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1、Earnings Results PresentationFirst Quarter 2023April 14,20232ConfidentialFirst Quarter Results SnapshotNote:ICG:Institutional Clients Group.TTS:Treasury and Trade Solutions.EPS:Earnings per Share.NII:Net Interest Income.NIR:Non-Interest Revenue.All footnotes are presented on Slide 34.First Quarter K
2、ey HighlightsRevenues1Q23$21.4 billionvs.1Q2212%/6%ex-div.(1)Net Income1Q23$4.6 billionvs.1Q227%/(19)%ex-div.(1)EPS1Q23$2.19/$1.86 ex-div.(1)vs.1Q228%RoTCE(2)1Q2310.9%/9.3%ex-div.(1)1Q2210.5%CET1 Capital Ratio(3)1Q2313.4%1Q2211.4%Tangible Book Value Per Share(4)1Q23$84.21vs.1Q227%Continued strong cl
3、ient engagement and significant client wins across ICGTTS revenues up 31%YoY,driven by both NII and NIRCards revenues up 20%YoY,with double-digit growth in interest-earning balancesSecurities Services revenues up 23%YoY,benefiting from higher rates.Continue to onboard new assets under custodyFixed I
4、ncome revenues up 4%,driven by 13%growth in rates and currencies as we continue to see strong corporate client flowsReturned$1.0 billion in capital to shareholders in the form of common dividendsBuilt capital through continued earnings growthWealth continues to see strong underlying business drivers
5、 with Citigold clients up 5%YoY,and new clients in Private Bank and Wealth at Work up 62%and 81%,respectively3ConfidentialTransformationStrategic ExecutionCulture and TalentAnand Selva named COO and will lead all enterprise-wide Transformation programs Continuing to execute on Transformation plansEx
6、amples of progress against risk reduction and data governance deliverables(See Page 6):Streamlining loan servicing processes and migrated to a single platform Leveraging cloud-based solution to connect front office systems to general ledger Retiring legacy platforms and increasing scale in Equities
7、Continued data enhancements to achieve greater consistency,accuracy,timeliness and completeness of dataStrong TTS performance,up 31%,reflecting continued execution and investment in our strategy Named the Best Global Bank for Cash Management in 2023 by Global Finance MagazineContinued momentum in US
8、PB with 4 consecutive quarters of YoY revenue growthClient advisors up 3%and client acquisition up 62%in the Private Bank and 81%in Wealth at WorkContinued to make strong progress on Revenue/RWA in MarketsProgress on divestitures:Completed the sale of the India and Vietnam consumer businesses.Closed
9、 7 out of the 9 signed exit marketsSignificant progress on the Russia wind-downKorea wind-down progressing ahead of planContinue to pursue a dual path with Mexico Announced Andy Sieg as new Head of Global Wealth ManagementElected Casper von Koskull to the Citigroup Board,who brings deep expertise in
10、 financial services,Europe as well as transformationExpanded the use of Performance Share Units as part of compensation for members of the Global Operating Committee to be more aligned with shareholdersAligned all employees to the four-pillar framework leadership,risk and control,client and franchis
11、e,and financial performanceHighly diverse new managing director class,with one-third comprised of womenProgress Against Our Priorities in 1Q23Drive Revenue GrowthDisciplined Expense Management Executing with Excellence Across All Priorities To Unlock the Value of CitiNote:TTS:Treasury and Trade Solu
12、tion.RWA:Risk-weighted assets.USPB:US Personal Banking.Maintain Robust Capital&LiquidityImprove ReturnsOver the Medium-Term4Confidential0.2 0.7 0.9 1.9 2.1 2.9 11.2 9.2 11.2 5.9 6.1 6.4$19.2$18.0$21.4 1Q224Q221Q23($in MM,except EPS)1Q23%QoQ%YoYNet Interest Income$13,3481%23%Non-Interest Revenue8,099
13、71%(3)%Total Revenues21,44719%12%Expenses13,2892%1%NCLs1,30210%49%ACL Build and Other(1)6731%NMCredit Costs1,9757%NMEBT 6,18395%17%Income Taxes1,531NM63%Net Income4,60683%7%Net Income to Common(2)4,32990%7%Diluted EPS$2.1989%8%Efficiency Ratio(in bps)62%(1,010)(660)ROE9.5%RoTCE(2)10.9%CET1 Capital R
14、atio(3)13.4%Revenues Up 12%YoY,up 6%ex-divestiture-related impacts(4)as strength across Services,Fixed Income and USPB was partially offset by Banking,Equity Markets and Wealth as well as reductions from the exits and wind-downsExpensesUp 1%YoY,up 5%ex-divestiture-related impacts(4),largely driven b
15、y investments in transformation,other risk&controls and inflation,partially offset by productivity savings and expense reductions from the exits and wind-downsCredit Costs Cost of$2.0 billion,primarily driven by the continued normalization in Card NCLs and an ACL build primarily due to macroeconomic
16、 assumptions and card revolving balance growthNet Income Up 7%YoY,down 19%ex-divestiture-related impacts(4),largely driven by the ACL build versus a release in the prior-yearEPS$2.19,$1.86 ex-divesture-related impacts(4)RoTCE10.9%,9.3%ex-divestiture-related impacts(4)Financial Results OverviewFinanc
17、ial Results1Q 2023 Financial Overview HighlightsRevenues by Segment and Corp/OtherNote:Totals may not sum due to rounding.NM:Not meaningful.NCL:Net Credit Losses.ACL:Allowance for Credit Losses.ICG:Institutional Clients Group.PBWM:PersonalBanking&Wealth Management.USPB:U.S.Personal Banking.All footn
18、otes are presented on Slide34.($in B)ICGPBWMLegacy FranchisesCorp/OtherYoY48%9%1%12%NM5Confidential10.911.51.71.70.60.11Q22TransformationInvestmentsBusiness-ledInvestmentsVolume-RelatedStructural/Other1Q231Q23YoY Expense Walk Note:Totals may not sum due to rounding.FX:Foreign Exchange.ICG:Institutio
19、nal Clients Group.PBWM:Personal Banking&Wealth Management.All footnotes are presented on Slide34.1%(1)%0%($in B)$13.3$13.24%Improving Risk&Control environment Data Governance&Remediation Risk reduction technology solutions implementation 12k staff dedicated to transformation Other risk&control initi
20、atives(2)andenterprise-led investments Inflation Severance Benefits from productivity savings and FX translation Reduction from exit markets PBWM advertising&marketing Offset by transactional costs in Services and PBWM Client experience,product and platform development in Services&Commercial Banking
21、 Hiring of client advisors in Wealth as well as Commercial and Investment BankersAdded 8k people in Technology;total technology-related spend up 12%YoYUp 1%Total ReportedUp 5%Ex-Divestiture Impacts(1)ICG+PBWM+Corp/OtherLegacy FranchisesDivestiture Impacts(3)6ConfidentialPlatform&Process Simplificati
22、onReducing complexity&risk through strategic platforms Sanctions:Consolidated 11 platforms to one global sanctions-screening platform,reducing false alerts Trading /Cash Equities:Retired 20 legacy platforms and deployed new,modern platform with increased scale Loan Servicing:Moving capabilities from
23、 39 applications to a single,strategic platformSecurity&Infrastructure ModernizationIncreasing security,efficiency&scalability Cyber:Enhancing cyber security through the use of AI and improving the security of our infrastructure and devices Cloud:Building secure capabilities so businesses can use th
24、e public cloud for faster market risk calculations,data sharing,and instant payments Ledger:Leveraging cloud-based solution to streamline end to end connectivity between front office systems andthe general ledgerClient Experience Enhancements Driving growth through enhanced offerings&expanded access
25、 CitiDirect Commercial Banking:Deploying CitiDirect to Commercial Bank clients so they can access products and services the same way Large Corporate clients do Instant Payments:Launched next-generation,cloud-based platform for TTS eCommerce clients Wealth:Enhanced and digitized the onboarding proces
26、s for Wealth at Work and HNW clientsData ImprovementsBetter decision making&risk management Data Environment:Continued data enhancements to achieve greater consistency,accuracy,timeliness and completeness of dataCapital Optimization:RWA reduction,without client or P&L impact,through improved daily t
27、rade-level RWA dataBy enhancing and modernizing our infrastructure,we are creating new products,improving our existing capabilities and risk&controls,while generating efficiencies that will self-fund future investmentsNote:TTS:Treasury and Trade Services.HNW:High-Net Worth.RWA:Risk-weighted assets.7
28、Confidential67250508268308435428431434$1,334$1,323$1,316$1,361$1,363 1Q222Q223Q224Q221Q239.7810.6111.3311.7811.881.091.361.231.491.47$10.87$11.96$12.56$13.27$13.352.05%2.24%2.31%2.39%2.41%1Q222Q223Q224Q221Q23Corp/Other$0.10$(0.02)$0.08Net Interest Income,Average Loans and Depos
29、itsAverage LoansEx-MarketsAverage DepositsNet Interest Income$2.101Q23 QoQ D D1Q23 YoY D D$0.38$2.48Citigroup NIMMarkets(1)Note:Totals maynot sum due to rounding.Excludes discontinued operations.1%in allperiods).ICG:Institutional Clients Group.PBWM:Personal Banking&Wealth Management.All footnotes ar
30、e presented on Slide 34.ICGPBWMLegacy FranchisesICGPBWMLegacy FranchisesGross Loan Yield(2)Cost of Interest-Bearing Deposits(3)5.46%5.81%6.55%7.46%8.26%0.33%0.53%1.21%2.10%2.72%YoY1%7%YoY(9)%NM(3)%(2)%3%(21)%2%48 43 39 38 38 289 297 291 285 283 312 317 325 330 333$649$657$655$653$6541Q222Q223Q224Q22
31、1Q23($in B)8ConfidentialIG 85%Non-IG 15%CREDIT COMPARISONCECL DAY 1(4)1Q23CorporateNCLs(5)$0.1.$0.0.%of Avg Loans0.1%NM.NALs$2.0.$1.2.%of Loans0.7%0.4%ACLL/Funded Loans0.6%1.0%Consumer&Corporate Loan,Exposure and Credit MetricsUS Cards LoansCorporate Lending ExposureNote:Totals may not sum due to ro
32、unding.DPD:Days Past Due.EOP:End of Period.IG:Investment Grade.NCL:Net Credit Losses.NAL:Non-Accrual Loans.ACLL:Allowance for Credit Losses on Loans.ICG:Institutional Clients Group.PBWM:Personal Banking&Wealth Management.CRE:Commercial Real Estate.CECL:Current Expected Credit Losses.All information
33、for 1Q23 is preliminary.All footnotes are presented on Slide 35.CREDIT COMPARISONCECL DAY 1(4)1Q23US CardsNCLs(5)$1.4.$1.0.%of Avg Loans3.8%2.8%90+DPD1.3%1.1%ACLL/Funded Loans7.5%8.1%Total Card Loans:$146Total PBWM Loans:$335(CRE:$11)(2)We maintain nearly$20B of reserves and a reserve-to-funded loan
34、s ratio of approximately 2.7%($in B)Total EOP Loans:$288Total Exposure:$682(CRE:$55)(2,3)By RegionBy Grade RatingIn our ICG portfolio,of our total exposure,85%is investment grade.Of the international exposure,approximately 90%is investment grade or exposure to multinational clients or their subsidia
35、ries.EOP Loans by SegmentEOP Loans by FICO Score(1)In our US Cards portfolio,nearly 80%is Prime(680)Branded Cards67%Retail Services33%68079%100%100%100%427228068458578374484442519$2,394$2,417$2,455 1Q224Q221Q23155 137 138 660 657 652 793 754 824 515 527 513 272 342 3
36、29$2,394$2,417$2,455 1Q224Q221Q23Liquidity MetricsLeverage-based Capital MetricsCapital and Balance Sheet OverviewNote:Totals may not sum due to rounding.LTD:Long-term debt.HQLA:High quality liquid assets.RWA:Risk-Weighted Assets.ICG:Institutional Clients Group.PBWM:Personal Banking&Wealth Managemen
37、t.AFS:Available for Sale.HTM:Held to Maturity.Other deposits includes Legacy Franchises and Corp/Other deposits.All information for 1Q23 is preliminary.All footnotes are presented on Slide 35.End of Period AssetsEnd of Period Liabilities and EquityBalance SheetCashInvestments,netTrading-Related Asse
38、ts(7)Loans,netOther Assets(7)Trading-Related Liabilities(8)PBWM DepositsOther Liabilities(8)LTDEquityRisk-based Capital Metrics(1)($in B,except per share data)YoY3%21%(0)%4%(1)%(11)%3%7%(3)%(6)%10%5%YoY(1)%30%Other DepositsICG Deposits10Confidential13.4%38bps(9)bps7bps4bps13.0%4Q22Net Incometo Commo
39、nCapitalDistributionUnrealizedAFS GainsRWA,DTAImpact,Other1Q23Standardized CET1 Ratio OverviewNote:Totals may not sum due to rounding.AFS:Available For Sale.DTA:Deferred Tax Assets.G-SIB:Global Systemically Important Banks.RWA:Risk-Weighted Assets.All information for 1Q23 is preliminary.All footnote
40、s are presented on Slide36.1Q23 QoQ Standardized CET1 Ratio WalkCET1 Standardized Regulatory Requirement and TargetKey drivers resulting in CET1 Capital ratio of 13.4%(1),above the regulatory requirement as of January 1,2023Strength in earningsCapital distribution in the form of dividendsUnrealized
41、AFS gainsClosing of consumer business salesWell capitalized today with a CET1 Capital ratio of 13.4%,140bps above the 1Q23 regulatory requirementIncreased regulatory requirements:In October 2022,regulatory requirement increased to 11.5%driven by Stress Capital Buffer increasing from 3.0%to 4.0%In Ja
42、nuary 2023,regulatory requirement increased to 12%as a result of an increase in our G-SIB surcharge Effective Regulatory RequirementTarget4.5%4.5%4.5%3.0%3.5%3.5%4.0%4.0%4.0%4Q221Q23CurrentMedium-term(3-5 Years)(3)Regulatory Stated RequirementStress Capital BufferG-SIB SurchargeManagement Buffer12.0
43、%13.0%1.0%11.5%11.5-12.0%(1)(2)Includes 13 bps of divestiture-related impacts11Confidential($in MM)1Q23%QoQ%YoYNet Interest Income$5,028-33%Non-Interest Revenue6,20551%(16)%Total Revenues11,23323%1%Expenses6,9736%4%NCLs22(79)%(27)%ACL Build(Release)and Other(1)(94)NMNMCredit Costs(72)NMNMEBT 4,33273
44、%25%Net Income3,25872%23%Key Drivers/Statistics($in B)Allocated Average TCE(2)$96RoTCE(3)13.8%Efficiency Ratio(in bps)62%(1,000)200Average Loans283(1)%(2)%Average Deposits8531%3%EOP Loans281(1)%(7)%EOP Deposits819(3)%(1)%Key IndicatorsCorporate Clients4,9301%6%Financial Institution&Investor Clients4
45、,823(1)%1%Commercial Clients14,0930%4%Total ICG Clients23,8460%4%Institutional Clients Group ResultsInstitutional Clients Group Results Institutional Clients Group HighlightsNote:Totals may not sum due to rounding.NM:Not meaningful.NCL:Net Credit Losses.ACL:Allowance for Credit Losses.FX:Foreign Exc
46、hange.TTS:Treasury and Trade Solutions.NII:Net Interest Income.NIR:Non-Interest Revenue.All footnotes are presented on Slide 36.Revenues by Reporting UnitServicesMarkets($in B)Banking(4)Revenues Up 1%YoY,reflecting continued strong business momentum in Services and strong corporate client activity i
47、n Fixed Income,partially offset by macro headwinds in Banking and Equity MarketsExpensesUp 4%YoY,driven by transformation,other risk and control investments and volume-related expenses,partially offset by FX translation and productivity savingsCredit Costs Benefitof$(72)million,driven by an ACL rele
48、ase,which more than offset net credit losses of$22 millionNet Income Up 23%YoY,largely driven by the lower cost of credit and the higher revenue,partially offset by the higher expensesRoTCEof 13.8%YoY29%(38)%(4)%1%3.54.34.55.83.95.61.90.91.2$11.2$9.2$11.2 1Q224Q221Q2312Confidential($in B,unless othe
49、rwise noted)1Q23%QoQ%YoYTreasury and Trade SolutionsAverage Loans$782%(2)%Average Deposits7041%5%Cross Border Transaction Value(2)832%10%US Dollar Clearing Volume(#MM)(3)38-6%Commercial Card Spend Volume(4)164%40%Securities ServicesAUC/AUA($T)(5)234%-Average Deposits125(3)%(7)%BankingAverage Loans19
50、1(2)%(2)%($in MM)1Q23%QoQ%YoYNet Interest Income$2,3581%41%Non-interest Revenue1,05311%13%Treasury and Trade Solutions Revenues3,4114%31%Net Interest Income481-94%Non-interest Revenue5753%(6)%Securities Services Revenues1,0562%23%Total Services Revenues4,4673%29%Fixed Income Markets4,45439%4%Equity
51、Markets1,14756%(25)%Total Markets Revenues5,60142%(4)%Advisory2897%(17)%Equity Underwriting109(27)%(41)%Debt Underwriting37666%(24)%Investment Banking77420%(25)%Corporate Lending(1)5908%(14)%Total Banking Revenues(1)1,36415%(21)%ICG Revenue Items and Selected Business Drivers and StatisticsServicesT
52、reasury and Trade Solutions revenues were up 31%YoY,driven by 41%growth in net interest income and 13%growth in non-interest revenues,with growth across all client segmentsSecurities Services revenues up 23%YoY,driven by higher interest rates across currencies,partially offset by lower non-interest
53、revenues due to the impact of market valuationsMarketsFixed Income revenues up 4%YoY,driven by strength in rates and currencies,partially offset by a decline in spread products Equity Markets revenues down 25%YoY,reflecting reduced client activity in cash and equity derivatives relative to a very st
54、rong quarter last yearBankingInvestment Banking revenues down 25%YoY,as continued geopolitical uncertainty,heightened macroeconomic uncertainty and volatility continued to impact client activityCorporate Lending(1)revenues down 14%YoY,driven by lower volume and higher credit default swap premiumsKey
55、 Drivers and Statistics1Q23 HighlightsRevenuesNote:Totals may not sum due to rounding.AUC:Assets Under Custody.AUA:Assets Under Administration.All footnotes are presented on Slide 36.13ConfidentialPersonal Banking&Wealth Management ResultsRevenues by Reporting UnitUS Personal BankingGlobal Wealth Ma
56、nagementNote:Totals may not sum due to rounding.NM:Not meaningful.NCL:Net Credit Losses.ACL:Allowance for Credit Losses.NII:Net Interest Income.NIR:Non-Interest Revenue.Credit Card spend volume was previously referred to as purchase sales.All footnotes are presented on Slide 37.Revenues Up 9%YoY,as
57、growth in NII was partially offset by a decline in NIR,driven by lower investment product revenues in WealthExpenses Up 9%YoY,predominantly driven by transformation and other risk and control investments Credit Costs Cost of$1.6 billion,driven by continued normalization in NCLs,and an ACL build of$0
58、.5 billion,driven by deterioration in macroeconomic assumptions and card revolving balance growthNet Income Down 74%YoY,largely driven by the higher credit costsRoTCE of 5.5%,largely driven by the higher credit costs Personal Banking&Wealth Management Results($in B)YoY(9)%18%9%Personal Banking&Wealt
59、h Management Highlights4.0 4.4 4.7 1.9 1.7 1.8$5.9$6.1$6.4 1Q224Q221Q23($in MM)1Q23%QoQ%YoYNet Interest Income$5,9341%10%Non-Interest Revenue514NM(1)%Total Revenues6,4486%9%Expenses4,254(1)%9%NCLs1,09420%58%ACL Build(Release)and Other(1)497(34)%NMCredit Costs1,591(5)%NMEBT 603NM(75)%Net Income489NM(
60、74)%Key Drivers/Statistics($in B)Allocated Average TCE(2)$36RoTCE(3)5.5%Efficiency Ratio(in bps)66%(500)-Average Loans3331%7%Average Deposits4341%(3)%EOP Loans335(1)%7%EOP Deposits437-(3)%NCL Rate(in bps)1.33%2443Key IndicatorsUS Personal Banking Branches653 -(1)%US Installment Lending($B)(4)57%64%A
61、ctive Digital Users(MM)(5)251%7%Active Mobile Users(MM)(6)181%11%14Confidential($in B,unless otherwise noted)1Q23%QoQ%YoYBranded CardsNew Account Acquisitions(in 000s)1,16414%17%Credit Card Spend Volume116(8)%9%Average Loans971%15%Retail ServicesNew Account Acquisitions(in 000s)1,976(30)%(9)%Credit
62、Card Spend Volume21(23)%(3)%Average Loans492%10%Retail BankingAverage Loans384%14%Average Deposits1110%(6)%EOP Digital Deposits(1)2815%37%Global Wealth ManagementClient Advisors(2)2,8750%3%Client Assets(3)7592%(4)%Average Loans1500%(1)%Average Deposits3231%(2)%($in MM)1Q23%QoQ%YoYBranded Cards$2,466
63、4%18%Retail Services1,61314%24%Retail Banking6131%3%US Personal Banking Revenues4,6927%18%Private Bank567(4)%(27)%Wealth at Work193(1)%5%Citigold99610%4%Global Wealth Management Revenues1,7564%(9)%PBWM Revenues Items and Selected Business Drivers and StatisticsBranded Cards revenues up 18%YoY,driven
64、 by higher net interest income,with interest-earning balances up 18%We continue to see strong underlying drivers with new account acquisitions up 17%,card spend volumes up 9%,and average loans up 15%Retail Services revenues are up 24%YoY,primarily driven by higher net interest income,with 11%growth
65、in interest-earning balancesRetail Banking revenues were up 3%YoY,primarily driven by higher mortgage revenue and strong growth in installment lending,partially offset by the impact of the transfer of relationships and associated deposits to our Wealth businessGlobal Wealth Management revenues down
66、9%YoY,largely driven by investment product revenueheadwinds and lower net interest income in the Private BankNote:Totals may not sum due to rounding.NM:Not meaningful.Credit card spend volume was previously referred to as purchase sales.EOP:End of period All footnotes are presented on Slide 37.Key D
67、rivers and Statistics1Q23HighlightsRevenues15Confidential($in MM)1Q23%QoQ%YoYNet Interest Income$1,290(3)%(14)%Non-Interest Revenue1,562NMNMTotal Revenues2,85239%48%Expenses1,752(4)%(24)%NCLs18611%23%ACL Build(Release)and Other(1)159NMNMCredit Costs345NMNMEBT 755NMNMNet Income(Loss)604NMNMKey Driver
68、s/Statistics($in B)Allocated Average TCE(2)$13Efficiency Ratio 61%NMNMAverage Loans38-(21)%Average Deposits50-(9)%Legacy Franchises ResultsRevenues by Reporting UnitAsia Consumer(5)Mexico(4)Note:Totals may not sum due to rounding.NM:Not meaningful.NCL:Net Credit Losses.ACL:Allowance for Credit Losse
69、s.All footnotes are presented on Slide 37.LegacyHoldings Assets RevenuesUp 48%YoY(down 7%ex-divestiture-related impacts(3),primarily driven by a gain on sale of the consumer business in India,partially offset by the absence of closed exit markets and wind-downs ExpensesDown 24%YoY(down 3%ex-divestit
70、ure-related impacts(3),primarily driven by the absence of the goodwill impairment in 1Q22 and the impact of closed exit markets and wind-downs Credit Costs Cost of$345 million Completed sales of the India and Vietnam consumer banking businesses Loans and deposits decreased YoY due to continued wind-
71、down of Korea and Russia consumer businesses($in B)YoYNM92%48%16%Legacy Franchises ResultsLegacy Franchises Highlights0.80.81.51.11.31.3$1.9$2.1$2.9 1Q224Q221Q2316ConfidentialCorporate/Other ResultsNote:Totals may not sum due to rounding.NM:Not meaningful.All footnotes are presented on Slide 38.Reve
72、nuesHigher revenue YoY,largely driven by higher net revenue from the investment portfolioExpensesUp 19%YoY,driven by transformation and other risk and control investments,partially offset by a reduction in consulting feesCredit Costs Cost of Credit,driven by reserve buildCorporate/Other ResultsCorpo
73、rate/Other Highlights($in MM,unless otherwise noted)1Q23%QoQ%YoYNet Interest Income$1,0965%NMNon-Interest Revenue(182)47%NMTotal Revenues91431%NMExpenses31026%19%Credit Costs111NMNMEBT 4939%NMNet Income255(41)%35%Allocated Average TCE($in B)(1)$1617Confidential Full year 2023 Revenues:$78-$79 billio
74、n,excluding 2023 divestiture-related impacts(1,2,3)Full year 2023 Net Interest Income,excluding Markets:$45 billion(2)Full year 2023 Expenses:$54 billion,excluding 2023 divestiture-related impacts(1,2,3)Continued normalization of net credit losses Full year effective tax rate:23-24%,excluding discre
75、te items and divestiture-related impacts(1,2,3)Full Year 2023 Outlook UnchangedExpensesCost of CreditTax RateRevenueNote:Footnote 1 is presented on Slide 38.(2)This is a forward-looking Non-GAAP Financial Measure.From time to time,management may discuss forward-looking non-GAAP financial measures,su
76、ch as forward-looking estimates or targets for revenue,expenses,and RoTCE.We are unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because we are unable to provide,without unreasonable effort,a meaningful or ac
77、curate 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 to future results.(3)2023 does not include a
78、ny one-time financial impacts related to signed deals to be closed in 2023 or deals in process such as Mexico.-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
79、from those included in these statements due to a variety of factors.These factors include,among others:continued elevated levels of inflation and its impacts;transformation and other strategic initiatives,including consummation of its remaining exits and wind-downs and any loss on sale and temporary
80、 capital impacts related to currency translation adjustment(CTA)losses and other impacts;the impacts related to or resulting from recent bank failures and other volatility,including potential increased regulatory requirements and costs and potential impacts to macroeconomic conditions;the impacts re
81、lated to or-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.
82、20Confidential1Q23ICGPBWMCorp./OtherLegacy FranchisesTotal$in billions$YoY (%)$YoY (%)$YoY (%)$YoY (%)$YoY (%)NII$5.033%$5.910%$1.1NM$1.3(14)%$13.323%NIR6.2(16)%0.5(1)%(0.2)NM1.6NM8.1(3)%Revenues11.21%6.49%0.9NM2.948%21.412%Expenses7.04%4.39%0.319%1.8(24)%13.31%Credit Costs(0.1)NM1.6NM0.1NM0.3NM2.0N
83、MEBT4.325%0.6(75)%0.5NM0.8NM6.217%Net Income to common3.323%0.5(74)%(0.0)NM0.6NM4.37%Avg Loans$283(2)%$3337%-NM$38(21)%$6541%Avg Deposits 8533%434(3)%26NM50(9)%1,3632%Allocated Average TCE(1)$96$36$16$13$161RoTCE(2)13.8%5.5%(0.6)%19.0%10.9%CET1 Capital Ratio(3)13.4%1Q23Financial Summary of Businesse
84、s Note:Totals may not sum due to rounding.ICG:Institutional Clients Group.PBWM:Personal Banking&Wealth Management.NIR:Non-Interest Revenue.NII:Net Interest Income.EOP:End of Period.NM:Not Meaningful.All footnotes are presented on Slide38.($in B)(4)21ConfidentialEstimated Timelines for Signed Exit Ma
85、rkets&ContributionExit Markets Contribution to P&LEstimated Timeline&StatusWind-Down/On HoldChinaKoreaPolandRussia(Consumer)(2)In ProcessMexico Sale or IPOBuyerCountrySignedClosedNABAustralia3Q 20212Q 2022UnionBankPhilippines4Q 20213Q 2022AUBBahrain1Q 20224Q 2022UOBThailand1Q 20224Q 2022Malaysia1Q 2
86、0224Q 2022Vietnam1Q 20221Q 2023Axis BankIndia1Q 20221Q 2023DBSTaiwan1Q 20222H 2023UOBIndonesia1Q 20222H 20231Q 20224Q 2022ClosedSigned($in B)Note:Closing timelines represent estimated closing dates based on expected satisfaction of all closing conditions,reflecting latest available information,inclu
87、ding with respect to migration approach(e.g.,certain markets will require transitional services agreements after closing while others will not,which will impact closing timeline).Totals may not sum due to rounding.All footnotes are presented on Slide 38.2021(1)2022(1)1Q22(1)1Q23(1)StatusRevenueExpen
88、sesRevenueExpensesRevenueExpensesRevenueExpensesClosed$1.2$1.5$2.3$1.4$0.4$0.4$1.2$0.3Signed0.70.60.60.70.20.20.20.2In Process4.73.24.83.51.10.81.31.0Wind-Downs/On Hold/Other1.73.00.82.20.31.00.20.3Legacy Franchises8.38.38.57.81.92.32.91.8Divestiture-related Impacts(1)(0.7)1.20.90.7(0.0)0.61.00.1Leg
89、acy Franchises ex-divestitures8.97.17.67.12.01.71.81.722Confidential20%10%12%18%7%16%5%13%5%29%67%Total LoansTotal Loans1Q23 Credit Portfolio by Segment and GeographyLoan CompositionGeographic Loan Distribution ICGPBWMLegacy FranchisesSigned Exit Markets EOP Loans(1):$8BNote:Totals may not sum due t
90、o rounding.EOP:End of Period.DM:Developed Markets.EM:Emerging Markets.ICG:Institutional Client Group.PBWM:Personal Banking&Wealth Management.TMT:Technology,Media and Telecommunications.All footnotes are presented on Slide 38.(1Q23 EOP$in B)MarketsBankingServicesOtherEnergy&CommoditiesBanksPower,Chem
91、icals,Metals,&MiningReal EstateConsumer RetailTMTTransportation and IndustrialsDM:$188EM:$93DM:$294EM:$41$281$281Total LoansNorth America85%EMEA3%Hong Kong6%Singapore6%Korea20%Mexico65%China3%Emerging EMEA4%North America8%45%4%22%30%Total Loans$335Hong Kong3%Brazil5%Singapore3%Mexico3%China2%Other E
92、M16%Developed Asia4%North America45%Developed EMEA19%23%26%51%Total Loans$37DM:$3EM:$34MortgagesCardsPersonal,Small Business&OtherPrivate Bank(2)MortgagesCardsPersonal,Small Business,Middle Market&Other23Confidential1.39%1.08%0.99%1.05%1.15%1.16%1.35%1.56%1.76%3.45%3.09%2.23%2.10%2.31%2.60%2.71%3.30
93、%4.08%1Q212Q213Q214Q211Q222Q223Q224Q221Q2390+DPDNCL0.75%0.56%0.44%0.44%0.47%0.46%0.51%0.63%0.78%2.84%2.36%1.73%1.33%1.46%1.50%1.50%1.68%2.18%1Q212Q213Q214Q211Q222Q223Q224Q221Q2390+DPDNCLCredit Trends for Branded Cards and Retail ServicesRetail ServicesBranded CardsEOPLoans1Q224Q221Q23$85.9$100.2$97.
94、1EOPLoans1Q224Q221Q23$44.1$50.5$48.4Note:ACLL:Allowancefor credit losses on loans.DPD:Days Past Due.EOP:End of Period.NCL:Net Credit Losses.ACLL:Allowance for Credit Losses on Loans.ACLL Balance and ACLL/EOP LoansACLL Balance and ACLL/EOP Loans($in B)$5.7$5.4$4.9$4.6$4.2$4.5$4.7$5.2$5.413.4%12.7%11.
95、5%10.0%9.5%9.8%10.1%10.3%11.1%1Q212Q213Q214Q211Q222Q223Q224Q221Q23ACLL BalanceACLL/EOP Loans$7.7$7.1$6.8$6.2$5.7$5.8$5.9$6.2$6.49.8%8.6%8.3%7.1%6.6%6.3%6.2%6.2%6.6%1Q212Q213Q214Q211Q222Q223Q224Q221Q23ACLL BalanceACLL/EOP LoansNormalized NCL Rate:5.00 5.5%Normalized NCL Rate:3.00-3.25%24Confidential$
96、9.8$7.9$8.4$7.9$7.5$6.1($0.5)($1.9)$1.0 4Q211Q222Q223Q224Q22Ruble ImpactExposureDecrease inLocal CurrencyExposureIncrease inLocal Currency1Q23OverviewTrend in Russia Exposure Since 4Q21Russia exposure decreased by approximately$1.4B from last quarter:Exposure decrease of$0.5B driven by the depreciat
97、ion of the ruble Exposure decrease of$1.9B in local currency terms,primarily driven by client deposit outflows and loan repayments and sales Exposure increase of$1.0B in local currency terms,driven by net increases in trapped dividends held in the National Settlements Depository(NSD)Continued to see
98、 a shift in the mix of the exposure as proceeds from loan repayments and sales were deposited with the Central BankReleased$0.1B of credit reserves for direct Russia-related exposures,driven by continued reduction of higher risk wholesale credit exposure via client paydownsNet investment in the Russ
99、ian entity remained relatively flat at$1.2B compared to 4Q22,as the depreciation of the Ruble was offset by increases in retained earnings($in B)123123TimelineIntention to exit Consumer businessWind down Consumer and Local Commercial Banking BusinessesExpand the scope of exit process to include othe
100、r lines of business and stop soliciting new business or clients.Announced discontinuation of nearly all the institutional banking services in Russia by the end of March 2023Today:Continue to wind down operations and continue to manage our existing regulatory commitments and obligation to depositorsN
101、ote:All information for 1Q23 is preliminary.Citi has a currency translation adjustment(CTA)loss balance of approximately$1.4 bilthe substantial liquidation or a loss of control of the subsidiary.PIL:Personal Installment Loan.$3.6B of cash on deposit with Central Bank of Russia+dividends held in the
102、NSDCompleted sale of Consumer PIL portfolioUpdate on Russia Exposure25ConfidentialNorth America 48%EMEA 25%Latin America 5%Asia 21%Equity,$209 Other Liabilities(1),$117 Trading Liabilities(1),$262 Repos,$258 Long-Term Debt,$280 Deposits,$1,330 1Q23 Liabilities&EquityTTS,$671 SS,$124 USPB,$115 GWM,$3
103、22 Legacy,$53 Other(3),$46 1Q23 Deposit Diversification&Stability$2,455High-quality deposit base largely consisting of stickier deposits within our TTS BusinessNote:Totals may not sum due to rounding.EOP:End of Period.LCR:Liquidity Coverage Ratio.NSFR:Net Stable Funding Ratio.All footnotes are prese
104、nted on Slide 39.Deposits by RegionDeposits by Business Deposits are a byproduct of the operational products&services we provide for clients Deposits across 90 countries 80%are from clients that use all three of our integrated services payments&collections,liquidity management and working capital so
105、lutions Nearly 80%of our deposits are from clients that have a greater than 15-year relationship with usTreasury&Trade Solutions(TTS)Deposits across 70 countries 85%of our deposits come from clientsthat have a greater than 15-year relationship with us Deposits grow as we onboard AUC/AUASecurities Se
106、rvices(SS)Diversified across Citigold,Wealth at Work and Private Bank 75%of US Citigold clients have been with Citi for more than 10 years(4)Approximately 50%of Private Bank Ultra-High-Net-Worth clients have been with Citi for more than 10 yearsGlobal Wealth Management(GWM)Deposits across six core u
107、rban centers(5)Highest deposits/branch ratio in the countryUS Personal Banking(USPB)LCR:120%NSFR(2):100%(1Q23 EOP$in B)26Confidential47548249375555676656746889670672664694704939693985580797877798045111
108、111218 215 214 220 226 227 231 241 244 253 267 281 289 297 310 323 329 319 313 320 323 07100982 986 986 1,006 1,017 1,040 1,066 1,090 1,115 1,234 1,268 1,305 1,304 1,321 1,343 1,370 1,334 1,323 1,316 1,361 1,363 1Q182Q183Q184Q181Q192Q193Q194Q191
109、Q202Q20 3Q20 4Q201Q212Q213Q214Q211Q222Q22 3Q22 4Q221Q23Steady Average Deposit Growth as we Win New Clients&Deepen with Existing OnesTTS encompasses majority of total Citi deposits and grew at a faster 5-year CAGR than total Citi depositsTTSSSUSPBTotalOtherWealthNote:CAGR:Compound Annual Growth Rate.
110、TTS:Treasury and Trade Solutions.USPB:U.S.Personal Banking.SS:Securities Services.Other includes Banking,Markets,Legacy Franchises,and Corp/Other.Total CAGR:6.8%TTS CAGR:8.2%27Confidential$256$332$252$193Available Liquidity Resources1Q23Liquidity Coverage RatioAverage LCR&Historical Trajectory(30-Da
111、y Stress)EOP Available Liquidity Resources(1)Other Liquidity Resources=$445$1,033($in B)HQLA=$588 Comprised of unencumbered securities and unused borrowing capacity Our available liquidity resources of over$1 trillion are comprised of HQLA and other unencumbered securities and unused borrowing capac
112、ity The average HQLA of$584 billion that we hold exceeds Net Cash Outflow of$488 billion by 20%or about$96 billionOur available liquidity resources means we have approximately$545 billion(2)of liquidity above and beyond the stressed outflow assumptions under the LCR requirementCommentaryComprised of
113、 cash,U.S.Treasuries and foreign sovereign securitiesLCR120%+$96 cushionLCR Ratio4Q204Q214Q22118%115%118%$265$327$249$185Global Liquidity ReserveCashHQLA EligibileUnencumbered Secs.Unused Borrowing Capacity$584B$488BHQLANet Cash Outflow$488$584EOP HQLAAvailable Cash$256US Sovereign$192US Agency/Agen
114、cy MBS$57Foreign Government Debt$79Other Investment Grade$4Note:LCR:Liquidity Coverage Ratio.HQLA:High-Quality Liquid Assets.EOP:End of Period.All footnotes are presented on Slide 39.(1)28ConfidentialEquity&CET1 Capital Drivers(QoQ and YoY)Note:Totals may not sum due to rounding.All information for
115、1Q23 is preliminary.All footnotes are presented on Slide 39.($in B,except basis points(bps)QoQCommon EquityTangible Common Equity(1)CET1 Capital(2)CET1 Capital Ratio(2)(bps)4Q22$182.2$158.2$148.913.0%Impact of:Net Income4.64.64.640Preferred Stock Dividends(0.3)(0.3)(0.3)(2)Common Share Dividends(1.0
116、)(1.0)(1.0)(9)Deferred Tax Adjustment due to Capital Exclusion(3)N/AN/A(0.2)(2)Unrealized AFS Gains/(Losses)0.80.80.8 7FX Translation(4)0.80.60.6 0CECL Transition Provision(5)N/AN/A(0.8)(7)Other(6)1.01.01.110Change in RWA BalanceN/AN/AN/A31Q23$188.1$163.9$153.713.4%YoYCommon EquityTangible Common Eq
117、uity(1)CET1 Capital(2)CET1 Capital Ratio(2)(bps)1Q22$178.7$153.5$143.711.4%Impact of:Net Income15.115.115.1120Preferred Stock Dividends(1.0)(1.0)(1.0)(8)Common Share Dividends&Repurchases(4.3)(4.3)(4.3)(34)Deferred Tax Adjustment due to Capital Exclusion(4)N/AN/A0.3 2Unrealized AFS Gains/(Losses)(0.
118、3)(0.3)(0.3)(2)FX Translation(5)(1.6)(1.7)(1.7)0CECL Transition Provision(3)N/AN/A(0.8)(7)Other(6)1.52.62.722Change in RWA BalanceN/AN/AN/A1071Q23$188.1$163.9$153.713.4%29ConfidentialTangible Common Equity Reconciliation and Citigroup ReturnsTangible Common Equity and Tangible Book Value Per ShareNo
119、te:r than mortgage servicing rights(MSRs).Tangible book value per share is defined as TCE divided by common shares outstanding.ICG:Institutional Clients Group.PBWM:Personal Banking&Wealth Management.All footnotesare presented on Slide 39.($in MM,except per share amounts)Return on Tangible Common Equ
120、ity(RoTCE)RoTCE by Segment1Q224Q221Q23Common Stockholders Equity$178,714$182,194$188,050Less:Goodwill19,86519,69119,882Intangible Assets(other than Mortgage Servicing Rights)4,0023,7633,974Goodwill and Identifiable Intangible Assets(other than Mortgage Servicing Rights)Related to Assets Held-for-Sal
121、e1,384589246Tangible Common Equity(TCE)$153,463$158,151$163,948Common Shares Outstanding(CSO)1,9421,9371,947Tangible Book Value Per Share(TCE/CSO)$79.03$81.65$84.211Q23Net Income to Common(1)Average Allocated TCE(2)RoTCE(3)ICG$3.3$9613.8%PBWM0.5$365.5%Legacy Franchises0.6$1319.0%Corp./Other(1)(0.0)$
122、16(0.6)%Citigroup(1)4.3$16110.9%1Q23Citigroup Net Income$4,606Less:Preferred Stock Dividends277Net Income Available to Common Shareholders4,329Average TCE161,050RoTCE10.9%($in B)30ConfidentialFX Impact Total CitigroupICGPBWMLegacy Franchises($in MM)Note:Totals may not sum due to rounding.FX:Foreign
123、Exchange.ICG:Institutional Clients Group.PBWM:Personal Banking&Wealth Management.All footnotes are presented on Slide 40.Foreign currency(FX)translation impact(1)1Q234Q221Q22QoQYoYTotal Revenue-as Reported21,44718,00619,18619%12%Impact of FX translation-133(194)Total revenues-Ex-FX21,44718,13918,992
124、18%13%Total operating expenses-as reported13,28912,98513,1652%1%Impact of FX translation-227(125)Total operating expenses-Ex-FX13,28913,21213,0401%2%Total provisions for credit losses&PBC-as reported1,9751,8457557%162%Impact of FX translation-289Total provisions for credit losses&PBC-Ex-FX1,9751,873
125、7645%159%Total EBT-as reported6,1833,1765,26695%17%Impact of FX translation-(122)(78)Total EBT-Ex-FX6,1833,0545,187102%19%Total EOP Loans-as reported652657660(1)%(1)%Impact of FX translation-3(5)Total EOP Loans-Ex-FX652660655(1)%(0)%Total EOP Deposits-as reported1,3301,3661,334(3)%(0)%Impact of FX t
126、ranslation-6(14)Total EOP Deposits-Ex-FX1,3301,3721,320(3)%1%Foreign currency(FX)translation impact(1)1Q234Q221Q22QoQYoYTotal Average Loans-as reported283285289(1)%(2)%Impact of FX translation-3(5)Total Average Loans-Ex-FX283288285(2)%(1)%Total Average Deposits-as reported8538488261%3%Impact of FX t
127、ranslation-9(16)Total Average Deposits-Ex-FX853857811(0)%5%Foreign currency(FX)translation impact(1)1Q234Q221Q22QoQYoYTotal Average Loans-as reported3333303121%7%Impact of FX translation-1(1)Total Average Loans-Ex-FX3333313111%7%Total Average Deposits-as reported4344314471%(3)%Impact of FX translati
128、on-2(2)Total Average Deposits-Ex-FX4344334450%(2)%Foreign currency(FX)translation impact(1)1Q234Q221Q22QoQYoYTotal Average Loans-as reported383848-(21)%Impact of FX translation-2(0)Total Average Loans-Ex-FX383947(4)%(21)%Total Average Deposits-as reported505055-(9)%Impact of FX translation-22Total A
129、verage Deposits-Ex-FX505256(4)%(11)%31ConfidentialReconciliation of Adjusted ResultsNote:Totals may not sum due to rounding.All footnotes are presented on Slide 40.($in MM)1Q231Q22%YoYTotal Citigroup Revenues-As Reported$21,447$19,18612%Less:Total Divestiture Impact on Revenues(1)1,018(47)Total Citi
130、group Revenues,Excluding Divestiture Impacts$20,429$19,2336%($in MM)1Q231Q22%YoYTotal Citigroup Operating Expenses-As Reported$13,289$13,1651%Less:Total Divestiture Impact on Operating Expenses(1)73559Total Citigroup Operating Expenses,Excluding Divestiture Impacts$13,216$12,6065%($in MM)1Q231Q22%Yo
131、YTotal Citigroup Cost of Credit-As Reported$1,975$755NMLess:Total Divestiture Impact on Cost of Credit(1)(8)71Total Citigroup Cost of Credit,Excluding Divestiture Impacts$1,983$684NMTotal Citigroup($in MM)1Q231Q22%YoYTotal Citigroup Net Income-As Reported$4,606$4,3067%Less:Total Divestiture Impact(a
132、fter-tax)on Net Income(1)648(588)Total Citigroup Net Income,Excluding Divestiture Impacts$3,958$4,894(19)%32ConfidentialReconciliation of Adjusted Results(cont.)Note:Totals may not sum due to rounding.All footnotes are presented on Slide 40.1Q23Citigroup Diluted EPS-As Reported$2.19Less:Total Divest
133、iture Impact on Citigroup Diluted EPS(1)$0.33Citigroup Diluted EPS,Excluding Divestiture Impact$1.861Q23Citigroup RoTCE-As Reported10.9%Less:Total Divestiture Impact on Citigroup RoTCE(1,2)1.6%Citigroup RoTCE,Excluding Divestiture Impacts9.3%Total Citigroup33ConfidentialReconciliation of Adjusted Re
134、sults(cont.)ICGNote:Totals may not sum due to rounding.All footnotes are presented on Slide 40.($in MM)1Q234Q221Q22%QoQ%YoYTotal Banking Revenues-As Reported$1,165$889$1,88631%(38)%Less:Gain/(loss)on loan hedges(1)(199)(300)169Total Banking Revenues-Excluding Gain/(loss)on loan hedges$1,364$1,189$1,
135、71715%(21)%($in MM)1Q234Q221Q22%QoQ%YoYBanking Corporate Lending Revenues-As Reported$391$244$85860%(54)%Less:Gain/(loss)on loan hedges(1)(199)(300)169Banking Corporate Lending Revenues-Excluding Gain/(loss)on loan hedges$590$544$6898%(14)%Legacy Franchises($in MM)1Q231Q22%YoYLegacy Franchises Total
136、 Revenues-As Reported$2,852$1,93148%Less:Total Divestiture Impact on Revenues(2)1,018(47)Legacy Franchises Total Revenues,Excluding Divestiture Impacts$1,834$1,978(7%)($in MM)1Q231Q22%YoYLegacy Franchises Operating Expenses-As Reported$1,752$2,293(24%)Less:Total Divestiture Impact on Operating Expen
137、ses(2)73559Legacy Franchises Operating Expenses,Excluding Divestiture Impacts$1,679$1,734(3%)34ConfidentialFootnotesSlide 21)Excludes 1Q23 pre-tax divestiture-related impacts of approximately$953 million(approximately$648 million after-tax),largely comprising of approximately$1,018 million pre-tax r
138、evenue impact primarily from a gain on the sale of the India consumer business,approximately$73 million divestiture-related costs,and approximately$8 million benefit of divestiture-related credit costs.Excludes 1Q22 divestiture-related impacts of approximately$(677)million (approximately$(588)millio
139、n after tax),largely comprising of approximately$(47)million in revenue,and approximately$559 million of divestiture-related costs that were incurred in Asia Consumer reporting unit of Legacy Franchises,including goodwill write-down of approximately$535 million,and costs related to Korea Voluntary E
140、arly Retirement Program(VERP)of approximately$24 million,and approximately$71 millionof divestiture-related credit costs.Results excluding divestiture related items are non-GAAP measures.See Slides 31&32 for a reconciliation to reported results.2)Return on Tangible Common Equity(RoTCE)is a non-GAAP
141、financial measure.RoTCE represents annualized net income available to common shareholders as a percentage of average TCE.For a reconciliation to reported results,please refer to Slide 29.3)th-K filed with the SEC on April 14,2023.4)-GAAP financial measure.For a reconciliation of this measure to repo
142、rted results,please refer to Slide 29.Slide 41)Allowance for Credit Losses(ACL)Build/(Release)and Other provisions includes a net ACL build of approximately$241 million related to loans and unfunded lending commitments as well as other provisions of approximately$432 million relating to policyholder
143、 benefits and claims,held-to-maturity(HTM)debt securities and other assets.2)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.For a reconciliation to reported results,please r
144、efer to Slide 29.3)th-K filed with the SEC on April 14,2023.4)Excludes 1Q23 pre-tax divestiture-related impacts of approximately$953 million(approximately$648 million after-tax),largely comprising of approximately$1,018 million pre-tax revenue impact primarily from a gain on the sale of the India co
145、nsumer business,approximately$73 million divestiture-related costs,and approximately$8 million benefit of divestiture-related credit costs.Excludes 1Q22 divestiture-related impacts of approximately$(677)million (approximately$(588)million after tax),largely comprising of approximately$(47)million in
146、 revenue,and approximately$559 million of divestiture-related costs that were incurred in Asia Consumer reporting unit of Legacy Franchises,including goodwill write-down of approximately$535 million,and costs related to Korea Voluntary Early Retirement Program(VERP)of approximately$24 million,and ap
147、proximately$71 millionof divestiture-related credit costs.Slide 51)Excludes 1Q23 divestiture related expenses of approximately$73 million and 1Q22 divestiture related expenses of approximately$559 million that were incurred in the Asia Consumer reporting unit of Legacy Franchises,including goodwill
148、write-down of approximately$535 million and costs related to the Korea Voluntary Early Retirement Program(VERP)of approximately$24 million.Results of operations excluding divestiture-related expenses are non-GAAP financial measures.See slide 31 for a reconciliation to reported results.2)Related to C
149、onsent Order.3)Transformation includes actions to remediate the Consent Orders issued in October 2020 and other investments to modernize Citinfrastructure.Slide 71)Markets is defined as Fixed Income Markets and Equity Markets.2)Gross Loan Yield:Gross interest revenue earned on loans divided by avera
150、ge loans.3)Cost of Interest-bearing deposits.35ConfidentialFootnotes(cont.)Slide 81)FICO scores are updated as they become available.The FICO bands are consistent with general industry peer presentations.Results include immaterial balances for Canada.2)Citi had approximately$8 billion of total offic
151、e exposure as of March 31st,2023(approximately$4 billion within PBWM Loans and approximately$4 billion within Corporate Lending Exposure).3)-K filing),which includes CRE exposure of which in 1Q23 was$55 billion.4)At the January 1,2020 date of adoption,based on forecasts of macroeconomic conditions a
152、nd exposures at that time,the aggregate impact to Citi was an approximate$4.2 billion increase in the Allowance for credit losses as of 4Q19.5)Represents net credit losses(NCLs)for the quarterly periods of 4Q19 and 1Q23.Slide 91)th-K filed with the SEC on April 14,2023.2)1Q23 is preliminary.For the
153、composition of Citigroups Supplementary Leverage Ratio,please see Appendix D of the 1Q23 earnings press release included as Exhibit 99.1 to Citigroups Current Report on Form 8-K filed with the SEC on April 14,2023.3)Available Liquidity Resources is defined as end-of-period HQLA;additional unencumber
154、ed securities,including excess liquidity held at bank entities that is non-transferable to other entities eral Reserve Bank discount window borrowing capacity.4)Total Loss Absorbing Capacity(TLAC):U.S.G-SIBs,including Citi,are required to maintain minimum levels of TLAC and eligible long-term debt(L
155、TD),each set by reference to the G-consolidated risk-weighted assets(RWA)and total leverage exposure.5)Net Stable Funding Ratio(NSFR):As previously disclosed,the U.S.banking agencies adopted a rule to assess the availability of-term debt,while its required stable funding will be based on the liquidi
156、ty characteristics of its assets,derivatives and commitments.Standardized weightings are required to be applied to the various asset and liability classes.The ratio of available stable funding to required stable funding is required to be greater than 100%.The rule became effective beginning July 1,2
157、021,while public disclosure requirements to report the ratio will occur on a semiannual basis beginning June 30,2023.6)-GAAP financial measure.For a reconciliation of this measure to reported results,please refer to Slide 29.7)Trading-related assets include securities borrowed or purchased under agr
158、eements to resell net of allowance and trading account assets and brokerage receivables net of allowance.All other assets include,goodwill,intangible assets,deferred tax assets,allowance for credit losses on loans and all other assets net of allowance.8)Trading-related liabilities include securities
159、 loaned or sold under agreements to repurchase and trading account liabilities and brokerage payables.All other liabilities include short-term borrowings and other liabilities.36ConfidentialFootnotes(cont.)Slide 111)Allowance for Credit Losses(ACL)Build/(Release)and Other provisions includes a net A
160、CL release of approximately$(245)million related to loans and unfunded lending commitments as well as other provisions of approximately$151 million relating to held-to-maturity(HTM)debt securities and other assets.2)Tangible common equity(TCE)is allocated based on estimated full year 2023 capital al
161、locations.TCE is a non-GAAP financial measure.For additional information on this measure,please refer to Slide 29.3)Return on Tangible Common Equity(RoTCE)is a non-GAAP financial measure.RoTCE represents annualized net income available to common shareholders as a percentage of average TCE.For the co
162、mponents of the calculation,please refer to Slide 29.4)Banking includes the impact of gains/(losses)on loan hedges within Corporate Lending of approximately$(199)million in 1Q23,approximately$(300)million in 4Q22 and approximately$169 million in 1Q22.Gains/(losses)on loan hedges includes the mark-to
163、-market on credit derivatives and the mark-to-market on loans in the portfolio that are at fair value.The fixed premium costs of these hedges are netted against product revenues to reflect the cost of credit protection.Slide 121)Corporate Lending revenues exclude the impact of gains/(losses)on loan
164、hedges and are non-GAAP financial measures.Gains/(losses)on loan hedges include the mark-to-market on credit derivatives and the mark-to-market on loans in the portfolio that are at fair value.Corporate Lending excludes the impact of gains/(losses)on loan hedges of approximately$(199)million in 1Q23
165、,approximately$(300)million in 4Q22 and approximately$169 million in 1Q22.The fixed premium costs of these hedges are netted against product revenues to reflect the cost of credit-GAAP financial measures.For additional information on this measure,please refer to Slide 33.2)Worldlink and Cross Border
166、 Funds Transfer platforms.Includes payments from Consumer,Corporate,Financial Institution and Public Sector clients.3)US Dollar Clearing Volume is defined as the number of USD Clearing Payment instructions processed by Citi on behalf of US and foreign-domiciled entities(primarily Financial Instituti
167、ons).Amounts in the table are stated in millions of payment instructions processed.4)Commercial Card Spend Volume is defined as total global spend volumes using Citi issued commercial cards net of refunds and returns.5)Securities services and issuer services managed$23.0 trillion in assets under cus
168、tody and/or administration(AUC/AUA)at March 31,2023.Slide 101)e i-K filed with the SEC on April 14,2023.2)Includes changes in goodwill and intangible assets,and changes in Other Comprehensive Income(including changes in defined plans liability).Citis regulatory capital ratios and components reflect
169、certain deferrals based on the modified regulatory capital transition provision related to the Current Expected Credit Losses(CECL)standard.For additional information,see Capital Resources-Regulatory Capital Treatment-Modified Transition of the Current Expected Credit Losses Methodology in Citigroup
170、s 2022 Annual Report on Form 10-K.Also includes deferred tax excludable from Basel III CET1 Capital,which includes net DTAs arising from net operating loss,foreign tax credit and general business credit tax carry-forwards and DTAs arising from timing tio(bps)also reflects changes in risk-weighted as
171、sets due to foreign currency movements.3)3-5 years from year-end 2021.37ConfidentialFootnotes(cont.)Slide 141)Digital Deposits includes US Citigold deposits reported under Global Wealth Management.2)Client advisors includes bankers,financial client advisors,relationship managers and investment couns
172、elors.3)Client assets include assets under management(AUMs),deposits and trust and custody assets.Slide 151)Allowance for Credit Losses(ACL)Build/(Release)and Other provisions includes a net ACL release of approximately$(15)million related to loans and unfunded lending commitments as well as other p
173、rovisions of approximately$174 million relating to policyholder benefits and claims,held-to-maturity(HTM)debt securities and other assets.2)Tangible common equity(TCE)is allocated based on estimated full year 2023 capital allocations.TCE is a non-GAAP financial measure.For additional information on
174、this measure,please refer to Slide 29.3)1Q23 divestiture-related impacts include approximately$1,018 million of revenue primarily related to the gain on sale of the India consumer business and approximately$73 million of divestiture-related expenses.1Q22 divestiture-related impacts include approxima
175、tely$(47)million in revenue and approximately$559 million of divestiture-related expenses that were incurred in Asia Consumer reporting unit of Legacy Franchises,including goodwill write-down of approximately$535 million,and expenses related to Korea Voluntary Early Retirement Program(VERP)of approx
176、imately$24 million.Revenues and expenses ex-divestitures are non-GAAP measures.For a reconciliation to reported results see Slide 33.4)Mexico includes the results of operations of consumer,small business and middle market banking for all periods presented.5)Asia consumer includes the results of oper
177、ations of consumer activities in certain EMEA countries for all periods presented.1Q23 revenue includes$1,018 divestiture related impact primarily from a gain on the sale of the India consumer business.Slide 131)Allowance for Credit Losses(ACL)Build/(Release)and Other provisions includes a net ACL b
178、uild of approximately$501 million related to loans and unfunded lending commitments as well as other provisions of approximately$(4)million relating to policyholder benefits and claims,held-to-maturity(HTM)debt securities and other assets.2)Tangible common equity(TCE)is allocated based on estimated
179、full year 2023 capital allocations.TCE is a non-GAAP financial measure.For additional information on this measure,please refer to Slide 29.3)Return on Tangible Common Equity(RoTCE)is a non-GAAP financial measure.RoTCE represents annualized net income available to common shareholders as a percentage
180、of average TCE.For a reconciliation to reported results,please refer to Slide 29.4)US Installment Lending is the total of US Personal Loan and Flex(Loan/Pay/Point-of-Sale)products.5)Active Digital Users represents customers of all online and/or mobile services within the last 90 days through Februar
181、y 2023.Excludes Citi mortgage and Retail Services reported in US Personal Banking as well as Private Bank reported in Global Wealth Management.6)Active Mobile Users represents customers of all mobile services(mobile apps or via mobile browser)within the last 90 days through February 2023.Excludes Ci
182、ti mortgage and Retail Services reported in US Personal Banking as well as Private Bank reported in Global Wealth Management.38ConfidentialFootnotes(cont.)Slide 211)Excludes 1Q23 pre-tax divestiture-related impacts of approximately$953 million(approximately$648 million after-tax),largely comprising
183、of approximately$1,018 million pre-tax revenue impact primarily from a gain on the sale of the India consumer business,approximately$73 million divestiture-related costs,and approximately$8 million benefit of divestiture-related credit costs.Excludes 1Q22 divestiture-related impacts of approximately
184、$(677)million (approximately$(588)million after tax),largely comprising of approximately$(47)million in revenue,and approximately$559 million of divestiture-related costs that were incurred in Asia Consumer reporting unit of Legacy Franchises,including goodwill write-down of approximately$535 millio
185、n,and costs related to Korea Voluntary Early Retirement Program(VERP)of approximately$24 million,and approximately$71 millionof divestiture-related credit costs.Revenues and expenses for 2022 excluding divesture-related impacts are non-GAAP financial measures and include the following:2022 revenues
186、include divestiture-related impacts of approximately$854 million,primarily comprised of pre-tax gains related to the sale of the Philippines consumer business in 3Q22 of approximately$618 million and the Thailand consumer business in 4Q22 of approximately$209 million.2021 divestiture-related impacts
187、 to revenue of approximately$(670)million included a pre-tax loss related to the sale of the Australia consumer business of approximately$680 million in 3Q21.2022 expenses included divestiture-related impacts of approximately$696 million.2021 divestiture-related impacts to expenses included costs re
188、lated to the Korea Voluntary Early Retirement Program(VERP)of approximately$1.1 billion and contract modification costs related to Asia divestiture markets of approximately$119 million.2)Does not include institutional banking services in Russia.Slide 221)Includes approximately$8 billion of end-of-pe
189、riod loans reclassified to held-for-ts consumer banking businesses in Taiwan and Indonesia.2)Includes Private Bank mortgages.Slide 201)ICG,PBWM,Legacy Franchises Tangible common equity(TCE)is allocated based on estimated full year 2023 capital allocations.TCE is a non-GAAP financial measure.For addi
190、tional information on this measure,please refer to Slide 29.2)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.For a reconciliation to reported results,please refer to Slide 2
191、9.3)th-K filed with the SEC on April 14,2023.4)Net income to common for Corp./Other is reduced by preferred dividends of approximately$277 million in 1Q23.Slide 161)Tangible common equity(TCE)is a non-GAAP financial measure.For additional information on this measure,please refer to Slide 29.Slide 17
192、1)Excludes 1Q23 pre-tax divestiture-related impacts of approximately$953 million(approximately$648 million after-tax),largely comprising of approximately$1,018 million pre-tax revenue impact primarily from a gain on the sale of the India consumer business,approximately$73 million divestiture-related
193、 costs,and approximately$8 million benefit of divestiture-related credit costs.Excludes 1Q22 divestiture-related impacts of approximately$(677)million (approximately$(588)million after tax),largely comprising of approximately$(47)million in revenue,and approximately$559 million of divestiture-relate
194、d costs that were incurred in Asia Consumer reporting unit of Legacy Franchises,including goodwill write-down of approximately$535 million,and costs related to Korea Voluntary Early Retirement Program(VERP)of approximately$24 million,and approximately$71 millionof divestiture-related credit costs.39
195、ConfidentialFootnotes(cont.)Slide 281)Tangible common equity(TCE)is a non-GAAP financial measure.For additional information on this measure,please refer to Slide 29.2)e i-K filed with the SEC on April 14,2023.3)Represents deferred tax excludable from Basel III CET1 Capital,which includes net DTAs ar
196、ising from net operating loss,foreign tax credit and general business credit tax carry-forwards and DTAs arising from timing differences(future deductions)that are deducted from CET1 capital exceeding the 10%limitation.4)-weighted assets due to foreign currency movements.5)the Current Expected Credi
197、t Losses(CECL)standard.For additional information,see Capital Resources-Regulatory Capital Treatment-Modified Transition of the Current Expected Credit Losses Methodology in Citigroups 2022 Annual Report on Form 10-K.6)Includes changes in goodwill and intangible assets,and changes in Other Comprehen
198、sive Income(including changes in defined benefit plans liability).Slide 291)Net income to common for Corp./Other is reduced by preferred dividends of approximately$277 million in 1Q23.2)Tangible common equity(TCE)allocated to ICG,PBWM and Legacy Franchises is based on estimated full year 2023 capita
199、l allocations.TCE is a non-GAAP financial measure.3)RoTCE is a non-GAAP financial measure.Slide 271)Available Liquidity Resources is defined as end-of-period HQLA;additional unencumbered securities,including excess liquidity held at bank entities that is non-transferable to other entities eral Reser
200、ve Bank discount window borrowing capacity.2)Calculated as Total Available Liquidity Resources of$1,033 billion minus$488 billion of Net Cash Outflow as March 31,2023.Slide 251)Trading-related liabilities include securities loaned or sold under agreements to repurchase and trading account liabilitie
201、s and brokerage payables.All other liabilities include short-term borrowings and other liabilities.2)Net Stable Funding Ratio(NSFR):As previously disclosed,the U.S.banking agencies adopted a rule to assess the availability of-term debt,while its required stable funding will be based on the liquidity
202、 characteristics of its assets,derivatives and commitments.Standardized weightings are required to be applied to the various asset and liability classes.The ratio of available stable funding to required stable funding is required to be greater than 100%.The rule became effective beginning July 1,202
203、1,while public disclosure requirements to report the ratio will occur on a semiannual basis beginning June 30,2023.3)Includes$23.0 billion in Markets,$1.3 billion in Banking,and$21.5 billion in Corp/Other.4)As of year-end 2022.US Citigold tenure defined by the oldest active account in a household ac
204、ross deposits,lending,and investments products.5)40ConfidentialFootnotes(cont.)Slide 301)Reflects the impact of foreign currency(FX)translation into U.S.dollars by applying the first quarter 2023 average exchange rates for all periods presented,with the exception of EOP loans and deposits which was
205、calculated based on exchange rates as of March 31st,-GAAP financial measures.Slide 311)Excludes 1Q23 pre-tax divestiture-related impacts of approximately$953 million(approximately$648 million after-tax),largely comprising of approximately$1,018 million pre-tax revenue impact primarily from a gain on
206、 the sale of the India consumer business,approximately$73 million divestiture-related costs,and approximately$8 million benefit of divestiture-related credit costs.Excludes 1Q22 divestiture-related impacts of approximately$(677)million (approximately$(588)million after tax),largely comprising of app
207、roximately$(47)million in revenue,and approximately$559 million of divestiture-related costs that were incurred in Asia Consumer reporting unit of Legacy Franchises,including goodwill write-down of approximately$535 million,and costs related to Korea Voluntary Early Retirement Program(VERP)of approx
208、imately$24 million,and approximately$71 millionof divestiture-related credit costs.Slide 321)Represents the effect on reported EPS and RoTCE from excluding the after-tax divestiture related impacts described on slide 31.2)Return on Tangible Common Equity(RoTCE)is a non-GAAP financial measure.RoTCE r
209、epresents annualized net income available to common shareholders as a percentage of average TCE.For a reconciliation of common equity to tangible common equity,please refer to Slide 29.Slide 331)Corporate Lending revenues exclude the impact of gains/(losses)on loan hedges and are non-GAAP financial
210、measures.Gains/(losses)on loan hedges include the mark-to-market on credit derivatives and the mark-to-market on loans in the portfolio that are at fair value.Corporate Lending excludes the impact of gains/(losses)on loan hedges of approximately$(199)million in 1Q23,approximately$(300)million in 4Q2
211、2 and approximately$169 million in 1Q22.The fixed premium costs of these hedges are netted against product revenues to reflect the cost of credit-GAAP financial measures.2)1Q23 divestiture-related impacts include approximately$1,018 million of revenue primarily related to the gain on sale of the Ind
212、ia consumer business and approximately$73 million of divestiture-related expenses.1Q22 divestiture-related impacts include approximately$(47)million in revenue and approximately$559 million of divestiture-related expenses that were incurred in Asia Consumer reporting unit of Legacy Franchises,including goodwill write-down of approximately$535 million,and expenses related to Korea Voluntary Early Retirement Program(VERP)of approximately$24 million.