8-K - C - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) January 13, 2023

Citigroup Inc.

(Exact name of registrant as specified in its charter)


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

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

( 212 ) 559-1000

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 formatted in Inline XBRL: See Exhibit 99.3

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

CITIGROUP INC.

Current Report on Form 8-K

Item 2.02 Results of Operations and Financial Condition.

On January 13, 2023, Citigroup Inc. announced its results for the quarter and year ended December 31, 2022. A copy of the related press release, filed as Exhibit 99.1 to this Form 8-K, is incorporated herein by reference in its entirety and shall be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended (the Act).

In addition, a copy of the Citigroup Inc. Quarterly Financial Data Supplement for the quarter and year ended December 31, 2022 is being furnished as Exhibit 99.2 to this Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Act or otherwise subject to the liabilities of that section.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number	****

99.1		Citigroup Inc. press release dated January 13, 2023.

99.2		Citigroup Inc. Quarterly Financial Data Supplement for the quarter and year ended December 31, 2022.

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.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		CITIGROUP INC.

Dated: January 13, 2023
	By:	/s/ Johnbull E. Okpara
		Johnbull E. Okpara
		Controller and Chief Accounting Officer
		(Principal Accounting Officer)

Exhibit 99.1

For Immediate Release<br><br>Citigroup Inc. (NYSE: C)<br><br>January 13, 2023
FOURTH QUARTER AND FULL YEAR 2022 RESULTS AND KEY METRICS<br><br><br><br><br><br><br><br>	CEO COMMENTARY
		<br><br>Citi CEO Jane Fraser said, “One of our major goals in 2022 was to put in place a strategic plan designed to create long-term value for our shareholders and I am pleased with the significant progress we have already made in terms of our Transformation, simplification and strengthening our five interconnected businesses, some of which delivered excellent results this quarter.<br><br><br><br>“With their revenues up 32%, Services delivered another excellent quarter, and we have gained significant share in both Treasury and Trade Solutions and Securities Services. Markets had the best fourth quarter in recent memory, driven by a 31% increase in Fixed Income, while Banking and Wealth Management were impacted by the same market conditions they faced throughout the year. Our cards businesses had double-digit revenue growth for the second straight quarter, and we continue to make progress on our international consumer exits, closing five sales to date.<br><br><br><br>“Over the course of 2022, we returned over $7 billion to our shareholders. We ended the year with a CET1 capital ratio of 13% and a tangible book value per share of $81.65. We intentionally designed a strategy that can deliver for our shareholders in different environments, and we are very much on track to reach the medium-term return targets we shared on Investor Day,” Ms. Fraser concluded.
RETURNED $1.0 BILLION IN DIVIDENDS TO COMMON SHAREHOLDERS<br><br>PAYOUT RATIO OF 44%^(3)^<br><br>BOOK VALUE PER SHARE OF $94.06<br><br>TANGIBLE BOOK VALUE PER SHARE OF $81.65^(4)^<br><br><br><br><br><br>New York, January 13, 2023 – Citigroup Inc. today reported net income for the fourth quarter 2022 of $2.5 billion, or $1.16 per diluted share, on revenues of $18.0 billion. This compares to net income of $3.2 billion, or $1.46 per diluted share, on revenues of $17.0 billion for the fourth quarter 2021.<br><br><br><br>Fourth quarter results included divestiture-related impacts of approximately $192 million in earnings before taxes (approximately $113 million after-tax), primarily driven by a gain on the sale of the Thailand consumer business. Excluding these divestiture-related impacts, earnings per share was $1.10^(5)^. This compares to divestiture-related impacts in the fourth quarter 2021 of approximately $1.2 billion in earnings before taxes (approximately $1.1 billion after-tax), primarily driven by costs related to the Korea voluntary early retirement program (VERP)^(5)^.<br><br><br><br>Revenues increased 6% from the prior-year period and 5% excluding the divestiture-related impacts^(5)^, as growth in net interest income was partially offset by lower non-interest revenues. The higher net interest income was driven by the impact of higher interest rates across businesses and strong loan growth in Personal Banking and Wealth Management (PBWM). The lower non-interest revenues reflected declines in Investment Banking in Institutional Clients Group (ICG) and lower investment product revenues in Global Wealth Management in PBWM.<br><br><br><br>Net income of $2.5 billion decreased 21% from the prior-year period, and decreased 43% excluding the divestiture-related impacts, primarily driven by higher cost of credit, largely resulting from the loan growth in PBWM and deterioration in macroeconomic assumptions, partially offset by the higher revenues and lower expenses.

Earnings per share of $1.16 decreased 21% from the prior-year period, reflecting the lower net income, partially offset by an approximate 2% decline in average diluted shares outstanding.

For the full year 2022, Citigroup reported net income of $14.8 billion on revenues of $75.3 billion, compared to net income of $22.0 billion on revenues of $71.9 billion for the full year 2021.

Percentage comparisons throughout this press release are calculated for the fourth quarter 2022 versus the fourth quarter 2021, unless otherwise specified.

Fourth Quarter Financial Results



Citigroup ( in millions, except per share amounts and as otherwise noted)	4Q'22		****	3Q'22		****	4Q'21			QoQ%	YoY%	****	****	2022			****	2021			****	% r
Institutional Clients Group					9,468		$	8,908		(3)%	3%				41,206				39,836			3%
Personal Banking and Wealth Management	6,096			6,187			5,785			(1)%	5%				24,217				23,327			4%
Legacy Franchises	2,052			2,554			2,193			(20)%	(6)%				8,472				8,251			3%
Corporate / Other	699			299			131			NM	NM				1,443				470			NM
Total revenues, net of interest expense	18,006			18,508			17,017			(3)%	6%			$	75,338				71,884			5%

Total operating expenses	12,985			12,749			13,532			2%	(4)%			$	51,292				48,193			6%

Net credit losses	1,180			887			866			33%	36%				3,789				4,895			(23)%
Net ACL build / (release)(a)	640			370			(1,369)			73%	NM				1,247				(8,786)			NM
Other provisions(b)	25			108			38			(77)%	(34)%				203				113			80%
Total cost of credit	1,845			1,365			(465)			35%	NM			$	5,239				(3,778)			NM

Income from continuing operations before income taxes	3,176			4,394			3,950			(28)%	(20)%			$	18,807				27,469			(32)%
Provision for income taxes	640			879			771			(27)%	(17)%				3,642				5,451			(33)%
Income from continuing operations	2,536			3,515			3,179			(28)%	(20)%			$	15,165				22,018			(31)%
Income (loss) from discontinued operations, net of taxes	(2)			(6)			-			67%	NM				(231)				7			NM
Net income attributable to non-controlling interest	21			30			6			(30)%	NM				89				73			22%
Citigroup's net income		2,513					$	3,173		(28)%	(21)%			$	14,845				21,952			(32)%


Income (loss) from continuing operations, net of taxes
Institutional Clients Group	1,916			2,186			2,330			(12)%	(18)%				10,738				14,308			(25)%
Personal Banking and Wealth Management	114			792			1,613			(86)%	(93)%				3,319				7,734			(57)%
Legacy Franchises	75			316			(620)			(76)%	NM				(9)				(9)			-
Corporate / Other	431			221			(144)			95%	NM				1,117				(15)			NM


EOP loans (B)	657			646			668			2%	(2)%				-				-			-
EOP assets (B)	2,417			2,381			2,291			1%	5%				-				-			-
EOP deposits (B)	1,366			1,306			1,317			5%	4%				-				-			-


Book value per share		94.06			92.71		$	92.21		1%	2%				$	94.06			$	92.21		2%
Tangible book value per share(4)		81.65			80.34		$	79.16		2%	3%				$	81.65			$	79.16		3%
Common Equity Tier 1 (CET1) Capital ratio(2)	13.0%			12.3%			12.2%		****						13.0%				12.2%
Supplementary Leverage ratio (SLR)(2)	5.8%			5.7%			5.7%		****						5.8%				5.7%
Return on average common equity	5.0%			7.1%			6.4%								7.7%				11.5%
Return on average tangible common equity (RoTCE)(1)	5.8%			8.2%			7.4%		****						8.9%				13.4%

All values are in US Dollars.

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 for policyholder benefits and claims, HTM debt securities and other assets.

Citigroup

Citigroup revenues of $18.0 billion in the fourth quarter 2022 increased 6%. Excluding the divestiture-related impacts, primarily driven by the gain on the sale of the Thailand consumer business in the current quarter, revenues were up 5%, as the impacts of higher interest rates across businesses and the strong loan growth in US Personal Banking were partially offset by the decline in Investment Banking and the lower investment product revenues in Global Wealth Management as well as impacts from the closed exit markets.

Citigroup operating expenses of $13.0 billion in the fourth quarter 2022 decreased 4%, primarily driven by the absence of divestiture-related costs related to the Korea VERP in the prior-year period. Operating expenses included approximately $58 million of divestiture-related costs in the current quarter compared to approximately $1.2 billion in the prior-year period. Excluding these costs in both periods, expenses increased 5%, largely driven by transformation investments, business-led investments, and volume-related expenses, partially offset by the benefit of productivity savings and expense reduction of the market exits.

Citigroup cost of credit was approximately $1.8 billion in the fourth quarter 2022, compared to $(0.5) billion in the prior-year period, reflecting a net build in the allowance for credit losses (ACL) for loans and unfunded commitments of $640 million, primarily due to the loan growth in PBWM and the deterioration in macroeconomic assumptions, compared to a net ACL release of $(1.4) billion in the prior-year period. The higher cost of credit also reflected higher net credit losses, primarily driven by ongoing normalization in cards, particularly in Retail Services.

Citigroup net income of $2.5 billion in the fourth quarter 2022 decreased 21% from the prior-year period, primarily driven by the higher cost of credit, partially offset by the higher revenues and lower expenses. Citigroup’s effective tax rate was 20.2% in the current quarter versus 19.5% in the fourth quarter 2021.

Citigroup’s total allowance for credit losses on loans was approximately $17.0 billion at quarter end, with a reserve-to-funded loans ratio of 2.60%, compared to $16.5 billion, or 2.49% of funded loans, at the end of the prior-year period. Total non-accrual loans decreased 28% from the prior-year period to $2.4 billion. Consumer non-accrual loans decreased 28% to $1.3 billion and corporate non-accrual loans decreased 28% to $1.1 billion.

Citigroup’s end-of-period loans were $657 billion at quarter end, down 2% versus the prior-year period, as the decline in Legacy Franchises more than offset growth in US Personal Banking and the impact of foreign exchange translation.

Citigroup’s end-of-period deposits were $1.4 trillion at quarter end, an increase of 4% versus the prior-year period, largely driven by deposit growth in Treasury and Trade Solutions (TTS), partially offset by lower deposits in Legacy Franchises and the impact of foreign exchange translation.

Citigroup’s book value per share of $94.06 and tangible book value per share of $81.65 at quarter end increased 2% and 3%, respectively, largely driven by the net income and the lower shares outstanding, partially offset by adverse movements in the accumulated other comprehensive income (AOCI) component of equity and payment of common dividends. At quarter end, Citigroup’s CET1 capital ratio was 13.0% versus 12.3% in the prior quarter, largely reflecting the benefits of net income, closing of exit markets, and the optimization of risk-weighted assets (RWA). Citigroup’s Supplementary Leverage ratio for the fourth quarter 2022 was 5.8% versus 5.7% in the prior quarter. During the quarter, Citigroup returned a total of $1 billion to common shareholders in the form of dividends.


Institutional Clients Group( in millions, except as otherwise noted)	4Q'22		****	3Q'22		****	4Q'21		QoQ%	YoY%	2022		2021		% r
Securities Services	$	1,040		$	968		$	855	7%	22%		3,859		3,367	15%
Treasury and Trade Solutions		3,290			3,209			2,415	3%	36%		12,163		9,215	32%
Total Services revenues		4,330			4,177			3,270	4%	32%		16,022		12,582	27%
Fixed Income Markets		3,155			3,062			2,414	3%	31%		14,555		12,880	13%
Equity Markets		789			1,006			918	(22)%	(14)%		4,558		4,996	(9)%
Total Markets revenues		3,944			4,068			3,332	(3)%	18%		19,113		17,876	7%
Investment Banking		645			631			1,553	2%	(58)%		3,109		6,631	(53)%
Corporate Lending(a)		540			648			732	(17)%	(26)%		2,655		2,887	(8)%
Total Banking revenues(a)		1,185			1,279			2,285	(7)%	(48)%		5,764		9,518	(39)%
Product revenues, net of interest expense(a)		9,459			9,524			8,887	(1)%	6%	$	40,899	$	39,976	2%
Gain / (loss) on loan hedges		(300)			(56)			21	NM	NM		307		(140)	NM
Total revenues, net of interest expense		9,159			9,468			8,908	(3)%	3%	$	41,206	$	39,836	3%

Total operating expenses		6,601			6,541			6,225	1%	6%	$	26,299	$	23,949	10%

Net credit losses		104			-			82	NM	27%		152		356	(57)%
Net ACL build / (release)(b)		(54)			16			(373)	NM	86%		665		(2,846)	NM
Other provisions(c)		6			70			10	(91)%	(40)%		94		-	NM
Total cost of credit		56			86			(281)	(35)%	NM	$	911	$	(2,490)	NM

Net income	$	1,896		$	2,162		$	2,320	(12)%	(18)%	$	10,659	$	14,225	(25)%


Services Key Drivers
Cross border transaction value (B)		81			76			78	7%	4%		312		280	11%
Commercial card spend volume (B)		15			16			11	(1)%	35%		57		39	49%
US dollar clearing volume (#MM)		38			38			38	2%	1%		149		146	2%
Assets under custody and/or administration (AUC/AUA) (T)		22			21			24	6%	(7)%		-		-	-

All values are in US Dollars.

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

(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 6.

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

Institutional Clients Group

ICG revenues of $9.2 billion increased 3% (including gain/(loss) on loan hedges)^(6)^, as strength in TTS, Securities Services and Fixed Income Markets was partially offset by a decline in Banking and Equity Markets.

Services revenues of $4.3 billion increased 32%. Treasury and Trade Solutions (TTS) revenues of $3.3 billion increased 36%, driven by 61% growth in net interest income, partially offset by a 1% decrease in non-interest revenue. Strong performance in TTS was driven by business actions, which included managing deposit repricing, deepening of relationships with existing clients, and significant new client wins across all segments, as well as the benefit of higher interest rates. Securities Services revenues of $1.0 billion increased 22%, as net interest income increased significantly, driven by higher interest rates across currencies, partially offset by a 9% decrease in non-interest revenue due to the impact of lower market valuations on assets under custody and administration.

Markets revenues of $3.9 billion increased 18%, largely driven by growth in Fixed Income Markets. Fixed Income Markets revenues of $3.2 billion increased 31%, driven by strength in rates and currencies. Equity Markets revenues of $789 million were down 14%, primarily reflecting reduced client activity in equity derivatives, partially offset by growth in prime services.

Banking revenues of $0.9 billion decreased 62%, including gain/losses on loan hedges in the current quarter and the prior-year period. Excluding gain/losses on loan hedges, Banking revenues of $1.2 billion decreased 48%, driven by lower revenues in Investment Banking and Corporate Lending. Investment Banking revenues of $645 million decreased 58%, as heightened macroeconomic uncertainty and volatility continued to impact client activity. Excluding gain/losses on loan hedges, Corporate Lending revenues decreased 26% versus the prior-year period, driven by lower volumes, higher credit default swap premiums, and impacts of foreign exchange translation.

ICG operating expenses **** of $6.6 billion increased 6%, driven by transformation investments, business-led investments, and volume-related expenses, partially offset by the impacts of foreign exchange translation and productivity savings.

ICG cost of credit **** of $56 million, compared to $(281) million in the prior-year period, included a net ACL release for loans and unfunded commitments of $(54) million and net credit losses of $104 million. The ACL release was primarily driven by the reduction of certain direct exposures in Russia, partially offset by an increase related to the deterioration in macroeconomic assumptions.

ICG net income **** of $1.9 billion decreased 18%, largely driven by the higher expenses and the higher cost of credit, partially offset by the higher revenues. 5


Personal Banking and Wealth Management( in millions, except as otherwise noted)	4Q'22		****	3Q'22		****	4Q'21		QoQ%	YoY%	2022		2021		% r
Branded Cards	$	2,376		$	2,258		$	2,073	5%	15%		8,892		8,190	9%
Retail Services		1,420			1,431			1,290	(1)%	10%		5,450		5,082	7%
Retail Banking		608			642			624	(5)%	(3)%		2,501		2,506	-
Total US Personal Banking revenues		4,404			4,331			3,987	2%	10%	$	16,843	$	15,778	7%
Private Bank		589			649			688	(9)%	(14)%		2,762		2,943	(6)%
Wealth at Work		195			182			177	7%	10%		730		691	6%
Citigold		908			1,025			933	(11)%	(3)%		3,882		3,915	(1)%
Total Global Wealth Management revenues		1,692			1,856			1,798	(9)%	(6)%		7,374		7,549	(2)%
Total revenues, net of interest expense		6,096			6,187			5,785	(1)%	5%	$	24,217	$	23,327	4%

Total operating expenses		4,307			4,077			4,017	6%	7%	$	16,258	$	14,610	11%

Net credit losses		908			723			568	26%	60%		3,021		3,061	(1)%
Net ACL build / (release)(a)		752			379			(869)	98%	NM		718		(4,300)	NM
Other provisions(b)		6			7			5	(14)%	20%		15		15	-
Total cost of credit		1,666			1,109			(296)	50%	NM	$	3,754	$	(1,224)	NM

Net income	$	114		$	792		$	1,613	(86)%	(93)%	$	3,319	$	7,734	(57)%


Key Indicators (B)
US Personal Banking average loans		180			174			162	3%	11%		170		159	7%
US Personal Banking average deposits		111			115			114	(3)%	(3)%		115		112	3%
US cards average loans		143			138			128	4%	12%		136		124	9%
US credit card spend volume(c)		152			145			142	5%	7%		574		503	14%
Global Wealth Management client assets		746			708			814	5%	(8)%		-		-	-
Global Wealth Management average loans		150			151			150	(1)%	-		151		148	2%
Global Wealth Management average deposits		320			313			323	2%	(1)%		320		305	5%

All values are in US Dollars.

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 for policyholder benefits and claims, HTM debt securities and other assets.

Personal Banking and Wealth Management

PBWM revenues of $6.1 billion increased 5%, as net interest income growth, driven by strong loan growth across US Personal Banking and higher interest rates, was partially offset by a decline in non-interest revenue, driven by the lower investment product revenues in Global Wealth Management and higher partner payments in Retail Services.

US Personal Banking revenues of $4.4 billion increased 10%. Branded Cards revenues of $2.4 billion increased 15%, primarily driven by the higher net interest income. In Branded Cards, card spend volumes increased 9% and average loans increased 13%. Retail Services revenues of $1.4 billion increased 10%, driven by higher interest-earning balances, partially offset by the higher partner payments. Retail Banking revenues of $608 million decreased 3%, primarily driven by lower mortgage volumes.

Global Wealth Management revenues of $1.7 billion decreased 6%, as investment product revenue headwinds, more than offset net interest income growth from the higher interest rates particularly in Asia. Excluding Asia^(7)^, revenues were largely unchanged.

PBWM operating expenses of $4.3 billion increased 7%, primarily driven by transformation investments and other risk and control initiatives.

PBWM cost of credit was $1.7 billion compared to $(296) million in the prior-year period. The increase was largely driven by a net build in the ACL for loans and unfunded commitments of $752 million in the current quarter, primarily driven by cards volume growth and the deterioration in macroeconomic assumptions, compared to a net ACL release of $869 million in the prior-year period. Net credit losses of $908 million increased 60% from near historically low levels, reflecting ongoing normalization, particularly in Retail Services.

PBWM net income of $114 million decreased 93%, driven by the higher cost of credit and the higher expenses, partially offset by the higher revenues.


Legacy Franchises( in millions, except as otherwise noted)	4Q'22		****	3Q'22		****	4Q'21		QoQ%	YoY%	2022		2021		% r
Asia Consumer	$	772		$	1,372		$	948	(44)%	(19)%		3,811		3,405	12%
Mexico Consumer/SBMM(a)		1,255			1,173			1,168	7%	7%		4,751		4,651	2%
Legacy Holdings Assets		25			9			77	NM	(68)%		(90)		195	NM
Total Legacy revenues, net of interest expense		2,052			2,554			2,193	(20)%	(6)%	$	8,472	$	8,251	3%
Total operating expenses		1,830			1,845			2,971	(1)%	(38)%	$	7,782	$	8,259	(6)%
Net credit losses		168			164			216	2%	(22)%		616		1,478	(58)%
Net ACL build / (release)(b)		(58)			(25)			(127)	NM	54%		(136)		(1,640)	92%
Other provisions(c)		13			28			23	(54)%	(43)%		91		100	(9)%
Total cost of credit		123			167			112	(26)%	10%	$	571	$	(62)	NM

Net income (loss)	$	72		$	316		$	(616)	(77)%	NM	$	(12)	$	1	NM


Key Indicators (B)
Asia Consumer EOP loans		13			13			41	(1)%	(68)%		-		-	-
Asia Consumer EOP deposits		15			15			43	(1)%	(67)%		-		-	-
Mexico Consumer/SBMM EOP loans(a)		22			21			20	6%	9%		-		-	-
Mexico Consumer/SBMM EOP deposits(a)		37			36			33	2%	12%		-		-	-
Legacy Holdings EOP loans		3			3			4	(6)%	(23)%		-		-	-

All values are in US Dollars.

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

(a) SBMM refers to Small Business & Middle Market Banking.

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

Legacy Franchises

Legacy Franchises revenues of $2.1 billion decreased 6%, primarily driven by the reduction in revenues from the closing of five exit markets and the impact of the Korea consumer and Russia consumer wind-downs, partially offset by the Thailand consumer business gain on sale.

Legacy Franchises expenses of $1.8 billion decreased 38%, driven by the absence of the $1.2 billion divestiture-related costs in the prior-year period and the benefits from exit markets.

Legacy Franchises cost of credit was $123 million, compared to $112 million in the prior-year period, primarily driven by a larger net ACL release for loans and unfunded commitments in the prior-year period, partially offset by lower net credit losses in the current quarter.

Legacy Franchises net income was $72 million, compared to a net loss of $616 million in the prior-year period, primarily reflecting the lower expenses, partially offset by the lower revenues.


Corporate / Other( in millions)	4Q'22		****	3Q'22		****	4Q'21		QoQ%	YoY%	2022		2021		% r
Revenues, net of interest expense	$	699		$	299		$	131	NM	NM	$	1,443	$	470	NM

Total operating expenses		247			286			319	(14)%	(23)%	$	953	$	1,375	(31)%

Total cost of credit(a)		-			3			-	NM	-	$	3	$	(2)	NM

Income (loss) from continuing operations		431			221			(144)	95%	NM	$	1,117	$	(15)	NM

Adjusted Net Income (Loss)(b)		431			221			(144)	95%	NM	$	23,117	$	(15)	NM

Net income (loss)	$	431		$	209		$	(144)	NM	NM	$	879	$	(8)	NM

All values are in US Dollars.

(a) Includes provisions for HTM debt securities and other assets.

Corporate / Other

Corporate / Other revenues increased to $699 million from $131 million in the prior-year period, largely driven by higher net revenue from the investment portfolio, primarily due to higher interest rates. 7

Corporate / Other expenses of $247 million decreased 23%, driven by lower consulting expenses.

Corporate / Other income from continuing operations was $431 million, compared to a loss of $144 million in the prior-year period, reflecting the higher net revenue from the investment portfolio and 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 www.citigroup.com/citi/investor. Dial-in numbers for the conference call are as follows: (800) 343-1703 (for U.S. and Canada callers) or (785) 424-1226 (for international callers).

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 Fourth Quarter 2022 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 160 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 rules and regulations of the Private Securities Litigation and 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: continued elevated levels of inflation and its impacts; elevated interest rates and the impacts on macroeconomic conditions, customer and client behavior, as well as Citi’s funding costs; global supply shocks; potential recessions in Europe, the U.S. and other countries; significant disruptions and volatility in financial markets, including foreign currency volatility and devaluations; economic and geopolitical challenges related to China; the impacts related to or resulting from the Russia-Ukraine war, including Citi’s ability to wind-down its activities in Russia; Citi’s ability to execute against its transformation milestones and strategic initiatives, including consummation of Citi’s exits and wind-downs, and the impacts related to any additional CTA or other losses and impacts; macroeconomic and other challenges and uncertainties related to the COVID-19 pandemic, including disruptions of global supply chains; and the precautionary statements included in this release. These factors also consist of those contained in Citigroup’s filings with the U.S. Securities Exchange and Commission, including without limitation the “Risk Factors” section of Citigroup’s 2021 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)
Net Income	$	2,513
Less: Preferred Dividends		238
Net Income to Common Shareholders	$	2,275

Common Share Repurchases		-
Common Dividends		1,003
Total Capital Returned to Common Shareholders	$	1,003

Payout Ratio		44%

Average TCE	$	156,879

RoTCE		5.8%

All values are in US Dollars.

Appendix B


Citigroup( in millions, except per share amounts)	4Q'22		****	4Q'21		****	YoY
Total Citigroup Revenues - As Reported	$	18,006		$	17,017		6%
Less:
Total Divestiture Impact on Revenue(5)	$	209		$	(13)
Total Citigroup Revenues, Excluding Divestiture Impacts	$	17,797		$	17,030		5%

Total Citigroup Operating Expenses - As Reported	$	12,985		$	13,532		(4)%
Less:
Total Divestiture Impact on Operating Expenses(5)	$	58		$	1,171
Total Citigroup Operating Expenses, Excluding Divestiture Impacts	$	12,927		$	12,361		5%

Total Citigroup Cost of Credit - As Reported	$	1,845		$	(465)		NM
Less:
Total Divestiture Impact on Cost of Credit(5)		41			(1)
Total Citigroup Cost of Credit, Excluding Divestiture Impacts	$	1,804		$	(464)		NM

Total Citigroup Net Income - As Reported	$	2,513		$	3,173		(21)%
Less:
Total Divestiture Impact on Revenue(5)		209			(13)
Total Divestiture Impact on Operating Expenses(5)		(58)			(1,171)
Total Divestiture Impact on Cost of Credit(5)		41			(1)
Total Divestiture Impact on Taxes(5)		(79)			123
Total Citigroup Net Income, Excluding Divestiture Impacts	$	2,400		$	4,235		(43)%

Citigroup Diluted EPS - As Reported	$	1.16		$	1.46
Less:
Impact of Citigroup Diluted EPS(5)	$	0.06		$	(0.53)
Citigroup Diluted EPS, Excluding Divestiture Impacts	$	1.10		$	1.99

All values are in US Dollars.

<br><br>
Global Wealth Management<br><br>($ in millions)		4Q'22		4Q'21	****	YoY
PBWM - Global Wealth Management Revenues - As Reported	$	1,692	$	1,798		(6)%
Less:
Asia Revenues^(7)^	$	457	$	563
PBWM - Global Wealth Management Revenues - Excluding Asia Revenues	$	1,235	$	1,235		0%

Appendix C


( in millions)	4Q'22^(1)^		****	3Q'22		****	4Q'21

Citigroup Common Stockholders' Equity(2)	$	182,325		$	179,696		$	183,108
Add: Qualifying noncontrolling interests		128			113			143
Regulatory Capital Adjustments and Deductions:
Add: CECL transition provision(3)		2,271			2,271			3,028
Less:
Accumulated net unrealized gains (losses) on cash flow hedges, net of tax		(2,522)			(2,869)			101
Cumulative unrealized net gain (loss) related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax		1,441			3,211			(896)
Intangible Assets:
Goodwill, net of related deferred tax liabilities (DTLs)(4)		19,007			18,796			20,619
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs		3,411			3,492			3,800
Defined benefit pension plan net assets; other		1,958			1,932			2,080
Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards(5)		12,197			11,690			11,270
Excess over 10% / 15% limitations for other DTAs, certain common stock investments, and MSRs(5)(6)		327			1,261			-
Common Equity Tier 1 Capital (CET1)	$	148,905		$	144,567		$	149,305

Risk-Weighted Assets (RWA)(3)	$	1,142,816		$	1,176,749		$	1,219,175

Common Equity Tier 1 Capital Ratio (CET1 / RWA)		13.0%	****		12.3%			12.2%

All values are in US Dollars.

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

(1)	Preliminary.
(2)	Excludes issuance costs related to outstanding preferred stock in accordance with Federal Reserve Board regulatory reporting requirements.
---	---
(3)	Please refer to Footnote 2 at the end of this press release for additional information.
---	---
(4)	Includes goodwill “embedded” in the valuation of significant common stock investments in unconsolidated financial institutions.
---	---
(5)	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 from timing differences (future deductions) that are deducted from CET1 exceeding the 10% limitation.
---	---
(6)	Assets subject to 10%/15% limitations include MSRs, DTAs arising from temporary differences and significant common stock investments in unconsolidated financial institutions. As of September 30, 2022 and December 31, 2022, the deduction related only to DTAs arising from temporary differences that exceeded the 10% limitation
---	---

Appendix D


( in millions)	4Q'22^(1)^			3Q'22			4Q'21

Common Equity Tier 1 Capital (CET1)(2)	$	148,905		$	144,567		$	149,305

Additional Tier 1 Capital (AT1)(3)		20,238			20,263			20,263

Total Tier 1 Capital (T1C) (CET1 + AT1)	$	169,143		$	164,830		$	169,568

Total Leverage Exposure (TLE)(2)	$	2,914,246		$	2,888,535		$	2,957,764

Supplementary Leverage Ratio (T1C / TLE)		5.8%	****		5.7%	****		5.7%

All values are in US Dollars.

(1)	Preliminary.
(2)	Please refer to Footnote 2 at the end of this press release for additional information.
---	---
(3)	Additional Tier 1 Capital primarily includes qualifying noncumulative perpetual preferred stock and qualifying trust preferred securities.
---	---

Appendix E


( and shares in millions, except per share amounts)	4Q'22^(1)^		****	3Q'22		****	4Q'21

Common Stockholders' Equity	$	182,194		$	179,565		$	182,977
Less:
Goodwill		19,691			19,326			21,299
Intangible Assets (other than MSRs)		3,763			3,838			4,091
Goodwill and Identifiable Intangible Assets (other than MSRs) Related to Assets Held-for-Sale		589			794			510
Tangible Common Equity (TCE)	$	158,151		$	155,607		$	157,077

Common Shares Outstanding (CSO)		1,937			1,937			1,984

Tangible Book Value Per Share	$	81.65		$	80.34		$	79.16

All values are in US Dollars.

(1)	Preliminary.

^(1)^ Preliminary. Citigroup’s return on average tangible common equity (RoTCE) is a non-GAAP financial measure. RoTCE represents annualized net income available to common shareholders as a percentage of average tangible common equity (TCE). For the components of the calculation, see Appendix A.

^(2)^Ratios as of December 31, 2022 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 December 31, 2022 would be 12.8% and 5.7%, respectively, on a fully reflected basis. For additional information, see “Capital Resources—Regulatory Capital Treatment—Modified Transition of the current expected” in Citigroup’s Annual Report on Form 10-K for the year ended December 31, 2021, and Citigroup's Current Report on Form 8-K dated May 10, 2022 (as amended by Current Report on Form 8-K/A dated May 10, 2022).

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

^(3)^Citigroup’s payout ratio is the sum of common dividends and common share repurchases divided by net income available to common shareholders. For the components of the calculation, see Appendix A.

^(4)^Citigroup’s tangible book value per share is a non-GAAP financial measure. For a reconciliation of this measure to reported results, see Appendix E.

^(5)^Fourth quarter 2022 results included divestiture-related impacts of $192 million in earnings before taxes (approximately $113 million after-tax), primarily recorded in Legacy Franchises. This amount included $209 million primarily related to the gain on sale from certain divestitures, recorded in Other revenue, $58 million of aggregate divestiture-related costs, recorded in Operating expenses, a $41 million benefit of divestiture-related credit costs, and related taxes of $79 million.

Fourth quarter 2021 results included divestiture-related impacts of $(1.2) billion in earnings before taxes (approximately $1.1 billion after tax), recorded in Legacy Franchises. This amount included $1.2 billion recorded in Operating expenses related to the Korea voluntary early retirement program (VERP) as well as contract modification costs related to the divestitures of approximately $119 million. In addition, this amount included a pre-tax true-up loss of approximately $13 million related to the sale of the Australia consumer business recorded in Other revenue, a $(1) million benefit of divestiture-related credit costs, and a tax benefit of $123 million. For additional information about the Korea VERP, see Citigroup’s Current Report on Form 8-K filed with the SEC on October 25, 2021 and Citigroup’s Current Report on Form 8-K/A filed with the SEC on November 8, 2021.

Results of operations excluding these divestiture-related impacts are non-GAAP financial measure. For a reconciliation to reported results, please refer to Appendix B.

^(6)^Credit derivatives are used to economically hedge a portion of the Corporate Loan portfolio that includes both accrual loans and loans at fair value. Gains / (losses) 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 fourth quarter 2022, gains / (losses) on loan hedges included $(300) million related to Corporate Lending, compared to $21 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 gains / (losses) on loan hedges are non-GAAP financial measures.

^(7)^Global Wealth Management revenues in Asia were $457 million for the fourth quarter 2022 and $563 million for the fourth quarter 2021. Results of operations for Global Wealth Management excluding revenues in Asia are non-GAAP financial measures. For a reconciliation to reported results, please refer to Appendix B. 13

Exhibit 99.2

citi-r_2c-blu_pos_rgb


CITIGROUP -- QUARTERLY FINANCIAL DATA SUPPLEMENT	****	4Q22	****


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

Institutional Clients Group (ICG)		5
Reporting Unit Revenues		6
Personal Banking and Wealth Management (PBWM)		7
Metrics		8
Legacy Franchises		9
Corporate / Other		10

Citigroup Supplemental Detail
Average Balances and Interest Rates		11
EOP Loans		12
Deposits		13
Allowance for Credit Losses (ACL) Rollforward		14
Allowance for Credit Losses on Loans and Unfunded Lending Commitments		15 - 16
Non-Accrual Assets		17
CET1 Capital and Supplementary Leverage Ratios, Tangible Common Equity,		18
Book Value Per Share and Tangible Book Value Per Share

CITIGROUP FINANCIAL SUMMARY

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

																												FY 2022 vs.
																	4Q22 Increase/						Full			Full		FY 2021
			4Q			1Q			2Q			3Q			4Q		(Decrease) from						Year			Year		Increase/
	****		2021	****		2022	****		2022	****		2022	****		2022	****	3Q22	****	4Q21	****	****		2021	****		2022	****	(Decrease)
Total revenues, net of interest expense^(1)(2)(3)^	****	$	17,017	****	$	19,186	****	$	19,638	****	$	18,508	****	$	18,006	****	(3%)	****	6%			$	71,884	****	$	75,338	****	5%
Total operating expenses^(1)(4)^			13,532			13,165			12,393			12,749			12,985		2%		(4%)				48,193			51,292		6%
Net credit losses (NCLs)			866			872			850			887			1,180		33%		36%				4,895			3,789		(23%)
Credit reserve build / (release) for loans			(1,176)			(612)			534			441			593		34%		NM				(7,998)			956		NM
Provision / (release) for unfunded lending commitments			(193)			474			(159)			(71)			47		NM		NM				(788)			291		NM
Provisions for benefits and claims, HTM debt securities and other assets			38			21			49			108			25		(77%)		(34%)				113			203		80%
Provisions for credit losses and for benefits and claims			(465)			755			1,274			1,365			1,845		35%		NM				(3,778)			5,239		NM
Income from continuing operations before income taxes			3,950			5,266			5,971			4,394			3,176		(28%)		(20%)				27,469			18,807		(32%)
Income taxes^(5)^			771			941			1,182			879			640		(27%)		(17%)				5,451			3,642		(33%)
Income from continuing operations			3,179			4,325			4,789			3,515			2,536		(28%)		(20%)				22,018			15,165		(31%)
Income (loss) from discontinued operations, net of taxes^(6)^			-			(2)			(221)			(6)			(2)		67%		NM				7			(231)		NM
Net income before noncontrolling interests			3,179			4,323			4,568			3,509			2,534		(28%)		(20%)				22,025			14,934		(32%)
Net income (loss) attributable to noncontrolling interests			6			17			21			30			21		(30%)		NM				73			89		22%
Citigroup's net income		$	3,173		$	4,306		$	4,547		$	3,479		$	2,513		(28%)		(21%)			$	21,952		$	14,845		(32%)

Diluted earnings per share:
Income from continuing operations		$	1.46		$	2.02		$	2.30		$	1.63		$	1.16		(29%)		(21%)			$	10.14		$	7.11		(30%)
Citigroup's net income		$	1.46		$	2.02		$	2.19		$	1.63		$	1.16		(29%)		(21%)			$	10.14		$	7.00		(31%)

Preferred dividends		$	229		$	279		$	238		$	277		$	238		(14%)		4%			$	1,040		$	1,032		(1%)

Income allocated to unrestricted common shareholders - basic
Income from continuing operations		$	2,924		$	4,004		$	4,495		$	3,180		$	2,253		(29%)		(23%)			$	20,751		$	13,930		(33%)
Citigroup's net income		$	2,924		$	4,002			4,274		$	3,174		$	2,251		(29%)		(23%)			$	20,758		$	13,700		(34%)

Income allocated to unrestricted common shareholders - diluted
Income from continuing operations		$	2,932		$	4,012		$	4,506		$	3,191		$	2,264		(29%)		(23%)			$	20,781		$	13,971		(33%)
Citigroup's net income		$	2,932		$	4,010		$	4,285		$	3,185		$	2,262		(29%)		(23%)			$	20,788		$	13,741		(34%)

Shares (in millions):
Average basic			1,984.3			1,971.7			1,941.5			1,936.8			1,936.9		-		(2%)				2,033.0			1,946.7		(4%)
Average diluted			2,001.6			1,988.2			1,958.1			1,955.1			1,955.9		-		(2%)				2,049.4			1,964.3		(4%)
Common shares outstanding, at period end			1,984.4			1,941.9			1,936.7			1,936.9			1,937.0		-		(2%)


Regulatory capital ratios and performance metrics:
Common Equity Tier 1 (CET1) Capital ratio^(7)(8)(9)^			12.25	%		11.38	%		11.90	%		12.29	%		13.0	%
Tier 1 Capital ratio^(7)(8)(9)^			13.91	%		12.98	%		13.57	%		14.01	%		14.8	%
Total Capital ratio^(7)(8)(9)^			16.04	%		14.84	%		15.16	%		15.09	%		15.4	%
Supplementary Leverage ratio (SLR)^(7)(9)(10)^			5.73	%		5.58	%		5.63	%		5.71	%		5.8	%
Return on average assets			0.53	%		0.74	%		0.77	%		0.58	%		0.41	%							0.94	%		0.62	%
Return on average common equity			6.4	%		9.0	%		9.7	%		7.1	%		5.0	%							11.5	%		7.7	%
Average tangible common equity (TCE) (in billions of dollars)		$	157.0		$	155.3		$	154.4		$	155.5		$	156.9		1%		-			$	156.3		$	155.9		-
Return on average tangible common equity^^(RoTCE)			7.4	%		10.5	%		11.2	%		8.2	%		5.8	%							13.4	%		8.9	%
Efficiency ratio (total operating expenses/total revenues, net)			79.5	%		68.6	%		63.1	%		68.9	%		72.1	%	320 bps		(740) bps				67.0	%		68.1	%	110 bps

Balance sheet data (in billions of dollars, except per share amounts):
Total assets		$	2,291.4		$	2,394.1		$	2,380.9		$	2,381.1		$	2,416.7		1%		5%
Total average assets			2,386.2			2,374.0			2,380.1			2,399.4			2,430.6		1%		2%				2,347.7			2,396.0		2%
Total loans			667.8			659.7			657.3			646.0			657.2		2%		(2%)
Total deposits			1,317.2			1,333.7			1,321.8			1,306.5			1,366.0		5%		4%
Citigroup's stockholders' equity			202.0			197.7			199.0			198.6			201.2		1%		-
Book value per share			92.21			92.03			92.95			92.71			94.06		1%		2%
Tangible book value per share			79.16			79.03			80.25			80.34			81.65		2%		3%

Direct staff (in thousands)			223			228			231			238			240		1%		8%

(1)	During the fourth quarter of 2021, Citi reclassified deposit insurance expenses from Interest expense to Other operating expenses for all periods presented. For additional information, see Note 1 to the Consolidated Financial Statements in Citi's 2021 Annual Report on Form 10-K.
(2)	Full year 2021 includes an approximate $680 million loss on sale (an approximate $580 million after-tax), related to Citi's agreement to sell its Australia consumer banking business.
---	---
(3)	3Q22 includes an approximate $616 million gain on sale recorded in Other revenue (approximately $290 million after various taxes) related to Citi's sale of the Philippines consumer banking business.
---	---
(4)	4Q21 includes approximately $1.052 billion in expenses (approximately $792 million after-tax), primarily related to charges incurred from the voluntary early retirement plan (VERP) in connection with the wind-down of Citi's consumer banking business in Korea.
---	---
(5)	Full year 2021 includes an approximate $600 million benefit from a reduction in Citi’s valuation allowance related to its Deferred Tax Assets (DTAs).
---	---
(6)	2Q22 discontinued operations reflects the release of a currency translation adjustment (CTA) loss (net of hedges) recorded in Accumulated Other Comprehensive Income (AOCI) related to the substantial liquidation of a legal entity (with a non-U.S. dollar functional currency), that had previously divested a legacy business.
---	---
(7)	4Q22 is preliminary.
---	---
(8)	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 18.
---	---
(9)	Citi's regulatory capital ratios 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 CECL Methodology" in Citigroup's Annual Report on Form 10-K for the year ended December 31, 2021, and Citigroup's Current Report on Form 8-K dated May 10, 2022 (as amended by a Current Report on Form 8-K/A dated May 10, 2022).
---	---
(10)	For the composition of Citi's SLR, see page 18.
---	---

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)


		4Q			1Q			2Q			3Q			4Q			4Q22 Increase/ (Decrease) from			Full Year			Full Year		****	FY 2022 vs. FY 2021 Increase/
****	****	2021		****	2022		****	2022		****	2022		****	2022		****	3Q22	****	4Q21	2021		****	2022			(Decrease)

Revenues
Interest revenue		$	12,828		$	13,151		$	15,630		$	19,919		$	25,708		29%		100%	$	50,475		$	74,408		47%
Interest expense^(1)^			2,009			2,280			3,666			7,356			12,438		69%		NM		7,981			25,740		NM
Net interest income (NII)			10,819			10,871			11,964			12,563			13,270		6%		23%		42,494			48,668		15%

Commissions and fees			3,229			2,568			2,452			2,139			2,016		(6%)		(38%)		13,672			9,175		(33%)
Principal transactions			1,704			4,590			4,525			2,625			2,419		(8%)		42%		10,154			14,159		39%
Administrative and other fiduciary fees			953			966			1,023			915			880		(4%)		(8%)		3,943			3,784		(4%)
Realized gains (losses) on investments			10			80			(58)			52			(7)		NM		NM		665			67		(90%)
Impairment losses on investments and other assets			(94)			(90)			(96)			(91)			(222)		NM		NM		(206)			(499)		NM
Provision for credit losses on AFS debt securities^(2)^			(2)			-			2			5			(2)		NM		-		(3)			5		NM
Other revenue (loss)			398			201			(174)			300			(348)		NM		NM		1,165			(21)		NM
Total non-interest revenues (NIR)			6,198			8,315			7,674			5,945			4,736		(20%)		(24%)		29,390			26,670		(9%)
Total revenues, net of interest expense			17,017			19,186			19,638			18,508			18,006		(3%)		6%		71,884			75,338		5%

Provisions for credit losses and for benefits and claims
Net credit losses			866			872			850			887			1,180		33%		36%		4,895			3,789		(23%)
Credit reserve build / (release) for loans			(1,176)			(612)			534			441			593		34%		NM		(7,998)			956		NM
Provision for credit losses on loans			(310)			260			1,384			1,328			1,773		34%		NM		(3,103)			4,745		NM
Provision for credit losses on held-to-maturity (HTM) debt securities			14			(2)			20			10			5		(50%)		(64%)		(3)			33		NM
Provision for credit losses on other assets			(3)			(4)			7			73			-		(100%)		100%		-			76		NM
Policyholder benefits and claims			27			27			22			25			20		(20%)		(26%)		116			94		(19%)
Provision for credit losses on unfunded lending commitments			(193)			474			(159)			(71)			47		NM		NM		(788)			291		NM
Total provisions for credit losses and for benefits and claims^(3)^			(465)			755			1,274			1,365			1,845		35%		NM		(3,778)			5,239		NM

Operating expenses
Compensation and benefits			7,093			6,820			6,472			6,745			6,618		(2%)		(7%)		25,134			26,655		6%
Premises and equipment			620			543			619			557			601		8%		(3%)		2,314			2,320		-
Technology / communication			2,084			2,016			2,068			2,145			2,358		10%		13%		7,828			8,587		10%
Advertising and marketing			478			311			414			407			424		4%		(11%)		1,490			1,556		4%
Other operating^(1)^			3,257			3,475			2,820			2,895			2,984		3%		(8%)		11,427			12,174		7%
Total operating expenses			13,532			13,165			12,393			12,749			12,985		2%		(4%)		48,193			51,292		6%

Income from continuing operations before income taxes			3,950			5,266			5,971			4,394			3,176		(28%)		(20%)		27,469			18,807		(32%)
Provision for income taxes ^(4)^			771			941			1,182			879			640		(27%)		(17%)		5,451			3,642		(33%)

Income (loss) from continuing operations			3,179			4,325			4,789			3,515			2,536		(28%)		(20%)		22,018			15,165		(31%)
Discontinued operations^(5)^
Income (loss) from discontinued operations			-			(2)			(262)			(6)			(2)		67%		NM		7			(272)		NM
Provision (benefit) for income taxes			-			-			(41)			-			-		-		-		-			(41)		NM
Income (loss) from discontinued operations, net of taxes			-			(2)			(221)			(6)			(2)		67%		NM		7			(231)		NM

Net income before noncontrolling interests			3,179			4,323			4,568			3,509			2,534		(28%)		(20%)		22,025			14,934		(32%)
Net income (loss) attributable to noncontrolling interests			6			17			21			30			21		(30%)		NM		73			89		22%
Citigroup's net income		$	3,173		$	4,306		$	4,547		$	3,479		$	2,513		(28%)		(21%)	$	21,952		$	14,845		(32%)

(1)	See footnote 1 on page 1.
(2)	This presentation is in accordance with ASC 326, which requires the provision for credit losses on AFS securities to be included in revenue.
---	---
(3)	This total excludes the provision for credit losses on AFS securities, which is disclosed separately above.
---	---
(4)	See footnote 5 on page 1.
---	---
(5)	See footnote 6 on page 1.
---	---

NM Not meaningful.

Reclassified to conform to the current period's presentation. Page 2

CITIGROUP CONSOLIDATED BALANCE SHEET

(In millions of dollars)


																	4Q22 Increase/
		December 31,			March 31,			June 30,			September 30,			December 31,			(Decrease) from
	****	2021		****	2022		****	2022		****	2022		****	2022^(1)^		****	3Q22	****	4Q21
Assets
Cash and due from banks (including segregated cash and other deposits)		$	27,515		$	27,768		$	24,902		$	26,502		$	30,577		15%		11%
Deposits with banks, net of allowance			234,518			244,319			259,128			273,105			311,448		14%		33%
Securities borrowed and purchased under agreements to resell, net of allowance			327,288			345,410			361,334			349,214			365,401		5%		12%
Brokerage receivables, net of allowance			54,340			89,218			80,486			79,696			54,192		(32%)		-
Trading account assets			331,945			357,997			340,875			358,260			334,114		(7%)		1%
Investments
Available-for-sale debt securities, net of allowance			288,522			264,774			238,499			232,143			249,679		8%		(13%)
Held-to-maturity debt securities, net of allowance			216,963			242,547			267,592			267,864			268,863		-		24%
Equity securities			7,337			7,281			7,787			8,009			8,040		-		10%
Total investments			512,822			514,602			513,878			508,016			526,582		4%		3%
Loans, net of unearned income
Consumer^(2)^			376,534			350,328			355,605			357,583			368,067		3%		(2%)
Corporate^(3)^			291,233			309,341			301,728			288,377			289,154		-		(1%)
Loans, net of unearned income			667,767			659,669			657,333			645,960			657,221		2%		(2%)
Allowance for credit losses on loans (ACLL)			(16,455)			(15,393)			(15,952)			(16,309)			(16,974)		(4%)		(3%)
Total loans, net			651,312			644,276			641,381			629,651			640,247		2%		(2%)
Goodwill			21,299			19,865			19,597			19,326			19,691		2%		(8%)
Intangible assets (including MSRs)			4,495			4,522			4,526			4,485			4,428		(1%)		(1%)
Other assets, net of allowance			125,879			146,128			134,797			132,809			129,996		(2%)		3%
Total assets		$	2,291,413		$	2,394,105		$	2,380,904		$	2,381,064		$	2,416,676		1%		5%

Liabilities
Non-interest-bearing deposits in U.S. offices		$	158,552		$	153,666		$	147,214		$	135,514		$	122,655		(9%)		(23%)
Interest-bearing deposits in U.S. offices			543,283			557,327			565,785			570,920			607,470		6%		12%
Total U.S. deposits			701,835			710,993			712,999			706,434			730,125		3%		4%
Non-interest-bearing deposits in offices outside the U.S.			97,270			98,579			100,266			98,904			95,182		(4%)		(2%)
Interest-bearing deposits in offices outside the U.S.			518,125			524,139			508,583			501,148			540,647		8%		4%
Total international deposits			615,395			622,718			608,849			600,052			635,829		6%		3%

Total deposits			1,317,230			1,333,711			1,321,848			1,306,486			1,365,954		5%		4%
Securities loaned and sold under agreements to resell			191,285			204,494			198,472			203,429			202,444		-		6%
Brokerage payables			61,430			91,324			96,474			87,841			69,218		(21%)		13%
Trading account liabilities			161,529			188,059			180,453			196,479			170,647		(13%)		6%
Short-term borrowings			27,973			30,144			40,054			47,368			47,096		(1%)		68%
Long-term debt			254,374			253,954			257,425			253,068			271,606		7%		7%
Other liabilities^(4)^			74,920			94,066			86,552			87,276			87,873		1%		17%
Total liabilities		$	2,088,741		$	2,195,752		$	2,181,278		$	2,181,947		$	2,214,838		2%		6%

Equity
Stockholders' equity
Preferred stock		$	18,995		$	18,995		$	18,995		$	18,995		$	18,995		-		-
Common stock			31			31			31			31			31		-		-
Additional paid-in capital			108,003			108,050			108,210			108,347			108,458		-		-
Retained earnings			184,948			187,962			191,261			193,462			194,734		1%		5%
Treasury stock, at cost			(71,240)			(73,744)			(73,988)			(73,977)			(73,967)		-		(4%)
Accumulated other comprehensive income (loss) (AOCI)^(5)^			(38,765)			(43,585)			(45,495)			(48,298)			(47,062)		3%		(21%)
Total common equity		$	182,977		$	178,714		$	180,019		$	179,565		$	182,194		1%		-

Total Citigroup stockholders' equity		$	201,972		$	197,709		$	199,014		$	198,560		$	201,189		1%		-
Noncontrolling interests			700			644			612			557			649		17%		(7%)
Total equity			202,672			198,353			199,626			199,117			201,838		1%		-
Total liabilities and equity		$	2,291,413		$	2,394,105		$	2,380,904		$	2,381,064		$	2,416,676		1%		5%

(1)	Preliminary.
(2)	Consumer loans include loans managed by PBWM and Legacy Franchises (other than Mexico Small Business & Middle-Market Banking (Mexico SBMM) loans).
---	---
(3)	Corporate loans include loans managed by ICG and Legacy Franchises-Mexico SBMM.
---	---
(4)	Includes allowance for credit losses for unfunded lending commitments. See page 15.
---	---
(5)	As discussed in footnote 2 on page 1, Citi's third quarter of 2021 results include an approximate $680 million loss on sale (an approximate $580 million after-tax), related to Citi’s agreement to sell its Australia consumer banking business. The loss primarily reflects the impact of an approximate $625 million ($475 million (after-tax)) currency translation adjustment (CTA) loss (net of hedges) at September 30, 2021, December 31, 2021 and March 31, 2022, already reflected in the Accumulated Other Comprehensive Income (AOCI) component of equity. The sale closed during the second quarter of 2022, and the CTA balance was removed from the AOCI component of equity as of the end of the second quarter of 2022, resulting in a neutral impact from CTA to Citi’s Common Equity Tier 1 Capital.
---	---

NM Not meaningful.

Reclassified to conform to the current period's presentation. Page 3

OPERATING SEGMENT AND REPORTING UNIT DETAILS

(In millions of dollars)

																4Q22 Increase/			Full			Full			FY 2022 vs.
		4Q			1Q			2Q			3Q			4Q		(Decrease) from			Year			Year			FY 2021 Increase/
		2021			2022			2022			2022			2022		3Q22	4Q21		2021			2022			(Decrease)
Net revenues
Institutional Clients Group		$	8,908		$	11,160		$	11,419		$	9,468		$	9,159	(3%)	3%		$	39,836		$	41,206		3%
Personal Banking and Wealth Management			5,785			5,905			6,029			6,187			6,096	(1%)	5%			23,327			24,217		4%
Legacy Franchises			2,193			1,931			1,935			2,554			2,052	(20%)	(6%)			8,251			8,472		3%
Corporate/Other			131			190			255			299			699	NM	NM			470			1,443		NM

Total net revenues		$	17,017		$	19,186		$	19,638		$	18,508		$	18,006	(3%)	6%		$	71,884		$	75,338	****	5%

Income (loss) from continuing operations
Institutional Clients Group		$	2,330		$	2,658		$	3,978		$	2,186		$	1,916	(12%)	(18%)		$	14,308		$	10,738		(25%)
Personal Banking and Wealth Management			1,613			1,860			553			792			114	(86%)	(93%)			7,734			3,319		(57%)
Legacy Franchises			(620)			(385)			(15)			316			75	(76%)	NM			(9)			(9)		-
Corporate/Other			(144)			192			273			221			431	95%	NM			(15)			1,117		NM

Income from continuing operations		$	3,179		$	4,325		$	4,789		$	3,515		$	2,536	(28%)	(20%)		$	22,018		$	15,165	****	(31%)

Discontinued operations			-			(2)			(221)			(6)			(2)	67%	NM			7			(231)		NM
Net income attributable to noncontrolling interests			6			17			21			30			21	(30%)	NM			73			89		22%

Net income	****	$	3,173	****	$	4,306	****	$	4,547	****	$	3,479	****	$	2,513	(28%)	(21%)	****	$	21,952	****	$	14,845	****	(32%)

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 4

INSTITUTIONAL CLIENTS GROUP

(In millions of dollars, except as otherwise noted)

											4Q22 Increase/		Full		Full		FY 2022 vs.
	4Q		1Q		2Q		3Q		4Q		(Decrease) from		Year		Year		FY 2021 Increase/
	2021		2022		2022		2022		2022		3Q22	4Q21	2021		2022		(Decrease)
Commissions and fees	$	1,064	$	1,130	$	1,125	$	1,082	$	1,067	(1%)	-		4,300		4,404	2%
Administration and other fiduciary fees		662		672		732		651		629	(3%)	(5%)		2,693		2,684	-
Investment banking fees^(1)^		1,669		1,039		990		816		728	(11%)	(56%)		6,709		3,573	(47%)
Principal transactions		1,654		4,442		4,358		2,776		2,057	(26%)	24%		9,763		13,633	40%
Other		91		93		(306)		(427)		(359)	16%	NM		1,372		(999)	NM
Total non-interest revenue		5,140		7,376		6,899		4,898		4,122	(16%)	(20%)		24,837		23,295	(6%)
Net interest income (including dividends)		3,768		3,784		4,520		4,570		5,037	10%	34%		14,999		17,911	19%
Total revenues, net of interest expense		8,908		11,160		11,419		9,468		9,159	(3%)	3%		39,836		41,206	3%
Total operating expenses		6,225		6,723		6,434		6,541		6,601	1%	6%		23,949		26,299	10%
Net credit losses on loans		82		30		18		-		104	NM	27%		356		152	(57%)
Credit reserve build / (release) for loans		(192)		596		(76)		75		(117)	NM	39%		(2,093)		478	NM
Provision for credit losses on unfunded lending commitments		(181)		352		(169)		(59)		63	NM	NM		(753)		187	NM
Provisions for credit losses for HTM debt securities and other assets		10		(7)		25		70		6	(91%)	(40%)		-		94	NM
Provision for credit losses		(281)		971		(202)		86		56	(35%)	NM		(2,490)		911	NM
Income from continuing operations before taxes		2,964		3,466		5,187		2,841		2,502	(12%)	(16%)		18,377		13,996	(24%)
Income taxes		634		808		1,209		655		586	(11%)	(8%)		4,069		3,258	(20%)
Income from continuing operations		2,330		2,658		3,978		2,186		1,916	(12%)	(18%)		14,308		10,738	(25%)
Noncontrolling interests		10		18		17		24		20	(17%)	100%		83		79	(5%)
Net income	$	2,320	$	2,640	$	3,961	$	2,162	$	1,896	(12%)	(18%)	$	14,225	$	10,659	(25%)
EOP assets (in billions)	$	1,613	$	1,704	$	1,700	$	1,706	$	1,730	1%	7%
Average assets (in billions)		1,698		1,685		1,698		1,729		1,753	1%	3%		1,669		1,716	3%
Efficiency ratio		70%		60%		56%		69%		72%	300 bps	200 bps		60%		64%	400 bps

Revenue by reporting unit
Services	$	3,270	$	3,465	$	4,050	$	4,177	$	4,330	4%	32%	$	12,582	$	16,022	27%
Markets		3,332		5,809		5,292		4,068		3,944	(3%)	18%		17,876		19,113	7%
Banking		2,306		1,886		2,077		1,223		885	(28%)	(62%)		9,378		6,071	(35%)
Total revenues, net of interest expense	$	8,908	$	11,160	$	11,419	$	9,468	$	9,159	(3%)	3%	$	39,836	$	41,206	3%

Revenue by region
North America	$	3,278	$	3,722	$	4,410	$	3,091	$	2,444	(21%)	(25%)	$	14,759	$	13,667	(7%)
EMEA		2,705		4,030		3,566		3,099		3,293	6%	22%		12,415		13,988	13%
Latin America		1,113		1,141		1,266		1,202		1,320	10%	19%		4,277		4,929	15%
Asia		1,812		2,267		2,177		2,076		2,102	1%	16%		8,385		8,622	3%
Total revenues, net of interest expense	$	8,908	$	11,160	$	11,419	$	9,468	$	9,159	(3%)	3%	$	39,836	$	41,206	3%

Income (loss) from continuing operations by region
North America	$	768	$	589	$	1,501	$	97	$	(90)	NM	NM	$	5,089	$	2,097	(59%)
EMEA		672		928		1,172		1,003		857	(15%)	28%		4,203		3,960	(6%)
Latin America		473		359		544		426		508	19%	7%		2,060		1,837	(11%)
Asia		417		782		761		660		641	(3%)	54%		2,956		2,844	(4%)
Income (loss) from continuing operations	$	2,330	$	2,658	$	3,978	$	2,186	$	1,916	(12%)	(18%)	$	14,308	$	10,738	(25%)

Average loans by reporting unit (in billions)
Services	$	77	$	81	$	85	$	82	$	79	(4%)	3%	$	75	$	82	9%
Banking		195		194		199		197		194	(2%)	(1%)		196		196	-
Markets		17		14		13		12		12	-	(29%)		16		13	(19%)
Total	$	289	$	289	$	297	$	291	$	285	(2%)	(1%)	$	287	$	291	1%

Average deposits by reporting unit and selected component (in billions)
Treasury and trade solutions (TTS)	$	689	$	670	$	672	$	664	$	694	5%	1%	$	670	$	675	1%
Securities services		140		135		137		131		129	(2%)	(8%)		135		133	(1%)
Services		829		805		809		795		823	4%	(1%)		805		808	-
Markets & Banking		23		21		21		22		23	14%	9%		23		22	(4%)
Total	$	852	$	826	$	830	$	817	$	848	4%	-	$	828	$	830	-

Services Key Drivers (in billions of dollars, except as otherwise noted)
AUC/AUA (in trillions of dollars)	$	23.7	$	23.0	$	21.2	$	20.9	$	22.2	6%	(6%)
Cross border transaction value	$	78.2	$	75.6	$	79.3	$	75.6	$	81.1	7%	4%	$	279.5	$	311.6	11%
U.S.-dollar clearing volume (in millions)		37.8		36.1		36.7		37.6		38.2	2%	1%		146.2		148.6	2%
Commercial card spend volume	$	11.4	$	11.4	$	15.0	$	15.6	$	15.4	(1%)	35%	$	38.6	$	57.4	49%

(1)	Investment banking fees are substantially composed of underwriting and advisory revenues.

NM Not meaningful.

Reclassified to conform to the current period's presentation. Page 5

INSTITUTIONAL CLIENTS GROUP

REPORTING UNIT REVENUES

(In millions of dollars, except as otherwise noted)

																	4Q22 Increase/					Full			Full			FY 2022 vs.
		4Q			1Q			2Q			3Q			4Q			(Decrease) from					Year			Year			FY 2021 Increase/
Services	****	2021		****	2022		****	2022		****	2022		****	2022		****	3Q22	****	4Q21	****	****	2021		****	2022		****	(Decrease)
Net interest income		$	1,694		$	1,924		$	2,354		$	2,619		$	2,825		8%		67%			$	6,595		$	9,722		47%
Non-interest revenue			1,576			1,541			1,696			1,558			1,505		(3%)		(5%)				5,987			6,300		5%
Total Services revenues		$	3,270		$	3,465		$	4,050		$	4,177		$	4,330		4%		32%	****		$	12,582		$	16,022		27%

Net interest income		$	1,455		$	1,676		$	2,054		$	2,232		$	2,344		5%		61%			$	5,706		$	8,306		46%
Non-interest revenue			960			931			1,003			977			946		(3%)		(1%)				3,509			3,857		10%
Treasury and trade solutions		$	2,415		$	2,607		$	3,057		$	3,209		$	3,290		3%	****	36%			$	9,215		$	12,163		32%

Net interest income		$	239		$	248		$	300		$	387		$	481		24%		NM			$	889		$	1,416		59%
Non-interest revenue			616			610			693			581			559		(4%)		(9%)				2,478			2,443		(1%)
Securities services		$	855		$	858		$	993		$	968		$	1,040		7%		22%			$	3,367		$	3,859		15%


Markets
Net interest income		$	1,239		$	1,092		$	1,355		$	1,228		$	1,489		21%		20%			$	5,161		$	5,164		-
Non-interest revenue			2,093			4,717			3,937			2,840			2,455		(14%)		17%				12,715			13,949		10%
Total Markets revenues		$	3,332		$	5,809		$	5,292		$	4,068		$	3,944		(3%)		18%			$	17,876		$	19,113		7%

Fixed income markets		$	2,414		$	4,282		$	4,056		$	3,062		$	3,155		3%		31%			$	12,880		$	14,555		13%
Equity markets			918			1,527			1,236			1,006			789		(22%)		(14%)				4,996			4,558		(9%)
Total		$	3,332		$	5,809		$	5,292		$	4,068		$	3,944		(3%)		18%			$	17,876		$	19,113		7%

Rates and currencies		$	1,710		$	3,214		$	3,249		$	2,492		$	2,788		12%		63%			$	8,793		$	11,743		34%
Spread products / other fixed income			704			1,068			807			570			367		(36%)		(48%)				4,087			2,812		(31%)
Total fixed income markets revenues		$	2,414		$	4,282		$	4,056		$	3,062		$	3,155		3%		31%			$	12,880		$	14,555		13%


Banking
Net interest income		$	835		$	768		$	811		$	723		$	723		-		(13%)			$	3,243		$	3,025		(7%)
Non-interest revenue			1,471			1,118			1,266			500			162		(68%)		(89%)				6,135			3,046		(50%)
Total Banking revenues, including gain/(loss) on loan hedges		$	2,306		$	1,886		$	2,077		$	1,223		$	885		(28%)		(62%)			$	9,378		$	6,071		(35%)

Investment banking
Advisory		$	571		$	347		$	357		$	392		$	269		(31%)		(53%)			$	1,796		$	1,365		(24%)
Equity underwriting			462			185			177			100			149		49%		(68%)				2,249			611		(73%)
Debt underwriting			520			496			271			139			227		63%		(56%)				2,586			1,133		(56%)
Total investment banking			1,553			1,028			805			631			645		2%		(58%)				6,631			3,109		(53%)
Corporate lending - excluding gain/(loss) on loan hedges^(1)^			732			689			778			648			540		(17%)		(26%)				2,887			2,655		(8%)
Total Banking revenues (ex-gain/(loss) on loan hedges)^(1)^		$	2,285		$	1,717		$	1,583		$	1,279		$	1,185		(7%)		(48%)			$	9,518		$	5,764		(39%)
Gain/(loss) on loan hedges^(1)^			21			169			494			(56)			(300)		NM		NM				(140)			307		NM
Total Banking revenues including gain/(loss) on loan hedges^(1)^		$	2,306		$	1,886		$	2,077		$	1,223		$	885		(28%)		(62%)			$	9,378		$	6,071		(35%)


Total ICG revenues, net of interest expense		$	8,908		$	11,160		$	11,419		$	9,468		$	9,159		(3%)		3%			$	39,836		$	41,206		3%
Taxable-equivalent adjustments^(2)^			159			100			116			115			103		(10%)		(35)%				559			434		(22%)
Total ICG revenues - including taxable-equivalent adjustments^(2)^		$	9,067		$	11,260		$	11,535		$	9,583		$	9,262		(3%)		2%			$	40,395		$	41,640		3%

(1)	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.
(2)	Primarily relates to income tax credits related to affordable housing and alternative energy investments as well as tax exempt income from municipal bond investments.
---	---

(1)

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.

(2)

Primarily relates to income tax credits related to affordable housing and alternative energy investments as well as tax exempt income from municipal bond investments.

---

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 6

PERSONAL BANKING AND WEALTH MANAGEMENT

(In millions of dollars, except as otherwise noted)

																	4Q22 Increase/					Full			Full			FY 2022 vs.
		4Q			1Q			2Q			3Q			4Q			(Decrease) from					Year			Year			FY 2021 Increase/
	****	2021		****	2022		****	2022		****	2022		****	2022		****	3Q22	****	4Q21	****	****	2021		****	2022		****	(Decrease)
Net interest income		$	5,322		$	5,385		$	5,569		$	5,836		$	5,866		1%		10%			$	20,646		$	22,656		10%
Non-interest revenue			463			520			460			351			230		(34%)		(50%)				2,681			1,561		(42%)
Total revenues, net of interest expense			5,785			5,905			6,029			6,187			6,096		(1%)		5%				23,327			24,217		4%
Total operating expenses			4,017			3,889			3,985			4,077			4,307		6%		7%				14,610			16,258		11%
Net credit losses on loans			568			691			699			723			908		26%		60%				3,061			3,021		(1%)
Credit reserve build / (release) for loans			(866)			(1,062)			638			360			771		NM		NM				(4,284)			707		NM
Provision for credit losses on unfunded lending commitments			(3)			(2)			13			19			(19)		NM		NM				(16)			11		NM
Provisions for benefits and claims, and other assets			5			(3)			5			7			6		(14%)		20%				15			15		-
Provisions for credit losses and for benefits and claims (PBC)			(296)			(376)			1,355			1,109			1,666		50%		NM				(1,224)			3,754		NM
Income (loss) from continuing operations before taxes			2,064			2,392			689			1,001			123		(88%)		(94%)				9,941			4,205		(58%)
Income taxes (benefits)			451			532			136			209			9		(96%)		(98%)				2,207			886		(60%)
Income (loss) from continuing operations			1,613			1,860			553			792			114		(86%)		(93%)				7,734			3,319		(57%)
Noncontrolling interests			-			-			-			-			-		-		-				-			-		-
Net income (loss)		$	1,613		$	1,860		$	553		$	792		$	114		(86%)		(93%)			$	7,734		$	3,319		(57%)
EOP assets (in billions)		$	464		$	476		$	479		$	479		$	494		3%		6%
Average assets (in billions)			476			474			474			473			484		2%		2%				467			476		2%
Efficiency ratio			69%			66%			66%			66%			71%		500 bps		200 bps				63%			67%		400 bps

Revenue by reporting unit and component
Branded cards		$	2,073		$	2,090		$	2,168		$	2,258		$	2,376		5%		15%			$	8,190		$	8,892		9%
Retail services			1,290			1,299			1,300			1,431			1,420		(1%)		10%				5,082			5,450		7%
Retail banking			624			595			656			642			608		(5%)		(3%)				2,506			2,501		-
U.S. Personal Banking			3,987			3,984			4,124			4,331			4,404		2%		10%				15,778			16,843		7%
Private bank			688			779			745			649			589		(9%)		(14%)				2,943			2,762		(6%)
Wealth at Work			177			183			170			182			195		7%		10%				691			730		6%
Citigold			933			959			990			1,025			908		(11%)		(3%)				3,915			3,882		(1%)
Global Wealth Management			1,798			1,921			1,905			1,856			1,692		(9%)		(6%)				7,549			7,374		(2%)
Total		$	5,785		$	5,905		$	6,029		$	6,187		$	6,096		(1%)		5%			$	23,327		$	24,217		4%

Average loans by reporting unit (in billions)
U.S. Personal Banking		$	162		$	161		$	167		$	174		$	180		3%		11%			$	159		$	170		7%
Global Wealth Management			150			151			150			151			150		(1%)		-				148			151		2%
Total		$	312		$	312		$	317		$	325		$	330		2%		6%			$	307		$	321		5%

Average deposits by reporting unit (in billions)
U.S. Personal Banking		$	114		$	118		$	116		$	115		$	111		(3%)		(3%)			$	112		$	115		3%
Global Wealth Management			323			329			319			313			320		2%		(1%)				305			320		5%
Total		$	437		$	447		$	435		$	428		$	431		1%		(1%)			$	417		$	435		4%

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 7

PERSONAL BANKING AND WEALTH MANAGEMENT

Metrics

											4Q22 Increase/
	4Q		1Q		2Q		3Q		4Q		(Decrease) from
	2021		2022		2022		2022		2022		3Q22	4Q21
U.S. Personal Banking Key Indicators (in billions of dollars, except as otherwise noted)

New account acquisitions (in thousands)
Branded cards		1,069		991		1,069		1,090		1,023	(6%)	(4%)
Retail services		3,126		2,178		2,634		2,339		2,806	20%	(10%)
Credit card spend volume
Branded cards	$	115.2	$	106.8	$	121.8	$	120.7	$	125.3	4%	9%
Retail services		27.1		21.4		26.1		24.5		27.1	11%	-
Average loans^(1)^
Branded cards	$	84.5	$	84.0	$	87.9	$	91.8	$	95.4	4%	13%
Retail services		43.8		44.2		44.8		46.1		48.0	4%	10%
EOP loans^(1)^
Branded cards	$	87.9	$	85.9	$	91.6	$	93.7	$	100.2	7%	14%
Retail services		46.0		44.1		45.8		46.7		50.5	8%	10%
NII as a % of average loans^(2)^
Branded cards		8.93%		9.16%		8.86%		8.98%		8.97%
Retail services		16.55%		16.93%		17.32%		17.45%		16.92%
NCLs as a % of average loans
Branded cards		1.33%		1.46%		1.50%		1.50%		1.68%
Retail services		2.10%		2.31%		2.60%		2.71%		3.30%
Loans 90+ days past due as a % of EOP loans
Branded cards		0.44%		0.47%		0.46%		0.51%		0.63%
Retail services		1.05%		1.15%		1.16%		1.35%		1.56%
Loans 30-89 days past due as a % of EOP loans
Branded cards		0.46%		0.49%		0.47%		0.59%		0.69%
Retail services		1.17%		1.27%		1.27%		1.53%		1.62%

Average deposits	$	114	$	118	$	116	$	115	$	111	(3%)	(3%)
Branches (actual)		658		658		658		653		654	-	(1%)
Mortgage originations	$	3.4	$	3.1	$	4.1	$	4.2	$	2.7	(36%)	(21%)

Global Wealth Management Key Indicators (in billions of dollars)
Client assets	$	814	$	788	$	730	$	708	$	746	5%	(8%)
Average loans		150		151		150		151		150	(1%)	-
Average deposits		323		329		319		313		320	2%	(1%)
U.S. mortgage originations		3.5		3.7		5.3		4.4		2.5	(43%)	(29%)

(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.<br>
---	---

Reclassified to conform to the current period's presentation.

Page 8

LEGACY FRANCHISES^(1)^

(In millions of dollars, except as otherwise noted)

																4Q22 Increase/		Full			Full			FY 2022 vs.
	4Q			1Q			2Q			3Q			4Q			(Decrease) from		Year			Year			FY 2021 Increase/
	2021			2022			2022			2022			2022			3Q22	4Q21	2021			2022			(Decrease)
Net interest income	$	1,534		$	1,508		$	1,474		$	1,385		$	1,324		(4%)	(14%)	$	6,250		$	5,691		(9%)
Non-interest revenue^(2)(3)^		659			423			461			1,169			728		(38%)	10%		2,001			2,781		39%
Total revenues, net of interest expense		2,193			1,931			1,935			2,554			2,052		(20%)	(6%)		8,251			8,472		3%
Total operating expenses^(3)(4)^		2,971			2,293			1,814			1,845			1,830		(1%)	(38%)		8,259			7,782		(6%)
Net credit losses on loans		216			151			133			164			168		2%	(22%)		1,478			616		(58%)
Credit reserve build / (release) for loans		(118)			(146)			(28)			6			(61)		NM	48%		(1,621)			(229)		86%
Provision for credit losses on unfunded lending commitments		(9)			124			(3)			(31)			3		NM	NM		(19)			93		NM
Provisions for benefits and claims, HTM debt securities and other assets		23			31			19			28			13		(54%)	(43%)		100			91		(9%)
Provisions for credit losses and for benefits and claims (PBC)		112			160			121			167			123		(26%)	10%		(62)			571		NM
Income (loss) from continuing operations before taxes		(890)			(522)			-			542			99		(82%)	NM		54			119		NM
Income taxes (benefits)		(270)			(137)			15			226			24		(89%)	NM		63			128		NM
Income (loss) from continuing operations		(620)			(385)			(15)			316			75		(76%)	NM		(9)			(9)		-
Noncontrolling interests		(4)			(2)			2			-			3		NM	NM		(10)			3		NM
Net income (loss)	$	(616)		$	(383)		$	(17)		$	316		$	72		(77%)	NM	$	1		$	(12)		NM
EOP assets (in billions)	$	125		$	122		$	108		$	100		$	97		(3%)	(22%)
Average assets (in billions)		123			124			115			103			99		(4%)	(20%)		127			110		(13%)
Efficiency ratio		135	%		119	%		94	%		72	%		89	%	1,700 bps	(4,600) bps		100	%		92	%	-800 bps


Revenue by reporting unit and component
Asia Consumer	$	948		$	787		$	880		$	1,372		$	772		(44%)	(19%)	$	3,405		$	3,811		12%
Mexico Consumer/SBMM		1,168			1,139			1,184			1,173			1,255		7%	7%		4,651			4,751		2%
Legacy Holdings Assets		77			5			(129)			9			25		NM	(68%)		195			(90)		NM
Total	$	2,193		$	1,931		$	1,935		$	2,554		$	2,052		(20%)	(6%)	$	8,251		$	8,472		3%

Asia Consumer - Key Indicators (in billions of dollars)
EOP loans	$	41.1		$	19.5		$	17.3		$	13.4		$	13.3		(1%)	(68%)
EOP deposits		43.3			17.5			17.2			14.6			14.5		(1%)	(67%)
Average loans		42.3			23.1			18.2			15.2			13.2		(13%)	(69%)
NCLs as a % of average loans		0.96	%		0.79	%		0.77	%		1.02	%		1.23	%
Loans 90+ days past due as a % of EOP loans		0.51	%		0.28	%		0.29	%		0.35	%		0.37	%
Loans 30-89 days past due as a % of EOP loans		0.69	%		0.32	%		0.40	%		0.47	%		0.53	%

Mexico Consumer/SBMM - Key Indicators (in billions of dollars)
EOP loans	$	20.0		$	20.7		$	20.6		$	20.7		$	21.9		6%	9%
EOP deposits		32.7			33.9			35.5			35.8			36.5		2%	12%
Average loans		19.4			19.6			20.5			20.4			21.3		4%	10%
NCLs as a % of average loans		2.72	%		2.55	%		2.15	%		2.64	%		2.48	%
Loans 90+ days past due as a % of EOP loans (Mexico Consumer only)		1.38	%		1.32	%		1.29	%		1.26	%		1.28	%
Loans 30-89 days past due as a % of EOP loans (Mexico Consumer only)		1.30	%		1.30	%		1.18	%		1.23	%		1.26	%

Legacy Holdings Assets - Key Indicators (in billions of dollars)
EOP loans	$	3.9		$	3.7		$	3.2		$	3.2		$	3.0		(6%)	(23%)

(1)	Legacy Franchises consists of the consumer franchises in 13 markets across Asia and EMEA that Citi intends to exit or has exited (Asia Consumer); the consumer, small business & middle-market banking (Mexico SBMM) operations in Mexico (collectively Mexico Consumer/SBMM); and Legacy Holdings Assets (primarily North America consumer mortgage loans and other legacy assets).
(2)	See footnote 2 on page 1.
---	---
(3)	See footnote 3 on page 1.
---	---
(4)	See footnote 4 on page 1.
---	---

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 9

CORPORATE / OTHER^(1)^

(In millions of dollars, except as otherwise noted)

											4Q22 Increase/				Full			Full			FY 2022 vs.
	4Q		1Q		2Q		3Q		4Q		(Decrease) from				Year			Year			FY 2021 Increase/
	2021		2022		2022		2022		2022		3Q22	4Q21	****	****	2021		****	2022		****	(Decrease)
Net interest income	$	195	$	194	$	401	$	772	$	1,043	35%	NM			$	599		$	2,410		NM
Non-interest revenue		(64)		(4)		(146)		(473)		(344)	27%	NM				(129)			(967)		NM
Total revenues, net of interest expense		131		190		255		299		699	NM	NM				470			1,443		NM
Total operating expenses		319		260		160		286		247	(14%)	(23%)				1,375			953		(31%)
Provisions for HTM debt securities and other assets		-		-		-		3		-	(100%)	-				(2)			3		NM
Income (loss) from continuing operations before taxes		(188)		(70)		95		10		452	NM	NM				(903)			487		NM
Income taxes (benefits)		(44)		(262)		(178)		(211)		21	NM	NM				(888)			(630)		29%
Income (loss) from continuing operations		(144)		192		273		221		431	95%	NM				(15)			1,117		NM
Income (loss) from discontinued operations, net of taxes^(2)^		-		(2)		(221)		(6)		(2)	67%	NM				7			(231)		NM
Noncontrolling interests		-		1		2		6		(2)	NM	NM				-			7		NM
Net income (loss)	$	(144)	$	189	$	50	$	209	$	431	NM	NM			$	(8)		$	879		NM
EOP assets (in billions)	$	89	$	92	$	94	$	96	$	96	-	8%

(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)	See footnote 6 on page 1.
---	---

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 10

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	4Q21		3Q22		4Q22^(5)^		4Q21		3Q22		4Q22^(5)^		4Q21		3Q22		4Q22^(5)^
Assets
Deposits with banks	$	295,330	$	256,444	$	305,658	$	159	$	1,218	$	2,343	0.21	%	1.88	%	3.04	%
Securities borrowed and purchased under resale agreements^(6)^		341,256		361,719		358,513		289		2,176		3,779	0.34	%	2.39	%	4.18	%
Trading account assets^(7)^		269,149		272,996		277,374		1,276		1,991		2,626	1.88	%	2.89	%	3.76	%
Investments		512,181		513,414		519,072		1,951		3,010		3,812	1.51	%	2.33	%	2.91	%

Consumer loans		371,481		356,347		360,518		6,618		7,380		8,148	7.07	%	8.22	%	8.97	%
Corporate loans		295,927		298,371		291,984		2,328		3,430		4,121	3.12	%	4.56	%	5.60	%
Total loans (net of unearned income)^(8)^		667,408		654,718		652,502		8,946		10,810		12,269	5.32	%	6.55	%	7.46	%
Other interest-earning assets		86,527		110,619		98,131		249		760		912	1.14	%	2.73	%	3.69	%
Total average interest-earning assets	$	2,171,851	$	2,169,910	$	2,211,250	$	12,870	$	19,965	$	25,741	2.35	%	3.65	%	4.62	%

Liabilities
Deposits^(9)^		1,111,944		1,075,359		1,131,425		778		3,270		5,998	0.28	%	1.21	%	2.10	%
Securities loaned and sold under repurchase agreements^(6)^		221,948		207,190		205,138		212		1,251		2,267	0.38	%	2.40	%	4.38	%
Trading account liabilities^(7)^		114,233		128,525		121,423		112		472		681	0.39	%	1.46	%	2.23	%
Short-term borrowings and other interest-bearing liabilities		103,523		154,322		153,326		51		745		1,420	0.20	%	1.92	%	3.67	%
Long-term debt^(10)^		175,804		169,329		169,642		856		1,618		2,072	1.93	%	3.79	%	4.85	%
Total average interest-bearing liabilities	$	1,727,452	$	1,734,725	$	1,780,954	$	2,009	$	7,356	$	12,438	0.46	%	1.68	%	2.77	%

Net interest income as a % of average interest-earning assets (NIM)^(9)^							$	10,861	$	12,609	$	13,303	1.98	%	2.31	%	2.39	%

4Q22 increase (decrease) from:													41	bps	8	bps

(1)	Interest revenue and Net interest income include the taxable equivalent adjustments (based on the U.S. federal statutory tax rate of 21%) of $42 million for 4Q21, $46 million for 3Q22 and $33 million for 4Q22.
(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)	4Q22 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 ICG is reported as a reduction of interest revenue. Interest revenue 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)	See footnote 1 on page 1.
---	---
(10)	Excludes hybrid financial instruments with changes in fair value recorded in Principal transactions revenue.
---	---

Reclassified to conform to the current period's presentation.

Page 11

EOP LOANS^(1)(2)^

(In billions of dollars)


											4Q22 Increase/
	4Q		1Q		2Q		3Q		4Q		(Decrease) from
	2021		2022		2022		2022		2022		3Q22	4Q21

Corporate loans - by region
North America	$	126.7	$	129.2	$	129.9	$	125.9	$	127.8	2%	1%
EMEA		75.7		81.2		76.8		71.6		71.0	(1%)	(6%)
Latin America		32.2		35.9		36.2		35.4		36.2	2%	12%
Asia		56.6		63.0		58.8		55.5		54.2	(2%)	(4%)
Total corporate loans	$	291.2	$	309.3	$	301.7	$	288.4	$	289.2	-	(1%)

Corporate loans - by reporting unit
Services	$	75.2	$	86.7	$	86.1	$	80.8	$	77.5	(4%)	3%
Markets		15.1		14.6		12.6		11.7		13.6	16%	(10%)
Banking		194.2		200.9		195.9		188.9		191.0	1%	(2%)
Legacy Franchises - Mexico SBMM		6.7		7.1		7.1		7.0		7.1	1%	6%
Total corporate loans	$	291.2	$	309.3	$	301.7	$	288.4	$	289.2	-	(1%)


Personal Banking and Wealth Management
Branded cards	$	87.9	$	85.9	$	91.6	$	93.7	$	100.2	7%	14%
Retail services		46.0		44.1		45.8		46.7		50.5	8%	10%
Retail banking		33.0		33.3		35.4		35.8		37.1	4%	12%
U.S. Personal Banking	$	166.9	$	163.3	$	172.8	$	176.2	$	187.8	7%	13%
Global Wealth Management		151.3		150.2		148.8		151.1		149.2	(1%)	(1%)
Total	$	318.2	$	313.5	$	321.6	$	327.3	$	337.0	3%	6%

Legacy Franchises - Consumer
Asia Consumer^(3)^	$	41.1	$	19.5	$	17.3	$	13.4	$	13.3	(1%)	(68%)
Mexico Consumer		13.3		13.6		13.5		13.7		14.8	8%	11%
Legacy Holdings Assets		3.9		3.7		3.2		3.2		3.0	(6%)	(23%)
Total	$	58.3	$	36.8	$	34.0	$	30.3	$	31.1	3%	(47%)

Total consumer loans	$	376.5	$	350.3	$	355.6	$	357.6	$	368.1	3%	(2%)

Total loans	$	667.8	$	659.7	$	657.3	$	646.0	$	657.2	2%	(2%)

(1)	Corporate loans include loans managed by ICG and Legacy Franchises-Mexico SBMM.
(2)	Consumer loans include loans managed by PBWM and Legacy Franchises (other than Mexico Small Business & Middle-Market Banking (Mexico SBMM) loans).
---	---
(3)	Asia Consumer includes loans of certain EMEA countries for all periods presented.
---	---

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 12

DEPOSITS

(In billions of dollars)

																	4Q22 Increase/
		4Q			1Q			2Q			3Q			4Q			(Decrease) from
	****	2021		****	2022		****	2022		****	2022		****	2022		****	3Q22	****	4Q21
ICG by region
North America		$	382.8		$	390.5		$	404.3		$	391.0		$	405.5		4%		6%
EMEA			193.1			208.6			210.7			197.7			215.6		9%		12%
Latin America			37.7			38.9			37.7			35.5			40.9		15%		8%
Asia			175.8			187.5			176.0			172.7			183.4		6%		4%
Total		$	789.4		$	825.5		$	828.7		$	796.9		$	845.4		6%		7%

ICG by reporting unit
Treasury and trade solutions		$	633.2		$	664.2		$	670.3		$	647.1		$	701.3		8%		11%
Securities services			133.8			138.7			136.3			127.8			119.8		(6%)		(10%)
Services		$	767.0		$	802.9		$	806.6		$	774.9		$	821.1		6%		7%
Markets			21.4			21.5			20.9			20.5			22.6		10%		6%
Banking			1.0			1.5			1.2			1.5			1.7		13%		70%
Total		$	789.4		$	825.5		$	828.7		$	796.9		$	845.4		6%		7%

Personal Banking and Wealth Management
U.S. Personal Banking		$	116.8		$	119.5		$	115.7		$	115.2		$	112.5		(2%)		(4%)
Global Wealth Management			329.2			332.1			311.9			312.1			325.3		4%		(1%)
Total		$	446.0		$	451.6		$	427.6		$	427.3		$	437.8		2%		(2%)

Legacy Franchises
Asia Consumer^(1)^		$	43.3		$	17.5		$	17.2		$	14.6		$	14.5		(1%)		(67%)
Mexico Consumer/SBMM			32.7			33.9			35.5			35.8			36.5		2%		12%
Legacy Holdings Assets			-			-			-			-			-		-		-
Total		$	76.0		$	51.4		$	52.7		$	50.4		$	51.0		1%		(33%)

Corporate/Other			5.8			5.2			12.8			31.9			31.8		-		NM

Total deposits - EOP		$	1,317.2		$	1,333.7		$	1,321.8		$	1,306.5		$	1,366.0		5%		4%

Total deposits - average		$	1,370.3		$	1,334.3		$	1,322.5		$	1,315.9		$	1,361.1		3%		(1%)

(1)	Asia Consumer includes deposits of certain EMEA countries for all periods presented.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 13

ALLOWANCE FOR CREDIT LOSSES (ACL) ROLLFORWARD

(In millions of dollars, except for ratios)

																																																		ACLL/EOP
		Balance				Builds / (releases)																FY 2021		Balance				Builds / (releases)															FY 2022				Balance			Loans
	****	12/31/20		****	****	1Q21		****	2Q21		****	3Q21		****	4Q21		****	****	FY 2021		****	FX/Other		12/31/21		****	****	1Q22		****	2Q22		****	3Q22		****	4Q22		****	FY 2022		****	FX/Other		****	****	12/31/22		****	12/31/22
Allowance for credit losses on loans (ACLL)
ICG		$	4,356			$	(1,103)		$	(812)		$	14		$	(192)			$	(2,093)		$	(22)	$	2,241			$	596		$	(76)		$	75		$	(117)		$	478		$	(4)			$	2,715
Legacy Franchises corporate (Mexico SBMM)			420				(124)			(51)			(61)			(1)				(237)			(9)		174				5			(3)			(34)			(7)			(39)			5				140
Total corporate ACLL		$	4,776			$	(1,227)		$	(863)		$	(47)		$	(193)			$	(2,330)		$	(31)	$	2,415			$	601		$	(79)		$	41		$	(124)		$	439		$	1			$	2,855		1.01%
U.S. Cards		$	14,665			$	(1,301)		$	(840)		$	(763)		$	(921)			$	(3,825)		$	-	$	10,840			$	(1,009)		$	447		$	303		$	814		$	555		$	(2)			$	11,393		7.56%
Retail banking and Global Wealth Management			1,643				(241)			(200)			(73)			55				(459)			(3)		1,181				(53)			191			57			(43)			152			(3)				1,330
Total PBWM		$	16,308			$	(1,542)		$	(1,040)		$	(836)		$	(866)			$	(4,284)		$	(3)	$	12,021			$	(1,062)		$	638		$	360		$	771		$	707		$	(5)			$	12,723
Legacy Franchises - consumer			3,872				(458)			(543)			(266)			(117)				(1,384)			(469)		2,019				(151)			(25)			40			(54)			(190)			(433)				1,396
Total consumer ACLL		$	20,180			$	(2,000)		$	(1,583)		$	(1,102)		$	(983)			$	(5,668)		$	(472)	$	14,040			$	(1,213)		$	613		$	400		$	717		$	517		$	(438)			$	14,119		3.84%
Total ACLL		$	24,956			$	(3,227)		$	(2,446)		$	(1,149)		$	(1,176)			$	(7,998)		$	(503)	$	16,455			$	(612)		$	534		$	441		$	593		$	956		$	(437)			$	16,974		2.60%
Allowance for credit losses on unfunded lending commitments (ACLUC)			2,655				(626)			44			(13)			(193)				(788)			4		1,871				474			(159)			(71)			47			291			(11)				2,151
Total ACLL and ACLUC (EOP)			27,611																						18,326																							19,125
Other^(1)^			146				1			1			(13)			11				-			2		148				(6)			27			83			5			109			(14)				243
Total allowance for credit losses (ACL)		$	27,757			$	(3,852)		$	(2,401)		$	(1,175)		$	(1,358)			$	(8,786)		$	(497)	$	18,474			$	(144)		$	402		$	453		$	645		$	1,356		$	(462)			$	19,368

(1)	Includes ACL on HTM securities and Other assets.

Reclassified to conform to the current period's presentation.

Page 14

ALLOWANCE FOR CREDIT LOSSES ON LOANS AND UNFUNDED LENDING COMMITMENTS

Page 1

(In millions of dollars)

											4Q22 Increase/		Full		Full		FY 2022 vs.
	4Q		1Q		2Q		3Q		4Q		(Decrease) from		Year		Year		FY 2021 Increase/
	2021		2022		2022		2022		2022		3Q22	4Q21	2021		2022		(Decrease)

Total Citigroup
Allowance for credit losses on loans (ACLL) at beginning of period	$	17,715	$	16,455	$	15,393	$	15,952	$	16,309	2%	(8%)	$	24,956	$	16,455
Gross credit (losses) on loans		(1,279)		(1,240)		(1,212)		(1,237)		(1,467)	(19%)	(15%)		(6,720)		(5,156)	23%
Gross recoveries on loans		413		368		362		350		287	(18%)	(31%)		1,825		1,367	(25%)
Net credit (losses) / recoveries on loans (NCLs)		(866)		(872)		(850)		(887)		(1,180)	33%	36%		(4,895)		(3,789)	(23%)
Replenishment of NCLs		866		872		850		887		1,180	33%	36%		4,895		3,789	(23%)
Net reserve builds / (releases) for loans		(1,176)		(612)		534		441		593	34%	NM		(7,998)		956	NM
Provision for credit losses on loans (PCLL)		(310)		260		1,384		1,328		1,773	34%	NM		(3,103)		4,745	NM
Other, net^(1)(2)(3)(4)(5)(6)^		(84)		(450)		25		(84)		72	NM	NM		(503)		(437)
ACLL at end of period (a)	$	16,455	$	15,393	$	15,952	$	16,309	$	16,974	4%	3%	$	16,455	$	16,974

Allowance for credit losses on unfunded lending commitments (ACLUC)^(^^7)^ (a)	$	1,871	$	2,343	$	2,193	$	2,089	$	2,151	3%	15%	$	1,871	$	2,151

Provision (release) for credit losses on unfunded lending commitments	$	(193)	$	474	$	(159)	$	(71)	$	47	NM	NM	$	(788)	$	291

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (a)]	$	18,326	$	17,736	$	18,145	$	18,398	$	19,125	4%	4%	$	18,326	$	19,125

Total ACLL as a percentage of total loans^(8)^		2.49%		2.35%		2.44%		2.54%		2.60%

Consumer
ACLL at beginning of period	$	15,105	$	14,040	$	12,368	$	12,983	$	13,361	3%	(12%)	$	20,180	$	14,040
NCLs		(781)		(841)		(827)		(881)		(1,062)	21%	36%		(4,509)		(3,611)	(20%)
Replenishment of NCLs		781		841		827		881		1,062	21%	36%		4,509		3,611	(20%)
Net reserve builds / (releases) for loans		(983)		(1,213)		613		400		717	79%	NM		(5,668)		517	NM
Provision for credit losses on loans (PCLL)		(202)		(372)		1,440		1,281		1,779	39%	NM		(1,159)		4,128	NM
Other, net^(1)(2)(3)(4)(5)(6)^		(82)		(459)		2		(22)		41	NM	NM		(472)		(438)	7%
ACLL at end of period (b)	$	14,040	$	12,368	$	12,983	$	13,361	$	14,119	6%	1%	$	14,040	$	14,119

Consumer ACLUC^(7)^ (b)	$	29	$	139	$	165	$	143	$	120	(16%)	NM	$	29	$	120

Provision (release) for credit losses on unfunded lending commitments	$	(5)	$	109	$	19	$	(8)	$	(20)	NM	NM	$	(28)	$	100

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (b)]	$	14,069	$	12,507	$	13,148	$	13,504	$	14,239	5%	1%	$	14,069	$	14,239

Consumer ACLL as a percentage of total consumer loans		3.73%		3.53%		3.65%		3.74%		3.84%

Corporate
ACLL at beginning of period	$	2,610	$	2,415	$	3,025	$	2,969	$	2,948	(1%)	13%	$	4,776	$	2,415
NCLs		(85)		(31)		(23)		(6)		(118)	NM	39%		(386)		(178)	(54%)
Replenishment of NCLs		85		31		23		6		118	NM	39%		386		178	(54%)
Net reserve builds / (releases) for loans		(193)		601		(79)		41		(124)	NM	36%		(2,330)		439	NM
Provision for credit losses on loans (PCLL)		(108)		632		(56)		47		(6)	NM	94%		(1,944)		617	NM
Other, net^(1)^		(2)		9		23		(62)		31	NM	NM		(31)		1
ACLL at end of period (c)	$	2,415	$	3,025	$	2,969	$	2,948	$	2,855	(3%)	18%	$	2,415	$	2,855

Corporate ACLUC^(7)^ (c)	$	1,842	$	2,204	$	2,028	$	1,946	$	2,031	4%	10%	$	1,842	$	2,031

Provision (release) for credit losses on unfunded lending commitments	$	(188)	$	365	$	(178)	$	(63)	$	67	NM	NM	$	(760)	$	191

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (c)]	$	4,257	$	5,229	$	4,997	$	4,894	$	4,886	-	15%	$	4,257	$	4,886

Corporate ACLL as a percentage of total corporate loans^(8)^		0.85%		1.00%		1.00%		1.04%		1.01%

Footnotes to this table are on the following page (page 16). Page 15

ALLOWANCE FOR CREDIT LOSSES ON LOANS AND UNFUNDED LENDING COMMITMENTS

Page 2

The following footnotes relate to the table on the preceding page (page 15):

(1)	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.
(2)	4Q21 includes an approximate $90 million reclass related to the announced sale of Citi's consumer banking operations in the Philippines. The ACLL was reclassified to Other assets during 4Q21. 4Q21 consumer also includes a decrease of approximately $6 million related to FX translation.
---	---
(3)	1Q22 includes an approximate $350 million reclass related to the announced sales of Citi's consumer banking businesses in Thailand, India, Malaysia, Taiwan, Indonesia, Bahrain, and Vietnam. The ACLL was reclassified to Other assets during 1Q22. 1Q22 consumer also includes a decrease of approximately $100 million related to FX translation.
---	---
(4)	2Q22 primarily relates to FX translation.
---	---
(5)	3Q22 primarily relates to FX translation.
---	---
(6)	4Q22 primarily relates to FX translation.
---	---
(7)	Represents additional credit reserves recorded as other liabilities on the Consolidated Balance Sheet.
---	---
(8)	December 31, 2021, March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022 exclude $6.1 billion, $5.7 billion, $4.5 billion, $3.9 billion, and $5.4 billion respectively, of loans that are carried at fair value.
---	---

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 16

NON-ACCRUAL ASSETS

(In millions of dollars)


																4Q22 Increase/
	4Q			1Q			2Q			3Q			4Q			(Decrease) from
	2021			2022			2022			2022			2022			3Q22	4Q21
Corporate non-accrual loans by region^(1)^
North America	$	510		$	462		$	304		$	276		$	138		(50%)	(73%)
EMEA		367			688			712			598			502		(16%)	37%
Latin America		568			631			563			555			429		(23%)	(24%)
Asia		108			85			76			56			53		(5%)	(51%)
Total	$	1,553		$	1,866		$	1,655		$	1,485		$	1,122		(24%)	(28%)

Corporate non-accrual loans ^(1)^
Banking	$	1,239		$	1,323		$	1,015		$	1,085		$	767		(29%)	(38%)
Services		70			297			353			185			153		(17%)	NM
Markets		12			13			11			-			3		NM	(75%)
Mexico SBMM		232			233			276			215			199		(7%)	(14%)
Total	$	1,553		$	1,866		$	1,655		$	1,485		$	1,122		(24%)	(28%)

Consumer non-accrual loans ^(1)^
U.S. Personal Banking and Global Wealth Management	$	680		$	586		$	536		$	585		$	541		(8%)	(20%)
Asia Consumer^(2)^		209			38			34			30			30		-	(86%)
Mexico Consumer		524			512			493			486			457		(6%)	(13%)
Legacy Holdings Assets - Consumer		413			381			317			300			289		(4%)	(30%)
Total	$	1,826		$	1,517		$	1,380		$	1,401		$	1,317		(6%)	(28%)

Total non-accrual loans (NAL)	$	3,379		$	3,383		$	3,035		$	2,886		$	2,439		(15%)	(28%)

Other real estate owned (OREO)^(3)^	$	27		$	26		$	13		$	16		$	15		(6%)	(44%)

NAL as a percentage of total loans		0.51	%		0.51	%		0.46	%		0.45	%		0.37	%

ACLL as a percentage of NAL		487	%		455	%		526	%		565	%		696	%

(1)	Corporate loans are placed on non-accrual status based upon 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 includes balances for certain EMEA countries for all periods presented.
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(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.
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NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 17

CITIGROUP

CET1 CAPITAL AND SUPPLEMENTARY LEVERAGE RATIOS, TANGIBLE COMMON EQUITY, BOOK VALUE

PER SHARE AND TANGIBLE BOOK VALUE PER SHARE

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

	December 31,		March 31,		June 30,		September 30,		December 31,
Common Equity Tier 1 Capital Ratio and Components ^(1)^	2021^(2)^		2022^(2)^		2022		2022		2022^(3)^
Citigroup common stockholders' equity ^(4)^	$	183,108	$	178,845	$	180,150	$	179,696	$	182,325
Add: qualifying noncontrolling interests		143		126		129		113		128
Regulatory capital adjustments and deductions:
Add:
CECL transition provision ^(5)^		3,028		2,271		2,271		2,271		2,271
Less:
Accumulated net unrealized gains (losses) on cash flow hedges, net of tax		101		(1,440)		(2,106)		(2,869)		(2,522)
Cumulative unrealized net gain (loss) related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax		(896)		27		2,145		3,211		1,441
Intangible assets:
Goodwill, net of related deferred tax liabilities (DTLs)^(6)^		20,619		20,120		19,504		18,796		19,007
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs		3,800		3,698		3,599		3,492		3,411
Defined benefit pension plan net assets; other		2,080		2,230		2,038		1,932		1,958
Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards^(8)^		11,270		11,701		11,679		11,690		12,197
Excess over 10% / 15% limitations for other DTAs, certain common stock investments and MSRs^(8)(9)^		-		1,157		798		1,261		327
Common Equity Tier 1 Capital (CET1)	$	149,305	$	143,749	$	144,893	$	144,567	$	148,905
Risk-Weighted Assets (RWA)^(5)^	$	1,219,175	$	1,263,298	$	1,217,459	$	1,176,749	$	1,142,816
Common Equity Tier 1 Capital ratio (CET1/RWA)		12.25%		11.38%		11.90%		12.29%		13.0%

Supplementary Leverage Ratio and Components
Common Equity Tier 1 Capital (CET1)^(5)^	$	149,305	$	143,749	$	144,893	$	144,567	$	148,905
Additional Tier 1 Capital (AT1)^(7)^		20,263		20,266		20,266		20,263		20,238
Total Tier 1 Capital (T1C) (CET1 + AT1)	$	169,568	$	164,015	$	165,159	$	164,830	$	169,143
Total Leverage Exposure (TLE)^(5)^	$	2,957,764	$	2,939,533	$	2,935,289	$	2,888,535	$	2,914,246
Supplementary Leverage ratio (T1C/TLE)		5.73%		5.58%		5.63%		5.71%		5.8%


Tangible Common Equity, Book Value and Tangible Book Value Per Share
Common stockholders' equity	$	182,977	$	178,714	$	180,019	$	179,565	$	182,194
Less:
Goodwill		21,299		19,865		19,597		19,326		19,691
Intangible assets (other than MSRs)		4,091		4,002		3,926		3,838		3,763
Goodwill and identifiable intangible assets (other than MSRs) related to assets HFS		510		1,384		1,081		794		589
Tangible common equity (TCE)	$	157,077	$	153,463	$	155,415	$	155,607	$	158,151
Common shares outstanding (CSO)		1,984.4		1,941.9		1,936.7		1,936.9		1,937.0
Book value per share (common equity/CSO)	$	92.21	$	92.03	$	92.95	$	92.71	$	94.06
Tangible book value per share (TCE/CSO)	$	79.16	$	79.03	$	80.25	$	80.34	$	81.65

(1)	See footnote 8 on page 1.
(2)	See footnote 5 on page 3.
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(3)	4Q22 is preliminary
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(4)	Excludes issuance costs related to outstanding preferred stock in accordance with Federal Reserve Board regulatory reporting requirements.
---	---
(5)	See footnote 9 on page 1.
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(6)	Includes goodwill “embedded” in the valuation of significant common stock investments in unconsolidated financial institutions.
---	---
(7)	Additional Tier 1 Capital primarily includes qualifying noncumulative perpetual preferred stock and qualifying trust preferred securities.
---	---
(8)	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 from timing differences (future deductions) that are deducted from CET1 exceeding the 10% limitation.
---	---
(9)	Assets subject to 10%/15% limitations include MSRs, DTAs arising from temporary differences and significant common stock investments in unconsolidated financial institutions. As of March 31, 2022, June 30, 2022, September 30, 2022 and December 31, 2022, the deduction related only to DTAs arising from temporary differences that exceeded the 10% limitation.
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Reclassified to conform to the current period's presentation. Page 18


			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
Depositary Shares, each representing 1/1,000th interest in a share of 7.125% Fixed/Floating Rate Noncumulative Preferred Stock, Series J	C Pr J	Dep Shs, represent 1/1,000th interest in a share of 7.125% Fix/Float Rate Noncum Pref Stk, Ser J	New York Stock Exchange
Depositary Shares, each representing 1/1,000th interest in a share of 6.875% Fixed/Floating Rate Noncumulative Preferred Stock, Series K	C Pr K	Dep Shs, represent 1/1,000th interest in a share of 6.875% Fix/Float Rate Noncum Pref Stk, Ser K	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
Medium-Term Senior Notes, Series N, Floating Rate Notes Due March 21, 2029 of CGMHI (and registrant’s guaranty with respect thereto)	C/29A	MTN, Series N, Floating Rate Notes Due Mar 2029 of CGMHI (and registrant’s guaranty)	New York Stock Exchange