XML 58 R25.htm IDEA: XBRL DOCUMENT v3.24.0.1
LOANS
 12 Months Ended
Dec. 31, 2023
Loans and Leases Receivable Disclosure [Abstract]  
LOANS LOANS
Citigroup loans are reported in two categories: corporate and consumer. These categories are classified primarily according to the operating segment, reporting unit and component that manage the loans in addition to the nature of the obligor, with corporate loans generally made for corporate institutional and public sector clients around the world and consumer loans to retail and small business customers.
Corporate Loans
Corporate loans represent loans and leases managed by Services, Markets, Banking and the Mexico SBMM component of All Other—Legacy Franchises. The following table presents information by corporate loan type:

In millions of dollarsDecember 31,
2023		December 31,
2022
In North America offices(1)
  
Commercial and industrial$61,008 $56,176 
Financial institutions39,393 43,399 
Mortgage and real estate(2)
17,813 17,829 
Installment and other23,335 23,767 
Lease financing227 308 
Total$141,776 $141,479 
In offices outside North America(1)
 
Commercial and industrial$93,402 $93,967 
Financial institutions26,143 21,931 
Mortgage and real estate(2)
7,197 4,179 
Installment and other27,907 23,347 
Lease financing48 46 
Governments and official institutions3,599 4,205 
Total$158,296 $147,675 
Corporate loans, net of unearned income, excluding portfolio layer cumulative basis adjustments(3)(4)(5)
$300,072 $289,154 
Unallocated portfolio layer cumulative basis adjustments(6)
$93 $— 
Corporate loans, net of unearned income(3)(4)(5)
$300,165 $289,154 

(1)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America. The classification between offices in North America and outside North America is based on the domicile of the booking unit. The difference between the domicile of the booking unit and the domicile of the managing unit is not material.
(2)Loans secured primarily by real estate.
(3)Corporate loans are net of unearned income of ($917) million and ($797) million at December 31, 2023 and 2022, respectively. Unearned income on corporate loans primarily represents loan origination fees, net of certain direct origination costs, that are deferred and recognized as Interest income over the lives of the related loans.
(4)Not included in the balances above is approximately $2 billion of accrued interest receivable at December 31, 2023 and 2022, which is included in Other assets on the Consolidated Balance Sheet.
(5)Accrued interest receivable considered to be uncollectible is reversed through interest income. Amounts reversed were not material for the years ended December 31, 2023 and 2022, respectively.
(6)Represents fair value hedge basis adjustments related to portfolio layer method hedges of mortgage and real estate loans, which are not allocated to individual loans in the portfolio. See Note 24.

The Company sold and/or reclassified to held-for-sale $5.7 billion and $5.0 billion of corporate loans during the years ended December 31, 2023 and 2022, respectively. The Company did not have significant purchases of corporate loans classified as held-for-investment for the years ended December 31, 2023 or 2022.

Lease Financing
Citi is a lessor in the power, railcars, shipping and aircraft sectors, where the Company has executed operating, direct financing and leveraged leases. Citi’s $0.3 billion of lease financing receivables, as of December 31, 2023, is composed of approximately equal balances of direct financing lease receivables and net investments in leveraged leases. Citi uses the interest rate implicit in the lease to determine the present value of its lease financing receivables. Interest income on direct financing and leveraged leases during the year ended December 31, 2023 was not material.
The Company’s operating leases, where Citi is a lessor, are not significant to the Consolidated Financial Statements.

Delinquency Status
Citi generally does not manage corporate loans on a delinquency basis. Corporate loans are placed on a cash (non-accrual) basis when it is determined, based on actual experience and a forward-looking assessment of the collectibility of the loan in full, that the payment of interest or principal is doubtful or when interest or principal is 90 days past due, except when the loan is well collateralized and in the process of collection. Any interest accrued on impaired corporate loans and leases is reversed at 90 days and charged against current earnings, and interest is thereafter included in earnings only to the extent actually received in cash. When there is doubt regarding the ultimate collectibility of principal, all cash receipts are thereafter applied to reduce the recorded investment in the loan. While corporate loans are generally managed based on their internally assigned risk rating (see further discussion below), the following tables present delinquency information by corporate loan type.

Corporate Loan Delinquencies and Non-Accrual Details at December 31, 2023

In millions of dollars
30–89 days
past due
and accruing(1)
≥ 90 days
past due and
accruing(1)
Total past due
and accruing
Total
non-accrual(2)
Total
current(3)
Total
loans(4)
Commercial and industrial$308 $118 $426 $717 $150,308 $151,451 
Financial institutions9 7 16 51 64,993 65,060 
Mortgage and real estate66 3 69 868 24,001 24,938 
Lease financing— — — — 275 275 
Other66 17 83 246 50,738 51,067 
Loans at fair value7,281 
Total(5)
$449 $145 $594 $1,882 $290,315 $300,072 

Corporate Loan Delinquencies and Non-Accrual Details at December 31, 2022

In millions of dollars
30–89 days
past due
and accruing(1)
≥ 90 days
past due and
accruing(1)
Total past due
and accruing
Total
non-accrual(2)
Total
current(3)
Total
loans(4)
Commercial and industrial$763 $594 $1,357 $860 $145,586 $147,803 
Financial institutions233 102 335 152 64,420 64,907 
Mortgage and real estate30 12 42 33 21,874 21,949 
Lease financing— 1 1 10 343 354 
Other145 18 163 67 48,788 49,018 
Loans at fair value5,123 
Total$1,171 $727 $1,898 $1,122 $281,011 $289,154 

(1)Corporate loans that are 90 days past due are generally classified as non-accrual. Corporate loans are considered past due when principal or interest is contractually due but unpaid.
(2)Non-accrual loans generally include those loans that are 90 days or more past due or those loans for which Citi believes, based on actual experience and a forward-looking assessment of the collectibility of the loan in full, that the payment of interest and/or principal is doubtful.
(3)Loans less than 30 days past due are presented as current.
(4)The Total loans column includes loans at fair value, which are not included in the various delinquency columns and, therefore, the tables’ total rows will not cross-foot.
(5)Excludes $93 million of unallocated portfolio layer cumulative basis adjustments at December 31, 2023.

Citigroup has a risk management process to monitor, evaluate and manage the principal risks associated with its corporate loan portfolio. As part of its risk management process, Citi assigns numeric risk ratings to its corporate loan facilities based on quantitative and qualitative assessments of the obligor and facility. These risk ratings are reviewed at least annually or more often if material events related to the obligor or facility warrant. Factors considered in assigning the risk ratings include financial condition of the obligor, qualitative assessment of management and strategy, amount and sources of repayment, amount and type of collateral and guarantee arrangements, amount and type of any contingencies associated with the obligor and the obligor’s industry and geography.
The obligor risk ratings are defined by ranges of default probabilities. The facility risk ratings are defined by ranges of loss norms, which are the product of the probability of default and the loss given default. The investment-grade rating categories are similar to the category BBB-/Baa3 and above as defined by S&P and Moody’s. Loans classified according to the bank regulatory definitions as special mention, substandard, doubtful and loss will have risk ratings within the non-investment-grade categories.
Corporate Loans Credit Quality Indicators

 
Recorded investment in loans(1)
Term loans by year of origination
Revolving line
of credit arrangements(2)
December 31,
2023
In millions of dollars20232022202120202019Prior
Investment grade(3)
 
Commercial and industrial(4)
$47,811 $7,738 $3,641 $2,279 $2,604 $6,907 $34,956 $105,936 
Financial institutions(4)
11,002 2,356 2,834 424 557 1,847 36,715 55,735 
Mortgage and real estate3,628 4,433 3,595 2,544 1,238 1,582 66 17,086 
Other(5)
4,653 5,781 1,072 1,029 812 5,302 29,335 47,984 
Total investment grade$67,094 $20,308 $11,142 $6,276 $5,211 $15,638 $101,072 $226,741 
Non-investment grade(3)
 
Accrual 
Commercial and industrial(4)
$17,570 $4,785 $1,914 $1,359 $732 $2,526 $15,912 $44,798 
Financial institutions(4)
4,207 748 1,084 56 194 260 2,725 9,274 
Mortgage and real estate1,034 1,234 1,378 947 755 1,016 620 6,984 
Other(5)
653 434 248 158 211 155 1,253 3,112 
Non-accrual
Commercial and industrial(4)
53 46 84 35 45 93 361 717 
Financial institutions— — — — — — 51 51 
Mortgage and real estate118 233 8 38 110 308 53 868 
Other(5)
8 — 41 — 55 12 130 246 
Total non-investment grade$23,643 $7,480 $4,757 $2,593 $2,102 $4,370 $21,105 $66,050 
Loans at fair value(6)
$7,281 
Corporate loans, net of unearned income(7)
$90,737 $27,788 $15,899 $8,869 $7,313 $20,008 $122,177 $300,072 
 
Recorded investment in loans(1)
Term loans by year of origination
Revolving line
of credit arrangements(2)
December 31, 2022
In millions of dollars20222021202020192018Prior
Investment grade(3)
 
Commercial and industrial(4)
$40,639 $6,124 $3,620 $3,458 $2,617 $7,048 $38,358 $101,864 
Financial institutions(4)
11,850 3,877 835 922 333 1,327 37,462 56,606 
Mortgage and real estate4,436 3,236 4,010 2,619 1,127 1,706 152 17,286 
Other(5)
7,649 2,687 1,439 643 2,119 3,832 26,805 45,174 
Total investment grade$64,574 $15,924 $9,904 $7,642 $6,196 $13,913 $102,777 $220,930 
Non-investment grade(3)
Accrual
Commercial and industrial(4)
$17,278 $3,139 $1,973 $1,331 $965 $3,546 $16,848 $45,080 
Financial institutions(4)
4,708 630 197 254 47 240 2,073 8,149 
Mortgage and real estate582 835 429 729 783 801 472 4,631 
Other(5)
1,244 559 391 413 1 219 1,292 4,119 
Non-accrual
Commercial and industrial1 12 99 115 49 105 479 860 
Financial institutions(4)
41 34 — — — — 77 152 
Mortgage and real estate10 4 — — — 19 — 33 
Other(5)
6 — 26 8 10 11 16 77 
Total non-investment grade$23,870 $5,213 $3,115 $2,850 $1,855 $4,941 $21,257 $63,101 
Loans at fair value(6)
$5,123 
Corporate loans, net of unearned income$88,444 $21,137 $13,019 $10,492 $8,051 $18,854 $124,034 $289,154 

(1)Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs.
(2)There were no significant revolving line of credit arrangements that converted to term loans during the year.
(3)Held-for-investment loans are accounted for on an amortized cost basis.
(4)Includes certain short-term loans with less than one year in tenor.
(5)Other includes installment and other, lease financing and loans to government and official institutions.
(6)Loans at fair value include loans to commercial and industrial, financial institutions, mortgage and real estate and other.
(7)Excludes $93 million of unallocated portfolio layer cumulative basis adjustments at December 31, 2023.

Collateral-dependent loans and leases, where repayment is expected to be provided solely by the sale of the underlying collateral with no other available and reliable sources of repayment, are written down to the lower of carrying value or collateral value, less cost to sell. Cash-basis loans are returned to an accrual status when all contractual principal and interest amounts are reasonably assured of repayment and there is a sustained period of repayment performance, generally six months, in accordance with the contractual terms of the loan.

Corporate Gross Credit Losses
The table below details gross credit losses recognized during the year ended December 31, 2023, by year of loan origination:

 
For the year ended December 31, 2023
In millions of dollars20232022202120202019Prior Revolving line of credit arrangementTotal
Commercial and industrial$27 $20 $1 $1 $— $10 $130 $189 
Financial institutions1 1 — — — — 38 40 
Mortgage and real estate— 9 — 15 — 11 5 40 
Other(1)
— — — — — — 59 59 
Total$28 $30 $1 $16 $— $21 $232 $328 

(1)    Other includes installment and other, lease financing and loans to government and official institutions.

Non-Accrual Corporate Loans
The following table presents non-accrual loan information by corporate loan type and interest income recognized on non-accrual corporate loans:

 December 31, 2023December 31, 2022
In millions of dollars
Recorded
investment(1)(2)
Related specific
allowance
Recorded
investment(1)(2)
Related specific
allowance
Non-accrual corporate loans with specific allowances    
Commercial and industrial$507 $168 $583 $268 
Financial institutions48 15 149 51 
Mortgage and real estate697 128 33 4 
Other185 51 — — 
Total non-accrual corporate loans with specific allowances$1,437 $362 $765 $323 
Non-accrual corporate loans without specific allowances    
Commercial and industrial$210 $277  
Financial institutions3 3  
Mortgage and real estate171 —  
Lease financing— 10  
Other61 67  
Total non-accrual corporate loans without specific allowances$445 N/A$357 N/A

(1)Recorded investment in a loan includes net deferred loan fees and costs, unamortized premium or discount, less any direct write-downs.
(2)Interest income recognized for the year ended December 31, 2023, 2022 and 2021 was $38 million, $66 million and $54 million, respectively.
N/A Not applicable

Corporate Loan Modifications to Borrowers Experiencing Financial Difficulty
Citi seeks to modify certain corporate loans to borrowers experiencing financial difficulty to reduce Citi’s exposure to loss, often providing the borrower with an opportunity to work through financial difficulties. Each modification is unique to the borrower’s individual circumstances. The following table details corporate loan modifications granted during the year ended December 31, 2023 to borrowers experiencing financial difficulty by type of modification granted and the financial effect of those modifications. Citi defines a corporate loan modification to a borrower experiencing financial difficulty as a modification of a loan classified as substandard or worse at the time of modification.
For the year ended December 31, 2023
In millions of dollars, except for weighted-average
term extension
Total modifications balance at December 31, 2023(1)(2)(3)
Term
extension
Combination:
Term extension and payment delay(4)
Weighted-average term extension
(months)
Commercial and industrial$198 $180 $18 19
Financial institutions— — — — 
Mortgage and real estate144 143 1 24
Other(5)
— — — — 
Total $342 $323 $19 

(1)The above table reflects activity for loans outstanding as of the end of the reporting period. The balances are not significant as a percentage of the total carrying values of loans by class of receivable as of December 31, 2023.
(2)Commitments to lend to borrowers experiencing financial difficulty that were granted modifications totaled $1.2 billion as of December 31, 2023.
(3)The allowance for corporate loans, including modified loans, is based on the borrower’s overall financial performance. Charge-offs for amounts deemed uncollectible may be recorded at the time of the modification or may have already been recorded in prior periods such that no charge-off is required at the time of modification.
(4)Payment delays either for principal or interest payments had an immaterial financial impact.
(5)Other includes installment and other, lease financing and loans to government and official institutions.


The following table presents the Company’s corporate troubled debt restructurings (TDRs), under previous GAAP, prior to the Company’s adoption of ASU No. 2022-02 on January 1, 2023:

For the year ended December 31, 2022
In millions of dollarsCarrying value of TDRs modified during the year
TDRs
involving changes
in the amount
and/or timing of
principal payments(1)
TDRs
involving changes
in the amount
and/or timing of
interest payments(2)
TDRs
involving changes
in the amount
and/or timing of
both principal and
interest payments
Commercial and industrial$61 $— $— $61 
Mortgage and real estate2 1 — 1 
Other(3)
30 — — 30 
Total$93 $1 $— $92 

(1)TDRs involving changes in the amount or timing of principal payments may involve principal forgiveness or deferral of periodic and/or final principal payments. Because forgiveness of principal is rare for corporate loans, modifications typically have little to no impact on the loans’ projected cash flows and thus little to no impact on the allowance established for the loans. Charge-offs for amounts deemed uncollectible may be recorded at the time of the restructuring or may have already been recorded in prior periods such that no charge-off is required at the time of the modification.
(2)TDRs involving changes in the amount or timing of interest payments may involve a below-market interest rate.
(3)Other includes installment and other, lease financing and loans to government and official institutions.


Performance of Modified Corporate Loans
The following table presents the delinquencies of modified corporate loans to borrowers experiencing financial difficulty. It includes loans that were modified during the year ended December 31, 2023:

 
As of December 31, 2023(1)
In millions of dollarsTotal Current
30–89 days
past due
90+ days
past due
Commercial and industrial$198 $198 $— $— 
Financial institutions— — — — 
Mortgage and real estate144 144 — — 
Other(2)
— — — — 
Total$342 $342 $— $— 

(1)Corporate loans are generally not modified as a result of their delinquency status; rather, they are modified because of events that have impacted the overall financial performance of the borrower. Corporate loans, if past due, are re-aged to current status upon modification.
(2)Other includes installment and other, lease financing and loans to government and official institutions.
Defaults of Modified Corporate Loans
No modified corporate loans to borrowers experiencing financial difficulty defaulted during the year ended December 31, 2023. Default is defined as 60 days past due, except for classifiably managed commercial banking loans, where default is defined as 90 days past due. For a modified corporate loan that is not collateral dependent, expected default rates are considered in the loan’s individually assessed ACL.
The following table presents the Company’s corporate TDRs at December 31, 2022, under previous GAAP, prior to the Company’s adoption of ASU No. 2022-02 on January 1, 2023, that defaulted for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due:

In millions of dollars
TDR balances at
December 31, 2022
TDR loans that re-defaulted in 2022 within one year of modification
Commercial and industrial$85 $— 
Mortgage and real estate13 — 
Other(1)
12 — 
Total(2)
$110 $— 

(1)Other includes installment and other, lease financing and loans to government and official institutions.
(2)The above table reflects activity for loans outstanding that were considered TDRs as of the end of the
reporting period.
Consumer Loans
Consumer loans represent loans and leases managed primarily by USPB, Wealth and All Other—Legacy Franchises (except Mexico SBMM).
Citigroup has established a risk management process to monitor, evaluate and manage the principal risks associated with its consumer loan portfolio. Credit quality indicators that are actively monitored include delinquency status, consumer credit scores under Fair Isaac Corporation (FICO) and loan-to-value (LTV) ratios, each as discussed in more detail below.

Delinquency Status
Delinquency status is monitored and considered a key indicator of credit quality of consumer loans. Principally, the U.S. residential first mortgage loans use the Mortgage Bankers Association (MBA) method of reporting delinquencies, which considers a loan delinquent if a monthly payment has not been received by the end of the day immediately preceding the loan’s next due date. All other loans use a method of reporting delinquencies that considers a loan delinquent if a monthly payment has not been received by the close of business on the loan’s next due date.
As a general policy, residential first mortgages, home equity loans and installment loans are classified as non-accrual when loan payments are 90 days contractually past due. Credit cards and unsecured revolving loans generally accrue interest until payments are 180 days past due. Home equity loans in regulated bank entities are classified as non-accrual if the related residential first mortgage is 90 days or more past due. Mortgage loans, other than Federal Housing Administration (FHA)–insured loans, are classified as non-accrual within 60 days of notification that the borrower has filed for bankruptcy.

The policy for re-aging modified U.S. consumer loans to current status varies by product. Generally, one of the conditions to qualify for these modifications is that a minimum number of payments (typically ranging from one to three) be made. Upon modification, the loan is re-aged to current status. However, re-aging practices for certain open-ended consumer loans, such as credit cards, are governed by Federal Financial Institutions Examination Council (FFIEC) guidelines. For open-ended consumer loans subject to FFIEC guidelines, one of the conditions for a loan to be re-aged to current status is that at least three consecutive minimum monthly payments, or the equivalent amount, must be received. In addition, under FFIEC guidelines, the number of times that such a loan can be re-aged is subject to limitations (generally once in 12 months and twice in five years).
Furthermore, FHA and Department of Veterans Affairs (VA) loans are modified under those respective agencies’ guidelines and payments are not always required in order to re-age a modified loan to current.
The tables below present details about these loans, including the following loan categories:

•Residential first mortgages and Home equity loans primarily represent secured mortgage lending to customers of Retail Banking and Wealth.
•Credit cards primarily represent unsecured credit card lending to customers of Branded Cards and Retail Services.
•Personal, small business and other loans are primarily composed of classifiably managed loans to customers of Wealth (mainly within the Private Bank) who are typically high credit quality borrowers that historically experienced minimal delinquencies and credit losses. Loans to these borrowers are generally well collateralized in the form of liquid securities and other forms of collateral.

The following tables provide Citi’s consumer loans by type:

Consumer Loans, Delinquencies and Non-Accrual Status at December 31, 2023

In millions of dollars
Total
current(1)(2)
30–89 
days past 
due(3)
≥ 90 days
past 
due(3)
Past due
government
guaranteed(4)
Total
loans		Non-accrual loans for which there is no ACLLNon-accrual loans for which there is an ACLLTotal
non-accrual		90 days 
past due and accruing
In North America offices(5)
      
Residential first mortgages(6)
$107,720 $462 $294 $235 $108,711 $105 $384 $489 $120 
Home equity loans(7)(8)
3,471 36 85 — 3,592 48 126 174 — 
Credit cards159,966 2,293 2,461 — 164,720 — — — 2,461 
Personal, small business and other(9)
35,970 104 57 4 36,135 6 59 65 5 
Total$307,127 $2,895 $2,897 $239 $313,158 $159 $569 $728 $2,586 
In offices outside North America(5)
      
Residential mortgages(6)
$26,309 $48 $69 $— $26,426 $— $243 $243 $— 
Credit cards13,797 209 227 — 14,233 — 211 211 88 
Personal, small business and other(9)
35,233 107 40 — 35,380 — 133 133 — 
Total$75,339 $364 $336 $— $76,039 $— $587 $587 $88 
Total Citigroup(10)(11)
$382,466 $3,259 $3,233 $239 $389,197 $159 $1,156 $1,315 $2,674 

Consumer Loans, Delinquencies and Non-Accrual Status at December 31, 2022

In millions of dollars
Total
current(1)(2)
30–89
 days past
 due(3)
≥ 90 days
past
 due(3)
Past due
government
guaranteed(4)
Total
loans		Non-accrual loans for which there is no ACLLNon-accrual loans for which there is an ACLLTotal
non-accrual		90 days 
past due and accruing
In North America offices(5)
       
Residential first mortgages(6)
$95,023 $421 $316 $279 $96,039 $86 $434 $520 $163 
Home equity loans(7)(8)
4,407 38 135 — 4,580 51 151 202 — 
Credit cards147,717 1,511 1,415 — 150,643 — — — 1,415 
Personal, small business and other(9)
37,635 88 22 7 37,752 3 23 26 11 
Total$284,782 $2,058 $1,888 $286 $289,014 $140 $608 $748 $1,589 
In offices outside North America(5)
Residential mortgages(6)
$27,946 $62 $106 $— $28,114 $— $305 $305 $13 
Credit cards12,659 147 149 — 12,955 — 127 127 56 
Personal, small business and other(9)
37,869 105 10 — 37,984 — 137 137 — 
Total$78,474 $314 $265 $— $79,053 $— $569 $569 $69 
Total Citigroup(10)(11)
$363,256 $2,372 $2,153 $286 $368,067 $140 $1,177 $1,317 $1,658 

(1)Loans less than 30 days past due are presented as current.
(2)Includes $313 million and $237 million at December 31, 2023 and 2022, respectively, of residential first mortgages recorded at fair value.
(3)Excludes loans guaranteed by U.S. government-sponsored agencies. Excludes delinquencies on $29.2 billion and $17.0 billion of classifiably managed Private Bank loans in North America and outside North America, respectively, at December 31, 2023. Excludes delinquencies on $31.5 billion and $17.8 billion of classifiably managed Private Bank loans in North America and outside North America, respectively, at December 31, 2022.
(4)Consists of loans that are guaranteed by U.S. government-sponsored agencies that are 30–89 days past due of $0.1 billion and $0.1 billion and 90 days or more past due of $0.1 billion and $0.2 billion at December 31, 2023 and 2022, respectively.
(5)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
(6)Includes approximately $0.1 billion and $0.0 billion of residential first mortgage loans in process of foreclosure in North America and outside North America, respectively, and $19.9 billion of residential mortgages outside North America related to Wealth at December 31, 2023. Includes approximately $0.1 billion and $0.0 billion of residential first mortgage loans in process of foreclosure in North America and outside North America, respectively, and $19.8 billion of residential mortgages outside North America related to Wealth at December 31, 2022.
(7)Includes approximately $0.0 billion and $0.1 billion at December 31, 2023 and 2022, respectively, of home equity loans in process of foreclosure.
(8)Fixed-rate home equity loans and loans extended under home equity lines of credit, which are typically in junior lien positions.
(9)As of December 31, 2023, Wealth in North America includes $31.6 billion of loans, of which $29.2 billion are classifiably managed with 92% rated investment grade, and Wealth outside North America includes $24.9 billion of loans, of which $17.0 billion are classifiably managed with 74% rated investment grade. As of December 31, 2022, Wealth in North America includes $34.0 billion of loans, of which $31.5 billion are classifiably managed with 98% rated investment grade, and Wealth outside North America includes $26.6 billion of loans, of which $17.8 billion are classifiably managed with 94% rated investment grade. Such loans are presented as “current” above.
(10)Consumer loans were net of unearned income of $802 million and $712 million at December 31, 2023 and 2022, respectively. Unearned income on consumer loans primarily represents unamortized origination fees and costs, premiums and discounts.
(11)Not included in the balances above is approximately $1 billion and $1 billion of accrued interest receivable at December 31, 2023 and 2022, respectively, which is included in Other assets on the Consolidated Balance Sheet, except for credit card loans (which include accrued interest and fees). During the years ended December 31, 2023 and 2022, the Company reversed accrued interest (primarily related to credit cards) of approximately $1.1 billion and $0.6 billion, respectively. These reversals of accrued interest are reflected as a reduction to Interest income in the Consolidated Statement of Income.


Interest Income Recognized for Non-Accrual Consumer Loans

For the years ended December 31,
In millions of dollars20232022
In North America offices(1)
Residential first mortgages$11 $12 
Home equity loans6 5 
Personal, small business and other3 2 
Total$20 $19 
In offices outside North America(1)
Residential mortgages$10 $4 
Personal, small business and other— 4 
Total$10 $8 
Total Citigroup$30 $27 

(1)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.


During the years ended December 31, 2023 and 2022, the Company sold and/or reclassified to held-for-sale (HFS) approximately $2,166 million and $582 million of consumer loans, respectively. The increase was largely due to the reclassification of a mortgage portfolio to HFS in the first quarter of 2023 that was subsequently sold in the second quarter of 2023. The Company did not have significant purchases of consumer loans classified as held-for-investment during the years ended December 31, 2023 and 2022. Loans held by a business for sale are not included in the above since they have been reclassified to Other assets. See Note 2 for additional information regarding Citigroup’s businesses held-for-sale.
Consumer Credit Scores (FICO)
In the U.S., independent credit agencies rate an individual’s risk for assuming debt based on the individual’s credit history and assign every consumer a Fair Isaac Corporation (FICO) credit score. These scores are continually updated by the agencies based on an individual’s credit actions (e.g., taking out a loan or missed or late payments).
The following tables provide details on the FICO scores for Citi’s U.S. consumer loan portfolio based on end-of-period receivables by year of origination. FICO scores are updated monthly for substantially all of the portfolio or, otherwise, on a quarterly basis for the remaining portfolio. Loans that did not have FICO scores as of the prior period have been updated with FICO scores as they become available.
With respect to Citi’s consumer loan portfolio outside of the U.S. as of December 31, 2023 and 2022 ($77.5 billion and $80.5 billion, respectively), various country-specific or regional credit risk metrics and acquisition and behavior scoring models are leveraged as one of the factors to evaluate the credit quality of customers (see “Consumer Loans and Ratios Outside of North America” below). As a result, details of relevant credit quality indicators for those loans are not comparable to the below FICO score distribution for the U.S. portfolio.



FICO score distribution—U.S. portfolio(1)
December 31, 2023
In millions of dollarsLess than
680		680
to 760		Greater
than 760
Classifiably managed(2)
FICO not available(3)
Total
loans
Residential first mortgages
2023$373 $5,396 $11,461 
20226555,97613,965
20215605,43012,481
20203763,94510,881
20192962,2145,276
Prior1,9346,40613,323
Total residential first mortgages$4,194 $29,367 $67,387 $7,763 $108,711 
Home equity line of credit (pre-reset)
$425 $1,174 $1,479 
Home equity line of credit (post-reset)79 75 52 
Home equity term loans80 124 99 
2023— — — 
2022— — — 
2021— — 1 
20201 2 2 
20191 1 1 
Prior78 121 95 
Total home equity loans$584 $1,373 $1,630 $5 $3,592 
Credit cards$32,500 $63,334 $64,712 
Revolving loans converted to term loans(4)
1,154 401 54 
Total credit cards(5)
$33,654 $63,735 $64,766 $1,955 $164,110 
Personal, small business and other
2023$138 $438 $851 
2022279 375 484 
202169 88 106 
20208 9 12 
20197 6 7 
Prior132 175 126 
Total personal, small business and other(6)(7)
$633 $1,091 $1,586 $29,209 $2,739 $35,258 
Total$39,065 $95,566 $135,369 $29,209 $12,462 $311,671 
FICO score distribution—U.S. portfolio(1)
December 31, 2022
In millions of dollarsLess than
680		680
to 760		Greater
than 760
Classifiably managed(2)
FICO not available(3)
Total
loans
Residential first mortgages
2022$691 $7,530 $12,928 
20216395,93312,672
20204314,62110,936
20193212,5055,445
20183021,0721,899
Prior2,0206,55112,649
Total residential first mortgages$4,404 $28,212 $56,529 $6,894 $96,039 
Home equity line of credit (pre-reset)$552 $1,536 $1,876 
Home equity line of credit (post-reset)62 65 40 
Home equity term loans106 151 117 
2022— — — 
2021— 1 1 
20201 2 2 
20191 2 2 
20181 2 1 
Prior103 144 111 
Total home equity loans$720 $1,752 $2,033 $75 $4,580 
Credit cards$27,901 $58,213 $60,896 
Revolving loans converted to term loans(4)
766 354 54 
Total credit cards(5)
$28,667 $58,567 $60,950 $1,914 $150,098 
Personal, small business and other
2022$247 $546 $800 
202196 170 210 
202015 20 30 
201921 23 28 
201810 10 9 
Prior126 190 144 
Total personal, small business and other(6)(7)
$515 $959 $1,221 $31,478 $2,639 $36,812 
Total$34,306 $89,490 $120,733 $31,478 $11,522 $287,529 

(1)The FICO bands in the tables are consistent with general industry peer presentations.
(2)These personal, small business and other loans without a FICO score available include $29.2 billion and $31.5 billion of Private Bank loans as of December 31, 2023 and 2022, respectively, which are classifiably managed within Wealth and are primarily evaluated for credit risk based on their internal risk ratings. As of December 31, 2023 and 2022, approximately 92% and 98% of these loans, respectively, were rated investment grade.
(3)FICO scores not available related to loans guaranteed by government-sponsored enterprises for which FICO scores are generally not utilized.
(4)Not included in the tables above are $51 million and $75 million of revolving credit card loans outside of the U.S. that were converted to term loans as of December 31, 2023 and 2022, respectively.
(5)Excludes $610 million and $545 million of balances related to Canada for December 31, 2023 and 2022, respectively.
(6)Excludes $877 million and $940 million of balances related to Canada for December 31, 2023 and 2022, respectively.
(7)Includes approximately $37 million and $67 million of personal revolving loans that were converted to term loans for December 31, 2023 and 2022, respectively.
Consumer Gross Credit Losses
The following table provides details on gross credit losses recognized during the year ended December 31, 2023, by year of loan origination:

In millions of dollars
For the year ended December 31, 2023
Residential first mortgages
2023$— 
20222 
20211 
20201 
20195 
Prior41 
Total residential first mortgages$50 
Home equity line of credit (pre-reset)$3 
Home equity line of credit (post-reset)— 
Home equity term loans4 
Total home equity loans$7 
Credit cards$6,575 
Revolving loans converted to term loans184 
Total credit cards$6,759 
Personal, small business and other
2023$162 
2022202 
2021106 
202044 
201951 
Prior172 
Total personal, small business and other$737 
Total Citigroup$7,553 

Loan-to-Value (LTV) Ratios—U.S. Consumer Mortgages
LTV ratios (loan balance divided by appraised value) are calculated at origination and updated by applying market price data.
The following tables provide details on the LTV ratios for Citi’s U.S. consumer mortgage portfolios by year of origination. LTV ratios are updated monthly using the most recent Core Logic Home Price Index data available for substantially all of the portfolio, applied at the Metropolitan Statistical Area level, if available, or the state level if not. The remainder of the portfolio is updated in a similar manner using the Federal Housing Finance Agency indices.










LTV distribution—U.S. portfolioDecember 31, 2023
In millions of dollarsLess than
 or equal
to 80%		> 80% but less
than or equal to 100%		Greater
than
100%
LTV not available(1)
Total
Residential first mortgages
2023$13,907 $3,769 $3 
202217,736 3,900 52 
202118,795 728 33 
202016,094 306 1 
20198,198 191 26 
Prior23,120 191 23 
Total residential first mortgages$97,850 $9,085 $138 $1,638 $108,711 
Home equity loans (pre-reset)$2,964 $29 $57 
Home equity loans (post-reset)476 5 12 
Total home equity loans$3,440 $34 $69 $49 $3,592 
Total$101,290 $9,119 $207 $1,687 $112,303 

LTV distribution—U.S. portfolioDecember 31, 2022
In millions of dollarsLess than
 or equal
to 80%		> 80% but less
than or equal
to 100%		Greater
than
100%
LTV not available(1)
Total
Residential first mortgages
2022$15,644 $6,497 $40 
202119,104 1,227 33 
202016,935 267 1 
20198,789 140 23 
20183,598 74 9 
Prior22,367 132 74 
Total residential first mortgages$86,437 $8,337 $180 $1,085 $96,039 
Home equity loans (pre-reset)$3,677 $36 $56 
Home equity loans (post-reset)627 12 27 
Total home equity loans$4,304 $48 $83 $145 $4,580 
Total$90,741 $8,385 $263 $1,230 $100,619 

(1)Residential first mortgages with no LTV information available include government-guaranteed loans that do not require LTV information for credit risk assessment and fair value loans.
Loan-to-Value (LTV) Ratios—Outside of U.S. Consumer Mortgages
The following tables provide details on the LTV ratios for Citi’s consumer mortgage portfolio outside of the U.S. by year of origination:

LTV distribution—outside of U.S. portfolio(1)
December 31, 2023
In millions of dollarsLess than
 or equal
to 80%		> 80% but less
than or equal to 100%		Greater
than
100%		LTV not availableTotal
Residential mortgages
2023$2,756 $1,007 $112 
20223,229 807 439 
20213,257 754 382 
20202,286 454 62 
20192,525 84 2 
Prior8,000 84 3 
Total$22,053 $3,190 $1,000 $183 $26,426 

LTV distribution—outside of U.S. portfolio(1)
December 31, 2022
In millions of dollarsLess than
 or equal
to 80%		> 80% but less
than or equal to 100%		Greater
than
100%		LTV not availableTotal
Residential mortgages
2022$3,106 $975 $294 
20214,144 964 273 
20203,293 502 25 
20193,048 92 1 
20182,074 48 — 
Prior9,201 36 7 
Total$24,866 $2,617 $600 $31 $28,114 

(1)Mortgage portfolios outside of the U.S. are primarily in Wealth. As of December 31, 2023 and 2022, mortgage portfolios outside of the U.S. have an average LTV of approximately 55% and 51%, respectively.
Consumer Loans and Ratios Outside of North America

Delinquency-managed loans and ratios
In millions of dollars at December 31, 2023
Total
loans outside of North America(1)
Classifiably managed loans(2)
Delinquency-managed loans30–89 
days past
 due ratio
≥ 90 days
past
 due ratio
4Q23 NCL ratio
Residential mortgages(3)
$26,426 $— $26,426 0.18 %0.26 %0.06 %
Credit cards14,233 — 14,233 1.47 1.59 5.87 
Personal, small business and other(4)
35,380 17,007 18,373 0.58 0.22 1.03 
Total$76,039 $17,007 $59,032 0.62 %0.57 %1.58 %
Delinquency-managed loans and ratios
In millions of dollars at December 31, 2022
Total
loans outside
of North America(1)
Classifiably managed loans(2)
Delinquency-managed loans30–89 
days past
 due ratio
≥ 90 days
past
 due ratio
4Q22 NCL ratio
Residential mortgages(3)
$28,114 $— $28,114 0.22 %0.38 %0.10 %
Credit cards12,955 — 12,955 1.13 1.15 3.18 
Personal, small business and other(4)
37,984 17,762 20,222 0.52 0.05 0.76 
Total$79,053 $17,762 $61,291 0.51 %0.43 %0.91 %

(1)    Mexico is included in offices outside of North America.
(2)    Classifiably managed loans are primarily evaluated for credit risk based on their internal risk classification. As of December 31, 2023 and 2022, approximately 74% and 94% of these loans, respectively, were rated investment grade.
(3)    Includes $19.9 billion and $19.8 billion as of December 31, 2023 and 2022, respectively, of residential mortgages related to Wealth.
(4)    Includes $24.9 billion and $26.6 billion as of December 31, 2023 and 2022, respectively, of loans related to Wealth.


Consumer Loan Modifications to Borrowers Experiencing Financial Difficulty
Citi seeks to modify consumer loans to borrowers experiencing financial difficulty to minimize losses, avoid foreclosure or repossession of collateral, and ultimately maximize payments received from the borrowers. Citi uses various metrics to identify consumer borrowers experiencing financial difficulty, with the primary indicator being delinquency at the time of modification. Citi’s significant consumer modification programs are described below.

Credit Cards
Citi seeks to assist credit card borrowers who are experiencing financial difficulty by offering long-term loan modification programs. These modifications generally involve reducing the interest rate on the credit card, placing the customer on a fixed payment plan not to exceed 60 months and canceling the customer’s available line of credit. Citi also grants modifications to credit card borrowers working with third-party renegotiation agencies that seek to restructure customers’ entire unsecured debt. In both circumstances, if the cardholder does not comply with the modified payment terms, the credit card loan continues to age and will ultimately be charged off in accordance with Citi’s standard charge-off policy. In certain situations, Citi may forgive a portion of an outstanding balance if the borrower pays a required amount.


Residential Mortgages
Citi utilizes a third-party subservicer for the servicing of its residential mortgage loans. Through this third-party subservicer, Citi seeks to assist residential mortgage borrowers who are experiencing financial difficulty primarily by offering interest rate reductions, principal and/or interest forbearance, term extensions or combinations thereof. Borrowers enrolled in forbearance programs typically have payments suspended until the end of the forbearance period. In the U.S., before permanently modifying the contractual payment terms of a mortgage loan, Citi enters into a trial modification with the borrower. Trial modifications generally represent a three-month period during which the borrower makes monthly payments under the anticipated modified payment terms. These loans continue to age and accrue interest in accordance with their original contractual terms. Upon successful completion of the trial period, and the borrower’s formal acceptance of the modified terms, Citi and the borrower enter into a permanent modification. Citi expects the majority of loans entering trial modifications to ultimately be enrolled in a permanent modification. During the year ended December 31, 2023, $21 million of mortgage loans were enrolled in trial programs. Mortgage loans of $7 million had gone through Chapter 7 bankruptcy during the year ended December 31, 2023.

Types of Consumer Loan Modifications and Their Financial Effect
The following table provides details on permanent consumer loan modifications granted during the year ended December 31, 2023 to borrowers experiencing financial difficulty by type of modification granted and the financial effect of those modifications:

 
For the year ended December 31, 2023
In millions of dollars, except weighted averagesModifications as % of loans
Total modifications balance at December 31, 2023(1)(2)(3)
Interest rate reductionTerm extensionPayment delayCombination: interest rate reduction and term extension Combination: term extension and payment delayWeighted- average interest rate reduction %Weighted- average term extension (months)Weighted- average delay in payments (months)
In North America offices(4)
     
Residential first mortgages(5)
0.15 %$164 $3 $63 $89 $9 $— 1 %2029
Home equity loans0.58 21 — — 9 12 — 2 1219
Credit cards0.63 1,039 1,039 — — — — 23 — — 
Personal, small business and other0.04 14 2 — — 12 — 6 15— 
Total0.40 %$1,238 $1,044 $63 $98 $33 $— 
In offices outside North America(4)
Residential mortgages1.26 %$334 $— $— $33 $2 $299 2 %44
Credit cards0.30 43 42 — — 1 — 18 37— 
Personal, small business and other0.08 27 5 7 — 15 — 7 19— 
Total0.53 %$404 $47 $7 $33 $18 $299 

(1)    The above table reflects activity for loans outstanding as of the end of the reporting period. During the year ended December 31, 2023, Citi granted forgiveness of $50 million in credit card loans and $2 million in personal, small business and other loans. As a result, there were no outstanding balances as of December 31, 2023.
(2)    Commitments to lend to borrowers experiencing financial difficulty that were granted modifications included in the table above were immaterial at December 31, 2023.
(3)    For major consumer portfolios, the ACLL is based on macroeconomic-sensitive models that rely on historical performance and macroeconomic scenarios to forecast expected credit losses. Modifications of consumer loans impact expected credit losses by affecting the likelihood of default..
(4)    North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
(5)    Excludes residential first mortgages discharged in Chapter 7 bankruptcy in the year ended December 31, 2023.
The following table presents the Company’s consumer TDRs at December 31, 2022, under previous GAAP, prior to the Company’s adoption of ASU No. 2022-02 on January 1, 2023:

Consumer Troubled Debt Restructurings(1)

 
For the year ended December 31, 2022
In millions of dollars, except number of loans modifiedNumber of
loans modified
Post-
modification
recorded
investment(2)(3)
Deferred
principal(4)
Contingent
principal
forgiveness(5)
Principal
forgiveness(6)
Average
interest rate
reduction
In North America offices(7)
      
Residential first mortgages1,133 $263 $— $— $— — %
Home equity loans451 40 — — — — 
Credit cards176,252 775 — — — 18 
Personal, small business and other575 7 — — — 5 
Total(8)
178,411 $1,085 $— $— $— 
In offices outside North America(7)
Residential mortgages683 $21 $— $— $— — %
Credit cards16,006 68 — — 1 25 
Personal, small business and other2,432 29 — — 1 8 
Total(8)
19,121 $118 $— $— $2  

(1)The above table does not include loan modifications that meet the TDR relief criteria in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) or the interagency guidance.
(2)Post-modification balances include past-due amounts that are capitalized at the modification date.
(3)Post-modification balances in North America include $5 million of residential first mortgages to borrowers who have gone through Chapter 7 bankruptcy in the year ended December 31, 2022. These amounts include $3.8 million of residential first mortgages that were newly classified as TDRs during 2022, based on previously received OCC guidance. The remaining amounts were already classified as TDRs before being discharged in Chapter 7 bankruptcy.
(4)Represents the portion of contractual loan principal that is non-interest bearing, but still due from the borrower. Such deferred principal is charged off at the time of permanent modification to the extent that the related loan balance exceeds the underlying collateral value.
(5)Represents the portion of contractual loan principal that is non-interest bearing and, depending on borrower performance, eligible for forgiveness.
(6)Represents the portion of contractual loan principal that was forgiven at the time of permanent modification.
(7)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
(8)    The above table reflects activity for restructured loans that were considered TDRs during the year.
Performance of Modified Consumer Loans
The following table presents the delinquencies and gross credit losses of permanently modified consumer loans to borrowers experiencing financial difficulty. It includes loans that were modified during the year ended December 31, 2023:

As of December 31, 2023
In millions of dollarsTotal Current
30–89 days
past due
90+ days
past due		Gross
credit losses
In North America offices(1)
Residential first mortgages$164 $70 $22 $72 $— 
Home equity loans21 14 1 6 — 
Credit cards1,039 740 179 120 204 
Personal, small business and other14 12 1 1 1 
Total(2)(3)
$1,238 $836 $203 $199 $205 
In offices outside North America(1)
Residential mortgages$334 $331 $2 $1 $— 
Credit cards43 37 3 3 4 
Personal, small business and other27 24 3 — 1 
Total(2)(3)
$404 $392 $8 $4 $5 

(1)    North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
(2)    Typically, upon modification a loan re-ages to current. However, FFIEC guidelines for re-aging certain loans require that at least three consecutive minimum monthly payments, or the equivalent amount, be received. In these cases, the loan will remain delinquent until the payment criteria for re-aging have been satisfied.
(3)    Loans modified under Citi’s COVID-19 consumer relief programs continue to be reported in the same delinquency bucket they were in at the time of modification.

Defaults of Modified Consumer Loans
The following table presents default activity for permanently modified consumer loans to borrowers experiencing financial difficulty by type of modification granted, including loans that were modified and subsequently defaulted during the year ended December 31, 2023. Default is defined as 60 days past due:

 
For the year ended December 31, 2023
In millions of dollars
Total(1)(2)
Interest rate reductionTerm
extension		Payment
delay		 Combination: interest rate reduction and term extension Combination: term extension and payment delayCombination: interest rate reduction, term extension and payment delay
In North America offices(3)
   
Residential first mortgages$12 $1 $10 $1 $— $— $— 
Home equity loans— — — — — — — 
Credit cards(4)
134 134 — — — — — 
Personal, small business and other1 — — — 1 — — 
Total$147 $135 $10 $1 $1 $— $— 
In offices outside North America(3)
Residential mortgages$3 $— $— $3 $— $— $— 
Credit cards(4)
5 5 — — — — — 
Personal, small business and other3 — — — 3 — — 
Total$11 $5 $— $3 $3 $— $— 

(1)    The above table reflects activity for loans outstanding as of the end of the reporting period.
(2)    Modified residential first mortgages that default are typically liquidated through foreclosure or a similar type of liquidation.
(3)    North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
(4)    Modified credit card loans that default continue to be charged off in accordance with Citi’s consumer charge-off policy.
The following table presents the Company’s consumer TDRs at December 31, 2022, under previous GAAP, prior to the Company’s adoption of ASU No. 2022-02 on January 1, 2023, that defaulted for which the payment default occurred within one year of a permanent modification. Default is defined as 60 days past due:

Year ended December 31,
In millions of dollars2022
In North America offices(1)
Residential first mortgages$35 
Home equity loans4 
Credit cards250 
Personal, small business and other1 
Total$290 
In offices outside North America(1)
Residential mortgages$10 
Credit cards12 
Personal, small business and other3 
Total$25 

(1)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.