Citi(C) - 2025 Q3 - Quarterly Results

Citigroup Financial Summary This section provides a high-level overview of Citigroup's 3Q25 financial performance, showing year-over-year growth in revenues and net income despite a slight decrease in capital ratios | Metric | 3Q25 (Millions of dollars, except per share) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :-------------------------------- | :--------------------------------------- | :--- | :--- | :------------ | :------------ | | Total revenues, net of interest expense | $22,090 | $21,668 | $20,209 | 2% | 9% | | Citigroup's net income | $3,752 | $4,019 | $3,238 | (7%) | 16% | | Diluted earnings per share | $1.86 | $1.96 | $1.51 | (5%) | 23% | | Common Equity Tier 1 (CET1) Capital ratio | 13.2% | 13.48% | 13.71% | (28) bps | (51) bps | | Return on average common equity (RoCE) | 7.1% | 7.7% | 6.2% | (60) bps | 90 bps | | Total assets (Billions of dollars) | $2,642.5 | $2,622.8 | $2,430.7 | 1% | 9% | | Total loans (Billions of dollars) | $733.9 | $725.3 | $688.9 | 1% | 7% | | Total deposits (Billions of dollars) | $1,383.9 | $1,357.7 | $1,310.0 | 2% | 6% | Consolidated Statement of Income This statement details Citigroup's 3Q25 revenue streams, credit provisions, and operating expenses, showing increased total revenues and significant year-over-year net income improvement | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Interest income (including dividends) | $36,690 | $35,859 | $36,456 | 2% | 1% | | Interest expense | $21,750 | $20,684 | $23,094 | 5% | (6%) | | Net interest income (NII) | $14,940 | $15,175 | $13,362 | (2%) | 12% | | Total non-interest revenues (NIR) | $7,150 | $6,493 | $6,847 | 10% | 4% | | Total revenues, net of interest expense | $22,090 | $21,668 | $20,209 | 2% | 9% | | Provisions for credit losses and for benefits and claims | $2,450 | $2,872 | $2,675 | (15%) | (8%) | | Total operating expenses | $14,290 | $13,577 | $13,144 | 5% | 9% | | Income (loss) from continuing operations before income taxes | $5,350 | $5,219 | $4,390 | 3% | 22% | | Income (loss) from continuing operations | $3,791 | $4,033 | $3,274 | (6%) | 16% | | Citigroup's net income (loss) | $3,752 | $4,019 | $3,238 | (7%) | 16% | Consolidated Balance Sheet This section presents Citigroup's 3Q25 financial position, detailing assets, liabilities, and equity, with overall growth in total assets, loans, and deposits | Metric | September 30, 2025 (Millions of dollars) | June 30, 2025 | September 30, 2024 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :--------------------------------------- | :------------ | :----------------- | :------------ | :------------ | | Total assets | $2,642,475 | $2,622,772 | $2,430,663 | 1% | 9% | | Deposits with banks, net of allowance | $324,515 | $312,482 | $277,828 | 4% | 17% | | Trading account assets | $562,254 | $568,558 | $458,072 | (1%) | 23% | | Total investments | $450,732 | $449,400 | $490,671 | - | (8%) | | Total loans, net | $714,699 | $706,222 | $670,566 | 1% | 7% | | Total liabilities | $2,428,598 | $2,408,642 | $2,220,761 | 1% | 9% | | Total deposits | $1,383,929 | $1,357,733 | $1,309,999 | 2% | 6% | | Long-term debt | $315,846 | $317,761 | $299,081 | (1%) | 6% | | Total Citigroup stockholders' equity | $213,023 | $213,222 | $209,083 | - | 2% | | Book value per share | $108.41 | $106.94 | $101.91 | 1% | 6% | | Tangible book value per share | $95.72 | $94.16 | $89.67 | 2% | 7% | Operating Segments, Reporting Units, and Components This section details Citigroup's 3Q25 financial performance across its core operating segments, highlighting segment-specific revenues and income from continuing operations Services The Services segment showed strong 3Q25 revenue and income growth, driven by increased net interest income and fee revenue, with improved efficiency and RoTCE | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total revenues, net of interest expense | $5,363 | $5,062 | $5,015 | 6% | 7% | | Income from continuing operations | $1,819 | $1,448 | $1,683 | 26% | 8% | | Efficiency ratio | 50% | 53% | 51% | (300) bps | (100) bps | | Return on average tangible common equity (RoTCE) | 28.9% | 23.3% | 26.4% | 560 bps | 250 bps | | Treasury and Trade Solutions (TTS) revenue | $3,882 | $3,674 | $3,627 | 6% | 7% | | Securities Services revenue | $1,481 | $1,388 | $1,388 | 7% | 7% | | Average deposits (Billions of dollars) | $893 | $857 | $825 | 4% | 8% | Markets The Markets segment saw a slight 3Q25 quarter-over-quarter revenue and income decline, primarily from net interest income and fixed income, but strong year-over-year growth | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total revenues, net of interest expense | $5,563 | $5,879 | $4,817 | (5%) | 15% | | Income (loss) from continuing operations | $1,583 | $1,749 | $1,089 | (9%) | 45% | | Efficiency ratio | 63% | 60% | 69% | 300 bps | (600) bps | | Return on average tangible common equity (RoTCE) | 12.3% | 13.8% | 7.9% | (150) bps | 440 bps | | Fixed Income markets revenue | $4,023 | $4,268 | $3,578 | (6%) | 12% | | Equity markets revenue | $1,540 | $1,611 | $1,239 | (4%) | 24% | | Average loans (Billions of dollars) | $147 | $136 | $119 | 8% | 24% | Banking The Banking segment achieved robust 3Q25 growth in revenues and income from continuing operations, driven by strong investment banking fees and improved efficiency | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total revenues, net of interest expense | $2,132 | $1,921 | $1,597 | 11% | 34% | | Income (loss) from continuing operations | $635 | $461 | $236 | 38% | 169% | | Efficiency ratio | 53% | 59% | 70% | (600) bps | (1,700) bps | | Return on average tangible common equity (RoTCE) | 12.3% | 9.0% | 4.3% | 330 bps | 800 bps | | Investment banking fees | $1,169 | $1,058 | $999 | 10% | 17% | | Advisory fees | $427 | $408 | $394 | 5% | 8% | | Debt underwriting (DCM) fees | $568 | $432 | $476 | 31% | 19% | Wealth The Wealth segment maintained stable 3Q25 revenues quarter-over-quarter with year-over-year growth, and income from continuing operations rose significantly year-over-year | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total revenues, net of interest expense | $2,164 | $2,166 | $1,995 | - | 8% | | Income from continuing operations | $374 | $494 | $283 | (24%) | 32% | | Efficiency ratio | 76% | 72% | 80% | 400 bps | (400) bps | | Return on average tangible common equity (RoTCE) | 12.1% | 16.1% | 8.5% | (400) bps | 360 bps | | EOP client balances (Billions of dollars) | $1,129 | $1,096 | $1,047 | 3% | 8% | | Net new investment assets (NNIA) (Billions of dollars) | $18.6 | $2.0 | $13.8 | NM | 35% | U.S. Personal Banking (USPB) The USPB segment reported increased 3Q25 revenues and income from continuing operations, driven by Branded Cards and Retail Banking, with improved efficiency and RoTCE | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total revenues, net of interest expense | $5,331 | $5,119 | $4,964 | 4% | 7% | | Income from continuing operations | $858 | $649 | $522 | 32% | 64% | | Efficiency ratio | 44% | 47% | 48% | (300) bps | (400) bps | | Return on average tangible common equity (RoTCE) | 14.5% | 11.1% | 8.2% | 340 bps | 630 bps | | Branded Cards revenue | $2,970 | $2,822 | $2,741 | 5% | 8% | | Retail Services revenue | $1,686 | $1,649 | $1,704 | 2% | (1%) | | Retail Banking revenue | $675 | $648 | $519 | 4% | 30% | | Average loans (Billions of dollars) | $220 | $217 | $210 | 1% | 5% | | Average deposits (Billions of dollars) | $90 | $90 | $85 | - | 6% | USPB Key Drivers/Metrics This section details USPB's operational metrics, showing strong performance in new credit card acquisitions, spend volume, stable loan growth, and improved credit quality | Metric | 3Q25 | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :--- | :--- | :--- | :------------ | :------------ | | New credit cards account acquisitions (Branded Cards, in thousands) | 1,343 | 1,194 | 1,224 | 12% | 10% | | Credit card spend volume (Branded Cards, in billions) | $135.6 | $135.8 | $128.9 | - | 5% | | Average loans (Branded Cards, in billions) | $120.2 | $118.0 | $114.8 | 2% | 5% | | NCLs as a % of average loans (Branded Cards) | 3.54% | 3.80% | 3.63% | (26) bps | (9) bps | | Loans 90+ days past due as a % of EOP loans (Branded Cards) | 1.07% | 1.09% | 1.09% | (2) bps | (2) bps | | Branches (actual) | 653 | 650 | 641 | - | 2% | All Other—Managed Basis The 'All Other—Managed Basis' segment reported a 3Q25 decline in revenues and income from continuing operations, influenced by divestiture activities and unallocated corporate costs | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total revenues, net of interest expense | $1,535 | $1,698 | $1,820 | (10%) | (16%) | | Income (loss) from continuing operations | $(701) | $(588) | $(494) | (19%) | (42%) | | Efficiency ratio | 141% | 134% | 114% | 700 bps | 2,700 bps | | Average allocated TCE (Billions of dollars) | $40.9 | $40.7 | $29.2 | - | 40% | Legacy Franchises Legacy Franchises showed mixed 3Q25 results, with Mexico Consumer/SBMM growing and Asia Consumer declining due to divestitures, while net income significantly improved quarter-over-quarter | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total revenues, net of interest expense | $1,871 | $1,691 | $1,734 | 11% | 8% | | Net income (loss) | $155 | $60 | $(31) | 158% | NM | | Efficiency ratio | 71% | 76% | 85% | (500) bps | (1,400) bps | | Mexico Consumer/SBMM revenue | $1,722 | $1,536 | $1,523 | 12% | 13% | | Asia Consumer revenue | $149 | $155 | $191 | (4%) | (22%) | | Mexico Consumer/SBMM EOP loans (Billions of dollars) | $28.5 | $26.8 | $23.5 | 6% | 21% | | Asia Consumer EOP loans (Billions of dollars) | $2.7 | $3.0 | $5.5 | (10%) | (51%) | Corporate/Other The Corporate/Other segment reported negative 3Q25 revenues and a significant loss from continuing operations, reflecting unallocated expenses and volatile financial performance | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total revenues, net of interest expense | $(336) | $7 | $86 | NM | NM | | Income (loss) from continuing operations | $(859) | $(626) | $(463) | (37%) | (86%) | | Average allocated TCE (Billions of dollars) | $35.8 | $35.6 | $23.0 | 1% | 56% | Reconciling Items—Divestiture-Related Impacts This section details 3Q25 divestiture-related financial impacts, including a significant goodwill impairment charge in Mexico and separation costs, leading to a substantial loss | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total revenues, net of interest expense | $2 | $(177) | $1 | NM | 100% | | Total operating expenses | $766 | $37 | $67 | NM | NM | | Income (loss) from continuing operations | $(777) | $(180) | $(45) | (332%) | NM | - 3Q25 operating expenses include a $726 million goodwill impairment charge in Mexico and separation costs[60] - 2Q25 includes an approximate $186 million loss recorded in revenue related to the announced sale of the Poland consumer banking business[57] Citigroup Supplemental Detail This section provides supplementary financial details for Citigroup, covering average balances, EOP loans and deposits, credit loss allowances, non-accrual assets, and regulatory capital ratios | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total average interest-earning assets | $2,472,065 | $2,425,332 | $2,282,116 | 2% | 8% | | Total average interest-bearing liabilities | $2,024,518 | $1,987,716 | $1,841,919 | 2% | 10% | | Net interest income as a % of average interest-earning assets (NIM) | 2.40% | 2.51% | 2.33% | (11) bps | 7 bps | Average Balances and Interest Rates This section presents 3Q25 average volumes and interest rates for Citigroup's assets and liabilities, showing increases in both and a slight NIM decrease quarter-over-quarter | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total average interest-earning assets | $2,472,065 | $2,425,332 | $2,282,116 | 2% | 8% | | Total average interest-bearing liabilities | $2,024,518 | $1,987,716 | $1,841,919 | 2% | 10% | | Net interest income as a % of average interest-earning assets (NIM) | 2.40% | 2.51% | 2.33% | (11) bps | 7 bps | | Average consumer loans | $396,333 | $390,349 | $386,155 | 2% | 3% | | Average corporate loans | $328,686 | $321,827 | $300,357 | 2% | 9% | | Average deposits | $1,180,367 | $1,138,996 | $1,109,067 | 4% | 6% | EOP Loans This section details 3Q25 End-of-Period loan balances by corporate and consumer segments, showing overall growth, particularly in North America corporate and Mexico Consumer loans | Metric | 3Q25 (Billions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total corporate loans | $335.3 | $329.6 | $299.8 | 2% | 12% | | Total consumer loans | $398.6 | $395.8 | $389.2 | 1% | 2% | | Corporate loans by region (North America) | $150.1 | $146.5 | $127.5 | 2% | 18% | | USPB Branded Cards EOP loans | $121.2 | $120.2 | $115.9 | 1% | 5% | | Mexico Consumer EOP loans | $21.2 | $20.0 | $17.4 | 6% | 22% | | Asia Consumer EOP loans | $2.7 | $3.0 | $5.5 | (10%) | (51%) | EOP Deposits This section details 3Q25 End-of-Period deposit balances by segment and region, showing total deposit growth, with Services and Wealth increasing, but Asia Consumer declining due to divestitures | Metric | 3Q25 (Billions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total deposits—EOP | $1,383.9 | $1,357.7 | $1,310.0 | 2% | 6% | | Services deposits | $891.3 | $874.5 | $825.7 | 2% | 8% | | Wealth deposits | $318.1 | $309.9 | $316.3 | 3% | 1% | | USPB deposits | $89.6 | $90.5 | $85.1 | (1%) | 5% | | Mexico Consumer deposits | $29.7 | $28.5 | $26.1 | 4% | 14% | | Asia Consumer deposits | $1.3 | $1.5 | $8.4 | (13%) | (85%) | Allowance for Credit Losses (ACL) Rollforward This section presents the 3Q25 rollforward of Allowance for Credit Losses (ACL), including ACLL and ACLUC by segment, showing year-over-year increases reflecting credit risk management | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total ACLL at end of period | $19,206 | $19,123 | $18,356 | - | 5% | | Total ACLUC at end of period | $1,820 | $1,721 | $1,725 | 6% | 6% | | Total allowance for credit losses (ACL) | $23,778 | $23,201 | $21,756 | 1% | 7% | | ACLL/EOP Loans | 2.65% | 2.67% | 2.70% | (2) bps | (5) bps | | Corporate ACLL | $3,001 | $3,023 | $2,556 | (1%) | 17% | | Consumer ACLL | $16,205 | $16,100 | $15,765 | 1% | 3% | Allowance for Credit Losses on Loans (ACLL) and Unfunded Lending Commitments (ACLUC) This section analyzes 3Q25 ACLL and ACLUC, including NCLs and net reserve builds for loans, showing stable NCLs and a significant quarter-over-quarter decrease in net reserve builds | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total Citigroup ACLL at end of period | $19,206 | $19,123 | $18,356 | - | 5% | | Net credit (losses) / recoveries on loans (NCLs) | $(2,214) | $(2,234) | $(2,172) | (1%) | 2% | | Net reserve builds / (releases) for loans | $45 | $243 | $210 | (81%) | (79%) | | Provision for credit losses on loans (PCLL) | $2,259 | $2,477 | $2,382 | (9%) | (5%) | | Consumer ACLL at end of period | $16,205 | $16,100 | $15,765 | 1% | 3% | | Corporate ACLL at end of period | $3,001 | $3,023 | $2,591 | (1%) | 16% | Non-Accrual Assets This section reports 3Q25 non-accrual loans (NAL) for corporate and consumer segments, showing a significant year-over-year increase in total NAL and a decrease in ACLL as a percentage of NAL | Metric | 3Q25 (Millions of dollars) | 2Q25 | 3Q24 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :------------------------- | :--- | :--- | :------------ | :------------ | | Total non-accrual loans (NAL) | $3,678 | $3,354 | $2,166 | 10% | 70% | | Corporate non-accrual loans | $2,071 | $1,722 | $944 | 20% | 119% | | Consumer non-accrual loans | $1,607 | $1,632 | $1,222 | (2%) | 32% | | NAL as a percentage of total loans | 0.50% | 0.46% | 0.31% | 4 bps | 19 bps | | ACLL as a percentage of NAL | 522% | 570% | 847% | (48) bps | (325) bps | CET1 Capital and Supplementary Leverage Ratios, Tangible Common Equity, Book Value Per Share and Tangible Book Value Per Share This section provides key 3Q25 capital and equity metrics for Citigroup, showing slight declines in CET1 and SLR ratios, while Tangible Book Value Per Share continued to increase | Metric | September 30, 2025 (Millions of dollars, except per share/ratio) | June 30, 2025 | September 30, 2024 | 3Q25 vs. 2Q25 | 3Q25 vs. 3Q24 | | :--------------------------------------- | :--------------------------------------------------------------- | :------------ | :----------------- | :------------ | :------------ | | CET1 Capital | $158,461 | $158,943 | $158,106 | - | - | | Risk-Weighted Assets (RWA) | $1,197,575 | $1,178,756 | $1,153,150 | 2% | 4% | | CET1 Capital ratio (CET1/RWA) | 13.2% | 13.48% | 13.71% | (28) bps | (51) bps | | Supplementary Leverage ratio (SLR) | 5.5% | 5.53% | 5.85% | (3) bps | (35) bps | | Tangible common equity (TCE) | $171,265 | $173,339 | $169,588 | (1%) | 1% | | Book value per share | $108.41 | $106.94 | $101.91 | 1% | 6% | | Tangible book value per share (TBVPS) | $95.72 | $94.16 | $89.67 | 2% | 7% |