LOANS

12 Months Ended

Dec. 31, 2024

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 dollars	December 31, 2024		December 31, 2023
In North America offices(1)
Commercial and industrial	$	57,730	$	61,008
Financial institutions	41,815		39,393
Mortgage and real estate(2)	18,411		17,813
Installment and other(3)	25,529		23,335
Lease financing	235		227
Total	$	143,720	$	141,776
In offices outside North America(1)
Commercial and industrial	$	92,856	$	93,402
Financial institutions	27,276		26,143
Mortgage and real estate(2)	8,136		7,197
Installment and other(3)	25,800		27,907
Lease financing	40		48
Governments and official institutions	3,630		3,599
Total	$	157,738	$	158,296
Corporate loans, net of unearned income, excluding portfolio-layer hedges cumulative basis adjustments(4)(5)(6)	$	301,458	$	300,072
Unallocated portfolio-layer hedges cumulative basis adjustments(7)	$	(72)	$	93
Corporate loans, net of unearned income(4)(5)(6)	$	301,386	$	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)Installment and other includes loans to SPEs and TTS commercial cards.

(4)Corporate loans are net of unearned income of ($969) million and ($917) million at December 31, 2024 and 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.

(5)Not included in the balances above is approximately $2 billion of accrued interest receivable at December 31, 2024 and 2023, which is included in Other assets on the Consolidated Balance Sheet.

(6)Accrued interest receivable considered to be uncollectible is reversed through interest income. Amounts reversed were not material for the years ended December 31, 2024 and 2023.

(7)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 $5.2 billion and $5.7 billion of corporate loans during the years ended December 31, 2024 and 2023, respectively. The Company did not have significant purchases of corporate loans classified as held-for-investment for the years ended December 31, 2024 or 2023.

Delinquency Status

Citi generally does not manage corporate loans on a delinquency basis. See Note 1 for Citi’s policies related to corporate loans, including its non-accrual policy.

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, 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	$	183	$	35	$	218	$	542	$	147,914	$	148,674
Financial institutions	8		—		8		73		68,297		68,378
Mortgage and real estate	6		2		8		567		25,971		26,546
Lease financing	—		1		1		—		275		276
Other	62		16		78		195		49,552		49,825
Loans at fair value											7,759
Total(5)	$	259	$	54	$	313	$	1,377	$	292,009	$	301,458

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 institutions	9		7		16		51		64,993		65,060
Mortgage and real estate	66		3		69		868		24,001		24,938
Lease financing	—		—		—		—		275		275
Other	66		17		83		246		50,738		51,067
Loans at fair value											7,281
Total(5)	$	449	$	145	$	594	$	1,882	$	290,315	$	300,072

(1)Corporate loans that are 90 days or more 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 $(72) million of unallocated portfolio-layer hedges cumulative basis adjustments at December 31, 2024.

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, 2024
In millions of dollars	2024		2023		2022		2021		2020		Prior
Investment grade(3)
Commercial and industrial(4)	$	36,039	$	8,101	$	5,035	$	2,492	$	1,225	$	4,853	$	32,862	$	90,607
Financial institutions(4)	13,074		2,136		1,162		326		265		1,500		41,415		59,878
Mortgage and real estate	5,325		3,927		3,269		2,537		1,460		1,533		248		18,299
Other(5)	5,773		2,643		4,036		822		1,156		5,578		24,623		44,631
Total investment grade	$	60,211	$	16,807	$	13,502	$	6,177	$	4,106	$	13,464	$	99,148	$	213,415
Non-investment grade(3)
Accrual
Commercial and industrial(4)	$	24,937	$	5,082	$	3,576	$	1,583	$	318	$	2,560	$	19,468	$	57,524
Financial institutions(4)	4,103		529		255		655		41		355		2,489		8,427
Mortgage and real estate	801		1,112		1,936		1,400		770		1,190		472		7,681
Other(5)	1,227		592		427		261		190		274		2,304		5,275
Non-accrual
Commercial and industrial(4)	43		78		48		17		7		44		305		542
Financial institutions	—		—		—		55		—		—		18		73
Mortgage and real estate	16		2		104		107		28		279		31		567
Other(5)	1		—		1		18		—		19		156		195
Total non-investment grade	$	31,128	$	7,395	$	6,347	$	4,096	$	1,354	$	4,721	$	25,243	$	80,284
Loans at fair value(6)															$	7,759
Corporate loans, net of unearned income(7)	$	91,339	$	24,201	$	19,849	$	10,274	$	5,460	$	18,185	$	124,391	$	301,458

	Recorded investment in loans(1)
	Term loans by year of origination												Revolving line of credit arrangements(2)		December 31, 2023
In millions of dollars	2023		2022		2021		2020		2019		Prior
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 estate	3,628		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 estate	1,034		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	53		46		84		35		45		93		361		717
Financial institutions(4)	—		—		—		—		—		—		51		51
Mortgage and real estate	118		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 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 $(72) million of unallocated portfolio-layer hedges cumulative basis adjustments at December 31, 2024.

Corporate Gross Credit Losses

The tables below detail gross credit losses recognized during the years ended December 31, 2024 and 2023, by year of loan origination:

	For the year ended December 31, 2024
In millions of dollars	2024		2023		2022		2021		2020		Prior		Revolving line of credit arrangement		Total
Commercial and industrial	$	18	$	2	$	3	$	9	$	20	$	15	$	184	$	251
Financial institutions	—		—		—		—		—		1		9		10
Mortgage and real estate	1		37		11		1		—		85		29		164
Other(1)	1		—				12		—		17		38		68
Total	$	20	$	39	$	14	$	22	$	20	$	118	$	260	$	493

	For the year ended December 31, 2023
In millions of dollars	2023		2022		2021		2020		2019		Prior		Revolving line of credit arrangement		Total
Commercial and industrial	$	27	$	20	$	1	$	1	$	—	$	10	$	130	$	189
Financial institutions	1		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

	December 31, 2024				December 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	$	199	$	86	$	507	$	168
Financial institutions	—		—		48		15
Mortgage and real estate	276		42		697		128
Other	185		174		185		51
Total non-accrual corporate loans with specific allowances	$	660	$	302	$	1,437	$	362
Non-accrual corporate loans without specific allowances
Commercial and industrial	$	343			$	210
Financial institutions	73				3
Mortgage and real estate	291				171
Lease financing	—				—
Other	10				61
Total non-accrual corporate loans without specific allowances	$	717	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 years ended December 31, 2024, 2023 and 2022 was $65 million, $38 million and $66 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 tables

detail corporate loan modifications granted during the year ended December 31, 2024 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, 2024
In millions of dollars, except for weighted-average term extension	Total modifications balance at December 31, 2024(1)(2)(3)		Term extension		Combination: Term extension and payment delay(4)		Weighted-average term extension (months)
Commercial and industrial	$	251	$	251	$	—	16
Financial institutions	—		—		—		—
Mortgage and real estate	105		105		—		8
Other(5)	—		—		—		—
Total	$	356	$	356	$	—

(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, 2024.

(2)Commitments to lend to borrowers experiencing financial difficulty that were granted modifications totaled $878 million as of December 31, 2024.

(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.

	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 estate	144		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.

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, 2024:

	As of December 31, 2024(1)
In millions of dollars	Total		Current		30–89 days past due		90+ days past due
Commercial and industrial	$	251	$	251	$	—	$	—
Financial institutions	—		—		—		—
Mortgage and real estate	105		105		—		—
Other(2)	—		—		—		—
Total	$	356	$	356	$	—	$	—

(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, 2024. 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.

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.

See Note 1 for Citi’s policies related to consumer loans, including non-accrual and charge-off policies.

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

Consumer Loans, Delinquencies and Non-Accrual Status at December 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 loans		Non-accrual loans for which there is no ACLL		Non-accrual loans for which there is an ACLL		Total non-accrual		90 days  past due and accruing
In North America offices(5)
Residential first mortgages(6)	$	113,613	$	397	$	349	$	234	$	114,593	$	114	$	409	$	523	$	128
Home equity loans(7)(8)	3,060		23		58		—		3,141		25		114		139		—
Credit cards	166,021		2,333		2,705		—		171,059		—		—		—		2,705
Personal, small business and other(9)	33,010		94		50		1		33,155		7		154		161		2
Total	$	315,704	$	2,847	$	3,162	$	235	$	321,948	$	146	$	677	$	823	$	2,835
In offices outside North America(5)
Residential mortgages(6)	$	24,358	$	38	$	60	$	—	$	24,456	$	—	$	155	$	155	$	—
Credit cards	12,523		190		214		—		12,927		—		211		211		72
Personal, small business and other(9)	33,859		100		36		—		33,995		—		121		121		—
Total	$	70,740	$	328	$	310	$	—	$	71,378	$	—	$	487	$	487	$	72
Total excluding portfolio-layer hedges cumulative basis adjustments	$	386,444	$	3,175	$	3,472	$	235	$	393,326	$	146	$	1,164	$	1,310	$	2,907
Unallocated portfolio-layer hedges cumulative basis adjustments(10)									$	(224)
Total Citigroup(11)(12)									$	393,102

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 ACLL		Non-accrual loans for which there is an ACLL		Total 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 cards	159,966		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 cards	13,797		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 $281 million and $313 million at December 31, 2024 and 2023, respectively, of residential first mortgages recorded at fair value.

(3)Excludes loans guaranteed by U.S. government-sponsored agencies. Excludes delinquencies on $25.9 billion and $17.6 billion of classifiably managed Private Bank loans in North America and outside North America, respectively, at December 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 December 31, 2024 and 2023, respectively.

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

(6)Includes approximately $0.2 billion and less than $0.1 billion of residential first mortgage loans in process of foreclosure in North America and outside North America, respectively, and $19.1 billion of residential mortgages outside North America related to Wealth at December 31, 2024. Includes approximately $0.1 billion and less than $0.1 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 less than $0.1 billion and less than $0.1 billion at December 31, 2024 and 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 December 31, 2024, Wealth in North America includes $28.1 billion of loans, of which $25.9 billion are classifiably managed with 83% rated investment grade, and Wealth outside North America includes $25.4 billion of loans, of which $17.6 billion are classifiably managed with 56% 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 24.

(11)Consumer loans were net of unearned income of $889 million and $802 million at December 31, 2024 and 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 December 31, 2024 and 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 years ended December 31, 2024 and 2023, the Company reversed accrued interest (primarily related to credit cards) of approximately $1.7 billion and $1.1 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 dollars	2024		2023
In North America offices(1)
Residential first mortgages	$	9	$	11
Home equity loans	5		6
Personal, small business and other	1		3
Total	$	15	$	20
In offices outside North America(1)
Residential mortgages	$	9	$	10
Personal, small business and other	2		—
Total	$	11	$	10
Total Citigroup	$	26	$	30

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

Sales and Purchases of Consumer Loans

During the years ended December 31, 2024 and 2023, the Company sold and/or reclassified to held-for-sale (HFS) approximately $335 million and $2,166 million of consumer loans, respectively. The higher sale activity in 2023 was primarily related to a larger mortgage portfolio sold. Except for the acquisition of an approximate $700 million credit card portfolio during the year ended December 31, 2024, the Company did not have significant purchases of consumer loans classified as held-for-investment during the years ended December 31, 2024 and 2023. Loans held by businesses that are 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, 2024 and 2023 ($72.5 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)	December 31, 2024
In millions of dollars	Less than 660		660 to 739		Greater than or equal to 740		Classifiably managed(2)		FICO not available(3)		Total loans
Residential first mortgages
2024	$	123	$	2,213	$	10,308
2023	223		2,451		12,936
2022	354		3,272		16,034
2021	312		2,745		14,651
2020	298		1,990		12,245
Prior	1,473		5,034		20,573
Total residential first mortgages	$	2,783	$	17,705	$	86,747	$	—	$	7,358	$	114,593
Home equity line of credit (pre-reset)	$	266	$	764	$	1,597
Home equity line of credit (post-reset)	58		80		75
Home equity term loans	45		87		114
2024	—		—		—
2023	—		—		—
2022	—		—		—
2021	—		—		1
2020	—		1		2
Prior	45		86		111
Total home equity loans	$	369	$	931	$	1,786	$	—	$	55	$	3,141
Credit cards	$	22,855	$	59,574	$	83,935
Revolving loans converted to term loans(4)	1,462		668		129
Total credit cards(5)	$	24,317	$	60,242	$	84,064	$	—	$	1,874	$	170,497
Personal, small business and other
2024	$	96	$	398	$	1,219
2023	132		282		577
2022	131		180		271
2021	28		38		54
2020	2		2		4
Prior	94		152		150
Total personal, small business and other(6)(7)	$	483	$	1,052	$	2,275	$	25,860	$	2,730	$	32,400
Total(8)	$	27,952	$	79,930	$	174,872	$	25,860	$	12,017	$	320,631

FICO score distribution—U.S. portfolio(1)	December 31, 2023
In millions of dollars	Less 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
2022	339		3,423		16,834
2021	270		3,107		15,094
2020	232		2,143		12,827
2019	138		1,382		6,266
Prior	1,377		4,122		16,164
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 loans	56		111		136
2023	—		—		—
2022	—		—		—
2021	—		—		1
2020	2		1		2
2019	—		1		2
Prior	54		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
2022	204		351		583
2021	52		83		128
2020	6		9		14
2019	5		7		8
Prior	96		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 $25.9 billion and $29.2 billion of Private Bank loans as of December 31, 2024 and 2023, respectively, which are classifiably managed within Wealth and are primarily evaluated for credit risk based on their internal risk ratings. As of December 31, 2024 and 2023, approximately 83% and 92% of these loans, respectively, were rated investment grade.

(3)FICO scores not available primarily relate to loans guaranteed by government-sponsored enterprises for which FICO scores are generally not utilized.

(4)Not included in the tables above are $33 million and $51 million of revolving credit card loans outside of the U.S. that were converted to term loans as of December 31, 2024 and 2023, respectively.

(5)Excludes $562 million and $610 million of balances related to Canada for December 31, 2024 and 2023, respectively.

(6)Excludes $755 million and $877 million of balances related to Canada for December 31, 2024 and 2023, respectively.

(7)Includes approximately $22 million and $37 million of personal revolving loans that were converted to term loans for December 31, 2024 and 2023, respectively.

(8)Excludes $(224) million of unallocated portfolio-layer hedges cumulative basis adjustments at December 31, 2024.

Consumer Gross Credit Losses

The following tables provide details on gross credit losses recognized during the years ended December 31, 2024 and 2023, by year of loan origination:

In millions of dollars	For the year ended December 31, 2024
Residential first mortgages
2024	$	—
2023	1
2022	—
2021	—
2020	—
Prior	47
Total residential first mortgages	$	48
Home equity line of credit (pre-reset)	$	15
Home equity line of credit (post-reset)	2
Home equity term loans	2
Total home equity loans	$	19
Credit cards	$	9,069
Revolving loans converted to term loans	265
Total credit cards	$	9,334
Personal, small business and other
2024	$	171
2023	204
2022	165
2021	64
2020	25
Prior	171
Total personal, small business and other	$	800
Total Citigroup	$	10,201

In millions of dollars	For the year ended December 31, 2023
Residential first mortgages
2023	$	—
2022	2
2021	1
2020	1
2019	5
Prior	41
Total residential first mortgages	$	50
Home equity line of credit (pre-reset)	$	3
Home equity line of credit (post-reset)	—
Home equity term loans	4
Total home equity loans	$	7
Credit cards	$	6,575
Revolving loans converted to term loans	184
Total credit cards	$	6,759
Personal, small business and other
2023	$	162
2022	202
2021	106
2020	44
2019	51
Prior	172
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. portfolio(1)	December 31, 2024
In millions of dollars	Less 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	$	9,196	$	3,550	$	1
2023	13,973		2,036		2
2022	18,546		2,078		42
2021	18,247		472		33
2020	15,434		226		1
Prior	28,797		351		25
Total residential first mortgages	$	104,193	$	8,713	$	104	$	1,583	$	114,593
Home equity loans (pre-reset)	$	2,514	$	26	$	45
Home equity loans (post-reset)	435		3		9
Total home equity loans	$	2,949	$	29	$	54	$	109	$	3,141
Total(2)	$	107,142	$	8,742	$	158	$	1,692	$	117,734

LTV distribution—U.S. portfolio(1)	December 31, 2023
In millions of dollars	Less 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
2022	17,736		3,900		52
2021	18,795		728		33
2020	16,094		306		1
2019	8,198		191		26
Prior	23,120		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 $(224) million of unallocated portfolio-layer cumulative basis adjustments at December 31, 2024.

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, 2024
In millions of dollars	Less than  or equal to 80%		> 80% but less than or equal to 100%		Greater than 100%		LTV not available		Total
Residential mortgages
2024	$	2,808	$	421	$	—
2023	2,406		654		412
2022	2,579		462		698
2021	2,505		426		657
2020	1,739		326		176
Prior	7,642		148		8
Total	$	19,679	$	2,437	$	1,951	$	389	$	24,456

LTV distribution—outside of U.S. portfolio(1)	December 31, 2023
In millions of dollars	Less than  or equal to 80%		> 80% but less than or equal to 100%		Greater than 100%		LTV not available		Total
Residential mortgages
2023	$	2,756	$	1,007	$	112
2022	3,229		807		439
2021	3,257		754		382
2020	2,286		454		62
2019	2,525		84		2
Prior	8,000		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 December 31, 2024 and 2023, mortgage portfolios outside of the U.S. had an average LTV of approximately 58% and 55%, respectively.

Consumer Loans and Ratios Outside of North America

					Delinquency-managed loans and ratios
In millions of dollars at December 31, 2024	Total loans outside of North America(1)		Classifiably managed loans(2)		Delinquency-managed loans		30–89  days past  due ratio		≥ 90 days past  due ratio		4Q24 NCL ratio
Residential mortgages(3)	$	24,456	$	—	$	24,456	0.16	%	0.25	%	0.06	%
Credit cards	12,927		—		12,927		1.47		1.66		4.91
Personal, small business and other(4)	33,995		17,553		16,442		0.61		0.22		1.02
Total	$	71,378	$	17,553	$	53,825	0.61	%	0.58	%	1.39	%
					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 loans		30–89  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 cards	14,233		—		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	%

(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, 2024 and 2023, approximately 56% and 74% of these loans, respectively, were rated investment grade.

(3)    Includes $19.1 billion and $19.9 billion as of December 31, 2024 and 2023, respectively, of residential mortgages related to Wealth.

(4)    Includes $25.4 billion and $24.9 billion as of December 31, 2024 and 2023, respectively, of loans related to Wealth.

Consumer Loan Modifications to Borrowers Experiencing Financial Difficulty

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 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, generally a three-month period during which the borrower makes monthly payments under the anticipated modified payment 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 years ended December 31, 2024 and 2023, $33 million and $21 million of mortgage loans, respectively, were enrolled in trial programs. Mortgage loans of $9 million and $7 million had gone through Chapter 7 bankruptcy during the years ended December 31, 2024 and 2023, respectively.

Types of Consumer Loan Modifications and Their Financial Effect

The following tables provide details on permanent consumer loan modifications granted during the years ended December 31, 2024 and 2023 to borrowers experiencing financial difficulty by type of modification granted and the financial effect of those modifications:

					For the year ended December 31, 2024
In millions of dollars, except weighted averages	Modifications as % of loans		Total modifications balance at December 31, 2024(1)(2)(3)		Interest rate reduction		Term extension		Payment delay		Combination: interest rate reduction and term extension		Combination: term extension and payment delay		Weighted- average interest rate reduction %		Weighted- average term extension (months)	Weighted- average delay in payments (months)
In North America offices(4)
Residential first mortgages(5)	0.09	%	$	99	$	1	$	52	$	36	$	10	$	—	1	%	165	8
Home equity loans	0.10		3		—		—		2		1		—		2		163	10
Credit cards	0.84		1,432		1,430		—		2		—		—		24		—	4
Personal, small business and other	0.08		25		1		—		1		23		—		8		18	7
Total	0.48	%	$	1,559	$	1,432	$	52	$	41	$	34	$	—
In offices outside North America(4)
Residential mortgages	0.15	%	$	37	$	—	$	—	$	34	$	3	$	—	2	%	189	12
Credit cards	0.13		17		17		—		—		—		—		23		—	—
Personal, small business and other	0.09		30		6		5		—		19		—		7		25	—
Total	0.12	%	$	84	$	23	$	5	$	34	$	22	$	—

					For the year ended December 31, 2023
In millions of dollars, except weighted averages	Modifications as % of loans		Total modifications balance at December 31, 2023(1)(2)(3)		Interest rate reduction		Term extension		Payment delay		Combination: interest rate reduction and term extension		Combination: term extension and payment delay		Weighted- 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	%	202	9
Home equity loans	0.58		21		—		—		9		12		—		2		121	9
Credit cards	0.63		1,039		1,039		—		—		—		—		23		—	—
Personal, small business and other	0.04		14		2		—		—		12		—		6		15	—
Total	0.40	%	$	1,238	$	1,044	$	63	$	98	$	33	$	—
In offices outside North America(4)
Residential mortgages	1.26	%	$	334	$	—	$	—	$	33	$	2	$	299	2	%	4	4
Credit cards	0.30		43		42		—		—		1		—		18		37	—
Personal, small business and other	0.08		27		5		7		—		15		—		7		19	—
Total	0.53	%	$	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 years ended December 31, 2024 and 2023, Citi granted forgiveness of $1 million and less than $1 million in residential first mortgage loans, $81 million and $50 million in credit card loans and $3 million and $2 million in personal, small business and other loans, respectively. As a result, there were no outstanding balances as of December 31, 2024 and 2023.

(2)    Commitments to lend to borrowers experiencing financial difficulty that were granted modifications included in the table above were immaterial at December 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 years ended December 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, including loans that were modified during the years ended December 31, 2024 and 2023:

	As of December 31, 2024
In millions of dollars	Total		Current		30–89 days past due		90+ days past due		Gross credit losses
In North America offices(1)
Residential first mortgages	$	99	$	40	$	19	$	40	$	—
Home equity loans	3		1		—		2		—
Credit cards	1,432		1,081		211		140		291
Personal, small business and other	25		22		2		1		2
Total(2)(3)	$	1,559	$	1,144	$	232	$	183	$	293
In offices outside North America(1)
Residential mortgages	$	37	$	34	$	2	$	1	$	—
Credit cards	17		16		1		—		—
Personal, small business and other	30		24		4		2		1
Total(2)(3)	$	84	$	74	$	7	$	3	$	1

	As of December 31, 2023
In millions of dollars	Total		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 loans	21		14		1		6		—
Credit cards	1,039		740		179		120		204
Personal, small business and other	14		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 cards	43		37		3		3		4
Personal, small business and other	27		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 years ended December 31, 2024 and 2023. Default is defined as 60 days past due:

			For the year ended December 31, 2024
In millions of dollars	Total(1)(2)		Interest rate reduction		Term extension		Payment delay		Combination: interest rate reduction and term extension		Combination: term extension and payment delay		Combination: interest rate reduction, term extension and payment delay
In North America offices(3)
Residential first mortgages	$	31	$	—	$	28	$	—	$	3	$	—	$	—
Home equity loans	—		—		—		—		—		—		—
Credit cards(4)	211		211		—		—		—		—		—
Personal, small business and other	1		—		—		—		1		—		—
Total	$	243	$	211	$	28	$	—	$	4	$	—	$	—
In offices outside North America(3)
Residential mortgages	$	4	$	—	$	—	$	4	$	—	$	—	$	—
Credit cards(4)	1		1		—		—		—		—		—
Personal, small business and other	5		—		—		—		5		—		—
Total	$	10	$	1	$	—	$	4	$	5	$	—	$	—

			For the year ended December 31, 2023
In millions of dollars	Total(1)(2)		Interest rate reduction		Term extension		Payment delay		Combination: interest rate reduction and term extension		Combination: term extension and payment delay		Combination: 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 other	1		—		—		—		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 other	3		—		—		—		3		—		—
Total	$	11	$	5	$	—	$	3	$	3	$	—	$	—

(1)    The above tables reflect 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.