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LOANS (Tables)
 3 Months Ended
Mar. 31, 2024
Financing Receivable, Credit Quality Indicator [Line Items]  
Schedule of loan delinquency and non-accrual details
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(11)(12)
$382,466 $3,259 $3,233 $239 $389,197 $159 $1,156 $1,315 $2,674 

(1)Loans less than 30 days past due are presented as current.
(2)Includes $303 million and $313 million at March 31, 2024 and December 31, 2023, respectively, of residential first mortgages recorded at fair value.
(3)Excludes loans guaranteed by U.S. government-sponsored agencies. Excludes delinquencies on $27.1 billion and $17.1 billion of classifiably managed Private Bank loans in North America and outside North America, respectively, at March 31, 2024. 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.
(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 $0.1 billion at March 31, 2024 and December 31, 2023, 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 $19.5 billion of residential mortgages outside North America related to Wealth at March 31, 2024. 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.
(7)Includes approximately $0.0 billion and $0.0 billion at March 31, 2024 and December 31, 2023, 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 March 31, 2024, Wealth in North America includes $29.3 billion of loans, of which $27.1 billion are classifiably managed with 89% rated investment grade, and Wealth outside North America includes $24.7 billion of loans, of which $17.1 billion are classifiably managed with 67% rated investment grade. 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. Such loans are presented as “current” above.
(10)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 22.
(11)Consumer loans were net of unearned income of $828 million and $802 million at March 31, 2024 and December 31, 2023, respectively. Unearned income on consumer 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.
(12)Not included in the balances above is approximately $1 billion and $1 billion of accrued interest receivable at March 31, 2024 and December 31, 2023, 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 three months ended March 31, 2024 and March 31, 2023, the Company reversed accrued interest (primarily related to credit cards) of approximately $0.4 billion and $0.2 billion, respectively. These reversals of accrued interest are reflected as a reduction to Interest income in the Consolidated Statement of Income.
Corporate loans  
Financing Receivable, Credit Quality Indicator [Line Items]  
Schedule of corporate loans by type The following table presents information by corporate loan type:
In millions of dollarsMarch 31,
2024		December 31,
2023
In North America offices(1)
  
Commercial and industrial$58,023 $61,008 
Financial institutions38,040 39,393 
Mortgage and real estate(2)
17,839 17,813 
Installment and other21,259 23,335 
Lease financing229 227 
Total$135,390 $141,776 
In offices outside North America(1)
  
Commercial and industrial$93,750 $93,402 
Financial institutions26,647 26,143 
Mortgage and real estate(2)
7,375 7,197 
Installment and other26,210 27,907 
Lease financing45 48 
Governments and official institutions3,405 3,599 
Total$157,432 $158,296 
Corporate loans, net of unearned income, excluding portfolio layer cumulative basis adjustments(3)(4)(5)
$292,822 $300,072 
Unallocated portfolio layer cumulative basis adjustments(6)
$(3)$93 
Corporate loans, net of unearned income(3)(4)(5)
$292,819 $300,165 

(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 ($968) million and ($917) million at March 31, 2024 and December 31, 2023, 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 March 31, 2024 and December 31, 2023, 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 three months ended March 31, 2024 and 2023.
(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 22.
Schedule of loan delinquency and non-accrual details
Corporate Loan Delinquencies and Non-Accrual Details at March 31, 2024

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$306 $118 $424 $551 $147,053 $148,028 
Financial institutions11 9 20 43 64,033 64,096 
Mortgage and real estate4 31 35 811 24,300 25,146 
Lease financing— — — — 274 274 
Other49 15 64 84 46,579 46,727 
Loans at fair valueN/AN/AN/AN/AN/A8,551 
Total(5)
$370 $173 $543 $1,489 $282,239 $292,822 

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 valueN/AN/AN/AN/AN/A7,281 
Total(5)
$449 $145 $594 $1,882 $290,315 $300,072 

(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 $(3) million and $93 million of unallocated portfolio layer cumulative basis adjustments at March 31, 2024 and December 31, 2023, respectively.
N/A Not applicable
Schedule of loans credit quality indicators
Corporate Loans Credit Quality Indicators

 
Recorded investment in loans(1)
Term loans by year of origination
Revolving line
of credit arrangements(2)
March 31, 2024
In millions of dollars20242023202220212020Prior
Investment grade(3)
 
Commercial and industrial(4)
$28,244 $16,153 $6,978 $3,548 $2,067 $8,147 $35,962 $101,099 
Financial institutions(4)
5,534 5,570 2,103 2,442 369 2,293 37,160 55,471 
Mortgage and real estate439 3,720 3,955 3,470 2,447 2,577 257 16,865 
Other(5)
1,483 3,492 5,068 1,197 848 5,794 25,724 43,606 
Total investment grade$35,700 $28,935 $18,104 $10,657 $5,731 $18,811 $99,103 $217,041 
Non-investment grade(3)
 
Accrual 
Commercial and industrial(4)
$11,407 $7,834 $4,529 $2,036 $949 $2,912 $16,711 $46,378 
Financial institutions(4)
1,667 2,011 624 1,044 43 442 2,750 8,581 
Mortgage and real estate251 1,162 1,337 1,507 923 1,688 602 7,470 
Other(5)
362 813 140 304 109 385 1,199 3,312 
Non-accrual
Commercial and industrial(4)
— 83 31 65 8 63 301 551 
Financial institutions1 — — — — — 42 43 
Mortgage and real estate1 40 264 32 36 376 62 811 
Other(5)
— — — 16 — 63 5 84 
Total non-investment grade$13,689 $11,943 $6,925 $5,004 $2,068 $5,929 $21,672 $67,230 
Loans at fair value(6)
$8,551 
Corporate loans, net of unearned income(7)
$49,389 $40,878 $25,029 $15,661 $7,799 $24,740 $120,775 $292,822 
 
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 industrial53 46 84 35 45 93 361 717 
Financial institutions(4)
— — — — — — 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$90,737 $27,788 $15,899 $8,869 $7,313 $20,008 $122,177 $300,072 

(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 period.
(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 $(3) million and $93 million of unallocated portfolio layer cumulative basis adjustments at March 31, 2024 and December 31, 2023, respectively.
The table below details gross credit losses recognized during the three months ended March 31, 2024, by year of loan origination:

 For the Three Months Ended March 31, 2024
In millions of dollars20242023202220212020Prior Revolving line of credit arrangementTotal
Commercial and industrial$— $— $— $— $— $— $76 $76 
Financial institutions— — — — — 1 7 8 
Mortgage and real estate1 37 9 — — 17 — 64 
Other(1)
— — — — — 15 15 30 
Total$1 $37 $9 $— $— $33 $98 $178 


The table below details gross credit losses recognized during the three months ended March 31, 2023, by year of loan origination:

 For the Three Months Ended March 31, 2023
In millions of dollars20232022202120202019Prior Revolving
line of credit arrangement		Total
Commercial and industrial$1 $— $— $— $— $— $35 $36 
Financial institutions— — — — — — — — 
Mortgage and real estate— — — — — — — — 
Other(1)
— — — — — — 3 3 
Total$1 $— $— $— $— $— $38 $39 

(1)    Other includes installment and other, lease financing and loans to government and official institutions.
Schedule of impaired loans
Non-Accrual Corporate Loans

 March 31, 2024December 31, 2023
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$316 $129 $507 $168 
Financial institutions41 5 48 15 
Mortgage and real estate377 64 697 128 
Other74 32 185 51 
Total non-accrual corporate loans with specific allowances$808 $230 $1,437 $362 
Non-accrual corporate loans without specific allowances  
Commercial and industrial$235 N/A$210 N/A
Financial institutions2 N/A3 N/A
Mortgage and real estate434 N/A171 N/A
Lease financing— N/A— N/A
Other10 N/A61 N/A
Total non-accrual corporate loans without specific allowances$681 N/A$445 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 three months ended March 31, 2024, December 31, 2023 and March 31, 2023 was $18 million, $8 million and $11 million, respectively.
N/A Not applicable
Schedule of modifications and troubled debt restructurings The following tables detail corporate loan modifications granted during the three months ended March 31, 2024 and March 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 Three Months Ended March 31, 2024
In millions of dollars, except for weighted-average
term extension
Total modifications balance at March 31,
2024(1)(2)(3)
Term
extension
Combination:
Term extension and payment delay(4)
Weighted-average term extension
(months)
Three Months Ended March 31, 2024
Commercial and industrial$61 $61 $— 12
Financial institutions— — — — 
Mortgage and real estate54 54 — 18
Other(5)
— — — — 
Total$115 $115 $— 

For the Three Months Ended March 31, 2023
In millions of dollars, except for weighted-average
term extension
Total modifications balance at March 31,
2023(1)(2)(3)
Term
extension
Combination:
Term extension and payment delay(4)
Weighted-average term extension
(months)
Three Months Ended March 31, 2023
Commercial and industrial$70 $40 $30 15
Financial institutions— — — — 
Mortgage and real estate6 6 — 4
Other(5)
— — — — 
Total$76 $46 $30 

(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 March 31, 2024 and March 31, 2023, respectively.
(2)Commitments to lend to borrowers experiencing financial difficulty that were granted modifications totaled $530 million and $368 million as of March 31, 2024 and March 31, 2023, respectively.
(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 tables present the delinquencies of modified corporate loans to borrowers experiencing financial difficulty. It includes loans that were modified during the 12 months ended March 31, 2024 and December 31, 2023:

 
As of March 31, 2024(1)
In millions of dollarsTotal Current
30–89 days
past due
90+ days
past due
Commercial and industrial$151 $151 $— $— 
Financial institutions— — — — 
Mortgage and real estate131 131 — — 
Other(2)
— — — — 
Total$282 $282 $— $— 

 
As of December 31, 2023(1)
In millions of dollarsTotal Current30–89 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.
Consumer loans  
Financing Receivable, Credit Quality Indicator [Line Items]  
Schedule of loan delinquency and non-accrual details
Consumer Loans, Delinquencies and Non-Accrual Status at March 31, 2024

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 loansNon-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)
$109,664 $414 $286 $228 $110,592 $116 $385 $501 $122 
Home equity loans(7)(8)
3,318 38 83 — 3,439 22 146 168 — 
Credit cards154,047 2,196 2,563 — 158,806 — — — 2,563 
Personal, small business and other(9)
33,783 128 54 1 33,966 5 52 57 4 
Total$300,812 $2,776 $2,986 $229 $306,803 $143 $583 $726 $2,689 
In offices outside North America(5)
      
Residential mortgages(6)
$25,802 $52 $72 $— $25,926 $— $246 $246 $— 
Credit cards13,532 195 215 — 13,942 — 205 205 71 
Personal, small business and other(9)
35,016 109 37 — 35,162 — 104 104 — 
Total$74,350 $356 $324 $— $75,030 $— $555 $555 $71 
Total excluding portfolio layer cumulative basis adjustments$375,162 $3,132 $3,310 $229 $381,833 $143 $1,138 $1,281 $2,760 
Unallocated portfolio layer
cumulative basis adjustments(10)
$(74)
Total Citigroup(11)(12)
$381,759 
Interest Income Recognized for Non-Accrual Consumer Loans

In millions of dollarsThree Months Ended March 31, 2024Three Months Ended March 31, 2023
In North America offices(1)
Residential first mortgages$3 $3 
Home equity loans1 2 
Credit cards— — 
Personal, small business and other— — 
Total$4 $5 
In offices outside North America(1)
Residential mortgages$2 $1 
Credit cards— — 
Personal, small business and other— — 
Total$2 $1 
Total Citigroup$6 $6 

(1)North America includes the U.S., Canada and Puerto Rico. Mexico is included in offices outside North America.
Schedule of loans credit quality indicators
The following tables provide details on the Fair Isaac Corporation (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 March 31, 2024 and December 31, 2023 ($76.5 billion and $77.5 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)
March 31, 2024
In millions of dollarsLess than
660		660
to 739		Greater
than or equal to 740
Classifiably managed(2)
FICO not available(3)
Total
loans
Residential first mortgages
2024$20 $402 $2,508 
2023208 2,980 13,956 
2022415 3,291 16,685 
2021341 2,939 15,032 
2020236 2,293 12,541 
Prior1,556 5,281 22,071 
Total residential first mortgages$2,776 $17,186 $82,793 $— $7,837 $110,592 
Home equity line of credit (pre-reset)$309 $862 $1,728 
Home equity line of credit (post-reset)67 71 72 
Home equity term loans55 103 129 
2024— — — 
2023— — — 
2022— — — 
2021— — 1 
2020— 1 2 
Prior55 102 126 
Total home equity loans$431 $1,036 $1,929 $— $43 $3,439 
Credit cards$22,007 $56,522 $75,979 
Revolving loans converted to term loans(4)
1,156 534 111 
Total credit cards(5)
$23,163 $57,056 $76,090 $— $1,929 $158,238 
Personal, small business and other
2024$5 $41 $158 
2023122 404 1,051 
2022190 305 481 
202147 71 104 
20205 7 11 
Prior100 164 158 
Total personal, small business and other(6)(7)
$469 $992 $1,963 $27,135 $2,536 $33,095 
Total(8)
$26,839 $76,270 $162,775 $27,135 $12,345 $305,364 
FICO score distribution—U.S. portfolio(1)
December 31, 2023
In millions of dollarsLess than
660		660
to 739		Greater
than or equal to 740
Classifiably managed(2)
FICO not available(3)
Total
loans
Residential first mortgages
2023$163 $2,758 $14,309 
20223393,42316,834
20212703,10715,094
20202322,14312,827
20191381,3826,266
Prior1,3774,12216,164
Total residential first mortgages$2,519 $16,935 $81,494 $— $7,763 $108,711 
Home equity line of credit (pre-reset)$300 $905 $1,873 
Home equity line of credit (post-reset)61 76 69 
Home equity term loans56 111 136 
2023— — — 
2022— — — 
2021— — 1 
20202 1 2 
2019— 1 2 
Prior54 109 131 
Total home equity loans$417 $1,092 $2,078 $— $5 $3,592 
Credit cards$21,899 $57,479 $81,168 
Revolving loans converted to term loans(4)
1,011 490 108 
Total credit cards(5)
$22,910 $57,969 $81,276 $— $1,955 $164,110 
Personal, small business and other
2023$88 $343 $996 
2022204 351 583 
202152 83 128 
20206 9 14 
20195 7 8 
Prior96 169 168 
Total personal, small business and other(6)(7)
$451 $962 $1,897 $29,209 $2,739 $35,258 
Total$26,297 $76,958 $166,745 $29,209 $12,462 $311,671 

(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 $27.1 billion and $29.2 billion of Private Bank loans as of March 31, 2024 and December 31, 2023, respectively, which are classifiably managed within Wealth and are primarily evaluated for credit risk based on their internal risk ratings. As of March 31, 2024 and December 31, 2023, approximately 89% and 92% 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 $34 million and $51 million of revolving credit card loans outside of the U.S. that were converted to term loans as of March 31, 2024 and December 31, 2023, respectively.
(5)    Excludes $568 million and $610 million of balances related to Canada for March 31, 2024 and December 31, 2023, respectively.
(6)    Excludes $871 million and $877 million of balances related to Canada for March 31, 2024 and December 31, 2023, respectively.
(7)    Includes approximately $32 million and $37 million of personal revolving loans that were converted to term loans for March 31, 2024 and December 31, 2023, respectively.
(8)    Excludes $(74) million of unallocated portfolio layer cumulative basis adjustments at March 31, 2024.
Consumer Gross Credit Losses
The following tables provide details on gross credit losses recognized during the three months ended March 31, 2024 and 2023, by year of loan origination:

In millions of dollarsThree Months Ended March 31, 2024
Residential first mortgages
2024$— 
2023— 
2022— 
2021— 
2020— 
Prior14 
Total residential first mortgages$14 
Home equity line of credit (pre-reset)$1 
Home equity line of credit (post-reset)1 
Home equity term loans— 
Total home equity loans$2 
Credit cards$2,237 
Revolving loans converted to term loans57 
Total credit cards$2,294 
Personal, small business and other
2024$29 
202346 
202252 
202120 
20208 
Prior47 
Total personal, small business and other$202 
Total Citigroup$2,512 


In millions of dollarsThree Months Ended
March 31, 2023
Residential first mortgages
2023$— 
2022— 
2021— 
20201 
20191 
Prior12 
Total residential first mortgages$14 
Home equity line of credit (pre-reset)$— 
Home equity line of credit (post-reset)— 
Home equity term loans1 
Total home equity loans$1 
Credit cards$1,366 
Revolving loans converted to term loans42 
Total credit cards$1,408 
Personal, small business and other
2023$38 
202237 
202129 
202013 
201913 
Prior42 
Total personal, small business and other$172 
Total Citigroup$1,595 
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. portfolio
March 31, 2024
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
2024$2,198 $733 $— 
202313,502 4,093 4 
202217,543 3,854 84 
202118,568 782 36 
202015,920 343 1 
Prior30,710 438 49 
Total residential first mortgages$98,441 $10,243 $174 $1,734 $110,592 
Home equity loans (pre-reset)$2,799 $29 $51 
Home equity loans (post-reset)469 4 11 
Total home equity loans$3,268 $33 $62 $76 $3,439 
Total(2)
$101,709 $10,276 $236 $1,810 $114,031 

LTV distribution—U.S. portfolio
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 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 

(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.
(2)Excludes $(74) million of unallocated portfolio layer cumulative basis adjustments at March 31, 2024.
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)
March 31, 2024
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
2024$672 $120 $— 
20232,673 865 280 
20223,031 662 560 
20212,993 611 518 
20202,095 387 138 
Prior9,742 175 8 
Total$21,206 $2,820 $1,504 $396 $25,926 

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 

(1)Mortgage portfolios outside of the U.S. are primarily in Wealth. As of March 31, 2024 and December 31, 2023, mortgage portfolios outside of the U.S. had an average LTV of approximately 56% and 55%, respectively.
Consumer Loans and Ratios Outside of North America

Delinquency-managed loans and ratios
In millions of dollars at March 31, 2024
Total
loans outside of North America(1)
Classifiably managed loans(2)
Delinquency-managed loans30–89 
days past
 due ratio
≥ 90 days
past
 due ratio
1Q24 NCL ratio1Q23 NCL ratio
Residential mortgages(3)
$25,926 $— $25,926 0.20 %0.28 %0.07 %0.11 %
Credit cards13,942 — 13,942 1.40 1.54 5.03 3.80 
Personal, small business and other(4)
35,162 17,128 18,034 0.60 0.21 1.09 0.87 
Total$75,030 $17,128 $57,902 0.61 %0.56 %1.47 %1.09 %
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
Residential mortgages(3)
$26,426 $— $26,426 0.18 %0.26 %
Credit cards14,233 — 14,233 1.47 1.59 
Personal, small business and other(4)
35,380 17,007 18,373 0.58 0.22 
Total$76,039 $17,007 $59,032 0.62 %0.57 %

(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 March 31, 2024 and December 31, 2023, approximately 67% and 74% of these loans, respectively, were rated investment grade.
(3)    Includes $19.5 billion and $19.9 billion as of March 31, 2024 and December 31, 2023, respectively, of residential mortgages related to Wealth.
(4)    Includes $24.7 billion and $24.9 billion as of March 31, 2024 and December 31, 2023, respectively, of loans related to Wealth.
Schedule of modifications and troubled debt restructurings
The following tables provide details on permanent consumer loan modifications granted during the three months ended March 31, 2024 and 2023 to borrowers experiencing financial difficulty by type of modification granted and the financial effect of those modifications:

 
For the Three Months Ended March 31, 2024
In millions of dollars, except weighted averagesModifications as % of loans
Total modifications balance at March 31, 2024(1)(2)(3)
Interest rate reductionTerm extensionPayment delayCombination: interest rate reduction and term extension Combination: term extension and payment delayCombination: interest rate reduction, 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)
0.03 %$31 $— $24 $6 $1 $— $— 1 %18910
Home equity loans— — — — — — — — — — — 
Credit cards0.28 448 448 — — — — — 24 — — 
Personal, small business and other0.02 8 1 — 1 6 — — 7 185
Total0.16 %$487 $449 $24 $7 $7 $— $— 
In offices outside North America(4)
Residential mortgages0.06 %$15 $— $— $14 $1 $— $— 2 %18312
Credit cards0.06 9 9 — — — — — 20 — — 
Personal, small business and other0.02 6 2 1 — 3 — — 8 20— 
Total0.04 %$30 $11 $1 $14 $4 $— $— 

 For the Three Months Ended March 31, 2023
In millions of dollars, except weighted averagesModifications as % of loans
Total modifications balance at March 31, 2023(1)(2)(3)
Interest rate reductionTerm extensionPayment delayCombination: interest rate reduction and term extension Combination: term extension and payment delayCombination: interest rate reduction, 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)
0.05 %$52 $— $15 $34 $3 $— $— 2 %1836
Home equity loans0.19 8 — — 3 5 — — 3 1205
Credit cards0.19 276 276 — — — — — 22 — — 
Personal, small business and other0.01 2 — — — 2 — — 7 16— 
Total0.12 %$338 $276 $15 $37 $10 $— $— 
In offices outside North America(4)
Residential mortgages0.97 %$260 $— $— $17 $— $242 $1 — %11
Credit cards0.09 12 12 — — — — — 18 — — 
Personal, small business and other0.02 7 1 2 — 4 — — 6 206
Total0.36 %$279 $13 $2 $17 $4 $242 $1 

(1)    The above tables reflect activity for loans outstanding as of the end of the reporting period. During the three months ended March 31, 2024 and 2023, Citi granted forgiveness of $25 million and $9 million, respectively, in credit card loans and $3 million and $1 million, respectively, in personal, small business and other loans. As a result, there were no outstanding balances as of March 31, 2024 and 2023.
(2)    Commitments to lend to borrowers experiencing financial difficulty that were granted modifications included in the tables above were immaterial at March 31, 2024 and 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 three months ended March 31, 2024 and 2023.
Performance of Modified Consumer Loans
The following tables present the delinquencies and gross credit losses of permanently modified consumer loans to borrowers experiencing financial difficulty. It includes loans that were modified during the 12 months ended March 31, 2024 and the year ended December 31, 2023:

As of March 31, 2024
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$146 $82 $15 $49 $— 
Home equity loans14 10 1 3 — 
Credit cards1,180 849 186 145 231 
Personal, small business and other18 16 1 1 2 
Total(2)(3)
$1,358 $957 $203 $198 $233 
In offices outside North America(1)
Residential mortgages$328 $323 $4 $1 $— 
Credit cards38 32 2 4 5 
Personal, small business and other22 20 2 — 1 
Total(2)(3)
$388 $375 $8 $5 $6 

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 tables present 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 three months ended March 31, 2024 and 2023. Default is defined as 60 days past due:

 
For the Three Months Ended March 31, 2024
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$10 $— $8 $— $2 $— $— 
Home equity loans— — — — — — — 
Credit cards(4)
92 92 — — — — — 
Personal, small business and other1 — — — 1 — — 
Total$103 $92 $8 $— $3 $— $— 
In offices outside North America(3)
Residential mortgages$4 $— $— $4 $— $— $— 
Credit cards(4)
5 5 — — — — — 
Personal, small business and other— — — — — — — 
Total$9 $5 $— $4 $— $— $— 

 For the Three Months Ended March 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$— $— $— $— $— $— $— 
Home equity loans— — — — — — — 
Credit cards(4)
12 12 — — — — — 
Personal, small business and other— — — — — — — 
Total$12 $12 $— $— $— $— $— 
In offices outside North America(3)
Residential mortgages$2 $— $— $1 $— $— $1 
Credit cards(4)
— — — — — — — 
Personal, small business and other— — — — — — — 
Total$2 $— $— $1 $— $— $1 

(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.