Citigroup : Financial Supplement

CITIGROUP -- SUMMARY FINANCIAL INFORMATION REFLECTING
THE 1Q22 OPERATING SEGMENT AND REPORTING UNIT STRUCTURE	Historical - 4Q21
	Page
Citigroup
Financial Summary	1
Consolidated Statement of Income	2
Consolidated Balance Sheet	3
Segment and Reporting Units Details
Net Revenues and Income	4
Institutional Clients Group (ICG)	5
Reporting Unit Revenues	6
Personal Banking and Wealth Management (PBWM)	7
Legacy Franchises	8
Corporate / Other	9

As previously disclosed in its Annual Report on Form 10-K for the year ended December 31, 2021 (2021 Annual Report on Form 10-K), Citi is making management reporting changes to align with its vision and strategy, as part of its strategic refresh. In the first quarter of 2022, Citi will revise its financial reporting structure to align with these management reporting changes to enable investors and others to better understand the performance of Citi's businesses. For additional information on the management reporting changes and revised financial reporting structure, including revised segments and reporting units, please see page 6 of Citi's 2021 Annual Report on Form 10-K.

CITIGROUP FINANCIAL SUMMARY

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

		Full			Full			Full			Full			Full		FY 2021 vs.
		Year			Year			Year			Year			Year		FY 2020 Increase/
		2017			2018			2019			2020			2021		(Decrease)
Total revenues, net of interest expense(1)(2)	$	73,693	$	74,036	$	75,067	$	75,501	$	71,884	(5%)
Total operating expenses(1)(3)		43,481			43,023			42,783			44,374			48,193	9%
Net credit losses (NCLs)		7,076			7,113			7,768			7,611			4,895	(36%)
Credit reserve build / (release) for loans		427			241			450			8,311			(7,998)		NM
Provision / (release) for unfunded lending commitments		(161)			113			92			1,446			(788)		NM
Provisions for benefits and claims, HTM debt securities and other assets		109			101			73			127			113	(11%)
Provisions for credit losses and for benefits and claims		7,451			7,568			8,383			17,495			(3,778)		NM
Income from continuing operations before income taxes		22,761			23,445			23,901			13,632			27,469		NM
Income taxes(4)		29,388			5,357			4,430			2,525			5,451		NM
Income from continuing operations		(6,627)			18,088			19,471			11,107			22,018	98%
Income (loss) from discontinued operations, net of taxes		(111)			(8)			(4)			(20)			7		NM
Net income before noncontrolling interests		(6,738)			18,080			19,467			11,087			22,025	99%
Net income (loss) attributable to noncontrolling interests		60			35			66			40			73	83%
Citigroup's net income	$	(6,798)		$	18,045		$	19,401		$	11,047		$	21,952	99%
Diluted earnings per share:
Income from continuing operations	$	(2.94)	$	6.69	$	8.04	$	4.73	$	10.14		NM
Citigroup's net income	$	(2.98)		$	6.68		$	8.04		$	4.72		$	10.14		NM
Shares (in millions):
Average basic		2,698.5			2,493.3			2,249.2			2,085.8			2,033.0	(3%)
Average diluted		2,698.5			2,494.7			2,265.3			2,099.0			2,049.4	(2%)
Common shares outstanding, at period end
Preferred dividends	$	1,213	$	1,174	$	1,109	$	1,095	$	1,040	(5%)
Income allocated to unrestricted common shareholders - basic
Income from continuing operations	$	(7,937)	$	16,680	$	18,174	$	9,899	$	20,751		NM
Citigroup's net income	$	(8,048)	$	16,672	$	18,171	$	9,879	$	20,758		NM
Income allocated to unrestricted common shareholders - diluted
Income from continuing operations	$	(7,937)	$	16,680	$	18,207	$	9,930	$	20,781		NM
Citigroup's net income	$	(8,048)	$	16,672	$	18,204	$	9,909	$	20,788		NM
Regulatory capital ratios and performance metrics:
Common Equity Tier 1 (CET1) Capital ratio(6)(7)(8)		12.36%			11.86%			11.79%			11.51%			12.25%
Tier 1 Capital ratio(6)(7)(8)		14.06%			13.43%			13.33%			13.06%			13.91%
Total Capital ratio(6)(7)(8)		16.30%			16.14%			15.87%			15.33%			16.04%
Supplementary Leverage ratio (SLR)(7)(8)(9)		6.68%			6.40%			6.20%			6.99%			5.73%
Return on average assets		(0.36%)			0.94%			0.98%			0.50%			0.94%
Return on average common equity		(3.9%)			9.4%			10.3%			5.7%			11.5%
Efficiency ratio (total operating expenses/total revenues, net)		59.0%			58.1%			57.0%			58.8%			67.0%
Balance sheet data (in billions of dollars, except per share amounts):
Total assets	$	1,842.5	$	1,917.4	$	1,951.2	$	2,260.1	$	2,291.4
Total average assets		1,875.5			1,920.2			1,978.8			2,226.5			2,347.7	5%
Total deposits		959.8			1,013.2			1,070.6			1,280.7			1,317.2
Citigroup's stockholders' equity		200.7			196.2			193.2			199.4			202.0
Book value per share		70.62			75.05			82.90			86.43			92.21
Tangible book value per share		60.16			63.79			70.39			73.67			79.16
Direct staff (in thousands)		209			204			200			210			223

(1) During 2021, Citi reclassified deposit insurance expenses from Interest expense to Other operating expenses for all periods presented. For additional information, see Note 29 in Notes to Consolidated Financial Statements in Citi's 2021 Annual Report on Form 10-K.

(2) 2021 includes an approximate $680 million loss on sale (approximately $580 million after-tax), related to the announced sale of Citi's consumer banking operations in Australia.

(3) 2021 includes an approximate $1.052 billion charge (approximately $792 million after-tax), in connection with the Voluntary Early Retirement Plan (VERP) related to the announced wind-down of Citi's consumer banking operations in Korea.

(4) 2021 includes an approximate $600 million benefit from a reduction in Citi's valuation allowance related to its Deferred Tax Assets (DTAs).

(5) Not used.

(6) Citi's reportable CET1 Capital and Tier 1 Capital ratios were derived under the U.S. Basel III Advanced Approaches as of December 31, 2020, and the U.S. Basel III Standardized Approach for all other periods presented. Citi's reportable Total Capital ratios were derived under the U.S. Basel III Advanced Approaches framework for all periods presented. The reportable ratios represent the more binding of each of the three risk-based capital ratios (CET1 Capital, Tier 1 Capital and Total Capital) under both the Standardized Approach and the Advanced Approaches under the Collins Amendment.

(7) Commencing January 1, 2020, Citi has elected to apply the modified transition provision related to the impact of the CECL accounting standard on regulatory capital, as provided by the U.S. banking agencies' September 2020 final rule. For additional information, see "Capital Resources" in Citi's 2021 Form 10-K.

(8) Citigroup's risk-based capital ratios and Supplementary Leverage Ratio reflect full implementation of the U.S. Basel III rules for all periods. As of December 31, 2017, these ratios are non-GAAP financial measures, which reflect full implementation of regulatory capital adjustments and deductions prior to the effective date of January 1, 2018.

(9) As of December 31, 2020, Citigroup's Total Leverage Exposure (the Supplementary Leverage Ratio denominator) temporarily excluded U.S. Treasuries and deposits at Federal Reserve Banks. For additional information, see "Capital Resources" in Citi's 2021 Form 10-K.

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

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 1

CITIGROUP CONSOLIDATED STATEMENT OF INCOME (In millions of dollars)

		Full			Full			Full			Full			Full		FY 2021 vs.
		Year			Year			Year			Year			Year		FY 2020 Increase/
Revenues		2017			2018			2019			2020			2021		(Decrease)
Interest revenue	$	61,579	$	70,828	$	76,510	$	58,089	$	50,475	(13%)
Interest expense(1)		15,269			23,084			28,382			13,338			7,981	(40%)
Net interest income (NII)(2)		46,310			47,744			48,128			44,751			42,494	(5%)
Commissions and fees		12,707			11,857			11,746			11,385			13,672	20%
Principal transactions		8,940			8,905			8,892			13,885			10,154	(27%)
Administrative and other fiduciary fees		3,584			3,580			3,411			3,472			3,943	14%
Realized gains (losses) on investments		778			421			1,474			1,756			665	(62%)
Impairment losses on investments and other assets		(63)			(132)			(32)			(165)			(206)	(25%)
Provision for credit losses on AFS debt securities(3)		-			-			-			(3)			(3)	-
Other revenue (loss)		1,437			1,661			1,448			420			1,165		NM
Total non-interest revenues (NIR)(2)		27,383			26,292			26,939			30,750			29,390	(4%)
Total revenues, net of interest expense		73,693			74,036			75,067			75,501			71,884	(5%)
Provisions for credit losses and for benefits and claims
Net credit losses		7,076			7,113			7,768			7,611			4,895	(36%)
Credit reserve build / (release) for loans		427			241			450			8,311			(7,998)		NM
Provision for credit losses on loans		7,503			7,354			8,218			15,922			(3,103)		NM
Provision for credit losses on held-to-maturity (HTM) debt securities		-			-			-			7			(3)		NM
Provision for credit losses on other assets		-			-			-			7			-	(100%)
Policyholder benefits and claims		109			101			73			113			116	3%
Provision for credit losses on unfunded lending commitments		(161)			113			92			1,446			(788)		NM
Total provisions for credit losses and for benefits and claims		7,451			7,568			8,383			17,495			(3,778)		NM
Operating expenses
Compensation and benefits		21,181			21,154			21,433			22,214			25,134	13%
Premises and equipment		2,453			2,324			2,328			2,333			2,314	(1%)
Technology / communication		6,909			7,193			7,077			7,383			7,828	6%
Advertising and marketing		1,608			1,545			1,516			1,217			1,490	22%
Other operating(1)		11,330			10,807			10,429			11,227			11,427	2%
Total operating expenses		43,481			43,023			42,783			44,374			48,193	9%
Income from continuing operations before income taxes		22,761			23,445			23,901			13,632			27,469		NM
Provision for income taxes(4)		29,388			5,357			4,430			2,525			5,451		NM
Income (loss) from continuing operations		(6,627)			18,088			19,471			11,107			22,018	98%
Discontinued operations
Income (loss) from discontinued operations		(104)			(26)			(31)			(20)			7		NM
Provision (benefit) for income taxes		7			(18)			(27)			-			-	-
Income (loss) from discontinued operations, net of taxes		(111)			(8)			(4)			(20)			7		NM
Net income before noncontrolling interests		(6,738)			18,080			19,467			11,087			22,025	99%
Net income (loss) attributable to noncontrolling interests		60			35			66			40			73	83%
Citigroup's net income	$	(6,798)		$	18,045		$	19,401		$	11,047		$	21,952	99%

1. See footnote 1 on page 1.
2. The 2017 and 2018 Net interest income and Non-interest revenue amounts have been adjusted from those reported in Citi's 2021 Annual Report on Form 10-K to appropriately reflect the reported reclassification of deposit insurance expense from Net interest income to Other operating expenses, consistent with the approach used for 2019, 2020 and 2021.
3. In accordance with ASC 326.
4. See footnote 4 on page 1.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

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CITIGROUP CONSOLIDATED BALANCE SHEET (In millions of dollars)

																4Q21 Increase/
	December 31,		December 31,		December 31,		December 31,		December 31,		(Decrease) from
Assets		2017			2018			2019			2020			2021		4Q20
Cash and due from banks (including segregated cash and other deposits)	$	23,775	$	23,645	$	23,967	$	26,349	$	27,515	4%
Deposits with banks, net of allowance		156,741			164,460			169,952			283,266			234,518	(17%)
Securities borrowed and purchased under agreements to resell, net of allowance		232,478			270,684			251,322			294,712			327,288	11%
Brokerage receivables, net of allowance		38,384			35,450			39,857			44,806			54,340	21%
Trading account assets		252,790			256,117			276,140			375,079			331,945	(11%)
Investments
Available-for-sale debt securities, net of allowance		290,725			288,038			280,265			335,084			288,522	(14%)
Held-to-maturity debt securities, net of allowance		53,320			63,357			80,775			104,943			216,963		NM
Equity securities		8,245			7,212			7,523			7,332			7,337	-
Total investments		352,290			358,607			368,563			447,359			512,822	15%
Loans, net of unearned income
Consumer		382,016			384,341			400,938			386,474			376,534	(3%)
Corporate		285,018			299,855			298,545			289,409			291,233	1%
Loans, net of unearned income		667,034			684,196			699,483			675,883			667,767	(1%)
Allowance for credit losses on loans (ACLL)		(12,355)			(12,315)			(12,783)			(24,956)			(16,455)	34%
Total loans, net		654,679			671,881			686,700			650,927			651,312	-
Goodwill		22,256			22,046			22,126			22,162			21,299	(4%)
Intangible assets (including MSRs)		5,146			5,220			4,822			4,747			4,495	(5%)
Other assets, net of allowance		103,926			109,273			107,709			110,683			125,879	14%
Total assets	$	1,842,465	$	1,917,383	$	1,951,158	$	2,260,090	$	2,291,413	1%
Liabilities
Non-interest-bearing deposits in U.S. offices	$	126,880	$	105,836	$	98,811	$	126,942	$	158,552	25%
Interest-bearing deposits in U.S. offices		318,613			361,573			401,418			503,213			543,283	8%
Total U.S. deposits		445,493			467,409			500,229			630,155			701,835	11%
Non-interest-bearing deposits in offices outside the U.S.		87,440			80,648			85,692			100,543			97,270	(3%)
Interest-bearing deposits in offices outside the U.S.		426,889			465,113			484,669			549,973			518,125	(6%)
Total international deposits		514,329			545,761			570,361			650,516			615,395	(5%)
Total deposits		959,822			1,013,170			1,070,590			1,280,671			1,317,230	3%
Securities loaned and sold under agreements to resell		156,277			177,768			166,339			199,525			191,285	(4%)
Brokerage payables		61,342			64,571			48,601			50,484			61,430	22%
Trading account liabilities		125,170			144,305			119,894			168,027			161,529	(4%)
Short-term borrowings		44,452			32,346			45,049			29,514			27,973	(5%)
Long-term debt		236,709			231,999			248,760			271,686			254,374	(6%)
Other liabilities(2)		57,021			56,150			57,979			59,983			74,920	25%
Total liabilities	$	1,640,793		$	1,720,309		$	1,757,212		$	2,059,890		$	2,088,741	1%
Equity
Stockholders' equity
Preferred stock	$	19,253	$	18,460	$	17,980	$	19,480	$	18,995	(2%)
Common stock		31			31			31			31			31	-
Additional paid-in capital		108,008			107,922			107,840			107,846			108,003	-
Retained earnings		138,425			151,347			165,369			168,272			184,948	10%
Treasury stock, at cost		(30,309)			(44,370)			(61,660)			(64,129)			(71,240)	(11%)
Accumulated other comprehensive income (loss) (AOCI)(3)		(34,668)			(37,170)			(36,318)			(32,058)			(38,765)	(21%)
Total common equity	$	181,487		$	177,760		$	175,262		$	179,962		$	182,977	2%
Total Citigroup stockholders' equity	$	200,740	$	196,220	$	193,242	$	199,442	$	201,972	1%
Noncontrolling interests		932			854			704			758			700	(8%)
Total equity		201,672			197,074			193,946			200,200			202,672	1%
Total liabilities and equity	$	1,842,465		$	1,917,383		$	1,951,158		$	2,260,090		$	2,291,413	1%

1. Not used.
2. Includes allowance for credit losses for unfunded lending commitments.
3. December 31, 2021 includes an approximate $475 million (after-tax) currency translation adjustment (CTA) loss (net of hedges) associated with its consumer banking operations in Australia (see footnote 2 on page 1). The transaction generated a pretax loss on sale of approximately $680 million upon classification to held-for-sale ($580 million after-tax). The loss on sale primarily reflects the impact of a pretax $625 million CTA loss (net of hedges) ($475 million after-tax) already reflected in the Accumulated Other Comprehensive Income (AOCI) component of equity. Upon closing, the CTA-related balance will be removed from the AOCI component of equity, resulting in a neutral impact from CTA to Citi's Common Equity Tier 1 Capital.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 3

OPERATING SEGMENT AND REPORTING UNIT DETAILS

(In millions of dollars)		Full			Full			Full			Full			Full		FY 2021 vs.
		Year			Year			Year			Year			Year		FY 2020 Increase/
Net Revenues		2017			2018			2019			2020			2021		(Decrease)
Institutional Clients Group	$	35,258	$	35,463	$	36,109	$	41,093	$	39,836	(3%)
Personal Banking and Wealth Management		25,048			25,613			26,214			25,140			23,327	(7%)
Legacy Franchises		12,704			12,078			11,246			9,454			8,251	(13%)
Corporate/Other		683			882			1,498			(186)			470		NM
Total net revenues	$	73,693	$	74,036	$	75,067	$	75,501	$	71,884	(5%)
Income from continuing operations
Institutional Clients Group	$	8,459	$	11,439	$	11,666	$	10,811	$	14,308	32%
Personal Banking and Wealth Management		3,243			4,942			5,047			1,322			7,734		NM
Legacy Franchises		1,470			1,694			1,580			(142)			(9)	94%
Corporate/Other		(19,799)			13			1,178			(884)			(15)	98%
Income from continuing operations	$	(6,627)	$	18,088	$	19,471	$	11,107	$	22,018	98%
Discontinued operations		(111)			(8)			(4)			(20)			7		NM
Net income attributable to noncontrolling interests		60			35			66			40			73	83%
Net income	$	(6,798)	$	18,045	$	19,401	$	11,047	$	21,952	99%

NM Not meaningful.

Reclassified to conform to the current period's presentation.

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