v3.25.2
LOANS
 6 Months Ended
Jun. 30, 2025
Receivables [Abstract]  
LOANS LOANS
Citigroup loans are reported in two categories: corporate and consumer. These categories are classified primarily according to the segment that manages the loans (or, if applicable, All Other—Legacy Franchises), in addition to the nature of the obligor, with corporate loans generally made for corporate, institutional and public sector clients 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 Banamex SBMM portion of All Other—Legacy Franchises. The following table presents information by corporate loan type:

In millions of dollarsJune 30,
2025		December 31,
2024
In North America offices(1)
  
Commercial and industrial$59,382 $57,730 
Financial institutions56,727 41,815 
Mortgage and real estate(2)
17,887 18,411 
Installment and other(3)
25,480 25,529 
Lease financing185 235 
Total$159,661 $143,720 
In offices outside North America(1)
  
Commercial and industrial$97,338 $92,856 
Financial institutions27,131 27,276 
Mortgage and real estate(2)
9,434 8,136 
Installment and other(3)
31,776 25,800 
Lease financing45 40 
Governments and official institutions4,151 3,630 
Total$169,875 $157,738 
Corporate loans, net of unearned income, excluding portfolio-layer hedges cumulative basis adjustments(4)(5)(6)
$329,536 $301,458 
Unallocated portfolio-layer hedges cumulative basis adjustments(7)
$50 $(72)
Corporate loans, net of unearned income(4)(5)(6)
$329,586 $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 $(991) million and $(969) million at June 30, 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 June 30, 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 and six months ended June 30, 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 $0.9 billion and $1.9 billion of corporate loans during the three and six months ended June 30, 2025, and $1.5 billion and $2.3 billion of corporate loans during the three and six months ended June 30, 2024, respectively. The Company did not have significant purchases of corporate loans classified as held-for-investment for the three and six months ended June 30, 2025 or 2024.

Corporate Loan Delinquencies and Non-Accrual Details at June 30, 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$215 $63 $278 $570 $153,772 $154,620 
Financial institutions34 — 34 214 82,561 82,809 
Mortgage and real estate2 2 4 746 26,570 27,320 
Lease financing— 1 1 14 216 231 
Other32 19 51 178 55,097 55,326 
Loans at fair valueN/AN/AN/AN/AN/A9,230 
Total(5)
$283 $85 $368 $1,722 $318,216 $329,536 

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 institutions8 — 8 73 68,297 68,378 
Mortgage and real estate6 2 8 567 25,971 26,546 
Lease financing— 1 1 — 275 276 
Other62 16 78 195 49,552 49,825 
Loans at fair valueN/AN/AN/AN/AN/A7,759 
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 $50 million and $(72) million of unallocated portfolio-layer hedges cumulative basis adjustments at June 30, 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)
June 30, 2025
In millions of dollars20252024202320222021Prior
Investment grade(3)
 
Commercial and industrial(4)
$31,851 $11,158 $7,669 $4,976 $2,102 $4,809 $31,841 $94,406 
Financial institutions(4)
15,314 6,177 2,350 1,235 417 2,057 45,040 72,590 
Mortgage and real estate2,525 5,070 3,779 2,758 2,020 2,291 472 18,915 
Other(5)
6,143 4,316 2,395 3,649 693 5,540 26,651 49,387 
Total investment grade$55,833 $26,721 $16,193 $12,618 $5,232 $14,697 $104,004 $235,298 
Non-investment grade(3)
 
Accrual 
Commercial and industrial(4)
$20,193 $7,041 $4,275 $2,939 $1,108 $2,710 $21,378 $59,644 
Financial institutions(4)
2,796 1,339 405 217 444 213 4,591 10,005 
Mortgage and real estate394 735 1,432 1,812 1,022 1,781 483 7,659 
Other(5)
1,569 1,018 706 260 118 409 1,898 5,978 
Non-accrual
Commercial and industrial(4)
98 40 76 81 24 53 198 570 
Financial institutions5 — — — 182 — 27 214 
Mortgage and real estate34 1 6 39 237 391 38 746 
Other(5)
— — 20 — 129 30 13 192 
Total non-investment grade$25,089 $10,174 $6,920 $5,348 $3,264 $5,587 $28,626 $85,008 
Loans at fair value(6)
$9,230 
Corporate loans, net of unearned income(7)
$80,922 $36,895 $23,113 $17,966 $8,496 $20,284 $132,630 $329,536 
 
Recorded investment in loans(1)
Term loans by year of origination
Revolving line
of credit arrangements(2)
December 31, 2024
In millions of dollars20242023202220212020Prior
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 estate5,325 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 estate801 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 industrial43 78 48 17 7 44 305 542 
Financial institutions(4)
— — — 55 — — 18 73 
Mortgage and real estate16 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 $50 million and $(72) million of unallocated portfolio-layer hedges cumulative basis adjustments at June 30, 2025 and December 31, 2024, respectively.
Corporate Gross Credit Losses
The table below details gross credit losses recognized during the six months ended June 30, 2025, by year of loan origination:

 For the Six Months Ended June 30, 2025
In millions of dollars20252024202320222021Prior Revolving line of credit arrangementTotal
Commercial and industrial$— $4 $— $— $— $6 $75 $85 
Financial institutions— — — — — — 7 7 
Mortgage and real estate— — — — — 7 2 9 
Other(1)
2 — 141 — — 2 16 161 
Total$2 $4 $141 $— $— $15 $100 $262 


The table below details gross credit losses recognized during the six months ended June 30, 2024, by year of loan origination:

 
For the Six Months Ended June 30, 2024
In millions of dollars20242023202220212020Prior Revolving
line of credit arrangement		Total
Commercial and industrial$2 $— $3 $9 $— $3 $111 $128 
Financial institutions— — — — — 1 9 10 
Mortgage and real estate1 37 9 — — 63 20 130 
Other(1)
— — — — — 15 24 39 
Total$3 $37 $12 $9 $— $82 $164 $307 

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


Non-Accrual Corporate Loans

 June 30, 2025December 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$307 $118 $199 $86 
Financial institutions134 7 — — 
Mortgage and real estate292 20 276 42 
Other35 28 185 174 
Total non-accrual corporate loans with specific allowances$768 $173 $660 $302 
Non-accrual corporate loans without specific allowances  
Commercial and industrial$263 $343 
Financial institutions80 73 
Mortgage and real estate454 291 
Lease financing14 — 
Other143 10 
Total non-accrual corporate loans without specific allowances$954 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 and six months ended June 30, 2025 was $6 million and $14 million, respectively, and for the three and six months ended June 30, 2024 was $12 million and $30 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 and six months ended June 30, 2025 and 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 and Six Months Ended June 30, 2025
In millions of dollars, except for weighted-average
term extension
Total modifications balance at June 30, 2025(1)(2)(3)
Term
extension
Combination:
Term extension and payment delay(4)
Weighted-average term extension
(months)
Three Months Ended June 30, 2025
Commercial and industrial$133 $133 $— 12
Financial institutions— — — — 
Mortgage and real estate— — — — 
Other(5)
— — — — 
Total$133 $133 $— 
Six Months Ended June 30, 2025
Commercial and industrial$151 $151 $— 13
Financial institutions— — — — 
Mortgage and real estate— — — — 
Other(5)
— — — — 
Total$151 $151 $— 

For the Three and Six Months Ended June 30, 2024
In millions of dollars, except for weighted-average
term extension
Total modifications balance at June 30, 2024(1)(2)(3)
Term
extension
Combination:
Term extension and payment delay(4)
Weighted-average term extension
(months)
Three Months Ended June 30, 2024
Commercial and industrial$50 $50 $— 9
Financial institutions— — — — 
Mortgage and real estate91 91 — 8
Other(5)
— — — — 
Total$141 $141 $— 
Six Months Ended June 30, 2024
Commercial and industrial$131 $131 $— 13
Financial institutions— — — — 
Mortgage and real estate177 177 — 16
Other(5)
— — — — 
Total$308 $308 $— 

(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 June 30, 2025 and 2024.
(2)Commitments to lend to borrowers experiencing financial difficulty that were granted modifications totaled $355 million and $890 million as of June 30, 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 June 30, 2025 and December 31, 2024:

 
As of June 30, 2025(1)
In millions of dollarsTotal Current
30–89 days
past due
90+ days
past due
Commercial and industrial$267 $267 $— $— 
Financial institutions— — — — 
Mortgage and real estate63 63 — — 
Other(2)
— — — — 
Total$330 $330 $— $— 

 
As of December 31, 2024(1)
In millions of dollarsTotal Current30–89 days
past due		90+ days
past due
Commercial and industrial$251 $251 $— $— 
Financial institutions— — — — 
Mortgage and real estate105 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 June 30, 2025 and 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 Banamex 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 June 30, 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 loansNon-accrual loans for which there is no ACLLNon-accrual loans for which there is an ACLLTotal
non-accrual		90 days 
past due
and accruing
In North America offices(5)
        
Residential first mortgages(6)
$115,112 $384 $607 $212 $116,315 $142 $649 $791 $113 
Home equity loans(7)(8)
2,889 30 46 — 2,965 22 97 119 — 
Credit cards162,799 2,112 2,380 — 167,291 — — — 2,380 
Personal, small business and other(9)
32,798 102 30 — 32,930 6 155 161 — 
Total$313,598 $2,628 $3,063 $212 $319,501 $170 $901 $1,071 $2,493 
In offices outside North America(5)
      
Residential mortgages(6)
$23,970 $45 $68 $— $24,083 $— $166 $166 $— 
Credit cards12,911 224 267 — 13,402 — 258 258 88 
Personal, small business and other(9)
38,098 118 41 — 38,257 — 137 137 — 
Total$74,979 $387 $376 $— $75,742 $— $561 $561 $88 
Total excluding portfolio-layer hedges cumulative basis adjustments$388,577 $3,015 $3,439 $212 $395,243 $170 $1,462 $1,632 $2,581 
Unallocated portfolio-layer hedges
cumulative basis adjustments(10)
$516 
Total Citigroup(11)(12)
$395,759 

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 ACLLNon-accrual loans for which there is an ACLLTotal
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 cards166,021 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 cards12,523 190 214 — 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 $27 million and $281 million at June 30, 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 $25.8 billion and $20.6 billion of classifiably managed Private Bank loans in North America and outside North America, respectively, at June 30, 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 June 30, 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 $0.1 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 $18.8 billion of residential mortgages outside North America related to Wealth at June 30, 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 June 30, 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 June 30, 2025, Wealth in North America includes $28.1 billion of loans, of which $25.8 billion are classifiably managed with 84% rated investment grade, and Wealth outside North America includes $29.0 billion of loans, of which $20.6 billion are classifiably managed with 53% 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 $913 million and $889 million at June 30, 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 June 30, 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 and six months ended June 30, 2025, the Company reversed accrued interest (primarily related to credit cards) of approximately $0.5 billion and $0.9 billion, respectively. During the three and six months ended June 30, 2024, the Company reversed accrued interest (primarily related to credit cards) of approximately $0.4 billion and $0.8 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 dollarsThree Months Ended
June 30, 2025		Three Months Ended
June 30, 2024		Six Months Ended June 30, 2025Six Months Ended June 30, 2024
In North America offices(1)
Residential first mortgages$2 $2 $4 $5 
Home equity loans1 2 2 3 
Personal, small business and other1 — 1 — 
Total$4 $4 $7 $8 
In offices outside North America(1)
Residential mortgages$2 $3 $4 $5 
Personal, small business and other— 1 1 1 
Total$2 $4 $5 $6 
Total Citigroup$6 $8 $12 $14 

(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 and six months ended June 30, 2025, the Company sold and/or reclassified to held-for-sale (HFS) $10 million and $42 million of consumer loans, respectively. During the three and six months ended June 30, 2024, the Company sold and/or reclassified to held-for-sale less than $1 million and $59 million of consumer loans, respectively. Accordingly, there were immaterial releases of the associated allowance for credit losses for the three and six months ended June 30, 2025 and 2024. The transfers exclude certain consumer mortgage loans for which Citi has elected the fair value option (see Note 24), which do not have an associated allowance for credit losses. The transfers also exclude consumer loans held by businesses held-for-sale (see Note 2).
The Company did not have significant purchases of consumer loans classified as held-for-investment for the three and six months ended June 30, 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 June 30, 2025 and December 31, 2024 ($77.7 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
June 30, 2025
In millions of dollarsLess than
660		660
to 739		Greater
than or equal to 740
Classifiably managed(1)
FICO not available(2)
Total
loans
Residential first mortgages
2025$30 $973 $5,781 
2024167 1,961 9,368 
2023182 2,253 12,276 
2022369 3,042 15,624 
2021329 2,559 14,332 
Prior1,708 6,682 31,396 
Total residential first mortgages$2,785 $17,470 $88,777 $— $7,283 $116,315 
Home equity line of credit (pre-reset)$242 $728 $1,524 
Home equity line of credit (post-reset)61 73 71 
Home equity term loans42 77 104 
2025— — — 
2024— — — 
2023— — — 
2022— — — 
2021— — 1 
Prior42 77 103 
Total home equity loans$345 $878 $1,699 $— $43 $2,965 
Credit cards$22,621 $57,886 $81,645 
Revolving loans converted to term loans(3)
1,604 754 145 
Total credit cards(4)
$24,225 $58,640 $81,790 $— $2,057 $166,712 
Personal, small business and other
2025$21 $116 $444 
2024145 397 982 
2023113 206 382 
202294 120 173 
202118 23 31 
Prior92 139 138 
Total personal, small business and other(5)(6)
$483 $1,001 $2,150 $25,842 $2,614 $32,090 
Total(7)
$27,838 $77,989 $174,416 $25,842 $11,997 $318,082 
FICO score distribution—U.S. portfolioDecember 31, 2024
In millions of dollarsLess than
660		660
to 739		Greater
than or equal to 740
Classifiably managed(1)
FICO not available(2)
Total
loans
Residential first mortgages
2024$123 $2,213 $10,308 
20232232,45112,936
20223543,27216,034
20213122,74514,651
20202981,99012,245
Prior1,4735,03420,573
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 loans45 87 114 
2024— — — 
2023— — — 
2022— — — 
2021— — 1 
2020— 1 2 
Prior45 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(3)
1,462 668 129 
Total credit cards(4)
$24,317 $60,242 $84,064 $— $1,874 $170,497 
Personal, small business and other
2024$96 $398 $1,219 
2023132 282 577 
2022131 180 271 
202128 38 54 
20202 2 4 
Prior94 152 150 
Total personal, small business and other(5)(6)
$483 $1,052 $2,275 $25,860 $2,730 $32,400 
Total(7)
$27,952 $79,930 $174,872 $25,860 $12,017 $320,631 

(1)    These personal, small business and other loans without a FICO score available include $25.8 billion and $25.9 billion of Private Bank loans as of June 30, 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 June 30, 2025 and December 31, 2024, approximately 84% and 83% of these loans, respectively, were rated investment grade.
(2)    FICO scores not available are primarily driven by loans associated with clients whose underlying properties are held in trusts or LLCs, for non-U.S. citizens, and loans guaranteed by government-sponsored entities, for which FICO scores are generally not considered by Citi.
(3)    Not included in the tables above are $38 million and $33 million of revolving credit card loans outside of the U.S. that were converted to term loans as of June 30, 2025 and December 31, 2024, respectively.
(4)    Excludes $579 million and $562 million of balances related to Canada for June 30, 2025 and December 31, 2024, respectively.
(5)    Excludes $840 million and $755 million of balances related to Canada for June 30, 2025 and December 31, 2024, respectively.
(6)    Includes approximately $18 million and $22 million of personal revolving loans that were converted to term loans for June 30, 2025 and December 31, 2024, respectively.
(7)    Excludes $516 million and $(224) million of unallocated portfolio-layer hedges cumulative basis adjustments at June 30, 2025 and December 31, 2024, respectively.
Consumer Gross Credit Losses
The following tables provide details on gross credit losses recognized during the six months ended June 30, 2025 and 2024, by year of loan origination:

In millions of dollarsSix Months Ended June 30, 2025
Residential first mortgages
2025$— 
20241 
20232 
2022— 
20211 
Prior34 
Total residential first mortgages$38 
Home equity line of credit (pre-reset)$3 
Home equity line of credit (post-reset)1 
Home equity term loans— 
Total home equity loans$4 
Credit cards$4,761 
Revolving loans converted to term loans159 
Total credit cards$4,920 
Personal, small business and other
2025$71 
2024119 
202389 
202251 
202120 
Prior75 
Total personal, small business and other$425 
Total Citigroup$5,387 


In millions of dollarsSix Months Ended June 30, 2024
Residential first mortgages
2024$— 
20231 
2022— 
2021— 
2020— 
Prior22 
Total residential first mortgages$23 
Home equity line of credit (pre-reset)$3 
Home equity line of credit (post-reset)1 
Home equity term loans1 
Total home equity loans$5 
Credit cards$4,557 
Revolving loans converted to term loans119 
Total credit cards$4,676 
Personal, small business and other
2024$58 
2023100 
202295 
202137 
202014 
Prior90 
Total personal, small business and other$394 
Total Citigroup$5,098 
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)
June 30, 2025
In millions of dollarsLess 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$5,464 $1,355 $1 
20249,560 2,258 — 
202313,830 1,358 2 
202218,763 1,389 20 
202117,999 306 6 
Prior42,368 488 38 
Total residential first mortgages$107,984 $7,154 $67 $1,110 $116,315 
Home equity loans (pre-reset)$2,415 $45 $37 
Home equity loans (post-reset)396 12 20 
Total home equity loans$2,811 $57 $57 $40 $2,965 
Total(2)
$110,795 $7,211 $124 $1,150 $119,280 

LTV distribution—U.S. portfolio(1)
December 31, 2024
In millions of dollarsLess 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 
202313,973 2,036 2 
202218,546 2,078 42 
202118,247 472 33 
202015,434 226 1 
Prior28,797 351 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 $516 million and $(224) million of unallocated portfolio-layer cumulative basis adjustments at June 30, 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)
June 30, 2025
In millions of dollarsLess than
 or equal
to 80%		> 80% but less
than or equal to 100%		Greater
than
100%		LTV not availableTotal
Residential mortgages
2025$1,122 $100 $— 
20242,795 390 — 
20232,210 595 388 
20222,409 459 651 
20212,312 429 613 
Prior8,571 422 167 
Total$19,419 $2,395 $1,819 $450 $24,083 

LTV distribution—outside of U.S. portfolio(1)
December 31, 2024
In millions of dollarsLess than
 or equal
to 80%		> 80% but less
than or equal to 100%		Greater
than
100%		LTV not availableTotal
Residential mortgages
2024$2,808 $421 $— 
20232,406 654 412 
20222,579 462 698 
20212,505 426 657 
20201,739 326 176 
Prior7,642 148 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 June 30, 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 June 30, 2025
Total
loans outside of North America(1)
Classifiably managed loans(2)
Delinquency-managed loans30–89 
days past
 due ratio
≥ 90 days
past
 due ratio
2Q25 NCL ratio2Q24 NCL ratio
Residential mortgages(3)
$24,083 $— $24,083 0.19 %0.28 %0.22 %0.04 %
Credit cards13,402 — 13,402 1.67 1.99 5.83 4.70 
Personal, small business and other(4)
38,257 20,620 17,637 0.67 0.23 1.00 0.96 
Total$75,742 $20,620 $55,122 0.70 %0.68 %1.59 %1.33 %
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 loans30–89 
days past
 due ratio
≥ 90 days
past
 due ratio
Residential mortgages(3)
$24,456 $— $24,456 0.16 %0.25 %
Credit cards12,927 — 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 June 30, 2025 and December 31, 2024, approximately 53% and 56% of these loans, respectively, were rated investment grade.
(3)    Includes $18.8 billion and $19.1 billion as of June 30, 2025 and December 31, 2024, respectively, of residential mortgages related to Wealth.
(4)    Includes $29.0 billion and $25.4 billion as of June 30, 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 and six months ended June 30, 2025, $20 million and $28 million, respectively, of mortgage loans were enrolled in trial programs. During the three and six months ended June 30, 2024, $11 million and $17 million, respectively, of mortgage loans were enrolled in trial programs. Mortgage loans of $2 million and $5 million had gone through Chapter 7 bankruptcy during the three and six months ended June 30, 2025, and $1 million and $3 million during the three and six months ended June 30, 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 and six months ended June 30, 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 June 30, 2025
In millions of dollars, except weighted averagesModifications as % of loans
Total modifications balance at June 30, 2025(1)(2)(3)
Interest rate reductionTerm extensionPayment delayCombination: interest rate reduction and term extension Combination: term extension and payment delayCombination: interest rate reduction, term extension and payment delayWeighted-average interest rate reduction %Weighted-average term extension (months)Weighted-average delay in payments (months)
In North America offices(4)
     
Residential first mortgages(5)
0.25 %$294 $— $18 $270 $6 $— $— — %1556
Home equity loans0.07 2 — — 2 — — — — — 6
Credit cards0.26 435 435 — — — — — 25 — — 
Personal, small business and other0.03 10 — — — 10 — — 8 18— 
Total0.23 %$741 $435 $18 $272 $16 $— $— 
In offices outside North America(4)
Residential mortgages0.05 %$11 $— $— $11 $— $— $— — %— 12
Credit cards0.06 8 8 — — — — — 23 — — 
Personal, small business and other0.02 9 1 — — 8 — — 6 27— 
Total0.04 %$28 $9 $— $11 $8 $— $— 

 
For the Three Months Ended June 30, 2024
In millions of dollars, except weighted averagesModifications as % of loans
Total modifications balance at June 30, 2024(1)(2)(3)
Interest rate reductionTerm extensionPayment delayCombination: interest rate reduction and term extension Combination: term extension and payment delayCombination: interest rate reduction, term extension and payment delayWeighted-average interest rate reduction %Weighted-average term extension (months)Weighted-average delay in payments (months)
In North America offices(4)
     
Residential first mortgages(5)
0.02 %$26 $— $17 $7 $2 $— $— — %1909
Home equity loans0.03 1 — — — 1 — — 1 172— 
Credit cards0.25 411 411 — — — — — 24 — — 
Personal, small business and other0.02 6 — — — 6 — — 8 17— 
Total0.14 %$444 $411 $17 $7 $9 $— $— 
In offices outside North America(4)
Residential mortgages0.05 %$12 $— $— $11 $1 $— $— 2 %16812
Credit cards0.03 4 4 — — — — — 24 — — 
Personal, small business and other0.02 8 1 1 — 6 — — 6 24— 
Total0.03 %$24 $5 $1 $11 $7 $— $— 

(1)    The above tables reflect activity for loans outstanding as of the end of the reporting period. During the three months ended June 30, 2025 and 2024, Citi granted forgiveness of $1 million and $2 million in residential first mortgage loans, $34 million and $28 million in credit card loans and $2 million and $2 million in personal, small business and other loans, respectively. As a result, there were no outstanding balances as of June 30, 2025 and 2024.
(2)    Commitments to lend to borrowers experiencing financial difficulty that were granted modifications included in the tables above were immaterial at June 30, 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 June 30, 2025 and 2024.
 
For the Six Months Ended June 30, 2025
In millions of dollars, except weighted averagesModifications as % of loans
Total modifications balance at June 30, 2025(1)(2)(3)
Interest rate reductionTerm extensionPayment delayCombination: interest rate reduction and term extension Combination: term extension and payment delayCombination: interest rate reduction, term extension and payment delayWeighted-average interest rate reduction %Weighted-average term extension (months)Weighted-average delay in payments (months)
In North America offices(4)
     
Residential first mortgages(5)
0.31 %$364 $1 $29 $321 $13 $— $— 1 %1446
Home equity loans0.13 4 — — 4 — — — — — 8
Credit cards0.51 857 856 — 1 — — — 25 — 4
Personal, small business and other0.06 19 1 — — 18 — — 8 18— 
Total0.39 %$1,244 $858 $29 $326 $31 $— $— 
In offices outside North America(4)
Residential mortgages0.10 %$24 $— $— $22 $2 $— $— 2 %19112
Credit cards0.10 13 13 — — — — — 24 — — 
Personal, small business and other0.04 15 3 — — 12 — — 6 28— 
Total0.07 %$52 $16 $— $22 $14 $— $— 

 
For the Six Months Ended June 30, 2024
In millions of dollars, except weighted averagesModifications as % of loans
Total modifications balance at June 30, 2024(1)(2)(3)
Interest rate reductionTerm extensionPayment delayCombination: interest rate reduction and term extension Combination: term extension and payment delayCombination: interest rate reduction, term extension and payment delayWeighted-average interest rate reduction %Weighted-average term extension (months)Weighted-average delay in payments (months)
In North America offices(4)
     
Residential first mortgages(5)
0.05 %$55 $— $38 $14 $3 $— $— — %1879
Home equity loans0.03 1 — — — 1 — — 2 146— 
Credit cards0.48 777 777 — — — — — 24 — — 
Personal, small business and other0.04 13 1 — 1 11 — — 8 185
Total0.27 %$846 $778 $38 $15 $15 $— $— 
In offices outside North America(4)
Residential mortgages0.09 %$24 $— $— $23 $1 $— $— 2 %18312
Credit cards0.06 8 8 — — — — — 24 — — 
Personal, small business and other0.04 15 3 3 — 9 — — 7 24— 
Total0.06 %$47 $11 $3 $23 $10 $— $— 

(1)    The above tables reflect activity for loans outstanding as of the end of the reporting period. During the six months ended June 30, 2025 and 2024, Citi granted forgiveness of $1 million and $2 million in residential first mortgage loans, $62 million and $39 million in credit card loans and $2 million and $2 million in personal, small business and other loans, respectively. As a result, there were no outstanding balances as of June 30, 2025 and 2024.
(2)    Commitments to lend to borrowers experiencing financial difficulty that were granted modifications included in the tables above were immaterial at June 30, 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 six months ended June 30, 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 June 30, 2025 and the year ended December 31, 2024:

As of June 30, 2025
In millions of dollarsTotal Current
30–89 days
past due
90+ days
past due		Gross
credit losses
In North America offices(1)
Residential first mortgages$407 $56 $17 $334 $— 
Home equity loans5 — 2 3 — 
Credit cards1,491 1,202 182 107 292 
Personal, small business and other30 27 2 1 2 
Total(2)
$1,933 $1,285 $203 $445 $294 
In offices outside North America(1)
Residential mortgages$41 $38 $2 $1 $— 
Credit cards24 21 3 — 1 
Personal, small business and other20 16 3 1 — 
Total(2)
$85 $75 $8 $2 $1 

As of December 31, 2024
In millions of dollarsTotal 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 loans3 1 — 2 — 
Credit cards1,432 1,081 211 140 291 
Personal, small business and other25 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 cards17 16 1 — — 
Personal, small business and other30 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 and six months ended June 30, 2025 and 2024. Default is defined as 60 days past due:

 
For the Three Months Ended June 30, 2025
In millions of dollars
Total(1)(2)
Interest rate reductionTerm
extension		Payment
delay		 Combination: interest rate reduction and term extension Combination: term extension and payment delayCombination: interest rate reduction, term extension and payment delay
In North America offices(3)
   
Residential first mortgages$11 $— $7 $— $4 $— $— 
Home equity loans— — — — — — — 
Credit cards(4)
83 83 — — — — — 
Personal, small business and other1 — — — 1 — — 
Total$95 $83 $7 $— $5 $— $— 
In offices outside North America(3)
Residential mortgages$1 $— $— $1 $— $— $— 
Credit cards(4)
1 1 — — — — — 
Personal, small business and other2 — — — 2 — — 
Total$4 $1 $— $1 $2 $— $— 

 
For the Three Months Ended June 30, 2024
In millions of dollars
Total(1)(2)
Interest rate reductionTerm
extension		Payment
delay		 Combination: interest rate reduction and term extension Combination: term extension and payment delayCombination: interest rate reduction, term extension and payment delay
In North America offices(3)
   
Residential first mortgages$9 $— $9 $— $— $— $— 
Home equity loans— — — — — — — 
Credit cards(4)
95 95 — — — — — 
Personal, small business and other1 — — — 1 — — 
Total$105 $95 $9 $— $1 $— $— 
In offices outside North America(3)
Residential mortgages$1 $— $— $1 $— $— $— 
Credit cards(4)
— — — — — — — 
Personal, small business and other1 — — — 1 — — 
Total$2 $— $— $1 $1 $— $— 

(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.
 
For the Six Months Ended June 30, 2025
In millions of dollars
Total(1)(2)
Interest rate reductionTerm
extension		Payment
delay		 Combination: interest rate reduction and term extension Combination: term extension and payment delayCombination: interest rate reduction, term extension and payment delay
In North America offices(3)
   
Residential first mortgages$17 $— $11 $— $6 $— $— 
Home equity loans— — — — — — — 
Credit cards(4)
127 127 — — — — — 
Personal, small business and other1 — — — 1 — — 
Total$145 $127 $11 $— $7 $— $— 
In offices outside North America(3)
Residential mortgages$2 $— $— $2 $— $— $— 
Credit cards(4)
1 1 — — — — — 
Personal, small business and other3 — — — 3 — — 
Total$6 $1 $— $2 $3 $— $— 

 
For the Six Months Ended June 30, 2024
In millions of dollars
Total(1)(2)
Interest rate reductionTerm
extension		Payment
delay		 Combination: interest rate reduction and term extension Combination: term extension and payment delayCombination: interest rate reduction, term extension and payment delay
In North America offices(3)
   
Residential first mortgages$19 $— $17 $— $2 $— $— 
Home equity loans— — — — — — — 
Credit cards(4)
136 136 — — — — — 
Personal, small business and other1 — — — 1 — — 
Total$156 $136 $17 $— $3 $— $— 
In offices outside North America(3)
Residential mortgages$2 $— $— $2 $— $— $— 
Credit cards(4)
— — — — — — — 
Personal, small business and other2 — — — 2 — — 
Total$4 $— $— $2 $2 $— $— 

(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.