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LOANS

3 Months Ended

Mar. 31, 2025

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. For additional information regarding Citi’s corporate and consumer loans, including related accounting policies, see Notes 1 and 15 to the Consolidated Financial Statements in Citi’s 2024 Form 10-K.

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	March 31, 2025		December 31, 2024
In North America offices(1)
Commercial and industrial	$	63,172	$	57,730
Financial institutions	47,993		41,815
Mortgage and real estate(2)	18,104		18,411
Installment and other(3)	22,225		25,529
Lease financing	237		235
Total	$	151,731	$	143,720
In offices outside North America(1)
Commercial and industrial	$	96,277	$	92,856
Financial institutions	27,139		27,276
Mortgage and real estate(2)	8,333		8,136
Installment and other(3)	28,261		25,800
Lease financing	39		40
Governments and official institutions	3,944		3,630
Total	$	163,993	$	157,738
Corporate loans, net of unearned income, excluding portfolio-layer hedges cumulative basis adjustments(4)(5)(6)	$	315,724	$	301,458
Unallocated portfolio-layer hedges cumulative basis adjustments(7)	$	20	$	(72)
Corporate loans, net of unearned income(4)(5)(6)	$	315,744	$	301,386

(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 risk-based country view is not material for the purposes of classification of corporate loans between offices in North America and outside North America.

(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 ($1.0) billion and ($969) million at March 31, 2025 and December 31, 2024, 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 March 31, 2025 and December 31, 2024, 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 three months ended March 31, 2025 and 2024.

(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 22.

The Company sold and/or reclassified to held-for-sale $1.0 billion and $0.9 billion of corporate loans during the three months ended March 31, 2025 and 2024, respectively. The Company did not have significant purchases of corporate loans classified as held-for-investment for the three months ended March 31, 2025 or 2024.

Corporate Loan Delinquencies and Non-Accrual Details at March 31, 2025


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	$	203	$	64	$	267	$	611	$	156,374	$	157,252
Financial institutions	51		21		72		74		73,767		73,913
Mortgage and real estate	61		53		114		609		25,713		26,436
Lease financing	—		1		1		21		255		277
Other	26		13		39		61		49,859		49,959
Loans at fair value	N/A		N/A		N/A		N/A		N/A		7,887

Total(5)	$	341	$	152	$	493	$	1,376	$	305,968	$	315,724

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	N/A		N/A		N/A		N/A		N/A		7,759

Total(5)	$	259	$	54	$	313	$	1,377	$	292,009	$	301,458

(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 $20 million and $(72) million of unallocated portfolio-layer hedges cumulative basis adjustments at March 31, 2025 and December 31, 2024, respectively.

N/A Not applicable

Corporate Loan Credit Quality Indicators


	Recorded investment in loans(1)
	Term loans by year of origination												Revolving line of credit arrangements(2)		March 31, 2025
In millions of dollars	2025		2024		2023		2022		2021		Prior
Investment grade(3)
Commercial and industrial(4)	$	28,855	$	14,040	$	7,665	$	4,928	$	2,092	$	5,798	$	32,984	$	96,362
Financial institutions(4)	6,584		8,182		2,364		3,275		410		1,606		41,961		64,382
Mortgage and real estate	1,090		5,266		3,853		3,219		2,011		2,687		249		18,375
Other(5)	1,732		5,653		2,846		3,869		771		6,014		23,589		44,474
Total investment grade	$	38,261	$	33,141	$	16,728	$	15,291	$	5,284	$	16,105	$	98,783	$	223,593
Non-investment grade(3)
Accrual
Commercial and industrial(4)	$	16,122	$	10,722	$	5,185	$	3,315	$	1,327	$	2,682	$	20,926	$	60,279
Financial institutions(4)	1,811		2,292		353		211		601		328		3,861		9,457
Mortgage and real estate	247		664		1,378		1,784		1,146		1,730		503		7,452
Other(5)	1,879		826		602		210		152		386		1,625		5,680
Non-accrual
Commercial and industrial(4)	14		82		87		56		48		33		291		611
Financial institutions	8		—		—		—		49		—		17		74
Mortgage and real estate	2		—		2		8		211		350		36		609
Other(5)	—		6		34		—		14		22		6		82
Total non-investment grade	$	20,083	$	14,592	$	7,641	$	5,584	$	3,548	$	5,531	$	27,265	$	84,244
Loans at fair value(6)															$	7,887
Corporate loans, net of unearned income(7)	$	58,344	$	47,733	$	24,369	$	20,875	$	8,832	$	21,636	$	126,048	$	315,724


	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	43		78		48		17		7		44		305		542
Financial institutions(4)	—		—		—		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

(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 $20 million and $(72) million of unallocated portfolio-layer hedges cumulative basis adjustments at March 31, 2025 and December 31, 2024, respectively.

Corporate Gross Credit Losses

The table below details gross credit losses recognized during the three months ended March 31, 2025, by year of loan origination:


	For the Three Months Ended March 31, 2025
In millions of dollars	2025		2024		2023		2022		2021		Prior		Revolving line of credit arrangement		Total
Commercial and industrial	$	—	$	2	$	—	$	—	$	—	$	—	$	46	$	48
Financial institutions	—		—		—		—		—		—		1		1
Mortgage and real estate	—		—		—		—		—		6		—		6
Other(1)	1		—		133		—		—		3		7		144
Total	$	1	$	2	$	133	$	—	$	—	$	9	$	54	$	199

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 dollars	2024		2023		2022		2021		2020		Prior		Revolving line of credit arrangement		Total
Commercial and industrial	$	—	$	—	$	—	$	—	$	—	$	—	$	76	$	76
Financial institutions	—		—		—		—		—		1		7		8
Mortgage and real estate	1		37		9		—		—		17		—		64
Other(1)	—		—		—		—		—		15		15		30
Total	$	1	$	37	$	9	$	—	$	—	$	33	$	98	$	178

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

Non-Accrual Corporate Loans


	March 31, 2025				December 31, 2024
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	$	228	$	75	$	199	$	86
Financial institutions	—		—		—		—
Mortgage and real estate	389		61		276		42

Other	49		41		185		174
Total non-accrual corporate loans with specific allowances	$	666	$	177	$	660	$	302
Non-accrual corporate loans without specific allowances
Commercial and industrial	$	383			$	343
Financial institutions	74				73
Mortgage and real estate	220				291
Lease financing	21				—
Other	12				10
Total non-accrual corporate loans without specific allowances	$	710	N/A		$	717	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, 2025, December 31, 2024 and March 31, 2024 was $8 million, $7 million and $18 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 three

months ended March 31, 2025 and March 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 Three Months Ended March 31, 2025
In millions of dollars, except for weighted-average term extension	Total modifications balance at March 31, 2025(1)(2)(3)		Term extension		Combination: Term extension and payment delay(4)		Weighted-average term extension (months)

Commercial and industrial	$	19	$	19	$	—	22
Financial institutions	—		—		—		—
Mortgage and real estate	—		—		—		—
Other(5)	—		—		—		—
Total	$	19	$	19	$	—


	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)

Commercial and industrial	$	61	$	61	$	—	12
Financial institutions	—		—		—		—
Mortgage and real estate	54		54		—		18
Other(5)	—		—		—		—
Total	$	115	$	115	$	—

(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, 2025 and 2024.

(2)Commitments to lend to borrowers experiencing financial difficulty that were granted modifications totaled $51 million and $530 million as of March 31, 2025 and 2024, 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.

Performance of Modified Corporate Loans

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, 2025 and December 31, 2024:


	As of March 31, 2025(1)
In millions of dollars	Total		Current		30–89 days past due		90+ days past due

Commercial and industrial	$	142	$	142	$	—	$	—
Financial institutions	—		—		—		—
Mortgage and real estate	109		109		—		—
Other(2)	—		—		—		—
Total	$	251	$	251	$	—	$	—


	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 three months ended March 31, 2025 and March 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.

For Citi’s policies related to consumer loans, including non-accrual and charge-off policies, see Note 1 to the Consolidated Financial Statements in Citi’s 2024 Form 10-K.

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

Consumer Loans, Delinquencies and Non-Accrual Status at March 31, 2025


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)	$	113,337	$	760	$	351	$	216	$	114,664	$	138	$	404	$	542	$	120
Home equity loans(7)(8)	2,944		28		53		—		3,025		23		102		125		—
Credit cards	158,039		2,217		2,550		—		162,806		—		—		—		2,550
Personal, small business and other(9)	32,477		85		28		1		32,591		6		154		160		1
Total	$	306,797	$	3,090	$	2,982	$	217	$	313,086	$	167	$	660	$	827	$	2,671
In offices outside North America(5)
Residential mortgages(6)	$	24,227	$	39	$	60	$	—	$	24,326	$	—	$	156	$	156	$	—
Credit cards	12,468		194		223		—		12,885		—		213		213		76
Personal, small business and other(9)	35,641		106		37		—		35,784		—		132		132		—
Total	$	72,336	$	339	$	320	$	—	$	72,995	$	—	$	501	$	501	$	76
Total excluding portfolio-layer hedges cumulative basis adjustments	$	379,133	$	3,429	$	3,302	$	217	$	386,081	$	167	$	1,161	$	1,328	$	2,747
Unallocated portfolio-layer hedges cumulative basis adjustments(10)									$	231
Total Citigroup(11)(12)									$	386,312

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

(1)Loans less than 30 days past due are presented as current.

(2)Includes $278 million and $281 million at March 31, 2025 and December 31, 2024, respectively, of residential first mortgages recorded at fair value.

(3)Excludes loans guaranteed by U.S. government-sponsored agencies. Excludes delinquencies on $25.5 billion and $18.9 billion of classifiably managed Private Bank loans in North America and outside North America, respectively, at March 31, 2025. 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.

(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, 2025 and December 31, 2024, 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 $18.8 billion of residential mortgages outside North America related to Wealth at March 31, 2025. 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.

(7)Includes less than $0.1 billion and less than $0.1 billion at March 31, 2025 and December 31, 2024, 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, 2025, Wealth in North America includes $27.7 billion of loans, of which $25.5 billion are classifiably managed with 83% rated investment grade, and Wealth outside North America includes $27.0 billion of loans, of which $18.9 billion are classifiably managed with 51% rated investment grade. 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. 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 $893 million and $889 million at March 31, 2025 and December 31, 2024, 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, 2025 and December 31, 2024, 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, 2025 and 2024, the Company reversed accrued interest (primarily related to credit cards) of approximately $0.5 billion and $0.4 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


In millions of dollars	Three Months Ended March 31, 2025		Three Months Ended March 31, 2024
In North America offices(1)
Residential first mortgages	$	2	$	3
Home equity loans	1		1

Personal, small business and other	—		—
Total	$	3	$	4
In offices outside North America(1)
Residential mortgages	$	2	$	2

Personal, small business and other	1		—
Total	$	3	$	2
Total Citigroup	$	6	$	6

(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 three months ended March 31, 2025 and 2024, the Company sold and/or reclassified to held-for-sale (HFS) $32 million and $59 million of consumer loans, respectively. The Company did not have significant purchases of consumer loans classified as held-for-investment for the three months ended March 31, 2025 or 2024.

Consumer Credit Scores (FICO)

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, 2025 and December 31, 2024 ($74.5 billion and $72.5 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, 2025
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
2025	$	13	$	246	$	1,724
2024	116		2,111		10,224
2023	211		2,311		12,722
2022	360		3,065		15,959
2021	342		2,601		14,539
Prior	1,738		6,677		32,346
Total residential first mortgages	$	2,780	$	17,011	$	87,514	$	—	$	7,359	$	114,664
Home equity line of credit (pre-reset)	$	259	$	732	$	1,539
Home equity line of credit (post-reset)	61		69		78
Home equity term loans	45		82		108
2025	—		—		—
2024	—		—		—
2023	—		—		—
2022	—		—		—
2021	—		—		1
Prior	45		82		107
Total home equity loans	$	365	$	883	$	1,725	$	—	$	52	$	3,025
Credit cards	$	22,771	$	57,691	$	77,448
Revolving loans converted to term loans(4)	1,561		713		135
Total credit cards(5)	$	24,332	$	58,404	$	77,583	$	—	$	1,979	$	162,298

Personal, small business and other
2025	$	5	$	39	$	163
2024	132		445		1,215
2023	125		246		467
2022	114		148		216
2021	23		30		41
Prior	95		145		138
Total personal, small business and other(6)(7)	$	494	$	1,053	$	2,240	$	25,518	$	2,548	$	31,853
Total(8)	$	27,971	$	77,351	$	169,062	$	25,518	$	11,938	$	311,840


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

(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 $25.5 billion and $25.9 billion of Private Bank loans as of March 31, 2025 and December 31, 2024, respectively, which are classifiably managed within Wealth and are primarily evaluated for credit risk based on their internal risk ratings. As of March 31, 2025 and December 31, 2024, approximately 83% and 83% 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 $34 million and $33 million of revolving credit card loans outside of the U.S. that were converted to term loans as of March 31, 2025 and December 31, 2024, respectively.

(5) Excludes $508 million and $562 million of balances related to Canada for March 31, 2025 and December 31, 2024, respectively.

(6) Excludes $738 million and $755 million of balances related to Canada for March 31, 2025 and December 31, 2024, respectively.

(7) Includes approximately $20 million and $22 million of personal revolving loans that were converted to term loans for March 31, 2025 and December 31, 2024, respectively.

(8) Excludes $231 million and $(224) million of unallocated portfolio-layer hedges cumulative basis adjustments at March 31, 2025 and December 31, 2024, respectively.

Consumer Gross Credit Losses

The following tables provide details on gross credit losses recognized during the three months ended March 31, 2025 and 2024, by year of loan origination:


In millions of dollars	Three Months Ended March 31, 2025
Residential first mortgages
2025	$	—
2024	—
2023	—
2022	—
2021	—
Prior	17
Total residential first mortgages	$	17
Home equity line of credit (pre-reset)	$	2
Home equity line of credit (post-reset)	—
Home equity term loans	—






Total home equity loans	$	2
Credit cards	$	2,420
Revolving loans converted to term loans	84
Total credit cards	$	2,504

Personal, small business and other
2025	$	32
2024	49
2023	46
2022	27
2021	10
Prior	40
Total personal, small business and other	$	204
Total Citigroup	$	2,727


In millions of dollars	Three Months Ended March 31, 2024
Residential first mortgages
2024	$	—
2023	—
2022	—
2021	—
2020	—
Prior	14
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 loans	57
Total credit cards	$	2,294

Personal, small business and other
2024	$	29
2023	46
2022	52
2021	20
2020	8
Prior	47
Total personal, small business and other	$	202
Total Citigroup	$	2,512

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)	March 31, 2025
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
2025	$	1,440	$	548	$	—
2024	9,238		3,392		4
2023	13,743		1,877		2
2022	18,488		1,847		52
2021	18,016		446		36
Prior	43,377		513		27
Total residential first mortgages	$	104,302	$	8,623	$	121	$	1,618	$	114,664
Home equity loans (pre-reset)	$	2,420	$	24	$	42
Home equity loans (post-reset)	420		3		9
Total home equity loans	$	2,840	$	27	$	51	$	107	$	3,025
Total(2)	$	107,142	$	8,650	$	172	$	1,725	$	117,689


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

(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 $231 million and $(224) million of unallocated portfolio-layer cumulative basis adjustments at March 31, 2025 and December 31, 2024, respectively.

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)	March 31, 2025
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
2025	$	515	$	50	$	—
2024	2,809		406		—
2023	2,342		580		460
2022	2,486		362		785
2021	2,409		317		754
Prior	8,999		451		192
Total	$	19,560	$	2,166	$	2,191	$	409	$	24,326


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

(1)Mortgage portfolios outside of the U.S. are primarily in Wealth. As of March 31, 2025 and December 31, 2024, mortgage portfolios outside of the U.S. had an average LTV of approximately 58% and 58%, respectively.

Consumer Loans and Ratios Outside of North America


					Delinquency-managed loans and ratios
In millions of dollars at March 31, 2025	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		1Q25 NCL ratio		1Q24 NCL ratio
Residential mortgages(3)	$	24,326	$	—	$	24,326	0.16	%	0.25	%	0.08	%	0.07	%
Credit cards	12,885		—		12,885		1.51		1.73		5.96		5.03
Personal, small business and other(4)	35,784		18,937		16,847		0.63		0.22		1.05		1.09
Total	$	72,995	$	18,937	$	54,058	0.63	%	0.59	%	1.62	%	1.47	%

					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
Residential mortgages(3)	$	24,456	$	—	$	24,456	0.16	%	0.25	%
Credit cards	12,927		—		12,927		1.47		1.66
Personal, small business and other(4)	33,995		17,553		16,442		0.61		0.22
Total	$	71,378	$	17,553	$	53,825	0.61	%	0.58	%

(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 March 31, 2025 and December 31, 2024, approximately 51% and 56% of these loans, respectively, were rated investment grade.

(3) Includes $18.8 billion and $19.1 billion as of March 31, 2025 and December 31, 2024, respectively, of residential mortgages related to Wealth.

(4) Includes $27.0 billion and $25.4 billion as of March 31, 2025 and December 31, 2024, 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 three months ended March 31, 2025 and 2024, $14 million and $11 million, respectively, of mortgage loans were enrolled in trial programs. Mortgage loans of $3 million and $2 million had gone through Chapter 7 bankruptcy during the three months ended March 31, 2025 and 2024, respectively.

Types of Consumer Loan Modifications and Their Financial Effect

The following tables provide details on permanent consumer loan modifications granted during the three months ended March 31, 2025 and 2024 to borrowers experiencing financial difficulty by type of modification granted and the financial effect of those modifications:


					For the Three Months Ended March 31, 2025
In millions of dollars, except weighted averages	Modifications as % of loans		Total modifications balance at March 31, 2025(1)(2)(3)		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		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)	0.06	%	$	74	$	1	$	11	$	55	$	7	$	—	$	—	1	%	129	7
Home equity loans	0.03		1		—		—		1		—		—		—		—		—	8
Credit cards	0.31		505		504		—		1		—		—		—		25		—	4
Personal, small business and other	0.03		10		—		—		—		10		—		—		8		19	—
Total	0.19	%	$	590	$	505	$	11	$	57	$	17	$	—	$	—
In offices outside North America(4)
Residential mortgages	0.05	%	$	13	$	—	$	—	$	11	$	2	$	—	$	—	2	%	192	12
Credit cards	0.04		5		5		—		—		—		—		—		24		—	—
Personal, small business and other	0.02		6		1		1		—		4		—		—		8		23	—
Total	0.03	%	$	24	$	6	$	1	$	11	$	6	$	—	$	—


					For the Three Months Ended March 31, 2024
In millions of dollars, except weighted averages	Modifications as % of loans		Total modifications balance at March 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		Combination: interest rate reduction, 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)	0.03	%	$	31	$	—	$	24	$	6	$	1	$	—	$	—	1	%	189	10
Home equity loans	—		—		—		—		—		—		—		—		—		—	—
Credit cards	0.28		448		448		—		—		—		—		—		24		—	—
Personal, small business and other	0.02		8		1		—		1		6		—		—		7		18	5
Total	0.16	%	$	487	$	449	$	24	$	7	$	7	$	—	$	—
In offices outside North America(4)
Residential mortgages	0.06	%	$	15	$	—	$	—	$	14	$	1	$	—	$	—	2	%	183	12
Credit cards	0.06		9		9		—		—		—		—		—		20		—	—
Personal, small business and other	0.02		6		2		1		—		3		—		—		8		20	—
Total	0.04	%	$	30	$	11	$	1	$	14	$	4	$	—	$	—

(1) The above tables reflect activity for loans outstanding as of the end of the reporting period. During the three months ended March 31, 2025 and 2024, Citi granted forgiveness of less than $1 million and less than $1 million in residential first mortgage loans, $32 million and $25 million in credit card loans and $2 million and $3 million in personal, small business and other loans, respectively. As a result, there were no outstanding balances as of March 31, 2025 and 2024.

(2) Commitments to lend to borrowers experiencing financial difficulty that were granted modifications included in the tables above were immaterial at March 31, 2025 and 2024.

(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, 2025 and 2024.

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 12 months ended March 31, 2025 and the year ended December 31, 2024:


	As of March 31, 2025
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	$	151	$	47	$	43	$	61	$	—
Home equity loans	4		1		1		2		—
Credit cards	1,484		1,133		207		144		290
Personal, small business and other	28		25		2		1		2
Total(2)	$	1,667	$	1,206	$	253	$	208	$	292
In offices outside North America(1)
Residential mortgages	$	38	$	35	$	2	$	1	$	—

Credit cards	20		17		2		1		—
Personal, small business and other	17		15		2		—		—
Total(2)	$	75	$	67	$	6	$	2	$	—


	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)	$	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)	$	84	$	74	$	7	$	3	$	1

(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.

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, 2025 and 2024. Default is defined as 60 days past due:


			For the Three Months Ended March 31, 2025
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	$	7	$	—	$	4	$	—	$	3	$	—	$	—
Home equity loans	—		—		—		—		—		—		—
Credit cards(4)	106		106		—		—		—		—		—
Personal, small business and other	1		—		—		—		1		—		—
Total	$	114	$	106	$	4	$	—	$	4	$	—	$	—
In offices outside North America(3)
Residential mortgages	$	1	$	—	$	—	$	1	$	—	$	—	$	—
Credit cards(4)	1		1		—		—		—		—		—
Personal, small business and other	1		—		—		—		1		—		—
Total	$	3	$	1	$	—	$	1	$	1	$	—	$	—


			For the Three Months Ended March 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	$	10	$	—	$	8	$	—	$	2	$	—	$	—
Home equity loans	—		—		—		—		—		—		—
Credit cards(4)	92		92		—		—		—		—		—
Personal, small business and other	1		—		—		—		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	$	—	$	—	$	—

(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.