over time,” Ms. Fraser concluded.
RETURNED ~$1.0 BILLION IN THE FORM OF COMMON DIVIDENDS PAYOUT RATIO OF 34%⁽³⁾ BOOK VALUE PER SHARE OF $99.70 TANGIBLE BOOK VALUE PER SHARE OF $87.53⁽⁴⁾ New York, July 12, 2024 – Citigroup Inc. today reported net income for the second quarter 2024 of $3.2 billion, or $1.52 per diluted share, on revenues of $20.1 billion. This compares to net income of $2.9 billion, or $1.33 per diluted share, on revenues of $19.4 billion for the second quarter 2023. Revenues increased 4% from the prior-year period, on a reported basis. Excluding divestiture-related impacts⁽⁵⁾, revenues were up 3%. This increase in revenues was driven by growth across all businesses, particularly in Banking, U.S. Personal Banking (USPB) and Markets. The revenue increase included an approximate $400 million gain related to the Visa B exchange completed in the second quarter 2024. A significant portion of this gain was reflected in Markets, with the remainder in All Other. The revenue growth across the businesses was partially offset by a decline in All Other. Net income of $3.2 billion increased from $2.9 billion in the prior-year period, primarily driven by the higher revenues and lower expenses, partially offset by higher cost of credit. Earnings per share of $1.52 increased from $1.33 per diluted share in the prior-year period, reflecting the higher net income and an approximate 1% decrease in average diluted shares outstanding. Percentage comparisons throughout this press release are calculated for the second quarter 2024 versus the second quarter 2023, unless otherwise specified.

Second Quarter Financial Results

Citigroup
($ in millions, except per share amounts and as otherwise noted)

2Q’24

1Q’24

2Q’23

QoQ%

YoY%

Total revenues, net of interest expense

20,139

21,104

19,436

(5)%

Total operating expenses

13,353

14,195

13,570

(6)%

(2)%

Net credit losses

2,283

2,303

1,504

(1)%

52%

Net ACL build / (release)^(a)

161

(58)%

Other provisions^(b)

125

159

(21)%

Total cost of credit

2,476

2,365

1,824

36%

Income (loss) from continuing operations before taxes

4,310

4,544

4,042

(5)%

Provision for income taxes

1,047

1,136

1,090

(8)%

(4)%

Income (loss) from continuing operations

3,263

3,408

2,952

(4)%

11%

Income (loss) from discontinued operations, net of taxes

(1)

100%

Net income attributable to non-controlling interest

28%

Citigroup’s net income (loss)

3,217

3,371

2,915

(5)%

10%

EOP loans ($B)

688

675

661

EOP assets ($B)

2,406

2,433

2,424

(1)%

EOP deposits ($B)

1,278

1,307

1,320

(2)%

(3)%

Book value per share

99.70

99.08

97.87

Tangible book value per share⁽⁴⁾

87.53

86.67

85.34

Common Equity Tier 1 (CET1) Capital ratio⁽²⁾

13.6%

13.5%

13.4%

Supplementary Leverage ratio (SLR)⁽²⁾

5.9%

5.8%

6.0%

Return on average common equity (ROE)

6.3%

6.6%

5.6%

Return on average tangible common equity (RoTCE)⁽¹⁾

7.2%

7.6%

6.4%

(40) bps

80 bps

Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.

(a) Includes credit reserve build / (release) for loans and provision for credit losses on unfunded lending commitments.

(b) Includes provisions on Other Assets, policyholder benefits and claims and HTM debt securities.

Citigroup

Citigroup revenues of $20.1 billion in the second quarter 2024 increased 4%, on a reported basis. Excluding divestiture-related impacts⁽⁵⁾, revenues were up 3%. This increase in revenues was driven by growth across all businesses, particularly in Banking, USPB and Markets. The revenue increase included an approximate $400 million gain related to the Visa B exchange completed in the second quarter 2024. A significant portion of this gain was reflected in Markets, with the remainder in All Other. The revenue growth across the businesses was partially offset by a decline in All Other.

Citigroup operating expenses of $13.4 billion decreased 2%, both on a reported basis and excluding divestiture-related impacts⁽⁶⁾. This decrease in expenses was primarily driven by savings associated with Citi’s organizational simplification, stranded cost reductions and lower repositioning costs, partially offset by continued investments in transformation and the civil money penalties imposed by the Federal Reserve Board (FRB) and the Office of the Comptroller of the Currency (OCC)⁽⁷⁾.

Citigroup cost of credit was approximately $2.5 billion in the second quarter 2024, compared to $1.8 billion in the prior-year period, primarily driven by higher cards net credit losses, partially offset by a lower allowance for credit losses (ACL) build in the current period.

Citigroup net income was $3.2 billion in the second quarter 2024, compared to net income of $2.9 billion in the prior-year period, driven by the higher revenues and the lower expenses, partially offset by the higher cost of credit. Citigroup’s effective tax rate decreased to approximately 24% in the current quarter from 27% in the second quarter 2023, largely due to the geographic mix of earnings and the effects of state law changes.

Citigroup’s total allowance for credit losses was approximately $21.8 billion at quarter end, compared to $20.1 billion at the end of the prior-year period. Total ACL on loans was approximately $18.2 billion at quarter end, compared to $17.5

billion at the end of the prior-year period, with a reserve-to-funded loans ratio of 2.68%, compared to 2.67% at the end of the prior-year period. Total non-accrual loans decreased 13% from the prior-year period to $2.3 billion. Corporate non-accrual loans decreased 21% from the prior-year period to $1.0 billion. Consumer non-accrual loans decreased 5% from the prior-year period to $1.3 billion.

Citigroup’s end-of-period loans were $688 billion at quarter end, up 4% versus the prior-year period, largely reflecting growth in cards in USPB and higher loans in Markets and Services.

Citigroup’s end-of-period deposits were approximately $1.3 trillion at quarter end, down 3% versus the prior-year period, largely due to a reduction in Treasury and Trade Solutions, reflecting quantitative tightening.

Citigroup’s book value per share of $99.70 at quarter end increased 2% versus the prior-year period and tangible book value per share of $87.53 at quarter end increased 3% versus the prior-year period. The increases were largely driven by net income, partially offset by the payment of common and preferred dividends and adverse movements in the accumulated other comprehensive income component of equity. At quarter end, Citigroup’s preliminary CET1 Capital ratio was 13.6% versus 13.5% at the end of the prior quarter, driven by net income and lower risk-weighted assets, partially offset by the payment of common and preferred dividends and FX impact from USD appreciation. Citigroup’s Supplementary Leverage ratio for the second quarter 2024 was 5.9% versus 5.8% in the prior quarter. During the quarter, Citigroup returned a total of $1.0 billion to common shareholders in the form of dividends.


Services ($ in millions, except as otherwise noted)	2Q’24		1Q’24		2Q’23		QoQ%	YoY%
Net interest income		2,629		2,723		2,718	(3)%	(3)%
Non - interest revenue		802		793		702	1%	14%
Treasury and Trade Solutions		3,431		3,516		3,420	(2)%	-
Net interest income		596		594		525	-	14%
Non - interest revenue		653		656		610	-	7%
Securities Services		1,249		1,250		1,135	-	10%
Total Services revenues		4,680		4,766		4,555	(2)%	3%

Total operating expenses		2,734		2,666		2,506	3%	9%

Net credit losses		-		6		13	(100)%	(100)%
Net ACL build / (release)^(a)		(98)		46		(40)	NM	NM
Other provisions^(b)		71		12		250	NM	(72)%
Total cost of credit		(27)		64		223	NM	NM

Net income (loss)	$	1,471	$	1,490	$	1,214	(1)%	21%

Services Key Statistics and Metrics ($B)
Allocated Average TCE^(c)		25		25		23	-	8%
RoTCE^(c)		23.8%		24.1%		21.2%	(30) bps	260 bps
Average loans		82		82		80	-	3%
Average deposits		804		808		814	-	(1)%
Cross border transaction value		93		91		88	2%	6%
US dollar clearing volume (#MM)		42		40		39	5%	7%
Commercial card spend volume		18		17		17	7%	4%
Assets under custody and/or administration (AUC/AUA) ($T)^(d)		24		24		22	1%	9%

Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.

(a) Includes credit reserve build / (release) for loans and provision for credit losses on unfunded lending commitments.

(b) Includes provisions on Other Assets and for HTM debt securities.

(c) TCE and RoTCE are non-GAAP financial measures. See Appendix H for a reconciliation of the summation of the segments’ and component’s average allocated TCE to Citi’s total average TCE and Citi’s total average stockholders’ equity.

(d) 2Q24 is preliminary.

Services

Services revenues of $4.7 billion were up 3%, primarily reflecting strength in Securities Services, as well as the impact of continued underlying momentum in Treasury and Trade Solutions. Net interest income decreased 1%, largely driven by lower revenue from the net investment in Argentina, partially offset by the benefit of higher U.S. and non-U.S. interest rates

relative to the prior-year period. Non-interest revenue increased 11%, driven by continued strength across underlying fee drivers, as well as a smaller impact from currency devaluation in Argentina.

Treasury and Trade Solutions revenues of $3.4 billion were largely unchanged, as a 14% increase in non-interest revenues was offset by a 3% decrease in net interest income. The increase in non-interest revenue was primarily driven by an increase in cross-border transaction value of 6%, an increase in U.S. dollar clearing volumes of 7% and an increase in commercial card spend volume of 4%. The decrease in net interest income was driven by lower revenue from the net investment in Argentina, partially offset by the benefit of higher U.S. and non-U.S. interest rates relative to the prior-year period.

Securities Services revenues of $1.2 billion increased 10%, largely driven by a 14% increase in net interest income primarily driven by higher deposit spreads, and a 7% increase in non-interest revenue, due to a preliminary 9% increase in assets under custody and administration, benefiting from new client onboardings, deepening with existing clients and market valuations.

Services operating expenses of $2.7 billion increased 9%, largely driven by an Argentina-related transaction tax expense, a legal settlement expense and continued investments in product innovation and technology.

Services cost of credit was a benefit of $27 million, compared to a cost of $223 million in the prior-year period, driven by an ACL release in the quarter, primarily due to an improved macroeconomic outlook.

Services net income of $1.5 billion increased 21%, driven by the higher revenues and the lower cost of credit, partially offset by the higher expenses.


Markets ($ in millions, except as otherwise noted)	2Q’24		1Q’24		2Q’23		QoQ%	YoY%
Rates and currencies		2,466		2,800		2,758	(12)%	(11)%
Spread products / other fixed income		1,098		1,330		912	(17)%	20%
Fixed Income markets		3,564		4,130		3,670	(14)%	(3)%
Equity markets		1,522		1,227		1,109	24%	37%
Total Markets revenues		5,086		5,357		4,779	(5)%	6%

Total operating expenses		3,305		3,384		3,345	(2)%	(1)%

Net credit losses		66		78		2	(15)%	NM
Net ACL build / (release)^(a)		(109)		119		(31)	NM	NM
Other provisions^(b)		32		2		12	NM	NM
Total cost of credit		(11)		199		(17)	NM	35%

Net income (loss)	$	1,443	$	1,406	$	1,120	3%	29%

Markets Key Statistics and Metrics ($B)
Allocated Average TCE^(c)		54		54		53	-	2%
RoTCE^(c)		10.7%		10.5%		8.5%	20 bps	220 bps
Average trading account assets		426		408		382	4%	12%
Average VaR		113		154		134	(27)%	(16)%

Note: Certain reclassifications have been made to the prior periods’ financial statements to conform to the current period’s presentation effective as of the second quarter of 2024, for all periods presented. Please refer to the Appendices and Footnotes at the end of this press release for additional information.

(a) Includes credit reserve build / (release) for loans and provision for credit losses on unfunded lending commitments.

(b) Includes provisions on Other Assets and HTM debt securities.

Markets

Markets revenues of $5.1 billion increased 6%, driven by growth in Equity markets revenues, partially offset by lower Fixed Income markets revenues.

Fixed Income markets revenues of $3.6 billion decreased 3%, largely driven by rates and currencies on lower volatility and tighter spreads, partially offset by strength in spread products and other fixed income, which increased 20%, primarily driven by continued loan growth and higher securitization and underwriting fees.

Equity markets revenues of $1.5 billion increased 37%, primarily driven by equity derivatives, which included a gain related to the Visa B exchange completed in the second quarter 2024. Equity markets also benefited from growth in prime balances⁽⁸⁾, up approximately 18%.

Markets operating expenses of $3.3 billion decreased 1%, driven by productivity savings, partially offset by higher volume-related expenses.

Markets cost of credit was a benefit of $11 million, compared to a benefit of $17 million in the prior-year period, driven by higher net credit losses, partially offset by a higher ACL release.

Markets net income of $1.4 billion increased 29%, driven by the higher revenues and the lower expenses.


Banking ($ in millions, except as otherwise noted)	2Q’24		1Q’24		2Q’23		QoQ%	YoY%
Investment Banking		853		925		533	(8)%	60%
Corporate Lending^(a)		765		915		712	(16)%	7%
Total Banking revenues^(a)		1,618		1,840		1,245	(12)%	30%
Gain / (loss) on loan hedges^(a)		9		(104)		(66)	NM	NM
Total Banking revenues including gain/(loss) on loan hedges^(a)		1,627		1,736		1,179	(6)%	38%

Total operating expenses		1,131		1,179		1,260	(4)%	(10)%

Net credit losses		40		66		57	(39)%	(30)%
Net ACL build / (release)^(b)		(60)		(185)		(166)	68%	64%
Other provisions^(c)		(12)		(10)		(39)	(20)%	69%
Total cost of credit		(32)		(129)		(148)	75%	78%

Net income (loss)	$	406	$	524	$	50	(23)%	NM

Banking Key Statistics and Metrics
Allocated Average TCE^(d) ($B)		22		22		21	-	2%
RoTCE^(d)		7.5%		9.7%		0.9%	(220) bps	660 bps
Average loans ($B)		89		89		93	-	(4)%
Advisory		268		230		156	17%	72%
Equity underwriting		174		171		158	2%	10%
Debt underwriting		493		571		259	(14)%	90%
Investment Banking fees		935		972		573	(4)%	63%

(a) Excludes gain / (loss) on credit derivatives as well as the mark-to-market on loans at fair value. For additional information, please refer to Footnote 9.

(b) Includes credit reserve build / (release) for loans and provision for credit losses on unfunded lending commitments.

(d) TCE and RoTCE are non-GAAP financial measures. See Appendix H for a reconciliation of the summation of the segments’ and component’s average allocated TCE to Citi’s total average TCE and Citi’s total average stockholders’ equity.

Banking

Banking revenues of $1.6 billion increased 38%, driven by growth in Investment Banking and Corporate Lending.

Investment Banking revenues of $853 million increased 60%, driven by strength in Debt Capital Markets, which continued to benefit from strong issuance activity, primarily in investment grade, an increase in Equity Capital Markets, reflecting an increase in IPO activity and continued convertible issuance, and in Advisory due to higher revenues from the relatively low announced activity in 2023 coming to fruition as those transactions close.

Corporate Lending revenues of $765 million, excluding mark-to-market on loan hedges⁽⁹⁾, increased 7% largely driven by higher revenue share.⁽¹¹⁾

Banking operating expenses of $1.1 billion decreased 10%, primarily driven by benefits from prior repositioning actions and other actions taken to lower the expense base.

Banking cost of credit was a benefit of $32 million, compared to a benefit of $148 million in the prior-year period, driven by a lower ACL release, partially offset by lower net credit losses.

Banking net income of $406 million, compared to $50 million in the prior-year period, reflected the higher revenues and the lower expenses, partially offset by the lower cost of credit benefit.


Wealth ($ in millions, except as otherwise noted)	2Q’24		1Q’24		2Q’23		QoQ%	YoY%
Private Bank		611		571		605	7%	1%
Wealth at Work		195		181		224	8%	(13)%
Citigold		1,008		941		947	7%	6%
Total revenues, net of interest expense		1,814		1,693		1,776	7%	2%

Total operating expenses		1,542		1,642		1,613	(6)%	(4)%

Net credit losses		35		29		23	21%	52%
Net ACL build / (release)^(a)		(43)		(198)		31	78%	NM
Other provisions^(b)		(1)		(1)		(1)	-	-
Total cost of credit		(9)		(170)		53	95%	NM

Net income (loss)	$	210	$	175	$	84	20%	NM

Wealth Key Statistics and Metrics ($B)
Allocated Average TCE^(c)		13		13		13	-	(1)%
RoTCE^(c)		6.4%		5.3%		2.5%	110 bps	390 bps
Loans		150		149		151	1%	(1)%
Deposits		318		320		308	(1)%	3%
Client investment assets^(d)		540		514		469	5%	15%
EoP client balances		1,008		983		928	3%	9%

Note: Certain reclassifications have been made to the prior periods’ financial statements to conform to the current period’s presentation effective as of the second quarter of 2024, for all periods presented (See Footnote 10). Please refer to the Appendices and Footnotes at the end of this press release for additional information.

(a) Includes credit reserve build / (release) for loans and provision for credit losses on unfunded lending commitments.

(b) Includes provisions on Other Assets and policyholder benefits and claims.

(d) Includes assets under management, and trust and custody assets. 2Q24 Client Investment Assets is preliminary.

Wealth

Wealth revenues of $1.8 billion increased 2%, driven by a 13% increase in non-interest revenue, reflecting higher investment fee revenues driven by net new client investment assets as well as market valuations, partially offset by a 4% decrease in net interest income on higher mortgage funding costs.

Private Bank revenues of $611 million increased 1%, driven by improved deposit spreads and higher investment fee revenues, partially offset by higher mortgage funding costs.

Wealth at Work revenues of $195 million decreased 13%, driven by deposit spread compression and higher mortgage funding costs, partially offset by higher investment fee revenues.

Citigold revenues of $1.0 billion increased 6%, driven by higher investment fee revenues.

Wealth operating expenses of $1.5 billion decreased 4%, driven by the benefits of prior restructuring and repositioning actions.

Wealth cost of credit was a benefit of $9 million, compared to a cost of $53 million in the prior-year period, driven by an ACL release reflecting an improvement in macroeconomic outlook, partially offset by higher net credit losses.

Wealth net income was $210 million, compared to $84 million in the prior-year period, driven by the higher revenues, the lower expenses and the lower cost of credit.


USPB ($ in millions, except as otherwise noted)	2Q’24		1Q’24		2Q’23		QoQ%	YoY%
Branded Cards	$	2,537	$	2,640	$	2,357	(4)%	8%
Retail Services		1,746		1,900		1,643	(8)%	6%
Retail Banking		636		638		619	-	3%
Total revenues, net of interest expense		4,919		5,178		4,619	(5)%	6%

Total operating expenses		2,442		2,519		2,498	(3)%	(2)%

Net credit losses		1,931		1,864		1,218	4%	59%
Net ACL build / (release)^(a)		382		337		304	13%	26%
Other provisions^(b)		2		3		3	(33)%	(33)%
Total cost of credit		2,315		2,204		1,525	5%	52%

Net income (loss)	$	121	$	347	$	461	(65)%	(74)%

USPB Key Statistics and Metrics ($B)
Allocated average TCE^(c)		25		25		22	-	15%
RoTCE^(c)		1.9%		5.5%		8.4%	(360) bps	(650) bps
Average loans		206		204		189	1%	9%
Average deposits		93		100		113	(7)%	(18)%
US cards average loans		160		159		149	1%	8%
US credit card spend volume		155		141		152	10%	2%

Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.

(a) Includes credit reserve build / (release) for loans and provision for credit losses on unfunded lending commitments.

(b) Includes provisions on policyholder benefits and claims and Other Assets.

U.S. Personal Banking (USPB)

USPB revenues of $4.9 billion increased 6%, driven by higher net interest income due to loan growth in cards and higher non-interest revenue due to lower partner payments.

Branded Cards revenues of $2.5 billion increased 8%, driven by interest-earning balance growth of 9%, as payment rates continue to moderate, and spend volume growth of 3%.

Retail Services revenues of $1.7 billion increased 6%, primarily driven by lower partner payments due to higher net credit losses, as well as interest-earning balance growth of 8%.

Retail Banking revenues of $636 million increased 3%, driven by higher deposit spreads, as well as mortgage and installment loan growth.

USPB operating expenses of $2.4 billion decreased 2%, driven by lower technology and compensation costs, partially offset by higher volume-related expenses.

USPB cost of credit was $2.3 billion, compared to $1.5 billion in the prior-year period. The increase was driven by higher net credit losses, reflecting that multiple card loan vintages originated over the last few years are now maturing, as well as the impact of persistent inflation and higher interest rates. The increase also reflected a larger ACL build in the quarter.

USPB net income of $121 million decreased 74%, primarily driven by the higher cost of credit, partially offset by the higher revenues and the lower expenses.


All Other (Managed Basis)^(a)(b) ($ in millions, except as otherwise noted)	2Q’24		1Q’24		2Q’23		QoQ%	YoY%
Legacy Franchises (managed basis)		1,727		1,829		1,925	(6)%	(10)%
Corporate / Other		253		557		609	(55)%	(58)%
Total revenues		1,980		2,386		2,534	(17)%	(22)%

Total operating expenses		2,114		2,695		2,269	(22)%	(7)%

Net credit losses		214		249		199	(14)%	8%
Net ACL build / (release)^(c)		(4)		(98)		67	96%	NM
Other provisions^(d)		33		35		(66)	(6)%	NM
Total cost of credit		243		186		200	31%	22%

Net income (loss)	$	(402)	$	(477)	$	78	16%	NM
All Other Key Statistics and Metrics ($B)
Allocated Average TCE^(e)		27		26		31	5%	(14)%

Note: Certain reclassifications have been made to the prior periods’ financial statements to conform to the current period’s presentation effective as of the second quarter of 2024, for all periods presented (See Footnote 10). Please refer to the Appendices and Footnotes at the end of this press release for additional information.

(a) Includes Legacy Franchises and certain unallocated costs of global staff functions (including finance, risk, human resources, legal and compliance-related costs), other corporate expenses, and unallocated global operations and technology expenses and income taxes, as well as Corporate Treasury investment activities and discontinued operations.

(b) Reflects results on a managed basis, which excludes divestiture-related impacts related to Citi’s divestitures of its Asia consumer banking businesses and the planned divestiture of Mexico consumer banking, small business and middle-market banking within Legacy Franchises. For additional information, please refer to Footnote 12.

(d) Includes provisions on Other Assets and policyholder benefits and claims.

(e) TCE is a non-GAAP financial measure. See Appendix H for a reconciliation of the summation of the segments’ and component’s average allocated TCE.

All Other (Managed Basis)⁽¹²⁾

All Other (managed basis) revenues of $2.0 billion decreased 22%, primarily driven by the closed exits and wind-downs and higher investment portfolio funding costs, partially offset by growth in Mexico as well as the impact from the Visa B exchange.

Legacy Franchises (managed basis)⁽¹²⁾ revenues of $1.7 billion decreased 10%, largely driven by the closed exits and wind-downs, partially offset by revenue growth in Mexico.

Corporate / Other revenues decreased to $253 million from $609 million in the prior-year period, largely driven by higher funding costs.

All Other (managed basis) expenses of $2.1 billion decreased 7%, primarily driven by the closed exits and wind-downs, partially offset by the civil money penalties imposed by the FRB and the OCC⁽⁷⁾.

All Other (managed basis) cost of credit was $243 million, compared to $200 million in the prior-year period, driven by a higher ACL build and higher net credit losses.

All Other (managed basis) net loss of $402 million was driven by the lower revenues and the higher cost of credit, partially offset by the lower expenses.

Citigroup will host a conference call today at 11:00 AM (ET). A live webcast of the presentation, as well as financial results and presentation materials, will be available at https://www.citigroup.com/global/investors. The live webcast of the presentation can also be accessed at https://www.veracast.com/webcasts/citigroup/webinars/CITI2Q24.cfm

Additional financial, statistical and business-related information, as well as business and segment trends, is included in a Quarterly Financial Data Supplement. Both this earnings release and Citigroup’s Second Quarter 2024 Quarterly Financial Data Supplement are available on Citigroup’s website at www.citigroup.com.

Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Certain statements in this release 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 guarantees of future results or occurrences. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors. These factors include, among others: macroeconomic, geopolitical and other challenges and uncertainties, including those related to economic growth, inflation and interest rates; the execution and efficacy of Citi’s transformation, simplification and other strategic and other initiatives, including those related to its investment, expense and capital-related actions; the potential outcomes of the extensive legal and regulatory proceedings, examinations, investigations, consent orders and related compliance efforts and other inquiries to which Citi is or may be subject; ongoing regulatory and legislative uncertainties and changes, including changes in regulatory capital rules, requirements or interpretations; and the precautionary statements included in this release. These factors also consist of those contained in Citigroup’s filings with the U.S. Securities and Exchange Commission, including without limitation the “Risk Factors” section of Citigroup’s 2023 Form 10-K. Any forward-looking statements made by or on behalf of Citigroup speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.

Contacts:

Investors: Jennifer Landis (212) 559-2718

Press: Danielle Romero-Apsilos (212) 816-2264

Appendix A


Citigroup ($ in millions)	2Q’24		1Q’24		2Q’23
Net Income (Loss)	$	3,217	$	3,371	$	2,915
Less: Preferred Dividends		242		279		288
Net Income (Loss) to Common Shareholders	$	2,975	$	3,092	$	2,627

Average Common Equity	$	189,211	$	188,001	$	188,214
Less: Average Goodwill and Intangibles		(23,063)		(23,335)		(24,072)
Average Tangible Common Equity (TCE)	$	166,148	$	164,666	$	164,142

ROE		6.3%		6.6%		5.6%

RoTCE		7.2%		7.6%		6.4%

Appendix B


Citigroup ($ in millions)	2Q’24		2Q’23		% Δ YoY
Total Citigroup Revenue - As Reported	$	20,139	$	19,436	4%
Less:
Total Divestiture-related Impact on Revenue		33		(6)
Total Citigroup Revenue, Excluding Total Divestiture-related Impact	$	20,106	$	19,442	3%

Total Citigroup Operating Expenses - As Reported	$	13,353	$	13,570	(2)%
Less:
Total Divestiture-related Impact on Operating Expenses		85		79
Total Citigroup Operating Expenses, Excluding Total Divestiture-related Impact	$	13,268	$	13,491	(2)%

Appendix C ^(a)

All Other ($ in millions)	2Q’24		1Q’24		2Q’23		% Δ QoQ	% Δ YoY

All Other Revenues, Managed Basis	$	1,980	$	2,386	$	2,534	(17)%	(22)%
Add:
All Other Divestiture-related Impact on Revenue	$	33	$	(12)	$	(6)
All Other Revenues (U.S. GAAP)	$	2,013	$	2,374	$	2,528	(15)%	(20)%

All Other Operating Expenses, Managed Basis	$	2, 114	$	2,695	$	2,269	(22)%	(7)%
Add:
All Other Divestiture-related Impact on Operating Expenses^(b)(c)(d)	$	85	$	110	$	79
All Other Operating Expenses (U.S. GAAP)	$	2,199	$	2,805	$	2,348	(22)%	(6)%

All Other Cost of Credit, Managed Basis	$	243	$	186	$	200	31%	22%
Add:
All Other Divestiture-related Impact on Net credit losses		(3)		11		(8)
All Other Divestiture-related Impact on Net ACL build / (release)^(e)		-		-		(4)
All Other Divestiture-related Impact on Other provisions^(f)		-		-		-
All Other Citigroup Cost of Credit (U.S. GAAP)	$	240	$	197	$	188	22%	28%

All Other Net Income (Loss), Managed Basis	$	(402)	$	(477)	$	78	16%	NM
Add:
All Other Divestiture-related Impact on Revenue		33		(12)		(6)
All Other Divestiture-related Impact on Operating Expenses^(b)(c)(d)		(85)		(110)		(79)
All Other Divestiture-related Impact on Cost of Credit		3		(11)		12
All Other Divestiture-related Impact on Taxes^(b)(c)(d)		17		39		(19)
All Other Net Income (Loss) (U.S. GAAP)	$	(434)	$	(571)	$	(14)	24%	NM

(a) Reconciling Items consist of the divestiture-related impacts excluded from the results of All Other, as well as All Other-Legacy Franchises on a managed basis.

(b) 2Q23 includes approximately $79 million in operating expenses (approximately $57 million after-tax), primarily related to separation costs in Mexico and severance costs in Asia exit markets. For additional information, see Citigroup’s Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023.

(c) 1Q24 includes approximately $110 million in operating expenses (approximately $77 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets.

(d) 2Q24 includes approximately $85 million in operating expenses (approximately $58 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets.

(e) Includes credit reserve build / (release) for loans and provision for credit losses on unfunded lending commitments.

(f) Includes provisions for policyholder benefits and claims and other assets.

Appendix D


($ in millions)	2Q’24^(a)		1Q’24		2Q’23


Citigroup Common Stockholders’ Equity^(b)	$	190,283	$	189,059	$	188,610
Add: Qualifying noncontrolling interests		153		159		209
Regulatory Capital Adjustments and Deductions:
Add: CECL transition provision^(c)		757		757		1,514
Less:
Accumulated net unrealized gains (losses) on cash flow hedges, net of tax		(629)		(914)		(1,990)
Cumulative unrealized net gain (loss) related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax		(760)		(1,031)		307
Intangible Assets:
Goodwill, net of related deferred tax liabilities (DTLs)^(d)		18,315		18,647		18,933
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs		3,138		3,258		3,531
Defined benefit pension plan net assets; other		1,424		1,386		2,020
Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards^(e)		11,695		11,936		11,461
Excess over 10% / 15% limitations for other DTAs, certain common stock investments, and MSRs^(e)(f)		3,652		3,551		1,828

Common Equity Tier 1 Capital (CET1)	$	154,358	$	153,142	$	154,243

Risk-Weighted Assets (RWA)^(c)	$	1,135,772	$	1,138,546	$	1,153,450

Common Equity Tier 1 Capital Ratio (CET1 / RWA)^(c)		13.6%		13.5%		13.4%

Note:

Citi’s binding CET1 Capital ratios were derived under the Basel III Standardized Approach for all periods reflected.

(a)Preliminary.

(b)Excludes issuance costs related to outstanding preferred stock in accordance with Federal Reserve Board regulatory reporting requirements.

(c)Please refer to Footnote 2 at the end of this press release for additional information.

(d)Includes goodwill “embedded” in the valuation of significant common stock investments in unconsolidated financial institutions.

(e)Represents deferred tax excludable from Basel III CET1 Capital, which includes net DTAs arising from net operating loss, foreign tax credit and general business credit tax carry-forwards and DTAs arising from timing differences (future deductions) that are deducted from CET1 capital exceeding the 10% limitation.

(f)Assets subject to 10% / 15% limitations include MSRs, DTAs arising from temporary differences and significant common stock investments in unconsolidated financial institutions. For all periods presented, the deduction related only to DTAs arising from temporary differences that exceeded the 10% limitation.

Appendix E


($ in millions)	2Q’24^(a)		1Q’24		2Q’23

Common Equity Tier 1 Capital (CET1)^(b)	$	154,358	$	153,142	$	154,243

Additional Tier 1 Capital (AT1)^(c)		19,426		18,923		21,500

Total Tier 1 Capital (T1C) (CET1 + AT1)	$	173,784	$	172,065	$	175,743

Total Leverage Exposure (TLE)^(b)	$	2,948,855	$	2,948,323	$	2,943,546

Supplementary Leverage Ratio (T1C / TLE)		5.9%		5.8%		6.0%

(a)	Preliminary.

(b)	Please refer to Footnote 2 at the end of this press release for additional information.

(c)	Additional Tier 1 Capital primarily includes qualifying noncumulative perpetual preferred stock and qualifying trust preferred securities.

Appendix F


($ and shares in millions)	2Q’24^(a)		1Q’24		2Q’23

Common Stockholders’ Equity	$	190,210	$	188,985	$	188,474
Less:
Goodwill		19,704		20,042		19,998
Intangible Assets (other than MSRs)		3,517		3,636		3,895
Goodwill and Identifiable Intangible Assets (other than MSRs) Related to Assets Held-for-Sale		-		-		246
Tangible Common Equity (TCE)	$	166,989	$	165,307	$	164,335

Common Shares Outstanding (CSO)		1,907.8		1,907.4		1,925.7

Tangible Book Value Per Share	$	87.53	$	86.67	$	85.34

(a)	Preliminary.

Appendix G


Banking ($ in millions)	2Q’24		1Q’24		2Q’23		% Δ QoQ	% Δ YoY

Corporate Lending Revenues - As Reported	$	774	$	811	$	646	(5)%	20%
Less:
Gain/(loss) on loan hedges^(a)	$	9	$	(104)	$	(66)	NM	NM
Corporate Lending Revenues - Excluding Gain/(loss) on loan hedges	$	765	$	915	$	712	(16)%	7%

(a)Please refer to Footnote 9 at the end of this press release for additional information.

Appendix H


($ in billions)	2Q’24		1Q’24		2Q’23

Average Tangible Common Equity (TCE)
Services	$	24.9	$	24.9	$	23.0
Markets		54.0		54.0		53.1
Banking		21.8		21.8		21.4
USPB		25.2		25.2		21.9
Wealth		13.2		13.2		13.4
All Other		27.0		25.6		31.3
Total Citigroup Average TCE	$	166.1	$	164.7	$	164.1
Plus:
Average Goodwill		19.5		19.6		20.0
Average Intangible Assets (other than MSRs)		3.6		3.7		3.9
Average Goodwill and Identifiable Intangible Assets (other than MSRs) Related to Assets Held-for-Sale		-		-		0.2
Total Citigroup Average Common Stockholders’ Equity	$	189.2	$	188.0	$	188.2

⁽¹⁾ Ratios as of June 30, 2024 are preliminary. Citigroup’s allocated average tangible common equity (TCE) and return on average tangible common equity (RoTCE) are non-GAAP financial measures. RoTCE represents annualized net income available to common shareholders as a percentage of average TCE. For the components of these calculations, see Appendix A. See Appendix F for a reconciliation of common equity to TCE. For a reconciliation of the summation of the segments’ and components’ average allocated TCE to Citigroup’s total average stockholder’s equity, see Appendix H.

⁽²⁾ Ratios as of June 30, 2024 are preliminary. Citigroup’s Common Equity Tier 1 (CET1) Capital ratio and Supplementary Leverage ratio (SLR) reflect certain deferrals based on the modified regulatory capital transition provision related to the Current Expected Credit Losses (CECL) standard. Excluding these deferrals, Citigroup’s CET1 Capital ratio and SLR as of June 30, 2024 would be 13.5% and 5.9%, respectively, on a fully reflected basis. For additional information, see “Capital Resources—Regulatory Capital Treatment—Modified Transition of the Current Expected Credit Losses Methodology” in Citigroup’s 2023 Annual Report on Form 10-K. Certain prior period amounts have been revised to conform with enhancements made in the current period.

For the composition of Citigroup’s CET1 Capital and ratio, see Appendix D. For the composition of Citigroup’s SLR, see Appendix E.

⁽³⁾ Citigroup’s payout ratio is the sum of common dividends and common share repurchases divided by net income available to common shareholders.

⁽⁴⁾ Citigroup’s tangible book value per share is a non-GAAP financial measure. See Appendix F for a reconciliation of common equity to tangible common equity and resulting calculation of tangible book value per share.

⁽⁵⁾ Results of revenue excluding divestiture-related impacts are non-GAAP financial measures. For additional information and a reconciliation to reported results, please refer to Appendices B and C.

⁽⁶⁾ Results of expenses excluding divestiture-related impacts are non-GAAP financial measures. For additional information and a reconciliation to reported results, please refer to Appendices B and C. Included in Citigroup’s reported expenses was an immaterial FDIC special assessment of approximately $34 million.

⁽⁷⁾ On July 10, 2024, the FRB entered into a Civil Money Penalty Consent Order with Citigroup in the amount of approximately $60.6 million, and the OCC entered into a Civil Money Penalty Consent Order with Citibank, N.A. in the amount of $75 million. For additional information, please see Citigroup’s Current Report on Form 8-K filed with the U.S. Securities and Exchange Commission on July 10, 2024.

⁽⁸⁾ Prime balances are defined as client’s billable balances where Citi provides cash or synthetic prime brokerage services.

⁽⁹⁾ 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 loans in the portfolio that are at fair value. In the second quarter 2024, gain / (loss) on loan hedges included $9 million related to Corporate Lending, compared to $(66) million in the prior-year period. The fixed premium costs of these hedges are netted against the Corporate Lending revenues to reflect the cost of credit protection. Citigroup’s results of operations excluding the impact of gain / (loss) on loan hedges are non-GAAP financial measures. For a reconciliation to reported results, please refer to Appendix G.

⁽¹⁰⁾ During the second quarter of 2024, Citi made certain reclassifications to align with Citi’s transformation and strategy. In connection therewith, Citi transferred the previously announced wind-down of the retail banking business in the United Kingdom from Wealth to Legacy Franchises (managed basis) within All Other (managed basis).

⁽¹¹⁾ Certain revenues earned by Citi are subject to a revenue sharing agreement to Banking – Corporate Lending from Investment Banking and certain Markets and Services products sold to Corporate Lending clients.

⁽¹²⁾ 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 and middle market banking within Legacy Franchises. Certain of the results of operations of All Other (managed basis) and Legacy Franchises (managed basis) that exclude divestiture-related impacts are non-GAAP financial measures. For additional information and a reconciliation of these results, please refer to Appendix C.

Exhibit 99.2


CITIGROUP—QUARTERLY FINANCIAL DATA SUPPLEMENT		2Q24


		Page
Citigroup
Financial Summary		1
Consolidated Statement of Income		2
Consolidated Balance Sheet		3
Operating Segment, Reporting Unit, and Component—Net Revenues and Income		4

Services		5
Markets		6
Banking		7
U.S. Personal Banking (USPB)		8
Metrics		9
Wealth		10
All Other		11
Legacy Franchises		12
Corporate/Other		13
Reconciling Items—Divestiture-Related Impacts		14

Citigroup Supplemental Detail
Average Balances and Interest Rates		15
EOP Loans		16
EOP Deposits		17
Allowance for Credit Losses (ACL) Rollforward		18
Allowance for Credit Losses on Loans (ACLL) and Unfunded Lending Commitments (ACLUC)		19 - 20
Non-Accrual Assets		21
CET1 Capital and Supplementary Leverage Ratios, Tangible Common Equity, Book Value Per Share and Tangible Book Value Per Share		22

CITIGROUP FINANCIAL SUMMARY

(In millions of dollars, except per share amounts and as otherwise noted)

											2Q24 Increase/		Six		Six		YTD 2024 vs.
	2Q		3Q		4Q		1Q		2Q		(Decrease) from		Months		Months		YTD 2023 Increase/
	2023		2023		2023		2024		2024		1Q24	2Q23	2023		2024		(Decrease)

Total revenues, net of interest expense⁽¹⁾	$	19,436	$	20,139	$	17,440	$	21,104	$	20,139	(5%)	4%	$	40,883	$	41,243	1%
Total operating expenses^(2)(3)(4)(5)		13,570		13,511		15,996		14,195		13,353	(6%)	(2%)		26,859		27,548	3%
Net credit losses (NCLs)		1,504		1,637		1,994		2,303		2,283	(1%)	52%		2,806		4,586	63%
Credit reserve build (release) for loans		257		179		478		119		76	(36%)	(70%)		692		195	(72%)
Provision / (release) for unfunded lending commitments		(96)		(54)		(81)		(98)		(8)	92%	92%		(290)		(106)	63%
Provisions for benefits and claims, other assets and HTM debt securities		159		78		1,156		41		125	NM	(21%)		591		166	(72%)
Provisions for credit losses and for benefits and claims		1,824		1,840		3,547		2,365		2,476	5%	36%		3,799		4,841	27%
Income (loss) from continuing operations before income taxes		4,042		4,788		(2,103)		4,544		4,310	(5%)	7%		10,225		8,854	(13%)
Income taxes (benefits)		1,090		1,203		(296)		1,136		1,047	(8%)	(4%)		2,621		2,183	(17%)
Income (loss) from continuing operations		2,952		3,585		(1,807)		3,408		3,263	(4%)	11%		7,604		6,671	(12%)
Income (loss) from discontinued operations, net of taxes		(1)		2		(1)		(1)		-	100%	100%		(2)		(1)	50%
Net income (loss) before noncontrolling interests		2,951		3,587		(1,808)		3,407		3,263	(4%)	11%		7,602		6,670	(12%)
Net income (loss) attributable to noncontrolling interests		36		41		31		36		46	28%	28%		81		82	1%
Citigroup's net income (loss)	$	2,915	$	3,546	$	(1,839)	$	3,371	$	3,217	(5%)	10%	$	7,521	$	6,588	(12%)

Diluted earnings per share:
Income (loss) from continuing operations	$	1.33	$	1.63	$	(1.16)	$	1.58	$	1.52	(4%)	14%	$	3.52	$	3.10	(12%)
Citigroup's net income (loss)	$	1.33	$	1.63	$	(1.16)	$	1.58	$	1.52	(4%)	14%	$	3.52	$	3.10	(12%)

Preferred dividends	$	288	$	333	$	300	$	279	$	242	(13%)	(16%)	$	565	$	521	(8%)

Income allocated to unrestricted common shareholders—basic
Income (loss) from continuing operations	$	2,595	$	3,158	$	(2,217)	$	3,048	$	2,943	(3%)	13%	$	6,890	$	5,991	(13%)
Citigroup's net income (loss)		2,594		3,160		(2,218)		3,047		2,943	(3%)	13%		6,888		5,990	(13%)

Income allocated to unrestricted common shareholders—diluted
Income (loss) from continuing operations	$	2,610	$	3,174	$	(2,217)	$	3,063	$	2,962	(3%)	13%	$	6,916	$	6,025	(13%)
Citigroup's net income (loss)		2,609		3,176		(2,218)		3,062		2,962	(3%)	14%		6,914		6,024	(13%)

Shares (in millions):
Average basic		1,942.8		1,924.4		1,909.7		1,910.4		1,907.7	-	(2%)		1,943.2		1,909.1	(2%)
Average diluted		1,968.6		1,951.7		1,909.7		1,943.2		1,945.7	-	(1%)		1,966.3		1,944.4	(1%)
Common shares outstanding, at period end		1,925.7		1,913.9		1,903.1		1,907.4		1,907.8	-	(1%)


Regulatory capital ratios and performance metrics:
Common Equity Tier 1 (CET1) Capital ratio^(6)(7)(8)		13.37%		13.59%		13.37%		13.45%		13.6%
Tier 1 Capital ratio^(6)(7)(8)		15.24%		15.40%		15.02%		15.11%		15.3%
Total Capital ratio^(6)(7)(8)		15.84%		15.78%		15.13%		15.17%		15.4%
Supplementary Leverage ratio (SLR)^(6)(8)(9)		5.97%		6.04%		5.82%		5.84%		5.9%
Return on average assets		0.47%		0.58%		(0.30%)		0.55%		0.53%				0.62%		0.54%
Return on average common equity		5.6%		6.7%		(4.5%)		6.6%		6.3%				7.5%		6.5%
Average tangible common equity (TCE) (in billions of dollars)	$	164.1	$	165.3	$	165.2	$	164.7	$	166.1	1%	1%	$	162.1	$	165.4	2%
Return on average tangible common equity(RoTCE)⁽¹⁰⁾		6.4%		7.7%		(5.1%)		7.6%		7.2%	(40) bps	80 bps		8.7%		7.4%	(130) bps
Efficiency ratio (total operating expenses/total revenues, net)		69.8%		67.1%		91.7%		67.3%		66.3%	(100) bps	(350) bps		65.7%		66.8%	110 bps

Balance sheet data (in billions of dollars, except per share amounts):
Total assets	$	2,423.7	$	2,368.5	$	2,411.8	$	2,432.5	$	2,405.7	(1%)	(1%)
Total average assets		2,465.6		2,413.8		2,427.3		2,450.3		2,456.5	-	-		2,463.9		2,453.4	-
Total loans		660.6		666.3		689.4		674.6		687.7	2%	4%
Total deposits		1,319.9		1,273.5		1,308.7		1,307.2		1,278.1	(2%)	(3%)
Citigroup's stockholders' equity		208.7		209.5		205.5		206.6		208.3	1%	-
Book value per share		97.87		99.28		98.71		99.08		99.70	1%	2%
Tangible book value per share⁽¹⁰⁾		85.34		86.90		86.19		86.67		87.53	1%	3%

Direct staff (in thousands)		240		240		239		237		229	(3%)	(5%)

(1)	See footnote 3 on page 14.

(2)	See footnote 2 on page 14.

(3)	See footnote 4 on page 14.

(4)	See footnote 5 on page 14.

(5)	See footnote 6 on page 14.

(6)	2Q24 is preliminary.

(7)

Citi's binding CET1 Capital and Tier 1 Capital ratios were derived under the Basel III Standardized Approach, whereas Citi's binding Total Capital ratios were derived under the Basel III Advanced Approaches framework for all periods presented. For the composition of Citi's CET1 Capital and ratio, see page 22.

(8)

Citi's regulatory capital ratios and components reflect certain deferrals based on the modified regulatory capital transition provision related to the Current Expected Credit Losses (CECL) standard. For additional information, see "Capital Resources— Regulatory Capital Treatment— Modified Transition of the Current Expected Credit Losses Methodology" in Citigroup's 2023 Annual Report on Form 10-K.

(9)	For the composition of Citi's SLR, see page 22.

(10)	TCE, RoTCE and Tangible book value per share are non-GAAP financial measures. See page 22 for a reconciliation of Tangible book value per share and Citi's average TCE to Citi's total average stockholders' equity.

Note: Ratios and variance percentages are calculated based on the displayed amounts.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 1

CITIGROUP CONSOLIDATED STATEMENT OF INCOME

(In millions of dollars)

											2Q24 Increase/		Six		Six		YTD 2024 vs.
	2Q		3Q		4Q		1Q		2Q		(Decrease) from		Months		Months		YTD 2023 Increase/
	2023		2023		2023		2024		2024		1Q24	2Q23	2023		2024		(Decrease)

Revenues
Interest income	$	32,647	$	34,837	$	36,379	$	36,223	$	35,987	(1%)	10%	$	62,042	$	72,210	16%
Interest expense		18,747		21,009		22,555		22,716		22,494	(1%)	20%		34,794		45,210	30%
Net interest income (NII)		13,900		13,828		13,824		13,507		13,493	-	(3%)		27,248		27,000	(1%)

Commissions and fees		2,132		2,195		2,212		2,724		2,662	(2%)	25%		4,498		5,386	20%
Principal transactions		2,528		3,008		1,473		3,274		2,874	(12%)	14%		6,467		6,148	(5%)
Administrative and other fiduciary fees		989		971		925		1,037		1,046	1%	6%		1,885		2,083	11%
Realized gains (losses) on sales of investments, net		49		30		37		115		23	(80%)	(53%)		121		138	14%
Impairment losses on investments		(71)		(70)		(96)		(30)		(21)	30%	70%		(157)		(51)	68%
Provision for credit losses on AFS debt securities⁽¹⁾		1		(1)		(3)		-		-	-	(100%)		-		-	-
Other revenue (loss)		(92)		178		(932)		477		62	(87%)	NM		821		539	(34%)
Total non-interest revenues (NIR)		5,536		6,311		3,616		7,597		6,646	(13%)	20%		13,635		14,243	4%
Total revenues, net of interest expense		19,436		20,139		17,440		21,104		20,139	(5%)	4%		40,883		41,243	1%


Provisions for credit losses and for benefits and claims
Net credit losses		1,504		1,637		1,994		2,303		2,283	(1%)	52%		2,806		4,586	63%
Credit reserve build / (release) for loans		257		179		478		119		76	(36%)	(70%)		692		195	(72%)
Provision for credit losses on loans		1,761		1,816		2,472		2,422		2,359	(3%)	34%		3,498		4,781	37%
Provision for credit losses on held-to-maturity (HTM) debt securities		(4)		(3)		-		10		(5)	NM	(25%)		(21)		5	NM
Provision for credit losses on other assets		149		56		1,132		4		112	NM	(25%)		574		116	(80%)
Policyholder benefits and claims		14		25		24		27		18	(33%)	29%		38		45	18%
Provision for credit losses on unfunded lending commitments		(96)		(54)		(81)		(98)		(8)	92%	92%		(290)		(106)	63%
Total provisions for credit losses and for benefits and claims⁽²⁾		1,824		1,840		3,547		2,365		2,476	5%	36%		3,799		4,841	27%

Operating expenses
Compensation and benefits		7,388		7,424		6,882		7,673		6,888	(10%)	(7%)		14,926		14,561	(2%)
Premises and equipment		595		620		695		585		597	2%	-		1,193		1,182	(1%)
Technology / communication		2,309		2,256		2,414		2,246		2,238	-	(3%)		4,436		4,484	1%
Advertising and marketing		361		324		377		228		280	23%	(22%)		692		508	(27%)
Restructuring		N/A		N/A		781		225		36	NM	NM		N/A		261	NM
Other operating		2,917		2,887		4,847		3,238		3,314	2%	14%		5,612		6,552	17%
Total operating expenses		13,570		13,511		15,996		14,195		13,353	(6%)	(2%)		26,859		27,548	3%

Income (loss) from continuing operations before income taxes		4,042		4,788		(2,103)		4,544		4,310	(5%)	7%		10,225		8,854	(13%)
Provision (benefit) for income taxes		1,090		1,203		(296)		1,136		1,047	(8%)	(4%)		2,621		2,183	(17%)

Income (loss) from continuing operations		2,952		3,585		(1,807)		3,408		3,263	(4%)	11%		7,604		6,671	(12%)
Discontinued operations
Income (loss) from discontinued operations		(1)		2		(1)		(1)		-	100%	100%		(2)		(1)	50%
Provision (benefit) for income taxes		-		-		-		-		-	-	-		-		-	-
Income (loss) from discontinued operations, net of taxes		(1)		2		(1)		(1)		-	100%	100%		(2)		(1)	50%

Net income (loss) before attribution to noncontrolling interests		2,951		3,587		(1,808)		3,407		3,263	(4%)	11%		7,602		6,670	(12%)
Noncontrolling interests		36		41		31		36		46	28%	28%		81		82	1%

Citigroup's net income (loss)	$	2,915	$	3,546	$	(1,839)	$	3,371	$	3,217	(5%)	10%	$	7,521	$	6,588	(12%)

(1)	This presentation is in accordance with ASC 326, which requires the provision for credit losses on AFS debt securities to be included in revenue.

(2)	This total excludes the provision for credit losses on AFS debt securities, which is disclosed separately above.

N/A Not applicable.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 2

CITIGROUP CONSOLIDATED BALANCE SHEET

(In millions of dollars)


											2Q24 Increase/
	June 30,		September 30,		December 31,		March 31,		June 30,		(Decrease) from
	2023		2023		2023		2024		2024⁽¹⁾		1Q24	2Q23
Assets
Cash and due from banks (including segregated cash and other deposits)	$	25,763	$	26,548	$	27,342	$	25,174	$	26,917	7%	4%
Deposits with banks, net of allowance		271,145		227,439		233,590		247,556		219,217	(11%)	(19%)
Securities borrowed and purchased under resale agreements, net of allowance		337,103		335,059		345,700		344,264		317,970	(8%)	(6%)
Brokerage receivables, net of allowance		60,850		66,194		53,915		61,314		64,563	5%	6%
Trading account assets		423,189		406,368		411,756		431,468		446,339	3%	5%
Investments
Available-for-sale debt securities		237,334		241,783		256,936		254,898		249,362	(2%)	5%
Held-to-maturity debt securities, net of allowance		262,066		259,456		254,247		252,459		251,125	(1%)	(4%)
Equity securities		7,745		7,759		7,902		7,826		7,789	-	1%
Total investments		507,145		508,998		519,085		515,183		508,276	(1%)	-
Loans
Consumer⁽²⁾		374,591		377,714		389,197		381,759		386,117	1%	3%
Corporate⁽³⁾		286,021		288,634		300,165		292,819		301,605	3%	5%
Loans, net of unearned income		660,612		666,348		689,362		674,578		687,722	2%	4%
Allowance for credit losses on loans (ACLL)		(17,496)		(17,629)		(18,145)		(18,296)		(18,216)	-	(4%)
Total loans, net		643,116		648,719		671,217		656,282		669,506	2%	4%
Goodwill		19,998		19,829		20,098		20,042		19,704	(2%)	(1%)
Intangible assets (including MSRs)		4,576		4,540		4,421		4,338		4,226	(3%)	(8%)
Premises and equipment, net of depreciation and amortization		27,818		27,959		28,747		29,188		29,399	1%	6%
Other assets, net of allowance		102,972		96,824		95,963		97,701		99,569	2%	(3%)
Total assets	$	2,423,675	$	2,368,477	$	2,411,834	$	2,432,510	$	2,405,686	(1%)	(1%)

Liabilities
Non-interest-bearing deposits in U.S. offices	$	109,844	$	104,061	$	112,089	$	112,535	$	117,607	5%	7%
Interest-bearing deposits in U.S. offices		590,700		569,428		576,784		570,259		546,772	(4%)	(7%)
Total U.S. deposits		700,544		673,489		688,873		682,794		664,379	(3%)	(5%)
Non-interest-bearing deposits in offices outside the U.S.		91,899		84,663		88,988		87,936		83,150	(5%)	(10%)
Interest-bearing deposits in offices outside the U.S.		527,424		515,354		530,820		536,433		530,608	(1%)	1%
Total international deposits		619,323		600,017		619,808		624,369		613,758	(2%)	(1%)

Total deposits		1,319,867		1,273,506		1,308,681		1,307,163		1,278,137	(2%)	(3%)
Securities loaned and sold under repurchase agreements		260,035		256,770		278,107		299,387		305,206	2%	17%
Brokerage payables		69,433		75,076		63,539		73,013		73,621	1%	6%
Trading account liabilities		170,664		164,624		155,345		156,652		151,259	(3%)	(11%)
Short-term borrowings		40,430		43,166		37,457		31,910		38,694	21%	(4%)
Long-term debt		274,510		275,760		286,619		285,495		280,321	(2%)	2%
Other liabilities, plus allowances⁽⁴⁾		79,314		69,380		75,835		71,492		69,304	(3%)	(13%)
Total liabilities	$	2,214,253	$	2,158,282	$	2,205,583	$	2,225,112	$	2,196,542	(1%)	(1%)

Equity
Stockholders' equity
Preferred stock	$	20,245	$	19,495	$	17,600	$	17,600	$	18,100	3%	(11%)
Common stock		31		31		31		31		31	-	-
Additional paid-in capital		108,579		108,757		108,955		108,592		108,785	-	-
Retained earnings		199,976		202,135		198,905		200,956		202,913	1%	1%
Treasury stock, at cost		(74,247)		(74,738)		(75,238)		(74,865)		(74,842)	-	(1%)
Accumulated other comprehensive income (loss) (AOCI)		(45,865)		(46,177)		(44,800)		(45,729)		(46,677)	(2%)	(2%)
Total common equity	$	188,474	$	190,008	$	187,853	$	188,985	$	190,210	1%	1%

Total Citigroup stockholders' equity	$	208,719	$	209,503	$	205,453	$	206,585	$	208,310	1%	-
Noncontrolling interests		703		692		798		813		834	3%	19%
Total equity		209,422		210,195		206,251		207,398		209,144	1%	-
Total liabilities and equity	$	2,423,675	$	2,368,477	$	2,411,834	$	2,432,510	$	2,405,686	(1%)	(1%)

(1)	June 30, 2024 is preliminary.

(2)	Consumer loans include loans managed by USPB, Wealth, and All Other—Legacy Franchises (other than Mexico small business and middle-market banking (Mexico SBMM), and the Assets Finance Group (AFG).

(3)	Corporate loans include loans managed by Services, Markets, Banking, and All Other—Legacy Franchises—Mexico SBMM, and the AFG.

(4)	Includes allowance for credit losses for unfunded lending commitments. See page 19.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 3

OPERATING SEGMENT, REPORTING UNIT, AND COMPONENT DETAILS

(In millions of dollars)


											2Q24 Increase/		Six		Six		YTD 2024 vs.
	2Q		3Q		4Q		1Q		2Q		(Decrease) from		Months		Months		YTD 2023 Increase/
	2023		2023		2023		2024		2024		1Q24	2Q23	2023		2024		(Decrease)
Revenues, net of interest expense

Services	$	4,555	$	4,636	$	4,517	$	4,766	$	4,680	(2%)	3%	$	8,949	$	9,446	6%
Markets		4,779		4,748		3,366		5,357		5,086	(5%)	6%		10,535		10,443	(1)%
Banking		1,179		1,373		978		1,736		1,627	(6%)	38%		2,364		3,363	42%
U.S. Personal Banking (USPB)		4,619		4,917		4,940		5,178		4,919	(5%)	6%		9,330		10,097	8%
Wealth		1,776		1,831		1,664		1,693		1,814	7%	2%		3,526		3,507	(1)%
All Other—managed basis⁽¹⁾⁽²⁾		2,534		2,238		2,037		2,386		1,980	(17%)	(22%)		5,167		4,366	(16)%
Reconciling Items—divestiture-related impacts⁽³⁾		(6)		396		(62)		(12)		33	NM	NM		1,012		21	(98)%

Total net revenues—reported	$	19,436	$	20,139	$	17,440	$	21,104	$	20,139	(5)%	4%	$	40,883	$	41,243	1%

Income (loss) from continuing operations

Services	$	1,230	$	1,355	$	807	$	1,515	$	1,498	(1%)	22%	$	2,539	$	3,013	19%
Markets		1,139		1,065		(128)		1,421		1,469	3%	29%		3,001		2,890	(4%)
Banking		51		157		(296)		527		409	(22%)	NM		108		936	NM
USPB		461		756		201		347		121	(65%)	(74%)		863		468	(46%)
Wealth		84		132		21		175		210	20%	NM		266		385	45%
All Other—managed basis⁽¹⁾⁽²⁾		79		(94)		(2,301)		(483)		(412)	15%	NM		271		(895)	NM
Reconciling Items—divestiture-related impacts⁽³⁾		(92)		214		(111)		(94)		(32)	66%	65%		556		(126)	NM

Income (loss) from continuing operations—reported		2,952		3,585		(1,807)		3,408		3,263	(4%)	11%		7,604		6,671	(12%)

Discontinued operations		(1)		2		(1)		(1)		-	100%	100%		(2)		(1)	50%

Net income (loss) attributable to noncontrolling interests		36		41		31		36		46	28%	28%		81		82	1%

Net income (loss)	$	2,915	$	3,546	$	(1,839)	$	3,371	$	3,217	(5%)	10%	$	7,521	$	6,588	(12%)

(1)

Includes Legacy Franchises and certain unallocated costs of global staff functions (including finance, risk, human resources, legal, and compliance-related costs), other corporate expenses, and unallocated global operations and technology expenses, and income taxes, as well as Corporate Treasury investment activities and discontinued operations.

(2)

Reflects results on a managed basis, which excludes divestiture-related impacts related to Citi's divestitures of its Asia consumer banking businesses and the planned divestiture of Mexico consumer banking, small business and middle-market banking (Mexico Consumer/SBMM) within Legacy Franchises. See page 14 for additional information.

(3)	Reconciling Items consist of the divestiture-related impacts excluded from All Other on a managed basis. See page 14 for additional information. The Reconciling Items are fully reflected in the various line items in Citi's Consolidated Statement of Income (page 2).

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 4

SERVICES

(In millions of dollars, except as otherwise noted)


											2Q24 Increase/		Six		Six		YTD 2024 vs.
	2Q		3Q		4Q		1Q		2Q		(Decrease) from		Months		Months		YTD 2023 Increase/
	2023		2023		2023		2024		2024		1Q24	2Q23	2023		2024		(Decrease)
Net interest income (including dividends)	$	3,243	$	3,440	$	3,442	$	3,317	$	3,225	(3%)	(1%)	$	6,369	$	6,542	3%
Fee revenue
Commissions and fees		787		782		815		797		867	9%	10%		1,528		1,664	9%
Fiduciary and administrative, and other		661		630		606		685		695	1%	5%		1,265		1,380	9%
Total fee revenue		1,448		1,412		1,421		1,482		1,562	5%	8%		2,793		3,044	9%
Principal transactions		242		267		271		248		182	(27%)	(25%)		468		430	(8%)
All other⁽¹⁾		(378)		(483)		(617)		(281)		(289)	(3%)	24%		(681)		(570)	16%
Total non-interest revenue		1,312		1,196		1,075		1,449		1,455	-	11%		2,580		2,904	13%
Total revenues, net of interest expense		4,555		4,636		4,517		4,766		4,680	(2%)	3%		8,949		9,446	6%
Total operating expenses		2,506		2,520		2,596		2,666		2,734	3%	9%		4,915		5,400	10%
Net credit losses (recoveries) on loans		13		27		(6)		6		-	(100%)	(100%)		19		6	(68%)
Credit reserve build (release) for loans		(14)		6		127		34		(100)	NM	NM		(86)		(66)	23%
Provision (release) for credit losses on unfunded lending commitments		(26)		23		(22)		12		2	(83%)	NM		(19)		14	NM
Provisions for credit losses for other assets and HTM debt securities		250		39		547		12		71	NM	(72%)		295		83	(72%)
Provision for credit losses		223		95		646		64		(27)	NM	NM		209		37	(82%)
Income from continuing operations before taxes		1,826		2,021		1,275		2,036		1,973	(3%)	8%		3,825		4,009	5%
Income taxes		596		666		468		521		475	(9%)	(20%)		1,286		996	(23%)
Income from continuing operations		1,230		1,355		807		1,515		1,498	(1%)	22%		2,539		3,013	19%
Noncontrolling interests		16		16		21		25		27	8%	69%		29		52	79%
Net income	$	1,214	$	1,339	$	786	$	1,490	$	1,471	(1%)	21%	$	2,510	$	2,961	18%
EOP assets (in billions)	$	584	$	552	$	586	$	577	$	569	(1%)	(3%)
Average assets (in billions)		584		566		582		580		575	(1%)	(2%)	$	591	$	578	(2%)
Efficiency ratio		55%		54%		57%		56%		58%	200 bps	300 bps		55%		57%	200 bps
Average allocated TCE (in billions)⁽²⁾	$	23.0	$	23.0	$	23.0	$	24.9	$	24.9	-	8%	$	23.0	$	24.9	8%
RoTCE⁽²⁾		21.2%		23.1%		13.6%		24.1%		23.8%	(30) bps	260 bps		22.0%		23.9%	190 bps

Revenue by component
Net interest income	$	2,718	$	2,868	$	2,887	$	2,723	$	2,629	(3%)	(3%)	$	5,330	$	5,352	-
Non-interest revenue		702		645		557		793		802	1%	14%		1,429		1,595	12%
Treasury and Trade Solutions (TTS)		3,420		3,513		3,444		3,516		3,431	(2%)	-		6,759		6,947	3%
Net interest income		525		572		555		594		596	-	14%		1,039		1,190	15%
Non-interest revenue		610		551		518		656		653	-	7%		1,151		1,309	14%
Securities Services		1,135		1,123		1,073		1,250		1,249	-	10%		2,190		2,499	14%
Total Services	$	4,555	$	4,636	$	4,517	$	4,766	$	4,680	(2%)	3%	$	8,949	$	9,446	6%

Revenue by geography
North America	$	1,294	$	1,333	$	1,299	$	1,243	$	1,298	4%	-	$	2,499	$	2,541	2%
International		3,261		3,303		3,218		3,523		3,382	(4%)	4%		6,450		6,905	7%
Total	$	4,555	$	4,636	$	4,517	$	4,766	$	4,680	(2%)	3%	$	8,949	$	9,446	6%

Key drivers⁽³⁾ (in billions of dollars, except as otherwise noted)
Average loans by reporting unit
TTS	$	79	$	82	$	82	$	81	$	81	-	3%	$	79	$	81	3%
Securities Services		1		1		1		1		1	-	-		1		1	-
Total	$	80	$	83	$	83	$	82	$	82	-	3%	$	80	$	82	3%

ACLL as a % of EOP loans⁽⁴⁾		0.32%		0.33%		0.47%		0.54%		0.37%	(17) bps	5 bps

Average deposits by reporting unit and selected component
TTS	$	689	$	677	$	681	$	684	$	677	(1%)	(2%)	$	697	$	680	(2%)
Securities Services		125		120		122		124		127	2%	2%		125		126	1%
Total	$	814	$	797	$	803	$	808	$	804	-	(1%)	$	822	$	806	(2%)

AUC/AUA (in trillions of dollars)⁽⁵⁾	$	22.3	$	21.5	$	23.5	$	24.0	$	24.2	1%	9%
Cross - border transaction value	$	87.8	$	87.8	$	99.4	$	90.7	$	92.7	2%	6%	$	170.8	$	183.4	7%
U.S. dollar clearing volume (in millions)		38.8		40.0		40.2		39.6		41.6	5%	7%		77.1		81.2	5%
Commercial card spend volumes	$	17.3	$	16.9	$	16.6	$	16.8	$	18.0	7%	4%	$	33.3	$	34.8	5%

(1)	Services includes revenues earned by Citigroup that are subject to a revenue sharing arrangement with Banking—Corporate Lending for Investment Banking, Markets, and Services products sold to Corporate Lending clients.

(2)	TCE and RoTCE are non-GAAP financial measures. See page 22 for a reconciliation of the summation of the segments' and component's average allocated TCE to Citigroup's total average TCE and Citi's total average stockholders' equity.

(3)	Management uses this information in reviewing the segment’s results and believes it is useful to investors concerning underlying segment performance and trends.

(4)	Excludes loans that are carried at fair value for all periods.

(5)	2Q24 is preliminary.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 5

MARKETS

(In millions of dollars, except as otherwise noted)

											2Q24 Increase/		Six		Six		YTD 2024 vs.
	2Q		3Q		4Q		1Q		2Q		(Decrease) from		Months		Months		YTD 2023 Increase/
	2023		2023		2023		2024		2024		1Q24	2Q23	2023		2024		(Decrease)


Net interest income (including dividends)	$	1,999	$	1,695	$	1,987	$	1,706	$	2,038	19%	2%	$	3,551	$	3,744	5%
Fee revenue
Brokerage and fees		331		337		328		336		346	3%	5%		716		682	(5%)
Investment banking fees⁽¹⁾		97		103		103		100		104	4%	7%		186		204	10%
Other⁽²⁾		31		31		46		62		62	-	100%		70		124	77%
Total fee revenue		459		471		477		498		512	3%	12%		972		1,010	4%

Principal transactions		2,518		2,853		1,212		3,178		2,696	(15%)	7%		6,407		5,874	(8%)
All other⁽³⁾		(197)		(271)		(310)		(25)		(160)	NM	19%		(395)		(185)	53%
Total non-interest revenue		2,780		3,053		1,379		3,651		3,048	(17%)	10%		6,984		6,699	(4%)
Total revenues, net of interest expense		4,779		4,748		3,366		5,357		5,086	(5%)	6%		10,535		10,443	(1%)
Total operating expenses		3,345		3,310		3,436		3,384		3,305	(2%)	(1%)		6,512		6,689	3%
Net credit losses (recoveries) on loans		2		(4)		30		78		66	(15%)	NM		6		144	NM
Credit reserve build (release) for loans		(21)		119		40		120		(111)	NM	NM		43		9	(79%)
Provision (release) for credit losses on unfunded lending commitments		(10)		5		12		(1)		2	NM	NM		(12)		1	NM
Provisions for credit losses for other assets and HTM debt securities		12		42		127		2		32	NM	NM		30		34	13%
Provision for credit losses		(17)		162		209		199		(11)	NM	35%		67		188	NM
Income (loss) from continuing operations before taxes		1,451		1,276		(279)		1,774		1,792	1%	24%		3,956		3,566	(10%)
Income taxes (benefits)		312		211		(151)		353		323	(8%)	4%		955		676	(29%)
Income (loss) from continuing operations		1,139		1,065		(128)		1,421		1,469	3%	29%		3,001		2,890	(4%)
Noncontrolling interests		19		15		12		15		26	73%	37%		40		41	3%
Net income (loss)	$	1,120	$	1,050	$	(140)	$	1,406	$	1,443	3%	29%	$	2,961	$	2,849	(4%)
EOP assets (in billions)	$	1,017	$	1,009	$	1,008	$	1,038	$	1,023	(1%)	1%
Average assets (in billions)		1,041		1,026		1,033		1,048		1,064	2%	2%	$	1,023	$	1,056	3%
Efficiency ratio		70%		70%		102%		63%		65%	200 bps	(500) bps		62%		64%	200 bps
Average allocated TCE (in billions)⁽⁴⁾	$	53.1	$	53.1	$	53.1	$	54.0	$	54.0	-	2%	$	53.1	$	54.0	2%
RoTCE⁽⁴⁾		8.5%		7.8%		(1.0%)		10.5%		10.7%	20 bps	220 bps		11.2%		10.6%	(60) bps

Revenue by component
Fixed Income markets	$	3,670	$	3,806	$	2,547	$	4,130	$	3,564	(14%)	(3%)	$	8,259	$	7,694	(7%)
Equity markets		1,109		942		819		1,227		1,522	24%	37%		2,276		2,749	21%
Total	$	4,779	$	4,748	$	3,366	$	5,357	$	5,086	(5%)	6%	$	10,535	$	10,443	(1%)

Rates and currencies	$	2,758	$	2,747	$	1,737	$	2,800	$	2,466	(12%)	(11%)	$	6,310	$	5,266	(17%)
Spread products / other fixed income		912		1,059		810		1,330		1,098	(17%)	20%		1,949		2,428	25%
Total Fixed Income markets revenues	$	3,670	$	3,806	$	2,547	$	4,130	$	3,564	(14%)	(3%)	$	8,259	$	7,694	(7%)

Revenue by geography
North America	$	1,683	$	1,901	$	1,227	$	2,067	$	2,031	(2%)	21%	$	3,711	$	4,098	10%
International		3,096		2,847		2,139		3,290		3,055	(7%)	(1%)		6,824		6,345	(7%)
Total	$	4,779	$	4,748	$	3,366	$	5,357	$	5,086	(5%)	6%	$	10,535	$	10,443	(1%)


Key drivers⁽⁵⁾ (in billions of dollars)
Average loans	$	107	$	108	$	115	$	120	$	119	(1%)	11%	$	109	$	120	10%
NCLs as a % of average loans		0.01%		(0.01%)		0.10%		0.26%		0.22%	(4) bps	21 bps		0.01%		0.24%	23 bps
ACLL as a % of EOP loans⁽⁶⁾		0.67%		0.77%		0.71%		0.86%		0.74%	(12) bps	7 bps
Average trading account assets	$	382	$	393	$	392	$	408	$	426	4%	12%	$	366	$	417	14%
Average deposits		23		23		23		24		25	4%	9%		23		25	9%

(1)	Investment banking fees are primarily composed of underwriting, advisory, loan syndication structuring, and other related financing activity.

(2)	Primarily includes other non-brokerage and investment banking fees from customer-driven activities.

(3)	Markets includes revenues earned by Citigroup that are subject to a revenue sharing arrangement with Banking—Corporate Lending for Investment Banking, Markets, and Services products sold to Corporate Lending clients.

(4)	TCE and RoTCE are non-GAAP financial measures. See page 22 for a reconciliation of the summation of the segments' and component's average allocated TCE to Citigroup's total average TCE and Citi's total average stockholders' equity.

(5)	Management uses this information in reviewing the segment’s results and believes it is useful to investors concerning underlying segment performance and trends.

(6)	Excludes loans that are carried at fair value for all periods.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 6

BANKING

(In millions of dollars, except as otherwise noted)


											2Q24 Increase/		Six		Six		YTD 2024 vs.
	2Q		3Q		4Q		1Q		2Q		(Decrease) from		Months		Months		YTD 2023 Increase/
	2023		2023		2023		2024		2024		1Q24	2Q23	2023		2024		(Decrease)

Net interest income (including dividends)	$	542	$	555	$	551	$	582	$	527	(9%)	(3%)	$	1,055	$	1,109	5%
Fee revenue
Investment banking fees⁽¹⁾		573		694		706		972		935	(4%)	63%		1,313		1,907	45%
Other⁽²⁾		40		40		38		42		50	19%	25%		82		92	12%
Total fee revenue		613		734		744		1,014		985	(3%)	61%		1,395		1,999	43%
Principal transactions		(216)		(164)		(223)		(227)		(126)	44%	42%		(551)		(353)	36%
All other⁽³⁾		240		248		(94)		367		241	(34%)	-		465		608	31%
Total non-interest revenue		637		818		427		1,154		1,100	(5%)	73%		1,309		2,254	72%
Total revenues, net of interest expense		1,179		1,373		978		1,736		1,627	(6%)	38%		2,364		3,363	42%
Total operating expenses		1,260		1,225		1,161		1,179		1,131	(4%)	(10%)		2,491		2,310	(7%)
Net credit losses on loans		57		29		71		66		40	(39%)	(30%)		69		106	54%
Credit reserve build (release) for loans		(110)		(22)		(163)		(89)		(51)	43%	54%		(160)		(140)	13%
Provision (release) for credit losses on unfunded lending commitments		(56)		(64)		(63)		(96)		(9)	91%	84%		(227)		(105)	54%
Provisions for credit losses for other assets and HTM debt securities		(39)		1		339		(10)		(12)	(20%)	69%		47		(22)	NM
Provision for credit losses		(148)		(56)		184		(129)		(32)	75%	78%		(271)		(161)	41%
Income (loss) from continuing operations before taxes		67		204		(367)		686		528	(23%)	NM		144		1,214	NM
Income taxes (benefits)		16		47		(71)		159		119	(25%)	NM		36		278	NM
Income (loss) from continuing operations		51		157		(296)		527		409	(22%)	NM		108		936	NM
Noncontrolling interests		1		1		-		3		3	-	NM		3		6	100%
Net income (loss)	$	50	$	156	$	(296)	$	524	$	406	(23%)	NM	$	105	$	930	NM
EOP assets (in billions)	$	148	$	146	$	148	$	151	$	147	(3%)	(1%)
Average assets (in billions)		155		151		150		154		152	(1%)	(2%)	$	156	$	153	(2%)
Efficiency ratio		107%		89%		119%		68%		70%	200 bps	(3,700) bps		105%		69%	(3,600) bps
Average allocated TCE (in billions)⁽⁴⁾	$	21.4	$	21.4	$	21.4	$	21.8	$	21.8	-	2%	$	21.4	$	21.8	2%
RoTCE⁽⁴⁾		0.9%		2.9%		(5.5%)		9.7%		7.5%	(220) bps	660 bps		1.0%		8.6%	760 bps

Revenue by component
Total Investment Banking	$	533	$	711	$	687	$	925	$	853	(8%)	60%	$	1,234	$	1,778	44%
Corporate Lending—excluding gain/(loss) on loan hedges⁽³⁾⁽⁵⁾		712		709		422		915		765	(16%)	7%		1,395		1,680	20%
Total Banking revenues (ex-gain/(loss) on loan hedges)⁽³⁾⁽⁵⁾		1,245		1,420		1,109		1,840		1,618	(12%)	30%		2,629		3,458	32%
Gain/(loss) on loan hedges⁽³⁾⁽⁵⁾		(66)		(47)		(131)		(104)		9	NM	NM		(265)		(95)	64%
Total Banking revenues including gain/(loss) on loan hedges⁽³⁾⁽⁵⁾	$	1,179	$	1,373	$	978	$	1,736	$	1,627	(6%)	38%	$	2,364	$	3,363	42%

Business metrics—investment banking fees
Advisory	$	156	$	299	$	286	$	230	$	268	17%	72%	$	432	$	498	15%
Equity underwriting (Equity Capital Markets (ECM))		158		123		110		171		174	2%	10%		267		345	29%
Debt underwriting (Debt Capital Markets (DCM))		259		272		310		571		493	(14%)	90%		614		1,064	73%
Total	$	573	$	694	$	706	$	972	$	935	(4%)	63%	$	1,313	$	1,907	45%

Revenue by geography
North America	$	469	$	623	$	402	$	773	$	749	(3%)	60%	$	873	$	1,522	74%
International		710		750		576		963		878	(9%)	24%		1,491		1,841	23%
Total	$	1,179	$	1,373	$	978	$	1,736	$	1,627	(6%)	38%	$	2,364	$	3,363	42%

Key drivers⁽⁶⁾ (in billions of dollars)
Average loans	$	93	$	89	$	89	$	89	$	89	-	(4%)	$	94	$	89	(5%)
NCLs as a % of average loans		0.25%		0.13%		0.32%		0.30%		0.18%	(12) bps	(7) bps		0.15%		0.24%	9 bps
ACLL as a % of EOP loans⁽⁷⁾		1.74%		1.75%		1.59%		1.47%		1.42%	(5) bps	(32) bps
Average deposits		1		1		1		1		1	-	-		1		1	-

(1)	Investment banking fees are primarily composed of underwriting, advisory, loan syndication structuring, and other related financing activity.

(2)	Primarily includes other non-investment banking fees from customer-driven activities.

(3)	Banking includes revenues earned by Citigroup that are subject to a revenue sharing arrangement with Banking—Corporate Lending for Investment Banking, Markets, and Services products sold to Corporate Lending clients.

(4)	TCE and RoTCE are non-GAAP financial measures. See page 22 for a reconciliation of the summation of the segments' and component's average allocated TCE to Citigroup's total average TCE and Citi's total average stockholders' equity.

(5)

Credit derivatives are used to economically hedge a portion of the corporate loan 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, partially offset by the mark-to-market on the loans in the portfolio that are at fair value. Hedges on accrual loans reflect the mark-to-market on credit derivatives used to economically hedge the corporate loan accrual portfolio. The fixed premium costs of these hedges are netted against the corporate lending revenues to reflect the cost of credit protection. Citigroup’s results of operations excluding the impact of gain (loss) on loan hedges are non-GAAP financial measures.

(6)	Management uses this information in reviewing the segment’s results and believes it is useful to investors concerning underlying segment performance and trends.

(7)	Excludes loans that are carried at fair value for all periods.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 7

U.S. PERSONAL BANKING
(In millions of dollars, except as otherwise noted)


											2Q24 Increase/		Six		Six		YTD 2024 vs.
	2Q		3Q		4Q		1Q		2Q		(Decrease) from		Months		Months		YTD 2023 Increase/
	2023		2023		2023		2024		2024		1Q24	2Q23	2023		2024		(Decrease)

Net interest income	$	4,883	$	5,175	$	5,238	$	5,226	$	5,103	(2%)	5%	$	9,737	$	10,329	6%
Fee revenue
Interchange fees		2,482		2,434		2,481		2,352		2,524	7%	2%		4,759		4,876	2%
Card rewards and partner payments		(2,827)		(2,777)		(2,889)		(2,580)		(2,847)	(10%)	(1%)		(5,417)		(5,427)	-
Other⁽¹⁾		72		75		98		105		114	9%	58%		176		219	24%
Total fee revenue		(273)		(268)		(310)		(123)		(209)	(70%)	23%		(482)		(332)	31%
All other⁽²⁾		9		10		12		75		25	(67%)	NM		75		100	33%
Total non-interest revenue		(264)		(258)		(298)		(48)		(184)	NM	30%		(407)		(232)	43%
Total revenues, net of interest expense		4,619		4,917		4,940		5,178		4,919	(5%)	6%		9,330		10,097	8%

Total operating expenses		2,498		2,481		2,594		2,519		2,442	(3%)	(2%)		5,027		4,961	(1%)
Net credit losses on loans		1,218		1,343		1,599		1,864		1,931	4%	59%		2,292		3,795	66%
Credit reserve build (release) for loans		303		114		471		337		382	13%	26%		879		719	(18%)
Provision (release) for credit losses on unfunded lending commit.		1		(1)		1		-		-	-	(100%)		1		-	(100%)
Provisions for benefits and claims (PBC), and other assets		3		3		3		3		2	(33%)	(33%)		2		5	NM
Provisions for credit losses and for PBC		1,525		1,459		2,074		2,204		2,315	5%	52%		3,174		4,519	42%
Income from continuing operations before taxes		596		977		272		455		162	(64%)	(73%)		1,129		617	(45%)
Income taxes		135		221		71		108		41	(62%)	(70%)		266		149	(44%)
Income from continuing operations		461		756		201		347		121	(65%)	(74%)		863		468	(46%)
Noncontrolling interests		-		-		-		-		-	-	-		-		-	-
Net income	$	461	$	756	$	201	$	347	$	121	(65%)	(74%)	$	863	$	468	(46%)
EOP assets (in billions)	$	228	$	231	$	242	$	237	$	242	2%	6%
Average assets (in billions)		229		230		232		233		239	3%	4%	$	230	$	236	3%
Efficiency ratio		54%		50%		53%		49%		50%	100 bps	(400) bps		54%		49%	(500) bps
Average allocated TCE (in billions)⁽³⁾	$	21.9	$	21.9	$	21.9	$	25.2	$	25.2	-	15%	$	21.9	$	25.2	15%
RoTCE⁽³⁾		8.4%		13.7%		3.6%		5.5%		1.9%	(360) bps	(650) bps		7.9%		3.7%	(420) bps

Revenue by component
Branded Cards	$	2,357	$	2,539	$	2,620	$	2,640	$	2,537	(4%)	8%	$	4,829	$	5,177	7%
Retail Services		1,643		1,728		1,636		1,900		1,746	(8%)	6%		3,253		3,646	12%
Retail Banking		619		650		684		638		636	-	3%		1,248		1,274	2%
Total	$	4,619	$	4,917	$	4,940	$	5,178	$	4,919	(5%)	6%	$	9,330	$	10,097	8%

Average loans and deposits⁽⁴⁾ (in billions)
Average loans	$	189	$	196	$	202	$	204	$	206	1%	9%	$	186	$	205	10%
ACLL as a % of EOP loans⁽⁵⁾		6.44%		6.36%		6.28%		6.58%		6.60%	2 bps	16 bps
Average deposits		113		110		105		100		93	(7%)	(18%)		112		97	(13%)

(1)Primarily related to retail banking and credit card-related fees.

(2)Primarily related to revenue incentives from card networks and partners.

(3)TCE and RoTCE are non-GAAP financial measures. See page 22 for a reconciliation of the summation of the segments' and component's average allocated TCE to Citigroup’s total average TCE and Citi's total average stockholders' equity.

(4)Management uses this information in reviewing the segment’s results and believes it is useful to investors concerning underlying segment performance and trends.

(5)Excludes loans that are carried at fair value for all periods.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 8

U.S. PERSONAL BANKING

Metrics

											2Q24 Increase/
	2Q		3Q		4Q		1Q		2Q		(Decrease) from
	2023		2023		2023		2024		2024		1Q24	2Q23

U.S. Personal Banking Key Indicators (in billions of dollars, except as otherwise noted)

New account acquisitions (in thousands)
Branded Cards		1,131		1,146		1,105		1,170		1,144	(2%)	1%
Retail Services		2,393		2,152		2,617		1,658		2,034	23%	(15%)
Credit card spend volumes
Branded Cards	$	126.8	$	125.2	$	129.5	$	120.9	$	130.9	8%	3%
Retail Services		24.8		23.3		26.0		20.0		23.7	19%	(4%)
Average loans⁽¹⁾
Branded Cards	$	99.8	$	103.2	$	106.6	$	107.5	$	109.3	2%	10%
Retail Services		49.0		50.2		51.6		51.7		51.0	(1%)	4%
Retail Banking		40.3		42.2		43.9		45.0		46.0	2%	14%
EOP loans⁽¹⁾
Branded Cards	$	103.0	$	105.2	$	111.1	$	108.0	$	111.8	4%	9%
Retail Services		50.0		50.5		53.6		50.8		51.7	2%	3%
Retail Banking		41.5		43.1		44.4		45.6		46.2	1%	11%
Total revenues, net of interest expenses as a % of average loans
Branded Cards		9.47%		9.76%		9.75%		9.88%		9.34%
Retail Services		13.45%		13.66%		12.58%		14.78%		13.77%
NII as a % of average loans⁽²⁾
Branded Cards		9.01%		9.12%		9.17%		9.30%		8.93%
Retail Services		17.44%		17.77%		16.99%		17.20%		16.92%
NCLs as a % of average loans
Branded Cards		2.47%		2.72%		3.06%		3.65%		3.82%
Retail Services		4.46%		4.53%		5.44%		6.32%		6.45%
Retail Banking		0.59%		0.59%		0.62%		0.69%		0.66%
Loans 90+ days past due as a % of EOP loans
Branded Cards		0.81%		0.92%		1.07%		1.19%		1.09%
Retail Services		1.77%		2.12%		2.36%		2.53%		2.36%
Retail Banking⁽³⁾		0.39%		0.38%		0.40%		0.35%		0.36%
Loans 30-89 days past due as a % of EOP loans
Branded Cards		0.81%		0.97%		1.03%		1.01%		0.94%
Retail Services		1.81%		2.13%		2.15%		2.18%		2.06%
Retail Banking⁽³⁾		0.57%		0.55%		0.62%		0.53%		0.55%
Branches (actual)		653		652		647		645		641	(1%)	(2%)
Mortgage originations	$	4.5	$	3.9	$	2.8	$	3.1	$	4.3	39%	(4%)

(1)	Average loans, EOP loans and the related consumer delinquency amounts and ratios include interest and fees receivables balances.

(2)	Net interest income includes certain fees that are recorded as interest revenue.

(3)	Excludes U.S. government-sponsored agency guaranteed loans.

Reclassified to conform to the current period’s presentation.

Page 9

WEALTH

(In millions of dollars, except as otherwise noted)


											2Q24 Increase/		Six		Six		YTD 2024 vs.
	2Q		3Q		4Q		1Q		2Q		(Decrease) from		Months		Months		YTD 2023 Increase/
	2023		2023		2023		2024		2024		1Q24	2Q23	2023		2024		(Decrease)

Net interest income	$	1,096	$	1,164	$	1,042	$	981	$	1,047	7%	(4%)	$	2,207	$	2,028	(8%)
Fee revenue
Commissions and fees		305		300		296		344		349	1%	14%		608		693	14%
Other⁽¹⁾		206		215		209		231		232	-	13%		378		463	22%
Total fee revenue		511		515		505		575		581	1%	14%		986		1,156	17%
All other⁽²⁾		169		152		117		137		186	36%	10%		333		323	(3%)
Total non-interest revenue		680		667		622		712		767	8%	13%		1,319		1,479	12%
Total revenues, net of interest expense		1,776		1,831		1,664		1,693		1,814	7%	2%		3,526		3,507	(1%)
Total operating expenses		1,613		1,669		1,623		1,642		1,542	(6%)	(4%)		3,193		3,184	-
Net credit losses on loans		23		24		31		29		35	21%	52%		43		64	49%
Credit reserve build (release) for loans		30		(19)		(27)		(190)		(43)	77%	NM		(39)		(233)	NM
Provision (release) for credit losses on unfunded lending commitments		1		(8)		1		(8)		-	100%	(100%)		(5)		(8)	(60%)
Provisions for benefits and claims (PBC), and other assets		(1)		1		(1)		(1)		(1)	-	-		(4)		(2)	50%
Provisions for credit losses and for PBC		53		(2)		4		(170)		(9)	95%	NM		(5)		(179)	NM
Income from continuing operations before taxes		110		164		37		221		281	27%	NM		338		502	49%
Income taxes		26		32		16		46		71	54%	NM		72		117	63%
Income from continuing operations		84		132		21		175		210	20%	NM		266		385	45%
Noncontrolling interests		-		-		-		-		-	-	-		-		-	-
Net income	$	84	$	132	$	21	$	175	$	210	20%	NM	$	266	$	385	45%
EOP assets (in billions)	$	238	$	233	$	229	$	229	$	228	-	(4%)
Average assets (in billions)		248		238		232		236		230	(3%)	(7%)	$	253	$	233	(8%)
Efficiency ratio		91%		91%		98%		97%		85%	(1,200) bps	(600) bps		91%		91%	0 bps
Average allocated TCE (in billions)⁽³⁾	$	13.4	$	13.4	$	13.4	$	13.2	$	13.2	-	(1%)	$	13.4	$	13.2	(1%)
RoTCE⁽³⁾		2.5%		3.9%		0.6%		5.3%		6.4%	110 bps	390 bps		4.0%		5.9%	190 bps

Revenue by component
Private Bank	$	605	$	617	$	542	$	571	$	611	7%	1%	$	1,173	$	1,182	1%
Wealth at Work		224		234		211		181		195	8%	(13%)		417		376	(10%)
Citigold		947		980		911		941		1,008	7%	6%		1,936		1,949	1%
Total	$	1,776	$	1,831	$	1,664	$	1,693	$	1,814	7%	2%	$	3,526	$	3,507	(1%)

Revenue by geography
North America	$	904	$	953	$	858	$	773	$	847	10%	(6%)	$	1,804	$	1,620	(10%)
International		872		878		806		920		967	5%	11%		1,722		1,887	10%
Total	$	1,776	$	1,831	$	1,664	$	1,693	$	1,814	7%	2%	$	3,526	$	3,507	(1%)

Key drivers⁽⁴⁾ (in billions of dollars)

EOP client balances
Client investment assets⁽⁵⁾⁽⁶⁾	$	469	$	469	$	496	$	514	$	540	5%	15%
Deposits		308		302		319		320		318	(1%)	3%
Loans		151		151		151		149		150	1%	(1%)
Total	$	928	$	922	$	966	$	983	$	1,008	3%	9%

Average loans	$	150	$	151	$	150	$	150	$	150	-	-	$	150	$	150	-
ACLL as a % of EOP loans		0.54%		0.53%		0.51%		0.39%		0.35%	(4) bps	(19) bps

(1)	Primarily related to fiduciary and administrative fees.

(2)	Primarily related to principal transactions revenue including FX translation.

(3)	TCE and RoTCE are non-GAAP financial measures. See page 22 for a reconciliation of the summation of the segments' and component's average allocated TCE to Citigroup's total average TCE and Citi's total average stockholders' equity.

(4)	Management uses this information in reviewing the segment’s results and believes it is useful to investors concerning underlying segment performance and trends.

(5)	Includes assets under management, and trust and custody assets.

(6)	2Q24 is preliminary.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 10

ALL OTHER—MANAGED BASIS^(1)(2)(3)
(In millions of dollars, except as otherwise noted)

											2Q24 Increase/		Six		Six		YTD 2024 vs.
	2Q		3Q		4Q		1Q		2Q		(Decrease) from		Months		Months		YTD 2023 Increase/
	2023		2023		2023		2024		2024		1Q24	2Q23	2023		2024		(Decrease)

Net interest income	$	2,137	$	1,799	$	1,564	$	1,695	$	1,553	(8%)	(27%)	$	4,329	$	3,248	(25%)
Non-interest revenue⁽⁴⁾		397		439		473		691		427	(38%)	8%		838		1,118	33%
Total revenues, net of interest expense		2,534		2,238		2,037		2,386		1,980	(17%)	(22%)		5,167		4,366	(16%)
Total operating expenses^(5)(6)(7)(8)		2,269		2,192		4,480		2,695		2,114	(22%)	(7%)		4,569		4,809	5%
Net credit losses on loans		199		237		236		249		214	(14%)	8%		397		463	17%
Credit reserve build (release) for loans		72		(21)		93		(93)		(1)	99%	NM		55		(94)	NM
Provision (release) for credit losses on unfunded lending commitments		(5)		(9)		(10)		(5)		(3)	40%	40%		(28)		(8)	71%
Provisions for benefits and claims, other assets and HTM debt securities		(66)		(8)		141		35		33	(6%)	NM		221		68	(69%)
Provisions for credit losses and for benefits and claims (PBC)		200		199		460		186		243	31%	22%		645		429	(33%)
Income (loss) from continuing operations before taxes		65		(153)		(2,903)		(495)		(377)	24%	NM		(47)		(872)	NM
Income taxes (benefits)		(14)		(59)		(602)		(12)		35	NM	NM		(318)		23	NM
Income (loss) from continuing operations		79		(94)		(2,301)		(483)		(412)	15%	NM		271		(895)	NM
Income (loss) from discontinued operations, net of taxes		(1)		2		(1)		(1)		-	100%	100%		(2)		(1)	50%
Noncontrolling interests		-		9		(2)		(7)		(10)	(43%)	NM		9		(17)	NM
Net income (loss)	$	78	$	(101)	$	(2,300)	$	(477)	$	(402)	16%	NM	$	260	$	(879)	NM
EOP assets (in billions)	$	209	$	197	$	199	$	201	$	197	(2%)	(6%)
Average assets (in billions)		209		203		198		199		194	(3%)	(7%)	$	211	$	196	(7%)
Efficiency ratio		90%		98%		220%		113%		107%	(600) bps	1,700 bps		88%		110%	2,200 bps
Average allocated TCE (in billions)⁽⁹⁾	$	31.3	$	32.5	$	32.4	$	25.6	$	27.0	5%	(14%)	$	29.3	$	26.3	(10%)

Revenue by reporting unit and component
Mexico Consumer/SBMM	$	1,412	$	1,527	$	1,460	$	1,571	$	1,640	4%	16%	$	2,706	$	3,211	19%
Asia Consumer		475		289		257		254		220	(13%)	(54%)		978		474	(52%)
Legacy Holdings Assets (LHA)		38		25		11		4		(133)	NM	NM		74		(129)	NM
Corporate/Other		609		397		309		557		253	(55%)	(58%)		1,409		810	(43%)
Total	$	2,534	$	2,238	$	2,037	$	2,386	$	1,980	(17%)	(22%)	$	5,167	$	4,366	(16%)

Mexico Consumer/SBMM—key indicators (in billions of dollars)
EOP loans	$	23.9	$	24.0	$	25.2	$	26.0	$	24.5	(6%)	3%
EOP deposits		39.0		38.3		40.2		41.0		37.6	(8%)	(4%)
Average loans		22.6		24.0		23.9		25.0		25.3	1%	12%	$	21.7	$	25.2	16%
NCLs as a % of average loans (Mexico Consumer Only)		3.65%		4.12%		4.35%		4.67%		4.30%				3.75%		4.47%
Loans 90+ days past due as a % of EOP loans (Mexico Consumer only)		1.37%		1.32%		1.35%		1.32%		1.32%
Loans 30-89 days past due as a % of EOP loans (Mexico Consumer only)		1.28%		1.33%		1.35%		1.33%		1.33%

Asia Consumer—key indicators (in billions of dollars)
EOP loans	$	9.1	$	8.0	$	7.4	$	6.5	$	5.6	(14%)	(38%)
EOP deposits		12.2		10.8		9.5		9.0		8.3	(8%)	(32%)
Average loans		9.5		8.6		7.8		6.9		6.1	(12%)	(36%)	$	10.8	$	6.5	(40%)

Legacy Holdings Assets—key indicators (in billions of dollars)
EOP loans	$	2.8	$	2.8	$	2.8	$	2.7	$	2.4	(11%)	(14%)

(1)

Includes Legacy Franchises and certain unallocated costs of global staff functions (including finance, risk, human resources, legal and compliance-related costs), other corporate expenses, and unallocated global operations and technology expenses and income taxes, as well as Corporate Treasury investment activities and discontinued operations.

(2)	Reflects results on a managed basis, which excludes divestiture-related impacts related to Citi's divestitures of its Asia consumer banking businesses and the planned divestiture of Mexico Consumer/SBMM within Legacy Franchises. See page 14 for additional information.

(3)	Certain of the results of operations of All Other—managed basis are non-GAAP financial measures. See page 14 for additional information.

(4)	See footnote 3 on page 14.

(5)	See footnote 2 on page 14.

(6)	See footnote 4 on page 14.

(7)	See footnote 5 on page 14.

(8)	See footnote 6 on page 14.

(9)	TCE is a non-GAAP financial measure. See page 22 for a reconciliation of the summation of the segments' and component's average allocated TCE.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 11

ALL OTHER—MANAGED BASIS⁽¹⁾⁽²⁾

Legacy Franchises⁽³⁾

(In millions of dollars, except as otherwise noted)


											2Q24 Increase/		Six		Six		YTD 2024 vs.
	2Q		3Q		4Q		1Q		2Q		(Decrease) from		Months		Months		YTD 2023 Increase/
	2023		2023		2023		2024		2024		1Q24	2Q23	2023		2024		(Decrease)

Net interest income	$	1,314	$	1,273	$	1,179	$	1,278	$	1,196	(6%)	(9%)	$	2,569	$	2,474	(4%)
Non-interest revenue⁽⁴⁾		611		568		549		551		531	(4%)	(13%)		1,189		1,082	(9%)
Total revenues, net of interest expense		1,925		1,841		1,728		1,829		1,727	(6%)	(10%)		3,758		3,556	(5%)
Total operating expenses^(5)(6)(7)(8)		1,726		1,692		1,639		1,615		1,558	(4%)	(10%)		3,432		3,173	(8%)
Net credit losses on loans		199		237		236		249		214	(14%)	8%		397		463	17%
Credit reserve build (release) for loans		72		(21)		93		(93)		(1)	99%	NM		55		(94)	NM
Provision (release) for credit losses on unfunded lending commitments		(5)		(9)		(10)		(5)		(3)	40%	40%		(28)		(8)	71%
Provisions for benefits and claims (PBC), other assets and HTM debt securities		45		(7)		152		37		28	(24%)	(38%)		220		65	(70%)
Provisions for credit losses and for PBC		311		200		471		188		238	27%	(23%)		644		426	(34%)
Income (loss) from continuing operations before taxes		(112)		(51)		(382)		26		(69)	NM	38%		(318)		(43)	86%
Income taxes (benefits)		(65)		22		(114)		23		(11)	NM	83%		(227)		12	NM
Income (loss) from continuing operations		(47)		(73)		(268)		3		(58)	NM	NM		(91)		(55)	40%
Noncontrolling interests		3		2		1		2		-	(100%)	(100%)		5		2	(60%)
Net income (loss)	$	(50)	$	(75)	$	(269)	$	1	$	(58)	NM	(16%)	$	(96)	$	(57)	41%
EOP assets (in billions)	$	91	$	78	$	78	$	80	$	72	(10%)	(21%)
Average assets (in billions)		91		84		78		78		77	(1%)	(15%)	$	94	$	78	(17%)
Efficiency ratio		90%		92%		95%		88%		90%	200 bps	0 bps		91%		89%	(200) bps
Allocated TCE (in billions)⁽⁹⁾	$	10.0	$	10.0	$	10.0	$	6.2	$	6.2	-	(38%)	$	10.0	$	6.2	(38%)

Revenue by reporting unit and component
Mexico Consumer/SBMM	$	1,412	$	1,527	$	1,460	$	1,571	$	1,640	4%	16%	$	2,706	$	3,211	19%
Asia Consumer		475		289		257		254		220	(13%)	(54%)		978		474	(52%)
Legacy Holdings Assets (LHA)		38		25		11		4		(133)	NM	NM		74		(129)	NM
Total	$	1,925	$	1,841	$	1,728	$	1,829	$	1,727	(6%)	(10%)	$	3,758	$	3,556	(5%)

Mexico Consumer/SBMM—key indicators (in billions of dollars)
EOP loans	$	23.9	$	24.0	$	25.2	$	26.0	$	24.5	(6%)	3%
EOP deposits		39.0		38.3		40.2		41.0		37.6	(8%)	(4%)
Average loans		22.6		24.0		23.9		25.0		25.3	1%	12%	$	21.7	$	25.2	16%
NCLs as a % of average loans (Mexico Consumer only)		3.65%		4.12%		4.35%		4.67%		4.30%				3.75%		4.47%
Loans 90+ days past due as a % of EOP loans (Mexico Consumer only)		1.37%		1.32%		1.35%		1.32%		1.32%
Loans 30-89 days past due as a % of EOP loans (Mexico Consumer only)		1.28%		1.33%		1.35%		1.33%		1.33%

Asia Consumer—key indicators (in billions of dollars)
EOP loans	$	9.1	$	8.0	$	7.4	$	6.5	$	5.6	(14%)	(38%)
EOP deposits		12.2		10.8		9.5		9.0		8.3	(8%)	(32%)
Average loans		9.5		8.6		7.8		6.9		6.1	(12%)	(36%)	$	10.8	$	6.5	(40%)

Legacy Holdings Assets—key indicators (in billions of dollars)
EOP loans	$	2.8	$	2.8	$	2.8	$	2.7	$	2.4	(11%)	(14%)

(1)	Reflects results on a managed basis, which excludes divestiture-related impacts related to Citi's divestitures of its Asia consumer banking businesses and the planned divestiture of Mexico Consumer/SBMM within Legacy Franchises. See page 14 for additional information.

(2)	Certain of the results of operations of All Other—managed basis are non-GAAP financial measures. See page 14 for additional information.

(3)

Legacy Franchises consists of the consumer franchises in 13 markets across Asia, Poland and Russia that Citi intends to exit or has exited (collectively Asia Consumer); Mexico consumer banking (Mexico Consumer) and Small Business and Middle-Market Banking (Mexico SBMM), collectively Mexico Consumer/SBMM; and Legacy Holdings Assets (primarily North America consumer mortgage loans, Citigroup's U.K. consumer banking business and other legacy assets).

(4)	See footnote 3 on page 14.

(5)	See footnote 2 on page 14.

(6)	See footnote 4 on page 14.

(7)	See footnote 5 on page 14.

(8)	See footnote 6 on page 14.

(9)	TCE is a non-GAAP financial measure. See page 22 for a reconciliation of the summation of the segments' and component's average allocated TCE.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 12

ALL OTHER

Corporate/Other⁽¹⁾

(In millions of dollars, except as otherwise noted)


											2Q24 Increase/		Six		Six		YTD 2024 vs.
	2Q		3Q		4Q		1Q		2Q		(Decrease) from		Months		Months		YTD 2023 Increase/
	2023		2023		2023		2024		2024		1Q24	2Q23	2023		2024		(Decrease)

Net interest income	$	823	$	526	$	385	$	417	$	357	(14%)	(57%)	$	1,760	$	774	(56%)
Non-interest revenue		(214)		(129)		(76)		140		(104)	NM	51%		(351)		36	NM

Total revenues, net of interest expense		609		397		309		557		253	(55%)	(58%)		1,409		810	(43%)

Total operating expenses		543		500		2,841		1,080		556	(49%)	2%		1,137		1,636	44%
Provisions for other assets and HTM debt securities		(111)		(1)		(11)		(2)		5	NM	NM		1		3	NM
Income (loss) from continuing operations before taxes		177		(102)		(2,521)		(521)		(308)	41%	NM		271		(829)	NM
Income taxes (benefits)		51		(81)		(488)		(35)		46	NM	(10%)		(91)		11	NM
Income (loss) from continuing operations		126		(21)		(2,033)		(486)		(354)	27%	NM		362		(840)	NM
Income (loss) from discontinued operations, net of taxes		(1)		2		(1)		(1)		-	100%	100%		(2)		(1)	50%
Noncontrolling interests		(3)		7		(3)		(9)		(10)	(11%)	NM		4		(19)	NM
Net income (loss)	$	128	$	(26)	$	(2,031)	$	(478)	$	(344)	28%	NM	$	356	$	(822)	NM

EOP assets (in billions)	$	118	$	119	$	121	$	121	$	125	3%	6%
Average allocated TCE (in billions)⁽²⁾		21.3		22.5		22.4		19.4		20.8	7%	(2%)	$	19.3	$	20.1	4%

(1)

Includes certain unallocated costs of global staff functions (including finance, risk, human resources, legal and compliance-related costs), other corporate expenses and unallocated global operations and technology expenses and income taxes, as well as Corporate Treasury investment activities and discontinued operations.

(2)	TCE is a non-GAAP financial measure. See page 22 for a reconciliation of the summation of the segments' and component's average allocated TCE.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 13

ALL OTHER

RECONCILING ITEMS⁽¹⁾

Divestiture-Related Impacts

(In millions of dollars, except as otherwise noted)

											2Q24 Increase/		Six		Six		YTD 2024 vs.
	2Q		3Q		4Q		1Q		2Q		(Decrease) from		Months		Months		YTD 2023 Increase/
	2023		2023		2023		2024		2024		1Q24	2Q23	2023		2024		(Decrease)

Net interest income	$	-	$	-	$	-	$	-	$	-	-	-	$	-	$	-	-
Non-interest revenue⁽³⁾		(6)		396		(62)		(12)		33	NM	NM		1,012		21	(98%)
Total revenues, net of interest expense		(6)		396		(62)		(12)		33	NM	NM		1,012		21	(98%)
Total operating expenses^(2)(4)(5)(6)		79		114		106		110		85	(23%)	8%		152		195	28%
Net credit losses on loans		(8)		(19)		33		11		(3)	NM	63%		(20)		8	NM
Credit reserve build (release) for loans		(3)		2		(63)		-		-	-	100%		-		-	-
Provision (release) for credit losses on unfunded lending commitments		(1)		-		-		-		-	-	100%		-		-	-
Provisions for benefits and claims, other assets and HTM debt securities		-		-		-		-		-	-	-		-		-	-
Provisions for credit losses and for benefits and claims (PBC)		(12)		(17)		(30)		11		(3)	NM	75%		(20)		8	NM
Income (loss) from continuing operations before taxes		(73)		299		(138)		(133)		(49)	63%	33%		880		(182)	NM
Income taxes (benefits)		19		85		(27)		(39)		(17)	56%	NM		324		(56)	NM
Income (loss) from continuing operations		(92)		214		(111)		(94)		(32)	66%	65%		556		(126)	NM
Income (loss) from discontinued operations, net of taxes		-		-		-		-		-	-	-		-		-	-
Noncontrolling interests		-		-		-		-		-	-	-		-		-	-
Net income (loss)	$	(92)	$	214	$	(111)	$	(94)	$	(32)	66%	65%	$	556	$	(126)	NM

(1)	Reconciling Items consist of the divestiture-related impacts excluded from the results of All Other, as well as All Other—Legacy Franchises on a managed basis. The Reconciling Items are fully reflected in Citi's Consolidated Statement of Income on page 2 for each respective line item.

(2)

2Q23 includes approximately $79 million in operating expenses (approximately $57 million after-tax), primarily related to separation costs in Mexico and severance costs in Asia exit markets. For additional information, see Citi's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2023.

(3)

3Q23 includes an approximate $403 million gain on sale recorded in revenue (approximately $284 million after various taxes) related to Citi's sale of the Taiwan consumer banking business. For additional information, see Citi's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2023.

(4)	4Q23 includes approximately $106 million in operating expenses (approximately $75 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. For additional information, see Citi's Annual Report on Form 10-K for the year ended December 31, 2023.

(5)	1Q24 includes approximately $110 million in operating expenses (approximately $77 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets.

(6)	2Q24 includes approximately $85 million in operating expenses (approximately $58 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 14

AVERAGE BALANCES AND INTEREST RATES^{(1)(2)(3)(4)(5)}

Taxable Equivalent Basis


	Average Volumes						Interest						% Average Rate ⁽⁴⁾


(In millions of dollars), except as otherwise noted	2Q23		1Q24		2Q24⁽⁵⁾		2Q23		1Q24		2Q24⁽⁵⁾		2Q23	1Q24	2Q24⁽⁵⁾
Assets
Deposits with banks	$	310,047	$	251,928	$	250,665	$	3,049	$	2,647	$	2,710	3.94%	4.23%	4.35%
Securities borrowed and purchased under resale agreements⁽⁶⁾		365,704		358,699		356,969		6,254		7,822		7,211	6.86%	8.77%	8.12%
Trading account assets⁽⁷⁾		329,229		369,681		388,641		3,752		4,128		4,503	4.57%	4.49%	4.66%
Investments		507,949		516,121		510,542		4,456		4,857		4,827	3.52%	3.78%	3.80%
Consumer loans		367,852		381,800		383,211		8,962		9,798		9,780	9.77%	10.32%	10.26%
Corporate loans		285,739		296,955		296,410		5,102		5,759		5,718	7.16%	7.80%	7.76%
Total loans (net of unearned income)⁽⁸⁾		653,591		678,755		679,621		14,064		15,557		15,498	8.63%	9.22%	9.17%
Other interest-earning assets		85,083		75,001		70,486		1,085		1,235		1,260	5.11%	6.62%	7.19%
Total average interest-earning assets	$	2,251,603	$	2,250,185	$	2,256,924	$	32,660	$	36,246	$	36,009	5.82%	6.48%	6.42%

Liabilities
Deposits	$	1,132,211	$	1,132,197	$	1,108,733	$	8,727	$	10,411	$	10,235	3.09%	3.70%	3.71%
Securities loaned and sold under repurchase agreements⁽⁶⁾		262,147		310,540		336,367		4,953		6,966		6,962	7.58%	9.02%	8.32%
Trading account liabilities⁽⁷⁾		128,354		103,674		103,548		870		831		794	2.72%	3.22%	3.08%
Short-term borrowings and other interest-bearing liabilities		126,734		108,600		107,277		1,777		1,956		1,908	5.62%	7.24%	7.15%
Long-term debt⁽⁹⁾		162,327		168,628		169,529		2,420		2,552		2,595	5.98%	6.09%	6.16%
Total average interest-bearing liabilities	$	1,811,773	$	1,823,639	$	1,825,454	$	18,747	$	22,716	$	22,494	4.15%	5.01%	4.96%


Net interest income as a % of average interest-earning assets (NIM)⁽⁹⁾							$	13,913	$	13,530	$	13,515	2.48%	2.42%	2.41%

2Q24 increase (decrease) from:													(7) bps	(1) bps

(1)	Interest income and Net interest income include the taxable equivalent adjustments (based on the U.S. federal statutory tax rate of 21%) of $13 million for 2Q23, $23 million for 1Q24 and $22 million for 2Q24.

(2)	Citigroup average balances and interest rates include both domestic and international operations.

(3)	Monthly averages have been used by certain subsidiaries where daily averages are unavailable.

(4)	Average rate percentage is calculated as annualized interest over average volumes.

(5)	2Q24 is preliminary.

(6)	Average volumes of securities borrowed or purchased under agreements to resell and securities loaned or sold under agreements to repurchase are reported net pursuant to FIN 41; the related interest excludes the impact of ASU 2013-01 (Topic 210).

(7)	Interest expense on Trading account liabilities of Services, Markets, and Banking is reported as a reduction of Interest income. Interest income and Interest expense on cash collateral positions are reported in Trading account assets and Trading account liabilities, respectively.

(8)	Nonperforming loans are included in the average loan balances.

(9)	Excludes hybrid financial instruments with changes in fair value recorded in Principal transactions revenue.

Reclassified to conform to the current period's presentation.

Page 15

EOP LOANS⁽¹⁾⁽²⁾

(In billions of dollars)

											2Q24 Increase/
	2Q		3Q		4Q		1Q		2Q		(Decrease) from
	2023		2023		2023		2024		2024		1Q24	2Q23

Corporate loans by region
North America	$	121.7	$	123.0	$	128.9	$	122.9	$	129.6	5%	6%
International		164.3		165.6		171.3		169.9		172.0	1%	5%
Total corporate loans	$	286.0	$	288.6	$	300.2	$	292.8	$	301.6	3%	5%

Corporate loans by segment and reporting unit
Services	$	83.6	$	83.5	$	84.7	$	80.5	$	88.9	10%	6%
Markets		106.9		111.9		122.0		118.3		119.5	1%	12%
Banking		89.2		86.8		86.8		87.3		86.7	(1%)	(3%)
All Other - Legacy Franchises - Mexico SBMM & AFG⁽³⁾		6.3		6.4		6.7		6.7		6.5	(3%)	3%
Total corporate loans	$	286.0	$	288.6	$	300.2	$	292.8	$	301.6	3%	5%

USPB
Branded Cards	$	103.0	$	105.2	$	111.1	$	108.0	$	111.8	4%	9%
Retail Services		50.0		50.5		53.6		50.8		51.7	2%	3%
Retail Banking		41.5		43.1		44.4		45.6		46.2	1%	11%
Total	$	194.5	$	198.8	$	209.1	$	204.4	$	209.7	3%	8%

Wealth by region
North America	$	99.7	$	101.1	$	101.6	$	100.0	$	100.9	1%	1%
International		50.9		49.4		49.8		48.9		49.5	1%	(3%)
Total	$	150.6	$	150.5	$	151.4	$	148.9	$	150.4	1%	-

All Other - Consumer
Mexico Consumer	$	17.8	$	17.8	$	18.7	$	19.6	$	18.2	(7%)	2%
Asia Consumer⁽⁴⁾		9.1		8.0		7.4		6.5		5.6	(14%)	(38%)
Legacy Holdings Assets (LHA)		2.6		2.6		2.6		2.4		2.2	(8%)	(15%)
Total	$	29.5	$	28.4	$	28.7	$	28.5	$	26.0	(9%)	(12%)

Total consumer loans	$	374.6	$	377.7	$	389.2	$	381.8	$	386.1	1%	3%

Total loans - EOP	$	660.6	$	666.3	$	689.4	$	674.6	$	687.7	2%	4%

Total loans - average	$	653.6	$	662.3	$	674.7	$	678.8	$	679.6	-	4%

NCLs as a % of total average loans		0.92%		0.98%		1.17%		1.36%		1.35%	(1) bps	43 bps

(1)Corporate loans include loans managed by Services, Markets, Banking, and All Other—Legacy Franchises—Mexico SBMM, and the AFG.

(2)Consumer loans include loans managed by USPB, Wealth, and All Other—Legacy Franchises (other than Mexico small business and middle-market banking (Mexico SBMM), and the Assets Finance Group (AFG)).

(3)Includes Legacy Franchises corporate loans activity related to Mexico SBMM and AFG (AFG was previously reported in Markets; all periods have been reclassified to reflect this move into Legacy Franchises), as well as LHA corporate loans.

(4)Asia Consumer also includes loans in Poland and Russia.

Reclassified to conform to the current period's presentation.

Page 16

EOP DEPOSITS

(In billions of dollars)


											2Q24 Increase/
	2Q		3Q		4Q		1Q		2Q		(Decrease) from
	2023		2023		2023		2024		2024		1Q24	2Q23
Services, Markets, and Banking by region
North America	$	393.3	$	371.6	$	371.1	$	375.7	$	376.1	-	(4%)
International		426.5		412.3		431.8		436.0		431.0	(1%)	1%
Total	$	819.8	$	783.9	$	802.9	$	811.7	$	807.1	(1%)	(2%)

Treasury and Trade Solutions	$	673.2	$	644.8	$	661.5	$	662.1	$	655.1	(1%)	(3%)
Securities Services		124.4		113.7		119.9		125.3		127.8	2%	3%
Services	$	797.6	$	758.5	$	781.4	$	787.4	$	782.9	(1%)	(2%)
Markets		21.3		24.5		20.8		23.6		23.7	-	11%
Banking		0.9		0.9		0.7		0.7		0.5	(29%)	(44%)
Total	$	819.8	$	783.9	$	802.9	$	811.7	$	807.1	(1%)	(2%)

USPB	$	112.3	$	108.9	$	103.2	$	99.6	$	86.1	(14%)	(23%)

Wealth
North America	$	184.7	$	183.7	$	196.2	$	196.0	$	194.2	(1%)	5%
International		123.6		118.6		122.4		124.3		123.8	-	-
Total	$	308.3	$	302.3	$	318.6	$	320.3	$	318.0	(1%)	3%

All Other
Legacy Franchises
Mexico Consumer	$	30.6	$	29.6	$	31.9	$	31.8	$	28.6	(10%)	(7%)
Mexico SBMM—corporate		8.4		8.7		8.3		9.2		9.0	(2%)	7%
Asia Consumer⁽¹⁾		12.2		10.8		9.5		9.0		8.3	(8%)	(32%)
Legacy Holdings Assets (LHA)⁽²⁾		6.2		5.1		4.1		2.9		1.9	(34%)	(69%)
Corporate/Other		22.1		24.2		30.2		22.7		19.1	(16%)	(14%)
Total	$	79.5	$	78.4	$	84.0	$	75.6	$	66.9	(12%)	(16%)

Total deposits - EOP	$	1,319.9	$	1,273.5	$	1,308.7	$	1,307.2	$	1,278.1	(2%)	(3%)

Total deposits - average	$	1,338.2	$	1,315.1	$	1,319.7	$	1,326.4	$	1,309.9	(1%)	(2%)

(1)Asia Consumer also includes deposits in Poland and Russia.

(2)Legacy Holdings Assets includes deposits from the U.K. consumer banking business.

NMNot meaningful.

Reclassified to conform to the current period's presentation.

Page 17

ALLOWANCE FOR CREDIT LOSSES (ACL) ROLLFORWARD

(In millions of dollars, except ratios)

																		Builds									ACLL/EOP
	Balance		Builds (Releases)										FY 2023		Balance			(Releases)					YTD 2024		Balance		Loans
	12/31/22		1Q23		2Q23		3Q23		4Q23		FY 2023		FX/Other⁽¹⁾		12/31/23		1Q24		2Q24		YTD 2024		FX/Other		6/30/24		6/30/24

Allowance for credit losses on loans (ACLL)
Services	$	356	$	(72)	$	(14)	$	6	$	127	$	47	$	(6)	$	397	$	34	$	(100)	$	(66)	$	(1)	$	330
Markets		630		64		(21)		119		40		202		(12)		820		120		(111)		9		(1)		828
Banking		1,746		(50)		(110)		(22)		(163)		(345)		(25)		1,376		(89)		(51)		(140)		(7)		1,229
Legacy Franchises corporate (Mexico SBMM & AFG⁽²⁾)		123		(27)		(7)		(1)		2		(33)		31		121		(8)		(12)		(20)		(4)		97

Total corporate ACLL	$	2,855	$	(85)	$	(152)	$	102	$	6	$	(129)	$	(12)	$	2,714	$	57	$	(274)	$	(217)	$	(13)	$	2,484	0.85%
U.S. Cards	$	11,393	$	536	$	276	$	128	$	466	$	1,406	$	(173)	$	12,626	$	326	$	357	$	683	$	(1)	$	13,308	8.14%
Retail Banking		447		40		27		(14)		5		58		(29)		476		11		25		36		(1)		511
Total USPB	$	11,840	$	576	$	303	$	114	$	471	$	1,464	$	(202)	$	13,102	$	337	$	382	$	719	$	(2)	$	13,819
Wealth		883		(69)		30		(19)		(27)		(85)		(31)		767		(190)		(43)		(233)		(1)		533
All Other—consumer		1,396		13		76		(18)		28		99		67		1,562		(85)		11		(74)		(108)		1,380
Total consumer ACLL	$	14,119	$	520	$	409	$	77	$	472	$	1,478	$	(166)	$	15,431	$	62	$	350	$	412	$	(111)	$	15,732	4.08%

Total ACLL	$	16,974	$	435	$	257	$	179	$	478	$	1,349	$	(178)	$	18,145	$	119	$	76	$	195	$	(124)	$	18,216	2.68%
Allowance for credit losses on unfunded lending commitments (ACLUC)	$	2,151	$	(194)	$	(96)	$	(54)	$	(81)	$	(425)	$	2	$	1,728	$	(98)	$	(8)	$	(106)	$	(3)	$	1,619
Total ACLL and ACLUC (EOP)		19,125														19,873										19,835
Other⁽³⁾		243		408		145		53		1,132		1,738		(98)		1,883		14		107		121		6		2,010
Total allowance for credit losses (ACL)	$	19,368	$	649	$	306	$	178	$	1,529	$	2,662	$	(274)	$	21,756	$	35	$	175	$	210	$	(121)	$	21,845

(1)	Includes the January 1, 2023 opening adjustment related to the adoption of ASU No. 2022-02, Financial Instruments—Credit Losses (Topic 326): TDRs and Vintage Disclosures. See page 19.

(2)	See footnote 3 on page 16.

(3)	Includes ACL activity on HTM securities and Other assets.

Reclassified to conform to the current period's presentation.

Page 18

ALLOWANCE FOR CREDIT LOSSES ON LOANS (ACLL) AND UNFUNDED LENDING COMMITMENTS (ACLUC)

Page 1

(In millions of dollars)

											2Q24 Increase/			Six		Six	YTD 2024 vs.
	2Q		3Q		4Q		1Q		2Q		(Decrease) from			Months		Months	YTD 2023 Increase/
	2023		2023		2023		2024		2024		1Q24	2Q23		2023		2024	(Decrease)
Total Citigroup
Allowance for credit losses on loans (ACLL) at beginning of period	$	17,169	$	17,496	$	17,629	$	18,145	$	18,296	1%	7%	$	16,974	$	18,145
Adjustment to opening balance
Financial instruments—TDRs and Vintage Disclosures⁽¹⁾		-		-		-		-		-				(352)		-
Adjusted ACLL at beginning of period		17,169		17,496		17,629		18,145		18,296	1%	7%		16,622		18,145	9%
Gross credit (losses) on loans		(1,879)		(2,000)		(2,368)		(2,690)		(2,715)	(1%)	(44%)		(3,513)		(5,405)	(54%)
Gross recoveries on loans		375		363		374		387		432	12%	15%		707		819	16%
Net credit (losses) / recoveries on loans (NCLs)		(1,504)		(1,637)		(1,994)		(2,303)		(2,283)	(1%)	52%		(2,806)		(4,586)	63%
Replenishment of NCLs		1,504		1,637		1,994		2,303		2,283	(1%)	52%		2,806		4,586	63%
Net reserve builds / (releases) for loans		257		179		478		119		76	(36%)	(70%)		692		195	(72%)
Provision for credit losses on loans (PCLL)		1,761		1,816		2,472		2,422		2,359	(3%)	34%		3,498		4,781	37%
Other, net^{(2)(3)(4)(5)(6)(7)}		70		(46)		38		32		(156)	NM	NM		182		(124)
ACLL at end of period (a)	$	17,496	$	17,629	$	18,145	$	18,296	$	18,216	-	4%	$	17,496	$	18,216

Allowance for credit losses on unfunded lending commitments (ACLUC)⁽⁸⁾ (a)	$	1,862	$	1,806	$	1,728	$	1,629	$	1,619	(1%)	(13%)	$	1,862	$	1,619

Provision (release) for credit losses on unfunded lending commitments	$	(96)	$	(54)	$	(81)	$	(98)	$	(8)	92%	92%	$	(290)	$	(106)

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (a)]	$	19,358	$	19,435	$	19,873	$	19,925	$	19,835	-	2%	$	19,358	$	19,835

Total ACLL as a percentage of total loans⁽⁹⁾		2.67%		2.68%		2.66%		2.75%		2.68%	(7) bps	1 bps

Consumer
ACLL at beginning of period	$	14,389	$	14,866	$	14,912	$	15,431	$	15,524	1%	8%	$	14,119	$	15,431
Adjustments to opening balance
Financial instruments—TDRs and Vintage Disclosures⁽¹⁾		-		-		-		-		-				(352)		-
Adjusted ACLL at beginning of period		14,389		14,866		14,912		15,431		15,524	1%	8%		13,767		15,431	12%

NCLs		(1,429)		(1,579)		(1,899)		(2,139)		(2,175)	2%	52%		(2,709)		(4,314)	59%
Replenishment of NCLs		1,429		1,579		1,899		2,139		2,175	2%	52%		2,709		4,314	59%
Net reserve builds / (releases) for loans		409		77		472		62		350	NM	(14%)		929		412	(56%)
Provision for credit losses on loans (PCLL)		1,838		1,656		2,371		2,201		2,525	15%	37%		3,638		4,726	30%
Other, net^{(2)(3)(4)(5)(6)(7)}		68		(31)		47		31		(142)	NM	NM		170		(111)	NM
ACLL at end of period (b)	$	14,866	$	14,912	$	15,431	$	15,524	$	15,732	1%	6%	$	14,866	$	15,732

Consumer ACLUC⁽⁸⁾ (b)	$	88	$	65	$	62	$	46	$	42	(9%)	(52%)	$	88	$	42

Provision (release) for credit losses on unfunded lending commitments	$	(4)	$	(20)	$	(5)	$	(15)	$	(4)	73%	-	$	(21)	$	(19)

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (b)]	$	14,954	$	14,977	$	15,493	$	15,570	$	15,774	1%	5%	$	14,954	$	15,774

Consumer ACLL as a percentage of total consumer loans		3.97%		3.95%		3.97%		4.07%		4.08%	1 bps	11 bps

Corporate
ACLL at beginning of period	$	2,780	$	2,630	$	2,717	$	2,714	$	2,772	2%	-	$	2,855	$	2,714

NCLs		(75)		(58)		(95)		(164)		(108)	(34%)	44%		(97)		(272)	NM
Replenishment of NCLs		75		58		95		164		108	(34%)	44%		97		272	NM
Net reserve builds / (releases) for loans		(152)		102		6		57		(274)	NM	(80%)		(237)		(217)	8%
Provision for credit losses on loans (PCLL)		(77)		160		101		221		(166)	NM	NM		(140)		55	NM
Other, net⁽²⁾		2		(15)		(9)		1		(14)	NM	NM		12		(13)
ACLL at end of period (c)	$	2,630	$	2,717	$	2,714	$	2,772	$	2,484	(10%)	(6%)	$	2,630	$	2,484

Corporate ACLUC⁽⁸⁾ (c)	$	1,774	$	1,741	$	1,666	$	1,583	$	1,577	-	(11%)	$	1,774	$	1,577

Provision (release) for credit losses on unfunded lending commitments	$	(92)	$	(34)	$	(76)	$	(83)	$	(4)	95%	96%	$	(269)	$	(87)

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (c)]	$	4,404	$	4,458	$	4,380	$	4,355	$	4,061	(7%)	(8%)	$	4,404	$	4,061

Corporate ACLL as a percentage of total corporate loans⁽⁹⁾		0.94%		0.97%		0.93%		0.98%		0.85%	(13) bps	(9) bps

Footnotes to this table are on the following page (page 20).

Page 19

ALLOWANCE FOR CREDIT LOSSES ON LOANS (ACLL) AND UNFUNDED LENDING COMMITMENTS (ACLUC)

Page 2

The following footnotes relate to the table on the preceding page (page 19):

(1)Includes the January 1, 2023 opening adjustment related to the adoption of ASU No. 2022-02, Financial Instruments—Credit Losses (Topic 326): TDRs and Vintage Disclosures. See page 19.

(2)Includes all adjustments to the allowance for credit losses, such as changes in the allowance from acquisitions, dispositions, securitizations, foreign currency translation (FX translation), purchase accounting adjustments, etc.

(3)4Q22 primarily relates to FX translation.

(4)1Q23 primarily relates to FX translation.

(5)2Q23 primarily relates to FX translation.

(6)3Q23 primarily relates to FX translation.

(7)4Q23 primarily relates to FX translation.

(8)Represents additional credit reserves recorded as other liabilities on the Consolidated Balance Sheet.

(9)Excludes loans that are carried at fair value of $5.8 billion, $7.4 billion $7.6 billion, $8.9 billion, and $8.5 billion at June 30, 2023, September 30, 2023, December 31, 2023, March 31, 2024, and June 30, 2024, respectively.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 20

NON-ACCRUAL ASSETS

(In millions of dollars)

											2Q24 Increase/
	2Q		3Q		4Q		1Q		2Q		(Decrease) from
	2023		2023		2023		2024		2024		1Q24	2Q23

Corporate non-accrual loans by region⁽¹⁾
North America	$	358	$	934	$	978	$	874	$	456	(48%)	27%
International		903		1,041		904		615		542	(12%)	(40%)
Total	$	1,261	$	1,975	$	1,882	$	1,489	$	998	(33%)	(21%)

Corporate non-accrual loans by segment and component⁽¹⁾
Banking	$	798	$	953	$	799	$	606	$	462	(24%)	(42%)
Services		123		94		103		27		30	11%	(76%)
Markets		133		735		791		686		362	(47%)	NM
Mexico SBMM & AFG		207		193		189		170		144	(15%)	(30%)
Total	$	1,261	$	1,975	$	1,882	$	1,489	$	998	(33%)	(21%)

Consumer non-accrual loans⁽¹⁾
USPB	$	276	$	280	$	291	$	290	$	285	(2%)	3%
Wealth		260		287		288		276		303	10%	17%
Mexico Consumer		498		463		479		465		425	(9%)	(15%)
Asia Consumer⁽²⁾		24		25		22		23		22	(4%)	(8%)
Legacy Holdings Assets — Consumer		263		247		235		227		217	(4%)	(17%)
Total	$	1,321	$	1,302	$	1,315	$	1,281	$	1,252	(2%)	(5%)

Total non-accrual loans (NAL)	$	2,582	$	3,277	$	3,197	$	2,770	$	2,250	(19%)	(13%)

Other real estate owned (OREO)⁽³⁾	$	31	$	37	$	36	$	26	$	27	4%	(13%)

NAL as a percentage of total loans		0.39%		0.49%		0.46%		0.41%		0.33%	(8) bps	(6) bps

ACLL as a percentage of NAL		678%		538%		568%		661%		810%

(1)

Corporate loans are placed on non-accrual status based on a review by Citigroup's risk officers. Corporate non-accrual loans may still be current on interest payments. With limited exceptions, the following practices are applied for consumer loans: consumer loans, excluding credit cards and mortgages, are placed on non-accrual status at 90 days past due, and are charged off at 120 days past due; residential mortgage loans are placed on non-accrual status at 90 days past due and written down to net realizable value at 180 days past due. Consistent with industry conventions, Citigroup generally accrues interest on credit card loans until such loans are charged off, which typically occurs at 180 days contractual delinquency. As such, the non-accrual loan disclosures do not include credit card loans. The balances above represent non-accrual loans within Consumer loans and Corporate loans on the Consolidated Balance Sheet.

(2)	Asia Consumer also includes Non-accrual assets in Poland and Russia.

(3)	Represents the carrying value of all property acquired by foreclosure or other legal proceedings when Citigroup has taken possession of the collateral. Also includes former premises and property for use that is no longer contemplated.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 21

COMMON EQUITY TIER 1 (CET1) CAPITAL AND SUPPLEMENTARY LEVERAGE RATIOS,

TANGIBLE COMMON EQUITY, COMMON EQUITY, BOOK VALUE

PER SHARE AND TANGIBLE BOOK VALUE PER SHARE (TBVPS)

(In millions of dollars or shares, except per share amounts and ratios)

											Six		Six
	June 30,		September 30,		December 31,		March 31,		June 30,		Months		Months
CET1 Capital and Ratio and Components ⁽¹⁾	2023		2023		2023		2024		2024⁽²⁾		2023		2024
Citigroup common stockholders' equity ⁽³⁾	$	188,610	$	190,134	$	187,937	$	189,059	$	190,283
Add: qualifying noncontrolling interests		209		193		153		159		153
Regulatory capital adjustments and deductions:
Add:
CECL transition provision ⁽⁴⁾		1,514		1,514		1,514		757		757
Less:
Accumulated net unrealized gains (losses) on cash flow hedges, net of tax		(1,990)		(1,259)		(1,406)		(914)		(629)
Cumulative unrealized net gain (loss) related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax		307		625		(410)		(1,031)		(760)
Intangible assets:
Goodwill, net of related deferred tax liabilities (DTLs)⁽⁵⁾		18,933		18,552		18,778		18,647		18,315
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs		3,531		3,444		3,349		3,258		3,138
Defined benefit pension plan net assets; other		2,020		1,340		1,317		1,386		1,424
Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards⁽⁶⁾		11,461		11,219		12,075		11,936		11,695
Excess over 10% / 15% limitations for other DTAs, certain common stock investments and MSRs⁽⁶⁾⁽⁸⁾		1,828		1,786		2,306		3,551		3,652
CET1 Capital	$	154,243	$	156,134	$	153,595	$	153,142	$	154,358
Risk-Weighted Assets (RWA)⁽⁴⁾	$	1,153,450	$	1,148,550	$	1,148,608	$	1,138,546	$	1,135,772
CET1 Capital ratio (CET1/RWA)		13.37%		13.59%		13.37%		13.45%		13.6%

Supplementary Leverage Ratio and Components
CET1⁽⁴⁾	$	154,243	$	156,134	$	153,595	$	153,142	$	154,358
Additional Tier 1 Capital (AT1)⁽⁷⁾		21,500		20,744		18,909		18,923		19,426
Total Tier 1 Capital (T1C) (CET1 + AT1)	$	175,743	$	176,878	$	172,504	$	172,065	$	173,784
Total Leverage Exposure (TLE)⁽⁴⁾	$	2,943,546	$	2,927,392	$	2,964,954	$	2,948,323	$	2,948,855
Supplementary Leverage ratio (T1C/TLE)		5.97%		6.04%		5.82%		5.84%		5.9%


Tangible Common Equity, Book Value and Tangible Book Value Per Share
Common stockholders' equity	$	188,474	$	190,008	$	187,853	$	188,985	$	190,210
Less:
Goodwill		19,998		19,829		20,098		20,042		19,704
Intangible assets (other than MSRs)		3,895		3,811		3,730		3,636		3,517
Goodwill and identifiable intangible assets (other than MSRs) related to assets HFS		246		49		-		-		-
Tangible common equity (TCE)⁽⁹⁾	$	164,335	$	166,319	$	164,025	$	165,307	$	166,989
Common shares outstanding (CSO)		1,925.7		1,913.9		1,903.1		1,907.4		1,907.8
Book value per share (common equity/CSO)	$	97.87	$	99.28	$	98.71	$	99.08	$	99.70
Tangible book value per share (TCE/CSO)⁽⁹⁾	$	85.34	$	86.90	$	86.19	$	86.67	$	87.53

Average TCE (in billions of dollars)⁽⁹⁾
Services	$	23.0	$	23.0	$	23.0	$	24.9	$	24.9	$	23.0	$	24.9
Markets		53.1		53.1		53.1		54.0		54.0		53.1		54.0
Banking		21.4		21.4		21.4		21.8		21.8		21.4		21.8
USPB		21.9		21.9		21.9		25.2		25.2		21.9		25.2
Wealth		13.4		13.4		13.4		13.2		13.2		13.4		13.2
All Other		31.3		32.5		32.4		25.6		27.0		29.3		26.3
Total Citi average TCE	$	164.1	$	165.3	$	165.2	$	164.7	$	166.1	$	162.1	$	165.4

Plus:
Average goodwill	$	20.0	$	19.9	$	20.4	$	19.6	$	19.5	$	19.8	$	18.9
Average intangible assets (other than MSRs)		3.9		3.9		3.8		3.7		3.6		3.9		4.3
Average goodwill and identifiable intangible assets (other than MSRs) related to assets HFS		0.2		0.1		-		-		-		0.4		-
Total Citi average common stockholders' equity (in billions of dollars)	$	188.2	$	189.2	$	189.4	$	188.0	$	189.2	$	186.2	$	188.6

(1)	See footnote 7 on page 1.

(2)	June 30, 2024 is preliminary.

(3)	Excludes issuance costs related to outstanding preferred stock in accordance with Federal Reserve Board regulatory reporting requirements.

(4)	See footnote 8 on page 1.

(5)	Includes goodwill “embedded” in the valuation of significant common stock investments in unconsolidated financial institutions.

(6)

Represents deferred tax excludable from Basel III CET1 Capital, which includes net DTAs arising from net operating loss, foreign tax credit, and general business credit tax carry-forwards and DTAs arising from timing differences (future deductions) that are deducted from CET1 Capital exceeding the 10% limitation.

(7)	Additional Tier 1 Capital primarily includes qualifying noncumulative perpetual preferred stock and qualifying trust preferred securities.

(8)

Assets subject to 10% / 15% limitations include MSRs, DTAs arising from temporary differences, and significant common stock investments in unconsolidated financial institutions. For all periods presented, the deduction related only to DTAs arising from temporary differences that exceeded the 10% limitation.

(9)	TCE and TBVPS are non-GAAP financial measures.

Reclassified to conform to the current period's presentation.

Page 22


Delaware	1-9924	52-1568099
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

388 Greenwich Street, New York, NY (Address of principal executive offices)		10013 (Zip Code)

Exhibit Number

99.1		Citigroup Inc. press release dated July 12, 2024.

99.2		Citigroup Inc. Quarterly Financial Data Supplement for the quarter ended June 30, 2024.

99.3		Citigroup Inc. securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 as of the filing date.

104.1		See the cover page of this Current Report on Form 8-K, formatted in Inline XBRL.

		CITIGROUP INC.

Dated: July 12, 2024
	By:	/s/ Johnbull E. Okpara
		Johnbull E. Okpara
		Controller and Chief Accounting Officer
		(Principal Accounting Officer)


			Exhibit 99.3

Citigroup Inc. securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class	Ticker Symbol(s)	Title for iXBRL	Name of each exchange on which registered

Common Stock, par value $.01 per share	C	Common Stock, par value $.01 per share	New York Stock Exchange

7.625% Trust Preferred Securities of Citigroup Capital III (and registrant’s guaranty with respect thereto)	C/36Y	7.625% TRUPs of Cap III (and registrant’s guaranty)	New York Stock Exchange
7.875% Fixed Rate / Floating Rate Trust Preferred Securities (TruPS^®) of Citigroup Capital XIII (and registrant’s guaranty with respect thereto)	C N	7.875% FXD / FRN TruPS of Cap XIII (and registrant’s guaranty)	New York Stock Exchange
Medium-Term Senior Notes, Series N, Callable Step-Up Coupon Notes Due March 31, 2036 of CGMHI (and registrant’s guaranty with respect thereto)	C/36A	MTN, Series N, Callable Step-Up Coupon Notes Due Mar 2036 of CGMHI (and registrant’s guaranty)	New York Stock Exchange
Medium-Term Senior Notes, Series N, Callable Step-Up Coupon Notes Due February 26, 2036 of CGMHI (and registrant's guaranty with respect thereto)	C/36	MTN, Series N, Callable Step-Up Coupon Notes Due Feb 2036 of CGMHI (and registrant's guaranty)	New York Stock Exchange
Medium-Term Senior Notes, Series N, Callable Fixed Rate Notes Due December 18, 2035 of CGMHI (and registrant's guaranty with respect thereto)	C/35	MTN, Series N, Callable Fixed Rate Notes Due Dec 2035 of CGMHI (and registrant's guaranty)	New York Stock Exchange
Medium-Term Senior Notes, Series N, Callable Fixed Rate Notes Due April 26, 2028 of CGMHI (and registrant’s guaranty with respect thereto)	C/28	MTN, Series N, Callable Fixed Rate Notes Due Apr 2028 of CGMHI (and registrant’s guaranty)	New York Stock Exchange
Medium-Term Senior Notes, Series N, Floating Rate Notes Due September 17, 2026 of CGMHI (and registrant’s guaranty with respect thereto)	C/26	MTN, Series N, Floating Rate Notes Due Sept 2026 of CGMHI (and registrant’s guaranty)	New York Stock Exchange
Medium-Term Senior Notes, Series N, Floating Rate Notes Due September 15, 2028 of CGMHI (and registrant’s guaranty with respect thereto)	C/28A	MTN, Series N, Floating Rate Notes Due Sept 2028 of CGMHI (and registrant’s guaranty)	New York Stock Exchange
Medium-Term Senior Notes, Series N, Floating Rate Notes Due October 6, 2028 of CGMHI (and registrant’s guaranty with respect thereto)	C/28B	MTN, Series N, Floating Rate Notes Due Oct 2028 of CGMHI (and registrant’s guaranty)	New York Stock Exchange