| ALLOWANCE FOR CREDIT LOSSES |
ALLOWANCE FOR CREDIT LOSSES | | | | | | | | | | | | | | | | Three Months Ended June 30, | Six Months Ended June 30, | | In millions of dollars | 2025 | 2024 | 2025 | 2024 | | Allowance for credit losses on loans (ACLL) at beginning of period | $ | 18,726 | | $ | 18,296 | | $ | 18,574 | | $ | 18,145 | | | | | | | | | | | | | | | | | | | | | | | Gross credit losses on loans | (2,723) | | (2,715) | | (5,649) | | (5,405) | | | Gross recoveries on loans | 489 | | 432 | | 956 | | 819 | | | Net credit losses (NCLs) on loans | $ | (2,234) | | $ | (2,283) | | $ | (4,693) | | $ | (4,586) | | | Replenishment of NCLs | $ | 2,234 | | $ | 2,283 | | $ | 4,693 | | $ | 4,586 | | | Net reserve builds (releases) for loans | 249 | | 136 | | 476 | | 382 | | | Net specific reserve builds (releases) for loans | (6) | | (60) | | (131) | | (187) | | | Total provision for credit losses on loans (PCLL) | $ | 2,477 | | $ | 2,359 | | $ | 5,038 | | $ | 4,781 | | | | | | | | Other, net (see table below) | 154 | | (156) | | 204 | | (124) | | | ACLL at end of period | $ | 19,123 | | $ | 18,216 | | $ | 19,123 | | $ | 18,216 | | Allowance for credit losses on unfunded lending commitments (ACLUC) at beginning of period(1) | $ | 1,720 | | $ | 1,629 | | $ | 1,601 | | $ | 1,728 | | | | | | | | Provision (release) for credit losses on unfunded lending commitments | (19) | | (8) | | 89 | | (106) | | Other, net | 20 | | (2) | | 31 | | (3) | | ACLUC at end of period(1) | $ | 1,721 | | $ | 1,619 | | $ | 1,721 | | $ | 1,619 | | | Total ACLL and ACLUC | $ | 20,844 | | $ | 19,835 | | $ | 20,844 | | $ | 19,835 | | Allowance for credit losses on other assets at beginning of period(2) | $ | 2,206 | | $ | 1,722 | | $ | 1,865 | | $ | 1,788 | | | | | | | | NCLs on other assets | (5) | | (2) | | (18) | | (15) | | | Provision (release) for credit losses on other assets | 381 | | 112 | | 420 | | 116 | | Other, net(3) | 117 | | 79 | | 432 | | 22 | | Allowance for credit losses on other assets at end of period(2) | $ | 2,699 | | $ | 1,911 | | $ | 2,699 | | $ | 1,911 | | | Allowance for credit losses on HTM debt securities at beginning of period | $ | 130 | | $ | 106 | | $ | 137 | | $ | 95 | | | | | | | | Provision (release) for credit losses on HTM debt securities | 7 | | (5) | | 2 | | 5 | | Other, net | (1) | | (2) | | (3) | | (1) | | | Allowance for credit losses on HTM debt securities at end of period | $ | 136 | | $ | 99 | | $ | 136 | | $ | 99 | | | Total ACL | $ | 23,679 | | $ | 21,845 | | $ | 23,679 | | $ | 21,845 | |
| | | | | | | | | | | | | | | | Other, net details (ACLL) | Three Months Ended June 30, | Six Months Ended June 30, | | In millions of dollars | 2025 | 2024 | 2025 | 2024 | | | | | | | | | | | | | | | | Reclasses of consumer ACLL to HFS(4) | $ | (29) | | $ | — | | $ | (29) | | $ | — | | | FX translation and other | 183 | | (156) | | 233 | | (124) | | | Other, net (ACLL) | $ | 154 | | $ | (156) | | $ | 204 | | $ | (124) | |
(1)Represents additional credit loss reserves for unfunded lending commitments and letters of credit recorded in Other liabilities on the Consolidated Balance Sheet. (2)See additional details on the Allowance for credit losses on other assets below. (3)Primarily reflects the impact of FX translation on the ACL on Other assets for transfer risk associated with exposures outside the U.S. (4)See Note 2. Allowance for Credit Losses on Loans (ACLL) and End-of-Period Loans
| | | | | | | | | | | | | | | | | | | | | | Three Months Ended | | June 30, 2025 | June 30, 2024 | | In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | | ACLL at beginning of period | $ | 2,725 | | $ | 16,001 | | $ | 18,726 | | $ | 2,772 | | $ | 15,524 | | $ | 18,296 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Charge-offs | (63) | | (2,660) | | (2,723) | | (129) | | (2,586) | | (2,715) | | | Recoveries | 14 | | 475 | | 489 | | 21 | | 411 | | 432 | | | Replenishment of NCLs | 49 | | 2,185 | | 2,234 | | 108 | | 2,175 | | 2,283 | | | Net reserve builds (releases) | 265 | | (16) | | 249 | | (216) | | 352 | | 136 | | | Net specific reserve builds (releases) | (6) | | — | | (6) | | (58) | | (2) | | (60) | | | | | | | | | | Other | 39 | | 115 | | 154 | | (14) | | (142) | | (156) | | | Ending balance | $ | 3,023 | | $ | 16,100 | | $ | 19,123 | | $ | 2,484 | | $ | 15,732 | | $ | 18,216 | | | | | | | | | | Six Months Ended | | June 30, 2025 | June 30, 2024 | | In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | | ACLL at beginning of period | $ | 2,556 | | $ | 16,018 | | $ | 18,574 | | $ | 2,714 | | $ | 15,431 | | $ | 18,145 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Charge-offs | (262) | | (5,387) | | (5,649) | | (307) | | (5,098) | | (5,405) | | | Recoveries | 31 | | 925 | | 956 | | 35 | | 784 | | 819 | | | Replenishment of NCLs | 231 | | 4,462 | | 4,693 | | 272 | | 4,314 | | 4,586 | | | Net reserve builds (releases) | 544 | | (68) | | 476 | | (28) | | 410 | | 382 | | | Net specific reserve builds (releases) | (131) | | — | | (131) | | (189) | | 2 | | (187) | | | | | | | | | | Other | 54 | | 150 | | 204 | | (13) | | (111) | | (124) | | | Ending balance | $ | 3,023 | | $ | 16,100 | | $ | 19,123 | | $ | 2,484 | | $ | 15,732 | | $ | 18,216 | |
| | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | December 31, 2024 | | In millions of dollars | Corporate | Consumer | Total | Corporate | Consumer | Total | | ACLL | | | | | | | | Collectively evaluated | $ | 2,850 | | $ | 16,061 | | $ | 18,911 | | $ | 2,254 | | $ | 15,967 | | $ | 18,221 | | | Individually evaluated | 173 | | 39 | | 212 | | 302 | | 38 | | 340 | | | Purchased credit deteriorated | — | | — | | — | | — | | 13 | | 13 | | | Total ACLL | $ | 3,023 | | $ | 16,100 | | $ | 19,123 | | $ | 2,556 | | $ | 16,018 | | $ | 18,574 | | | Loans, net of unearned income | | | | | | | | Collectively evaluated | $ | 318,634 | | $ | 395,513 | | $ | 714,147 | | $ | 292,250 | | $ | 392,562 | | $ | 684,812 | | | Individually evaluated | 1,722 | | 107 | | 1,829 | | 1,377 | | 134 | | 1,511 | | | Purchased credit deteriorated | — | | 112 | | 112 | | — | | 125 | | 125 | | | Held at fair value | 9,230 | | 27 | | 9,257 | | 7,759 | | 281 | | 8,040 | | | Total loans, net of unearned income | $ | 329,586 | | $ | 395,759 | | $ | 725,345 | | $ | 301,386 | | $ | 393,102 | | $ | 694,488 | |
2Q25 Changes in the ACL The total allowance for credit losses on loans, leases, unfunded lending commitments, other assets and HTM debt securities (in aggregate, total ACL) as of June 30, 2025 was $23,679 million, an increase of $1.5 billion from $22,177 million at December 31, 2024, primarily driven by a deterioration in the macroeconomic outlook and FX translation on the ACL on Other assets related to reserves on transfer risk associated with Russia.
Consumer ACLL Citi’s total consumer allowance for credit losses on loans (ACLL) as of June 30, 2025 was $16,100 million, an increase of $82 million from $16,018 million at December 31, 2024. The increase was driven by FX translation on ACLL within All Other consumer, partially offset by a net release in ACLL.
Corporate ACLL Citi’s total corporate ACLL as of June 30, 2025 was $3,023 million, an increase of $467 million from $2,556 million at December 31, 2024. The increase was largely driven by changes in portfolio composition, primarily within Banking and Markets.
ACLUC As of June 30, 2025, Citi’s total allowance for unfunded lending commitments (ACLUC), included in Other liabilities, was $1,721 million, an increase of $120 million from $1,601 million at December 31, 2024. The increase was largely driven by uncertainty and a deterioration in the macroeconomic outlook.
Allowance for Credit Losses on Other Assets
| | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2025 | | In millions of dollars | | Deposits with banks | Securities borrowed and purchased under agreements
to resell | | All other assets(1) | Total | Allowance for credit losses on other assets
at beginning of quarter | | $ | 19 | | $ | 4 | | | $ | 2,183 | | $ | 2,206 | | | | | | | | | | Gross credit losses | | — | | — | | | (14) | | (14) | | | Gross recoveries | | — | | — | | | 9 | | 9 | | | Net credit losses (NCLs) | | $ | — | | $ | — | | | $ | (5) | | $ | (5) | | | Replenishment of NCLs | | $ | — | | $ | — | | | $ | 5 | | $ | 5 | | | Net reserve builds (releases) | | 21 | | 6 | | | 349 | | 376 | | | Total provision for credit losses | | $ | 21 | | $ | 6 | | | $ | 354 | | $ | 381 | | | Other, net | | $ | — | | $ | — | | | $ | 117 | | $ | 117 | | Allowance for credit losses on other assets
at end of quarter | | $ | 40 | | $ | 10 | | | $ | 2,649 | | $ | 2,699 | | | | | | | | | | | Six Months Ended June 30, 2025 | | In millions of dollars | | Deposits with banks | Securities borrowed and purchased under agreements
to resell | | All other assets(1) | Total | Allowance for credit losses on other assets
at beginning of year | | $ | 25 | | $ | 3 | | | $ | 1,837 | | $ | 1,865 | | | | | | | | | | Gross credit losses | | — | | — | | | (31) | | (31) | | | Gross recoveries | | — | | — | | | 13 | | 13 | | | Net credit losses (NCLs) | | $ | — | | $ | — | | | $ | (18) | | $ | (18) | | | Replenishment of NCLs | | $ | — | | $ | — | | | $ | 18 | | $ | 18 | | | Net reserve builds (releases) | | 15 | | 7 | | | 380 | | 402 | | | Total provision for credit losses | | $ | 15 | | $ | 7 | | | $ | 398 | | $ | 420 | | Other, net | | $ | — | | $ | — | | | $ | 432 | | $ | 432 | | Allowance for credit losses on other assets
at end of quarter | | $ | 40 | | $ | 10 | | | $ | 2,649 | | $ | 2,699 | |
(1)Primarily ACL related to transfer risk associated with exposures outside the U.S. | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2024 | | In millions of dollars | | Deposits with banks | Securities borrowed and purchased under agreements
to resell | | All other assets(1) | Total | Allowance for credit losses on other assets
at beginning of quarter | | $ | 28 | | $ | 18 | | | $ | 1,676 | | $ | 1,722 | | | Adjustment to opening balance for CECL adoption | | — | | — | | | — | | — | | | Gross credit losses | | — | | — | | | (10) | | (10) | | | Gross recoveries | | — | | — | | | 8 | | 8 | | | Net credit losses (NCLs) | | $ | — | | $ | — | | | $ | (2) | | $ | (2) | | | Replenishment of NCLs | | $ | — | | $ | — | | | $ | 2 | | $ | 2 | | | Net reserve builds (releases) | | (8) | | 14 | | | 104 | | 110 | | | Total provision for credit losses | | $ | (8) | | $ | 14 | | | $ | 106 | | $ | 112 | | | Other, net | | $ | 1 | | $ | 1 | | | $ | 77 | | $ | 79 | | Allowance for credit losses on other assets
at end of quarter | | $ | 21 | | $ | 33 | | | $ | 1,857 | | $ | 1,911 | | | | | | | | | | | Six Months Ended June 30, 2024 | | In millions of dollars | | Deposits with banks | Securities borrowed and purchased under agreements
to resell | | All other assets(1) | Total | Allowance for credit losses on other assets
at beginning of year | | $ | 31 | | $ | 27 | | | $ | 1,730 | | $ | 1,788 | | | Adjustment to opening balance for CECL adoption | | — | | — | | | — | | — | | | Gross credit losses | | — | | — | | | (28) | | (28) | | | Gross recoveries | | — | | — | | | 13 | | 13 | | | Net credit losses (NCLs) | | $ | — | | $ | — | | | $ | (15) | | $ | (15) | | | Replenishment of NCLs | | $ | — | | $ | — | | | $ | 15 | | $ | 15 | | | Net reserve builds (releases) | | (11) | | 5 | | | 107 | | 101 | | | Total provision for credit losses | | $ | (11) | | $ | 5 | | | $ | 122 | | $ | 116 | | | Other, net | | $ | 1 | | $ | 1 | | | $ | 20 | | $ | 22 | | Allowance for credit losses on other assets
at end of quarter | | $ | 21 | | $ | 33 | | | $ | 1,857 | | $ | 1,911 | |
(1) Primarily ACL related to transfer risk associated with exposures outside the U.S.
For the ACL on AFS debt securities, see Note 13.
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