CITIGROUP INC - FORM 8-K - EX-99.2 - EXHIBIT 99.2

Attached files

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EX-99.3 - EXHIBIT 99.3 - CITIGROUP INC	c-20201013xex993.htm
EX-99.1 - EXHIBIT 99.1 - CITIGROUP INC	c-20201013xex99d1.htm
8-K - FORM 8-K - CITIGROUP INC	c-20201013x8k.htm

Exhibit 99.2

citi-r_2c-blu_pos_rgb


CITIGROUP -- QUARTERLY FINANCIAL DATA SUPPLEMENT		3Q20


		Page
Citigroup
Financial Summary		1
Consolidated Statement of Income		2
Consolidated Balance Sheet		3
Segment Detail
Net Revenues		4
Income, Regional Average Assets and ROA		5

Global Consumer Banking (GCB)		6
Retail Banking and Cards Key Indicators		7
North America		8 - 10
Latin America⁽¹⁾		11 - 12
Asia⁽²⁾		13 - 14
Institutional Clients Group (ICG)		15
Revenues by Business		16

Corporate / Other		17

Citigroup Supplemental Detail
Average Balances and Interest Rates		18
Deposits		19
EOP Loans		20
Consumer Loan Delinquencies and Ratios
90+ Days		21
30-89 Days		22
Allowance for Credit Losses on Loans and Unfunded Lending Commitments		23 - 24
Components of Provision for Credit Losses on Loans		25
Non-Accrual Assets		26

CET1 Capital and Supplementary Leverage Ratios, Tangible Common Equity,		27
Book Value Per Share and Tangible Book Value Per Share

(1)	Latin America GCB consists of Citi's consumer banking operations in Mexico.

(2)	Asia GCB includes the results of operations of GCB activities in certain EMEA countries for all periods presented.

CITIGROUP FINANCIAL SUMMARY

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

	3Q			4Q			1Q			2Q			3Q			3Q20 Increase/ (Decrease) from		Nine Months			Nine Months			YTD 2020 vs. YTD 2019 Increase/
	2019			2019			2020			2020			2020			2Q20	3Q19	2019			2020			(Decrease)
Total revenues, net of interest expense	$	18,574		$	18,378		$	20,731		$	19,766		$	17,302		(12%)	(7%)	$	55,908		$	57,799		3%
Total operating expenses		10,464			10,454			10,594			10,415			10,964		5%	5%		31,548			31,973		1%
Net credit losses (NCLs)		1,913			1,944			2,108			2,206			1,919		(13%)	-		5,824			6,233		7%
Credit reserve build / (release) for loans		149			179			4,336			5,490			(110)		NM	NM		271			9,716		NM
Provision / (release) for unfunded lending commitments		9			74			557			113			424		NM	NM		18			1,094		NM
Provisions for benefits and claims, HTM debt securities and other assets		17			25			26			94			29		(69%)	71%		48			149		NM
Provisions for credit losses and for benefits and claims		2,088			2,222			7,027			7,903			2,262		(71%)	8%		6,161			17,192		NM
Income from continuing operations before income taxes		6,022			5,702			3,110			1,448			4,076		NM	(32%)		18,199			8,634		(53%)
Income taxes⁽¹⁾		1,079			703			576			131			815		NM	(24%)		3,727			1,522		(59%)
Income from continuing operations		4,943			4,999			2,534			1,317			3,261		NM	(34%)		14,472			7,112		(51%)
Income (loss) from discontinued operations, net of taxes		(15)			(4)			(18)			(1)			(7)		NM	53%		-			(26)		NM
Net income before noncontrolling interests		4,928			4,995			2,516			1,316			3,254		NM	(34%)		14,472			7,086		(51%)
Net income (loss) attributable to noncontrolling interests		15			16			(6)			-			24		NM	60%		50			18		(64%)
Citigroup's net income	$	4,913		$	4,979		$	2,522		$	1,316		$	3,230		NM	(34%)	$	14,422		$	7,068		(51%)

Diluted earnings per share:
Income from continuing operations	$	2.08		$	2.15		$	1.06		$	0.51		$	1.40		NM	(33%)	$	5.89		$	2.97		(50%)
Citigroup's net income	$	2.07		$	2.15		$	1.05		$	0.50		$	1.40		NM	(32%)	$	5.89		$	2.96		(50%)
Shares (in millions):
Average basic		2,220.8			2,149.4			2,097.9			2,081.7			2,081.8		-	(6%)		2,282.4			2,087.1		(9%)
Average diluted		2,237.1			2,166.8			2,113.7			2,084.3			2,094.3		-	(6%)		2,298.2			2,100.1		(9%)
Common shares outstanding, at period end		2,183.2			2,114.1			2,081.8			2,081.9			2,082.0		-	(5%)

Preferred dividends	$	254		$	296		$	291		$	253		$	284		12%	12%	$	812		$	828		2%

Income allocated to unrestricted common shareholders - basic
Income from continuing operations	$	4,647		$	4,653		$	2,228		$	1,053		$	2,935		NM	(37%)	$	13,522		$	6,216		(54%)
Citigroup's net income	$	4,632		$	4,649		$	2,210		$	1,052		$	2,928		NM	(37%)	$	13,522		$	6,190		(54%)

Income allocated to unrestricted common shareholders - diluted
Income from continuing operations	$	4,656		$	4,661		$	2,235		$	1,053		$	2,942		NM	(37%)	$	13,546		$	6,237		(54%)
Citigroup's net income	$	4,641		$	4,657		$	2,217		$	1,052		$	2,935		NM	(37%)	$	13,546		$	6,211		(54%)

Regulatory capital ratios and performance metrics:
Common Equity Tier 1 (CET1) Capital ratio^(2)(3)(4)		11.58	%		11.81	%		11.17	%		11.59	%		11.8	%
Tier 1 Capital ratio^(2)(3)(4)		13.20	%		13.36	%		12.61	%		13.08	%		13.3	%
Total Capital ratio^(2)(3)(4)		16.07	%		15.97	%		15.06	%		15.56	%		15.7	%
Supplementary Leverage ratio (SLR)^(3)(4)(5)		6.27	%		6.21	%		5.97	%		6.66	%		6.8	%
Return on average assets		0.97	%		0.99	%		0.49	%		0.23	%		0.57	%				0.98	%		0.43	%
Return on average common equity		10.4	%		10.6	%		5.2	%		2.4	%		6.7	%				10.2	%		4.8	%
Efficiency ratio (total operating expenses/total revenues, net)		56.3	%		56.9	%		51.1	%		52.7	%		63.4	%				56.4	%		55.3	%

Balance sheet data (in billions of dollars, except per share amounts)⁽³⁾:
Total assets	$	2,014.8		$	1,951.2		$	2,219.8		$	2,232.7		$	2,234.5		-	11%
Total average assets		2,000.1			1,996.6			2,079.7			2,266.6			2,259.4		-	13%	$	1,972.9		$	2,201.9		12%
Total deposits		1,087.8			1,070.6			1,184.9			1,233.7			1,262.6		2%	16%
Citigroup's stockholders' equity		196.4			193.2			192.3			191.6			193.9		1%	(1%)
Book value per share		81.02			82.90			83.75			83.41			84.48		1%	4%
Tangible book value per share⁽⁶⁾		69.03			70.39			71.52			71.15			71.95		1%	4%

Direct staff (in thousands)		199			200			201			204			209		2%	5%

(1)

4Q19 includes discrete tax items of roughly $540 million, including an approximate $430 million benefit of a reduction in Citi’s valuation allowance related to its deferred tax assets (DTAs). 3Q19 includes discrete tax items of roughly $230 million, including an approximate $180 million benefit of a reduction in Citi’s valuation allowance related to its DTAs.

(2)

Citi's reportable CET1 Capital and Tier 1 Capital ratios were derived under the U.S. Basel III Advanced Approaches framework as of March 31, 2020 and all subsequent periods, and the U.S. Basel III Standardized Approach framework for all prior periods presented, whereas 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 lower 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. For the composition of Citi's CET1 Capital and ratio, see page 27.

(3)	September 30, 2020 is preliminary.

(4)

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 (which is substantively unchanged from the March 2020 interim final rule). For additional information, see "Capital Resources" in Citi's First Quarter of 2020 Form 10-Q.

(5)	For the composition of Citi's SLR, see page 27.

(6)	Tangible book value per share is a non-GAAP financial measure. For a reconciliation of this measure to reported results, see page 27.

Note: Ratios and variance percentages are calculated based on the displayed amounts. Due to averaging and roundings, quarterly earnings per share may not sum to the YTD totals.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 1

CITIGROUP CONSOLIDATED STATEMENT OF INCOME

(In millions of dollars)


	3Q		4Q		1Q		2Q		3Q		3Q20 Increase/ (Decrease) from		Nine Months		Nine Months		YTD 2020 vs. YTD 2019 Increase/
	2019		2019		2020		2020		2020		2Q20	3Q19	2019		2020		(Decrease)

Revenues
Interest revenue	$	19,177	$	18,545	$	17,139	$	14,589	$	13,314	(9%)	(31%)	$	57,965	$	45,042	(22%)
Interest expense		7,536		6,548		5,647		3,509		2,821	(20%)	(63%)		22,615		11,977	(47%)
Net interest revenue		11,641		11,997		11,492		11,080		10,493	(5%)	(10%)		35,350		33,065	(6%)

Commissions and fees		2,906		3,033		3,021		2,933		2,753	(6%)	(5%)		8,713		8,707	-
Principal transactions		2,802		1,412		5,261		4,157		2,508	(40%)	(10%)		7,480		11,926	59%
Administrative and other fiduciary fees		880		823		854		819		892	9%	1%		2,588		2,565	(1%)
Realized gains (losses) on investments		361		515		432		748		304	(59%)	(16%)		959		1,484	55%
Impairment losses on investments and other assets		(14)		(5)		(55)		(69)		(30)	57%	NM		(27)		(154)	NM
Provision for credit losses on AFS debt securities⁽¹⁾		-		-		-		(8)		4	NM	NM		-		(4)	NM
Other revenue (loss)		(2)		603		(274)		106		378	NM	NM		845		210	(75%)
Total non-interest revenues		6,933		6,381		9,239		8,686		6,809	(22%)	(2%)		20,558		24,734	20%
Total revenues, net of interest expense		18,574		18,378		20,731		19,766		17,302	(12%)	(7%)		55,908		57,799	3%


Provisions for credit losses and for benefits and claims
Net credit losses		1,913		1,944		2,108		2,206		1,919	(13%)	-		5,824		6,233	7%
Credit reserve build / (release) for loans		149		179		4,336		5,490		(110)	NM	NM		271		9,716	NM
Provision for credit losses on loans		2,062		2,123		6,444		7,696		1,809	(76%)	(12%)		6,095		15,949	NM
Provision for credit losses on held-to-maturity (HTM) debt securities		-		-		6		31		(16)	NM	NM		-		21	NM
Provision for credit losses on other assets		-		-		(4)		48		(13)	NM	NM		-		31	NM
Policyholder benefits and claims		17		25		24		15		58	NM	NM		48		97	NM
Provision for credit losses on unfunded lending commitments		9		74		557		113		424	NM	NM		18		1,094	NM
Total provisions for credit losses and for benefits and claims		2,088		2,222		7,027		7,903		2,262	(71%)	8%		6,161		17,192	NM

Operating expenses
Compensation and benefits		5,329		5,065		5,654		5,624		5,595	(1%)	5%		16,368		16,873	3%
Premises and equipment		580		615		565		562		575	2%	(1%)		1,713		1,702	(1%)
Technology / communication		1,783		1,850		1,723		1,741		1,891	9%	6%		5,227		5,355	2%
Advertising and marketing		378		345		328		299		238	(20%)	(37%)		1,171		865	(26%)
Other operating		2,394		2,579		2,324		2,189		2,665	22%	11%		7,069		7,178	2%
Total operating expenses		10,464		10,454		10,594		10,415		10,964	5%	5%		31,548		31,973	1%

Income from continuing operations before income taxes		6,022		5,702		3,110		1,448		4,076	NM	(32%)		18,199		8,634	(53%)
Provision for income taxes ⁽²⁾		1,079		703		576		131		815	NM	(24%)		3,727		1,522	(59%)

Income (loss) from continuing operations		4,943		4,999		2,534		1,317		3,261	NM	(34%)		14,472		7,112	(51%)
Discontinued operations
Income (loss) from discontinued operations		(15)		(4)		(18)		(1)		(7)	NM	53%		(27)		(26)	4%
Provision (benefit) for income taxes		-		-		-		-		-	-	-		(27)		-	100%
Income (loss) from discontinued operations, net of taxes		(15)		(4)		(18)		(1)		(7)	NM	53%		-		(26)	NM

Net income before noncontrolling interests		4,928		4,995		2,516		1,316		3,254	NM	(34%)		14,472		7,086	(51%)

Net income (loss) attributable to noncontrolling interests		15		16		(6)		-		24	NM	60%		50		18	(64%)
Citigroup's net income	$	4,913	$	4,979	$	2,522	$	1,316	$	3,230	NM	(34)%	$	14,422	$	7,068	(51%)

(1)	In accordance with ASC 326.

(2)

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 2

CITIGROUP CONSOLIDATED BALANCE SHEET

(In millions of dollars)


													3Q20 Increase/
	September 30,		December 31,		March 31,			June 30,			September 30,		(Decrease) from
	2019		2019			2020			2020		2020 ⁽¹⁾		2Q20	3Q19
Assets
Cash and due from banks (including segregated cash and other deposits)	$	24,086	$	23,967		$	23,755		$	22,889	$	25,308	11%	5%
Deposits with banks, net of allowance		196,357		169,952			262,165			286,884		298,412	4%	52%
Securities borrowed and purchased under agreements to resell, net of allowance		261,125		251,322			262,536			282,917		289,358	2%	11%
Brokerage receivables, net of allowance		54,215		39,857			68,555			51,633		51,610	-	(5%)
Trading account assets		306,824		276,140			365,000			362,311		348,209	(4%)	13%
Investments
Available-for-sale debt securities, net of allowance		275,425		280,265			308,219			342,256		343,690	-	25%
Held-to-maturity debt securities, net of allowance		75,841		80,775			82,315			83,332		96,065	15%	27%
Equity securities		7,117		7,523			8,349			7,665		7,769	1%	9%
Total investments		358,383		368,563			398,883			433,253		447,524	3%	25%
Loans, net of unearned income
Consumer		297,400		309,548			288,430			281,113		280,025	-	(6%)
Corporate		394,343		389,935			432,590			404,179		386,886	(4%)	(2%)
Loans, net of unearned income		691,743		699,483			721,020			685,292		666,911	(3%)	(4%)
Allowance for credit losses on loans (ACLL)		(12,530)		(12,783)			(20,841)			(26,420)		(26,426)	-	NM
Total loans, net		679,213		686,700			700,179			658,872		640,485	(3%)	(6%)
Goodwill		21,822		22,126			21,264			21,399		21,624	1%	(1%)
Intangible assets (including MSRs)		4,844		4,822			4,560			4,451		4,804	8%	(1%)
Other assets, net of allowance		107,933		107,709			112,873			108,106		107,125	(1%)	(1%)
Total assets	$	2,014,802	$	1,951,158		$	2,219,770		$	2,232,715	$	2,234,459	-	11%

Liabilities
Non-interest-bearing deposits in U.S. offices	$	99,731	$	98,811		$	113,371		$	115,386	$	121,183	5%	22%
Interest-bearing deposits in U.S. offices		407,872		401,418			462,327			490,823		497,487	1%	22%
Total U.S. deposits		507,603		500,229			575,698			606,209		618,670	2%	22%
Non-interest-bearing deposits in offices outside the U.S.		82,723		85,692			85,439			87,479		94,208	8%	14%
Interest-bearing deposits in offices outside the U.S.		497,443		484,669			523,774			539,972		549,745	2%	11%
Total international deposits		580,166		570,361			609,213			627,451		643,953	3%	11%

Total deposits		1,087,769		1,070,590			1,184,911			1,233,660		1,262,623	2%	16%
Securities loaned and sold under agreements to resell		195,047		166,339			222,324			215,722		207,227	(4%)	6%
Brokerage payables		63,342		48,601			74,368			60,567		54,328	(10%)	(14%)
Trading account liabilities		135,596		119,894			163,995			149,264		146,990	(2%)	8%
Short-term borrowings		35,230		45,049			54,951			40,156		37,439	(7%)	6%
Long-term debt		242,238		248,760			266,098			279,775		273,254	(2%)	13%
Other liabilities⁽²⁾		58,510		57,979			60,141			61,269		58,003	(5%)	(1%)
Total liabilities	$	1,817,732	$	1,757,212		$	2,026,788		$	2,040,413	$	2,039,864	-	12%

Equity
Stockholders' equity
Preferred stock	$	19,480	$	17,980		$	17,980		$	17,980	$	17,980	-	(8%)
Common stock		31		31			31			31		31	-	-
Additional paid-in capital		107,741		107,840			107,550			107,668		107,764	-	-
Retained earnings		161,797		165,369			163,438			163,431		165,303	1%	2%
Treasury stock, at cost		(56,541)		(61,660)			(64,147)			(64,143)		(64,137)	-	(13%)
Accumulated other comprehensive income (loss) (AOCI)		(36,135)		(36,318)			(32,521)			(33,345)		(33,065)	1%	8%
Total common equity	$	176,893	$	175,262		$	174,351		$	173,642	$	175,896	1%	(1%)

Total Citigroup stockholders' equity	$	196,373	$	193,242		$	192,331		$	191,622	$	193,876	1%	(1%)
Noncontrolling interests		697		704			651			680		719	6%	3%
Total equity		197,070		193,946			192,982			192,302		194,595	1%	(1%)
Total liabilities and equity	$	2,014,802	$	1,951,158		$	2,219,770		$	2,232,715	$	2,234,459	-	11%

(1)	Preliminary.

(2)	Includes allowance for credit losses for unfunded lending commitments. See page 23 for amounts by period.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 3

SEGMENT DETAIL

NET REVENUES

(In millions of dollars)


											3Q20 Increase/		Nine		Nine		YTD 2020 vs.
	3Q		4Q		1Q		2Q		3Q		(Decrease) from		Months		Months		YTD 2019 Increase/
	2019		2019		2020		2020		2020		2Q20	3Q19	2019		2020		(Decrease)
Global Consumer Banking
North America	$	5,179	$	5,253	$	5,224	$	4,742	$	4,527	(5%)	(13%)	$	15,145	$	14,493	(4%)
Latin America		1,269		1,377		1,199		1,050		1,027	(2%)	(19%)		3,861		3,276	(15%)
Asia⁽¹⁾		1,841		1,829		1,751		1,547		1,619	5%	(12%)		5,506		4,917	(11%)
Total		8,289		8,459		8,174		7,339		7,173	(2%)	(13%)		24,512		22,686	(7%)

Institutional Clients Group
North America		3,244		3,314		4,947		4,987		3,920	(21%)	21%		10,145		13,854	37%
EMEA		3,138		2,738		3,470		3,392		3,085	(9%)	(2%)		9,268		9,947	7%
Latin America		1,294		1,297		1,418		1,207		1,141	(5%)	(12%)		3,869		3,766	(3%)
Asia		2,175		2,028		2,649		2,551		2,207	(13%)	1%		6,642		7,407	12%
Total		9,851		9,377		12,484		12,137		10,353	(15%)	5%		29,924		34,974	17%

Corporate / Other		434		542		73		290		(224)	NM	NM		1,472		139	(91%)

Total Citigroup - net revenues	$	18,574	$	18,378	$	20,731	$	19,766	$	17,302	(12%)	(7%)	$	55,908	$	57,799	3%

(1)	Asia GCB includes the results of operations of GCB activities in certain EMEA countries for all periods presented.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 4

SEGMENT DETAIL

INCOME

(In millions of dollars)


											3Q20 Increase/		Nine		Nine		YTD 2020 vs.
	3Q		4Q		1Q		2Q		3Q		(Decrease) from		Months		Months		YTD 2019 Increase/
	2019		2019		2020		2020		2020		2Q20	3Q19	2019		2020		(Decrease)
Income (loss) from continuing operations

Global Consumer Banking
North America	$	884	$	970	$	(910)	$	(459)	$	693	NM	(22%)	$	2,254	$	(676)	NM
Latin America		217		234		(36)		18		152	NM	(30%)		667		134	(80%)
Asia ⁽¹⁾		402		374		191		43		213	NM	(47%)		1,203		447	(63%)
Total		1,503		1,578		(755)		(398)		1,058	NM	(30%)		4,124		(95)	NM

Institutional Clients Group
North America		818		895		896		660		1,058	60%	29%		2,616		2,614	-
EMEA		1,060		677		1,035		493		893	81%	(16%)		3,190		2,421	(24%)
Latin America		487		565		526		(194)		108	NM	(78%)		1,546		440	(72%)
Asia		864		741		1,169		921		860	(7%)	-		2,714		2,950	9%
Total		3,229		2,878		3,626		1,880		2,919	55%	(10%)		10,066		8,425	(16%)


Corporate / Other		211		543		(337)		(165)		(716)	NM	NM		282		(1,218)	NM

Income from continuing operations	$	4,943	$	4,999	$	2,534	$	1,317	$	3,261	NM	(34%)	$	14,472	$	7,112	(51%)

Discontinued operations		(15)		(4)		(18)		(1)		(7)	NM	53%		-		(26)	NM

Net income attributable to noncontrolling interests		15		16		(6)		-		24	NM	60%		50		18	(64%)

Total Citigroup - net income	$	4,913	$	4,979	$	2,522	$	1,316	$	3,230	NM	(34%)	$	14,422	$	7,068	(51%)

Average assets (in billions)
North America	$	1,054	$	1,053	$	1,113	$	1,256	$	1,245	(1%)	18%	$	1,028	$	1,204	17%
EMEA⁽¹⁾		363		357		378		412		412	-	13%		365		401	10%
Latin America		130		133		129		128		129	1%	(1%)		128		129	1%
Asia⁽¹⁾		356		359		366		378		380	1%	7%		354		375	6%
Corporate / Other		97		95		94		93		93	-	(4%)		98		93	(5%)
Total	$	2,000	$	1,997	$	2,080	$	2,267	$	2,259	-	13%	$	1,973	$	2,202	12%

Return on average assets (ROA) on net income (loss)
North America		0.64%		0.70%		0.00%		0.06%		0.56%				0.63%		0.22%
EMEA⁽¹⁾		1.14%		0.74%		1.09%		0.48%		0.84%				1.15%		0.79%
Latin America		2.15%		2.38%		1.53%		(0.55%)		0.80%				2.31%		0.59%
Asia⁽¹⁾		1.41%		1.22%		1.50%		1.03%		1.12%				1.48%		1.21%
Corporate / Other		0.78%		2.24%		(1.50%)		(0.70%)		(3.09%)				0.36%		(1.78%)
Total		0.97%		0.99%		0.49%		0.23%		0.57%				0.98%		0.43%

(1)	Asia GCB includes the results of operations of GCB activities in certain EMEA countries for all periods presented.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 5

GLOBAL CONSUMER BANKING

Page 1

(In millions of dollars, except as otherwise noted)


											3Q20 Increase/		Nine		Nine		YTD 2020 vs.
	3Q		4Q		1Q		2Q		3Q		(Decrease) from		Months		Months		YTD 2019 Increase/
	2019		2019		2020		2020		2020		2Q20	3Q19	2019		2020		(Decrease)
Net interest revenue	$	7,127	$	7,181	$	7,072	$	6,534	$	6,251	(4%)	(12%)	$	21,024	$	19,857	(6%)
Non-interest revenue		1,162		1,278		1,102		805		922	15%	(21%)		3,488		2,829	(19%)
Total revenues, net of interest expense		8,289		8,459		8,174		7,339		7,173	(2%)	(13%)		24,512		22,686	(7%)
Total operating expenses		4,368		4,373		4,368		4,013		4,217	5%	(3%)		13,255		12,598	(5%)
Net credit losses on loans		1,802		1,842		1,983		1,887		1,598	(15%)	(11%)		5,540		5,468	(1%)
Credit reserve build / (release) for loans		129		120		2,829		1,960		(88)	NM	NM		319		4,701	NM
Provision for credit losses on unfunded lending commitments		2		2		(1)		-		5	NM	NM		(1)		4	NM
Provisions for benefits and claims, HTM debt securities and other assets		17		25		20		38		45	18%	NM		48		103	NM
Provisions for credit losses and for benefits and claims (PBC)		1,950		1,989		4,831		3,885		1,560	(60%)	(20%)		5,906		10,276	74%
Income (loss) from continuing operations before taxes		1,971		2,097		(1,025)		(559)		1,396	NM	(29%)		5,351		(188)	NM
Income taxes (benefits)		468		519		(270)		(161)		338	NM	(28%)		1,227		(93)	NM
Income (loss) from continuing operations		1,503		1,578		(755)		(398)		1,058	NM	(30%)		4,124		(95)	NM
Noncontrolling interests		2		3		(1)		(2)		-	100%	(100%)		3		(3)	NM
Net income (loss)	$	1,501	$	1,575	$	(754)	$	(396)	$	1,058	NM	(30%)	$	4,121	$	(92)	NM
EOP assets (in billions)	$	394	$	407	$	403	$	423	$	435	3%	10%
Average assets (in billions)		392		399		406		418	$	434	4%	11%	$	385	$	419	9%
Return on average assets		1.52%		1.57%		(0.75%)		(0.38%)		0.97%				1.43%		(0.03%)
Efficiency ratio		53%		52%		53%		55%		59%				54%		56%

Net credit losses as a % of average loans		2.52%		2.51%		2.75%		2.80%		2.33%				2.63%		2.63%

Revenue by business
Retail banking	$	3,117	$	3,124	$	3,046	$	2,836	$	2,916	3%	(6%)	$	9,425	$	8,798	(7%)
Cards ⁽¹⁾		5,172		5,335		5,128		4,503		4,257	(5%)	(18%)		15,087		13,888	(8%)
Total	$	8,289	$	8,459	$	8,174	$	7,339	$	7,173	(2%)	(13%)	$	24,512	$	22,686	(7%)

Net credit losses on loans by business
Retail banking	$	225	$	227	$	235	$	204	$	190	(7%)	(16%)	$	683	$	629	(8%)
Cards ⁽¹⁾		1,577		1,615		1,748		1,683		1,408	(16%)	(11%)		4,857		4,839	-
Total	$	1,802	$	1,842	$	1,983	$	1,887	$	1,598	(15%)	(11%)	$	5,540	$	5,468	(1%)

Income from continuing operations by business
Retail banking	$	492	$	424	$	120	$	71	$	346	NM	(30%)	$	1,418	$	537	(62%)
Cards ⁽¹⁾		1,011		1,154		(875)		(469)		712	NM	(30%)		2,706		(632)	NM
Total	$	1,503	$	1,578	$	(755)	$	(398)	$	1,058	NM	(30%)	$	4,124	$	(95)	NM

Foreign currency (FX) translation impact
Total revenue - as reported	$	8,289	$	8,459	$	8,174	$	7,339	$	7,173	(2%)	(13%)	$	24,512	$	22,686	(7%)
Impact of FX translation ⁽²⁾		(113)		(169)		(41)		69		-				(456)		-
Total revenues - Ex-FX ⁽²⁾	$	8,176	$	8,290	$	8,133	$	7,408	$	7,173	(3%)	(12%)	$	24,056	$	22,686	(6%)

Total operating expenses – as reported	$	4,368	$	4,373	$	4,368	$	4,013	$	4,217	5%	(3%)	$	13,255	$	12,598	(5%)
Impact of FX translation ⁽²⁾		(62)		(93)		(23)		42		-				(248)		-
Total operating expenses - Ex-FX ⁽²⁾	$	4,306	$	4,280	$	4,345	$	4,055	$	4,217	4%	(2%)	$	13,007	$	12,598	(3%)

Total provisions for credit losses & PBC - as reported	$	1,950	$	1,989	$	4,831	$	3,885	$	1,560	(60%)	(20%)	$	5,906	$	10,276	74%
Impact of FX translation ⁽²⁾		(28)		(37)		(31)		28		-				(111)		-
Total provisions for credit losses & PBC - Ex-FX ⁽²⁾	$	1,922	$	1,952	$	4,800	$	3,913	$	1,560	(60%)	(19%)	$	5,795	$	10,276	77%

Net income (loss) – as reported	$	1,501	$	1,575	$	(754)	$	(396)	$	1,058	NM	(30%)	$	4,121	$	(92)	NM
Impact of FX translation ⁽²⁾		(15)		(28)		10		(2)		-				(64)		-
Total net income (loss) - Ex-FX ⁽²⁾	$	1,486	$	1,547	$	(744)	$	(398)	$	1,058	NM	(29%)	$	4,057	$	(92)	NM

(1)	Includes both Citi-Branded Cards and Citi Retail Services.

(2)	Reflects the impact of foreign currency (FX) translation into U.S. dollars at the third quarter of 2020 and year-to-date 2020 average exchange rates for all periods presented.

Citigroup's results of operations excluding the impact of FX translation are non-GAAP financial measures.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 6

GLOBAL CONSUMER BANKING

Page 2


											3Q20 Increase
	3Q		4Q		1Q		2Q		3Q		(Decrease) from
	2019		2019		2020		2020		2020		2Q20	3Q19
Retail Banking Key Indicators (in billions of dollars, except as otherwise noted)
Branches (actual)		2,394		2,348		2,334		2,327		2,321	-	(3%)
Accounts (in millions)		55.8		55.9		55.9		55.5		55.5	-	(1%)
Average deposits	$	276.8	$	282.6	$	290.1	$	301.9	$	319.8	6%	16%
Investment sales		23.9		22.7		29.6		25.6		30.2	18%	26%
Investment assets under management (AUMs):
AUMS		157.8		166.5		138.1		153.9		163.5	6%	4%
AUMs related to the LATAM retirement services business		35.5		38.4		29.1		33.0		35.9	9%	1%
Total AUMs	$	193.3	$	204.9	$	167.2	$	186.9	$	199.4	7%	3%
Average loans		119.5		123.0		123.1		121.8		125.6	3%	5%
EOP loans:
Mortgages	$	83.4	$	85.5	$	83.6	$	86.0	$	87.5	2%	5%
Personal, small business and other		37.2		39.3		36.6		37.6		38.3	2%	3%
EOP loans	$	120.6	$	124.8	$	120.2	$	123.6	$	125.8	2%	4%

Total net interest revenue (in millions)(1)	$	2,069	$	2,048	$	1,981	$	1,918	$	1,898	(1%)	(8%)
As a % of average loans		6.87%		6.61%		6.47%		6.33%		6.01%

Net credit losses on loans (in millions)	$	225	$	227	$	235	$	204	$	190	(7%)	(16%)
As a % of average loans		0.75%		0.73%		0.77%		0.67%		0.60%
Loans 90+ days past due (in millions)(2)	$	392	$	438	$	429	$	497	$	497	-	27%
As a % of EOP loans		0.33%		0.35%		0.36%		0.40%		0.40%
Loans 30-89 days past due (in millions)(2)	$	803	$	816	$	794	$	918	$	786	(14%)	(2%)
As a % of EOP loans		0.67%		0.66%		0.66%		0.75%		0.63%

Cards key indicators (in millions of dollars, except as otherwise noted)
EOP open accounts (in millions)		138.2		138.3		137.3		134.6		132.8	(1%)	(4%)
Purchase sales (in billions)	$	141.8	$	152.0	$	127.6	$	108.3	$	127.1	17%	(10%)

Average loans (in billions)(3)		164.6		168.0		167.2		149.7		146.8	(2%)	(11%)
EOP loans (in billions)(3)		165.8		175.1		159.1		149.0		146.6	(2%)	(12%)
Average yield(4)		13.87%		13.62%		13.59%		13.40%		12.83%
Total net interest revenue(5)	$	5,058	$	5,133	$	5,091	$	4,616	$	4,353	(6%)	(14%)
As a % of average loans(5)		12.19%		12.12%		12.25%		12.40%		11.80%
Net credit losses on loans	$	1,577	$	1,615	$	1,748	$	1,683	$	1,408	(16%)	(11%)
As a % of average loans		3.80%		3.81%		4.20%		4.52%		3.82%
Net credit margin(6)	$	3,598	$	3,722	$	3,378	$	2,812	$	2,852	1%	(21%)
As a % of average loans(6)		8.67%		8.79%		8.13%		7.55%		7.73%
Loans 90+ days past due(7)	$	2,078	$	2,299	$	2,174	$	1,969	$	1,479	(25%)	(29%)
As a % of EOP loans		1.25%		1.31%		1.37%		1.32%		1.01%
Loans 30-89 days past due(7)	$	2,153	$	2,185	$	2,076	$	1,585	$	1,612	2%	(25%)
As a % of EOP loans		1.30%		1.25%		1.30%		1.06%		1.10%

(1)	Also includes net interest revenue related to the average deposit balances in excess of the average loan portfolio.

(2)	The Loans 90+ days past due and 30-89 days past due and related ratios exclude U.S. mortgage loans that are guaranteed by U.S. government-sponsored agencies. See footnote 2 on page 9.

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

(4)	Average yield is gross interest revenue earned on loans divided by average loans.

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

(6)	Net credit margin is total revenues, net of interest expense, less net credit losses and policy benefits and claims.

(7)

The decrease in loans 90+ days past due as of September 30, 2020 and the decrease in loans 30-89 days past due beginning at June 30, 2020, include the impact of loan modifications in North America and Latin America that were implemented during the second quarter of 2020 related to various COVID-19 consumer relief programs.

Reclassified to conform to the current period’s presentation.

Page 7

GLOBAL CONSUMER BANKING

NORTH AMERICA

Page 1

(In millions of dollars, except as otherwise noted)


											3Q20 Increase/		Nine		Nine		YTD 2020 vs.
	3Q		4Q		1Q		2Q		3Q		(Decrease) from		Months		Months		YTD 2019 Increase/
	2019		2019		2020		2020		2020		2Q20	3Q19	2019		2020		(Decrease)

Net interest revenue	$	5,041	$	5,062	$	5,036	$	4,707	$	4,500	(4%)	(11%)	$	14,807	$	14,243	(4%)
Non-interest revenue		138		191		188		35		27	(23%)	(80%)		338		250	(26%)
Total revenues, net of interest expense		5,179		5,253		5,224		4,742		4,527	(5%)	(13%)		15,145		14,493	(4%)
Total operating expenses		2,511		2,450		2,536		2,346		2,444	4%	(3%)		7,704		7,326	(5%)
Net credit losses on loans		1,350		1,408		1,526		1,484		1,182	(20%)	(12%)		4,175		4,192	-
Credit reserve build / (release) for loans		161		109		2,362		1,499		(13)	(101%)	NM		360		3,848	NM
Provision for credit losses on unfunded lending commitments		2		2		(1)		-		5	NM	NM		(1)		4	NM
Provisions for benefits and claims, HTM debt securities and other assets		4		3		5		19		(6)	NM	NM		16		18	13%
Provisions for credit losses and for benefits and claims		1,517		1,522		3,892		3,002		1,168	(61%)	(23%)		4,550		8,062	77%
Income (loss) from continuing operations before taxes		1,151		1,281		(1,204)		(606)		915	NM	(21%)		2,891		(895)	NM
Income taxes (benefits)		267		311		(294)		(147)		222	NM	(17%)		637		(219)	NM
Income (loss) from continuing operations		884		970		(910)		(459)		693	NM	(22%)		2,254		(676)	NM
Noncontrolling interests		-		-		-		-		-	-	-		-		-	-
Net income (loss)	$	884	$	970	$	(910)	$	(459)	$	693	NM	(22%)	$	2,254	$	(676)	NM
Average assets (in billions)	$	235	$	237	$	246	$	264	$	274	4%	17%	$	230	$	261	13%
Return on average assets		1.49%		1.62%		(1.49%)		(0.70%)		1.01%				1.31%		(0.35%)
Efficiency ratio		48%		47%		49%		49%		54%				51%		51%

Net credit losses as a % of average loans		2.84%		2.90%		3.18%		3.30%		2.63%				2.99%		3.03%

Revenue by business
Retail banking	$	1,131	$	1,108	$	1,130	$	1,122	$	1,113	(1%)	(2%)	$	3,421	$	3,365	(2%)
Citi-branded cards		2,334		2,439		2,347		2,218		2,061	(7%)	(12%)		6,726		6,626	(1%)
Citi retail services		1,714		1,706		1,747		1,402		1,353	(3%)	(21%)		4,998		4,502	(10%)
Total	$	5,179	$	5,253	$	5,224	$	4,742	$	4,527	(5%)	(13%)	$	15,145	$	14,493	(4%)

Net credit losses on loans by business
Retail banking	$	40	$	42	$	37	$	33	$	31	(6%)	(23%)	$	119	$	101	(15%)
Citi-branded cards		712		723		795		795		647	(19%)	(9%)		2,141		2,237	4%
Citi retail services		598		643		694		656		504	(23%)	(16%)		1,915		1,854	(3%)
Total	$	1,350	$	1,408	$	1,526	$	1,484	$	1,182	(20%)	(12%)	$	4,175	$	4,192	-

Income (loss) from continuing operations by business
Retail banking	$	67	$	52	$	(73)	$	(82)	$	50	NM	(25%)	$	144	$	(105)	NM
Citi-branded cards		441		555		(529)		(381)		427	NM	(3%)		1,187		(483)	NM
Citi retail services		376		363		(308)		4		216	NM	(43%)		923		(88)	NM
Total	$	884	$	970	$	(910)	$	(459)	$	693	NM	(22%)	$	2,254	$	(676)	NM

NM Not meaningful.

Reclassified to conform to the current period’s presentation.

Page 8

GLOBAL CONSUMER BANKING

NORTH AMERICA

Page 2


											3Q20 Increase/
	3Q		4Q		1Q		2Q		3Q		(Decrease) from
	2019		2019		2020		2020		2020		2Q20	3Q19

Retail Banking Key Indicators (in billions of dollars, except as otherwise noted):

Branches (actual)		687		687		687		687		687	-	-
Accounts (in millions)		9.1		9.1		9.1		9.1		9.1	-	-
Average deposits	$	153.6	$	156.2	$	161.3	$	172.5	$	182.1	6%	19%
Investment sales		9.6		9.8		12.4		11.0		10.9	(1%)	14%
Investment AUMs		68.5		72.2		62.0		69.3		73.3	6%	7%

Average loans		48.6		49.8		50.5		52.2		53.4	2%	10%

EOP loans:
Mortgages		46.3		47.5		47.9		48.9		49.0	-	6%
Personal, small business and other		2.8		2.8		2.9		4.2		4.1	(2%)	46%
Total EOP loans	$	49.1	$	50.3	$	50.8	$	53.1	$	53.1	-	8%

Mortgage originations(1)	$	5.0	$	6.0	$	4.1	$	6.4	$	6.6	3%	32%

Third-party mortgage servicing portfolio (EOP)		44.2		43.8		43.9		43.5	$	42.1	(3%)	(5%)

Net servicing and gain/(loss) on sale (in millions)		32.9		38.2		86.3		81.8	$	59.1	(28%)	80%

Saleable mortgage rate locks		1.9		2.0		2.9		2.2	$	3.3	50%	74%

Net interest revenue on loans (in millions)		171		178		184		179	$	179	-	5%
As a % of average loans		1.40%		1.42%		1.47%		1.38%		1.33%

Net credit losses on loans (in millions)	$	40	$	42	$	37	$	33	$	31	(6%)	(23%)
As a % of average loans		0.33%		0.33%		0.29%		0.25%		0.23%

Loans 90+ days past due (in millions)(2)	$	125	$	146	$	161	$	182	$	211	16%	69%
As a % of EOP loans		0.26%		0.29%		0.32%		0.35%		0.40%
Loans 30-89 days past due (in millions)(2)	$	313	$	334	$	298	$	440	$	378	(14%)	21%
As a % of EOP loans		0.65%		0.67%		0.59%		0.84%		0.72%

(1)	Originations of residential first mortgages.

(2)	The loans 90+ days past due and 30-89 days past due and related ratios exclude U.S. mortgage loans that are guaranteed by U.S. government-sponsored agencies since the potential loss predominantly resides with the U.S. agencies.

The amounts excluded for Loans 90+ Days Past Due and (EOP Loans) were $150 million and ($0.6 billion), $135 million and ($0.5 billion), $124 million and ($0.5 billion), $130 million and ($0.5 billion), and $148 million and ($0.6 billion) as of September 30, 2019, December 31, 2019, March 31, 2020, June 30, 2020 and September 30, 2020, respectively.

The amounts excluded for Loans 30-89 Days Past Due and (EOP Loans) were $78 million and ($0.6 billion), $72 million and ($0.5 billion), and $64 million and ($0.5 billion), $86 million and ($0.5 billion), and $88 million and ($0.6 billion) as of September 30, 2019, December 31, 2019, March 31, 2020, June 30, 2020 and September 30, 2020, respectively.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 9

GLOBAL CONSUMER BANKING

NORTH AMERICA

Page 3


											3Q20 Increase/
	3Q		4Q		1Q		2Q		3Q		(Decrease) from
	2019		2019		2020		2020		2020		2Q20	3Q19

Citi-Branded Cards Key Indicators (in millions of dollars, except as otherwise noted) ⁽¹⁾
EOP open accounts (in millions)		34.7		34.9		35.0		34.6		34.5	-	(1%)
Purchase sales (in billions)	$	93.5	$	98.1	$	85.8	$	73.8	$	85.5	16%	(9%)
Average loans (in billions)⁽¹⁾		90.5		92.4		92.3		82.6		81.2	(2%)	(10%)
EOP loans (in billions)⁽¹⁾		91.5		96.3		88.4		82.6		81.1	(2%)	(11%)
Average yield ⁽²⁾		11.19%		10.96%		10.86%		10.73%		10.33%	(4%)	(8%)

Total net interest revenue ⁽³⁾	$	2,084	$	2,144	$	2,142	$	2,003	$	1,906	(5%)	(9%)
As a % of average loans ⁽³⁾		9.14%		9.21%		9.33%		9.75%		9.34%
Net credit losses on loans	$	712	$	723	$	795	$	795	$	647	(19%)	(9%)
As a % of average loans		3.12%		3.10%		3.46%		3.87%		3.17%
Net credit margin ⁽⁴⁾	$	1,621	$	1,715	$	1,550	$	1,417	$	1,412	-	(13%)
As a % of average loans ⁽⁴⁾		7.11%		7.36%		6.75%		6.90%		6.92%
Loans 90+ days past due	$	807	$	915	$	891	$	784	$	574	(27%)	(29%)
As a % of EOP loans		0.88%		0.95%		1.01%		0.95%		0.71%
Loans 30-89 days past due⁽⁵⁾	$	800	$	814	$	770	$	594	$	624	5%	(22%)
As a % of EOP loans		0.87%		0.85%		0.87%		0.72%		0.77%


Citi Retail Services Key Indicators (in millions of dollars, except as otherwise noted)⁽¹⁾
EOP open accounts		83.0		82.9		81.9		80.1		78.6	(2%)	(5%)
Purchase sales (in billions)	$	21.7	$	25.1	$	18.0	$	16.9	$	19.9	18%	(8%)
Average loans (in billions)⁽¹⁾		49.7		50.5		50.5		46.2		44.5	(4%)	(10%)
EOP loans (in billions)⁽¹⁾		50.0		52.9		48.9		45.4		44.4	(2%)	(11%)
Average yield ⁽²⁾		18.08%		17.66%		17.78%		17.29%		16.86%	(2%)	(7%)

Total net interest revenue ⁽³⁾	$	2,136	$	2,121	$	2,119	$	1,887	$	1,788	(5%)	(16%)
As a % of average loans ⁽³⁾		17.05%		16.66%		16.88%		16.43%		15.98%
Net credit losses on loans	$	598	$	643	$	694	$	656	$	504	(23%)	(16%)
As a % of average loans		4.77%		5.05%		5.53%		5.71%		4.51%
Net credit margin ⁽⁴⁾	$	1,113	$	1,061	$	1,048	$	741	$	846	14%	(24%)
As a % of average loans ⁽⁴⁾		8.88%		8.34%		8.35%		6.45%		7.56%
Loans 90+ days past due⁽⁵⁾	$	923	$	1,012	$	958	$	811	$	557	(31%)	(40%)
As a % of EOP loans		1.85%		1.91%		1.96%		1.79%		1.25%
Loans 30-89 days past due⁽⁵⁾	$	943	$	945	$	903	$	611	$	610	-	(35%)
As a % of EOP loans		1.89%		1.79%		1.85%		1.35%		1.37%

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

(2)	Average yield is calculated as gross interest revenue earned on loans divided by average loans.

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

(4)	Net credit margin represents total revenues, net of interest expense, less net credit losses and policy benefits and claims.

(5)	The decrease in loans 90+ days past due as of September 30, 2020 and the decrease in loans 30-89 days past due beginning at June 30, 2020, include the impact of loan modifications that were implemented during the second quarter of 2020 related to various COVID-19 consumer relief programs.

Reclassified to conform to the current period's presentation.

Page 10

GLOBAL CONSUMER BANKING

LATIN AMERICA ⁽¹⁾

Page 1

(In millions of dollars, except as otherwise noted)

											3Q20 Increase/		Nine		Nine		YTD 2020 vs.
	3Q		4Q		1Q		2Q		3Q		(Decrease) from		Months		Months		YTD 2019 Increase/
	2019		2019		2020		2020		2020		2Q20	3Q19	2019		2020		(Decrease)

Net interest revenue	$	913	$	931	$	887	$	755	$	697	(8%)	(24%)	$	2,708	$	2,339	(14%)
Non-interest revenue ⁽²⁾		356		446		312		295		330	12%	(7%)		1,153		937	(19%)
Total revenues, net of interest expense		1,269		1,377		1,199		1,050		1,027	(2%)	(19%)		3,861		3,276	(15%)
Total operating expenses		724		782		699		604		655	8%	(10%)		2,101		1,958	(7%)
Net credit losses on loans		275		259		277		209		228	9%	(17%)		850		714	(16%)
Credit reserve build / (release) for loans		(34)		(5)		265		202		(116)	NM	NM		(33)		351	NM
Provision for credit losses on unfunded lending commitments		-		-		-		-		-	-	-		-		-	-
Provisions for benefits and claims, HTM debt securities and other assets		13		22		15		16		47	NM	NM		32		78	NM
Provisions for credit losses and for benefits and claims (PBC)		254		276		557		427		159	(63%)	(37%)		849		1,143	35%
Income (loss) from continuing operations before taxes		291		319		(57)		19		213	NM	(27%)		911		175	(81%)
Income taxes (benefits)		74		85		(21)		1		61	NM	(18%)		244		41	(83%)
Income (loss) from continuing operations		217		234		(36)		18		152	NM	(30%)		667		134	(80%)
Noncontrolling interests		-		-		-		-		-	-	-		-		-	-
Net income (loss)	$	217	$	234	$	(36)	$	18	$	152	NM	(30%)	$	667	$	134	(80%)
Average assets (in billions)	$	35	$	37	$	35	$	30	$	31	3%	(11%)	$	34	$	32	(6%)
Return on average assets		2.46%		2.51%		(0.41%)		0.24%		1.95%				2.62%		0.56%
Efficiency ratio		57%		57%		58%		58%		64%				54%		60%

Net credit losses on loans as a percentage of average loans		6.42%		5.91%		6.67%		6.27%		6.67%				6.65%		6.58%

Revenue by business
Retail banking	$	851	$	932	$	783	$	705	$	737	5%	(13%)	$	2,653	$	2,225	(16%)
Citi-branded cards		418		445		416		345		290	(16%)	(31%)		1,208		1,051	(13%)
Total	$	1,269	$	1,377	$	1,199	$	1,050	$	1,027	(2%)	(19%)	$	3,861	$	3,276	(15%)

Net credit losses on loans by business
Retail banking	$	119	$	116	$	130	$	94	$	90	(4%)	(24%)	$	378	$	314	(17%)
Citi-branded cards		156		143		147		115		138	20%	(12%)		472		400	(15%)
Total	$	275	$	259	$	277	$	209	$	228	9%	(17%)	$	850	$	714	(16%)

Income from continuing operations by business
Retail banking	$	134	$	141	$	(23)	$	(2)	$	92	NM	(31%)	$	459	$	67	(85%)
Citi-branded cards		83		93		(13)		20		60	NM	(28%)		208		67	(68%)
Total	$	217	$	234	$	(36)	$	18	$	152	NM	(30%)	$	667	$	134	(80%)

FX translation impact
Total revenue - as reported	$	1,269	$	1,377	$	1,199	$	1,050	$	1,027	(2%)	(19%)	$	3,861	$	3,276	(15%)
Impact of FX translation⁽²⁾		(128)		(164)		(71)		38		-				(394)		-
Total revenues - Ex-FX⁽²⁾	$	1,141	$	1,213	$	1,128	$	1,088	$	1,027	(6%)	(10%)	$	3,467	$	3,276	(6%)

Total operating expenses - as reported	$	724	$	782	$	699	$	604	$	655	8%	(10%)	$	2,101	$	1,958	(7%)
Impact of FX translation⁽²⁾		(70)		(88)		(40)		21		-				(202)		-
Total operating expenses - Ex-FX ⁽²⁾	$	654	$	694	$	659	$	625	$	655	5%	-	$	1,899	$	1,958	3%

Total provisions for credit losses and PBC - as reported	$	254	$	276	$	557	$	427	$	159	(63%)	(37%)	$	849	$	1,143	35%
Impact of FX translation⁽²⁾		(29)		(36)		(39)		19		-				(99)		-
Total provisions for credit losses and PBC - Ex-FX⁽²⁾	$	225	$	240	$	518	$	446	$	159	(64%)	(29%)	$	750	$	1,143	52%

Net income (loss) - as reported	$	217	$	234	$	(36)	$	18	$	152	NM	(30%)	$	667	$	134	(80%)
Impact of FX translation⁽²⁾		(20)		(28)		7		(2)		-				(64)		-
Total net income (loss) - Ex-FX⁽²⁾	$	197	$	206	$	(29)	$	16	$	152	NM	(23%)	$	603	$	134	(78%)

(1)	Latin America GCB consists of Citi's consumer banking operations in Mexico.

(2)	Reflects the impact of foreign currency (FX) translation into U.S. dollars at the third quarter of 2020 and year-to-date 2020 average exchange rates for all periods presented.

Citigroup's results of operations excluding the impact of FX translation are non-GAAP financial measures.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 11

GLOBAL CONSUMER BANKING

LATIN AMERICA

Page 2


											3Q20 Increase/
	3Q		4Q		1Q		2Q		3Q		(Decrease) from
	2019		2019		2020		2020		2020		2Q20	3Q19

Retail Banking Key Indicators (in billions of dollars, except as otherwise noted)
Branches (actual)		1,458		1,419		1,411		1,406		1,401	-	(4%)
Accounts (in millions)		30.3		30.1		29.9		29.5		29.3	(1%)	(3%)
Average deposits	$	22.5	$	23.0	$	22.9	$	20.6	$	22.5	9%	-
Investment sales		3.4		3.7		3.7		3.1		3.5	13%	3%
Investment AUMs:
AUMS		23.9		25.4		20.1		22.2		23.4	5%	(2%)
AUMs related to the retirement services business		35.5		38.4		29.1		33.0		35.9	9%	1%
Total AUMs		59.4		63.8		49.2		55.2		59.3	7%	-
Average loans		11.4		11.6		11.1		9.1		9.3	2%	(18%)
EOP loans:
Mortgages		4.5		4.7		3.7		3.7		3.8	3%	(16%)
Personal, small business and other		6.7		7.0		5.5		5.3		5.4	2%	(19%)
Total EOP loans	$	11.2	$	11.7	$	9.2	$	9.0	$	9.2	2%	(18%)

Total net interest revenue (in millions)⁽¹⁾	$	572	$	578	$	548	$	473	$	480	1%	(16%)
As a % of average loans⁽¹⁾		19.91%		19.77%		19.86%		20.91%		20.53%
Net credit losses on loans (in millions)	$	119	$	116	$	130	$	94	$	90	(4%)	(24%)
As a % of average loans		4.14%		3.97%		4.71%		4.15%		3.85%
Loans 90+ days past due (in millions)	$	97	$	106	$	90	$	121	$	105	(13%)	8%
As a % of EOP loans		0.87%		0.91%		0.98%		1.34%		1.14%
Loans 30-89 days past due (in millions)	$	191	$	180	$	140	$	151	$	136	(10%)	(29%)
As a % of EOP loans		1.71%		1.54%		1.52%		1.68%		1.48%

Citi-Branded Cards Key Indicators (in billions of dollars, except as otherwise noted)
EOP open accounts (in millions)		5.3		5.3		5.2		5.0		4.9	(2%)	(8%)
Purchase sales	$	4.7	$	5.4	$	4.0	$	2.6	$	3.3	27%	(30%)
Average loans⁽²⁾	$	5.6	$	5.8	$	5.6	$	4.3	$	4.3	-	(23%)
EOP loans⁽²⁾	$	5.5	$	6.0	$	4.5	$	4.2	$	4.3	2%	(22%)
Average yield⁽³⁾		24.97%		24.91%		25.03%		25.50%		21.28%	(17%)	(15%)

Total net interest revenue (in millions)⁽⁴⁾	$	341	$	353	$	339	$	282	$	217	(23%)	(36%)
As a % of average loans⁽⁴⁾		24.16%		24.15%		24.35%		26.38%		20.08%
Net credit losses on loans (in millions)	$	156	$	143	$	147	$	115	$	138	20%	(12%)
As a % of average loans		11.05%		9.78%		10.56%		10.76%		12.77%
Net credit margin (in millions)⁽⁵⁾	$	269	$	307	$	274	$	233	$	160	(31%)	(41%)
As a % of average loans⁽⁵⁾		19.06%		21.00%		19.68%		21.79%		14.80%
Loans 90+ days past due (in millions)⁽⁶⁾	$	152	$	165	$	121	$	160	$	106	(34%)	(30%)
As a % of EOP loans		2.76%		2.75%		2.69%		3.81%		2.47%
Loans 30-89 days past due (in millions)⁽⁶⁾	$	161	$	159	$	132	$	111	$	89	(20%)	(45%)
As a % of EOP loans		2.93%		2.65%		2.93%		2.64%		2.07%

(1)	Also includes net interest revenue related to the region's average deposit balances in excess of the average loan portfolio.

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

(3)	Average yield is gross interest revenue earned on loans divided by average loans.

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

(5)	Net credit margin is total revenues, net of interest expense, less net credit losses and policy benefits and claims.

(6)	The decrease in loans 90+ days past due as of September 30, 2020 and the decrease in loans 30-89 days past due beginning at June 30, 2020, include the impact of loan modifications that were implemented during the second quarter of 2020 related to various COVID-19 consumer relief programs.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 12

GLOBAL CONSUMER BANKING

ASIA ⁽¹⁾

PAGE 1

(In millions of dollars, except as otherwise noted)


											3Q20 Increase/		Nine		Nine		YTD 2020 vs.
	3Q		4Q		1Q		2Q		3Q		(Decrease) from		Months		Months		YTD 2019 Increase/
	2019		2019		2020		2020		2020		2Q20	3Q19	2019		2020		(Decrease)

Net interest revenue	$	1,173	$	1,188	$	1,149	$	1,072	$	1,054	(2%)	(10%)	$	3,509	$	3,275	(7%)
Non-interest revenue		668		641		602		475		565	19%	(15%)		1,997		1,642	(18%)
Total revenues, net of interest expense		1,841		1,829		1,751		1,547		1,619	5%	(12%)		5,506		4,917	(11%)
Total operating expenses		1,133		1,141		1,133		1,063		1,118	5%	(1%)		3,450		3,314	(4%)
Net credit losses on loans		177		175		180		194		188	(3%)	6%		515		562	9%
Credit reserve build / (release) for loans		2		16		202		259		41	(84%)	NM		(8)		502	NM
Provision for credit losses on unfunded lending commitments		-		-		-		-		-	-	-		-		-	-
Provisions for benefits and claims, HTM debt securities and other assets		-		-		-		3		4	33%	NM		-		7	NM
Provisions for credit losses and for benefits and claims (PBC)		179		191		382		456		233	(49%)	30%		507		1,071	NM
Income from continuing operations before taxes		529		497		236		28		268	NM	(49%)		1,549		532	(66%)
Income taxes (benefits)		127		123		45		(15)		55	NM	(57%)		346		85	(75%)
Income from continuing operations		402		374		191		43		213	NM	(47%)		1,203		447	(63%)
Noncontrolling interests		2		3		(1)		(2)		-	100%	(100%)		3		(3)	NM
Net income	$	400	$	371	$	192	$	45	$	213	NM	(47%)	$	1,200	$	450	(63%)
Average assets (in billions)	$	122	$	125	$	125	$	124	$	129	4%	6%	$	121	$	126	4%
Return on average assets		1.30%		1.18%		0.62%		0.15%		0.66%				1.33%		0.48%
Efficiency ratio		62%		62%		65%		69%		69%				63%		67%

Net credit losses on loans as a percentage of average loans		0.90%		0.86%		0.90%		1.01%		0.94%				0.88%		0.95%

Revenue by business
Retail banking	$	1,135	$	1,084	$	1,133	$	1,009	$	1,066	6%	(6%)	$	3,351	$	3,208	(4%)
Citi-branded cards		706		745		618		538		553	3%	(22%)		2,155		1,709	(21%)
Total	$	1,841	$	1,829	$	1,751	$	1,547	$	1,619	5%	(12%)	$	5,506	$	4,917	(11%)

Net credit losses on loans by business
Retail banking	$	66	$	69	$	68	$	77	$	69	(10%)	5%	$	186	$	214	15%
Citi-branded cards		111		106		112		117		119	2%	7%		329		348	6%
Total	$	177	$	175	$	180	$	194	$	188	(3%)	6%	$	515	$	562	9%

Income from continuing operations by business
Retail banking	$	291	$	231	$	216	$	155	$	204	32%	(30%)	$	815	$	575	(29%)
Citi-branded cards		111		143		(25)		(112)		9	NM	(92%)		388		(128)	NM
Total	$	402	$	374	$	191	$	43	$	213	NM	(47%)	$	1,203	$	447	(63%)

FX translation impact
Total revenue - as reported	$	1,841	$	1,829	$	1,751	$	1,547	$	1,619	5%	(12%)	$	5,506	$	4,917	(11%)
Impact of FX translation ⁽²⁾		15		(5)		30		31		-				(62)		-
Total revenues - Ex-FX ⁽²⁾	$	1,856	$	1,824	$	1,781	$	1,578	$	1,619	3%	(13%)	$	5,444	$	4,917	(10%)

Total operating expenses - as reported	$	1,133	$	1,141	$	1,133	$	1,063	$	1,118	5%	(1%)	$	3,450	$	3,314	(4%)
Impact of FX translation ⁽²⁾		8		(5)		17		21		-				(46)		-
Total operating expenses - Ex-FX ⁽²⁾	$	1,141	$	1,136	$	1,150	$	1,084	$	1,118	3%	(2%)	$	3,404	$	3,314	(3%)

Provisions for credit losses and PBC - as reported	$	179	$	191	$	382	$	456	$	233	(49%)	30%	$	507	$	1,071	NM
Impact of FX translation ⁽²⁾		1		(1)		8		9		-				(12)		-
Total provisions for credit losses and PBC - Ex-FX⁽²⁾	$	180	$	190	$	390	$	465	$	233	(50%)	29%	$	495	$	1,071	NM

Net income - as reported	$	400	$	371	$	192	$	45	$	213	NM	(47%)	$	1,200	$	450	(63%)
Impact of FX translation ⁽²⁾		5		-		3		-		-				-		-
Total net income - Ex-FX ⁽²⁾	$	405	$	371	$	195	$	45	$	213	NM	(47%)	$	1,200	$	450	(63%)

(1)	Asia GCB includes the results of operations of GCB activities in certain EMEA countries for all periods presented.

(2)	Reflects the impact of foreign currency (FX) translation into U.S. dollars at the third quarter of 2020 and year-to-date 2020 average exchange rates for all periods presented.

Citigroup's results of operations excluding the impact of FX translation are non-GAAP financial measures.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 13

GLOBAL CONSUMER BANKING

ASIA ⁽¹⁾

PAGE 2


											3Q20 Increase/
	3Q		4Q		1Q		2Q		3Q		(Decrease) from
	2019		2019		2020		2020		2020		2Q20	3Q19

Retail Banking Key Indicators (in billions of dollars, except as otherwise noted)
Branches (actual)		249		242		236		234		233	-	(6%)
Accounts (in millions)		16.4		16.7		16.9		16.9		17.1	1%	4%
Average deposits	$	100.7	$	103.4	$	105.9	$	108.8	$	115.2	6%	14%
Investment sales		10.9		9.2		13.5		11.5		15.8	37%	45%
Investment AUMs		65.4		68.9		56.0		62.4	$	66.8	7%	2%
Average loans		59.5		61.6		61.5		60.5	$	62.9	4%	6%
EOP loans:
Mortgages		32.6		33.3		32.0		33.4	$	34.7	4%	6%
Personal, small business and other		27.7		29.5		28.2		28.1		28.8	2%	4%
Total EOP loans	$	60.3	$	62.8	$	60.2	$	61.5	$	63.5	3%	5%

Total net interest revenue (in millions)⁽²⁾	$	676	$	673	$	658	$	628	$	612	(3%)	(9%)
As a % of average loans ⁽²⁾		4.51%		4.33%		4.30%		4.17%		3.87%
Net credit losses on loans (in millions)	$	66	$	69	$	68	$	77	$	69	(10%)	5%
As a % of average loans		0.44%		0.44%		0.44%		0.51%		0.44%
Loans 90+ days past due (in millions)	$	170	$	186	$	178	$	194	$	181	(7%)	6%
As a % of EOP Loans		0.28%		0.30%		0.30%		0.32%		0.29%
Loans 30-89 days past due (in millions)	$	299	$	302	$	356	$	327	$	272	(17%)	(9%)
As a % of EOP loans		0.50%		0.48%		0.59%		0.53%		0.43%

Citi-Branded Cards Key Indicators (in billions of dollars, except as otherwise noted)
EOP open accounts (in millions)		15.2		15.2		15.2		14.9		14.8	(1%)	(3%)
Purchase sales	$	21.9	$	23.4	$	19.8	$	15.0	$	18.4	23%	(16%)
Average loans ⁽³⁾	$	18.8	$	19.3	$	18.8	$	16.6	$	16.8	1%	(11%)
EOP loans ⁽³⁾	$	18.8	$	19.9	$	17.3	$	16.8	$	16.8	-	(11%)
Average yield ⁽⁴⁾		12.39%		12.42%		12.37%		12.78%		11.99%	(6%)	(3%)

Total net interest revenue (in millions)⁽⁵⁾	$	497	$	515	$	491	$	444	$	442	-	(11%)
As a % of average loans⁽⁶⁾		10.49%		10.59%		10.50%		10.76%		10.47%
Net credit losses on loans (in millions)	$	111	$	106	$	112	$	117	$	119	2%	7%
As a % of average loans		2.34%		2.18%		2.40%		2.83%		2.82%
Net credit margin (in millions)⁽⁶⁾	$	595	$	639	$	506	$	421	$	434	3%	(27%)
As a % of average loans⁽⁶⁾		12.56%		13.14%		10.83%		10.20%		10.28%
Loans 90+ days past due	$	196	$	207	$	204	$	214	$	242	13%	23%
As a % of EOP loans		1.04%		1.04%		1.18%		1.27%		1.44%
Loans 30-89 days past due	$	249	$	267	$	271	$	269	$	289	7%	16%
As a % of EOP loans		1.32%		1.34%		1.57%		1.60%		1.72%

(1)	Asia GCB includes the results of operations of GCB activities in certain EMEA countries for all periods presented.

(2)	Also includes net interest revenue related to the region's average deposit balances in excess of the average loan portfolio.

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

(4)	Average yield is gross interest revenue earned on loans divided by average loans.

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

(6)	Net credit margin is total revenues, net of interest expense, less net credit losses and policy benefits and claims.

Reclassified to conform to the current period's presentation.

Page 14

INSTITUTIONAL CLIENTS GROUP

(In millions of dollars, except as otherwise noted)


											3Q20 Increase/		Nine		Nine		YTD 2020 vs.
	3Q		4Q		1Q		2Q		3Q		(Decrease) from		Months		Months		YTD 2019 Increase/
	2019		2019		2020		2020		2020		2Q20	3Q19	2019		2020		(Decrease)

Commissions and fees	$	1,126	$	1,103	$	1,222	$	1,027	$	1,099	7%	(2%)	$	3,359	$	3,348	-
Administration and other fiduciary fees		707		657		691		684		747	9%	6%		2,099		2,122	1%
Investment banking		1,045		1,181		1,231		1,526		1,145	(25%)	10%		3,259		3,902	20%
Principal transactions		2,583		1,405		5,359		3,909		2,292	(41%)	(11%)		7,157		11,560	62%
Other ⁽¹⁾		319		509		(114)		419		597	42%	87%		1,320		902	(32%)
Total non-interest revenue		5,780		4,855		8,389		7,565		5,880	(22%)	2%		17,194		21,834	27%
Net interest revenue (including dividends)		4,071		4,522		4,095		4,572		4,473	(2%)	10%		12,730		13,140	3%
Total revenues, net of interest expense		9,851		9,377		12,484		12,137		10,353	(15%)	5%		29,924		34,974	17%
Total operating expenses		5,611		5,446		5,810		5,933		5,778	(3%)	3%		16,778		17,521	4%
Net credit losses on loans		110		115		127		324		326	1%	NM		279		777	NM
Credit reserve build / (release) for loans		36		57		1,316		3,370		106	(97%)	NM		14		4,792	NM
Provision for credit losses on unfunded lending commitments		7		74		553		107		423	NM	NM		24		1,083	NM
Provisions for credit losses for HTM debt securities and other assets		-		-		8		53		(17)	NM	NM		-		44	NM
Provisions for credit losses and for benefits and claims		153		246		2,004		3,854		838	(78%)	NM		317		6,696	NM
Income from continuing operations before taxes		4,087		3,685		4,670		2,350		3,737	59%	(9%)		12,829		10,757	(16%)
Income taxes		858		807		1,044		470		818	74%	(5%)		2,763		2,332	(16%)
Income from continuing operations		3,229		2,878		3,626		1,880		2,919	55%	(10%)		10,066		8,425	(16%)
Noncontrolling interests		8		11		(1)		5		24	NM	NM		29		28	(3%)
Net income	$	3,221	$	2,867	$	3,627	$	1,875	$	2,895	54%	(10%)	$	10,037	$	8,397	(16%)
EOP assets (in billions)	$	1,525	$	1,447	$	1,723	$	1,716	$	1,703	(1%)	12%
Average assets (in billions)		1,511		1,503		1,580		1,756		1,732	(1%)	15%	$	1,489	$	1,689	13%
Return on average assets (ROA)		0.85%		0.76%		0.92%		0.43%		0.66%				0.90%		0.66%
Efficiency ratio		57%		58%		47%		49%		56%				56%		50%

Revenue by region
North America	$	3,244	$	3,314	$	4,947	$	4,987	$	3,920	(21%)	21%	$	10,145	$	13,854	37%
EMEA		3,138		2,738		3,470		3,392		3,085	(9%)	(2%)		9,268		9,947	7%
Latin America		1,294		1,297		1,418		1,207		1,141	(5%)	(12%)		3,869		3,766	(3%)
Asia		2,175		2,028		2,649		2,551		2,207	(13%)	1%		6,642		7,407	12%
Total revenues, net of interest expense	$	9,851	$	9,377	$	12,484	$	12,137	$	10,353	(15%)	5%	$	29,924	$	34,974	17%

Income (loss) from continuing operations by region
North America	$	818	$	895	$	896	$	660	$	1,058	60%	29%	$	2,616	$	2,614	-
EMEA		1,060		677		1,035		493		893	81%	(16%)		3,190		2,421	(24%)
Latin America		487		565		526		(194)		108	NM	(78%)		1,546		440	(72%)
Asia		864		741		1,169		921		860	(7%)	-		2,714		2,950	9%
Income from continuing operations	$	3,229	$	2,878	$	3,626	$	1,880	$	2,919	55%	(10%)	$	10,066	$	8,425	(16%)

Average loans by region (in billions)
North America	$	189	$	191	$	196	$	215	$	198	(8%)	5%	$	187	$	204	9%
EMEA		88		89		88		91		88	(3%)	-		86		89	3%
Latin America		39		38		38		43		40	(7%)	3%		41		40	(2%)
Asia		73		73		73		73		71	(3%)	(3%)		73		72	(1%)
Total	$	389	$	391	$	395	$	422	$	397	(6%)	2%	$	387	$	405	5%

EOP deposits by region (in billions)
North America	$	393	$	375	$	444	$	471	$	476	1%	21%
EMEA		195		190		210		212		218	3%	12%
Latin America		34		36		36		40		43	9%	26%
Asia		173		167		188		185		188	1%	9%
Total	$	795	$	768	$	878	$	908	$	925	2%	16%

EOP deposits by business (in billions)
Treasury and trade solutions	$	548	$	536	$	621	$	658	$	659	-	20%
All other ICG businesses		247		232		257		250		266	6%	8%
Total	$	795	$	768	$	878	$	908	$	925	2%	16%

(1)	Nine months 2019 includes a $355 million gain on Citi's investment in Tradeweb.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 15

INSTITUTIONAL CLIENTS GROUP

REVENUES BY BUSINESS

(In millions of dollars, except as otherwise noted)

											3Q20 Increase/		Nine		Nine		YTD 2020 vs.
	3Q		4Q		1Q		2Q		3Q		(Decrease) from		Months		Months		YTD 2019 Increase/
	2019		2019		2020		2020		2020		2Q20	3Q19	2019		2020		(Decrease)
Revenue Details
Investment banking
Advisory	$	276	$	373	$	386	$	229	$	163	(29%)	(41%)	$	886	$	778	(12%)
Equity underwriting		247		240		180		491		484	(1%)	96%		733		1,155	58%
Debt underwriting		705		738		788		1,039		740	(29%)	5%		2,246		2,567	14%
Total investment banking		1,228		1,351		1,354		1,759		1,387	(21%)	13%		3,865		4,500	16%
Treasury and trade solutions		2,559		2,608		2,423		2,307		2,394	4%	(6%)		7,685		7,124	(7%)
Corporate lending - excluding gain/(loss) on loan hedges⁽¹⁾		715		732		448		646		538	(17%)	(25%)		2,189		1,632	(25%)
Private bank - excluding gain/(loss) on loan hedges⁽¹⁾		867		847		949		956		938	(2%)	8%		2,613		2,843	9%
Total banking revenues (ex-gain/(loss) on loan hedges)⁽¹⁾	$	5,369	$	5,538	$	5,174	$	5,668	$	5,257	(7%)	(2%)	$	16,352	$	16,099	(2%)

Gain/(loss) on loan hedges⁽¹⁾		(33)		(93)		816		(431)		(124)	71%	NM		(339)		261	NM
Total banking revenues including g/(l) on loan hedges(1)	$	5,336	$	5,445	$	5,990	$	5,237	$	5,133	(2%)	(4%)	$	16,013	$	16,360	2%

Fixed income markets	$	3,211	$	2,898	$	4,786	$	5,595	$	3,788	(32%)	18%	$	9,986	$	14,169	42%
Equity markets		760		516		1,169		770		875	14%	15%		2,392		2,814	18%
Securities services		664		647		645		619		631	2%	(5%)		1,984		1,895	(4%)
Other		(120)		(129)		(106)		(84)		(74)	12%	38%		(451)		(264)	41%
Total markets and securities services	$	4,515	$	3,932	$	6,494	$	6,900	$	5,220	(24%)	16%	$	13,911	$	18,614	34%

Total revenues, net of interest expense	$	9,851	$	9,377	$	12,484	$	12,137	$	10,353	(15%)	5%	$	29,924	$	34,974	17%

Taxable-equivalent adjustments ⁽²⁾	$	122	$	117	$	86	$	88	$	104	18%	(15%)	$	331	$	278	(16%)

Total ICG revenues including taxable-equivalent adjustments⁽²⁾	$	9,973	$	9,494	$	12,570	$	12,225	$	10,457	(14%)	5%	$	30,255	$	35,252	17%

Commissions and fees	$	194	$	216	$	189	$	154	$	159	3%	(18%)	$	566	$	502	(11%)
Principal transactions ⁽³⁾		2,080		1,334		3,549		4,009		2,178	(46%)	5%		6,327		9,736	54%
Other ⁽⁴⁾		183		251		(63)		234		301	29%	64%		866		472	(45%)
Total non-interest revenue	$	2,457	$	1,801	$	3,675	$	4,397	$	2,638	(40%)	7%	$	7,759	$	10,710	38%
Net interest revenue		754		1,097		1,111		1,198		1,150	(4%)	53%		2,227		3,459	55%
Total fixed income markets	$	3,211	$	2,898	$	4,786	$	5,595	$	3,788	(32%)	18%	$	9,986	$	14,169	42%

Rates and currencies	$	2,491	$	2,214	$	4,034	$	3,582	$	2,520	(30%)	1%	$	7,011	$	10,136	45%
Spread products / other fixed income		720		684		752		2,013		1,268	(37%)	76%		2,975		4,033	36%
Total fixed income markets	$	3,211	$	2,898	$	4,786	$	5,595	$	3,788	(32%)	18%	$	9,986	$	14,169	42%

Commissions and fees	$	287	$	267	$	362	$	305	$	279	(9%)	(3%)	$	854	$	946	11%
Principal transactions ⁽³⁾		388		(16)		774		193		125	(35%)	(68%)		791		1,092	38%
Other		2		153		8		2		267	NM	NM		19		277	NM
Total non-interest revenue	$	677	$	404	$	1,144	$	500	$	671	34%	(1%)	$	1,664	$	2,315	39%
Net interest revenue		83		112		25		270		204	(24%)	NM		728		499	(31%)
Total equity markets	$	760	$	516	$	1,169	$	770	$	875	14%	15%	$	2,392	$	2,814	18%

(1)

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

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

(3)	Excludes principal transactions revenues of ICG businesses other than Markets, primarily treasury and trade solutions and the private bank.

(4)	Nine months 2019 includes a $355 million gain on Citi's investment in Tradeweb.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 16

CORPORATE / OTHER ⁽¹⁾

(In millions of dollars, except as otherwise noted)


											3Q20 Increase/		Nine		Nine		YTD 2020 vs.
	3Q		4Q		1Q		2Q		3Q		(Decrease) from		Months		Months		YTD 2019 Increase/
	2019		2019		2020		2020		2020		2Q20	3Q19	2019		2020		(Decrease)
Net interest revenue	$	443	$	294	$	325	$	(26)	$	(231)	NM	NM	$	1,596	$	68	(96%)
Non-interest revenue		(9)		248		(252)		316		7	(98%)	NM		(124)		71	NM
Total revenues, net of interest expense		434		542		73		290		(224)	NM	NM		1,472		139	(91%)
Total operating expenses		485		635		416		469		969	NM	100%		1,515		1,854	22%
Net credit losses		1		(13)		(2)		(5)		(5)	-	NM		5		(12)	NM
Credit reserve build / (release)		(16)		2		191		160		(128)	NM	NM		(62)		223	NM
Provisions for benefits and claims, HTM debt securities and other assets		-		-		(2)		3		1	(67%)	100%		-		2	NM
Provision for unfunded lending commitments		-		(2)		5		6		(4)	NM	NM		(5)		7	NM
Total provisions for credit losses and for benefits and claims		(15)		(13)		192		164		(136)	NM	NM		(62)		220	NM
Income from continuing operations before taxes		(36)		(80)		(535)		(343)		(1,057)	NM	NM		19		(1,935)	NM
Income taxes (benefits)⁽²⁾		(247)		(623)		(198)		(178)		(341)	(92%)	(38%)		(263)		(717)	NM
Income (loss) from continuing operations		211		543		(337)		(165)		(716)	NM	NM		282		(1,218)	NM
Income (loss) from discontinued operations, net of taxes		(15)		(4)		(18)		(1)		(7)	NM	53%		-		(26)	NM
Noncontrolling interests		5		2		(4)		(3)		-	100%	(100%)		18		(7)	NM
Net income (loss)	$	191	$	537	$	(351)	$	(163)	$	(723)	NM	NM	$	264	$	(1,237)	NM
EOP assets (in billions)	$	96	$	97	$	94	$	94	$	96	2%	-
Average assets (in billions)		97		95		94		93		93	-	(4%)	$	98	$	93	(5%)
Return on average assets		0.78%		2.24%		(1.50%)		(0.70%)		(3.09%)				0.36%		(1.78%)


Consumer - North America⁽³⁾ - Key Indicators
Average loans (in billions)	$	11.2	$	10.4	$	9.4	$	8.9	$	8.2	(8%)	(27%)
EOP loans (in billions)		10.8		9.6		9.1		8.6		7.7	(10%)	(29%)
Net interest revenue		75		77		74		86		54	(37%)	(28%)
As a % of average loans		2.66%		2.94%		3.17%		3.89%		2.62%
Net credit losses (recoveries)	$	1	$	(12)	$	-	$	(5)	$	(4)	20%	NM
As a % of average loans		0.04%		(0.46%)		0.00%		(0.23%)		(0.19%)
Loans 90+ days past due ⁽⁴⁾	$	293	$	278	$	281	$	295	$	278	(6)%	(5%)
As a % of EOP loans		2.82%		3.02%		3.23%		3.60%		3.86%
Loans 30-89 days past due ⁽⁴⁾	$	288	$	295	$	252	$	261	$	198	(24)%	(31%)
As a % of EOP loans		2.77%		3.21%		2.90%		3.18%		2.75%

(1)

Includes certain unallocated costs of global staff functions (including finance, risk, human resources, legal and compliance), other corporate expenses and unallocated global operations and technology expenses and income taxes, as well as Corporate Treasury, certain North America legacy consumer loan portfolios, other legacy assets and discontinued operations.

(2)

(3)	Results and amounts primarily relate to consumer mortgages.

(4)	The Loans 90+ Days Past Due and 30-89 Days Past Due and related ratios exclude U.S. mortgage loans that are guaranteed by U.S. government-sponsored agencies since the potential loss predominantly resides with the U.S. agencies.

The amounts excluded for Loans 90+ Days Past Due and (EOP Loans) for each period were $249 million and ($0.6 billion), $172 million and ($0.4 billion), $167 million and ($0.4 billion), $173 million and ($0.4 billion), and $172 million and ($0.5 billion) as of September 30, 2019, December 31, 2019, March 31, 2020, June 30, 2020 and September 30, 2020, respectively.

The amounts excluded for Loans 30-89 Days Past Due and (EOP Loans) for each period were $110 million and ($0.6 billion), $55 million and ($0.4 billion), $58 million and ($0.4 billion), and $57 million and ($0.4 billion), and $66 million and ($0.5 billion) as of September 30, 2019, December 31, 2019, March 31, 2020, June 30, 2020 and September 30, 2020, respectively.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 17

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

Taxable Equivalent Basis


	Average Volumes						Interest						% Average Rate ⁽⁴⁾
	Third		Second		Third		Third		Second		Third		Third		Second		Third
	Quarter		Quarter		Quarter		Quarter		Quarter		Quarter		Quarter		Quarter		Quarter
In millions of dollars, except as otherwise noted	2019		2020		2020⁽⁵⁾		2019		2020		2020⁽⁵⁾		2019		2020		2020⁽⁵⁾
Assets
Deposits with banks	$	194,972	$	305,485	$	307,845	$	736	$	159	$	116	1.50	%	0.21	%	0.15	%
Securities borrowed and purchased under resale agreements⁽⁶⁾		264,008		286,110		294,949		1,747		401		352	2.63	%	0.56	%	0.47	%
Trading account assets⁽⁷⁾		251,225		279,945		285,033		1,896		1,675		1,458	2.99	%	2.41	%	2.03	%
Investments		352,463		414,779		438,786		2,433		2,121		1,902	2.74	%	2.06	%	1.72	%
Total loans (net of unearned income)⁽⁸⁾		684,980		702,795		677,200		12,012		10,166		9,447	6.96	%	5.82	%	5.55	%
Other interest-earning assets		63,869		75,287		63,577		400		110		98	2.48	%	0.59	%	0.61	%
Total average interest-earning assets	$	1,811,517	$	2,064,401	$	2,067,390	$	19,224	$	14,632	$	13,373	4.21	%	2.85	%	2.57	%

Liabilities
Deposits (excluding deposit insurance and FDIC assessment)	$	891,917	$	1,033,745	$	1,059,300	$	3,170	$	1,199	$	918	1.41	%	0.47	%	0.34	%
Deposit insurance and FDIC assessment		-		-		-		199		270		375
Total deposits		891,917		1,033,745		1,059,300		3,369		1,469		1,293	1.50	%	0.57	%	0.49	%
Securities loaned and sold under repurchase agreements⁽⁶⁾		199,500		224,775		216,556		1,630		453		292	3.24	%	0.81	%	0.54	%
Trading account liabilities⁽⁷⁾		86,450		92,864		88,597		345		144		123	1.58	%	0.62	%	0.55	%
Short-term borrowings		92,755		119,078		95,471		609		140		88	2.60	%	0.47	%	0.37	%
Long-term debt⁽⁹⁾		197,641		221,524		226,233		1,583		1,303		1,025	3.18	%	2.37	%	1.80	%
Total average interest-bearing liabilities	$	1,468,263	$	1,691,986	$	1,686,157	$	7,536	$	3,509	$	2,821	2.04	%	0.83	%	0.67	%

Total average interest-bearing liabilities (Excluding deposit insurance and FDIC assessment)	$	1,468,263	$	1,691,986	$	1,686,157	$	7,337	$	3,239	$	2,446	1.98	%	0.77	%	0.58	%

Net interest revenue as a % of average interest-earning assets (NIM)							$	11,688	$	11,123	$	10,552	2.56	%	2.17	%	2.03	%

NIR as a % of average interest-earning assets (NIM) (excluding deposit insurance and FDIC assessment)							$	11,887	$	11,393	$	10,927	2.60	%	2.22	%	2.10	%

3Q20 increase (decrease) from:													(53)	bps	(14)	bps

3Q20 increase (decrease) (excluding deposit insurance and FDIC assessment) from:													(50)	bps	(12)	bps

(1)	Interest revenue includes the taxable equivalent adjustments (based on the U.S. federal statutory tax rate of 21%) of $47 million for 3Q19, $43 million for 2Q20 and $59 million for 3Q20.

(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)	Third quarter of 2020 is preliminary.

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

(7)	Interest expense on trading account liabilities of ICG is reported as a reduction of interest revenue. Interest revenue and interest expense on cash collateral positions are reported in trading account assets and trading account liabilities, respectively.

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

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

Reclassified to conform to the current period's presentation.

Page 18

DEPOSITS

(In billions of dollars)


											3Q20 Increase/
	3Q		4Q		1Q		2Q		3Q		(Decrease) from
	2019		2019		2020		2020		2020		2Q20	3Q19
Global Consumer Banking
North America	$	155.8	$	160.5	$	166.4	$	180.5	$	186.0	3%	19%
Latin America		21.8		23.8		19.8		21.5		22.2	3%	2%
Asia ⁽¹⁾		102.3		106.7		107.8		112.5		117.4	4%	15%
Total		279.9		291.0		294.0		314.5		325.6	4%	16%

ICG
North America		393.2		374.2		444.6		472.2		475.7	1%	21%
EMEA		194.7		189.9		210.0		211.6		218.3	3%	12%
Latin America		34.3		36.2		36.1		39.7		43.3	9%	26%
Asia		172.7		167.4		187.6		184.9		187.5	1%	9%
Total		794.9		767.7		878.3		908.4		924.8	2%	16%

Corporate/Other		13.0		11.9		12.6		10.8		12.2	13%	(6%)

Total deposits - EOP	$	1,087.8	$	1,070.6	$	1,184.9	$	1,233.7	$	1,262.6	2%	16%

Total deposits - average	$	1,066.3	$	1,089.5	$	1,114.5	$	1,233.9	$	1,267.8	3%	19%

Foreign currency (FX) translation impact
Total EOP deposits - as reported	$	1,087.8	$	1,070.6	$	1,184.9	$	1,233.7	$	1,262.6	2%	16%
Impact of FX translation ⁽²⁾		2.6		(7.9)		16.6		9.0		-
Total EOP deposits - Ex-FX ⁽²⁾	$	1,090.4	$	1,062.7	$	1,201.5	$	1,242.7	$	1,262.6	2%	16%

(1)

Asia GCB includes deposits of certain EMEA countries for all periods presented.

(2)

Reflects the impact of FX translation into U.S. dollars at the third quarter of 2020 exchange rates for all periods presented.

Citigroup's results of operations excluding the impact of FX translation are non-GAAP financial measures.

Reclassified to conform to the current period's presentation.

Page 19

EOP LOANS

(In billions of dollars)


											3Q20 Increase/
	3Q		4Q		1Q		2Q		3Q		(Decrease) from
	2019		2019		2020		2020		2020		2Q20	3Q19
Global Consumer Banking

North America
Credit cards	$	141.5	$	149.2	$	137.3	$	128.0	$	125.5	(2%)	(11%)
Retail banking		49.1		50.3		50.8		53.1		53.1	-	8%
Total		190.6		199.5		188.1		181.1	$	178.6	(1%)	(6%)

Latin America
Credit cards		5.5		6.0		4.5		4.2	$	4.3	2%	(22%)
Retail banking		11.2		11.7		9.2		9.0		9.2	2%	(18%)
Total		16.7		17.7		13.7		13.2	$	13.5	2%	(19%)

Asia⁽¹⁾
Credit cards		18.8		19.9		17.3		16.8	$	16.8	-	(11%)
Retail banking		60.3		62.8		60.2		61.5		63.5	3%	5%
Total		79.1		82.7		77.5		78.3	$	80.3	3%	2%

Total GCB consumer loans
Credit cards		165.8		175.1		159.1		149.0	$	146.6	(2%)	(12%)
Retail banking		120.6		124.8		120.2		123.6		125.8	2%	4%
Total GCB		286.4		299.9		279.3		272.6	$	272.4	-	(5%)
Total Corporate/Other - consumer		11.0		9.6		9.1		8.5	$	7.6	(11%)	(31%)
Total consumer loans	$	297.4	$	309.5	$	288.4	$	281.1	$	280.0	-	(6%)

Corporate loans - by region
North America	$	190.9	$	190.9	$	223.5	$	202.8	$	195.0	(4%)	2%
EMEA		91.9		87.4		93.8		88.1		86.4	(2%)	(6%)
Latin America		38.1		39.1		41.3		42.1		36.6	(13%)	(4%)
Asia		73.4		72.5		74.0		71.2		68.9	(3%)	(6%)
Total corporate loans		394.3		389.9		432.6	$	404.2	$	386.9	(4%)	(2%)

Corporate loans - by product
Corporate lending		156.9		152.6		192.2		170.3	$	150.9	(11%)	(4%)
Private bank		105.3		109.0		112.0		108.3		111.5	3%	6%
Treasury and trade solutions		76.7		74.7		75.5		71.8		68.2	(5%)	(11%)
Markets and securities services		55.4		53.6		52.9		53.8		56.3	5%	2%
Total corporate loans		394.3		389.9		432.6		404.2	$	386.9	(4%)	(2%)

Total loans	$	691.7	$	699.5	$	721.0	$	685.3	$	666.9	(3%)	(4%)

Foreign currency (FX) translation impact
Total EOP loans - as reported	$	691.7	$	699.5	$	721.0	$	685.3	$	666.9	(3%)	(4%)
Impact of FX translation ⁽²⁾		1.0		(6.0)		9.9		5.0		-
Total EOP loans - Ex-FX ⁽²⁾	$	692.7	$	693.5	$	730.9	$	690.3	$	666.9	(3%)	(4%)

(1)	Asia GCB includes loans of certain EMEA countries for all periods presented.

(2)	Reflects the impact of FX translation into U.S. dollars at the third quarter of 2020 exchange rates for all periods presented.

Citigroup's results of operations excluding the impact of FX translation are non-GAAP financial measures.

Reclassified to conform to the current period's presentation.

Page 20

CONSUMER LOANS 90+ DAYS DELINQUENCIES AND RATIOS

BUSINESS VIEW

(In millions of dollars, except EOP loan amounts in billions)


	Loans 90+ Days Past Due⁽¹⁾										EOP Loans
		3Q		4Q		1Q		2Q		3Q	3Q
		2019		2019		2020		2020		2020	2020
Global Consumer Banking⁽²⁾
Total	$	2,470	$	2,737	$	2,603	$	2,466	$	1,976	$	272.4
Ratio		0.86%		0.91%		0.93%		0.91%		0.73%

Retail banking⁽²⁾
Total	$	392	$	438	$	429	$	497	$	497	$	125.8
Ratio		0.33%		0.35%		0.36%		0.40%		0.40%
North America⁽²⁾	$	125	$	146	$	161	$	182	$	211	$	53.1
Ratio		0.26%		0.29%		0.32%		0.35%		0.40%
Latin America	$	97	$	106	$	90	$	121	$	105	$	9.2
Ratio		0.87%		0.91%		0.98%		1.34%		1.14%
Asia⁽³⁾	$	170	$	186	$	178	$	194	$	181	$	63.5
Ratio		0.28%		0.30%		0.30%		0.32%		0.29%

Cards
Total	$	2,078	$	2,299	$	2,174	$	1,969	$	1,479	$	146.6
Ratio		1.25%		1.31%		1.37%		1.32%		1.01%
North America - Citi-branded ⁽³⁾	$	807	$	915	$	891	$	784	$	574	$	81.1
Ratio		0.88%		0.95%		1.01%		0.95%		0.71%
North America - retail services⁽³⁾	$	923	$	1,012	$	958	$	811	$	557	$	44.4
Ratio		1.85%		1.91%		1.96%		1.79%		1.25%
Latin America⁽³⁾	$	152	$	165	$	121	$	160	$	106	$	4.3
Ratio		2.76%		2.75%		2.69%		3.81%		2.47%
Asia⁽⁴⁾	$	196	$	207	$	204	$	214	$	242	$	16.8
Ratio		1.04%		1.04%		1.18%		1.27%		1.44%

Corporate/Other - consumer⁽²⁾	$	293	$	278	$	281	$	295	$	278	$	7.6
Ratio		2.82%		3.02%		3.23%		3.60%		3.86%

Total Citigroup⁽²⁾	$	2,763	$	3,015	$	2,884	$	2,761	$	2,254	$	280.0
Ratio		0.93%		0.98%		1.00%		0.99%		0.81%

(1)	The ratio of 90+ days past due is calculated based on end-of-period loans, net of unearned income.

(2)

The 90+ days past due and related ratios for North America retail banking and Corporate/Other North America exclude U.S. mortgage loans that are guaranteed by U.S. government-sponsored agencies since the potential loss predominantly resides with the U.S. agencies. See footnote 2 on page 9 and footnote 1 on page 17.

(3)	The decrease in loans 90+ days past due in North America and Latin America cards as of September 30, 2020, includes the impact of loan modifications that were implemented during the second quarter of 2020 related to various COVID-19 consumer relief programs.

(4)	Asia includes delinquency amounts, ratios and loans of certain EMEA countries for all periods presented.

Reclassified to conform to the current period's presentation.

Page 21

CONSUMER LOANS 30-89 DAYS DELINQUENCIES AND RATIOS

BUSINESS VIEW

(In millions of dollars, except EOP loan amounts in billions)


	Loans 30-89 Days Past Due⁽¹⁾										EOP Loans
	3Q		4Q		1Q		2Q		3Q		3Q
	2019		2019		2020		2020		2020		2020

Global Consumer Banking⁽²⁾
Total	$	2,956	$	3,001	$	2,870	$	2,503	$	2,398	$	272.4
Ratio		1.03%		1.00%		1.03%		0.92%		0.88%

Retail banking⁽²⁾
Total	$	803	$	816	$	794	$	918	$	786	$	125.8
Ratio		0.67%		0.66%		0.66%		0.75%		0.63%
North America⁽²⁾	$	313	$	334	$	298	$	440	$	378	$	53.1
Ratio		0.65%		0.67%		0.59%		0.84%		0.72%
Latin America	$	191	$	180	$	140	$	151	$	136	$	9.2
Ratio		1.71%		1.54%		1.52%		1.68%		1.48%
Asia ⁽³⁾	$	299	$	302	$	356	$	327	$	272	$	63.5
Ratio		0.50%		0.48%		0.59%		0.53%		0.43%

Cards
Total⁽³⁾	$	2,153	$	2,185	$	2,076	$	1,585	$	1,612	$	146.6
Ratio		1.30%		1.25%		1.30%		1.06%		1.10%
North America - Citi- branded⁽³⁾	$	800	$	814	$	770	$	594	$	624	$	81.1
Ratio		0.87%		0.85%		0.87%		0.72%		0.77%
North America - retail services⁽³⁾	$	943	$	945	$	903	$	611	$	610	$	44.4
Ratio		1.89%		1.79%		1.85%		1.35%		1.37%
Latin America⁽³⁾	$	161	$	159	$	132	$	111	$	89	$	4.3
Ratio		2.93%		2.65%		2.93%		2.64%		2.07%
Asia ⁽⁴⁾	$	249	$	267	$	271	$	269	$	289	$	16.8
Ratio		1.32%		1.34%		1.57%		1.60%		1.72%

Corporate/Other - consumer⁽²⁾	$	288	$	295	$	252	$	261	$	198	$	7.6
Ratio		2.77%		3.21%		2.90%		3.18%		2.75%

Total Citigroup⁽²⁾	$	3,244	$	3,296	$	3,122	$	2,764	$	2,596	$	280.0
Ratio		1.10%		1.07%		1.09%		0.99%		0.93%

(1)	The ratio of 30-89 days past due is calculated based on end-of-period loans, net of unearned income.

(2)

The 30-89 days past due and related ratios for North America retail banking and Corporate/Other North America exclude U.S. mortgage loans that are guaranteed by U.S. government-sponsored agencies since the potential loss predominantly resides with the U.S. agencies. See footnote 2 on page 9 and footnote 1 on page 17.

(3)	The decrease in loans 30-89 days past due in North America and Latin America cards beginning at June 30, 2020, includes the impact of loan modifications that were implemented during the second quarter of 2020 related to various COVID-19 consumer relief programs.

(4)	Asia includes delinquency amounts, ratios and loans of certain EMEA countries for all periods presented.

Reclassified to conform to the current period's presentation.

Page 22

ALLOWANCE FOR CREDIT LOSSES ON LOANS AND UNFUNDED LENDING COMMITMENTS Page 1

(In millions of dollars)


																3Q20 Increase/		Nine		Nine		YTD 2020 vs.
	3Q			4Q			1Q			2Q			3Q			(Decrease) from		Months		Months		YTD 2019 Increase/
	2019			2019			2020			2020			2020			2Q20	3Q19	2019		2020		(Decrease)

Total Citigroup
Allowance for credit losses on loans (ACLL) at beginning of period⁽¹⁾	$	12,466		$	12,530		$	12,783		$	20,841		$	26,420				$	12,315	$	12,783
Adjustment to opening balance for CECL adoption⁽¹⁾		-			-			4,201			-			-		-	-		-		4,201	NM
Adjusted ACLL at beginning of period		12,466			12,530			16,984			20,841			26,420		27%	NM		12,315		16,984	38%

Gross credit (losses) on loans		(2,281)			(2,361)			(2,479)			(2,528)			(2,367)		6%	(4%)		(6,980)		(7,374)	(6%)
Gross recoveries on loans		368			417			371			322			448		39%	22%		1,156		1,141	(1%)
Net credit (losses) / recoveries on loans (NCLs)		(1,913)			(1,944)			(2,108)			(2,206)			(1,919)		(13%)	-		(5,824)		(6,233)	7%
NCLs		1,913			1,944			2,108			2,206			1,919		(13%)	-		5,824		6,233	7%
Net reserve builds / (releases) for loans⁽²⁾⁽³⁾		132			112			4,112			4,856			42		(99)%	(68%)		252		9,010	NM
Net specific reserve builds / (releases) for loans		17			67			224			634			(152)		NM	NM		19		706	NM
Provision for credit losses on loans (PCLL)		2,062			2,123			6,444			7,696			1,809		(76%)	(12%)		6,095		15,949	NM
Other, net^{(4)(5)(6)(7)(8)(9)}		(85)			74			(479)			89			116		30%	NM		(56)		(274)
ACLL at end of period⁽¹⁾ (a)	$	12,530		$	12,783		$	20,841		$	26,420		$	26,426				$	12,530	$	26,426

Allowance for credit losses on unfunded lending commitments (ACLUC)⁽^10)(11) (a)	$	1,385		$	1,456		$	1,813		$	1,859		$	2,299				$	1,385	$	2,299

Provision (release) for credit losses on unfunded lending commitments	$	9		$	74		$	557		$	113		$	424				$	18	$	1,094

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (a)]	$	13,915		$	14,239		$	22,654		$	28,279		$	28,725				$	13,915	$	28,725

Total ACLL as a percentage of total loans⁽¹²⁾		1.82	%		1.84	%		2.91	%		3.89	%		4.00	%

Consumer
ACLL at beginning of period⁽¹⁾	$	9,679		$	9,727		$	9,897		$	17,390		$	19,596				$	9,504	$	9,897
Adjustment to opening balance for CECL adoption⁽¹⁾		-			-			4,922			-			-		-	-		-		(4,922)	NM
Adjusted ACLL at beginning of period		9,679			9,727			14,819			17,390			19,596		13%	NM		9,504		14,819	56%

NCLs		(1,803)			(1,830)			(1,981)			(1,882)			(1,594)		(15%)	(12%)		(5,546)		(5,457)	(2%)
NCLs		1,803			1,830			1,981			1,882			1,594		(15%)	(12%)		5,546		5,457	(2%)
Net reserve builds / (releases) for loans⁽²⁾⁽³⁾		95			107			2,844			1,973			(225)		NM	NM		161		4,592	NM
Net specific reserve builds / (releases) for loans		18			11			176			148			9		(94%)	(50%)		96		333	NM
Provision for credit losses on loans (PCLL)		1,916			1,948			5,001			4,003			1,378		(66%)	(28%)		5,803		10,382	79%
Other, net^{(4)(5)(6)(7)(8)(9)}		(65)			52			(449)			85			108		27%	NM		(34)		(256)	NM
ACLL at end of period⁽¹⁾ (b)	$	9,727		$	9,897		$	17,390		$	19,596		$	19,488				$	9,727	$	19,488

Consumer ACLUC⁽¹⁰⁾ (b)	$	2		$	4		$	-		$	-		$	-				$	2	$	-

Provision (release) for credit losses on unfunded lending commitments	$	2		$	2		$	(1)		$	-		$	5				$	(1)	$	4

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (b)]	$	9,729		$	9,901		$	17,390		$	19,596		$	19,488				$	9,729	$	19,488

Consumer ACLL as a percentage of total consumer loans		3.27	%		3.20	%		6.03	%		6.97	%		6.96	%

Corporate
ACLL at beginning of period⁽¹⁾	$	2,787		$	2,803		$	2,886		$	3,451		$	6,824				$	2,811	$	2,886
Adjustment to opening balance for CECL adoption⁽¹⁾		-			-			(721)			-			-		-	-		-		(4,922)	NM
Adjusted ACLL at beginning of period		2,787			2,803			2,165			3,451			6,824		98%	NM		2,811		2,165	(23%)

NCLs		(110)			(114)			(127)			(324)			(325)		-	NM		(278)		(776)	NM
NCLs		110			114			127			324			325		-	NM		278		776	NM
Net reserve builds / (releases) for loans		37			5			1,268			2,883			267		(91%)	NM		91		4,418	NM
Net specific reserve builds / (releases) for loans		(1)			56			48			486			(161)		NM	NM		(77)		373	NM
Provision for credit losses on loans (PCLL)		146			175			1,443			3,693			431		(88%)	NM		292		5,567	NM
Other, net⁽³⁾		(20)			22			(30)			4			8					(22)		(18)
ACLL at end of period⁽¹⁾ (c)	$	2,803		$	2,886		$	3,451		$	6,824		$	6,938				$	2,803	$	6,938

Corporate ACLUC^(10)(11) (c)	$	1,383		$	1,452		$	1,813		$	1,859		$	2,299				$	1,383	$	2,299

Provision (release) for credit losses on unfunded lending commitments	$	7		$	72		$	558		$	113		$	419				$	19	$	1,090

Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (c)]	$	4,186		$	4,338		$	5,264		$	8,683		$	9,237				$	4,186	$	9,237

Corporate ACLL as a percentage of total corporate loans⁽¹²⁾		0.72	%		0.75	%		0.81	%		1.71	%		1.82	%

Footnotes to this table are on the following page (page 24).

Page 23

ALLOWANCE FOR CREDIT LOSSES ON LOANS AND UNFUNDED LENDING COMMITMENTS

Page 2

The following footnotes relate to the table on the preceding page (page 23):

(1)

On January 1, 2020, Citi adopted Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (CECL) (Topic 326). The ASU introduces a new credit loss methodology requiring earlier recognition of credit losses while also providing additional transparency about credit risk. On January 1, 2020, Citi recorded a $4.1 billion, or an approximate 29%, pretax increase in the Allowance for credit losses, along with a $3.1 billion after-tax decrease in Retained earnings and a deferred tax asset increase of $1.0 billion. This transition impact reflects (i) a $4.9 billion build to the Allowance for credit losses for Citi’s consumer exposures, primarily driven by the impact on credit card receivables of longer estimated tenors under the CECL lifetime expected credit loss methodology compared to shorter estimated tenors under the probable loss methodology under prior U.S. GAAP, net of recoveries; and (ii) a release of $0.8 billion of reserves related to Citi’s corporate net loan loss exposures, largely due to more precise contractual maturities that result in shorter remaining tenors, incorporation of recoveries and use of more specific historical loss data based on an increase in portfolio segmentation across industries and geographies.

Attribution of the allowance is made for analytical purposes only, and the entire allowance is available to absorb losses in the portfolios. The balances on page 23 do not include approximately $0.2 billion of allowance for HTM debt securities and other assets at September 30, 2020.

(2)

During 2Q20, Citi updated its ACLL estimate of lifetime credit losses resulting from a change in accounting for variable post-charge-off third-party agency collection costs in its U.S. consumer businesses. These costs were previously recorded as a reduction in credit recoveries and thus impacted estimated lifetime credit losses. After June 30, 2020, these costs will be recorded as operating expenses for future periods as they are incurred.The impact of this accounting change resulted in an approximate $426 million reduction in Citi's estimated ACLL at June 30, 2020.

(3)

During 3Q20, Citi updated its ACLL estimate of lifetime credit losses resulting from a change in accounting for variable post-charge-off third-party agency collection costs in its international consumer businesses. These costs were previously recorded as a reduction in credit recoveries and thus impacted estimated lifetime credit losses. After September 30, 2020, these costs will be recorded as operating expenses for future periods as they are incurred.The impact of this accounting change resulted in an approximate $122 million reduction in Citi's estimated ACLL at September 30, 2020.

(4)	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.

(5)	3Q19 consumer includes a decrease of approximately $65 million related to FX translation. The corporate allowance is predominantly sourced in U.S. dollars.

(6)

4Q19 consumer includes a reduction of approximately $33 million related to the sale or transfers to HFS of various loan portfolios. In addition, the fourth quarter includes an increase of approximately $86 million related to FX translation. The corporate allowance is predominantly sourced in U.S. dollars.

(7)	1Q20 consumer includes a decrease of approximately $456 million related to FX translation. The corporate allowance is predominantly sourced in U.S. dollars.

(8)	2Q20 consumer includes an increase of approximately $86 million related to FX translation. The corporate allowance is predominantly sourced in U.S. dollars.

(9)	3Q20 consumer includes an increase of approximately $108 million related to FX translation. The corporate allowance is predominantly sourced in U.S. dollars.

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

(11)

The June 30, 2020 corporate ACLUC includes a non-provision transfer of $68 million, representing reserves on performance guarantees as of March 31, 2020. The reserves on these contracts have been reclassified out of the allowance for credit losses on unfunded lending commitments and into other liabilities as of June 30, 2020.

(12)	September 30, 2019, December 31, 2019, March 31, 2020, June 30, 2020 and September 30, 2020 exclude $3.8 billion, $4.1 billion, $4.0 billion,$5.8 billion and $5.5 billion, respectively, of loans that are carried at fair value.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 24

COMPONENTS OF PROVISION FOR CREDIT LOSSES ON LOANS

(In millions of dollars)

											3Q20 Increase/		Nine		Nine		YTD 2020 vs.
	3Q		4Q		1Q		2Q		3Q		(Decrease) from		Months		Months		YTD 2019 Increase/
	2019		2019		2020		2020		2020		2Q20	3Q19	2019		2020		(Decrease)

Global Consumer Banking
Net credit losses	$	1,802	$	1,842	$	1,983	$	1,887	$	1,598	(15%)	(11%)	$	5,540	$	5,468	(1%)
Credit reserve build / (release)		129		120		2,829		1,960		(88)	NM	NM		319		4,701	NM
North America
Net credit losses		1,350		1,408		1,526		1,484		1,182	(20%)	(12%)		4,175		4,192	-
Credit reserve build / (release)		161		109		2,362		1,499		(13)	(101%)	NM		360		3,848	NM
Retail Banking
Net credit losses		40		42		37		33		31	(6%)	(23%)		119		101	(15%)
Credit reserve build / (release)		(1)		(2)		178		179		(17)	NM	NM		(8)		340	NM
Citi-Branded Cards
Net credit losses		712		723		795		795		647	(19%)	(9%)		2,141		2,237	4%
Credit reserve build / (release)		141		115		1,294		1,128		46	(96%)	(67%)		281		2,468	NM
Citi Retail Services
Net credit losses		598		643		694		656		504	(23%)	(16%)		1,915		1,854	(3%)
Credit reserve build / (release)		21		(4)		890		192		(42)	NM	NM		87		1,040	NM
Latin America
Net credit losses		275		259		277		209		228	9%	(17%)		850		714	(16%)
Credit reserve build / (release)		(34)		(5)		265		202		(116)	NM	NM		(33)		351	NM
Retail Banking
Net credit losses		119		116		130		94		90	(4%)	(24%)		378		314	(17%)
Credit reserve build / (release)		(28)		(22)		122		130		(63)	NM	NM		(41)		189	NM
Citi-Branded Cards
Net credit losses		156		143		147		115		138	20%	(12%)		472		400	(15%)
Credit reserve build / (release)		(6)		17		143		72		(53)	NM	NM		8		162	NM
Asia ⁽¹⁾
Net credit losses		177		175		180		194		188	(3%)	6%		515		562	9%
Credit reserve build / (release)		2		16		202		259		41	(84%)	NM		(8)		502	NM
Retail Banking
Net credit losses		66		69		68		77		69	(10%)	5%		186		214	15%
Credit reserve build / (release)		5		7		107		79		13	(84%)	NM		12		199	NM
Citi-Branded Cards
Net credit losses		111		106		112		117		119	2%	7%		329		348	6%
Credit reserve build / (release)		(3)		9		95		180		28	(84%)	NM		(20)		303	NM

Institutional Clients Group
Net credit losses		110		115		127		324		326	1%	NM		279		777	NM
Credit reserve build / (release)		36		57		1,316		3,370		106	(97%)	NM		14		4,792	NM

Corporate / Other
Net credit losses		1		(13)		(2)		(5)		(5)	-	NM		5		(12)	NM
Credit reserve build / (release)		(16)		2		191		160		(128)	NM	NM		(62)		223	NM

Total provision for credit losses on loans	$	2,062	$	2,123	$	6,444	$	7,696	$	1,809	(76%)	(12%)	$	6,095	$	15,949	NM

(1)	Asia GCB includes NCLs and credit reserve builds (releases) for certain EMEA countries for all periods presented.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 25

NON-ACCRUAL ASSETS

(In millions of dollars)


											3Q20 Increase/
	3Q		4Q		1Q		2Q		3Q		(Decrease) from
	2019		2019		2020		2020		2020		2Q20	3Q19
Non-accrual loans ⁽¹⁾
Corporate non-accrual loans by region
North America	$	1,056	$	1,214	$	1,138	$	2,466	$	2,018	(18%)	91%
EMEA		307		430		720		812		720	(11%)	NM
Latin America		399		473		447		585		609	4%	53%
Asia		84		71		179		153		237	55%	NM
Total	$	1,846	$	2,188	$	2,484	$	4,016	$	3,584	(11%)	94%

Consumer non-accrual loans by region ⁽²⁾
North America	$	1,013	$	905	$	926	$	928	$	934	1%	(8%)
Latin America		595		632		489		608		493	(19%)	(17%)
Asia ⁽³⁾		258		279		284		293		263	(10%)	2%
Total	$	1,866	$	1,816	$	1,699	$	1,829	$	1,690	(8%)	(9%)

Other real estate owned (OREO) ⁽⁴⁾
Institutional Clients Group	$	20	$	18	$	19	$	17	$	13	(24%)	(35%)
Global Consumer Banking		10		6		4		4		11	NM	10%
Corporate/Other		42		37		27		23		18	(22%)	(57%)
Total	$	72	$	61	$	50	$	44	$	42	(5%)	(42%)

OREO by region
North America	$	51	$	39	$	35	$	32	$	22	(31%)	(57%)
EMEA		1		1		1		-		-	-	(100%)
Latin America		14		14		6		6		8	33%	(43%)
Asia		6		7		8		6		12	100%	100%
Total	$	72	$	61	$	50	$	44	$	42	(5%)	(42%)

Non-accrual assets (NAA) ⁽⁵⁾
Corporate non-accrual loans	$	1,846	$	2,188	$	2,484	$	4,016	$	3,584	(11%)	94%
Consumer non-accrual loans		1,866		1,816		1,699		1,829		1,690	(8%)	(9%)
Non-accrual loans (NAL)		3,712		4,004		4,183		5,845		5,274	(10%)	42%
OREO		72		61		50		44		42	(5%)	(42%)
Non-Accrual Assets (NAA)	$	3,784	$	4,065	$	4,233	$	5,889	$	5,316	(10%)	40%

NAL as a percentage of total loans		0.54%		0.57%		0.58%		0.85%		0.79%
NAA as a percentage of total assets		0.19%		0.21%		0.19%		0.26%		0.24%

Allowance for loan losses as a percentage of NAL		338%		319%		498%		452%		501%

(1)

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

(2)	For 4Q19 and prior, excludes Statement of Position (SOP) 03-3 purchased distressed loans. Beginning in 1Q20, non-accrual loans include purchased credit default loans.

(3)	Asia GCB includes balances for certain EMEA countries for all periods presented.

(4)	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.

(5)	There is no industry-wide definition of non-accrual assets. As such, analysis against the industry is not always comparable.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 26

CITIGROUP

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

SHARE AND TANGIBLE BOOK VALUE PER SHARE

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


	September 30,		December 31,		March 31,		June 30,		September 30,
Common Equity Tier 1 Capital Ratio and Components ⁽¹⁾	2019		2019		2020		2020		2020⁽²⁾
Citigroup common stockholders' equity ⁽³⁾	$	177,052	$	175,414	$	174,502	$	173,793	$	176,047
Add: qualifying noncontrolling interests		145		154		138		145		141
Regulatory capital adjustments and deductions:
Add:
CECL transition and 25% provision deferral ⁽⁴⁾		-		-		4,300		5,606		5,710
Less:
Accumulated net unrealized gains (losses) on cash flow hedges, net of tax ⁽⁵⁾		328		123		2,020		2,094		1,859
Cumulative unrealized net gain (loss) related to changes in fair value of financial
liabilities attributable to own creditworthiness, net of tax ⁽⁶⁾		181		(679)		2,838		393		29
Intangible assets:
Goodwill, net of related deferred tax liabilities (DTLs)⁽⁷⁾		21,498		21,066		20,123		20,275		20,522
Identifiable intangible assets other than mortgage servicing rights
(MSRs), net of related DTLs		4,132		4,087		3,953		3,866		4,248
Defined benefit pension plan net assets		990		803		1,052		960		949
Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit
and general business credit carry-forwards		11,487		12,370		12,259		12,313		12,057
Common Equity Tier 1 Capital (CET1)	$	138,581	$	137,798	$	136,695	$	139,643	$	142,234
Risk-Weighted Assets (RWA)⁽⁴⁾⁽⁹⁾	$	1,197,050	$	1,166,523	$	1,224,136	$	1,205,123	$	1,210,439
Common Equity Tier 1 Capital ratio (CET1/RWA)		11.58%		11.81%		11.17%		11.59%		11.8%

Supplementary Leverage Ratio and Components
Common Equity Tier 1 Capital (CET1)⁽⁴⁾	$	138,581	$	137,798	$	136,695	$	139,643	$	142,234
Additional Tier 1 Capital (AT1)⁽⁸⁾		19,452		18,007		17,609		17,988		18,155
Total Tier 1 Capital (T1C) (CET1 + AT1)	$	158,033	$	155,805	$	154,304	$	157,631	$	160,389
Total Leverage Exposure (TLE)^(4)(10)	$	2,520,352	$	2,507,891	$	2,585,730	$	2,367,578	$	2,356,351
Supplementary Leverage ratio (T1C/TLE)		6.27%		6.21%		5.97%		6.66%		6.8%


Tangible Common Equity, Book Value Per Share and Tangible Book Value Per Share
Common stockholders' equity	$	176,893	$	175,262	$	174,351	$	173,642	$	175,896
Less:
Goodwill		21,822		22,126		21,264		21,399		21,624
Intangible assets (other than MSRs)		4,372		4,327		4,193		4,106		4,470
Tangible common equity (TCE)	$	150,699	$	148,809	$	148,894	$	148,137	$	149,802
Common shares outstanding (CSO)		2,183.2		2,114.1		2,081.8		2,081.9		2,082.0
Book value per share (common equity/CSO)	$	81.02	$	82.90	$	83.75	$	83.41	$	84.48
Tangible book value per share (TCE/CSO)	$	69.03	$	70.39	$	71.52	$	71.15	$	71.95

(1)	See footnote 2 on page 1.

(2)	Preliminary.

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

(4)	See footnote 4 on page 21.

(5)	Common Equity Tier 1 Capital is adjusted for accumulated net unrealized gains (losses) on cash flow hedges included in accumulated other comprehensive income that relate to the hedging of items not recognized at fair value on the balance sheet.

(6)	The cumulative impact of changes in Citigroup’s own creditworthiness in valuing liabilities for which the fair value option has been elected, and own-credit valuation adjustments on derivatives, are excluded from Common Equity Tier 1 Capital, in accordance with U.S. Basel III rules.

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

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

(9)	RWA excludes assets acquired pursuant to a non-recourse loan provided under the Money Market Mutual Fund Liquidity Facility. In addition, loans originated under the Paycheck Protection Program receive a 0% risk weight.

(10)

Commencing with the second quarter of 2020, Citigroup's TLE reflects the benefit of the temporary exclusion of U.S. Treasuries and deposits at Federal Reserve banks under the FRB interim final rule. In addition, TLE excludes assets acquired pursuant to a non-recourse loan provided under the Money Market Mutual Fund Liquidity Facility, as well as exposures pledged as collateral pursuant to a non-recourse loan that is provided as part of the Paycheck Protection Program Lending Facility.

Reclassified to conform to the current period's presentation.

Page 27

CITIGROUP INC - FORM 8-K - EX-99.2 - EXHIBIT 99.2 - October 13, 2020

Attached files