XML 47 R24.htm IDEA: XBRL DOCUMENT v3.24.2.u1
ALLOWANCE FOR CREDIT LOSSES
 6 Months Ended
Jun. 30, 2024
Credit Loss [Abstract]  
ALLOWANCE FOR CREDIT LOSSES ALLOWANCE FOR CREDIT LOSSES
Three Months Ended June 30,Six Months Ended June 30,
In millions of dollars2024202320242023
Allowance for credit losses on loans (ACLL) at beginning of period$18,296 $17,169 $18,145 $16,974 
Adjustments to opening balance(1)
Financial instruments—TDRs and vintage disclosures(1)
— — — (352)
Adjusted ACLL at beginning of period$18,296 $17,169 $18,145 $16,622 
Gross credit losses on loans$(2,715)$(1,879)$(5,405)$(3,513)
Gross recoveries on loans432 375 819 707 
Net credit losses on loans (NCLs) $(2,283)$(1,504)$(4,586)$(2,806)
Replenishment of NCLs$2,283 $1,504 $4,586 $2,806 
Net reserve builds (releases) for loans136 290 382 687 
Net specific reserve builds (releases) for loans(60)(33)(187)5 
Total provision for credit losses on loans (PCLL)$2,359 $1,761 $4,781 $3,498 
Other, net (see table below)(156)70 (124)182 
ACLL at end of period$18,216 $17,496 $18,216 $17,496 
Allowance for credit losses on unfunded lending commitments (ACLUC) at beginning of period(2)
$1,629 $1,959 $1,728 $2,151 
Provision (release) for credit losses on unfunded lending commitments(8)(96)(106)(290)
Other, net
(2)(1)(3)1 
ACLUC at end of period(2)
$1,619 $1,862 $1,619 $1,862 
Total allowance for credit losses on loans, leases and unfunded lending commitments$19,835 $19,358 $19,835 $19,358 

Other, net detailsThree Months Ended June 30,Six Months Ended June 30,
In millions of dollars2024202320242023
FX translation and other$(156)$70 $(124)$182 
Other, net$(156)$70 $(124)$182 

(1)See “Accounting Changes” in Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.
(2)Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet.
Allowance for Credit Losses on Loans and End-of-Period Loans

Three Months Ended
June 30, 2024June 30, 2023
In millions of dollarsCorporateConsumerTotalCorporateConsumerTotal
ACLL at beginning of period$2,772 $15,524 $18,296 $2,780 $14,389 $17,169 
Charge-offs(129)(2,586)(2,715)(86)(1,793)(1,879)
Recoveries21 411 432 11 364 375 
Replenishment of NCLs108 2,175 2,283 75 1,429 1,504 
Net reserve builds (releases)(216)352 136 (119)409 290 
Net specific reserve builds (releases)(58)(2)(60)(33)— (33)
Other(14)(142)(156)2 68 70 
Ending balance$2,484 $15,732 $18,216 $2,630 $14,866 $17,496 
Six Months Ended
June 30, 2024June 30, 2023
In millions of dollarsCorporateConsumerTotalCorporateConsumerTotal
ACLL at beginning of period$2,714 $15,431 $18,145 $2,855 $14,119 $16,974 
Adjustments to opening balance:
Financial instruments—TDRs and vintage disclosures(1)
— — — — (352)(352)
Adjusted ACLL at beginning of period$2,714 $15,431 $18,145 $2,855 $13,767 $16,622 
Charge-offs$(307)$(5,098)$(5,405)$(125)$(3,388)$(3,513)
Recoveries35 784 819 28 679 707 
Replenishment of NCLs272 4,314 4,586 97 2,709 2,806 
Net reserve builds (releases)(28)410 382 (209)896 687 
Net specific reserve builds (releases)(189)2 (187)(28)33 5 
Other(13)(111)(124)12 170 182 
Ending balance$2,484 $15,732 $18,216 $2,630 $14,866 $17,496 

June 30, 2024December 31, 2023
In millions of dollarsCorporateConsumerTotalCorporateConsumerTotal
ACLL   
Collectively evaluated(1)
$2,313 $15,690 $18,003 $2,352 $15,391 $17,743 
Individually evaluated 171 42 213 362 40 402 
Purchased credit deteriorated— — — — — — 
Total ACLL$2,484 $15,732 $18,216 $2,714 $15,431 $18,145 
Loans, net of unearned income
Collectively evaluated(1)
$292,375 $385,651 $678,026 $291,002 $388,711 $679,713 
Individually evaluated 998 60 1,058 1,882 58 1,940 
Purchased credit deteriorated— 112 112 — 115 115 
Held at fair value8,232 294 8,526 7,281 313 7,594 
Total loans, net of unearned income$301,605 $386,117 $687,722 $300,165 $389,197 $689,362 

(1)    See “Accounting Changes” in Note 1 to the Consolidated Financial Statements in Citi’s 2023 Form 10-K.
2Q24 Changes in the ACL
The total allowance for credit losses on loans, leases and unfunded lending commitments as of June 30, 2024 was $19,835 million, a slight decrease from $19,873 million at December 31, 2023, primarily reflecting an improved macroeconomic outlook, as well as changes in portfolio composition.

Consumer ACLL
Citi’s total consumer allowance for credit losses on loans (ACLL) as of June 30, 2024 was $15,732 million, an increase from $15,431 million at December 31, 2023. The increase was primarily driven by macroeconomic pressures related to the higher inflationary and interest rate environment.

Corporate ACLL
Citi’s total corporate ACLL as of June 30, 2024 was $2,484 million, a decrease from $2,714 million at December 31, 2023. The decrease was primarily driven by an improved macroeconomic outlook, as well as changes in portfolio composition.

ACLUC
As of June 30, 2024, Citi’s total ACLUC, included in Other liabilities, was $1,619 million, a decrease from $1,728 million at December 31, 2023. The decrease was primarily driven by an improved macroeconomic outlook, as well as changes in portfolio composition.
Allowance for Credit Losses on HTM Debt Securities
The allowance for credit losses on HTM debt securities, which the Company has the intent and ability to hold, was $99 million and $95 million as of June 30, 2024 and December 31, 2023, respectively.



Allowance for Credit Losses on Other Assets

Three Months Ended June 30, 2024
In millions of dollarsDeposits with banksSecurities borrowed and purchased under agreements
to resell
All other assets(1)
Total
Allowance for credit losses on other assets
at beginning of quarter		$28 $18 $1,676 $1,722 
Gross credit losses— — (10)(10)
Gross recoveries— — 8 8 
Net credit losses (NCLs)$— $— $(2)$(2)
Replenishment of NCLs$— $— $2 $2 
Net reserve builds (releases)(8)14 104 110 
Total provision for credit losses$(8)$14 $106 $112 
Other, net$1 $1 $77 $79 
Allowance for credit losses on other assets
at end of quarter		$21 $33 $1,857 $1,911 
Six Months Ended June 30, 2024
In millions of dollarsDeposits with banksSecurities borrowed and purchased under agreements
to resell
All other assets(1)
Total
Allowance for credit losses on other assets
at beginning of year		$31 $27 $1,730 $1,788 
Gross credit losses— — (28)(28)
Gross recoveries— — 13 13 
Net credit losses (NCLs)$— $— $(15)$(15)
Replenishment of NCLs$— $— $15 $15 
Net reserve builds (releases)(11)5 107 101 
Total provision for credit losses$(11)$5 $122 $116 
Other, net
$1 $1 $20 $22 
Allowance for credit losses on other assets
at end of quarter		$21 $33 $1,857 $1,911 

(1)Primarily ACL related to transfer risk associated with exposures outside the U.S. driven by safety and soundness considerations under U.S. banking law.
Three Months Ended June 30, 2023
In millions of dollarsDeposits with banksSecurities borrowed and purchased under agreements
to resell
All other assets(1)
Total
Allowance for credit losses on other assets
at beginning of quarter		$135 $30 $363 $528 
Gross credit losses— — (24)(24)
Gross recoveries— — 5 5 
Net credit losses (NCLs)$— $— $(19)$(19)
Replenishment of NCLs$— $— $19 $19 
Net reserve builds (releases)(114)— 244 130 
Total provision for credit losses$(114)$— $263 $149 
Other, net$— $(4)$5 $1 
Allowance for credit losses on other assets
at end of quarter		$21 $26 $612 $659 
Six Months Ended June 30, 2023
In millions of dollarsDeposits with banksSecurities borrowed and purchased under agreements
to resell
All other assets(1)
Total
Allowance for credit losses on other assets
at beginning of year		$51 $36 $36 $123 
Gross credit losses— — (35)(35)
Gross recoveries— — 5 5 
Net credit losses (NCLs)$— $— $(30)$(30)
Replenishment of NCLs$— $— $30 $30 
Net reserve builds (releases)(29)(3)576 544 
Total provision for credit losses$(29)$(3)$606 $574 
Other, net$(1)$(7)$— $(8)
Allowance for credit losses on other assets
at end of quarter		$21 $26 $612 $659 

(1)    Primarily ACL related to transfer risk associated with exposures outside the U.S. driven by safety and soundness considerations under U.S. banking law.
For ACL on AFS debt securities, see Note 13.