Citigroup Inc._April 15, 2025

Exhibit 99.1

For Immediate Release Citigroup Inc. (NYSE: C) April 15, 2025
FIRST QUARTER 2025 RESULTS AND KEY METRICS	CEO COMMENTARY
FIRST QUARTER 2025 RESULTS AND KEY METRICS		Citi CEO Jane Fraser said, “With net income of $4.1 billion we delivered a strong quarter, marked by continued momentum, positive operating leverage and improved returns in each of our five businesses. Services recorded its best first quarter revenue in a decade. Markets had a good first quarter with revenue up 12% driven by strong client activity and monetization. Banking was up 12% with M&A revenue nearly double from what it was last year. Wealth revenues increased 24% with progress across all three client segments. USPB was up 2%, driven mainly by growth in Branded Cards, and also saw improved returns. We returned $2.8 billion in capital to our shareholders including $1.75 billion of buybacks as part of our $20 billion plan. “From quarter to quarter, we are building on our track record of progress. We remain intently focused on executing our strategy, which is based on a diversified business mix and will perform in a wide variety of macro scenarios. When all is said and done, and long-standing trade imbalances and other structural shifts are behind us, the U.S. will still be the world’s leading economy, and the dollar will remain the reserve currency. The deep knowledge and breadth of capabilities we bring to the many markets where we operate are a point of distinction as we continue to help our clients navigate an uncertain environment,” Ms. Fraser concluded.
RETURNED ~$2.8 BILLION IN THE FORM OF COMMON DIVIDENDS AND SHARE REPURCHASES PAYOUT RATIO OF 74%⁽³⁾ BOOK VALUE PER SHARE OF $103.90 TANGIBLE BOOK VALUE PER SHARE OF $91.52⁽⁴⁾ New York, April 15, 2025 – Citigroup Inc. today reported net income for the first quarter 2025 of $4.1 billion, or $1.96 per diluted share, on revenues of $21.6 billion. This compares to net income of $3.4 billion, or $1.58 per diluted share, on revenues of $21.0 billion for the first quarter 2024. Revenues increased 3%⁽⁵⁾ from the prior-year period, on a reported basis, driven by growth in each of Citi’s five interconnected businesses, largely offset by a decline in All Other. Excluding divestiture-related impacts in both periods⁽⁶⁾, revenues were also up 3%. Net income was $4.1 billion, compared to $3.4 billion in the prior-year period, driven by lower expenses and the higher revenues, partially offset by higher cost of credit. Earnings per share of $1.96 increased from $1.58 per diluted share in the prior-year period, reflecting the higher net income and lower shares outstanding. Percentage comparisons throughout this press release are calculated for the first quarter 2025 versus the first quarter 2024, unless otherwise specified.

First Quarter Financial Results


Citigroup ($ in millions, except per share amounts and as otherwise noted)	1Q'25		4Q'24		1Q’24		QoQ%	YoY%

Total revenues, net of interest expense	21,596		19,465		21,016		11%	3%

Total operating expenses	13,425		13,070		14,107		3%	(5)%

Net credit losses	2,459		2,242		2,303		10%	7%
Net ACL build / (release)^(a)	210		203		21		3%	NM
Other provisions^(b)	54		148		41		(64)%	32%
Total cost of credit	2,723		2,593		2,365		5%	15%

Income (loss) from continuing operations before taxes	5,448		3,802		4,544		43%	20%
Provision for income taxes	1,340		912		1,136		47%	18%
Income (loss) from continuing operations	4,108		2,890		3,408		42%	21%
Income (loss) from discontinued operations, net of taxes	(1)		-		(1)		NM	-
Net income attributable to non-controlling interest	43		34		36		26%	19%
Citigroup’s net income (loss)	$	4,064	$	2,856	$	3,371	42%	21%


EOP loans ($B)	702		694		675		1%	4%
EOP assets ($B)	2,572		2,353		2,433		9%	6%
EOP deposits ($B)	1,316		1,284		1,307		2%	1%


Book value per share	$	103.90	$	101.62	$	99.08	2%	5%
Tangible book value per share⁽⁴⁾	$	91.52	$	89.34	$	86.67	2%	6%
Common Equity Tier 1 (CET1) Capital ratio⁽²⁾	13.4%		13.6%		13.5%
Supplementary Leverage ratio (SLR)⁽²⁾	5.8%		5.8%		5.8%
Return on average common equity (ROCE)	8.0%		5.4%		6.6%
Return on average tangible common equity (RoTCE)⁽¹⁾	9.1%		6.1%		7.6%		300 bps	150 bps

Note: Certain reclassifications have been made to the prior periods’ financial statements to conform to the current period’s presentation effective as of the first quarter 2025, for all periods presented (see Footnote 8). Please refer to the Appendices and Footnotes at the end of this press release for additional information.

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

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

Citigroup

Citigroup revenues of $21.6 billion in the first quarter 2025 increased 3%⁽⁵⁾, on a reported basis, driven by growth in each of Citi’s businesses, largely offset by a decline in All Other. Excluding the divestiture-related impacts in both periods⁽⁶⁾, revenues were also up 3%. Net interest income increased 4%, driven by U.S. Personal Banking (USPB), Markets, Wealth and Services, largely offset by declines in All Other and Banking. Non-interest revenue increased 1%, driven by Markets, Banking and Wealth, offset by declines in All Other, USPB and Services.

Citigroup operating expenses of $13.4 billion were down 5% on a reported basis, driven by a smaller FDIC special assessment, the absence of a restructuring charge and lower compensation expenses. The lower compensation expenses included a favorable FX impact, productivity savings related to Citi’s organizational simplification, stranded cost reduction and lower severance. These drivers were partially offset by increases in technology and communications, professional fees related to Transformation, as well as advertising and marketing expenses. Excluding the FDIC special assessment and divestiture-related impacts in both periods⁽⁷⁾, expenses were down 3%.

Citigroup cost of credit of $2.7 billion increased 15%, driven by a higher net build in the allowance for credit losses (ACL) related to deterioration in the macroeconomic outlook in the current quarter relative to the prior-year period, and higher net credit losses in the card portfolios in USPB.

Citigroup net income was $4.1 billion in the first quarter 2025, compared to net income of $3.4 billion in the prior-year period, driven by the lower expenses and the higher revenues, partially offset by the higher cost of credit. Citigroup’s effective tax rate of approximately 25% in the current quarter was largely unchanged from the first quarter 2024.

Citigroup’s total allowance for credit losses was approximately $22.8 billion at quarter end, compared to $21.8 billion at the end of the prior-year period. Total ACL on loans was approximately $18.7 billion at quarter end, compared to $18.3 billion at the end of the prior-year period, with a reserve-to-funded loans ratio of 2.70%, down from 2.75% in the prior-year period. Total non-accrual loans decreased 2% from the prior-year period to $2.7 billion. Corporate non-accrual loans decreased 8% from the prior-year period to $1.4 billion. Consumer non-accrual loans increased 4% from the prior-year period to $1.3 billion.

Citigroup’s end-of-period loans were $702.1 billion at quarter end, up 4% versus the prior-year period, driven by higher loans in Services and Markets, and growth in Retail Banking and Branded Cards in USPB, partially offset by lower loans in Banking.

Citigroup’s end-of-period deposits were approximately $1.3 trillion at quarter end, up 1% versus the prior-year period, driven by an increase in Services, largely offset by lower deposits in Wealth, All Other and Markets.

Citigroup’s book value per share of $103.90 at quarter end increased 5% versus the prior-year period, and tangible book value per share of $91.52 at quarter end increased 6% versus the prior-year period. The increases reflected higher net income, common share repurchases and beneficial net movements in accumulated other comprehensive income (AOCI), partially offset by the payment of common and preferred dividends. At quarter end, Citigroup’s preliminary CET1 Capital ratio was 13.4% versus 13.6% at the end of the prior quarter, driven by the payment of common and preferred dividends as well as common share repurchases, higher risk-weighted assets and higher deferred tax assets, largely offset by net income and beneficial net movements in AOCI. Citigroup’s Supplementary Leverage ratio for the first quarter 2025 was 5.8%, unchanged from the prior quarter. During the quarter, Citigroup returned a total of approximately $2.8 billion to common shareholders in the form of dividends and share repurchases.


Services ($ in millions, except as otherwise noted)	1Q’25		4Q’24		1Q’24		QoQ%	YoY%

Net interest income		2,865		2,840		2,723	1%	5%
Non-interest revenue		775		1,095		790	(29)%	(2)%
Treasury and Trade Solutions		3,640		3,935		3,513	(7)%	4%
Net interest income		633		606		594	4%	7%
Non-interest revenue		616		624		656	(1)%	(6)%
Securities Services		1,249		1,230		1,250	2%	-
Total Services revenues^(a)		4,889		5,165		4,763	(5)%	3%

Total operating expenses		2,584		2,601		2,663	(1)%	(3)%

Net credit losses		6		28		6	(79)%	-
Net ACL build / (release)^(b)		18		(75)		46	NM	(61)%
Other provisions^(c)		27		159		12	(83)%	125%
Total cost of credit		51		112		64	(54)%	(20)%

Net income	$	1,595	$	1,871	$	1,490	(15)%	7%


Services Key Statistics and Metrics ($B)
Allocated Average TCE^(d)		25		25		25	(1)%	(1)%
RoTCE^(d)		26.2%		29.9%		24.1%	(370) bps	210 bps
Average loans		87		87		82	-	6%
Average deposits		826		839		808	(2)%	2%
Cross border transaction value		95		101		91	(6)%	5%
US dollar clearing volume (#MM)^(e)		43		44		40	(3)%	8%
Commercial card spend volume		17		17		17	(1)%	2%
Assets under custody and/or administration (AUC/AUA) ($T)^(f)		26		25		24	3%	9%

Note: Certain reclassifications have been made to the prior periods’ financial statements to conform to the current period’s presentation effective as of the first quarter of 2025, for all periods presented (see Footnote 8). Please refer to the Appendices and Footnotes at the end of this press release for additional information.

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

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

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

(e) U.S. dollar clearing volume is defined as the number of USD clearing payment instructions processed by Citi on behalf of U.S. and foreign-domiciled entities (primarily financial institutions). Amounts in the table are stated in millions of payment instructions processed.

(f) 1Q25 is preliminary.

Services

Services revenues of $4.9 billion were up 3%⁽⁵⁾, driven by growth in Treasury and Trade Solutions (TTS), which continued to gain market share. Net interest income increased 5%, driven by higher deposit spreads as well as an increase in deposit and loan balances. Non-interest revenue declined 4%, driven by a decline in Securities Services due to the absence of certain episodic fees in the prior-year period, higher revenue share and the impact of FX in both TTS and Securities Services, partially offset by the benefit of continued strength in underlying fee drivers across the business, particularly U.S. dollar clearing volume, cross border transaction value and assets under custody and administration.

Treasury and Trade Solutions revenues of $3.6 billion were up 4%, driven by a 5% increase in net interest income, partially offset by a 2% decrease in non-interest revenue. The increase in net interest income was driven by higher deposit spreads as well as an increase in deposit and loan balances, partially offset by the impact of FX. The decrease in non-interest revenue was driven by the impact of higher revenue share and FX, primarily offset by an increase in cross border transaction value of 5%, an increase in U.S. dollar clearing volume of 8% and an increase in commercial card spend volume of 2%.

Securities Services revenues of $1.2 billion were unchanged, driven by a 6% decrease in non-interest revenue, offset by a 7% increase in net interest income, driven by higher deposit balances. The decrease in non-interest revenue was driven by the absence of certain episodic fees in the prior-year period, along with the impact of FX and higher revenue share, partially offset by increases in assets under custody and administration.

Services operating expenses of $2.6 billion decreased 3%, largely driven by lower deposit insurance costs, severance and legal expenses.

Services cost of credit was $51 million, compared to $64 million in the prior-year period.

Services net income of $1.6 billion increased 7%, driven by the higher revenues, the lower expenses and the lower cost of credit.

Markets ($ in millions, except as otherwise noted)	1Q’25		4Q’24		1Q’24		QoQ%	YoY%

Rates and currencies		3,048		2,421		2,800	26%	9%
Spread products / other fixed income		1,429		1,057		1,330	35%	7%
Fixed Income markets		4,477		3,478		4,130	29%	8%
Equity markets		1,509		1,098		1,227	37%	23%
Total Markets revenues^(a)		5,986		4,576		5,357	31%	12%

Total operating expenses		3,468		3,174		3,384	9%	2%

Net credit losses		142		-		78	NM	82%
Net ACL build / (release)^(b)		57		136		119	(58)%	(52)%
Other provisions^(c)		2		(2)		2	NM	-
Total cost of credit		201		134		199	50%	1%

Net income	$	1,782	$	1,009	$	1,406	77%	27%


Markets Key Statistics and Metrics ($B)
Allocated Average TCE^(d)		50		54		54	(7)%	(7)%
RoTCE^(d)		14.3%		7.4%		10.5%	690 bps	380 bps
Average trading account assets		476		449		408	6%	17%
Average Loans		128		122		120	5%	7%
Average VaR ($ in MM)^(e)		118		118		154	-	(23)%

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

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

(e) VaR estimates, at a 99% confidence level, the potential decline in the value of a position or a portfolio under normal market conditions assuming a one-day holding period. VaR statistics, which are based on historical data, can be materially different across firms due to differences in portfolio composition, VaR methodologies and model parameters.

Markets

Markets revenues of $6.0 billion increased 12%, driven by growth in both Fixed Income and Equity markets revenues.

Fixed Income markets revenues of $4.5 billion increased 8%, driven by growth across rates and currencies as well as spread products and other fixed income. Rates and currencies increased 9%, largely driven by increased client activity. Spread products and other fixed income increased 7%, driven by higher client activity and loan growth, mainly in spread products.

Equity markets revenues of $1.5 billion increased 23%, primarily driven by equity derivatives, on increased market volatility and higher client activity, and momentum in prime services, with prime balances⁽⁹⁾ up approximately 16%.

Markets operating expenses of $3.5 billion increased 2%, driven by higher volume and other revenue-related expenses.

Markets cost of credit was $201 million, compared to $199 million in the prior-year period, partially driven by higher net credit losses, mainly related to spread products, offset by a lower net ACL build.

Markets net income was $1.8 billion, compared to a net income of $1.4 billion in the prior-year period, driven by the higher revenues, partially offset by the higher expenses.


Banking ($ in millions, except as otherwise noted)	1Q’25		4Q’24		1Q’24		QoQ%	YoY%

Investment Banking		1,035		925		925	12%	12%
Corporate Lending^(a)		903		322		915	180%	(1)%
Total Banking revenues^(a)(b)		1,938		1,247		1,840	55%	5%
Gain / (loss) on loan hedges^(a)		14		(6)		(104)	NM	NM
Total Banking revenues including gain/(loss) on loan hedges^(a)		1,952		1,241		1,736	57%	12%

Total operating expenses		1,034		1,051		1,179	(2)%	(12)%
Net credit losses		34		7		66	386%	(48)%
Net ACL build / (release)^(c)		185		(204)		(185)	NM	NM
Other provisions^(d)		(5)		(43)		(10)	88%	50%
Total cost of credit		214		(240)		(129)	NM	NM

Net income	$	543	$	356	$	524	53%	4%


Banking Key Statistics and Metrics
Allocated Average TCE^(e) ($B)		21		22		22	(6)%	(6)%
RoTCE^(e)		10.7%		6.5%		9.7%	420 bps	100 bps
Average loans ($B)		82		84		89	(2)%	(8)%

Advisory		424		353		230	20%	84%
Equity underwriting		127		214		171	(41)%	(26)%
Debt underwriting		553		384		571	44%	(3)%
Investment Banking fees		1,104		951		972	16%	14%

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 10.

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

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

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

Banking

Banking revenues of $2.0 billion increased 12%, driven by growth in Investment Banking as well as the impact of mark-to-market on loan hedges, partially offset by a decline in Corporate Lending, excluding mark-to-market on loan hedges⁽¹⁰⁾.

Investment Banking revenues of $1.0 billion increased 12%, driven by an increase in Investment Banking fees of 14%, driven by growth in Advisory, partially offset by declines in Equity Capital Markets (ECM) and Debt Capital Markets (DCM). Advisory fees increased 84%, as the business gained wallet share overall and across numerous sectors. ECM fees were down 26% amid a decline in the market wallet for follow-ons and convertibles. DCM fees were down 3% compared to a strong prior-year performance.

Corporate Lending revenues of $903 million, excluding mark-to-market on loan hedges⁽¹⁰⁾, decreased 1%, driven by the impact of lower loan balances and higher recoveries in the prior-year period, primarily offset by higher revenue share.

Banking operating expenses of $1.0 billion decreased 12%, largely driven by lower compensation, reflecting the benefits of prior repositioning actions.

Banking cost of credit was $214 million, compared to a benefit of $(129) million in the prior-year period, driven by a net ACL build related to deterioration in the macroeconomic outlook in the current quarter, compared to an ACL release in the prior-year period, partially offset by lower net credit losses.

Banking net income of $543 million increased 4%, driven by the higher revenue and the lower expenses, offset by the higher cost of credit.


Wealth ($ in millions, except as otherwise noted)	1Q’25		4Q’24		1Q’24		QoQ%	YoY%

Private Bank		664		590		571	13%	16%
Wealth at Work		268		256		181	5%	48%
Citigold		1,164		1,148		935	1%	24%
Total revenues, net of interest expense		2,096		1,994		1,687	5%	24%

Total operating expenses		1,639		1,561		1,636	5%	-

Net credit losses		38		30		29	27%	31%
Net ACL build / (release)^(a)		60		(11)		(198)	NM	NM
Other provisions^(b)		-		1		(1)	(100)%	100%
Total cost of credit		98		20		(170)	390%	NM

Net income	$	284	$	334	$	175	(15)%	62%


Wealth Key Statistics and Metrics ($B)
Allocated Average TCE^(c)		12		13		13	(7)%	(7)%
RoTCE^(c)		9.4%		10.1%		5.3%	(70) bps	410 bps

Loans		147		148		149	-	(1)%
Deposits		309		313		320	(1)%	(4)%
Client investment assets^(d)		595		587		514	1%	16%
EOP client balances		1,051		1,048		983	-	7%

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

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

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

(d) Includes assets under management, and trust and custody assets. 1Q25 Client investment assets are preliminary.

Wealth

Wealth revenues of $2.1 billion increased 24%, driven by growth across Citigold, the Private Bank and Wealth at Work. Net interest income of $1.3 billion increased 30%, driven by growth in deposit spreads, partially offset by lower deposit balances. Non-interest revenue of $822 million increased 16%, primarily driven by growth in investment fee revenues, with client investment assets up 16%.

Private Bank revenues of $664 million increased 16%, primarily driven by higher deposit spreads and higher investment fee revenues, partially offset by lower deposit balances.

Wealth at Work revenues of $268 million increased 48%, driven by higher deposit spreads, higher lending revenues and higher investment fee revenues.

Citigold revenues of $1.2 billion increased 24%, driven by higher deposit spreads, higher investment fee revenues and higher lending revenues, partially offset by lower deposit balances. The decrease in deposit balances reflected a shift in deposits to higher-yielding investments on Citi’s Wealth platform and other operating outflows, primarily offset by the deposit impact from client transfers from USPB⁽¹¹⁾.

Wealth operating expenses of $1.6 billion were unchanged from the prior-year period, driven by benefits from prior repositioning actions as well as lower technology expenses, offset by higher revenue-related expenses and higher severance.

Wealth cost of credit was $98 million, compared to a benefit of $(170) million in the prior-year period, driven by a net ACL build related to deterioration in the macroeconomic outlook in the current quarter, compared to an ACL release in the prior-year period, and higher net credit losses.

Wealth net income was $284 million, compared to $175 million in the prior-year period, driven by the higher revenues, largely offset by the higher cost of credit.


USPB ($ in millions, except as otherwise noted)	1Q’25		4Q’24		1Q’24		QoQ%	YoY%

Branded Cards		2,892		2,806		2,652	3%	9%
Retail Services		1,675		1,741		1,890	(4)%	(11)%
Retail Banking		661		603		567	10%	17%
Total revenues, net of interest expense		5,228		5,150		5,109	2%	2%

Total operating expenses		2,442		2,465		2,450	(1)%	-

Net credit losses		1,983		1,920		1,864	3%	6%
Net ACL build / (release)^(a)		(171)		246		337	NM	NM
Other provisions^(b)		(1)		4		3	NM	NM
Total cost of credit		1,811		2,170		2,204	(17)%	(18)%

Net income	$	745	$	392	$	347	90%	115%


USPB Key Statistics and Metrics ($B)
Allocated average TCE^(c)		23		25		25	(7)%	(7)%
RoTCE^(c)		12.9%		6.2%		5.5%	670 bps	740 bps
Average loans		216		216		204	-	6%
Average deposits		89		86		100	3%	(11)%
US credit card average loans		164		165		159	-	3%
US credit card spend volume		144		161		141	(10)%	2%
New credit cards account acquisitions (in thousands)		2,840		3,520		2,828	(19)%	-

(a) Includes credit reserve build / (release) for loans.

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

U.S. Personal Banking (USPB)⁽¹²⁾

USPB revenues of $5.2 billion increased 2%, driven by growth in Branded Cards and Retail Banking, largely offset by a decline in Retail Services. Net interest income increased 6%, driven by loan growth in Branded Cards as well as higher deposit spreads in Retail Banking. Non-interest revenue decreased 168%, primarily driven by higher partner payment accruals in Retail Services.

Branded Cards revenues of $2.9 billion increased 9%, partially driven by interest-earning balance growth of 8% and higher card spend volume, up 3%.

Retail Services revenues of $1.7 billion decreased 11%, primarily driven by higher partner payment accruals.

Retail Banking revenues of $661 million increased 17%, driven by the impact of higher deposit spreads, largely offset by the deposit impact from the client transfers to Wealth⁽¹¹⁾.

USPB operating expenses of $2.4 billion were unchanged from the prior-year period, driven by continued productivity savings, offset by higher advertising and marketing as well as legal expenses.

USPB cost of credit was $1.8 billion, compared to $2.2 billion in the prior-year period. The decrease was driven by a net ACL release in the current quarter, reflecting both a decline in card balances, and also an ACL build related to changes in portfolio composition and deterioration in the macroeconomic outlook. This compared to an ACL build in the prior-year period due to portfolio mix changes. This change in ACL was partially offset by higher net credit losses in the card portfolios.

USPB net income of $745 million increased 115%, driven by the lower cost of credit and the higher revenues.


All Other (Managed Basis) ^{(a) (b)} ($ in millions, except as otherwise noted)	1Q’25		4Q’24		1Q’24		QoQ%	YoY%

Legacy Franchises (managed basis)		1,621		1,563		1,819	4%	(11)%
Corporate / Other		(176)		(228)		557	23%	NM
Total revenues		1,445		1,335		2,376	8%	(39)%

Total operating expenses		2,224		2,162		2,685	3%	(17)%

Net credit losses		256		257		249	-	3%
Net ACL build / (release)^(c)		72		111		(98)	(35)%	NM
Other provisions^(d)		31		29		35	7%	(11)%
Total cost of credit		359		397		186	(10)%	93%

Net (loss)	$	(870)	$	(1,070)	$	(477)	19%	(82)%


All Other Key Statistics and Metrics ($B)
Allocated Average TCE^(e)		38		30		26	28%	48%

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

(b) Reflects results on a managed basis, which excludes divestiture-related impacts related to Citi's divestitures of its Asia consumer banking businesses and the planned divestiture of Mexico consumer banking, small business and middle-market banking within Legacy Franchises. For additional information, please refer to Footnote 13.

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

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

All Other (Managed Basis)⁽¹³⁾

All Other (managed basis) revenues of $1.4 billion decreased 39%, driven by lower net interest income and the impact of mark-to-market valuation changes on certain investments in Corporate/Other as well as lower revenue related to wind-down and exit markets and the impact of Mexican peso depreciation.

Legacy Franchises (managed basis)⁽¹³⁾ revenues of $1.6 billion decreased 11%, driven by lower revenue related to closed exits and wind-downs and the impact of the Mexican peso depreciation.

Corporate/Other revenues of $(176) million decreased from $557 million in the prior-year period, largely driven by lower net interest income and the impact of mark-to-market valuation changes on certain investments.

All Other (managed basis) expenses of $2.2 billion decreased 17%, driven by a smaller FDIC special assessment and the absence of a restructuring charge versus the prior-year period, as well as the reduction from wind-down and exit markets and the impact of the Mexican peso depreciation.

All Other (managed basis) cost of credit was $359 million, compared to $186 million in the prior-year period, driven by a net ACL build related to deterioration in the macroeconomic outlook in the current quarter, and higher net credit losses in the consumer loan portfolio in Mexico.

All Other (managed basis) net loss was $(870) million, compared to $(477) million in the prior-year period, driven by the lower revenues and the higher cost of credit, partially offset by the lower expenses.

Citigroup will host a conference call today at 11:00 AM (ET). A live webcast of the presentation, as well as financial results and presentation materials, will be available at https://www.citigroup.com/global/investors. The live webcast of the presentation can also be accessed at https://www.veracast.com/webcasts/citigroup/webinars/CITI1Q25.cfm

Additional financial, statistical and business-related information, as well as business and segment trends, is included in a Quarterly Financial Data Supplement. Both this earnings release and Citigroup’s First Quarter 2025 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 more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.

Certain statements in this release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors. These factors include, among others: (i) macroeconomic, geopolitical, and other challenges and uncertainties, including those related to actual or potential policies and actions from the new U.S. administration, such as tariffs, and reciprocal actions by other countries or regions, significant volatility and disruptions in financial markets, a resurgence of inflation, increases in unemployment rates, increases in interest rates and slowing economic growth or recession in the U.S. and other countries or regions; (ii) the execution and efficacy of Citi’s priorities regarding its simplification, transformation and enhanced business performance, including those related to revenue, net interest income, expense and capital-related expectations; (iii) a deterioration in business and consumer confidence and spending, including lower credit card spend and loan growth, as well as lower than expected interest rates; (iv) changes in regulatory capital requirements, interpretations or rules; and (v) the precautionary statements included in this release. These factors also consist of those contained in Citigroup's filings with the U.S. Securities and Exchange Commission, including without limitation the “Risk Factors” section of Citigroup’s 2024 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)	1Q’25		4Q’24		1Q’24

Net Income	$	4,064	$	2,856	$	3,371
Less:
Preferred Dividends		269		256		279
Net Income (Loss) to Common Shareholders	$	3,795	$	2,600	$	3,092

Average Common Equity	$	191,794	$	191,624	$	188,001
Less:
Average Goodwill and Intangibles		22,474		22,981		23,335
Average Tangible Common Equity (TCE)	$	169,320	$	168,643	$	164,666

ROCE		8.0%		5.4%		6.6%

RoTCE		9.1%		6.1%		7.6%

Appendix B


Citigroup ($ in millions)	1Q'25		1Q'24		% Δ YoY

Total Citigroup Revenues - As Reported	$	21,596	$	21,016	3%
Less:
Total Divestiture-related Impact on Revenues		-		(12)
Total Citigroup Revenues, Excluding Total Divestiture-related Impact	$	21,596	$	21,028	3%

Total Citigroup Operating Expenses - As Reported	$	13,425	$	14,107	(5)%
Less:
Total Divestiture-related Impact on Operating Expenses		34		110
FDIC special assessment Impact on Operating Expenses		20		251
Total Citigroup Operating Expenses, Excluding Total Divestiture-related and FDIC special assessment Impact	$	13,371	$	13,746	(3)%

Appendix C ^(a)


All Other ($ in millions)	1Q’25		4Q’24		1Q’24		% Δ QoQ		% Δ YoY

All Other Revenues, Managed Basis	$	1,445	$	1,335	$	2,376		8%	(39)%
Add:
All Other Divestiture-related Impact on Revenue		-		4		(12)
All Other Revenues (U.S. GAAP)	$	1,445	$	1,339	$	2,364		8%	(39)%

All Other Operating Expenses, Managed Basis	$	2,224	$	2,162	$	2,685		3%	(17)%
Add:
All Other Divestiture-related Impact on Operating Expenses^(b)(c)(d)		34		56		110
All Other Operating Expenses (U.S. GAAP)	$	2,258	$	2,218	$	2,795		2%	(19)%

All Other Cost of Credit, Managed Basis	$	359	$	397	$	186		(10)%	93%
Add:
All Other Divestiture-related Impact on Net credit losses		-		-		11
All Other Divestiture-related Impact on Net ACL build / (release)^(e)		(11)		-		-
All Other Divestiture-related Impact on Other provisions^(f)		-		-		-
All Other Citigroup Cost of Credit (U.S. GAAP)	$	348	$	397	$	197		(12)%	77%

All Other Net Income (Loss), Managed Basis	$	(870)	$	(1,070)	$	(477)		19%	(82)%
Add:
All Other Divestiture-related Impact on Revenue		-		4		(12)
All Other Divestiture-related Impact on Operating Expenses^(b)(c)(d)		(34)		(56)		(110)
All Other Divestiture-related Impact on Cost of Credit^(e)(f)		11		-		(11)
All Other Divestiture-related Impact on Taxes^(b)(c)(d)		8		16		39
All Other Net Income (Loss) (U.S. GAAP)	$	(885)	$	(1,106)	$	(571)		20%	(55)%

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

(b) 1Q24 includes approximately $110 million in operating expenses (approximately $77 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. For additional information, see Citi's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024.

(c) 4Q24 includes approximately $56 million in operating expenses (approximately $39 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. For additional information, see Citi's Annual Report on Form 10-K for the year ended December 31, 2024.

(d) 1Q25 includes approximately $34 million in operating expenses (approximately $23 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets.

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

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

Appendix D


($ in millions)	1Q’25^(a)		4Q’24		1Q’24

Citigroup Common Stockholders’ Equity^(b)	$	194,125	$	190,815	$	189,059
Add: Qualifying noncontrolling interests		192		186		159
Regulatory Capital Adjustments and Deductions:
Add: CECL transition provision^(c)		-		757		757
Less:
Accumulated net unrealized gains (losses) on cash flow hedges, net of tax		(213)		(220)		(914)
Cumulative unrealized net gain (loss) related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax		(32)		(910)		(1,031)
Intangible Assets:
Goodwill,net of related deferred tax liabilities (DTLs)^(d)		18,122		17,994		18,647
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs		3,291		3,357		3,258
Defined benefit pension plan net assets and other		1,532		1,504		1,386
Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards^(e)		11,517		11,628		11,936
Excess over 10% / 15% limitations for other DTAs, certain common stock investments, and MSRs^(e)(f)		4,261		3,042		3,551

Common Equity Tier 1 Capital (CET1)	$	155,839	$	155,363	$	153,142

Risk-Weighted Assets (RWA)^(c)	$	1,158,806	$	1,139,988	$	1,138,546

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

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

(a) Preliminary.

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

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

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

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

Appendix E


($ in millions)	1Q’25^(a)		4Q’24		1Q’24

Common Equity Tier 1 Capital (CET1)^(b)	$	155,839	$	155,363	$	153,142

Additional Tier 1 Capital (AT1)^(c)		19,675		19,164		18,923

Total Tier 1 Capital (T1C) (CET1 + AT1)	$	175,514	$	174,527	$	172,065

Total Leverage Exposure (TLE)^(b)	$	3,039,006	$	2,985,418	$	2,948,323

Supplementary Leverage Ratio (T1C / TLE)^(b)		5.8%		5.8%		5.8%

(a) Preliminary.

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

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

Appendix F


($ and shares in millions)	1Q’25^(a)		4Q’24		1Q’24

Common Stockholders’ Equity	$	194,058	$	190,748	$	188,985

Less:

Goodwill		19,422		19,300		20,042

Intangible Assets (other than MSRs)		3,679		3,734		3,636

Goodwill and Identifiable Intangible Assets (other than MSRs) Related to Businesses Held-for-Sale		16		16		-

Tangible Common Equity (TCE)	$	170,941	$	167,698	$	165,307

Common Shares Outstanding (CSO)		1,867.7		1,877.1		1,907.4

Tangible Book Value Per Share	$	91.52	$	89.34	$	86.67

(a) Preliminary.

Appendix G


Banking ($ in millions)	1Q’25		4Q’24		1Q’24		% Δ QoQ	% Δ YoY

Corporate Lending Revenues - As Reported	$	917	$	316	$	811	190%	13%

Less:

Gain/(loss) on loan hedges^(a)		14		(6)		(104)	NM	NM

Corporate Lending Revenues - Excluding Gain/(loss) on loan hedges	$	903	$	322	$	915	180%	(1)%

(a) Please refer to Footnote 10 at the end of this press release for additional information.

Appendix H


($ in billions)	1Q’25		4Q’24		1Q’24

Average Tangible Common Equity (TCE)
Services		24.7		24.9		24.9
Markets		50.4		54.0		54.0
Banking		20.6		21.8		21.8
Wealth		12.3		13.2		13.2
USPB		23.4		25.2		25.2
All Other		37.9		29.5		25.6
Total Citigroup Average TCE	$	169.3	$	168.6	$	164.7
Plus:
Average Goodwill		18.8		19.4		19.6
Average Intangible Assets (other than MSRs)		3.7		3.6		3.7
Average Goodwill and Identifiable Intangible Assets (other than MSRs) Related to Businesses Held-for-Sale		-		-		-
Total Citigroup Average Common Stockholders’ Equity	$	191.8	$	191.6	$	188.0

⁽¹⁾ Ratios as of March 31, 2025 are preliminary. Citigroup’s allocated average tangible common equity (TCE) and return on average tangible common equity (RoTCE) are non-GAAP financial measures. RoTCE represents annualized net income available to common shareholders as a percentage of average TCE. For the components of these calculations, see Appendix A. See Appendix F for a reconciliation of common equity to TCE. For a reconciliation of the summation of the segments’ and components’ average allocated TCE to Citigroup’s total average stockholder’s equity, see Appendix H.

⁽²⁾Ratios as of March 31, 2025 are preliminary. Commencing January 1, 2025, the capital effects resulting from adoption of the Current Expected Credit Losses (CECL) methodology have been fully reflected in Citi's regulatory capital. For additional information, see “Capital Resources—Regulatory Capital Treatment—Modified Transition of the Current Expected Credit Losses Methodology” in Citigroup’s 2024 Annual Report on Form 10-K.

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

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

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

⁽⁵⁾In the first quarter 2025, Citigroup’s and Services’ reported revenue included $(51) million and $(36) million, respectively, from the impact of the currency devaluation in Argentina.

⁽⁶⁾ Citigroup’s revenues excluding divestiture-related impacts are non-GAAP financial measures. For a reconciliation to reported results, please refer to Appendices B and C.

⁽⁷⁾Citigroup’s expenses excluding the FDIC special assessment and divestiture-related impacts are non-GAAP financial measures. For a reconciliation to reported results, please refer to Appendices B and C.

⁽⁸⁾Effective January 1, 2025, certain transaction processing fees paid by Citi, primarily to credit card networks, reported within USPB, Services, Wealth and All Other - Legacy Franchises, which were previously presented within Other operating expense, are presented as contra-revenue within Commissions and fees, reported in non-interest revenue. Prior periods were conformed to reflect this change in presentation.

⁽⁹⁾Prime balances are defined as client’s billable balances where Citigroup provides cash or synthetic prime brokerage services.

⁽¹⁰⁾ Credit derivatives are used to economically hedge a portion of the Corporate Lending portfolio that includes both accrual loans and loans at fair value. Gain / (loss) on loan hedges includes the mark-to-market on the credit derivatives and the mark-to-market on the loans in the portfolio that are at fair value. In the first quarter 2025, gain / (loss) on loan hedges included $14 million related to Corporate Lending, compared to $(104) million in the prior-year period. The fixed premium costs of these hedges are netted against the Corporate Lending revenues to reflect the cost of credit protection. Citigroup’s results of operations excluding the impact of gain / (loss) on loan hedges are non-GAAP financial measures. For a reconciliation to reported results, please refer to Appendix G.

⁽¹¹⁾ Reflects the impact of the net deposit balance transfers from USPB to Citigold in Wealth of approximately $14 billion over the last 12 months, including approximately $4 billion during the first quarter 2025. These amounts represent the balances at the time client relationships are transferred.

⁽¹²⁾ Effective January 1, 2025, USPB changed its reporting for certain installment lending products that were transferred from Retail Banking to Branded Cards and Retail Services to reflect where these products are managed. Prior periods were conformed to reflect this change.

⁽¹³⁾ All Other (managed basis) reflects results on a managed basis, which excludes divestiture-related impacts, for all periods, related to Citigroup’s divestitures of its Asia consumer banking businesses and the planned divestiture of its Mexico consumer banking and small business and middle market banking within Legacy Franchises. Certain of the results of operations of All Other (managed basis) and Legacy Franchises (managed basis) that exclude divestiture-related impacts are non-GAAP financial measures. For additional information and a reconciliation of these results, please refer to Appendix C.

Exhibit 99.2


CITIGROUP—QUARTERLY FINANCIAL DATA SUPPLEMENT	1Q25


		Page
	Citigroup
	Financial Summary	1
	Consolidated Statement of Income	2
	Consolidated Balance Sheet	3
	Operating Segments, Reporting Units, and Components—Net Revenues and Income	4

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

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

											1Q25 Increase/
	1Q		2Q		3Q		4Q		1Q		(Decrease) from
	2024		2024		2024		2024		2025		4Q24	1Q24

Total revenues, net of interest expense⁽¹⁾	$	21,016	$	20,032	$	20,209	$	19,465	$	21,596	11%	3%
Total operating expenses		14,107		13,246		13,144		13,070		13,425	3%	(5%)
Net credit losses (NCLs)		2,303		2,283		2,172		2,242		2,459	10%	7%
Credit reserve build (release) for loans		119		76		210		321		102	(68%)	(14%)
Provision / (release) for unfunded lending commitments		(98)		(8)		105		(118)		108	NM	NM
Provisions for benefits and claims, other assets and HTM debt securities		41		125		188		148		54	(64%)	32%
Provisions for credit losses and for benefits and claims		2,365		2,476		2,675		2,593		2,723	5%	15%
Income (loss) from continuing operations before income taxes		4,544		4,310		4,390		3,802		5,448	43%	20%
Income taxes (benefits)		1,136		1,047		1,116		912		1,340	47%	18%
Income (loss) from continuing operations		3,408		3,263		3,274		2,890		4,108	42%	21%
Income (loss) from discontinued operations, net of taxes		(1)		-		(1)		-		(1)	NM	-
Net income (loss) before noncontrolling interests		3,407		3,263		3,273		2,890		4,107	42%	21%
Net income (loss) attributable to noncontrolling interests		36		46		35		34		43	26%	19%
Citigroup's net income (loss)	$	3,371	$	3,217	$	3,238	$	2,856	$	4,064	42%	21%

Diluted earnings per share:
Income (loss) from continuing operations	$	1.58	$	1.52	$	1.51	$	1.34	$	1.96	46%	24%
Citigroup's net income (loss)	$	1.58	$	1.52	$	1.51	$	1.34	$	1.96	46%	24%

Preferred dividends	$	279	$	242	$	277	$	256	$	269	5%	(4%)

Income allocated to unrestricted common shareholders—basic
Income (loss) from continuing operations (for EPS purposes)	$	3,048	$	2,943	$	2,906	$	2,563	$	3,752	46%	23%
Citigroup's net income (loss) (for EPS purposes)		3,047		2,943		2,905		2,563		3,751	46%	23%

Income allocated to unrestricted common shareholders—diluted
Income (loss) from continuing operations (for EPS purposes)	$	3,063	$	2,962	$	2,926	$	2,583	$	3,769	46%	23%
Citigroup's net income (loss) (for EPS purposes)		3,062		2,962		2,925		2,583		3,768	46%	23%

Shares (in millions):
Average basic		1,910.4		1,907.7		1,899.9		1,887.6		1,879.0	-	(2%)
Average diluted		1,943.2		1,945.7		1,940.3		1,931.0		1,919.6	(1%)	(1%)
Common shares outstanding, at period end		1,907.4		1,907.8		1,891.3		1,877.1		1,867.7	(1%)	(2%)

Regulatory capital ratios and performance metrics:
Common Equity Tier 1 (CET1) Capital ratio^(2)(3)(4)		13.45%		13.59%		13.71%		13.63%		13.4%
Tier 1 Capital ratio^(2)(3)(4)		15.11%		15.30%		15.24%		15.31%		15.1%
Total Capital ratio^(2)(3)(4)		15.17%		15.41%		15.21%		15.42%		15.4%
Supplementary Leverage ratio (SLR)^(2)(4)(5)		5.84%		5.89%		5.85%		5.85%		5.8%
Return on average assets		0.55%		0.53%		0.52%		0.46%		0.65%	19 bps	10 bps
Return on average common equity		6.6%		6.3%		6.2%		5.4%		8.0%	260 bps	140 bps
Average tangible common equity (TCE) (in billions of dollars)⁽⁶⁾	$	164.7	$	166.1	$	168.3	$	168.6	$	169.3	-	3%
Return on average tangible common equity (RoTCE)⁽⁶⁾		7.6%		7.2%		7.0%		6.1%		9.1%	300 bps	150 bps
Operating leverage⁽⁷⁾		(845) bps		524 bps		281 bps		3,002 bps		759 bps	(2,243) bps	1,604 bps
Efficiency ratio (total operating expenses/total revenues, net)		67.1%		66.1%		65.0%		67.1%		62.2%	(490) bps	(490) bps

Balance sheet data (in billions of dollars, except per share amounts)⁽²⁾:
Total assets	$	2,432.5	$	2,405.7	$	2,430.7	$	2,352.9	$	2,571.5	9%	6%
Total average assets		2,450.3		2,456.5		2,492.1		2,474.8		2,517.1	2%	3%
Total loans		674.6		687.7		688.9		694.5		702.1	1%	4%
Total deposits		1,307.2		1,278.1		1,310.0		1,284.5		1,316.4	2%	1%
Citigroup's stockholders' equity		206.6		208.3		209.1		208.6		212.4	2%	3%
Book value per share		99.08		99.70		101.91		101.62		103.90	2%	5%
Tangible book value per share⁽⁶⁾		86.67		87.53		89.67		89.34		91.52	2%	6%

Direct staff (in thousands)		237		229		229		229		229	-	(3%)

(1)

Effective January 1, 2025, certain transaction processing fees paid by Citi, primarily to credit card networks, reported within USPB, Services, Wealth, and All Other—Legacy Franchises (Mexico Consumer/SBMM and Asia Consumer), which were previously presented within Other operating expenses, are presented as contra-revenue within Commissions and fees reported in Non-interest revenue. Prior periods were conformed to reflect this change in presentation.

(2)	1Q25 is preliminary.

(3)

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

(4)

Commencing January 1, 2025, the capital effects resulting from adoption of the Current Expected Credit Losses (CECL) methodology have been fully reflected in Citi's regulatory capital. For additional information, see "Capital Resources—Regulatory Capital Treatment—Modified Transition of the Current Expected Credit Losses Methodology" in Citigroup's 2024 Annual Report on Form 10-K.

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

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

(7)	Represents the year-over-year growth rate in basis points (bps) of Total revenues, net of interest expense less the year-over-year growth rate of Total operating expenses. Positive operating leverage indicates that the revenue growth rate was greater than the expense growth rate.

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)

											1Q25 Increase/
	1Q		2Q		3Q		4Q		1Q		(Decrease) from
	2024		2024		2024		2024		2025		4Q24	1Q24
Revenues
Interest income (including dividends)	$	36,223	$	35,987	$	36,456	$	35,047	$	33,666	(4%)	(7%)
Interest expense		22,716		22,494		23,094		21,314		19,654	(8%)	(13%)
Net interest income (NII)		13,507		13,493		13,362		13,733		14,012	2%	4%

Commissions and fees		2,636		2,555		2,589		2,456		2,707	10%	3%
Principal transactions		3,274		2,874		3,219		2,286		3,921	72%	20%
Administrative and other fiduciary fees		1,037		1,046		1,059		992		1,045	5%	1%
Realized gains (losses) on sales of investments, net		115		23		72		118		121	3%	5%
Impairment losses on investments		(30)		(17)		(45)		(339)		(58)	83%	(93%)
Provision for credit losses on available-for-sale (AFS) debt securities⁽¹⁾		-		(4)		4		1		-	(100%)	-
Other revenue (loss)		477		62		(51)		218		(152)	NM	NM
Total non-interest revenues (NIR)		7,509		6,539		6,847		5,732		7,584	32%	1%
Total revenues, net of interest expense		21,016		20,032		20,209		19,465		21,596	11%	3%


Provisions for credit losses and for benefits and claims
Net credit losses on loans		2,303		2,283		2,172		2,242		2,459	10%	7%
Credit reserve build / (release) for loans		119		76		210		321		102	(68%)	(14%)
Provision for credit losses on loans		2,422		2,359		2,382		2,563		2,561	-	6%
Provision for credit losses on held-to-maturity (HTM) debt securities		10		(5)		50		(5)		(5)	-	NM
Provision for credit losses on other assets		4		112		110		136		39	(71%)	NM
Policyholder benefits and claims		27		18		28		17		20	18%	(26%)
Provision for credit losses on unfunded lending commitments		(98)		(8)		105		(118)		108	NM	NM
Total provisions for credit losses and for benefits and claims⁽²⁾		2,365		2,476		2,675		2,593		2,723	5%	15%

Operating expenses
Compensation and benefits		7,673		6,888		7,058		6,923		7,464	8%	(3%)
Technology / communication		2,246		2,238		2,273		2,278		2,379	4%	6%
Premises and equipment		585		597		606		650		574	(12%)	(2%)
Advertising and marketing		228		280		282		323		250	(23%)	10%
Restructuring		225		36		9		(11)		(3)	73%	NM
Other operating		3,150		3,207		2,916		2,907		2,761	(5%)	(12%)
Total operating expenses		14,107		13,246		13,144		13,070		13,425	3%	(5%)


Income (loss) from continuing operations before income taxes		4,544		4,310		4,390		3,802		5,448	43%	20%
Provision (benefit) for income taxes		1,136		1,047		1,116		912		1,340	47%	18%

Income (loss) from continuing operations		3,408		3,263		3,274		2,890		4,108	42%	21%
Discontinued operations
Income (loss) from discontinued operations		(1)		-		(1)		-		(1)	NM	-
Provision (benefit) for income taxes		-		-		-		-		-	-	-
Income (loss) from discontinued operations, net of taxes		(1)		-		(1)		-		(1)	NM	-

Net income (loss) before attribution to noncontrolling interests		3,407		3,263		3,273		2,890		4,107	42%	21%
Noncontrolling interests		36		46		35		34		43	26%	19%
Citigroup's net income (loss)	$	3,371	$	3,217	$	3,238	$	2,856	$	4,064	42%	21%

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

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

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 2

CITIGROUP CONSOLIDATED BALANCE SHEET

(In millions of dollars)

											1Q25 Increase/
	March 31,		June 30,		September 30,		December 31,		March 31,		(Decrease) from
	2024		2024		2024		2024		2025⁽¹⁾		4Q24	1Q24
Assets
Cash and due from banks (including segregated cash and other deposits)	$	25,174	$	26,917	$	25,266	$	22,782	$	25,466	12%	1%
Deposits with banks, net of allowance		247,556		219,217		277,828		253,750		282,865	11%	14%
Securities borrowed and purchased under resale agreements, net of allowance		344,264		317,970		285,928		274,062		390,215	42%	13%
Brokerage receivables, net of allowance		61,314		64,563		63,653		50,841		57,440	13%	(6%)
Trading account assets		431,468		446,339		458,072		442,747		518,577	17%	20%
Investments
Available-for-sale debt securities		254,898		249,362		234,444		226,876		225,180	(1%)	(12%)
Held-to-maturity debt securities, net of allowance		252,459		251,125		248,274		242,382		220,385	(9%)	(13%)
Equity securities		7,826		7,789		7,953		7,399		7,323	(1%)	(6%)
Total investments		515,183		508,276		490,671		476,657		452,888	(5%)	(12%)
Loans
Consumer⁽²⁾		381,759		386,117		389,151		393,102		386,312	(2%)	1%
Corporate⁽³⁾		292,819		301,605		299,771		301,386		315,744	5%	8%
Loans, net of unearned income		674,578		687,722		688,922		694,488		702,056	1%	4%
Allowance for credit losses on loans (ACLL)		(18,296)		(18,216)		(18,356)		(18,574)		(18,726)	(1%)	(2%)
Total loans, net		656,282		669,506		670,566		675,914		683,330	1%	4%
Goodwill		20,042		19,704		19,691		19,300		19,422	1%	(3%)
Intangible assets (including MSRs)		4,338		4,226		4,121		4,494		4,430	(1%)	2%
Premises and equipment, net of depreciation and amortization		29,188		29,399		30,096		30,192		30,814	2%	6%
Other assets, net of allowance		97,701		99,569		104,771		102,206		106,067	4%	9%
Total assets	$	2,432,510	$	2,405,686	$	2,430,663	$	2,352,945	$	2,571,514	9%	6%

Liabilities
Non-interest-bearing deposits in U.S. offices	$	112,535	$	117,607	$	118,034	$	123,338	$	122,472	(1%)	9%
Interest-bearing deposits in U.S. offices		570,259		546,772		558,461		551,547		562,628	2%	(1%)
Total U.S. deposits		682,794		664,379		676,495		674,885		685,100	2%	-
Non-interest-bearing deposits in offices outside the U.S.		87,936		83,150		84,913		84,349		82,215	(3%)	(7%)
Interest-bearing deposits in offices outside the U.S.		536,433		530,608		548,591		525,224		549,095	5%	2%
Total international deposits		624,369		613,758		633,504		609,573		631,310	4%	1%

Total deposits		1,307,163		1,278,137		1,309,999		1,284,458		1,316,410	2%	1%
Securities loaned and sold under repurchase agreements		299,387		305,206		278,377		254,755		403,959	59%	35%
Brokerage payables		73,013		73,621		81,186		66,601		78,302	18%	7%
Trading account liabilities		156,652		151,259		142,534		133,846		148,688	11%	(5%)
Short-term borrowings		31,910		38,694		41,340		48,505		49,139	1%	54%
Long-term debt		285,495		280,321		299,081		287,300		295,684	3%	4%
Other liabilities, plus allowances⁽⁴⁾		71,492		69,304		68,244		68,114		66,074	(3%)	(8%)
Total liabilities	$	2,225,112	$	2,196,542	$	2,220,761	$	2,143,579	$	2,358,256	10%	6%

Stockholders' equity
Preferred stock	$	17,600	$	18,100	$	16,350	$	17,850	$	18,350	3%	4%
Common stock		31		31		31		31		31	-	-
Additional paid-in capital		108,592		108,785		108,969		109,117		108,616	-	-
Retained earnings		200,956		202,913		204,770		206,294		209,013	1%	4%
Treasury stock, at cost		(74,865)		(74,842)		(75,840)		(76,842)		(77,880)	(1%)	(4%)
Accumulated other comprehensive income (loss) (AOCI)		(45,729)		(46,677)		(45,197)		(47,852)		(45,722)	4%	-
Total common equity	$	188,985	$	190,210	$	192,733	$	190,748	$	194,058	2%	3%

Total Citigroup stockholders' equity	$	206,585	$	208,310	$	209,083	$	208,598	$	212,408	2%	3%
Noncontrolling interests		813		834		819		768		850	11%	5%
Total equity		207,398		209,144		209,902		209,366		213,258	2%	3%
Total liabilities and equity	$	2,432,510	$	2,405,686	$	2,430,663	$	2,352,945	$	2,571,514	9%	6%

(1)	March 31, 2025 is preliminary.

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

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

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

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 3

OPERATING SEGMENT, REPORTING UNIT, AND COMPONENT DETAILS

(In millions of dollars)

											1Q25 Increase/
	1Q		2Q		3Q		4Q		1Q		(Decrease) from
	2024		2024		2024		2024		2025		4Q24	1Q24
Revenues, net of interest expense⁽¹⁾
Services	$	4,763	$	4,675	$	5,015	$	5,165	$	4,889	(5%)	3%
Markets		5,357		5,086		4,817		4,576		5,986	31%	12%
Banking		1,736		1,627		1,597		1,241		1,952	57%	12%
Wealth		1,687		1,807		1,995		1,994		2,096	5%	24%
U.S. Personal Banking (USPB)		5,109		4,832		4,964		5,150		5,228	2%	2%
All Other—managed basis⁽²⁾⁽³⁾		2,376		1,972		1,820		1,335		1,445	8%	(39%)
Reconciling Items—divestiture-related impacts⁽⁴⁾		(12)		33		1		4		-	(100%)	100%
Total net revenues—reported	$	21,016	$	20,032	$	20,209	$	19,465	$	21,596	11%	3%

Income (loss) from continuing operations
Services	$	1,515	$	1,498	$	1,683	$	1,888	$	1,610	(15%)	6%
Markets		1,421		1,469		1,089		1,026		1,795	75%	26%
Banking		527		409		236		357		542	52%	3%
Wealth		175		210		283		334		284	(15%)	62%
USPB		347		121		522		392		745	90%	115%
All Other—managed basis⁽²⁾⁽³⁾		(483)		(412)		(494)		(1,071)		(853)	20%	(77%)
Reconciling Items—divestiture-related impacts⁽⁴⁾		(94)		(32)		(45)		(36)		(15)	58%	84%

Income (loss) from continuing operations—reported		3,408		3,263		3,274		2,890		4,108	42%	21%

Discontinued operations		(1)		-		(1)		-		(1)	NM	-

Net income (loss) attributable to noncontrolling interests		36		46		35		34		43	26%	19%

Net income (loss)	$	3,371	$	3,217	$	3,238	$	2,856	$	4,064	42%	21%

(1)	See footnote 1 on page 1.

(2)

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

(3)

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

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

NM Not meaningful.

Reclassified to conform to the current period’s presentation.

Page 4

SERVICES

(In millions of dollars, except as otherwise noted)

											1Q25 Increase/
	1Q		2Q		3Q		4Q		1Q		(Decrease) from
	2024		2024		2024		2024		2025		4Q24	1Q24


Net interest income (including dividends)	$	3,317	$	3,225	$	3,435	$	3,446	$	3,498	2%	5%
Fee revenue
Commissions and fees⁽¹⁾		794		862		834		806		815	1%	3%
Fiduciary and administrative, and other		685		695		701		635		658	4%	(4%)
Total fee revenue		1,479		1,557		1,535		1,441		1,473	2%	-
Principal transactions		248		182		266		263		250	(5%)	1%
All other⁽²⁾		(281)		(289)		(221)		15		(332)	NM	(18%)
Total non-interest revenue		1,446		1,450		1,580		1,719		1,391	(19%)	(4%)

Total revenues, net of interest expense⁽¹⁾		4,763		4,675		5,015		5,165		4,889	(5%)	3%
Total operating expenses⁽¹⁾		2,663		2,729		2,575		2,601		2,584	(1%)	(3%)
Net credit losses (recoveries) on loans		6		-		14		28		6	(79%)	-
Credit reserve build (release) for loans		34		(100)		7		(71)		24	NM	(29%)
Provision (release) for credit losses on unfunded lending commitments		12		2		7		(4)		(6)	(50%)	NM
Provisions for credit losses for other assets and HTM debt securities		12		71		99		159		27	(83%)	125%
Provision for credit losses		64		(27)		127		112		51	(54%)	(20%)
Income from continuing operations before taxes		2,036		1,973		2,313		2,452		2,254	(8%)	11%
Income taxes		521		475		630		564		644	14%	24%
Income from continuing operations		1,515		1,498		1,683		1,888		1,610	(15%)	6%
Noncontrolling interests		25		27		32		17		15	(12%)	(40%)
Net income	$	1,490	$	1,471	$	1,651	$	1,871	$	1,595	(15%)	7%
EOP assets (in billions)	$	577	$	569	$	608	$	584	$	589	1%	2%
Average assets (in billions)		580		575		591		596		578	(3%)	-
Efficiency ratio		56%		58%		51%		50%		53%	300 bps	(300) bps
Average allocated TCE (in billions)⁽³⁾	$	24.9	$	24.9	$	24.9	$	24.9	$	24.7	(1%)	(1%)
RoTCE⁽²⁾		24.1%		23.8%		26.4%		29.9%		26.2%	(370) bps	210 bps

Revenue by component
Net interest income	$	2,723	$	2,629	$	2,731	$	2,840	$	2,865	1%	5%
Non-interest revenue		790		797		896		1,095		775	(29%)	(2%)
Treasury and Trade Solutions (TTS)		3,513		3,426		3,627		3,935		3,640	(7%)	4%
Net interest income		594		596		704		606		633	4%	7%
Non-interest revenue		656		653		684		624		616	(1%)	(6%)
Securities Services		1,250		1,249		1,388		1,230		1,249	2%	-
Total Services	$	4,763	$	4,675	$	5,015	$	5,165	$	4,889	(5%)	3%

Revenue by geography
North America	$	1,243	$	1,295	$	1,360	$	1,504	$	1,445	(4%)	16%
International		3,520		3,380		3,655		3,661		3,444	(6%)	(2%)
Total	$	4,763	$	4,675	$	5,015	$	5,165	$	4,889	(5%)	3%

Key drivers⁽⁴⁾ (in billions of dollars, except as otherwise noted)
Average loans by component
TTS	$	81	$	81	$	86	$	85	$	86	1%	6%
Securities Services		1		1		1		2		1	(50%)	-
Total	$	82	$	82	$	87	$	87	$	87	-	6%

ACLL as a % of EOP loans⁽⁵⁾		0.54%		0.37%		0.38%		0.30%		0.30%	0 bps	(24) bps

Average deposits by component
TTS	$	684	$	677	$	690	$	704	$	690	(2%)	1%
Securities Services		124		127		135		135		136	1%	10%
Total	$	808	$	804	$	825	$	839	$	826	(2%)	2%

AUC/AUA (in trillions of dollars)⁽⁶⁾	$	24.0	$	24.2	$	26.3	$	25.4	$	26.1	3%	9%
Cross-border transaction value⁽⁷⁾	$	90.7	$	92.7	$	95.0	$	101.3	$	95.1	(6%)	5%
U.S. dollar clearing volume (in millions)⁽⁸⁾		39.6		41.6		42.7		44.1		42.7	(3%)	8%
Commercial card spend volume	$	16.8	$	18.0	$	18.3	$	17.3	$	17.2	(1%)	2%

(1)	See footnote 1 on page 1.

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

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

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

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

(6)	1Q25 is preliminary.

(7)	Represents the total value of cross-border foreign exchange payments processed through Citi platforms.

(8)	Represents the number of U.S. dollar Clearing Payment instructions processed on behalf of U.S. and foreign-domiciled entities (primarily financial institutions).

NM Not meaningful.

Reclassified to conform to the current period’s presentation.

Page 5

MARKETS

(In millions of dollars, except as otherwise noted)

											1Q25 Increase/
	1Q		2Q		3Q		4Q		1Q		(Decrease) from
	2024		2024		2024		2024		2025		4Q24	1Q24

Net interest income (including dividends)	$	1,706	$	2,038	$	1,405	$	1,856	$	2,013	8%	18%
Fee revenue
Brokerage and fees		336		346		391		329		400	22%	19%
Investment banking fees⁽¹⁾		100		104		118		104		135	30%	35%
Other⁽²⁾		62		62		64		50		52	4%	(16%)
Total fee revenue		498		512		573		483		587	22%	18%

Principal transactions		3,178		2,696		2,847		2,480		3,350	35%	5%
All other⁽³⁾		(25)		(160)		(8)		(243)		36	NM	NM
Total non-interest revenue		3,651		3,048		3,412		2,720		3,973	46%	9%
Total revenues, net of interest expense		5,357		5,086		4,817		4,576		5,986	31%	12%
Total operating expenses		3,384		3,305		3,339		3,174		3,468	9%	2%
Net credit losses (recoveries) on loans		78		66		24		-		142	NM	82%
Credit reserve build (release) for loans		120		(111)		37		167		48	(71%)	(60%)
Provision (release) for credit losses on unfunded lending commitments		(1)		2		47		(31)		9	NM	NM
Provisions for credit losses for other assets and HTM debt securities		2		32		33		(2)		2	NM	-
Provision for credit losses		199		(11)		141		134		201	50%	1%
Income (loss) from continuing operations before taxes		1,774		1,792		1,337		1,268		2,317	83%	31%
Income taxes (benefits)		353		323		248		242		522	116%	48%
Income (loss) from continuing operations		1,421		1,469		1,089		1,026		1,795	75%	26%
Noncontrolling interests		15		26		17		17		13	(24%)	(13%)
Net income (loss)	$	1,406	$	1,443	$	1,072	$	1,009	$	1,782	77%	27%
EOP assets (in billions)	$	1,038	$	1,023	$	1,002	$	949	$	1,165	23%	12%
Average assets (in billions)		1,048		1,064		1,082		1,058		1,121	6%	7%
Efficiency ratio		63%		65%		69%		69%		58%	(1,100) bps	(500) bps
Average allocated TCE (in billions)⁽⁴⁾	$	54.0	$	54.0	$	54.0	$	54.0	$	50.4	(7%)	(7%)
RoTCE⁽⁴⁾		10.5%		10.7%		7.9%		7.4%		14.3%	690 bps	380 bps

Revenue by component
Fixed Income markets	$	4,130	$	3,564	$	3,578	$	3,478	$	4,477	29%	8%
Equity markets		1,227		1,522		1,239		1,098		1,509	37%	23%
Total	$	5,357	$	5,086	$	4,817	$	4,576	$	5,986	31%	12%

Rates and currencies	$	2,800	$	2,466	$	2,465	$	2,421	$	3,048	26%	9%
Spread products / other fixed income		1,330		1,098		1,113		1,057		1,429	35%	7%
Total Fixed Income markets revenues	$	4,130	$	3,564	$	3,578	$	3,478	$	4,477	29%	8%

Revenue by geography
North America	$	2,067	$	2,031	$	1,773	$	1,691	$	2,176	29%	5%
International		3,290		3,055		3,044		2,885		3,810	32%	16%
Total	$	5,357	$	5,086	$	4,817	$	4,576	$	5,986	31%	12%

Key drivers⁽⁵⁾ (in billions of dollars)
Average loans	$	120	$	119	$	119	$	122	$	128	5%	7%
NCLs as a % of average loans		0.26%		0.22%		0.08%		0.00%		0.45%	45 bps	19 bps
ACLL as a % of EOP loans⁽⁶⁾		0.86%		0.74%		0.77%		0.88%		0.89%	1 bps	3 bps
Average trading account assets	$	408	$	426	$	462	$	449	$	476	6%	17%
Average deposits⁽⁷⁾		24		25		19		15		15	-	(38%)

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

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

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

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

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

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

(7)	During the third quarter of 2024, approximately $9 billion of institutional deposits were moved from Markets to Corporate/Other, as they are managed by Citi Treasury. Prior periods were not impacted.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 6

BANKING

(In millions of dollars, except as otherwise noted)

											1Q25 Increase/
	1Q		2Q		3Q		4Q		1Q		(Decrease) from
	2024		2024		2024		2024		2025		4Q24	1Q24

Net interest income (including dividends)	$	582	$	527	$	527	$	521	$	491	(6%)	(16%)
Fee revenue
Investment banking fees⁽¹⁾		972		935		999		951		1,104	16%	14%
Other⁽²⁾		42		50		31		51		49	(4%)	17%
Total fee revenue		1,014		985		1,030		1,002		1,153	15%	14%
Principal transactions		(227)		(126)		(197)		(209)		(90)	57%	60%
All other⁽³⁾		367		241		237		(73)		398	NM	8%
Total non-interest revenue		1,154		1,100		1,070		720		1,461	103%	27%

Total revenues, net of interest expense		1,736		1,627		1,597		1,241		1,952	57%	12%
Total operating expenses		1,179		1,131		1,116		1,051		1,034	(2%)	(12%)

Net credit losses on loans		66		40		36		7		34	386%	(48%)
Credit reserve build (release) for loans		(89)		(51)		62		(122)		78	NM	NM
Provision (release) for credit losses on unfunded lending commitments		(96)		(9)		59		(82)		107	NM	NM
Provisions for credit losses for other assets and HTM debt securities		(10)		(12)		20		(43)		(5)	88%	50%
Provision for credit losses		(129)		(32)		177		(240)		214	NM	NM
Income (loss) from continuing operations before taxes		686		528		304		430		704	64%	3%
Income taxes (benefits)		159		119		68		73		162	122%	2%
Income (loss) from continuing operations		527		409		236		357		542	52%	3%
Noncontrolling interests		3		3		(2)		1		(1)	NM	NM
Net income (loss)	$	524	$	406	$	238	$	356	$	543	53%	4%
EOP assets (in billions)	$	151	$	147	$	151	$	143	$	147	3%	(3%)
Average assets (in billions)		154		152		152		149		144	(3%)	(6%)
Efficiency ratio		68%		70%		70%		85%		53%	(3,200) bps	(1,500) bps
Average allocated TCE (in billions)⁽⁴⁾	$	21.8	$	21.8	$	21.8	$	21.8	$	20.6	(6%)	(6%)
RoTCE⁽⁴⁾		9.7%		7.5%		4.3%		6.5%		10.7%	420 bps	100 bps

Revenue by component
Total Investment Banking	$	925	$	853	$	934	$	925	$	1,035	12%	12%
Corporate Lending—excluding gain/(loss) on loan hedges⁽³⁾⁽⁵⁾		915		765		742		322		903	180%	(1%)
Total Banking revenues (ex-gain/(loss) on loan hedges)⁽³⁾⁽⁵⁾		1,840		1,618		1,676		1,247		1,938	55%	5%
Gain/(loss) on loan hedges⁽³⁾⁽⁵⁾		(104)		9		(79)		(6)		14	NM	NM
Total Banking revenues including gain/(loss) on loan hedges⁽³⁾⁽⁵⁾	$	1,736	$	1,627	$	1,597	$	1,241	$	1,952	57%	12%

Business metrics—investment banking fees
Advisory	$	230	$	268	$	394	$	353	$	424	20%	84%
Equity underwriting (Equity Capital Markets (ECM))		171		174		129		214		127	(41%)	(26%)
Debt underwriting (Debt Capital Markets (DCM))		571		493		476		384		553	44%	(3%)
Total	$	972	$	935	$	999	$	951	$	1,104	16%	14%

Revenue by geography
North America	$	773	$	749	$	837	$	738	$	989	34%	28%
International		963		878		760		503		963	91%	-
Total	$	1,736	$	1,627	$	1,597	$	1,241	$	1,952	57%	12%

Key drivers⁽⁶⁾ (in billions of dollars)
Average loans	$	89	$	89	$	88	$	84	$	82	(2%)	(8%)
NCLs as a % of average loans		0.30%		0.18%		0.16%		0.03%		0.17%	14 bps	(13) bps
ACLL as a % of EOP loans⁽⁷⁾		1.47%		1.42%		1.54%		1.42%		1.54%	12 bps	7 bps
Average deposits		1		1		1		1		-	(100%)	(100%)

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

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

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

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

(5)

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

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

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

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 7

WEALTH

(In millions of dollars, except as otherwise noted)

											1Q25 Increase/
	1Q		2Q		3Q		4Q		1Q		(Decrease) from
	2024		2024		2024		2024		2025		4Q24	1Q24

Net interest income	$	981	$	1,047	$	1,233	$	1,247	$	1,274	2%	30%
Fee revenue
Commissions and fees⁽¹⁾		338		342		342		358		399	11%	18%
Other⁽²⁾		231		232		241		245		247	1%	7%
Total fee revenue		569		574		583		603		646	7%	14%
All other⁽³⁾		137		186		179		144		176	22%	28%
Total non-interest revenue		706		760		762		747		822	10%	16%

Total revenues, net of interest expense⁽¹⁾		1,687		1,807		1,995		1,994		2,096	5%	24%

Total operating expenses⁽¹⁾		1,636		1,535		1,594		1,561		1,639	5%	-
Net credit losses on loans		29		35		27		30		38	27%	31%
Credit reserve build (release) for loans		(190)		(43)		8		(11)		61	NM	NM
Provision (release) for credit losses on unfunded lending commitments		(8)		-		(1)		-		(1)	NM	88%
Provisions for benefits and claims (PBC), and other assets		(1)		(1)		(1)		1		-	(100%)	100%
Provisions for credit losses and for PBC		(170)		(9)		33		20		98	390%	NM
Income from continuing operations before taxes		221		281		368		413		359	(13%)	62%
Income taxes		46		71		85		79		75	(5%)	63%
Income from continuing operations		175		210		283		334		284	(15%)	62%
Noncontrolling interests		-		-		-		-		-	-	-
Net income	$	175	$	210	$	283	$	334	$	284	(15%)	62%
EOP assets (in billions)	$	229	$	228	$	230	$	224	$	224	-	(2%)
Average assets (in billions)		236		230		229		227		223	(2%)	(6%)
Efficiency ratio		97%		85%		80%		78%		78%	0 bps	(1,900) bps
Average allocated TCE (in billions)⁽⁴⁾	$	13.2	$	13.2	$	13.2	$	13.2	$	12.3	(7%)	(7%)
RoTCE⁽⁴⁾		5.3%		6.4%		8.5%		10.1%		9.4%	(70) bps	410 bps

Revenue by component
Private Bank	$	571	$	611	$	614	$	590	$	664	13%	16%
Wealth at Work		181		195		244		256		268	5%	48%
Citigold		935		1,001		1,137		1,148		1,164	1%	24%
Total	$	1,687	$	1,807	$	1,995	$	1,994	$	2,096	5%	24%

Revenue by geography
North America	$	773	$	847	$	1,000	$	1,008	$	1,073	6%	39%
International		914		960		995		986		1,023	4%	12%
Total	$	1,687	$	1,807	$	1,995	$	1,994	$	2,096	5%	24%

Key drivers⁽⁵⁾ (in billions of dollars)

EOP client balances
Client investment assets⁽⁶⁾⁽⁷⁾	$	514	$	541	$	580	$	587	$	595	1%	16%
Deposits		320		318		316		313		309	(1%)	(4%)
Loans		149		150		151		148		147	-	(1%)
Total	$	983	$	1,009	$	1,047	$	1,048	$	1,051	-	7%

Average loans	$	150	$	150	$	150	$	148	$	147	(1%)	(2%)
ACLL as a % of EOP loans		0.39%		0.35%		0.36%		0.36%		0.40%	4 bps	1 bps

(1)	See footnote 1 on page 1.

(2)	Primarily related to fiduciary and administrative fees.

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

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

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

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

(7)	1Q25 is preliminary.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 8

U.S. PERSONAL BANKING

(In millions of dollars, except as otherwise noted)

											1Q25 Increase/
	1Q		2Q		3Q		4Q		1Q		(Decrease) from
	2024		2024		2024		2024		2025		4Q24	1Q24

Net interest income	$	5,226	$	5,103	$	5,293	$	5,481	$	5,541	1%	6%
Fee revenue
Interchange fees⁽¹⁾⁽²⁾		2,283		2,437		2,388		2,483		2,324	(6%)	2%
Card rewards and partner payments		(2,580)		(2,847)		(2,839)		(2,960)		(2,821)	5%	(9%)
Other⁽²⁾		105		114		110		139		143	3%	36%
Total fee revenue		(192)		(296)		(341)		(338)		(354)	(5%)	(84%)
All other⁽³⁾		75		25		12		7		41	486%	(45%)
Total non-interest revenue		(117)		(271)		(329)		(331)		(313)	5%	(168%)

Total revenues, net of interest expense		5,109		4,832		4,964		5,150		5,228	2%	2%

Total operating expenses⁽¹⁾		2,450		2,355		2,376		2,465		2,442	(1%)	-

Net credit losses on loans		1,864		1,931		1,864		1,920		1,983	3%	6%
Credit reserve build (release) for loans		337		382		41		246		(171)	NM	NM
Provision (release) for credit losses on unfunded lending commit.		-		-		-		-		-	-	-
Provisions for benefits and claims (PBC), and other assets		3		2		4		4		(1)	NM	NM
Provisions for credit losses and for PBC		2,204		2,315		1,909		2,170		1,811	(17%)	(18%)
Income from continuing operations before taxes		455		162		679		515		975	89%	114%
Income taxes		108		41		157		123		230	87%	113%
Income from continuing operations		347		121		522		392		745	90%	115%
Noncontrolling interests		-		-		-		-		-	-	-
Net income	$	347	$	121	$	522	$	392	$	745	90%	115%
EOP assets (in billions)	$	237	$	242	$	245	$	252	$	244	(3%)	3%
Average assets (in billions)		233		239		244		249		247	(1%)	6%
Efficiency ratio		48%		49%		48%		48%		47%	(100) bps	(100) bps
Average allocated TCE (in billions)⁽⁴⁾	$	25.2	$	25.2	$	25.2	$	25.2	$	23.4	(7%)	(7%)
RoTCE⁽⁴⁾		5.5%		1.9%		8.2%		6.2%		12.9%	670 bps	740 bps

Revenue by component
Branded Cards⁽¹⁾⁽⁵⁾	$	2,652	$	2,536	$	2,741	$	2,806	$	2,892	3%	9%
Retail Services⁽¹⁾⁽⁵⁾		1,890		1,735		1,704		1,741		1,675	(4%)	(11%)
Retail Banking⁽¹⁾⁽⁵⁾		567		561		519		603		661	10%	17%
Total	$	5,109	$	4,832	$	4,964	$	5,150	$	5,228	2%	2%

Average loans and deposits⁽⁶⁾(in billions)
Average loans	$	204	$	206	$	210	$	216	$	216	-	6%
ACLL as a % of EOP loans⁽⁷⁾		6.58%		6.60%		6.52%		6.38%		6.51%	13 bps	(7) bps
Average deposits		100		93		85		86		89	3%	(11%)

(1)	See footnote 1 on page 14.

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

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

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

(5)	Effective January 1, 2025, USPB changed its reporting for certain installment lending products that were transferred from Retail Banking to Branded Cards and Retail Services to reflect where these products are managed. Prior periods were conformed to reflect this change.

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

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

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 9

U.S. PERSONAL BANKING

Metrics

											1Q25 Increase/
	1Q		2Q		3Q		4Q		1Q		(Decrease) from
U.S. Personal Banking Key Drivers)⁽¹⁾⁽²⁾ (in billions of dollars, except as otherwise noted)	2024		2024		2024		2024		2025		4Q24	1Q24

New credit cards account acquisitions (in thousands)
Branded Cards		1,170		1,144		1,224		1,129		1,300	15%	11%
Retail Services		1,658		2,034		1,799		2,391		1,540	(36%)	(7%)
Credit card spend volume
Branded Cards	$	120.9	$	130.9	$	128.9	$	135.4	$	125.1	(8%)	3%
Retail Services		20.0		23.7		21.7		25.2		19.0	(25%)	(5%)
Average loans⁽³⁾
Branded Cards	$	110.8	$	112.8	$	114.8	$	116.9	$	116.7	-	5%
Credit cards		107.5		109.3		111.1		113.1		112.9	-	5%
Personal installment loans (PIL)		3.3		3.5		3.7		3.8		3.8	-	15%
Retail Services		51.7		51.0		51.2		51.9		51.3	(1%)	(1%)
Retail Banking		41.7		42.5		44.3		46.8		47.9	2%	15%
EOP loans⁽³⁾
Branded Cards	$	111.4	$	115.3	$	115.9	$	121.1	$	116.3	(4%)	4%
Credit cards		108.0		111.8		112.1		117.3		112.6	(4%)	4%
PIL		3.4		3.5		3.8		3.8		3.7	(3%)	9%
Retail Services		50.8		51.7		51.6		53.8		50.2	(7%)	(1%)
Retail Banking		42.2		42.7		45.6		46.8		48.2	3%	14%
Total revenues, net of interest expenses as a % of average loans
Branded Cards		9.63%		9.04%		9.50%		9.55%		10.05%	50 bps	42 bps
Retail Services		14.70%		13.68%		13.24%		13.35%		13.24%	(11) bps	(146) bps
NII as a % of average loans⁽⁴⁾
Branded Cards		9.28%		8.92%		9.18%		9.36%		9.79%	43 bps	51 bps
Retail Services		17.20%		16.92%		17.12%		17.06%		17.13%	7 bps	(7) bps
NCLs as a % of average loans
Branded Cards		3.72%		3.88%		3.63%		3.63%		3.97%	34 bps	25 bps
Credit cards		3.65%		3.82%		3.56%		3.55%		3.89%	34 bps	24 bps
PIL		5.97%		5.86%		5.70%		6.18%		6.19%	1 bps	22 bps
Retail Services		6.32%		6.45%		6.14%		6.21%		6.43%	22 bps	11 bps
Retail Banking		0.27%		0.24%		0.24%		0.36%		0.25%	(11) bps	(2) bps
Loans 90+ days past due as a % of EOP loans
Branded Cards		1.16%		1.07%		1.09%		1.16%		1.18%	2 bps	2 bps
Credit cards		1.19%		1.09%		1.11%		1.18%		1.20%	2 bps	1 bps
PIL		0.44%		0.46%		0.50%		0.55%		0.49%	(6) bps	5 bps
Retail Services		2.53%		2.36%		2.45%		2.46%		2.38%	(8) bps	(15) bps
Retail Banking⁽⁵⁾		0.34%		0.35%		0.33%		0.31%		0.33%	2 bps	(1) bps
Loans 30-89 days past due as a % of EOP loans
Branded Cards		1.02%		0.95%		1.06%		1.04%		1.03%	(1) bps	1 bps
Credit cards		1.01%		0.94%		1.05%		1.03%		1.02%	(1) bps	1 bps
PIL		1.24%		1.23%		1.32%		1.34%		1.38%	4 bps	14 bps
Retail Services		2.18%		2.06%		2.29%		2.09%		2.12%	3 bps	(6) bps
Retail Banking⁽⁵⁾		0.47%		0.50%		0.42%		0.48%		0.56%	8 bps	9 bps
Branches (actual)		645		641		641		642		644	-	-
Mortgage originations	$	3.1	$	4.3	$	4.6	$	4.2	$	2.8	(33%)	(10%)

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

(2)	See footnote 5 on page 9.

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

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

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

Reclassified to conform to the current period's presentation.

Page 10

ALL OTHER—MANAGED BASIS^(1)(2)(3)

(In millions of dollars, except as otherwise noted)

											1Q25 Increase/
	1Q		2Q		3Q		4Q		1Q		(Decrease) from
	2024		2024		2024		2024		2025		4Q24	1Q24

Net interest income	$	1,695	$	1,553	$	1,469	$	1,182	$	1,195	1%	(29%)
Non-interest revenue⁽⁴⁾		681		419		351		153		250	63%	(63%)
Total revenues, net of interest expense		2,376		1,972		1,820		1,335		1,445	8%	(39%)
Total operating expenses^{(4)(5)(6)(7)(8)(9)}		2,685		2,106		2,077		2,162		2,224	3%	(17%)
Net credit losses on loans		249		214		208		257		256	-	3%
Credit reserve build (release) for loans		(93)		(1)		55		112		73	(35%)	NM
Provision (release) for credit losses on unfunded lending commitments		(5)		(3)		(7)		(1)		(1)	-	80%
Provisions for benefits and claims, other assets and HTM debt securities		35		33		33		29		31	7%	(11%)
Provisions for credit losses and for benefits and claims (PBC)		186		243		289		397		359	(10%)	93%
Income (loss) from continuing operations before taxes		(495)		(377)		(546)		(1,224)		(1,138)	7%	(130%)
Income taxes (benefits)		(12)		35		(52)		(153)		(285)	(86%)	NM
Income (loss) from continuing operations		(483)		(412)		(494)		(1,071)		(853)	20%	(77%)
Income (loss) from discontinued operations, net of taxes		(1)		-		(1)		-		(1)	NM	-
Noncontrolling interests		(7)		(10)		(12)		(1)		16	NM	NM
Net income (loss)	$	(477)	$	(402)	$	(483)	$	(1,070)	$	(870)	19%	(82%)
EOP assets (in billions)	$	201	$	197	$	195	$	201	$	203	1%	1%
Average assets (in billions)		199		197		194		196		204	4%	3%
Efficiency ratio		113%		107%		114%		162%		154%	(800) bps	4,100 bps
Average allocated TCE (in billions)⁽¹⁰⁾	$	25.6	$	27.0	$	29.2	$	29.5	$	37.9	28%	48%

Revenue by reporting unit and component
Mexico Consumer/SBMM	$	1,563	$	1,633	$	1,523	$	1,422	$	1,467	3%	(6%)
Asia Consumer		252		219		191		150		135	(10%)	(46%)
Legacy Holdings Assets (LHA)		4		(133)		20		(9)		19	NM	375%
Corporate/Other		557		253		86		(228)		(176)	23%	NM
Total	$	2,376	$	1,972	$	1,820	$	1,335	$	1,445	8%	(39%)

Mexico Consumer/SBMM—key indicators (in billions of dollars)
EOP loans	$	26.0	$	24.5	$	23.5	$	23.1	$	24.1	4%	(7%)
EOP deposits		41.0		37.6		34.6		34.1		35.3	4%	(14%)
Average loans		25.0		25.3		23.9		23.4		23.7	1%	(5%)
NCLs as a % of average loans (Mexico Consumer only)		4.67%		4.30%		4.36%		4.81%		5.51%	15%	18%
Loans 90+ days past due as a % of EOP loans (Mexico Consumer only)		1.32%		1.32%		1.37%		1.43%		1.41%	(1%)	7%
Loans 30-89 days past due as a % of EOP loans (Mexico Consumer only)		1.33%		1.33%		1.47%		1.41%		1.46%	4%	10%

Asia Consumer—key indicators (in billions of dollars)
EOP loans	$	6.5	$	5.6	$	5.5	$	4.7	$	4.5	(4%)	(31%)
EOP deposits		9.0		8.3		8.4		7.5		7.4	(1%)	(18%)
Average loans		6.9		6.1		5.6		5.1		4.7	(8%)	(32%)

Legacy Holdings Assets—key indicators (in billions of dollars)
EOP loans	$	2.7	$	2.4	$	2.5	$	2.2	$	2.2	-	(19%)

(1)

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

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

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

(4)	See footnote 1 on page 1.

(5)	See footnote 2 on page 14.

(6)	See footnote 3 on page 14.

(7)	See footnote 4 on page 14.

(8)	See footnote 5 on page 14.

(9)	See footnote 6 on page 14.

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

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 11

ALL OTHER—MANAGED BASIS⁽¹⁾⁽²⁾

Legacy Franchises⁽³⁾

(In millions of dollars, except as otherwise noted)

											1Q25 Increase/
	1Q		2Q		3Q		4Q			1Q	(Decrease) from
	2024		2024		2024		2024			2025	4Q24	1Q24

Net interest income	$	1,278	$	1,196	$	1,253	$	1,160	$	1,167	1%	(9%)
Non-interest revenue⁽⁴⁾		541		523		481		403		454	13%	(16%)
Total revenues, net of interest expense		1,819		1,719		1,734		1,563		1,621	4%	(11%)
Total operating expenses^{(4)(5)(6)(7)(8)(9)}		1,605		1,550		1,475		1,381		1,334	(3%)	(17%)
Net credit losses on loans		249		214		208		257		256	-	3%
Credit reserve build (release) for loans		(93)		(1)		55		112		73	(35%)	NM
Provision (release) for credit losses on unfunded lending commitments		(5)		(3)		(7)		(1)		(1)	-	80%
Provisions for benefits and claims (PBC), other assets and HTM debt securities		37		28		35		25		30	20%	(19%)
Provisions for credit losses and for PBC		188		238		291		393		358	(9%)	90%
Income (loss) from continuing operations before taxes		26		(69)		(32)		(211)		(71)	66%	NM
Income taxes (benefits)		23		(11)		(1)		(53)		(25)	53%	NM
Income (loss) from continuing operations		3		(58)		(31)		(158)		(46)	71%	NM
Noncontrolling interests		2		-		-		3		14	367%	NM
Net income (loss)	$	1	$	(58)	$	(31)	$	(161)	$	(60)	63%	NM
EOP assets (in billions)	$	80	$	72	$	69	$	74	$	77	4%	(4%)
Average assets (in billions)		78		77		70		72		77	7%	(1%)
Efficiency ratio		88%		90%		85%		88%		82%	(600) bps	(600) bps
Allocated TCE (in billions)⁽¹⁰⁾	$	6.2	$	6.2	$	6.2	$	6.2	$	5.1	(18%)	(18%)

Revenue by reporting unit and component
Mexico Consumer/SBMM	$	1,563	$	1,633	$	1,523	$	1,422	$	1,467	3%	(6%)
Asia Consumer		252		219		191		150		135	(10%)	(46%)
Legacy Holdings Assets (LHA)		4		(133)		20		(9)		19	NM	375%
Total	$	1,819	$	1,719	$	1,734	$	1,563	$	1,621	4%	(11%)

Mexico Consumer/SBMM—key indicators (in billions of dollars)
EOP loans	$	26.0	$	24.5	$	23.5	$	23.1	$	24.1	4%	(7%)
EOP deposits		41.0		37.6		34.6		34.1		35.3	4%	(14%)
Average loans		25.0		25.3		23.9		23.4		23.7	1%	(5%)
NCLs as a % of average loans (Mexico Consumer only)		4.67%		4.30%		4.36%		4.81%		5.51%	15%	18%
Loans 90+ days past due as a % of EOP loans (Mexico Consumer only)		1.32%		1.32%		1.37%		1.43%		1.41%	(1%)	7%
Loans 30-89 days past due as a % of EOP loans (Mexico Consumer only)		1.33%		1.33%		1.47%		1.41%		1.46%	4%	10%

Asia Consumer—key indicators (in billions of dollars)
EOP loans	$	6.5	$	5.6	$	5.5	$	4.7	$	4.5	(4%)	(31%)
EOP deposits		9.0		8.3		8.4		7.5		7.4	(1%)	(18%)
Average loans		6.9		6.1		5.6		5.1		4.7	(8%)	(32%)

Legacy Holdings Assets—key indicators (in billions of dollars)
EOP loans	$	2.7	$	2.4	$	2.5	$	2.2	$	2.2	-	(19%)

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

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

(3)

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

(4)	See footnote 1 on page 1.

(5)	See footnote 2 on page 14.

(6)	See footnote 3 on page 14.

(7)	See footnote 4 on page 14.

(8)	See footnote 5 on page 14.

(9)	See footnote 6 on page 14.

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

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 12

ALL OTHER

Corporate/Other⁽¹⁾

(In millions of dollars, except as otherwise noted)

											1Q25 Increase/
	1Q		2Q		3Q		4Q		1Q		(Decrease) from
	2024		2024		2024		2024		2025		4Q24	1Q24

Net interest income	$	417	$	357	$	216	$	22	$	28	27%	(93%)
Non-interest revenue		140		(104)		(130)		(250)		(204)	18%	NM
Total revenues, net of interest expense		557		253		86		(228)		(176)	23%	NM
Total operating expenses		1,080		556		602		781		890	14%	(18%)
Provisions for other assets and HTM debt securities		(2)		5		(2)		4		1	(75%)	NM
Income (loss) from continuing operations before taxes		(521)		(308)		(514)		(1,013)		(1,067)	(5%)	(105%)
Income taxes (benefits)		(35)		46		(51)		(100)		(260)	(160%)	NM
Income (loss) from continuing operations		(486)		(354)		(463)		(913)		(807)	12%	(66%)
Income (loss) from discontinued operations, net of taxes		(1)		-		(1)		-		(1)	NM	-
Noncontrolling interests		(9)		(10)		(12)		(4)		2	NM	NM
Net income (loss)	$	(478)	$	(344)	$	(452)	$	(909)	$	(810)	11%	(69%)

EOP assets (in billions)	$	121	$	125	$	126	$	127	$	126	(1%)	4%
Average allocated TCE (in billions)⁽²⁾		19.4		20.8		23.0		23.3		32.8	41%	69%

(1)

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

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

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 13

ALL OTHER

RECONCILING ITEMS⁽¹⁾

Divestiture-Related Impacts

(In millions of dollars, except as otherwise noted)

											1Q25 Increase/
	1Q		2Q		3Q		4Q		1Q		(Decrease) from
	2024		2024		2024		2024		2025		4Q24	1Q24

Net interest income	$	-	$	-	$	-	$	-	$	-	-	-
Non-interest revenue		(12)		33		1		4		-	(100%)	100%
Total revenues, net of interest expense		(12)		33		1		4		-	(100%)	100%
Total operating expenses^{(2)(3)(4)(5)(6)}		110		85		67		56		34	(39%)	(69%)
Net credit losses on loans		11		(3)		(1)		-		-	-	(100%)
Credit reserve build (release) for loans		-		-		-		-		(11)	NM	NM
Provision (release) for credit losses on unfunded lending commitments		-		-		-		-		-	-	-
Provisions for benefits and claims, other assets and HTM debt securities		-		-		-		-		-	-	-
Provisions for credit losses and for benefits and claims (PBC)		11		(3)		(1)		-		(11)	NM	NM
Income (loss) from continuing operations before taxes		(133)		(49)		(65)		(52)		(23)	56%	83%
Income taxes (benefits)		(39)		(17)		(20)		(16)		(8)	50%	79%
Income (loss) from continuing operations		(94)		(32)		(45)		(36)		(15)	58%	84%
Income (loss) from discontinued operations, net of taxes		-		-		-		-		-	-	-
Noncontrolling interests		-		-		-		-		-	-	-
Net income (loss)	$	(94)	$	(32)	$	(45)	$	(36)	$	(15)	58%	84%

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

(2)

1Q24 includes approximately $110 million in operating expenses (approximately $77 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. For additional information, see Citi's Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2024.

(3)

2Q24 includes approximately $85 million in operating expenses (approximately $58 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. For additional information, see Citi's Quarterly Report on Form 10-Q for the quarterly period ended June 30, 2024.

(4)

3Q24 includes approximately $67 million in operating expenses (approximately $46 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. For additional information, see Citi's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024.

(5)	4Q24 includes approximately $56 million in operating expenses (approximately $39 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets. For additional information, see Citi's Annual Report on Form 10-K for the year ended December 31, 2024.

(6)	1Q25 includes approximately $34 million in operating expenses (approximately $23 million after-tax), primarily related to separation costs in Mexico and severance costs in the Asia exit markets.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 14

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

Taxable Equivalent Basis

	Average Volumes						Interest						% Average Rate⁽⁴⁾


(In millions of dollars), except as otherwise noted	1Q24		4Q24		1Q25⁽⁵⁾		1Q24		4Q24		1Q25⁽⁵⁾		1Q24	4Q24	1Q25⁽⁵⁾
Assets
Deposits with banks	$	251,928	$	284,050	$	280,566	$	2,647	$	3,010	$	3,001	4.23%	4.22%	4.34%
Securities borrowed and purchased under resale agreements⁽⁶⁾		358,699		324,484		362,140		7,822		6,847		6,291	8.77%	8.39%	7.05%
Trading account assets⁽⁷⁾		369,681		408,741		437,378		4,128		4,494		4,370	4.49%	4.37%	4.05%
Investments		516,121		484,416		459,354		4,857		4,318		4,175	3.78%	3.55%	3.69%
Consumer loans		381,800		388,366		386,690		9,798		9,913		9,758	10.32%	10.15%	10.23%
Corporate loans		296,955		299,641		304,047		5,759		5,378		4,985	7.80%	7.14%	6.65%
Total loans (net of unearned income)⁽⁸⁾		678,755		688,007		690,737		15,557		15,291		14,743	9.22%	8.84%	8.66%
Other interest-earning assets		75,001		71,125		75,982		1,235		1,112		1,112	6.62%	6.22%	5.94%
Total average interest-earning assets	$	2,250,185	$	2,260,823	$	2,306,157	$	36,246	$	35,072	$	33,692	6.48%	6.17%	5.92%

Liabilities
Deposits	$	1,132,197	$	1,116,527	$	1,103,768	$	10,411	$	9,361	$	8,438	3.70%	3.34%	3.10%
Securities loaned and sold under repurchase agreements⁽⁶⁾		310,540		317,665		372,193		6,966		6,628		6,256	9.02%	8.30%	6.82%
Trading account liabilities⁽⁷⁾		103,674		91,601		91,169		831		933		757	3.22%	4.05%	3.37%
Short-term borrowings and other interest-bearing liabilities		108,600		123,004		130,654		1,956		1,830		1,726	7.24%	5.92%	5.36%
Long-term debt⁽⁹⁾		168,628		177,288		175,021		2,552		2,562		2,477	6.09%	5.75%	5.74%
Total average interest-bearing liabilities	$	1,823,639	$	1,826,085	$	1,872,805	$	22,716	$	21,314	$	19,654	5.01%	4.64%	4.26%


Net interest income as a % of average interest-earning assets (NIM)⁽⁹⁾							$	13,530	$	13,758	$	14,038	2.42%	2.42%	2.47%

1Q25 increase (decrease) from:													5 bps	5 bps

(1)	Interest income and Net interest income include the taxable equivalent adjustments (based on the U.S. federal statutory tax rate of 21%) of $23 million for 1Q24, $25 million for 4Q24 and $26 million for 1Q25.

(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)	1Q25 is preliminary.

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

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

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

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

Reclassified to conform to the current period's presentation.

Page 15

EOP LOANS⁽¹⁾⁽²⁾

(In billions of dollars)

											1Q25 Increase/
	1Q		2Q		3Q		4Q		1Q		(Decrease) from
	2024		2024		2024		2024		2025		4Q24	1Q24


Corporate loans by region
North America	$	122.9	$	129.6	$	127.5	$	130.8	$	138.7	6%	13%
International		169.9		172.0		172.3		170.6		177.0	4%	4%
Total corporate loans	$	292.8	$	301.6	$	299.8	$	301.4	$	315.7	5%	8%

Corporate loans by segment and reporting unit
Services	$	80.5	$	88.9	$	88.7	$	87.9	$	98.0	11%	22%
Markets		118.3		119.5		120.0		125.3		129.8	4%	10%
Banking		87.3		86.7		84.7		82.1		81.4	(1%)	(7%)
All Other - Legacy Franchises - Mexico SBMM & AFG⁽³⁾		6.7		6.5		6.4		6.1		6.5	7%	(3%)
Total corporate loans	$	292.8	$	301.6	$	299.8	$	301.4	$	315.7	5%	8%

Wealth by region
North America	$	100.0	$	100.9	$	99.8	$	98.0	$	96.7	(1%)	(3%)
International		48.9		49.5		51.2		49.5		50.6	2%	3%
Total	$	148.9	$	150.4	$	151.0	$	147.5	$	147.3	-	(1%)

USPB⁽⁴⁾
Branded Cards	$	111.4	$	115.3	$	115.9	$	121.1	$	116.3	(4%)	4%
Credit cards		108.0		111.8		112.1		117.3		112.6	(4%)	4%
Personal installment loans (PIL)		3.4		3.5		3.8		3.8		3.7	(3%)	9%
Retail Services		50.8		51.7		51.6		53.8		50.2	(7%)	(1%)
Retail Banking		42.2		42.7		45.6		46.8		48.2	3%	14%
Total	$	204.4	$	209.7	$	213.1	$	221.7	$	214.7	(3%)	5%

All Other—Consumer
Mexico Consumer	$	19.6	$	18.2	$	17.4	$	17.2	$	17.9	4%	(9%)
Asia Consumer⁽⁵⁾		6.5		5.6		5.5		4.7		4.5	(4%)	(31%)
Legacy Holdings Assets (LHA)		2.4		2.2		2.2		2.0		1.9	(5%)	(21%)
Total	$	28.5	$	26.0	$	25.1	$	23.9	$	24.3	2%	(15%)

Total consumer loans	$	381.8	$	386.1	$	389.2	$	393.1	$	386.3	(2)%	1%

Total loans—EOP	$	674.6	$	687.7	$	688.9	$	694.5	$	702.1	1%	4%

Total loans—average	$	678.8	$	679.6	$	686.5	$	688.0	$	690.7	-	2%

NCLs as a % of total average loans		1.36%		1.35%		1.26%		1.30%		1.44%	14 bps	8 bps

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

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

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

(4)	See footnote 5 on page 9.

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

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 16

EOP DEPOSITS

(In billions of dollars)

											1Q25 Increase/
	1Q		2Q		3Q		4Q		1Q		(Decrease) from
	2024		2024		2024		2024		2025		4Q24	1Q24

Services, Markets, and Banking by region
North America	$	375.7	$	376.1	$	394.7	$	397.8	$	406.2	2%	8%
International		436.0		431.0		444.9		422.5		444.4	5%	2%
Total	$	811.7	$	807.1	$	839.6	$	820.3	$	850.6	4%	5%

Treasury and Trade Solutions	$	662.1	$	655.1	$	683.7	$	680.7	$	692.1	2%	5%
Securities Services		125.3		127.8		142.0		126.3		140.9	12%	12%
Services	$	787.4	$	782.9	$	825.7	$	807.0	$	833.0	3%	6%
Markets⁽¹⁾		23.6		23.7		13.4		12.7		17.1	35%	(28%)
Banking		0.7		0.5		0.5		0.6		0.5	(17%)	(29%)
Total	$	811.7	$	807.1	$	839.6	$	820.3	$	850.6	4%	5%

Wealth
North America	$	196.0	$	194.2	$	191.7	$	189.5	$	186.3	(2%)	(5%)
International		124.3		123.8		124.6		123.3		122.4	(1%)	(2%)
Total	$	320.3	$	318.0	$	316.3	$	312.8	$	308.7	(1%)	(4%)

USPB	$	99.6	$	86.1	$	85.1	$	89.4	$	92.4	3%	(7%)

All Other
Legacy Franchises
Mexico Consumer	$	31.8	$	28.6	$	26.1	$	26.0	$	25.6	(2%)	(19%)
Mexico SBMM—corporate		9.2		9.0		8.5		8.1		9.7	20%	5%
Asia Consumer⁽²⁾		9.0		8.3		8.4		7.5		7.4	(1%)	(18%)
Legacy Holdings Assets (LHA)⁽³⁾		2.9		1.9		0.4		0.2		0.1	(50%)	(97%)
Corporate/Other⁽¹⁾		22.7		19.1		25.6		20.2		21.9	8%	(4%)
Total	$	75.6	$	66.9	$	69.0	$	62.0	$	64.7	4%	(14%)

Total deposits—EOP	$	1,307.2	$	1,278.1	$	1,310.0	$	1,284.5	$	1,316.4	2%	1%

Total deposits—average	$	1,326.4	$	1,309.9	$	1,311.1	$	1,320.4	$	1,305.0	(1%)	(2%)

(1)	During the third quarter of 2024, approximately $9 billion of institutional deposits were moved from Markets to Corporate/Other, as they are managed by Citi Treasury. Prior periods were not impacted.

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

(3)	LHA includes deposits from the U.K. consumer banking business.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 17

ALLOWANCE FOR CREDIT LOSSES (ACL) ROLLFORWARD

(In millions of dollars, except ratios)

																							ACLL/EOP
	Balance		Builds (Releases)										FY 2024		Balance			Builds (Releases)	1Q25		Balance		Loans
	12/31/23		1Q24		2Q24		3Q24		4Q24		FY 2024		FX/Other		12/31/24			1Q25	FX/Other		3/31/25		3/31/25

Allowance for credit losses on loans (ACLL)
Services	$	397	$	34	$	(100)	$	7	$	(71)	$	(130)	$	(3)	$	264	$	24	$	2	$	290
Markets		820		120		(111)		37		167		213		(3)		1,030		48		5		1,083
Banking		1,376		(89)		(51)		62		(122)		(200)		(9)		1,167		78		7		1,252
Legacy Franchises corporate (Mexico SBMM & AFG⁽¹⁾)		121		(8)		(12)		(3)		10		(13)		(13)		95		4		1		100

Total corporate ACLL	$	2,714	$	57	$	(274)	$	103	$	(16)	$	(130)	$	(28)	$	2,556	$	154	$	15	$	2,725	0.89%
U.S. Cards⁽²⁾	$	12,626	$	326	$	357	$	10	$	221	$	914	$	20	$	13,560	$	(169)	$	1	$	13,392	8.23%
Installment loans⁽³⁾		319		13		30		30		32		105		1		425		(5)		(1)		419
Retail Banking⁽³⁾		157		(2)		(5)		1		(7)		(13)		-		144		3		-		147
Total USPB	$	13,102	$	337	$	382	$	41	$	246	$	1,006	$	21	$	14,129	$	(171)	$	-	$	13,958
Wealth		767		(190)		(43)		8		(11)		(236)		(2)		529		61		2		592
All Other—consumer		1,562		(85)		11		58		102		86		(288)		1,360		58		33		1,451
Total consumer ACLL	$	15,431	$	62	$	350	$	107	$	337	$	856	$	(269)	$	16,018	$	(52)	$	35	$	16,001	4.14%

Total ACLL	$	18,145	$	119	$	76	$	210	$	321	$	726	$	(297)	$	18,574	$	102	$	50	$	18,726	2.70%
Allowance for credit losses on unfunded lending commitments (ACLUC)	$	1,728	$	(98)	$	(8)	$	105	$	(118)	$	(119)	$	(8)	$	1,601	$	108	$	11	$	1,720
Total ACLL and ACLUC (EOP)		19,873		21		68		315		203		607		(305)		20,175		210		61		20,446
Other⁽⁴⁾		1,883		14		107		160		131		412		(293)		2,002		34		300		2,336
Total allowance for credit losses (ACL)	$	21,756	$	35	$	175	$	475	$	334	$	1,019	$	(598)	$	22,177	$	244	$	361	$	22,782

(1)	See footnote 3 on page 16.

(2)	The December 31, 2024 ACLL balance includes approximately $20 million related to an acquired portfolio, which is also reflected in the FX/Other column in this table.

(3)	See footnote 5 on page 9.

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

Reclassified to conform to the current period's presentation.

Page 18

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

Page 1

(In millions of dollars)

											1Q25 Increase/
	1Q		2Q		3Q		4Q		1Q		(Decrease) from
	2024		2024		2024		2024		2025		4Q24	1Q24

Total Citigroup
Allowance for credit losses on loans (ACLL) at beginning of period	$	18,145	$	18,296	$	18,216	$	18,356	$	18,574	1%	2%
Gross credit (losses) on loans		(2,690)		(2,715)		(2,609)		(2,680)		(2,926)	(9%)	(9%)
Gross recoveries on loans		387		432		437		438		467	7%	21%
Net credit (losses) / recoveries on loans (NCLs)		(2,303)		(2,283)		(2,172)		(2,242)		(2,459)	10%	7%
Replenishment of NCLs		2,303		2,283		2,172		2,242		2,459	10%	7%
Net reserve builds / (releases) for loans		119		76		210		321		102	(68%)	(14%)
Provision for credit losses on loans (PCLL)		2,422		2,359		2,382		2,563		2,561	-	6%
Other, net^{(1)(2)(3)(4)(5)(6)}		32		(156)		(70)		(103)		50	NM	56%
ACLL at end of period (a)	$	18,296	$	18,216	$	18,356	$	18,574	$	18,726	1%	2%

Allowance for credit losses on unfunded lending commitments (ACLUC)⁽⁷⁾ (a)	$	1,629	$	1,619	$	1,725	$	1,601	$	1,720	7%	6%

Provision (release) for credit losses on unfunded lending commitments	$	(98)	$	(8)	$	105	$	(118)	$	108	NM	NM

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (a)]	$	19,925	$	19,835	$	20,081	$	20,175	$	20,446	1%	3%

Total ACLL as a percentage of total loans⁽⁸⁾		2.75%		2.68%		2.70%		2.71%		2.70%	(1) bps	(5) bps

Consumer
ACLL at beginning of period	$	15,431	$	15,524	$	15,732	$	15,765	$	16,018	2%	4%

NCLs		(2,139)		(2,175)		(2,098)		(2,191)		(2,277)	4%	6%
Replenishment of NCLs		2,139		2,175		2,098		2,191		2,277	4%	6%
Net reserve builds / (releases) for loans		62		350		107		337		(52)	NM	NM
Provision for credit losses on loans (PCLL)		2,201		2,525		2,205		2,528		2,225	(12%)	1%
Other, net^{(1)(2)(3)(4)(5)(6)}		31		(142)		(74)		(84)		35	NM	13%
ACLL at end of period (b)	$	15,524	$	15,732	$	15,765	$	16,018	$	16,001	-	3%

Consumer ACLUC⁽⁷⁾ (b)	$	46	$	42	$	39	$	34	$	31	(9%)	(33%)

Provision (release) for credit losses on unfunded lending commitments	$	(15)	$	(4)	$	(4)	$	(2)	$	(3)	(50%)	80%

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (b)]	$	15,570	$	15,774	$	15,804	$	16,052	$	16,032	-	3%

Consumer ACLL as a percentage of total consumer loans		4.07%		4.08%		4.05%		4.08%		4.14%	6 bps	7 bps

Corporate
ACLL at beginning of period	$	2,714	$	2,772	$	2,484	$	2,591	$	2,556	(1%)	(6%)

NCLs		(164)		(108)		(74)		(51)		(182)	(257%)	(11%)
Replenishment of NCLs		164		108		74		51		182	257%	11%
Net reserve builds / (releases) for loans		57		(274)		103		(16)		154	NM	170%
Provision for credit losses on loans (PCLL)		221		(166)		177		35		336	NM	52%
Other, net⁽¹⁾		1		(14)		4		(19)		15	NM	NM
ACLL at end of period (c)	$	2,772	$	2,484	$	2,591	$	2,556	$	2,725	7%	(2%)

Corporate ACLUC⁽⁷⁾ (c)	$	1,583	$	1,577	$	1,686	$	1,567	$	1,689	8%	7%

Provision (release) for credit losses on unfunded lending commitments	$	(83)	$	(4)	$	109	$	(116)	$	111	NM	NM

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (c)]	$	4,355	$	4,061	$	4,277	$	4,123	$	4,414	7%	1%

Corporate ACLL as a percentage of total corporate loans⁽⁸⁾		0.98%		0.85%		0.89%		0.87%		0.89%	2 bps	(9) bps

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

Page 19

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

Page 2

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

(1)	Includes 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)	1Q24 primarily relates to FX translation.

(3)	2Q24 primarily relates to FX translation.

(4)	3Q24 primarily relates to FX translation.

(5)	4Q24 primarily relates to FX translation.

(6)	1Q25 primarily relates to FX translation.

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

(8)	Excludes loans that are carried at fair value of $8.9 billion, $8.5 billion, $8.1 billion, $8.0 billion, and $8.2 billion at March 31, 2024, June 30, 2024, September 30, 2024, December 31, 2024, and March 31, 2025, respectively.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 20

NON-ACCRUAL ASSETS

(In millions of dollars)

											1Q25 Increase/
	1Q		2Q		3Q		4Q		1Q		(Decrease) from
	2024		2024		2024		2024		2025		4Q24	1Q24

Corporate non-accrual loans by region⁽¹⁾
North America	$	874	$	456	$	459	$	757	$	822	9%	(6%)
International		615		542		485		620		554	(11%)	(10%)
Total	$	1,489	$	998	$	944	$	1,377	$	1,376	-	(8%)

Corporate non-accrual loans by segment and component⁽¹⁾
Banking	$	606	$	462	$	348	$	498	$	510	2%	(16%)
Services		27		30		96		65		110	69%	307%
Markets		686		362		390		715		631	(12%)	(8%)
Mexico SBMM & AFG		170		144		110		99		125	26%	(26%)
Total	$	1,489	$	998	$	944	$	1,377	$	1,376	-	(8%)

Consumer non-accrual loans⁽¹⁾
Wealth	$	276	$	303	$	284	$	404	$	415	3%	50%
USPB		290		285		292		290		305	5%	5%
Mexico Consumer		465		425		415		411		416	1%	(11%)
Asia Consumer⁽²⁾		23		22		21		19		20	5%	(13%)
Legacy Holdings Assets—Consumer		227		217		210		186		172	(8%)	(24%)
Total	$	1,281	$	1,252	$	1,222	$	1,310	$	1,328	1%	4%

Total non-accrual loans (NAL)	$	2,770	$	2,250	$	2,166	$	2,687	$	2,704	1%	(2%)

Other real estate owned (OREO)⁽³⁾	$	26	$	27	$	25	$	18	$	21	17%	(19%)


NAL as a percentage of total loans		0.41%		0.33%		0.31%		0.39%		0.39%	0 bps	(2) bps

ACLL as a percentage of NAL		661%		810%		847%		691%		693%

(1)

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

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

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

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 21

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

TANGIBLE COMMON EQUITY, COMMON EQUITY, BOOK VALUE

PER SHARE AND TANGIBLE BOOK VALUE PER SHARE (TBVPS)

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

	March 31,		June 30,		September 30,		December 31,		March 31,
CET1 Capital and Ratio and Components⁽¹⁾	2024		2024		2024		2024		2025⁽²⁾

Citigroup common stockholders’ equity⁽³⁾	$	189,059	$	190,283	$	192,796	$	190,815	$	194,125
Add: qualifying noncontrolling interests		159		153		168		186		192
Regulatory capital adjustments and deductions:
Add:
CECL transition provision⁽⁴⁾		757		757		757		757		-
Less:
Accumulated net unrealized gains (losses) on cash flow hedges, net of tax		(914)		(629)		(773)		(220)		(213)
Cumulative unrealized net gain (loss) related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax		(1,031)		(760)		(906)		(910)		(32)
Intangible assets:
Goodwill, net of related deferred tax liabilities (DTLs)⁽⁵⁾		18,647		18,315		18,397		17,994		18,122
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs		3,258		3,138		3,061		3,357		3,291
Defined benefit pension plan net assets and other		1,386		1,425		1,447		1,504		1,532
Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards⁽⁶⁾		11,936		11,695		11,318		11,628		11,517
Excess over 10% / 15% limitations for other DTAs, certain common stock investments and MSRs⁽⁶⁾⁽⁸⁾		3,551		3,652		3,071		3,042		4,261
CET1 Capital	$	153,142	$	154,357	$	158,106	$	155,363	$	155,839
Risk-Weighted Assets (RWA)⁽⁴⁾	$	1,138,546	$	1,135,750	$	1,153,150	$	1,139,988	$	1,158,806
CET1 Capital ratio (CET1/RWA)		13.45%		13.59%		13.71%		13.63%		13.4%

Supplementary Leverage Ratio and Components
CET1⁽⁴⁾	$	153,142	$	154,357	$	158,106	$	155,363	$	155,839
Additional Tier 1 Capital (AT1)⁽⁷⁾		18,923		19,426		17,682		19,164		19,675
Total Tier 1 Capital (T1C) (CET1 + AT1)	$	172,065	$	173,783	$	175,788	$	174,527	$	175,514
Total Leverage Exposure (TLE)⁽⁴⁾	$	2,948,323	$	2,949,534	$	3,005,709	$	2,985,418	$	3,039,006
Supplementary Leverage ratio (T1C/TLE)⁽⁴⁾		5.84%		5.89%		5.85%		5.85%		5.8%

Tangible Common Equity, Book Value and Tangible Book Value Per Share
Common stockholders’ equity	$	188,985	$	190,210	$	192,733	$	190,748	$	194,058
Less:
Goodwill		20,042		19,704		19,691		19,300		19,422
Intangible assets (other than MSRs)		3,636		3,517		3,438		3,734		3,679
Goodwill and identifiable intangible assets (other than MSRs) related to businesses HFS		-		-		16		16		16
Tangible common equity (TCE)⁽⁹⁾	$	165,307	$	166,989	$	169,588	$	167,698	$	170,941
Common shares outstanding (CSO)		1,907.4		1,907.8		1,891.3		1,877.1		1,867.7
Book value per share (common equity/CSO)	$	99.08	$	99.70	$	101.91	$	101.62	$	103.90
Tangible book value per share (TCE/CSO)⁽⁹⁾	$	86.67	$	87.53	$	89.67	$	89.34	$	91.52

Average TCE (in billions of dollars)⁽⁹⁾
Services	$	24.9	$	24.9	$	24.9	$	24.9	$	24.7
Markets		54.0		54.0		54.0		54.0		50.4
Banking		21.8		21.8		21.8		21.8		20.6
Wealth		13.2		13.2		13.2		13.2		12.3
USPB		25.2		25.2		25.2		25.2		23.4
All Other		25.6		27.0		29.2		29.5		37.9
Total Citi average TCE	$	164.7	$	166.1	$	168.3	$	168.6	$	169.3
Plus:
Average goodwill	$	19.6	$	19.5	$	19.6	$	19.4	$	18.8
Average intangible assets (other than MSRs)		3.7		3.6		3.5		3.6		3.7
Average goodwill and identifiable intangible assets (other than MSRs) related to businesses HFS		-		-		-		-		-
Total Citi average common stockholders’ equity (in billions of dollars)	$	188.0	$	189.2	$	191.4	$	191.6	$	191.8

(1)	See footnote 3 on page 1.

(2)	March 31, 2025 is preliminary.

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

(4)	See footnote 4 on page 1.

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

(6)

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

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

(8)

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

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

Reclassified to conform to the current period's presentation.

Page 22


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

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

Exhibit Number

99.1		Citigroup Inc. press release dated April 15, 2025.

99.2		Citigroup Inc. Quarterly Financial Data Supplement for the quarter ended March 31, 2025.

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

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

		CITIGROUP INC.

Dated: April 15, 2025
	By:	/s/ Nicole Giles
		Nicole Giles
		Controller and Chief Accounting Officer
		(Principal Accounting Officer)


			Exhibit 99.3

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

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

Common Stock, par value $.01 per share	C	Common Stock, par value $.01 per share	New York Stock Exchange
7.625% Trust Preferred Securities of Citigroup Capital III (and registrant’s guaranty with respect thereto)	C/36Y	7.625% TRUPs of Cap III (and registrant’s guaranty)	New York Stock Exchange
7.875% Fixed Rate / Floating Rate Trust Preferred Securities (TruPS^®) of Citigroup Capital XIII (and registrant’s guaranty with respect thereto)	C N	7.875% FXD / FRN TruPS of Cap XIII (and registrant’s guaranty)	New York Stock Exchange
Medium-Term Senior Notes, Series N, Callable Step- Up Coupon Notes Due March 31, 2036 of CGMHI (and registrant’s guaranty with respect thereto)	C/36A	MTN, Series N, Callable Step-Up Coupon Notes Due Mar 2036 of CGMHI (and registrant’s guaranty)	New York Stock Exchange
Medium-Term Senior Notes, Series N, Callable Step- Up Coupon Notes Due February 26, 2036 of CGMHI (and registrant’s guaranty with respect thereto)	C/36	MTN, Series N, Callable Step-Up Coupon Notes Due Feb 2036 of CGMHI (and registrant’s guaranty)	New York Stock Exchange
Medium-Term Senior Notes, Series N, Callable Fixed Rate Notes Due December 18, 2035 of CGMHI (and registrant’s guaranty with respect thereto)	C/35	MTN, Series N, Callable Fixed Rate Notes Due Dec 2035 of CGMHI (and registrant's guaranty)	New York Stock Exchange
Medium-Term Senior Notes, Series N, Callable Fixed Rate Notes Due April 26, 2028 of CGMHI (and registrant’s guaranty with respect thereto)	C/28	MTN, Series N, Callable Fixed Rate Notes Due Apr 2028 of CGMHI (and registrant’s guaranty)	New York Stock Exchange
Medium-Term Senior Notes, Series N, Floating Rate Notes Due September 17, 2026 of CGMHI (and registrant’s guaranty with respect thereto)	C/26	MTN, Series N, Floating Rate Notes Due Sept 2026 of CGMHI (and registrant’s guaranty)	New York Stock Exchange
Medium-Term Senior Notes, Series N, Floating Rate Notes Due September 15, 2028 of CGMHI (and registrant’s guaranty with respect thereto)	C/28A	MTN, Series N, Floating Rate Notes Due Sept 2028 of CGMHI (and registrant’s guaranty)	New York Stock Exchange
Medium-Term Senior Notes, Series N, Floating Rate Notes Due October 6, 2028 of CGMHI (and registrant’s guaranty with respect thereto)	C/28B	MTN, Series N, Floating Rate Notes Due Oct 2028 of CGMHI (and registrant’s guaranty)	New York Stock Exchange
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