ALLOWANCE FOR CREDIT LOSSES (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of allowance for credit losses and investment in loans by portfolio segment


	Three Months Ended June 30,				Six Months Ended June 30,
In millions of dollars	2024		2023		2024		2023
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 loans	432		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 loans	136		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 details	Three Months Ended June 30,				Six Months Ended June 30,
In millions of dollars	2024		2023		2024		2023




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, 2024						June 30, 2023
In millions of dollars	Corporate		Consumer		Total		Corporate		Consumer		Total
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)
Recoveries	21		411		432		11		364		375
Replenishment of NCLs	108		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, 2024						June 30, 2023
In millions of dollars	Corporate		Consumer		Total		Corporate		Consumer		Total
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)
Recoveries	35		784		819		28		679		707
Replenishment of NCLs	272		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, 2024						December 31, 2023
In millions of dollars	Corporate		Consumer		Total		Corporate		Consumer		Total
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 value	8,232		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.

Schedule of allowance for credit losses on other assets

Allowance for Credit Losses on Other Assets


	Three Months Ended June 30, 2024
In millions of dollars	Deposits with banks		Securities 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 dollars	Deposits with banks		Securities 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 dollars	Deposits with banks		Securities 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 dollars	Deposits with banks		Securities 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.