8-K - C - Equibles

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

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

Date of Report (Date of earliest event reported) July 15, 2025

Citigroup Inc.

(Exact name of registrant as specified in its charter)


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

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

( 212 ) 559-1000

(Registrant's telephone number, including area code)

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

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

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

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

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

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

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

Emerging growth company ☐

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

CITIGROUP INC.

Current Report on Form 8-K

Item 2.02 Results of Operations and Financial Condition.

On July 15, 2025, Citigroup Inc. announced its results for the quarter ended June 30, 2025. A copy of the related press release, filed as Exhibit 99.1 to this Form 8-K, is incorporated herein by reference. The quotation under the heading “CEO Commentary” on page 1 of Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (Act) or otherwise subject to the liabilities under that Section. The information included in Exhibit 99.1, other than in the quotation, shall be deemed “filed” for purposes of the Act.

In addition, a copy of the Citigroup Inc. Quarterly Financial Data Supplement for the quarter ended June 30, 2025 is being furnished as Exhibit 99.2 to this Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Act or otherwise subject to the liabilities of that section.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number	****

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

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

SIGNATURE

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

		CITIGROUP INC.

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

Exhibit 99.1

For Immediate Release<br><br>Citigroup Inc. (NYSE: C)<br><br>July 15, 2025
SECOND QUARTER 2025 RESULTS AND KEY METRICS<br><br>	CEO COMMENTARY
		Citi CEO Jane Fraser said, “We reported another very good quarter and continue to demonstrate that our strong results are sustainable through different environments. We’re improving the performance of each of our businesses to take share and drive higher returns. With revenue up 8%, Services continues to show why this high-return business is our crown jewel. Markets had its best second quarter performance since 2020 with a record second quarter for Equities. Banking revenues were up 18% and we continue to be at the center of some of the most significant transactions. Wealth revenues were up 20% with solid growth across all three lines of business. In U.S. Personal Banking, we saw good growth in Branded Cards while Retail Banking benefited from higher deposit spreads.<br><br><br><br>“We returned $3 billion in capital during the quarter, including $2 billion in share repurchases as part of our $20 billion repurchase plan. I’m particularly pleased that the momentum across our franchise includes the Transformation, as we streamline processes, drive automation and deploy AI.<br><br><br><br>“As I’ve said, next year’s 10-11% ROTCE target is a waypoint, not a destination. The actions we’ve taken have set up Citi to succeed long term, drive returns above that level and continue to create value for shareholders,” Ms. Fraser concluded.
RETURNED ~$3.1 BILLION IN THE FORM OF COMMON DIVIDENDS AND SHARE REPURCHASES<br><br>PAYOUT RATIO OF 82%^(3)^<br><br>BOOK VALUE PER SHARE OF $106.94<br><br>TANGIBLE BOOK VALUE PER SHARE OF $94.16^(4)^<br><br><br><br><br><br>New York, July 15, 2025 – Citigroup Inc. today reported net income for the second quarter 2025 of $4.0 billion, or $1.96 per diluted share, on revenues of $21.7 billion. This compares to net income of $3.2 billion, or $1.52 per diluted share, on revenues of $20.0 billion for the second quarter 2024.<br><br><br><br>Revenues increased 8% from the prior-year period, on a reported basis, driven by growth in each of Citi’s five interconnected businesses, partially offset by a decline in All Other. Excluding divestiture-related impacts in both periods^(5)^, revenues were up 9%.<br><br><br><br>Net income was $4.0 billion, compared to $3.2 billion in the prior-year period, driven by the higher revenues, partially offset by higher cost of credit and higher expenses.<br><br><br><br>Earnings per share of $1.96 increased from $1.52 per diluted share in the prior-year period, reflecting the higher net income and lower shares outstanding.<br><br><br><br>Percentage comparisons throughout this press release are calculated for the second quarter 2025 versus the second quarter 2024, unless otherwise specified.

Second Quarter Financial Results


Citigroup ( in millions, except per share amounts and as otherwise noted)	2Q'25		****	1Q'25		****	2Q’24		QoQ%	YoY%

Total revenues, net of interest expense	21,668			21,596			20,032		-	8%

Total operating expenses	13,577			13,425			13,246		1%	2%

Net credit losses	2,234			2,459			2,283		(9)%	(2)%
Net ACL build / (release)(a)	224			210			68		7%	229%
Other provisions(b)	414			54			125		NM	231%
Total cost of credit	2,872			2,723			2,476		5%	16%

Income (loss) from continuing operations before taxes	5,219			5,448			4,310		(4)%	21%
Provision for income taxes	1,186			1,340			1,047		(11)%	13%
Income (loss) from continuing operations	4,033			4,108			3,263		(2)%	24%
Income (loss) from discontinued operations, net of taxes	-			(1)			-		100%	-
Net income attributable to non-controlling interest	14			43			46		(67)%	(70)%
Citigroup’s net income (loss)	$	4,019		$	4,064		$	3,217	(1)%	25%


EOP loans (B)	725			702			688		3%	5%
EOP assets (B)	2,623			2,572			2,406		2%	9%
EOP deposits (B)	1,358			1,316			1,278		3%	6%


Book value per share	$	106.94		$	103.90		$	99.70	3%	7%
Tangible book value per share(4)	$	94.16		$	91.52		$	87.53	3%	8%
Common Equity Tier 1 (CET1) Capital ratio(2)	13.5%			13.4%			13.6%
Supplementary Leverage ratio (SLR)(2)	5.5%			5.8%			5.9%
Return on average common equity (ROCE)	7.7%			8.0%			6.3%
Return on average tangible common equity (RoTCE)(1)	8.7%			9.1%			7.2%		(40) bps	150 bps

All values are in US Dollars.

(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 $21.7 billion in the second quarter 2025 increased 8%, on a reported basis, driven by growth in each of Citi’s five interconnected businesses, partially offset by a decline in All Other. Excluding the divestiture-related impacts in both periods^(5)^, revenues were up 9%. Net interest income increased 12%, driven by Markets, Services, U.S. Personal Banking (USPB), Wealth and Banking, partially offset by a decline in All Other. Non-interest revenue decreased 1%, driven by All Other, USPB, Markets and Services, offset by increases in Banking and Wealth.

Citigroup operating expenses of $13.6 billion were up 2% on a reported basis, driven by higher compensation and benefits expenses, largely offset by lower tax-related and deposit insurance costs as well as the absence of the civil money penalties in the prior-year period. The higher compensation and benefits expenses were driven by higher severance of approximately $400 million, primarily related to the realignment of the technology workforce, higher volume and other revenue-related expenses and higher investments in Citi’s transformation and technology, with productivity savings and stranded cost reductions partially offsetting continued investments in the businesses. Excluding divestiture-related impacts in both periods^(6)^, expenses were up 3%.

Citigroup cost of credit of $2.9 billion increased 16%, 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 a net ACL build related to transfer risk associated with client activity in Russia, largely offset by a lower net ACL build for volume and lower net credit losses in the card portfolios in USPB.

Citigroup net income was $4.0 billion in the second quarter 2025, compared to net income of $3.2 billion in the prior-year period, driven by the higher revenues, partially offset by the higher expenses and the higher cost of credit. Citigroup’s effective tax rate decreased to approximately 23% in the current quarter from 24% in the second quarter 2024, largely due to the resolution of a tax audit.

Citigroup ’ s total allowance for credit losses was approximately $23.7 billion at quarter end, compared to $21.8 billion at the end of the prior-year period. Total ACL on loans was approximately $19.1 billion at quarter end, compared to $18.2 billion at the 2

end of the prior-year period, with a reserve-to-funded loans ratio of 2.67%, down from 2.68% in the prior-year period. Total non-accrual loans increased 49% from the prior-year period to $3.4 billion. Corporate non-accrual loans increased 73% from the prior-year period to $1.7 billion, primarily driven by idiosyncratic downgrades, primarily in Markets. Consumer non-accrual loans increased 30% from the prior-year period to $1.6 billion, primarily driven by Wealth, primarily due to residential mortgage loans impacted by the California wildfires.

Citigroup ’ s end-of-period loans were $725.3 billion at quarter end, up 5% versus the prior-year period, driven by higher loans in Markets, in Retail Banking and Branded Cards in USPB and in Services, partially offset by lower loans in Banking.

Citigroup ’ s end-of-period deposits were approximately $1.4 trillion at quarter end, up 6% versus the prior-year period, driven by increases in Services and USPB, partially offset by lower deposits in Wealth, Markets, and All Other.

Citigroup ’ s book value per share of $106.94 at quarter end increased 7% versus the prior-year period, and tangible book value per share of $94.16 at quarter end increased 8% versus the prior-year period. The increases reflected 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 13.5% versus 13.4% at the end of the prior quarter, driven by net income, beneficial net movements in AOCI and lower deferred tax assets, partially offset by the payment of common and preferred dividends as well as common share repurchases and higher risk-weighted assets. Citigroup’s Supplementary Leverage ratio for the second quarter 2025 was 5.5% versus 5.8% in the prior quarter. During the quarter, Citigroup returned approximately $3.1 billion to common shareholders in the form of dividends and share repurchases.


Services( in millions, except as otherwise noted)	2Q’25		****	1Q’25		****	2Q’24		QoQ%	YoY%

Net interest income		2,949			2,865			2,629	3%	12%
Non-interest revenue		725			775			797	(6)%	(9)%
Treasury and Trade Solutions		3,674			3,640			3,426	1%	7%
Net interest income		681			633			596	8%	14%
Non-interest revenue		707			616			653	15%	8%
Securities Services		1,388			1,249			1,249	11%	11%
Total Services revenues(a)		5,062			4,889			4,675	4%	8%

Total operating expenses		2,679			2,584			2,729	4%	(2)%

Net credit losses		20			6			-	233%	NM
Net ACL build / (release)(b)		47			18			(98)	161%	NM
Other provisions(c)		286			27			71	NM	303%
Total cost of credit		353			51			(27)	NM	NM

Net income	$	1,432		$	1,595		$	1,471	(10)%	(3)%


Services Key Statistics and Metrics (B)
Allocated Average TCE(d)		25			25			25	-	(1)%
RoTCE(d)		23.3%			26.2%			23.8%	(290) bps	(50) bps
Average loans		94			87			82	8%	15%
Average deposits		857			826			804	4%	7%
Cross border transaction value		101			95			93	7%	9%
US dollar clearing volume (#MM)(e)		44			43			42	4%	6%
Commercial card spend volume		18			17			18	4%	(1)%
Assets under custody and/or administration (AUC/AUA) (T)(f)		28			26			24	8%	17%

All values are in US Dollars.

(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. For a reconciliation of the summation of the segments’ and components’ average allocated TCE to Citi’s total average TCE, total average stockholders’ equity, and RoTCE by Segment, see Appendices H and I.

(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) 2Q25 is preliminary.

Services

Services revenues of $5.1 billion were up 8%, driven by growth in Treasury and Trade Solutions (TTS), which continued to gain market share, and Securities Services. Net interest income increased 13%, driven by an increase in average deposit and loan balances, as well as higher deposit spreads, partially offset by lower loan spreads. Non-interest revenue declined 1%, driven by higher lending revenue share with Banking, primarily offset by the benefit of continued strength in underlying fee drivers across the businesses, particularly cross-border transaction value, assets under custody and administration and U.S. dollar clearing volume.

Treasury and Trade Solutions revenues of $3.7 billion were up 7%, driven by a 12% increase in net interest income, partially offset by a 9% decrease in non-interest revenue. The increase in net interest income was driven by the higher deposit spreads as well as the increases in deposit and loan balances, partially offset by the lower loan spreads. The decrease in non-interest revenue was driven by the impact of the higher lending revenue share, partially offset by fee growth driven by an increase in cross-border transaction value of 9% and an increase in U.S. dollar clearing volume of 6%.

Securities Services revenues of $1.4 billion were up 11%, driven by a 14% increase in net interest income and an 8% increase in non-interest revenue. The increase in net interest income was driven by higher deposit volumes. The increase in non-interest revenue was driven by fee growth stemming from the increase in assets under custody and administration, as well as higher levels of corporate action activity in Issuer Services.

Services operating expenses of $2.7 billion decreased 2%, driven by the absence of tax- and legal-related expenses in the prior-year period, largely offset by higher compensation and benefits expenses, including severance, as well as technology investments.

Services cost of credit was $353 million, compared to a benefit of $(27) million in the prior-year period, driven by a net ACL build in the current period compared with a net ACL release in the prior-year period. The net ACL build was primarily related to transfer risk associated with client activity in Russia.

Services net income of $1.4 billion decreased 3%, driven by the higher cost of credit, offset by the higher revenues and the lower expenses.

Markets( in millions, except as otherwise noted)	2Q’25		1Q’25		2Q’24		QoQ%	YoY%

Rates and currencies		3,134		3,048		2,466	3%	27%
Spread products / other fixed income		1,134		1,429		1,098	(21)%	3%
Fixed Income markets		4,268		4,477		3,564	(5)%	20%
Equity markets		1,611		1,509		1,522	7%	6%
Total Markets revenues(a)		5,879		5,986		5,086	(2)%	16%

Total operating expenses		3,509		3,468		3,305	1%	6%

Net credit losses		8		142		66	(94)%	(88)%
Net ACL build / (release)(b)		45		57		(109)	(21)%	NM
Other provisions(c)		55		2		32	NM	72%
Total cost of credit		108		201		(11)	(46)%	NM

Net income	$	1,728	$	1,782	$	1,443	(3)%	20%


Markets Key Statistics and Metrics (B)
Allocated Average TCE(d)		50		50		54	-	(7)%
RoTCE(d)		13.8%		14.3%		10.7%	(50) bps	310 bps
Average trading account assets		549		476		426	15%	29%
Average Loans		136		128		119	6%	14%
Average VaR ( in MM)(e)		117		118		113	(1)	4%

All values are in US Dollars.

(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 $5.9 billion increased 16%, driven by growth in both Fixed Income and Equity markets revenues.

Fixed Income markets revenues of $4.3 billion increased 20%, driven by growth across rates and currencies as well as spread products and other fixed income. Rates and currencies revenues increased 27%, driven by increased client activity and monetization with both corporate and financial institution clients. Spread products and other fixed income revenues increased 3%, driven by higher financing activity and loan growth, partially offset by lower credit trading.

Equity markets revenues of $1.6 billion increased 6%, driven by momentum in prime services, with record prime balances^(7)^ up approximately 27%, as well as higher client activity and volumes in cash equities and monetization of market activity in derivatives, partially offset by the absence of gains related to the Visa B share exchange in the prior-year period.

Markets operating expenses of $3.5 billion increased 6%, largely driven by higher volume and other revenue-related expenses.

Markets cost of credit was $108 million, compared to a benefit of $(11) million in the prior-year period, driven by a net ACL build due to portfolio composition changes, including exposure growth in the current period, compared to an ACL release in the prior-year period, partially offset by lower net credit losses.

Markets net income was $1.7 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 and the higher cost of credit.


Banking( in millions, except as otherwise noted)	2Q’25		****	1Q’25		****	2Q’24		QoQ%	YoY%

Investment Banking		981			1,035			853	(5)%	15%
Corporate Lending(a)		1,002			903			765	11%	31%
Total Banking revenues(a)(b)		1,983			1,938			1,618	2%	23%
Gain / (loss) on loan hedges(a)		(62)			14			9	NM	NM
Total Banking revenues including gain/(loss) on loan hedges(a)		1,921			1,952			1,627	(2)%	18%

Total operating expenses		1,137			1,034			1,131	10%	1%
Net credit losses		16			34			40	(53)%	(60)%
Net ACL build / (release)(c)		139			185			(60)	(25)%	NM
Other provisions(d)		18			(5)			(12)	NM	NM
Total cost of credit		173			214			(32)	(19)%	NM

Net income	$	463		$	543		$	406	(15)%	14%


Banking Key Statistics and Metrics
Allocated Average TCE(e) (B)		21			21			22	-	(6)%
RoTCE(e)		9.0%			10.7%			7.5%	(170) bps	150 bps
Average loans (B)		84			82			89	2%	(6)%

Advisory		408			424			268	(4)%	52%
Equity underwriting		218			127			174	72%	25%
Debt underwriting		432			553			493	(22)%	(12)%
Investment Banking fees		1,058			1,104			935	(4)%	13%

All values are in US Dollars.

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

(a) Excludes gain / (loss) on credit derivatives as well as the mark-to-market on loans at fair value. For additional information, see Footnote 8.

(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. For a reconciliation of the summation of the segments’ and components’ average allocated TCE to Citi’s total average TCE, total average stockholders’ equity, and RoTCE by Segment, see Appendices H and I.

Banking

Banking revenues of $1.9 billion increased 18%, driven by growth in Corporate Lending, excluding mark-to-market gain/(loss) on loan hedges^(8)^ and Investment Banking, partially offset by the impact of a mark-to-market loss on loan hedges.

Investment Banking revenues of $981 million increased 15%, driven by an increase in Investment Banking fees of 13%, reflecting growth in Advisory and Equity Capital Markets (ECM), partially offset by a decline in Debt Capital Markets (DCM). Advisory fees increased 52%, as the business gained share across a multitude of sectors and with financial sponsors. ECM fees were up 25% driven by strength in convertibles and initial public offerings (IPOs). DCM fees were down 12% as Citi’s investment grade volumes decreased compared to very strong performance in the prior-year period, partially offset by continued share gains in leveraged finance.

Corporate Lending revenues of $1.0 billion, excluding mark-to-market on loan hedges^(8)^, increased 31%, primarily driven by increases in lending revenue share.

Banking operating expenses of $1.1 billion increased 1%, driven by higher volume and other revenue-related expenses and continued business investments, primarily offset by the benefits of prior repositioning actions.

Banking cost of credit was $173 million, compared to a benefit of $(32) million in the prior-year period, driven by a net ACL build related to changes in portfolio composition, compared to an ACL release in the prior-year period, partially offset by lower net credit losses.

Banking net income of $463 million increased 14%, driven by the higher revenue, largely offset by the higher cost of credit.


Wealth ( in millions, except as otherwise noted)	2Q’25		****	1Q’25		****	2Q’24		QoQ%	YoY%

Private Bank		731			664			611	10%	20%
Wealth at Work		221			268			195	(18)%	13%
Citigold		1,214			1,164			1,001	4%	21%
Total revenues, net of interest expense		2,166			2,096			1,807	3%	20%

Total operating expenses		1,558			1,639			1,535	(5)%	1%

Net credit losses		40			38			35	5%	14%
Net ACL build / (release)(a)		(66)			60			(43)	NM	(53)%
Other provisions(b)		-			-			(1)	-	100%
Total cost of credit		(26)			98			(9)	NM	(189)%

Net income	$	494		$	284		$	210	74%	135%


Wealth Key Statistics and Metrics (B)
Allocated Average TCE(c)		12			12			13	-	(7)%
RoTCE(c)		16.1%			9.4%			6.4%	670 bps	970 bps

Loans		151			147			150	2%	-
Deposits		310			309			318	-	(3)%
Client investment assets(d)		635			595			541	7%	17%
EOP client balances		1,096			1,051			1,009	4%	9%

All values are in US Dollars.

(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. For a reconciliation of the summation of the segments’ and components’ average allocated TCE to Citi's total average TCE, total average stockholders’ equity, and RoTCE by Segment, see Appendices H and I.

(d) Includes assets under management, and trust and custody assets. 2Q25 Client investment assets are preliminary.

Wealth

Wealth revenues of $2.2 billion increased 20%, driven by growth across Citigold, the Private Bank and Wealth at Work. Net interest income of $1.3 billion increased 22%, driven by higher deposit spreads, partially offset by lower mortgage spreads and lower deposit balances. Non-interest revenue of $888 million increased 17%, driven by a gain on sale of an alternative investments fund platform and higher investment fee revenues, with client investment assets up 17%.

Private Bank revenues of $731 million increased 20%, driven by the sale of the alternative investments fund platform, the higher deposit spreads and the higher investment fee revenues, partially offset by the lower mortgage spreads.

Wealth at Work revenues of $221 million increased 13%, driven by the higher deposit spreads, largely offset by the lower mortgage spreads.

Citigold revenues of $1.2 billion increased 21%, driven by the higher deposit spreads, the higher investment fee revenues and higher lending revenues, partially offset by the lower deposit balances. The decrease in deposit balances reflected higher tax payments and other operating outflows as well as a shift in deposits to higher-yielding investments on Citi’s Wealth platform, partially offset by the deposit impact from client transfers from USPB^(9)^.

Wealth operating expenses of $1.6 billion increased 1% from the prior-year period, driven by higher volume and other revenue-related expenses, episodic items and higher severance, primarily offset by benefits from prior repositioning actions and lower deposit insurance costs.

Wealth cost of credit was a benefit of $(26) million, compared to a benefit of $(9) million in the prior-year period.

Wealth net income was $494 million, compared to $210 million in the prior-year period, driven by the higher revenues, partially offset by the higher expenses.


USPB( in millions, except as otherwise noted)	2Q’25		****	1Q’25		****	2Q’24		QoQ%	YoY%

Branded Cards		2,822			2,892			2,536	(2)%	11%
Retail Services		1,649			1,675			1,735	(2)%	(5)%
Retail Banking		648			661			561	(2)%	16%
Total revenues, net of interest expense		5,119			5,228			4,832	(2)%	6%

Total operating expenses		2,381			2,442			2,355	(2)%	1%

Net credit losses		1,889			1,983			1,931	(5)%	(2)%
Net ACL build / (release)(a)		(5)			(171)			382	97%	NM
Other provisions(b)		1			(1)			2	NM	(50)%
Total cost of credit		1,885			1,811			2,315	4%	(19)%

Net income	$	649		$	745		$	121	(13)%	436%


USPB Key Statistics and Metrics (B)
Allocated average TCE(c)		23			23			25	-	(7)%
RoTCE(c)		11.1%			12.9%			1.9%	(180) bps	920 bps
Average loans		217			216			206	-	5%
Average deposits		90			89			93	1%	(3)%
US credit card average loans		165			164			160	-	3%
US credit card spend volume		159			144			155	10%	3%
New credit cards account acquisitions (in thousands)		3,255			2,840			3,178	15%	2%

All values are in US Dollars.

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

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

(c) TCE and RoTCE are non-GAAP financial measures. For a reconciliation of the summation of the segments’ and components’ average allocated TCE to Citi’s total average TCE, total average stockholders’ equity, and RoTCE by Segment, see Appendices H and I.

U.S. Personal Banking (USPB)

USPB revenues of $5.1 billion increased 6%, driven by growth in Branded Cards and Retail Banking, partially offset by a decline in Retail Services. Net interest income increased 7%, driven by net interest margin expansion and loan growth in Branded Cards as well as higher deposit spreads in Retail Banking. Non-interest revenue decreased 30%, largely driven by higher partner payment accruals in Retail Services.

Branded Cards revenues of $2.8 billion increased 11%, driven by the net interest margin expansion and the growth of interest-earning balances, which were up 7%.

Retail Services revenues of $1.6 billion decreased 5%, largely driven by the higher partner payment accruals due to lower net credit losses.

Retail Banking revenues of $648 million increased 16%, driven by the impact of higher deposit spreads.

USPB operating expenses of $2.4 billion increased 1% from the prior-year period.

USPB cost of credit was $1.9 billion, compared to $2.3 billion in the prior-year period. The decrease was driven by a net ACL release in the current period, compared to a net ACL build in the prior-year period, and lower net credit losses in the cards portfolios. The net ACL release in the current period reflected improvements in quality, including seasonal mix changes, offset by deterioration in the macroeconomic outlook and loan growth. The decline in net credit losses was driven by Retail Services, partially offset by higher net credit losses in Branded Cards, reflecting loan growth.

USPB net income of $649 million increased 436%, driven by the lower cost of credit and the higher revenues.


All Other (Managed Basis) (a) (b)( in millions, except as otherwise noted)	2Q’25		****	1Q’25		****	2Q’24		QoQ%	YoY%

Legacy Franchises (managed basis)		1,691			1,621			1,719	4%	(2)%
Corporate / Other		7			(176)			253	NM	(97)%
Total revenues		1,698			1,445			1,972	18%	(14)%

Total operating expenses		2,276			2,224			2,106	2%	8%

Net credit losses		256			256			214	-	20%
Net ACL build / (release)(c)		64			72			(4)	(11)%	NM
Other provisions(d)		54			31			33	74%	64%
Total cost of credit		374			359			243	4%	54%

Net (loss)	$	(567)		$	(870)		$	(402)	35%	(41)%


All Other Key Statistics and Metrics (B)
Allocated Average TCE(e)		41			38			27	7%	51%

All values are in US Dollars.

(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 Banamex within Legacy Franchises. For additional information, please refer to Footnote 10.

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

(e) TCE is a non-GAAP financial measure. For a reconciliation of the summation of the segments’ and components’ average allocated TCE to Citi’s total average TCE, total average stockholders’ equity, and RoTCE by Segment, see Appendices H and I.

All Other (Managed Basis)^(10)^

All Other (managed basis) revenues of $1.7 billion decreased 14%, driven by lower net interest income as well as lower revenue related to closed exits and wind-downs and the impact of Mexican peso depreciation.

Legacy Franchises (managed basis)^(10)^ revenues of $1.7 billion decreased 2%, driven by lower revenue related to the closed exits and wind-downs and the impact of the Mexican peso depreciation largely offset by higher lending and deposit volumes in Banamex.

Corporate/Other revenues of $7 million decreased from $253 million in the prior-year period, driven by lower net interest income due to a lower benefit from cash and securities reinvestment over the last 12 months to reduce the asset sensitivity of the firm in a declining rate environment.

All Other (managed basis) expenses of $2.3 billion increased 8%, driven by higher severance related to the realignment of the technology workforce and higher investments in Citi’s transformation and technology, primarily offset by the absence of the civil money penalties in the prior-year period, the impact of Mexican peso depreciation, lower deposit insurance costs and a reduction from closed exits and wind-downs.

All Other (managed basis) cost of credit was $374 million, compared to $243 million in the prior-year period, primarily driven by higher net credit losses related to higher lending volumes and portfolio seasoning in Banamex and a net ACL build largely due to changes in portfolio composition in Banamex.

All Other (managed basis) net loss was $(567) million, compared to $(402) million in the prior-year period, driven by the lower revenues, the higher expenses and the higher cost of credit.

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/CITI2Q25.cfm

Additional financial, statistical and business-related information, as well as business and segment trends, is included in a Quarterly Financial Data Supplement. Both this earnings release and Citigroup’s Second Quarter 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 presentation are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. These statements are not 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 policies and announcements of the U.S. administration, such as tariffs and retaliatory actions by U.S. trading partners, significant volatility and disruptions in financial markets, a resurgence of inflation, increases in unemployment rates, increases in interest rates, slowing economic growth or recession in the U.S. and other countries and conflicts in the Middle East; (ii) the execution and efficacy of Citi’s priorities regarding its simplification, transformation and enhanced business performance, including those related to revenues, net interest income, expenses and capital-related expectations; (iii) a deterioration in business and consumer confidence and spending, including lower credit card spend volume 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 presentation. 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)	2Q ’ 25		****	1Q ’ 25		****	2Q ’ 24

Net Income	$	4,019		$	4,064		$	3,217
Less:
Preferred Dividends		287			269			242
Net Income (Loss) to Common Shareholders	$	3,732		$	3,795		$	2,975

Average Common Equity	$	195,622		$	191,794		$	189,211
Less:
Average Goodwill and Intangibles		23,482			22,474			23,063
Average Tangible Common Equity (TCE)	$	172,140		$	169,320		$	166,148

ROCE		7.7%			8.0%			6.3%

RoTCE		8.7%			9.1%			7.2%

All values are in US Dollars.

Appendix B


Citigroup( in millions)	2Q'25		****	2Q'24		% Δ YoY

Total Citigroup Revenues - As Reported	$	21,668		$	20,032	8%
Less:
Total Divestiture-related Impact on Revenues		(177)			33
Total Citigroup Revenues, Excluding Total Divestiture-related Impact	$	21,845		$	19,999	9%

Total Citigroup Operating Expenses - As Reported	$	13,577		$	13,246	2%
Less:
Total Divestiture-related Impact on Operating Expenses		37			85
Total Citigroup Operating Expenses, Excluding Total Divestiture-related Impact	$	13,540		$	13,161	3%

All values are in US Dollars.

Appendix C ^(a)^


All Other( in millions)	2Q’25		****	1Q’25		****	2Q’24		****	% Δ QoQ		****	% Δ YoY

All Other Revenues, Managed Basis	$	1,698		$	1,445		$	1,972			18%		(14)%
Add:
All Other Divestiture-related Impact on Revenue(b)		(177)			-			33
All Other Revenues (U.S. GAAP)	$	1,521		$	1,445		$	2,005			5%		(24)%

All Other Operating Expenses, Managed Basis	$	2,276		$	2,224		$	2,106			2%		8%
Add:
All Other Divestiture-related Impact on Operating Expenses(b)(c)(d)		37			34			85
All Other Operating Expenses (U.S. GAAP)	$	2,313		$	2,258		$	2,191			2%	****	6%

All Other Cost of Credit, Managed Basis	$	374		$	359		$	243			4%		54%
Add:
All Other Divestiture-related Impact on Net credit losses		5			-			(3)
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)	$	379		$	348		$	240			9%		58%

All Other Net Income (Loss), Managed Basis	$	(567)		$	(870)		$	(402)			35%		(41)%
Add:
All Other Divestiture-related Impact on Revenue(b)		(177)			-			33
All Other Divestiture-related Impact on Operating Expenses(b)(c)(d)		(37)			(34)			(85)
All Other Divestiture-related Impact on Cost of Credit(e)(f)		(5)			11			3
All Other Divestiture-related Impact on Taxes(b)(c)(d)		39			8			17
All Other Net Income (Loss) (U.S. GAAP)	$	(747)		$	(885)		$	(434)			16%		(72)%

All values are in US Dollars.

(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) 2Q25 includes (i) an approximately $186 million loss recorded in revenue (approximately $157 million after tax) related to the announced sale of the Poland consumer banking business; and (ii) approximately $37 million in operating expenses (approximately $26 million after tax) primarily related to separation costs in Mexico.

(c) 1Q25 includes approximately $34 million in operating expenses (approximately $23 million after-tax), largely 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, 2025.

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

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

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

Appendix D


( in millions)	2Q’25^(a)^		****	1Q’25		****	2Q’24

Citigroup Common Stockholders’ Equity(b)	$	196,931		$	194,125		$	190,283
Add: Qualifying noncontrolling interests		190			192			153
Regulatory Capital Adjustments and Deductions:
Add: CECL transition provision(c)		-			-			757
Less:
Accumulated net unrealized gains (losses) on cash flow hedges, net of tax		(141)			(213)			(629)
Cumulative unrealized net gain (loss) related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax		(408)			(32)			(760)
Intangible Assets:
Goodwill, net of related deferred tax liabilities (DTLs)(d)		18,524			18,122			18,315
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs		3,236			3,291			3,138
Defined benefit pension plan net assets and other		1,610			1,532			1,425
Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards(e)		11,163			11,517			11,695
Excess over 10% / 15% limitations for other DTAs, certain common stock investments, and MSRs(e)(f)		4,205			4,261			3,652

Common Equity Tier 1 Capital (CET1)	$	158,932		$	155,839		$	154,357

Risk-Weighted Assets (RWA)(c)	$	1,180,963		$	1,162,306		$	1,135,750

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

All values are in US Dollars.

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

(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)	2Q’25^(a)^			1Q’25			2Q’24

Common Equity Tier 1 Capital (CET1)(b)	$	158,932		$	155,839		$	154,357

Additional Tier 1 Capital (AT1)(c)		17,674			19,675			19,426

Total Tier 1 Capital (T1C) (CET1 + AT1)	$	176,606		$	175,514		$	173,783

Total Leverage Exposure (TLE)(b)	$	3,193,388		$	3,033,450		$	2,949,534

Supplementary Leverage Ratio (T1C / TLE)(b)		5.5%	****		5.8%	****		5.9%

All values are in US Dollars.

(a) Preliminary.

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

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

Appendix F


( and shares in millions)	2Q’25^(a)^		****	1Q’25		****	2Q’24

Common Stockholders’ Equity	$	196,872		$	194,058		$	190,210

Less:

Goodwill		19,878			19,422			19,704

Intangible Assets (other than MSRs)		3,639			3,679			3,517

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

Tangible Common Equity (TCE)	$	173,339		$	170,941		$	166,989

Common Shares Outstanding (CSO)		1,840.9			1,867.7			1,907.8

Tangible Book Value Per Share	$	94.16		$	91.52		$	87.53

All values are in US Dollars.

(a) Preliminary.

Appendix G


Banking( in millions)	2Q’25		****	1Q’25		****	2Q’24		% Δ QoQ	% Δ YoY

Corporate Lending Revenues - As Reported	$	940		$	917		$	774	3%	21%

Less:

Gain/(loss) on loan hedges(a)		(62)			14			9	NM	NM

Corporate Lending Revenues - Excluding Gain/(loss) on loan hedges	$	1,002		$	903		$	765	11%	31%

All values are in US Dollars.

(a) See Footnote 8 at the end of this press release for additional information.

Appendix H


( in billions)	2Q’25		****	1Q’25		****	2Q’24

Average Tangible Common Equity (TCE)
Services		24.7			24.7			24.9
Markets		50.4			50.4			54.0
Banking		20.6			20.6			21.8
Wealth		12.3			12.3			13.2
USPB		23.4			23.4			25.2
All Other		40.7			37.9			27.0
Total Citigroup Average TCE	$	172.1		$	169.3		$	166.1
Plus:
Average Goodwill		19.8			18.8			19.5
Average Intangible Assets (other than MSRs)		3.7			3.7			3.6
Average Goodwill and Identifiable Intangible Assets (other than MSRs) Related to Businesses Held-for-Sale		-			-			-
Total Citigroup Average Common Stockholders’ Equity	$	195.6		$	191.8		$	189.2

All values are in US Dollars.

Appendix I


	Net Income			Average Allocated			Return on
	Applicable to Common			Tangible			Tangible
( in billions)	Shareholders^(a)^		****	Common Equity^(b)^		****	Common Equity^(c)^

2Q'25
Services		1.4			24.7		23.3%
Markets		1.7			50.4		13.8%
Banking		0.5			20.6		9.0%
Wealth		0.5			12.3		16.1%
USPB		0.6			23.4		11.1%
All Other (managed basis)(a)		(0.9)			40.7		NM
Reconciling Items(d)		(0.2)			-		NM
Total Citigroup(a)	$	3.7		$	172.1		8.7%

1Q'25
Services		1.6			24.7		26.2%
Markets		1.8			50.4		14.3%
Banking		0.5			20.6		10.7%
Wealth		0.3			12.3		9.4%
USPB		0.7			23.4		12.9%
All Other (managed basis)(a)		(1.1)			37.9		NM
Reconciling Items(d)		(0.0)			-		NM
Total Citigroup(a)	$	3.8		$	169.3		9.1%

2Q'24
Services		1.5			24.9		23.8%
Markets		1.4			54.0		10.7%
Banking		0.4			21.8		7.5%
Wealth		0.2			13.2		6.4%
USPB		0.1			25.2		1.9%
All Other (managed basis)(a)		(0.6)			27.0		NM
Reconciling Items(d)		(0.0)			-		NM
Total Citigroup(a)	$	3.0		$	166.1		7.2%

All values are in US Dollars.

a)	Net income to common for All Other (Managed Basis) is reduced by preferred dividends of $287 million in 2Q'25, $269 million in 1Q'25, and $242 million in 2Q'24.
b)	Tangible Common Equity is allocated to each segment based on Citi’s allocation methodology which incorporates Basel III standardized risk-weighted assets, the global systemically important banks TCE, are periodically reassessed and as a result the TCE allocated to the segments may change. TCE is a non-GAAP financial measure.
---	---
c)	Return on Tangible Common Equity (RoTCE) is a non-GAAP financial measure. RoTCE represents annualized net income available to common shareholders as a percentage of average TCE.
---	---
d)	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. For a reconciliation of these results, see Appendix C.
---	---

^(1)^ Ratios as of June 30, 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. For a reconciliation of common equity to TCE, see Appendix F. 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.

As used herein, 2026 RoTCE is a forward-looking non-GAAP financial measure. From time to time, management may discuss forward-looking non-GAAP financial measures, such as forward-looking estimates or targets for revenue, expenses and RoTCE. Citi is unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because Citi is unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant for future results.

^(2)^Ratios as of June 30, 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. For a reconciliation of common equity to tangible common equity and resulting calculation of tangible book value per share, see Appendix F.

^(5)^Citigroup’s revenues excluding divestiture-related impacts are non-GAAP financial measures. For a reconciliation to reported results, see Appendices B and C. The reconciling items’ impact on revenue is reflected in non-interest revenue.

^(6)^ Citigroup’s expenses excluding divestiture-related impacts are non-GAAP financial measures. For a reconciliation to reported results, see Appendices B and C. Included in Citi's reported expenses was an immaterial decrease in expenses of $(20) million in the second quarter 2025 related to a lower incremental FDIC special assessment, compared to $34 million in the second quarter 2024.

^(7)^Prime balances are defined as client’s billable balances where Citigroup provides cash or synthetic prime brokerage services.

^(8)^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. 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, see Appendix G.

^(9)^Reflects the impact of the net deposit balance transfers from USPB to Citigold in Wealth of approximately $17 billion over the last 5 quarters, including approximately $3 billion during the second quarter 2025. These amounts represent the balances at the time client relationships are transferred.

^(10)^ 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 Banamex 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, see Appendix C. 16

Exhibit 99.2


CITIGROUP—QUARTERLY FINANCIAL DATA SUPPLEMENT	2Q25


		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)

		****			****			****			****			****			2Q25 Increase/			Six		Six		YTD 2025 vs.
		2Q			3Q			4Q			1Q			2Q			(Decrease) from			Months		Months		YTD 2024 Increase/
	****	2024		****	2024		****	2024		****	2025		****	2025		****	1Q25	****	2Q24	2024		2025		(Decrease)

Total revenues, net of interest expense^(1)^		$	20,032		$	20,209		$	19,465		$	21,596		$	21,668		-		8%	$	41,048	$	43,264	5%
Total operating expenses			13,246			13,144			13,070			13,425			13,577		1%		2%		27,353		27,002	(1%)
Net credit losses (NCLs)			2,283			2,172			2,242			2,459			2,234		(9%)		(2%)		4,586		4,693	2%
Credit reserve build (release) for loans			76			210			321			102			243		138%		220%		195		345	77%
Provision / (release) for unfunded lending commitments			(8)			105			(118)			108			(19)		NM		(138%)		(106)		89	NM
Provisions for benefits and claims, other assets and HTM debt securities			125			188			148			54			414		NM		231%		166		468	182%
Provisions for credit losses and for benefits and claims			2,476			2,675			2,593			2,723			2,872		5%		16%		4,841		5,595	16%
Income (loss) from continuing operations before income taxes			4,310			4,390			3,802			5,448			5,219		(4%)		21%		8,854		10,667	20%
Income taxes (benefits)			1,047			1,116			912			1,340			1,186		(11%)		13%		2,183		2,526	16%
Income (loss) from continuing operations		****	3,263		****	3,274		****	2,890		****	4,108		****	4,033		(2%)		24%		6,671		8,141	22%
Income (loss) from discontinued operations, net of taxes			-			(1)			-			(1)			-		100%		-		(1)		(1)	-
Net income (loss) before noncontrolling interests			3,263			3,273			2,890			4,107			4,033		(2%)		24%		6,670		8,140	22%
Net income (loss) attributable to noncontrolling interests			46			35			34			43			14		(67%)		(70%)		82		57	(30%)
Citigroup's net income (loss)		$	3,217		$	3,238		$	2,856		$	4,064		$	4,019		(1%)		25%	$	6,588	$	8,083	23%

Diluted earnings per share:
Income (loss) from continuing operations		$	1.52		$	1.51		$	1.34		$	1.96		$	1.96		-		29%	$	3.10	$	3.92	26%
Citigroup's net income (loss)		$	1.52		$	1.51		$	1.34		$	1.96		$	1.96		-		29%	$	3.10	$	3.92	26%

Preferred dividends		$	242		$	277		$	256		$	269		$	287		7%		19%	$	521	$	556	7%

Income allocated to unrestricted common shareholders—basic
Income (loss) from continuing operations (for EPS purposes)		$	2,943		$	2,906		$	2,563		$	3,752		$	3,683		(2%)		25%	$	5,991	$	7,435	24%
Citigroup's net income (loss) (for EPS purposes)			2,943			2,905			2,563			3,751			3,683		(2%)		25%		5,990		7,434	24%

Income allocated to unrestricted common shareholders—diluted
Income (loss) from continuing operations (for EPS purposes)		$	2,962		$	2,926		$	2,583		$	3,769		$	3,702		(2%)		25%	$	6,025	$	7,471	24%
Citigroup's net income (loss) (for EPS purposes)			2,962			2,925			2,583			3,768			3,702		(2%)		25%		6,024		7,470	24%

Shares (in millions):
Average basic			1,907.7			1,899.9			1,887.6			1,879.0			1,855.9		(1%)		(3%)		1,909.1		1,867.5	(2%)
Average diluted			1,945.7			1,940.3			1,931.0			1,919.6			1,893.1		(1%)		(3%)		1,944.4		1,906.4	(2%)
Common shares outstanding, at period end			1,907.8			1,891.3			1,877.1			1,867.7			1,840.9		(1%)		(4%)

Regulatory capital ratios and performance metrics:
Common Equity Tier 1 (CET1) Capital ratio^(2)(3)(4)^			13.59%			13.71%			13.63%			13.41%			13.5%
Tier 1 Capital ratio^(2)(3)(4)^			15.30%			15.24%			15.31%			15.10%			15.0%
Total Capital ratio^(2)(3)(4)^			15.41%			15.21%			15.42%			15.41%			15.3%
Supplementary Leverage ratio (SLR)^(2)(4)(5)^			5.89%			5.85%			5.85%			5.79%			5.5%
Return on average assets			0.53%			0.52%			0.46%			0.65%			0.61%		(4) bps		8 bps		0.54%		0.63%	9 bps
Return on average common equity			6.3%			6.2%			5.4%			8.0%			7.7%		(30) bps		140 bps		6.5%		7.8%	130 bps
Average tangible common equity (TCE) (in billions of dollars)^(6)^		$	166.1		$	168.3		$	168.6		$	169.3		$	172.1		2%		4%	$	165.4	$	170.7	3%
Return on average tangible common equity (RoTCE)^(6)^			7.2%			7.0%			6.1%			9.1%			8.7%		(40) bps		150 bps		7.4%		8.9%	150 bps
Operating leverage^(7)^			524 bps			281 bps			3,002 bps			759 bps			567 bps		(192) bps		43 bps		(170) bps		668 bps	838 bps
Efficiency ratio (total operating expenses/total revenues, net)			66.1%			65.0%			67.1%			62.2%			62.7%		50 bps		(340) bps		66.6%		62.4%	(420) bps

Balance sheet data (in billions of dollars, except per share amounts)^(2)^:
Total assets		$	2,405.7		$	2,430.7		$	2,352.9		$	2,571.5		$	2,622.8		2%		9%
Total average assets			2,456.5			2,492.1			2,474.8			2,517.1			2,647.8		5%		8%		2,453.4		2,582.5	5%
Total loans			687.7			688.9			694.5			702.1			725.3		3%		5%
Total deposits			1,278.1			1,310.0			1,284.5			1,316.4			1,357.7		3%		6%
Citigroup's stockholders' equity			208.3			209.1			208.6			212.4			213.2		-		2%
Book value per share			99.70			101.91			101.62			103.90			106.94		3%		7%
Tangible book value per share^(6)^			87.53			89.67			89.34			91.52			94.16		3%		8%

Direct staff (in thousands)			229			229			229			229			230		-		-

(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 (Banamex 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)	2Q25 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. Page1

CITIGROUP CONSOLIDATED STATEMENT OF INCOME

(In millions of dollars)

	****	****		****	****		****	****		****	****		****	****		****	2Q25 Increase/			Six		Six		YTD 2025 vs.
****	****	2Q		****	3Q		****	4Q		****	1Q		****	2Q		****	(Decrease) from			Months		Months		YTD 2024 Increase/
****	****	2024		****	2024		****	2024		****	2025		****	2025		****	1Q25	****	2Q24	2024		2025		(Decrease)
Revenues
Interest income (including dividends)		$	35,987		$	36,456		$	35,047		$	33,666		$	35,859		7%		-	$	72,210	$	69,525	(4%)
Interest expense			22,494			23,094			21,314			19,654			20,684		5%		(8%)		45,210		40,338	(11%)
Net interest income (NII)			13,493			13,362			13,733			14,012			15,175		8%		12%		27,000		29,187	8%

Commissions and fees			2,555			2,589			2,456			2,707			2,745		1%		7%		5,191		5,452	5%
Principal transactions			2,874			3,219			2,286			3,921			3,406		(13%)		19%		6,148		7,327	19%
Administrative and other fiduciary fees			1,046			1,059			992			1,045			1,123		7%		7%		2,083		2,168	4%
Realized gains (losses) on sales of investments, net			23			72			118			121			138		14%		500%		138		259	88%
Impairment losses on investments			(17)			(45)			(339)			(58)			(39)		33%		(129%)		(47)		(97)	(106%)
Provision for credit losses on available-for-sale (AFS) debt securities^(1)^			(4)			4			1			-			4		NM		NM		(4)		4	NM
Other revenue (loss)			62			(51)			218			(152)			(884)		(482%)		NM		539		(1,036)	NM
Total non-interest revenues (NIR)			6,539			6,847			5,732			7,584			6,493		(14%)		(1%)		14,048		14,077	-
Total revenues, net of interest expense	****	****	20,032	****	****	20,209	****	****	19,465	****	****	21,596	****	****	21,668	****	-	****	8%		41,048		43,264	5%


Provisions for credit losses and for benefits and claims
Net credit losses on loans			2,283			2,172			2,242			2,459			2,234		(9%)		(2%)		4,586		4,693	2%
Credit reserve build / (release) for loans			76			210			321			102			243		138%		220%		195		345	77%
Provision for credit losses on loans			2,359			2,382			2,563			2,561			2,477		(3%)		5%		4,781		5,038	5%
Provision for credit losses on held-to-maturity (HTM) debt securities			(5)			50			(5)			(5)			7		NM		NM		5		2	(60%)
Provision for credit losses on other assets			112			110			136			39			381		NM		240%		116		420	262%
Policyholder benefits and claims			18			28			17			20			26		30%		44%		45		46	2%
Provision for credit losses on unfunded lending commitments			(8)			105			(118)			108			(19)		NM		(138%)		(106)		89	NM
Total provisions for credit losses and for benefits and claims^(2)^	****	****	2,476	****	****	2,675	****	****	2,593	****	****	2,723	****	****	2,872	****	5%	****	16%		4,841		5,595	16%

Operating expenses
Compensation and benefits			6,888			7,058			6,923			7,464			7,633		2%		11%		14,561		15,097	4%
Technology / communication			2,238			2,273			2,278			2,379			2,290		(4%)		2%		4,484		4,669	4%
Premises and equipment			597			606			650			574			615		7%		3%		1,182		1,189	1%
Advertising and marketing			280			282			323			250			269		8%		(4%)		508		519	2%
Restructuring			36			9			(11)			(3)			(2)		33%		NM		261		(5)	NM
Other operating			3,207			2,916			2,907			2,761			2,772		-		(14%)		6,357		5,533	(13%)
Total operating expenses	****	****	13,246	****	****	13,144	****	****	13,070	****	****	13,425	****	****	13,577	****	1%	****	2%		27,353		27,002	(1%)


Income (loss) from continuing operations before income taxes	****	****	4,310			4,390			3,802			5,448			5,219		(4%)		21%		8,854		10,667	20%
Provision (benefit) for income taxes			1,047			1,116			912			1,340			1,186		(11%)		13%		2,183		2,526	16%

Income (loss) from continuing operations	****	****	3,263	****	****	3,274		****	2,890	****	****	4,108	****	****	4,033	****	(2%)	****	24%		6,671		8,141	22%
Discontinued operations
Income (loss) from discontinued operations			-			(1)			-			(1)			-		100%		-		(1)		(1)	-
Provision (benefit) for income taxes			-			-			-			-			-		-		-		-		-	-
Income (loss) from discontinued operations, net of taxes	****	****	-			(1)			-			(1)			-		100%		-		(1)		(1)	-

Net income (loss) before attribution to noncontrolling interests			3,263			3,273			2,890			4,107			4,033		(2%)		24%		6,670		8,140	22%
Noncontrolling interests			46			35			34			43			14		(67%)		(70%)		82		57	(30%)
Citigroup's net income (loss)	****	$	3,217	****	$	3,238		$	2,856	****	$	4,064	****	$	4,019	****	(1%)	****	25%	$	6,588	$	8,083	23%

(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.

Page2

CITIGROUP CONSOLIDATED BALANCE SHEET

(In millions of dollars)

											2Q25 Increase/
	June 30,		September 30,		December 31,		March 31,		June 30,		(Decrease) from
	2024		2024		2024		2025		2025^(1)^		1Q25	****	2Q24
Assets
Cash and due from banks (including segregated cash and other deposits)	$	26,917	$	25,266	$	22,782	$	24,463	$	24,991	2%		(7%)
Deposits with banks, net of allowance		219,217		277,828		253,750		283,868		312,482	10%		43%
Securities borrowed and purchased under resale agreements, net of allowance		317,970		285,928		274,062		390,215		323,892	(17%)		2%
Brokerage receivables, net of allowance		64,563		63,653		50,841		57,440		64,029	11%		(1%)
Trading account assets		446,339		458,072		442,747		518,577		568,558	10%		27%
Investments
Available-for-sale debt securities		249,362		234,444		226,876		225,180		235,802	5%		(5%)
Held-to-maturity debt securities, net of allowance		251,125		248,274		242,382		220,385		206,094	(6%)		(18%)
Equity securities		7,789		7,953		7,399		7,323		7,504	2%		(4%)
Total investments		508,276		490,671		476,657		452,888		449,400	(1%)		(12%)
Loans
Consumer^(2)^		386,117		389,151		393,102		386,312		395,759	2%		2%
Corporate^(3)^		301,605		299,771		301,386		315,744		329,586	4%		9%
Loans, net of unearned income		687,722		688,922		694,488		702,056		725,345	3%		5%
Allowance for credit losses on loans (ACLL)		(18,216)		(18,356)		(18,574)		(18,726)		(19,123)	(2%)		(5%)
Total loans, net		669,506		670,566		675,914		683,330		706,222	3%		5%
Goodwill		19,704		19,691		19,300		19,422		19,878	2%		1%
Intangible assets (including MSRs)		4,226		4,121		4,494		4,430		4,409	-		4%
Premises and equipment, net of depreciation and amortization		29,399		30,096		30,192		30,814		32,312	5%		10%
Other assets, net of allowance		99,569		104,771		102,206		106,067		116,599	10%		17%
Total assets	$	2,405,686	$	2,430,663	$	2,352,945	$	2,571,514	$	2,622,772	2%		9%

Liabilities
Non-interest-bearing deposits in U.S. offices	$	117,607	$	118,034	$	123,338	$	122,472	$	119,898	(2%)		2%
Interest-bearing deposits in U.S. offices		546,772		558,461		551,547		562,628		575,709	2%		5%
Total U.S. deposits		664,379		676,495		674,885		685,100		695,607	2%		5%
Non-interest-bearing deposits in offices outside the U.S.		83,150		84,913		84,349		82,215		86,458	5%		4%
Interest-bearing deposits in offices outside the U.S.		530,608		548,591		525,224		549,095		575,668	5%		8%
Total international deposits		613,758		633,504		609,573		631,310		662,126	5%		8%
Total deposits		1,278,137		1,309,999		1,284,458		1,316,410		1,357,733	3%		6%
Securities loaned and sold under repurchase agreements		305,206		278,377		254,755		403,959		347,913	(14%)		14%
Brokerage payables		73,621		81,186		66,601		78,302		90,949	16%		24%
Trading account liabilities		151,259		142,534		133,846		148,688		163,952	10%		8%
Short-term borrowings		38,694		41,340		48,505		49,139		55,560	13%		44%
Long-term debt		280,321		299,081		287,300		295,684		317,761	7%		13%
Other liabilities, plus allowances^(4)^		69,304		68,244		68,114		66,074		74,774	13%		8%
Total liabilities	$	2,196,542	$	2,220,761	$	2,143,579	$	2,358,256	$	2,408,642	2%		10%

Stockholders' equity
Preferred stock	$	18,100	$	16,350	$	17,850	$	18,350	$	16,350	(11%)		(10%)
Common stock		31		31		31		31		31	-		-
Additional paid-in capital		108,785		108,969		109,117		108,616		108,839	-		-
Retained earnings		202,913		204,770		206,294		209,013		211,674	1%		4%
Treasury stock, at cost		(74,842)		(75,840)		(76,842)		(77,880)		(79,886)	(3%)		(7%)
Accumulated other comprehensive income (loss) (AOCI)		(46,677)		(45,197)		(47,852)		(45,722)		(43,786)	4%		6%
Total common equity	$	190,210	$	192,733	$	190,748	$	194,058	$	196,872	1%		4%
Total Citigroup stockholders' equity	$	208,310	$	209,083	$	208,598	$	212,408	$	213,222	-		2%
Noncontrolling interests		834		819		768		850		908	7%		9%
Total equity	****	209,144	****	209,902	****	209,366	****	213,258	****	214,130	-		2%
Total liabilities and equity	$	2,405,686	$	2,430,663	$	2,352,945	$	2,571,514	$	2,622,772	2%		9%

(1)	June 30, 2025 is preliminary.
(2)	Consumer loans include loans managed by USPB, Wealth, and All Other—Legacy Franchises (other than Banamex small business and middle-market banking (Banamex SBMM), and the Assets Finance Group (AFG)).
---	---
(3)	Corporate loans include loans managed by Services, Markets, Banking, and All Other—Legacy Franchises—Banamex 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.

Page3

OPERATING SEGMENT, REPORTING UNIT, AND COMPONENT DETAILS

(In millions of dollars)

																	2Q25 Increase/					Six			Six			YTD 2025 vs.
	****	2Q		****	3Q		****	4Q		****	1Q		****	2Q		****	(Decrease) from			****	****	Months		****	Months		****	YTD 2024 Increase/
		2024			2024			2024			2025			2025			1Q25	****	2Q24			2024			2025			(Decrease)
Revenues, net of interest expense^(1)^
Services		$	4,675		$	5,015		$	5,165		$	4,889		$	5,062		4%		8%			$	9,438		$	9,951		5%
Markets			5,086			4,817			4,576			5,986			5,879		(2%)		16%				10,443			11,865		14%
Banking			1,627			1,597			1,241			1,952			1,921		(2%)		18%				3,363			3,873		15%
Wealth			1,807			1,995			1,994			2,096			2,166		3%		20%				3,494			4,262		22%
U.S. Personal Banking (USPB)			4,832			4,964			5,150			5,228			5,119		(2%)		6%				9,941			10,347		4%
All Other—managed basis^(2)(3)^			1,972			1,820			1,335			1,445			1,698		18%		(14%)				4,348			3,143		(28%)
Reconciling Items—divestiture-related impacts^(4)^			33			1			4			-			(177)		NM		NM				21			(177)		NM
Total net revenues—reported		$	20,032		$	20,209		$	19,465		$	21,596		$	21,668		-		8%			$	41,048		$	43,264		5%

Income (loss) from continuing operations
Services		$	1,498		$	1,683		$	1,888		$	1,610		$	1,448		(10%)		(3%)			$	3,013		$	3,058		1%
Markets			1,469			1,089			1,026			1,795			1,749		(3%)		19%				2,890			3,544		23%
Banking			409			236			357			542			461		(15%)		13%				936			1,003		7%
Wealth			210			283			334			284			494		74%		135%				385			778		102%
USPB			121			522			392			745			649		(13%)		436%				468			1,394		198%
All Other—managed basis^(2)(3)^			(412)			(494)			(1,071)			(853)			(588)		31%		(43%)				(895)			(1,441)		(61%)
Reconciling Items—divestiture-related impacts^(4)^			(32)			(45)			(36)			(15)			(180)		NM		(463%)				(126)			(195)		(55%)

Income (loss) from continuing operations—reported		****	3,263		****	3,274		****	2,890		****	4,108		****	4,033		(2%)		24%				6,671			8,141		22%

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

Net income (loss) attributable to noncontrolling interests		****	46			35			34			43			14		(67%)		(70%)				82			57		(30%)

Net income (loss)		$	3,217		$	3,238		$	2,856		$	4,064		$	4,019		(1%)		25%			$	6,588		$	8,083		23%

(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 Banamex (consists of Mexico consumer banking (Banamex Consumer) and Small Business and Middle-Market Banking (Banamex SBMM), collectively (Banamex)) within Legacy Franchises. See pages 12 and 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.

Page4

SERVICES

(In millions of dollars, except as otherwise noted)

											2Q25 Increase/			Six		Six		YTD 2025 vs.
	2Q		3Q		4Q		1Q		2Q		(Decrease) from			Months		Months		YTD 2024 Increase/
	2024		2024		2024		2025		2025		1Q25	2Q24	****	2024		2025		(Decrease)


Net interest income (including dividends)	$	3,225	$	3,435	$	3,446	$	3,498	$	3,630	4%	13%		$	6,542	$	7,128	9%
Fee revenue
Commissions and fees^(1)^		862		834		806		815		904	11%	5%			1,656		1,719	4%
Fiduciary and administrative, and other		695		701		635		658		752	14%	8%			1,380		1,410	2%
Total fee revenue		1,557		1,535		1,441		1,473		1,656	12%	6%			3,036		3,129	3%
Principal transactions		182		266		263		250		210	(16%)	15%			430		460	7%
All other^(2)^		(289)		(221)		15		(332)		(434)	(31%)	(50%)			(570)		(766)	(34%)
Total non-interest revenue		1,450		1,580		1,719		1,391		1,432	3%	(1%)			2,896		2,823	(3%)

Total revenues, net of interest expense^(1)^		4,675		5,015		5,165		4,889		5,062	4%	8%			9,438		9,951	5%
Total operating expenses^(1)^		2,729		2,575		2,601		2,584		2,679	4%	(2%)			5,392		5,263	(2%)
Net credit losses (recoveries) on loans		-		14		28		6		20	233%	NM			6		26	333%
Credit reserve build (release) for loans		(100)		7		(71)		24		53	121%	NM			(66)		77	NM
Provision (release) for credit losses on unfunded lending commitments		2		7		(4)		(6)		(6)	-	NM			14		(12)	NM
Provisions for credit losses for other assets and HTM debt securities		71		99		159		27		286	NM	303%			83		313	277%
Provision for credit losses		(27)		127		112		51		353	NM	NM			37		404	NM
Income from continuing operations before taxes		1,973		2,313		2,452		2,254		2,030	(10%)	3%			4,009		4,284	7%
Income taxes		475		630		564		644		582	(10%)	23%			996		1,226	23%
Income from continuing operations		1,498		1,683		1,888		1,610		1,448	(10%)	(3%)			3,013		3,058	1%
Noncontrolling interests		27		32		17		15		16	7%	(41%)			52		31	(40%)
Net income	$	1,471	$	1,651	$	1,871	$	1,595	$	1,432	(10%)	(3%)		$	2,961	$	3,027	2%
EOP assets (in billions)	$	569	$	608	$	584	$	589	$	618	5%	9%
Average assets (in billions)		575		591		596		578		593	3%	3%		$	578	$	586	1%
Efficiency ratio		58%		51%		50%		53%		53%	0 bps	(500) bps			57%		53%	(400) bps
Average allocated TCE (in billions)^(3)^	$	24.9	$	24.9	$	24.9	$	24.7	$	24.7	-	(1%)		$	24.9	$	24.7	(1%)
RoTCE^(2)^		23.8%		26.4%		29.9%		26.2%		23.3%	(290) bps	(50) bps			23.9%		24.7%	80 bps

Revenue by component
Net interest income	$	2,629	$	2,731	$	2,840	$	2,865	$	2,949	3%	12%		$	5,352	$	5,814	9%
Non-interest revenue		797		896		1,095		775		725	(6%)	(9%)			1,587		1,500	(5%)
Treasury and Trade Solutions (TTS)		3,426		3,627		3,935		3,640		3,674	1%	7%			6,939		7,314	5%
Net interest income		596		704		606		633		681	8%	14%			1,190		1,314	10%
Non-interest revenue		653		684		624		616		707	15%	8%			1,309		1,323	1%
Securities Services		1,249		1,388		1,230		1,249		1,388	11%	11%			2,499		2,637	6%
Total Services	$	4,675	$	5,015	$	5,165	$	4,889	$	5,062	4%	8%		$	9,438	$	9,951	5%

Revenue by geography
North America	$	1,295	$	1,360	$	1,504	$	1,445	$	1,539	7%	19%		$	2,538	$	2,984	18%
International		3,380		3,655		3,661		3,444		3,523	2%	4%			6,900		6,967	1%
Total	$	4,675	$	5,015	$	5,165	$	4,889	$	5,062	4%	8%		$	9,438	$	9,951	5%

Key drivers^(4)^ **** (in billions of dollars, except as otherwise noted)
Average loans by component
TTS	$	81	$	86	$	85	$	86	$	93	8%	15%		$	81	$	90	11%
Securities Services		1		1		2		1		1	-	-			1		1	-
Total	$	82	$	87	$	87	$	87	$	94	8%	15%		$	82	$	91	11%

ACLL as a % of EOP loans^(5)^		0.37%		0.38%		0.30%		0.30%		0.36%	6 bps	(1) bps

Average deposits by component
TTS	$	677	$	690	$	704	$	690	$	713	3%	5%		$	680	$	702	3%
Securities Services		127		135		135		136		144	6%	13%			126		140	11%
Total	$	804	$	825	$	839	$	826	$	857	4%	7%		$	806	$	842	4%

AUC/AUA (in trillions of dollars)^(6)^	$	24.2	$	26.3	$	25.4	$	26.1	$	28.2	8%	17%
Cross-border transaction value^(7)^	$	92.7	$	95.0	$	101.3	$	95.1	$	101.3	7%	9%		$	183.4	$	196.4	7%
U.S. dollar clearing volume (in millions)^(8)^		41.6		42.7		44.1		42.7		44.3	4%	6%			81.2		87.0	7%
Commercial card spend volume	$	18.0	$	18.3	$	17.3	$	17.2	$	17.9	4%	(1%)		$	34.8	$	35.1	1%

(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)	2Q25 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.

Page5

MARKETS

(In millions of dollars, except as otherwise noted)

																	2Q25 Increase/					Six			Six			YTD 2025 vs.
		2Q			3Q			4Q			1Q			2Q			(Decrease) from					Months			Months			YTD 2024 Increase/
	****	2024		****	2024		****	2024		****	2025		****	2025		****	1Q25	****	2Q24	****	****	2024		****	2025		****	(Decrease)

Net interest income (including dividends)		$	2,038		$	1,405		$	1,856		$	2,013		$	2,902		44%		42%			$	3,744		$	4,915		31%
Fee revenue
Brokerage and fees			346			391			329			400			399		-		15%				682			799		17%
Investment banking fees^(1)^			104			118			104			135			106		(21%)		2%				204			241		18%
Other^(2)^			62			64			50			52			51		(2%)		(18%)				124			103		(17%)
Total fee revenue			512			573			483			587			556		(5%)		9%				1,010			1,143		13%

Principal transactions			2,696			2,847			2,480			3,350			2,353		(30%)		(13%)				5,874			5,703		(3%)
All other^(3)^			(160)			(8)			(243)			36			68		89%		NM				(185)			104		NM
Total non-interest revenue			3,048			3,412			2,720			3,973			2,977		(25%)		(2%)				6,699			6,950		4%
Total revenues, net of interest expense		****	5,086		****	4,817		****	4,576		****	5,986		****	5,879		(2%)	****	16%			****	10,443		****	11,865		14%
Total operating expenses			3,305			3,339			3,174			3,468			3,509		1%		6%				6,689			6,977		4%
Net credit losses (recoveries) on loans			66			24			-			142			8		(94%)		(88%)				144			150		4%
Credit reserve build (release) for loans			(111)			37			167			48			53		10%		NM				9			101		NM
Provision (release) for credit losses on unfunded lending commitments			2			47			(31)			9			(8)		NM		NM				1			1		-
Provisions for credit losses for other assets and HTM debt securities			32			33			(2)			2			55		NM		72%				34			57		68%
Provision for credit losses			(11)			141			134			201			108		(46%)		NM				188			309		64%
Income (loss) from continuing operations before taxes			1,792			1,337			1,268			2,317			2,262		(2%)		26%				3,566			4,579		28%
Income taxes (benefits)			323			248			242			522			513		(2%)		59%				676			1,035		53%
Income (loss) from continuing operations		****	1,469		****	1,089		****	1,026		****	1,795		****	1,749		(3%)	****	19%			****	2,890		****	3,544		23%
Noncontrolling interests			26			17			17			13			21		62%		(19%)				41			34		(17%)
Net income (loss)		$	1,443		$	1,072		$	1,009		$	1,782		$	1,728		(3%)	****	20%			$	2,849		$	3,510		23%
EOP assets (in billions)		$	1,023		$	1,002		$	949		$	1,165		$	1,166		-		14%
Average assets (in billions)			1,064			1,082			1,058			1,121			1,222		9%		15%			$	1,056		$	1,172		11%
Efficiency ratio			65%			69%			69%			58%			60%		200 bps		(500) bps				64%			59%		(500) bps
Average allocated TCE (in billions)^(4)^		$	54.0		$	54.0		$	54.0		$	50.4		$	50.4		-		(7%)			$	54.0		$	50.4		(7%)
RoTCE^(4)^			10.7%			7.9%			7.4%			14.3%			13.8%		(50) bps		310 bps				10.6%			14.0%		340 bps

Revenue by component
Fixed Income markets		$	3,564		$	3,578		$	3,478		$	4,477		$	4,268		(5%)		20%			$	7,694		$	8,745		14%
Equity markets			1,522			1,239			1,098			1,509			1,611		7%		6%				2,749			3,120		13%
Total		$	5,086		$	4,817		$	4,576		$	5,986		$	5,879		(2%)	****	16%			$	10,443		$	11,865		14%

Rates and currencies		$	2,466		$	2,465		$	2,421		$	3,048		$	3,134		3%		27%			$	5,266		$	6,182		17%
Spread products / other fixed income			1,098			1,113			1,057			1,429			1,134		(21%)		3%				2,428			2,563		6%
Total Fixed Income markets revenues		$	3,564		$	3,578		$	3,478		$	4,477		$	4,268		(5%)	****	20%			$	7,694		$	8,745		14%

Revenue by geography
North America		$	2,031		$	1,773		$	1,691		$	2,176		$	2,130		(2%)		5%			$	4,098		$	4,306		5%
International			3,055			3,044			2,885			3,810			3,749		(2%)		23%				6,345			7,559		19%
Total		$	5,086		$	4,817		$	4,576		$	5,986		$	5,879		(2%)		16%			$	10,443		$	11,865		14%

Key drivers^(5)^ **** (in billions of dollars)
Average loans		$	119		$	119		$	122		$	128		$	136		6%		14%			$	120		$	132		10%
NCLs as a % of average loans			0.22%			0.08%			0.00%			0.45%			0.02%		(43) bps		(20) bps				0.24%			0.23%		(1) bps
ACLL as a % of EOP loans^(6)^			0.74%			0.77%			0.88%			0.89%			0.85%		(4) bps		11 bps
Average trading account assets		$	426		$	462		$	449		$	476		$	549		15%		29%			$	417		$	513		23%

(1)	Investment banking fees are primarily composed of underwriting, advisory, loan syndication structuring, and other related financing activity.
(2)	Primarily includes other non-brokerage and investment banking fees from customer-driven activities.
---	---
(3)	Markets includes revenues earned by Citigroup that are subject to a revenue sharing arrangement with Banking—Corporate Lending for Investment Banking, Markets, and Services products sold to Corporate Lending clients.
---	---
(4)	TCE and RoTCE are non-GAAP financial measures. See page 22 for a reconciliation of the summation of the segments' and component’s average allocated TCE to Citigroup's total average TCE and Citi's total average stockholders’ equity.
---	---
(5)	Management uses this information in reviewing the segment’s results and believes it is useful to investors concerning underlying segment performance and trends.
---	---
(6)	Excludes loans that are carried at fair value for all periods.
---	---

NM Not meaningful.

Reclassified to conform to the current period’s presentation.

Page6

BANKING

(In millions of dollars, except as otherwise noted)

																	2Q25 Increase/					Six			Six			YTD 2025 vs.
		2Q			3Q			4Q			1Q			2Q		****	(Decrease) from					Months			Months			YTD 2024 Increase/
	****	2024		****	2024		****	2024		****	2025		****	2025		****	1Q25	****	2Q24	****	****	2024		****	2025		****	(Decrease)

Net interest income (including dividends)		$	527		$	527		$	521		$	491		$	530		8%		1%			$	1,109		$	1,021		(8%)
Fee revenue
Investment banking fees^(1)^			935			999			951			1,104			1,058		(4%)		13%				1,907			2,162		13%
Other^(2)^			50			31			51			49			59		20%		18%				92			108		17%
Total fee revenue			985			1,030			1,002			1,153			1,117		(3%)		13%				1,999			2,270		14%
Principal transactions			(126)			(197)			(209)			(90)			(176)		(96%)		(40%)				(353)			(266)		25%
All other^(3)^			241			237			(73)			398			450		13%		87%				608			848		39%
Total non-interest revenue			1,100			1,070			720			1,461			1,391		(5%)		26%				2,254			2,852		27%

Total revenues, net of interest expense		****	1,627	****	****	1,597	****	****	1,241	****	****	1,952	****	****	1,921	****	(2%)	****	18%			****	3,363		****	3,873		15%
Total operating expenses			1,131			1,116			1,051			1,034			1,137		10%		1%				2,310			2,171		(6%)

Net credit losses on loans			40			36			7			34			16		(53%)		(60%)				106			50		(53%)
Credit reserve build (release) for loans			(51)			62			(122)			78			137		76%		NM				(140)			215		NM
Provision (release) for credit losses on unfunded lending commitments			(9)			59			(82)			107			2		(98%)		NM				(105)			109		NM
Provisions for credit losses for other assets and HTM debt securities			(12)			20			(43)			(5)			18		NM		NM				(22)			13		NM
Provision for credit losses			(32)			177			(240)			214			173		(19%)		NM				(161)			387		NM
Income (loss) from continuing operations before taxes			528			304			430			704			611		(13%)		16%				1,214			1,315		8%
Income taxes (benefits)			119			68			73			162			150		(7%)		26%				278			312		12%
Income (loss) from continuing operations		****	409	****	****	236		****	357	****	****	542	****	****	461	****	(15%)	****	13%			****	936		****	1,003		7%
Noncontrolling interests			3			(2)			1			(1)			(2)		(100%)		NM				6			(3)		NM
Net income (loss)		$	406	****	$	238		$	356	****	$	543	****	$	463	****	(15%)	****	14%			$	930		$	1,006		8%
EOP assets (in billions)		$	147		$	151		$	143		$	147		$	148		1%		1%
Average assets (in billions)			152			152			149			144			150		4%		(1%)			$	153		$	147		(4%)
Efficiency ratio			70%			70%			85%			53%			59%		600 bps		(1,100) bps				69%			56%		(1,300) bps
Average allocated TCE (in billions)^(4)^		$	21.8		$	21.8		$	21.8		$	20.6		$	20.6		-		(6%)			$	21.8		$	20.6		(6%)
RoTCE^(4)^			7.5%			4.3%			6.5%			10.7%			9.0%		(170) bps		150 bps				8.6%			9.8%		120 bps

Revenue by component
Total Investment Banking		$	853		$	934		$	925		$	1,035		$	981		(5%)		15%			$	1,778		$	2,016		13%
Corporate Lending—excluding gain/(loss) on loan hedges^(3)(5)^			765			742			322			903			1,002		11%		31%				1,680			1,905		13%
Total Banking revenues (ex-gain/(loss) on loan hedges)^(3)(5)^			1,618			1,676			1,247			1,938			1,983		2%		23%				3,458			3,921		13%
Gain/(loss) on loan hedges^(3)(5)^			9			(79)			(6)			14			(62)		NM		NM				(95)			(48)		49%
Total Banking revenues including gain/(loss) on loan hedges^(3)(5)^		$	1,627	****	$	1,597	****	$	1,241	****	$	1,952	****	$	1,921	****	(2%)	****	18%			$	3,363		$	3,873		15%

Business metrics—investment banking fees
Advisory		$	268		$	394		$	353		$	424		$	408		(4%)		52%			$	498		$	832		67%
Equity underwriting (Equity Capital Markets (ECM))			174			129			214			127			218		72%		25%				345			345		-
Debt underwriting (Debt Capital Markets (DCM))			493			476			384			553			432		(22%)		(12%)				1,064			985		(7%)
Total		$	935		$	999		$	951		$	1,104		$	1,058		(4%)		13%			$	1,907		$	2,162		13%

Revenue by geography
North America		$	749		$	837		$	738		$	989		$	781		(21%)		4%			$	1,522		$	1,770		16%
International			878			760			503			963			1,140		18%		30%				1,841			2,103		14%
Total		$	1,627		$	1,597		$	1,241		$	1,952		$	1,921		(2%)		18%			$	3,363		$	3,873		15%

Key drivers^(6)^ **** (in billions of dollars)
Average loans		$	89		$	88		$	84		$	82		$	84		2%		(6%)			$	89		$	83		(7%)
NCLs as a % of average loans			0.18%			0.16%			0.03%			0.17%			0.08%		(9) bps		(10) bps				0.24%			0.12%		(12) bps
ACLL as a % of EOP loans^(7)^			1.42%			1.54%			1.42%			1.54%			1.72%		18 bps		30 bps

(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.

Page7

WEALTH

(In millions of dollars, except as otherwise noted)

****		****			****			****			****			****			2Q25 Increase/				Six			Six			YTD 2025 vs.
****		2Q			3Q			4Q			1Q			2Q			(Decrease) from				Months			Months			YTD 2024 Increase/
****	****	2024		****	2024		****	2024		****	2025		****	2025		****	1Q25	****	2Q24	****	2024		****	2025		****	(Decrease)

Net interest income		$	1,047		$	1,233		$	1,247		$	1,274		$	1,278		-		22%		$	2,028		$	2,552		26%
Fee revenue
Commissions and fees^(1)^			342			342			358			399			370		(7%)		8%			680			769		13%
Other^(2)^			232			241			245			247			245		(1%)		6%			463			492		6%
Total fee revenue			574			583			603			646			615		(5%)		7%			1,143			1,261		10%
All other^(3)^			186			179			144			176			273		55%		47%			323			449		39%
Total non-interest revenue			760			762			747			822			888		8%		17%			1,466			1,710		17%

Total revenues, net of interest expense^(1)^		****	1,807		****	1,995		****	1,994		****	2,096		****	2,166		3%		20%			3,494			4,262		22%

Total operating expenses^(1)^			1,535			1,594			1,561			1,639			1,558		(5%)		1%			3,171			3,197		1%
Net credit losses on loans			35			27			30			38			40		5%		14%			64			78		22%
Credit reserve build (release) for loans			(43)			8			(11)			61			(64)		NM		(49%)			(233)			(3)		99%
Provision (release) for credit losses on unfunded lending commitments			-			(1)			-			(1)			(2)		(100%)		NM			(8)			(3)		63%
Provisions for benefits and claims (PBC), and other assets			(1)			(1)			1			-			-		-		100%			(2)			-		100%
Provisions for credit losses and for PBC			(9)			33			20			98			(26)		NM		(189%)			(179)			72		NM
Income from continuing operations before taxes			281			368			413			359			634		77%		126%			502			993		98%
Income taxes			71			85			79			75			140		87%		97%			117			215		84%
Income from continuing operations		****	210		****	283		****	334		****	284		****	494		74%		135%			385			778		102%
Noncontrolling interests			-			-			-			-			-		-		-			-			-		-
Net income		$	210		$	283		$	334		$	284		$	494		74%		135%		$	385		$	778		102%
EOP assets (in billions)		$	228		$	230		$	224		$	224		$	228		2%		-
Average assets (in billions)			230			229			227			223			226		1%		(2%)		$	233		$	225		(3%)
Efficiency ratio			85%			80%			78%			78%			72%		(600) bps		(1,300) bps			91%			75%		(1,600) bps
Average allocated TCE (in billions)^(4)^		$	13.2		$	13.2		$	13.2		$	12.3		$	12.3		-		(7%)		$	13.2		$	12.3		(7%)
RoTCE^(4)^			6.4%			8.5%			10.1%			9.4%			16.1%		670 bps		970 bps			5.9%			12.8%		690 bps

Revenue by component
Private Bank		$	611		$	614		$	590		$	664		$	731		10%		20%		$	1,182		$	1,395		18%
Citigold			1,001			1,137			1,148			1,164			1,214		4%		21%			1,936			2,378		23%
Wealth at Work			195			244			256			268			221		(18%)		13%			376			489		30%
Total		$	1,807		$	1,995		$	1,994		$	2,096		$	2,166		3%		20%		$	3,494		$	4,262		22%

Revenue by geography
North America		$	847		$	1,000		$	1,008		$	1,073		$	1,081		1%		28%		$	1,620		$	2,154		33%
International			960			995			986			1,023			1,085		6%		13%			1,874			2,108		12%
Total		$	1,807		$	1,995		$	1,994		$	2,096		$	2,166		3%		20%		$	3,494		$	4,262		22%

Key drivers^(5)^ **** (in billions of dollars)

EOP client balances
Client investment assets^(6)(7)^		$	541		$	580		$	587		$	595		$	635		7%		17%
Deposits			318			316			313			309			310		-		(3%)
Loans			150			151			148			147			151		2%		-
Total		$	1,009		$	1,047		$	1,048		$	1,051		$	1,096		4%		9%

Average loans		$	150		$	150		$	148		$	147		$	149		1%		(1%)		$	150		$	148		(1%)
ACLL as a % of EOP loans			0.35%			0.36%			0.36%			0.40%			0.36%		(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)	2Q25 is preliminary.
---	---

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page8

U.S. PERSONAL BANKING

(In millions of dollars, except as otherwise noted)

																	2Q25 Increase/					Six			Six			YTD 2025 vs.
		2Q			3Q			4Q			1Q			2Q			(Decrease) from					Months			Months			YTD 2024 Increase/
	****	2024		****	2024		****	2024		****	2025		****	2025		****	1Q25	****	2Q24	****	****	2024		****	2025		****	(Decrease)

Net interest income		$	5,103		$	5,293		$	5,481		$	5,541		$	5,471		(1%)		7%			$	10,329		$	11,012		7%
Fee revenue
Interchange fees^(1)(2)^			2,437			2,388			2,483			2,324			2,499		8%		3%				4,720			4,823		2%
Card rewards and partner payments			(2,847)			(2,839)			(2,960)			(2,821)			(3,008)		(7%)		(6%)				(5,427)			(5,829)		(7%)
Other^(2)^			114			110			139			143			147		3%		29%				219			290		32%
Total fee revenue			(296)			(341)			(338)			(354)			(362)		(2%)		(22%)				(488)			(716)		(47%)
All other^(3)^			25			12			7			41			10		(76%)		(60%)				100			51		(49%)
Total non-interest revenue			(271)			(329)			(331)			(313)			(352)		(12%)		(30%)				(388)			(665)		(71%)

Total revenues, net of interest expense			4,832			4,964			5,150			5,228			5,119		(2%)		6%				9,941			10,347		4%

Total operating expenses^(1)^			2,355			2,376			2,465			2,442			2,381		(2%)		1%				4,805			4,823		-

Net credit losses on loans			1,931			1,864			1,920			1,983			1,889		(5%)		(2%)				3,795			3,872		2%
Credit reserve build (release) for loans			382			41			246			(171)			(6)		96%		NM				719			(177)		NM
Provision (release) for credit losses on unfunded lending commit.			-			-			-			-			1		NM		NM				-			1		NM
Provisions for benefits and claims (PBC), and other assets			2			4			4			(1)			1		NM		(50%)				5			-		(100%)
Provisions for credit losses and for PBC			2,315			1,909			2,170			1,811			1,885		4%		(19%)				4,519			3,696		(18%)
Income from continuing operations before taxes			162			679			515			975			853		(13%)		427%				617			1,828		196%
Income taxes			41			157			123			230			204		(11%)		398%				149			434		191%
Income from continuing operations			121			522			392			745			649		(13%)		436%				468			1,394		198%
Noncontrolling interests			-			-			-			-			-		-		-				-			-		-
Net income		$	121		$	522		$	392		$	745		$	649		(13%)		436%			$	468		$	1,394		198%
EOP assets (in billions)		$	242		$	245		$	252		$	244		$	251		3%		4%
Average assets (in billions)			239			244			249			247			247		-		3%			$	236		$	247		5%
Efficiency ratio			49%			48%			48%			47%			47%		0 bps		(200) bps				48%			47%		(100) bps
Average allocated TCE (in billions)^(4)^		$	25.2		$	25.2		$	25.2		$	23.4		$	23.4		-		(7%)			$	25.2		$	23.4		(7%)
RoTCE^(4)^			1.9%			8.2%			6.2%			12.9%			11.1%		(180) bps		920 bps				3.7%			12.0%		830 bps

Revenue by component
Branded Cards^(1)(5)^		$	2,536		$	2,741		$	2,806		$	2,892		$	2,822		(2%)		11%			$	5,188		$	5,714		10%
Retail Services^(1)(5)^			1,735			1,704			1,741			1,675			1,649		(2%)		(5%)				3,625			3,324		(8%)
Retail Banking^(1)(5)^			561			519			603			661			648		(2%)		16%				1,128			1,309		16%
Total		$	4,832		$	4,964		$	5,150		$	5,228		$	5,119		(2%)		6%			$	9,941		$	10,347		4%

Average loans and deposits^(6)^(in billions)
Average loans		$	206		$	210		$	216		$	216		$	217		-		5%			$	205		$	217		6%
ACLL as a % of EOP loans^(7)^			6.60%			6.52%			6.38%			6.51%			6.34%		(17) bps		(26) bps
Average deposits			93			85			86			89			90		1%		(3%)				97			90		(7%)

(1)	See footnote 1 on page 1.
(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. Page9

U.S. PERSONAL BANKING

Metrics

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

New credit cards account acquisitions (in thousands)
Branded Cards		1,144		1,224		1,129		1,300			1,194	(8%)	4%
Retail Services		2,034		1,799		2,391		1,540			2,061	34%	1%
Credit card spend volume
Branded Cards	$	130.9	$	128.9	$	135.4	$	125.1		$	135.8	9%	4%
Retail Services		23.7		21.7		25.2		19.0			22.9	21%	(3%)
Average loans^(3)^
Branded Cards	$	112.8	$	114.8	$	116.9	$	116.7		$	118.0	1%	5%
Credit cards		109.3		111.1		113.1		112.9			114.3	1%	5%
Personal installment loans (PIL)		3.5		3.7		3.8		3.8			3.7	(3%)	6%
Retail Services		51.0		51.2		51.9		51.3			50.2	(2%)	(2%)
Retail Banking		42.5		44.3		46.8		47.9			48.7	2%	15%
EOP loans^(3)^
Branded Cards	$	115.3	$	115.9	$	121.1	$	116.3		$	120.2	3%	4%
Credit cards		111.8		112.1		117.3		112.6			116.6	4%	4%
PIL		3.5		3.8		3.8		3.7			3.6	(3%)	3%
Retail Services		51.7		51.6		53.8		50.2			50.7	1%	(2%)
Retail Banking		42.7		45.6		46.8		48.2			49.3	2%	15%
Total revenues, net of interest expenses as a % of average loans
Branded Cards		9.04%		9.50%		9.55%		10.05%			9.59%	(46) bps	55 bps
Retail Services		13.68%		13.24%		13.35%		13.24%			13.18%	(6) bps	(50) bps
NII as a % of average loans^(4)^
Branded Cards		8.92%		9.18%		9.36%		9.79%			9.53%	(26) bps	61 bps
Retail Services		16.92%		17.12%		17.06%		17.13%			16.89%	(24) bps	(3) bps
NCLs as a % of average loans
Branded Cards		3.88%		3.63%		3.63%		3.97%			3.80%	(17) bps	(8) bps
Credit cards		3.82%		3.56%		3.55%		3.89%			3.73%	(16) bps	(9) bps
PIL		5.86%		5.70%		6.18%		6.19%			6.18%	(1) bps	32 bps
Retail Services		6.45%		6.14%		6.21%		6.43%			5.89%	(54) bps	(56) bps
Retail Banking		0.24%		0.24%		0.36%		0.25%			0.27%	2 bps	3 bps
Loans 90+ days past due as a % of EOP loans
Branded Cards		1.07%		1.09%		1.16%		1.18%			1.09%	(9) bps	2 bps
Credit cards		1.09%		1.11%		1.18%		1.20%			1.11%	(9) bps	2 bps
PIL		0.46%		0.50%		0.55%		0.49%			0.58%	9 bps	12 bps
Retail Services		2.36%		2.45%		2.46%		2.38%			2.15%	(23) bps	(21) bps
Retail Banking^(5)^		0.35%		0.33%		0.31%		0.33%			0.40%	7 bps	5 bps
Loans 30-89 days past due as a % of EOP loans
Branded Cards		0.95%		1.06%		1.04%		1.03%			0.97%	(6) bps	2 bps
Credit cards		0.94%		1.05%		1.03%		1.02%			0.96%	(6) bps	2 bps
PIL		1.23%		1.32%		1.34%		1.38%			1.39%	1 bps	16 bps
Retail Services		2.06%		2.29%		2.09%		2.12%			1.96%	(16) bps	(10) bps
Retail Banking^(5)^		0.50%		0.42%		0.48%		0.56%			0.45%	(11) bps	(5) bps
Branches (actual)		641		641		642		644			650	1%	1%
Mortgage originations	$	4.3	$	4.6	$	4.2	$	2.8		$	4.7	68%	9%

(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. Page10

ALL OTHER—MANAGED BASIS^(1)(2)(3)^

(In millions of dollars, except as otherwise noted)

																	2Q25 Increase/				Six			Six			YTD 2025 vs.
	****	2Q		****	3Q		****	4Q		****	1Q		****	2Q		****	(Decrease) from				Months			Months			YTD 2024 Increase/
		2024			2024			2024			2025			2025			1Q25	2Q24	****	****	2024		****	2025		****	(Decrease)

Net interest income		$	1,553		$	1,469		$	1,182		$	1,195		$	1,364		14%	(12%)			$	3,248		$	2,559		(21%)
Non-interest revenue^(4)(5)^			419			351			153			250			334		34%	(20%)				1,100			584		(47%)
Total revenues, net of interest expense			1,972			1,820			1,335			1,445			1,698		18%	(14%)				4,348			3,143		(28%)
Total operating expenses^(4)(5)(6)(7)(8)(9)^			2,106			2,077			2,162			2,224			2,276		2%	8%				4,791			4,500		(6%)
Net credit losses on loans			214			208			257			256			256		-	20%				463			512		11%
Credit reserve build (release) for loans			(1)			55			112			73			70		(4%)	NM				(94)			143		NM
Provision (release) for credit losses on unfunded lending commitments			(3)			(7)			(1)			(1)			(6)		(500%)	(100%)				(8)			(7)		13%
Provisions for benefits and claims, other assets and HTM debt securities			33			33			29			31			54		74%	64%				68			85		25%
Provisions for credit losses and for benefits and claims (PBC)			243			289			397			359			374		4%	54%				429			733		71%
Income (loss) from continuing operations before taxes			(377)			(546)			(1,224)			(1,138)			(952)		16%	(153%)				(872)			(2,090)		(140%)
Income taxes (benefits)			35			(52)			(153)			(285)			(364)		(28%)	NM				23			(649)		NM
Income (loss) from continuing operations			(412)			(494)			(1,071)			(853)			(588)		31%	(43%)				(895)			(1,441)		(61%)
Income (loss) from discontinued operations, net of taxes			-			(1)			-			(1)			-		100%	-				(1)			(1)		-
Noncontrolling interests			(10)			(12)			(1)			16			(21)		NM	(110%)				(17)			(5)		71%
Net income (loss)		$	(402)		$	(483)		$	(1,070)		$	(870)		$	(567)		35%	(41%)			$	(879)		$	(1,437)		(63%)
EOP assets (in billions)		$	197		$	195		$	201		$	203		$	212		4%	8%
Average assets (in billions)			197			194			196			204			210		3%	7%			$	197		$	206		5%
Efficiency ratio			107%			114%			162%			154%			134%		(2,000) bps	2,700 bps				110%			143%		3,300 bps
Average allocated TCE (in billions)^(10)^		$	27.0		$	29.2		$	29.5		$	37.9		$	40.7		7%	51%			$	26.3		$	39.3		49%

Revenue by reporting unit and component
Banamex		$	1,633		$	1,523		$	1,422		$	1,467		$	1,536		5%	(6%)			$	3,196		$	3,003		(6%)
Asia Consumer^(11)^			219			191			150			135			155		15%	(29%)				471			290		(38%)
Legacy Holdings Assets (LHA)			(133)			20			(9)			19			-		(100%)	100%				(129)			19		NM
Corporate/Other			253			86			(228)			(176)			7		NM	(97%)				810			(169)		NM
Total		$	1,972		$	1,820		$	1,335		$	1,445		$	1,698		18%	(14%)			$	4,348		$	3,143		(28%)

Banamex—key indicators (in billions of dollars)
EOP loans		$	24.5		$	23.5		$	23.1		$	24.1		$	26.8		11%	9%
EOP deposits			37.6			34.6			34.1			35.3			38.4		9%	2%
Average loans			25.3			23.9			23.4			23.7			25.5		8%	1%
NCLs as a % of average loans (Banamex Consumer only)			4.30%			4.36%			4.81%			5.51%			5.28%		(23) bps	98 bps
Loans 90+ days past due as a % of EOP loans (Banamex Consumer only)			1.32%			1.37%			1.43%			1.41%			1.58%		17 bps	26 bps
Loans 30-89 days past due as a % of EOP loans (Banamex Consumer only)			1.33%			1.47%			1.41%			1.46%			1.52%		6 bps	19 bps

Asia Consumer—key indicators (in billions of dollars)^(12)(13)^
EOP loans		$	5.6		$	5.5		$	4.7		$	4.5		$	3.0		(33%)	(46%)
EOP deposits			8.3			8.4			7.5			7.4			1.5		(80%)	(82%)
Average loans			6.1			5.6			5.1			4.7			4.0		(15%)	(34%)

Legacy Holdings Assets—key indicators (in billions of dollars)
EOP loans		$	2.4		$	2.5		$	2.2		$	2.2		$	2.1		(5%)	(13%)

(1)	Includes Legacy Franchises (see page 12 for details) 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 Banamex 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.
---	---
(11)	Asia Consumer includes revenues from the Poland and Russia consumer banking businesses.
---	---
(12)	Asia Consumer also includes loans and deposits in Poland (through 1Q25) and Russia.
---	---
(13)	The key indicators for Asia Consumer also reflect the reclassification of loans and deposits to Other assets and Other liabilities under HFS accounting on Citi’s Consolidated Balance Sheet beginning in 2Q25.
---	---

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page11

ALL OTHER—MANAGED BASIS^(1)(2)^

Legacy Franchises^(3)^

(In millions of dollars, except as otherwise noted)

											2Q25 Increase/		Six		Six		YTD 2025 vs.
	2Q		3Q		4Q		1Q		2Q		(Decrease) from		Months		Months		YTD 2024 Increase/
	2024		2024		2024		2025		2025		1Q25	2Q24	2024		2025		(Decrease)
Net interest income	$	1,196	$	1,253	$	1,160	$	1,167	$	1,271	9%	6%	$	2,474	$	2,438	(1%)
Non-interest revenue^(4)(5)^		523		481		403		454		420	(7%)	(20%)		1,064		874	(18%)
Total revenues, net of interest expense		1,719		1,734		1,563		1,621		1,691	4%	(2%)		3,538		3,312	(6%)
Total operating expenses^(4)(5)(6)(7)(8)(9)^		1,550		1,475		1,381		1,334		1,287	(4%)	(17%)		3,155		2,621	(17%)
Net credit losses on loans		214		208		257		256		256	—	20%		463		512	11%
Credit reserve build (release) for loans		(1)		55		112		73		70	(4%)	NM		(94)		143	NM
Provision (release) for credit losses on unfunded lending commitments		(3)		(7)		(1)		(1)		(6)	(500%)	(100%)		(8)		(7)	13%
Provisions for benefits and claims (PBC), other assets and HTM debt securities		28		35		25		30		51	70%	82%		65		81	25%
Provisions for credit losses and for PBC		238		291		393		358		371	4%	56%		426		729	71%
Income (loss) from continuing operations before taxes		(69)		(32)		(211)		(71)		33	NM	NM		(43)		(38)	12%
Income taxes (benefits)		(11)		(1)		(53)		(25)		(5)	80%	55%		12		(30)	NM
Income (loss) from continuing operations		(58)		(31)		(158)		(46)		38	NM	NM		(55)		(8)	85%
Noncontrolling interests		-		-		3		14		(22)	NM	NM		2		(8)	NM
Net income (loss)	$	(58)	$	(31)	$	(161)	$	(60)	$	60	NM	NM	$	(57)	$	-	100%
EOP assets (in billions)	$	72	$	69	$	74	$	77	$	83	8%	15%
Average assets (in billions)		77		70		72		77		81	5%	5%	$	78	$	79	1%
Efficiency ratio		90%		85%		88%		82%		76%	(600) bps	(1,400) bps		89%		79%	(1,000) bps
Allocated TCE (in billions)^(10)^	$	6.2	$	6.2	$	6.2	$	5.1	$	5.1	-	(18%)	$	6.2	$	5.1	(18%)

Revenue by reporting unit and component
Banamex^(3)^	$	1,633	$	1,523	$	1,422	$	1,467	$	1,536	5%	(6%)	$	3,196	$	3,003	(6%)
Asia Consumer^(11)^		219		191		150		135		155	15%	(29%)		471		290	(38%)
Legacy Holdings Assets (LHA)		(133)		20		(9)		19		-	(100%)	100%		(129)		19	NM
Total	$	1,719	$	1,734	$	1,563	$	1,621	$	1,691	4%	(2%)	$	3,538	$	3,312	(6%)

Banamex^(3)^—key indicators (in billions of dollars)
EOP loans	$	24.5	$	23.5	$	23.1	$	24.1	$	26.8	11%	9%
EOP deposits		37.6		34.6		34.1		35.3		38.4	9%	2%
Average loans		25.3		23.9		23.4		23.7		25.5	8%	1%
NCLs as a % of average loans (Banamex Consumer only)		4.30%		4.36%		4.81%		5.51%		5.28%	(23) bps	98 bps
Loans 90+ days past due as a % of EOP loans (Banamex Consumer only)		1.32%		1.37%		1.43%		1.41%		1.58%	17 bps	26 bps
Loans 30-89 days past due as a % of EOP loans (Banamex Consumer only)		1.33%		1.47%		1.41%		1.46%		1.52%	6 bps	19 bps

Asia Consumer—key indicators (in billions of dollars)^(12)(13)^
EOP loans	$	5.6	$	5.5	$	4.7	$	4.5	$	3.0	(33%)	(46%)
EOP deposits		8.3		8.4		7.5		7.4		1.5	(80%)	(82%)
Average loans		6.1		5.6		5.1		4.7		4.0	(15%)	(34%)

Legacy Holdings Assets—key indicators (in billions of dollars)
EOP loans	$	2.4	$	2.5	$	2.2	$	2.2	$	2.1	(5%)	(13%)

(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 Banamex 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); Banamex (consists of Mexico consumer banking (Banamex Consumer) and Small Business and Middle-Market Banking (Banamex SBMM), collectively (Banamex)); 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.
---	---
(11)	Asia Consumer includes revenues from the Poland and Russia consumer banking businesses.
---	---
(12)	Asia Consumer also includes loans and deposits in Poland (through 1Q25) and Russia.
---	---
(13)	The key indicators for Asia Consumer also reflect the reclassification of loans and deposits to Other assets and Other liabilities under HFS accounting on Citi’s Consolidated Balance Sheet beginning in 2Q25.
---	---

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page12

ALL OTHER

Corporate/Other^(1)^

(In millions of dollars, except as otherwise noted)

	****			****			****			****			****			****	2Q25 Increase/			Six		Six		YTD 2025 vs.
	****	2Q		****	3Q		****	4Q		****	1Q		****	2Q		****	(Decrease) from			Months		Months		YTD 2024 Increase/
	****	2024		****	2024		****	2024		****	2025		****	2025		****	1Q25	****	2Q24	2024		2025		(Decrease)

Net interest income		$	357		$	216		$	22		$	28		$	93		232%		(74%)	$	774	$	121	(84%)
Non-interest revenue			(104)			(130)			(250)			(204)			(86)		58%		17%		36		(290)	NM
Total revenues, net of interest expense	****	****	253	****	****	86	****	****	(228)	****	****	(176)	****	****	7	****	NM	****	(97%)	****	810	****	(169)	NM
Total operating expenses			556			602			781			890			989		11%		78%		1,636		1,879	15%
Provisions for other assets and HTM debt securities			5			(2)			4			1			3		200%		(40%)		3		4	33%
Income (loss) from continuing operations before taxes			(308)			(514)			(1,013)			(1,067)			(985)		8%		(220%)		(829)		(2,052)	(148%)
Income taxes (benefits)			46			(51)			(100)			(260)			(359)		(38%)		NM		11		(619)	NM
Income (loss) from continuing operations	****	****	(354)		****	(463)		****	(913)		****	(807)		****	(626)		22%	****	(77%)	****	(840)	****	(1,433)	(71%)
Income (loss) from discontinued operations, net of taxes			-			(1)			-			(1)			-		100%		-		(1)		(1)	-
Noncontrolling interests			(10)			(12)			(4)			2			1		(50%)		NM		(19)		3	NM
Net income (loss)	****	$	(344)		$	(452)		$	(909)		$	(810)		$	(627)		23%	****	(82%)	$	(822)	$	(1,437)	(75%)

EOP assets (in billions)		$	125		$	126		$	127		$	126		$	129		2%		3%
Average allocated TCE (in billions)^(2)^			20.8			23.0			23.3			32.8			35.6		9%		71%	$	20.1	$	34.2	70%

(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.

Page13

ALL OTHER

RECONCILING ITEMS^(1)^

Divestiture-Related Impacts

(In millions of dollars, except as otherwise noted)

																	2Q25 Increase/					Six			Six			YTD 2025 vs.
		2Q			3Q			4Q			1Q			2Q			(Decrease) from					Months			Months			YTD 2024 Increase/
	****	2024		****	2024		****	2024		****	2025		****	2025		****	1Q25	****	2Q24	****	****	2024		****	2025		****	(Decrease)

Net interest income		$	-		$	-		$	-		$	-		$	-		-		-			$	-		$	-		-
Non-interest revenue^(2)^			33			1			4			-			(177)		NM		NM				21			(177)		NM
Total revenues, net of interest expense		****	33		****	1		****	4		****	-			(177)	****	NM	****	NM				21			(177)		NM
Total operating expenses^(2)(3)(4)(5)(6)^			85			67			56			34			37		9%		(56%)				195			71		(64%)
Net credit losses on loans			(3)			(1)			-			-			5		NM		NM				8			5		(38%)
Credit reserve build (release) for loans			-			-			-			(11)			-		100%		-				-			(11)		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)			(3)			(1)			-			(11)			5		NM		NM				8			(6)		NM
Income (loss) from continuing operations before taxes			(49)			(65)			(52)			(23)			(219)		NM		(347%)				(182)			(242)		(33%)
Income taxes (benefits)			(17)			(20)			(16)			(8)			(39)		(388%)		(129%)				(56)			(47)		16%
Income (loss) from continuing operations			(32)			(45)			(36)			(15)			(180)		NM		(463%)				(126)			(195)		(55%)
Income (loss) from discontinued operations, net of taxes		****	-		****	-		****	-		****	-			-	****	-		-				-			-		-
Noncontrolling interests			-			-			-			-			-		-		-				-			-		-
Net income (loss)		$	(32)		$	(45)		$	(36)		$	(15)		$	(180)	****	NM		(463%)			$	(126)		$	(195)		(55%)

(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)	2Q25 includes (i) an approximately $186 million loss recorded in revenue (approximately $157 million after tax) related to the announced sale of the Poland consumer banking business; and (ii) approximately $37 million in operating expenses (approximately $26 million after tax) primarily related to separation costs in Mexico.
---	---
(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), largely 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, 2025.
---	---

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page14

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	****	2Q24		****	1Q25		****	2Q25^(5)^		****	2Q24		****	1Q25		****	2Q25^(5)^		****	2Q24	****	1Q25	****	2Q25^(5)^
Assets
Deposits with banks		$	250,665		$	280,566		$	298,158		$	2,710		$	3,001		$	3,043		4.35%		4.34%		4.09%
Securities borrowed and purchased under resale agreements^(6)^			356,969			362,140			375,205			7,211			6,291			6,621		8.12%		7.05%		7.08%
Trading account assets^(7)^			388,641			437,378			506,877			4,503			4,370			5,821		4.66%		4.05%		4.61%
Investments			510,542			459,354			449,852			4,827			4,175			4,215		3.80%		3.69%		3.76%
Consumer loans			383,211			386,690			390,349			9,780			9,758			9,771		10.26%		10.23%		10.04%
Corporate loans			296,410			304,047			321,827			5,718			4,985			5,212		7.76%		6.65%		6.50%
Total loans (net of unearned income)^(8)^			679,621			690,737			712,176			15,498			14,743			14,983		9.17%		8.66%		8.44%
Other interest-earning assets			70,486			75,982			83,064			1,260			1,112			1,204		7.19%		5.94%		5.81%
Total average interest-earning assets		$	2,256,924		$	2,306,157		$	2,425,332		$	36,009		$	33,692		$	35,887		6.42%		5.92%		5.93%

Liabilities
Deposits		$	1,108,733		$	1,103,768		$	1,138,996		$	10,235		$	8,438		$	8,685		3.71%		3.10%		3.06%
Securities loaned and sold under repurchase agreements^(6)^			336,367			372,193			421,198			6,962			6,256			6,938		8.32%		6.82%		6.61%
Trading account liabilities^(7)^			103,548			91,169			104,148			794			757			748		3.08%		3.37%		2.88%
Short-term borrowings and other interest-bearing liabilities			107,277			130,654			140,571			1,908			1,726			1,800		7.15%		5.36%		5.14%
Long-term debt^(9)^			169,529			175,021			182,803			2,595			2,477			2,513		6.16%		5.74%		5.51%
Total average interest-bearing liabilities		$	1,825,454		$	1,872,805		$	1,987,716		$	22,494		$	19,654		$	20,684		4.96%		4.26%		4.17%


Net interest income as a % of average interest-earning assets (NIM)^(9)^											$	13,515		$	14,038		$	15,203		2.41%		2.47%		2.51%
2Q25 increase (decrease) from:																				10 bps		4 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 $22 million for 2Q24, $26 million for 1Q25 and $28 million for 2Q25.
(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)	2Q25 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.

Page15

EOP LOANS^(1)(2)^

(In billions of dollars)

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


Corporate loans by region
North America	$	129.6	$	127.5	$	130.8	$	138.7	$	146.5	6%		13%
International		172.0		172.3		170.6		177.0		183.1	3%		6%
Total corporate loans	$	301.6	$	299.8	$	301.4	$	315.7	$	329.6	4%		9%

Corporate loans by segment and reporting unit
Services	$	88.9	$	88.7	$	87.9	$	98.0	$	96.4	(2%)		8%
Markets		119.5		120.0		125.3		129.8		144.3	11%		21%
Banking		86.7		84.7		82.1		81.4		81.9	1%		(6%)
All Other - Legacy Franchises - Banamex SBMM & AFG^(3)^		6.5		6.4		6.1		6.5		7.0	8%		8%
Total corporate loans	$	301.6	$	299.8	$	301.4	$	315.7	$	329.6	4%		9%

Wealth by region
North America	$	100.9	$	99.8	$	98.0	$	96.7	$	98.0	1%		(3%)
International		49.5		51.2		49.5		50.6		52.7	4%		6%
Total	$	150.4	$	151.0	$	147.5	$	147.3	$	150.7	2%		-

USPB^(4)^
Branded Cards	$	115.3	$	115.9	$	121.1	$	116.3	$	120.2	3%		4%
Credit cards		111.8		112.1		117.3		112.6		116.6	4%		4%
Personal installment loans (PIL)		3.5		3.8		3.8		3.7		3.6	(3%)		3%
Retail Services		51.7		51.6		53.8		50.2		50.7	1%		(2%)
Retail Banking		42.7		45.6		46.8		48.2		49.3	2%		15%
Total	$	209.7	$	213.1	$	221.7	$	214.7	$	220.2	3%		5%

All Other—Consumer
Banamex Consumer	$	18.2	$	17.4	$	17.2	$	17.9	$	20.0	12%		10%
Asia Consumer^(5)^		5.6		5.5		4.7		4.5		3.0	(33%)		(46%)
Legacy Holdings Assets (LHA)		2.2		2.2		2.0		1.9		1.9	-		(14%)
Total	$	26.0	$	25.1	$	23.9	$	24.3	$	24.9	2%		(4%)

Total consumer loans	$	386.1	$	389.2	$	393.1	$	386.3	$	395.8	2%		2%

Total loans—EOP	$	687.7	$	688.9	$	694.5	$	702.1	$	725.3	3%		5%

Total loans—average	$	679.6	$	686.5	$	688.0	$	690.7	$	712.2	3%		5%

NCLs as a % of total average loans		1.35%		1.26%		1.30%		1.44%		1.26%	(18) bps		(9) bps

(1)	Corporate loans include loans managed by Services, Markets, Banking, and All Other—Legacy Franchises—Banamex SBMM, and the AFG.
(2)	Consumer loans include loans managed by USPB, Wealth, and All Other—Legacy Franchises (other than Banamex SBMM, and the AFG).
---	---
(3)	Includes Legacy Franchises corporate loans activity related to Banamex 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 (through 1Q25) and Russia.
---	---

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page16

EOP DEPOSITS

(In billions of dollars)

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

Services, Markets, and Banking by region
North America		$	376.1		$	394.7		$	397.8		$	406.2		$	414.4		2%		10%
International			431.0			444.9			422.5			444.4			477.2		7%		11%
Total		$	807.1		$	839.6		$	820.3		$	850.6		$	891.6		5%		10%
Treasury and Trade Solutions		$	655.1		$	683.7		$	680.7		$	692.1		$	726.4		5%		11%
Securities Services			127.8			142.0			126.3			140.9			148.1		5%		16%
Services		$	782.9		$	825.7		$	807.0		$	833.0		$	874.5		5%		12%
Markets^(1)^			23.7			13.4			12.7			17.1			16.7		(2%)		(30%)
Banking			0.5			0.5			0.6			0.5			0.4		(20%)		(20%)
Total		$	807.1		$	839.6		$	820.3		$	850.6		$	891.6		5%		10%

Wealth
North America		$	194.2		$	191.7		$	189.5		$	186.3		$	186.8		-		(4%)
International			123.8			124.6			123.3			122.4			123.1		1%		(1%)
Total		$	318.0		$	316.3		$	312.8		$	308.7		$	309.9		-		(3%)
USPB		$	86.1		$	85.1		$	89.4		$	92.4		$	90.5		(2%)		5%
All Other
Legacy Franchises
Banamex Consumer		$	28.6		$	26.1		$	26.0		$	25.6		$	28.5		11%		-
Banamex SBMM—corporate			9.0			8.5			8.1			9.7			9.9		2%		10%
Asia Consumer^(2)^			8.3			8.4			7.5			7.4			1.5		(80%)		(82%)
Legacy Holdings Assets (LHA)^(3)^			1.9			0.4			0.2			0.1			0.1		-		(95%)
Corporate/Other^(1)^			19.1			25.6			20.2			21.9			25.7		17%		35%
Total		$	66.9		$	69.0		$	62.0		$	64.7		$	65.7		2%		(2%)
Total deposits—EOP		$	1,278.1		$	1,310.0		$	1,284.5		$	1,316.4		$	1,357.7		3%		6%
Total deposits—average		$	1,309.9		$	1,311.1		$	1,320.4		$	1,305.0		$	1,342.8		3%		3%

(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 (through 1Q25) 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.

Page17

ALLOWANCE FOR CREDIT LOSSES (ACL) ROLLFORWARD

(In millions of dollars, except ratios)

																											ACLL/EOP
	Balance		Builds (Releases)										FY 2024		Balance		Builds (Releases)						2Q25		Balance		Loans
	12/31/23		1Q24		2Q24		3Q24		4Q24		FY 2024		FX/Other		12/31/24		1Q25		2Q25		YTD 2025		FX/Other		6/30/25		6/30/25

Allowance for credit losses on loans (ACLL)
Services	$	397	$	34	$	(100)	$	7	$	(71)	$	(130)	$	(3)	$	264	$	24	$	53	$	77	$	6	$	347
Markets		820		120		(111)		37		167		213		(3)		1,030		48		53		101		12		1,143
Banking		1,376		(89)		(51)		62		(122)		(200)		(9)		1,167		78		137		215		28		1,410
Legacy Franchises corporate (Banamex SBMM & AFG^(1)^)		121		(8)		(12)		(3)		10		(13)		(13)		95		4		16		20		8		123
Total corporate ACLL	$	2,714	$	57	$	(274)	$	103	$	(16)	$	(130)	$	(28)	$	2,556	$	154	$	259	$	413	$	54	$	3,023	0.94%
U.S. Cards^(2)^	$	12,626	$	326	$	357	$	10	$	221	$	914	$	20	$	13,560	$	(169)	$	(12)	$	(181)	$	3	$	13,382	8.00%
Installment loans^(3)^		319		13		30		30		32		105		1		425		(5)		7		2		(2)		425
Retail Banking^(3)^		157		(2)		(5)		1		(7)		(13)		-		144		3		(1)		2		1		147
Total USPB	$	13,102	$	337	$	382	$	41	$	246	$	1,006	$	21	$	14,129	$	(171)	$	(6)	$	(177)	$	2	$	13,954
Wealth		767		(190)		(43)		8		(11)		(236)		(2)		529		61		(64)		(3)		9		535
All Other—consumer		1,562		(85)		11		58		102		86		(288)		1,360		58		54		112		139		1,611
Total consumer ACLL	$	15,431	$	62	$	350	$	107	$	337	$	856	$	(269)	$	16,018	$	(52)	$	(16)	$	(68)	$	150	$	16,100	4.07%
Total ACLL	$	18,145	$	119	$	76	$	210	$	321	$	726	$	(297)	$	18,574	$	102	$	243	$	345	$	204	$	19,123	2.67%
Allowance for credit losses on unfunded lending commitments (ACLUC)	$	1,728	$	(98)	$	(8)	$	105	$	(118)	$	(119)	$	(8)	$	1,601	$	108	$	(19)	$	89	$	31	$	1,721
Total ACLL and ACLUC (EOP)		19,873		21		68		315		203		607		(305)		20,175		210		224		434		235		20,844
Other^(5)^		1,883		14		107		160		131		412		(293)		2,002		34		388		422		411		2,835
Total allowance for credit losses (ACL)	$	21,756	$	35	$	175	$	475	$	334	$	1,019	$	(598)	$	22,177	$	244	$	612	$	856	$	646	$	23,679

(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.

Page18

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

Page 1

(In millions of dollars)

																	2Q25 Increase/				Six			Six			YTD 2025 vs.
		2Q			3Q			4Q			1Q			2Q			(Decrease) from				Months			Months			YTD 2024 Increase/
	****	2024		****	2024		****	2024		****	2025		****	2025		****	1Q25	****	2Q24	****	2024		****	2025		****	(Decrease)

Total Citigroup
Allowance for credit losses on loans (ACLL) at beginning of period		$	18,296		$	18,216		$	18,356		$	18,574		$	18,726		1%		2%		$	18,145		$	18,574		2%
Gross credit (losses) on loans			(2,715)			(2,609)			(2,680)			(2,926)			(2,723)		7%		-			(5,405)			(5,649)		(5%)
Gross recoveries on loans			432			437			438			467			489		5%		13%			819			956		17%
Net credit (losses) / recoveries on loans (NCLs)			(2,283)			(2,172)			(2,242)			(2,459)			(2,234)		(9%)		(2%)			(4,586)			(4,693)		2%
Replenishment of NCLs			2,283			2,172			2,242			2,459			2,234		(9%)		(2%)			4,586			4,693		2%
Net reserve builds / (releases) for loans			76			210			321			102			243		138%		220%			195			345		77%
Provision for credit losses on loans (PCLL)			2,359			2,382			2,563			2,561			2,477		(3%)		5%			4,781			5,038		5%
Other, net^(1)(2)(3)(4)(5)(6)^			(156)			(70)			(103)			50			154		208%		NM			(124)			204		NM
ACLL at end of period (a)		$	18,216		$	18,356		$	18,574		$	18,726		$	19,123		2%		5%		$	18,216		$	19,123		5%

Allowance for credit losses on unfunded lending commitments (ACLUC)^(7)^(a)		$	1,619		$	1,725		$	1,601		$	1,720		$	1,721		-		6%		$	1,619		$	1,721		6%

Provision (release) for credit losses on unfunded lending commitments		$	(8)		$	105		$	(118)		$	108		$	(19)		NM		(138%)		$	(106)		$	89		NM

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (a)]		$	19,835		$	20,081		$	20,175		$	20,446		$	20,844		2%		5%		$	19,835		$	20,844		5%

Total ACLL as a percentage of total loans^(8)^			2.68%			2.70%			2.71%			2.70%			2.67%		(3) bps		(1) bps

Consumer
ACLL at beginning of period		$	15,524		$	15,732		$	15,765		$	16,018		$	16,001		-		3%		$	15,431		$	16,018		4%
Adjustments to opening balance

NCLs			(2,175)			(2,098)			(2,191)			(2,277)			(2,185)		(4%)		-			(4,314)			(4,462)		3%
Replenishment of NCLs			2,175			2,098			2,191			2,277			2,185		(4%)		-			4,314			4,462		3%
Net reserve builds / (releases) for loans			350			107			337			(52)			(16)		69%		NM			412			(68)		NM
Provision for credit losses on loans (PCLL)			2,525			2,205			2,528			2,225			2,169		(3%)		(14%)			4,726			4,394		(7%)
Other, net^(1)(2)(3)(4)(5)(6)^			(142)			(74)			(84)			35			115		229%		NM			(111)			150		NM
ACLL at end of period (b)		$	15,732		$	15,765		$	16,018		$	16,001		$	16,100		1%		2%		$	15,732		$	16,100		2%

Consumer ACLUC^(7)^(b)		$	42		$	39		$	34		$	31		$	24		(23%)		(43%)		$	42		$	24		(43%)

Provision (release) for credit losses on unfunded lending commitments		$	(4)		$	(4)		$	(2)		$	(3)		$	(1)		67%		75%		$	(19)		$	(4)		79%

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (b)]		$	15,774		$	15,804		$	16,052		$	16,032		$	16,124		1%		2%		$	15,774		$	16,124		2%

Consumer ACLL as a percentage of total consumer loans			4.08%			4.05%			4.08%			4.14%			4.07%		(7) bps		(1) bps

Corporate
ACLL at beginning of period		$	2,772		$	2,484		$	2,591		$	2,556		$	2,725		7%		(2%)		$	2,714		$	2,556		(6%)

NCLs			(108)			(74)			(51)			(182)			(49)		73%		55%			(272)			(231)		15%
Replenishment of NCLs			108			74			51			182			49		(73%)		(55%)			272			231		(15%)
Net reserve builds / (releases) for loans			(274)			103			(16)			154			259		68%		NM			(217)			413		NM
Provision for credit losses on loans (PCLL)			(166)			177			35			336			308		(8%)		NM			55			644		NM
Other, net^(1)^			(14)			4			(19)			15			39		160%		NM			(13)			54		NM
ACLL at end of period (c)		$	2,484		$	2,591		$	2,556		$	2,725		$	3,023		11%		22%		$	2,484		$	3,023		22%

Corporate ACLUC^(7)^(c)		$	1,577		$	1,686		$	1,567		$	1,689		$	1,697		-		8%		$	1,577		$	1,697		8%

Provision (release) for credit losses on unfunded lending commitments		$	(4)		$	109		$	(116)		$	111		$	(18)		NM		(350%)		$	(87)		$	93		NM

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (c)]		$	4,061		$	4,277		$	4,123		$	4,414		$	4,720		7%		16%		$	4,061		$	4,720		16%

Corporate ACLL as a percentage of total corporate loans^(9)^			0.85%			0.89%			0.87%			0.89%			0.94%		5 bps		9 bps

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

Page19

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)	2Q24 primarily relates to FX translation.
---	---
(3)	3Q24 primarily relates to FX translation.
---	---
(4)	4Q24 primarily relates to FX translation.
---	---
(5)	1Q25 primarily relates to FX translation.
---	---
(6)	2Q25 includes an approximate $25 million reclass related to Citi's agreement to sell its Poland consumer banking business.
---	---

That ACLL was transferred to Other assets beginning June 30, 2025. 2Q25 also includes 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 $8.5 billion, $8.1 billion, $8.0 billion, $8.2 billion, and $9.3 billion at June 30, 2024, September 30, 2024, December 31, 2024, March 31, 2025, and June 30, 2025, respectively.
---	---
(9)	Excludes loans that are carried at fair value of $8.2 billion, $7.8 billion, $7.8 billion, $7.9 billion, and $9.2 billion at June 30, 2024, September 30, 2024, December 31, 2024, March 31, 2025, and June 30, 2025, respectively.
---	---

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page20

NON-ACCRUAL ASSETS

(In millions of dollars)

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

Corporate non-accrual loans by region^(1)^
North America		$	456		$	459		$	757		$	822		$	953		16%		109%
International			542			485			620			554			769		39%		42%
Total	****	$	998	****	$	944	****	$	1,377	****	$	1,376	****	$	1,722	****	25%	****	73%

Corporate non-accrual loans by segment and component^(1)^
Banking		$	462		$	348		$	498		$	510		$	502		(2%)		9%
Services			30			96			65			110			134		22%		347%
Markets			362			390			715			631			932		48%		157%
Banamex SBMM & AFG			144			110			99			125			154		23%		7%
Total	****	$	998	****	$	944	****	$	1,377	****	$	1,376	****	$	1,722	****	25%	****	73%

Consumer non-accrual loans^(1)^
Wealth		$	303		$	284		$	404		$	415		$	637		53%		110%
USPB			285			292			290			305			329		8%		15%
Banamex Consumer			425			415			411			416			485		17%		14%
Asia Consumer^(2)^			22			21			19			20			16		(20%)		(27%)
Legacy Holdings Assets—Consumer			217			210			186			172			165		(4%)		(24%)
Total	****	$	1,252	****	$	1,222	****	$	1,310	****	$	1,328	****	$	1,632	****	23%	****	30%

Total non-accrual loans (NAL)	****	$	2,250	****	$	2,166	****	$	2,687	****	$	2,704	****	$	3,354	****	24%	****	49%

Other real estate owned (OREO)^(3)^	****	$	27	****	$	25	****	$	18	****	$	21	****	$	26	****	24%	****	(4%)


NAL as a percentage of total loans			0.33%			0.31%			0.39%			0.39%			0.46%		7 bps		13 bps

ACLL as a percentage of NAL			810%			847%			691%			693%			570%

(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 (through 1Q25) 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.

Page21

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

TANGIBLE COMMON EQUITY, COMMON EQUITY, BOOK VALUE

PER SHARE AND TANGIBLE BOOK VALUE PER SHARE (TBVPS)

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

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

Citigroup common stockholders’ equity^(3)^		$	190,283	$	192,796	$	190,815	$	194,125	$	196,931
Add: qualifying noncontrolling interests			153		168		186		192		190
Regulatory capital adjustments and deductions:
Add:
CECL transition provision^(4)^			757		757		757		-		-
Less:
Accumulated net unrealized gains (losses) on cash flow hedges, net of tax			(629)		(773)		(220)		(213)		(141)
Cumulative unrealized net gain (loss) related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax			(760)		(906)		(910)		(32)		(408)
Intangible assets:
Goodwill, net of related deferred tax liabilities (DTLs)^(5)^			18,315		18,397		17,994		18,122		18,524
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs			3,138		3,061		3,357		3,291		3,236
Defined benefit pension plan net assets and other			1,425		1,447		1,504		1,532		1,610
Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards^(6)^			11,695		11,318		11,628		11,517		11,163
Excess over 10% / 15% limitations for other DTAs, certain common stock investments and MSRs^(6)(8)^			3,652		3,071		3,042		4,261		4,205
CET1 Capital		$	154,357	$	158,106	$	155,363	$	155,839	$	158,932
Risk-Weighted Assets (RWA)^(4)^		$	1,135,750	$	1,153,150	$	1,139,988	$	1,162,306	$	1,180,963
CET1 Capital ratio (CET1/RWA)			13.59%		13.71%		13.63%		13.41%		13.5%

Supplementary Leverage Ratio and Components
CET1^(4)^		$	154,357	$	158,106	$	155,363	$	155,839	$	158,932
Additional Tier 1 Capital (AT1)^(7)^			19,426		17,682		19,164		19,675		17,674
Total Tier 1 Capital (T1C) (CET1 + AT1)		$	173,783	$	175,788	$	174,527	$	175,514	$	176,606
Total Leverage Exposure (TLE)^(4)^		$	2,949,534	$	3,005,709	$	2,985,418	$	3,033,450	$	3,193,388
Supplementary Leverage ratio (T1C/TLE)^(4)^			5.89%		5.85%		5.85%		5.79%		5.5%

Tangible Common Equity, Book Value and Tangible Book Value Per Share
Common stockholders’ equity		$	190,210	$	192,733	$	190,748	$	194,058	$	196,872
Less:
Goodwill			19,704		19,691		19,300		19,422		19,878
Intangible assets (other than MSRs)			3,517		3,438		3,734		3,679		3,639
Goodwill and identifiable intangible assets (other than MSRs) related to businesses HFS			-		16		16		16		16
Tangible common equity (TCE)^(9)^		$	166,989	$	169,588	$	167,698	$	170,941	$	173,339
Common shares outstanding (CSO)			1,907.8		1,891.3		1,877.1		1,867.7		1,840.9
Book value per share (common equity/CSO)		$	99.70	$	101.91	$	101.62	$	103.90	$	106.94
Tangible book value per share (TCE/CSO)^(9)^		$	87.53	$	89.67	$	89.34	$	91.52	$	94.16

Average TCE (in billions of dollars)^(9)^
Services		$	24.9	$	24.9	$	24.9	$	24.7	$	24.7	$	24.9	$	24.7
Markets			54.0		54.0		54.0		50.4		50.4		54.0		50.4
Banking			21.8		21.8		21.8		20.6		20.6		21.8		20.6
Wealth			13.2		13.2		13.2		12.3		12.3		13.2		12.3
USPB			25.2		25.2		25.2		23.4		23.4		25.2		23.4
All Other			27.0		29.2		29.5		37.9		40.7		26.3		39.3
Total Citi average TCE		$	166.1	$	168.3	$	168.6	$	169.3	$	172.1	$	165.4	$	170.7
Plus:
Average goodwill		$	19.5	$	19.6	$	19.4	$	18.8	$	19.8	$	19.5	$	18.7
Average intangible assets (other than MSRs)			3.6		3.5		3.6		3.7		3.7		3.7		4.3
Average goodwill and identifiable intangible assets (other than MSRs) related to businesses HFS			-		-		-		-		-		-		-
Total Citi average common stockholders’ equity (in billions of dollars)		$	189.2	$	191.4	$	191.6	$	191.8	$	195.6	$	188.6	$	193.7

(1)	See footnote 3 on page 1.
(2)	June 30, 2025 is preliminary.
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(3)	Excludes issuance costs related to outstanding preferred stock in accordance with Federal Reserve Board regulatory reporting requirements.
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(4)	See footnote 4 on page 1.
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(5)	Includes goodwill “embedded” in the valuation of significant common stock investments in unconsolidated financial institutions.
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(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.
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(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.
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(9)	TCE and TBVPS are non-GAAP financial measures.
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Reclassified to conform to the current period's presentation. Page22

Citigroup Inc._July 15, 2025


			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