Citigroup Capital XIII Tr · NYSE:C/PN
Citigroup Capital XIII Tr — Citigroup — Debt Investor Presentation (November 2024)
24 slides from Citigroup Capital XIII Tr's debt investor presentation, November 2024
Slide 1: Fixed Income Investor Presentation Third Quarter 2024
Fixed Income Investor Presentation Third Quarter 2024
Slide 2: Key takeaways
Key takeaways • Net Income of $3.2 billion Third Quarter 2024 • RoTCE(1) of 7.0% Results • Revenue $20.3 billion • 13.71% CET1 Capital Ratio(2) Strong Capital Position • 5.85% SLR(3) • Maintained surplus above binding TLAC requirement • 117% Liquidity Coverage Ratio Strong Liquidity Position • Total
Slide 3: Progress against our priorities in third quarter 2024
Progress against our priorities in third quarter 2024 Transformation Strategic Execution Organization, Culture and Talent • Closed the 2013 BSA/AML Consent Order Strategy: • Hired Achintya Mangla as Head of with the FRB • Record quarter in Services, with growth driven by fees, loans and Financing fo
Slide 4: Third quarter 2024 results snapshot
Third quarter 2024 results snapshot Revenues Net Income EPS 3Q24 $20.3 billion 3Q24 $3.2 billion 3Q24 $1.51 ∆ 3Q23 1% ∆ 3Q23 (9)% ∆ 3Q23 (7)% RoTCE(1) CET1 Capital Ratio(2) Tangible Book Value Per Share(3) 3Q24 7.0% 3Q24 13.71% 3Q24 $89.67 3Q23 7.7% 3Q23 13.59% ∆ 3Q23 3% Third Quarter Key Highlights
Slide 5: U.S. cards and corporate credit overview
U.S. cards and corporate credit overview ($ in B) U.S. Cards Loans Corporate Lending Exposure EOP Loans by Segment EOP Loans by FICO Score(1) By Region By Grade Rating International Exposure Other, 11% Branded 68% 68% 68% Cards IG 83% 82% 81% ≥ 660 86% 86% 85% International 43% IG / MNCs or U.S. sub
Slide 6: Capital and balance sheet overview
Capital and balance sheet overview ($ in B, except per share data) Risk-based Capital Metrics(1) End of Period Assets 3Q23 2Q24 3Q24 QoQ YoY $2,368 $2,406 $2,431 1% 3% CET1 Capital 156 154 158 246 303 Cash 254 23% 19% Standardized RWA 1,149 1,136 1,153 Investments, 509 508 491 (3)% (4)% CET1 Capital
Slide 7: Standardized CET1 Capital ratio overview
Standardized CET1 Capital ratio overview 3Q24 QoQ Standardized CET1 Capital Ratio Walk CET1 Standardized Regulatory Capital Requirement Key drivers resulting in CET1 Capital ratio of 13.71%(1) • Well capitalized today with a CET1 Capital ratio of 13.71%(1), 141bps above the 3Q24 regulatory capital r
Slide 8: Access to diverse sources of funding (as of 9/30/2024)
Access to diverse sources of funding (as of 9/30/2024) (EOP $ in B, except as noted) Total Liabilities and Stockholders’ Equity Composition of Long-Term Debt Funding (%) Non-Bank Benchmark Debt Detail $2,431 Securitizations, 2%(3) Bank Benchmark, 6% FHLB, 4% $144B Non-Bank Benchmark Debt Other Non-B
Slide 9: Outstanding long-term debt trends
Outstanding long-term debt trends (EOP $ in B, except as noted) Senior Debt Customer-Related Debt(1) FHLB Bank Benchmark Subordinated Debt(2) Local Country & Other Securitizations $287 $286 $299 $276 $280 Total Citigroup $37 $32 $33 3 $29 3 $25 3 3 13 17 3 10 8 8 Bank 7 7 6 5 5 9 12 12 12 12 3Q23 4Q
Slide 10: Parent benchmark debt: issuance & maturities
Parent benchmark debt: issuance & maturities When determining its issuance agenda for 2024, Citi considers client activity, maturities and potential calls, and the ideal mix of composition across bank and non-bank entities Senior & Subordinated Debt: Issuance, Calls, Maturity Trends (as of 9/30/24)
Slide 11: Total loss-absorbing capacity requirements
Total loss-absorbing capacity requirements While Citi’s binding Total Loss-Absorbing Capacity Requirement is Long-Term Debt/Total Leverage Exposure, at $336B eligible TLAC and $148B eligible LTD the firm holds a significant buffer above all required ratios Required Ratio ($ in B) Total Loss-Absorbin
Slide 12: 3Q24 excess capital vs. required ratios
3Q24 excess capital vs. required ratios As of 3Q24, Citi remains compliant and has excess capital above all required ratios. For the Standardized CET1 Capital ratio, this includes a 100bps management buffer. 3Q24 Actual 3Q24 Actual Ratio Variance Required Capital Variance Ratio Ratio Components Requ
Slide 13: Forward-looking statements
Certain statements in this presentation are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. These statements are not g
Slide 14: Slide 14
Slide 15: Appendix
Appendix Table of Contents 16. 3Q24 Liquidity and investment portfolio metrics 18. Preferred stock dividends (based on 9/30/24 outstandings) 17. Additional tier 1 capital securities (as of 9/30/2024) 19. Tangible common equity reconciliation and Citigroup returns
Slide 16: 3Q24 Liquidity and investment portfolio metrics
3Q24 Liquidity and investment portfolio metrics ($ in B) Average LCR and Historical Trajectory (30-Day Stress) EOP Available Liquidity Resources(1) LCR 3Q23 3Q24 Ratio 117% 117% $551 $959 $470 $146 Composed of unencumbered Other Liquidity securities and unused borrowing Resources = $398 capacity $25
Slide 17: Additional tier 1 capital securities (as of 9/30/2024)
Additional tier 1 capital securities (as of 9/30/2024) Preferred Stock & Trust Preferred Securities Redemption price per Redeemable by Dividend Rate as of depositary share/ Number of Carrying value Series Issuance Date Issuer beginning September 30, 2024 preference share depositary shares (in millio
Slide 18: Preferred stock dividends (based on 9/30/24 outstandings)
Preferred stock dividends (based on 9/30/24 outstandings) ($ in MM) 2022 2023 2024 1Q 279 277 279 2Q 238 288 242 3Q 277 333 277 (1) 4Q 238 300 257 Total 1,032 1,198 1,055 Note: Totals may not sum due to rounding. All footnotes are presented starting on Slide 21. 18
Slide 19: Tangible common equity reconciliation and Citigroup returns
Tangible common equity reconciliation and Citigroup returns ($ in MM, except per share amounts) Tangible Common Equity and Tangible Book Value Per Share Return on Tangible Common Equity (RoTCE) 3Q24 2Q24 3Q23 3Q24 3Q23 YTD'24 Common Stockholders' Equity $192,733 $190,210 $190,008 Citigroup Net Incom
Slide 20: Glossary
Glossary ACL: Allowance for Credit Losses FHLB: Federal Home Loan Banks QoQ: Quarter-Over-Quarter ACLL: Allowance for Credit Losses on Loans FI: Fixed Income RoTCE: Return on Average Tangible Common Equity AFS: Available for Sale FICO: Fair Isaacson Company RWA: Risk-Weighted Assets AI: Artificial I
Slide 21: Footnotes
Footnotes Slide 2 (Key takeaways) 1) Return on Tangible Common Equity (RoTCE) is a non-GAAP financial measure. RoTCE represents annualized net income available to common shareholders as a percentage of average TCE. For a reconciliation to reported results, please refer to Slide 19. 2) Citigroup’s bi
Slide 22: Footnotes (cont.)
Footnotes (cont.) Slide 5 (U.S. cards and corporate credit overview) 1) FICO scores are updated as they become available. Citi adjusted its disclosures for U.S. credit card FICO score distribution in 1Q24 to align with industry reporting practices using a threshold of 660 versus the 680 threshold us
Slide 23: Footnotes (cont.)
Footnotes (cont.) Slide 8 (Access to diverse sources of funding (as of 9/30/2024)) 1) Other liabilities include noncontrolling interests. 2) Trading-related liabilities include securities loaned and sold under agreements to repurchase and trading account liabilities and brokerage payables. 3) Securi
Slide 24: Footnotes (cont.)
Footnotes (cont.) Slide 16 (3Q24 Liquidity and investment portfolio metrics) 1) Available Liquidity Resources is defined as end-of-period HQLA; additional unencumbered securities, including excess liquidity held at bank entities that is non-transferable to other entities within Citigroup; and availa
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