14
(1)
allocated average tangible common equity (TCE) and return on average tangible
common equity (RoTCE) are non-GAAP financial measures. RoTCE represents annualized net income available
to common shareholders as a percentage of average TCE. For the components of these calculations, see
Appendix A. See Appendix G for a reconciliation of common equity to TCE. For a reconciliation of the summation
Appendix I.
(2)
Ratios as of December 31, 2023
Supplementary Leverage ratio (SLR) reflect certain deferrals based on the modified regulatory capital transition
provision related to the Current Expected Credit Losses (CECL) standard. Excluding these
CET1 Capital ratio and SLR as of December 31, 2023 would be 13.2% and 5.8%, respectively, on a fully reflected
basis. For Regulatory Capital Treatment Modified Transition
of the Current Expected Credit Losses Methodology 2022 Annual Report on Form 10-K. Certain
prior period amounts have been revised to conform with enhancements made in the current period.
E
SLR, see Appendix F.
(3)
repurchases divided by net
income available to common shareholders.
(4)
-GAAP financial measure. See Appendix G for a reconciliation
of common equity to tangible common equity and resulting calculation of tangible book value per share.
(5)
For additional information on the notable items, -K filed on January 10,
2024 with the U.S. Securities and Exchange Commission. Results of operations excluding the impact of these
notable items are non-GAAP financial measures. Citi believes the presentation of its results of operations and
financial condition excluding the impacts of these notable items provides a meaningful depiction of the
underlying fundamentals of its broader results for investors, industry analysts and others. For a reconciliation to
reported results, please refer to Appendix B and C. For a reconciliation to reported EPS, refer to appendix J.
(6)
Citi recorded an approximate $880 million translation loss in revenues in Argentina in the fourth quarter of
2023 due to the recent devaluation of the Argentine peso. This decrease in revenues impacted Services,
Markets, and Banking. The translation loss does not include net interest income of approximately $250 million
on
(7)
Fourth quarter 2023 results included divestiture-related impacts of $(138) million in earnings before taxes
(approximately $(111) million after-tax). This amount included $(62) million revenues from certain divestitures,
recorded in Other revenue, $106 million of aggregate divestiture-related costs, recorded in Operating expenses,
a $(30) million of divestiture-related credit costs, and related taxes of $(27) million.
Fourth quarter 2022 results included divestiture-related impacts of $192 million in earnings before taxes
(approximately $113 million after-tax). This amount included $209 million primarily related to the gain on sale
from certain divestitures, recorded in Other revenue, $58 million of aggregate divestiture-related costs, recorded
in Operating expenses, a $41 million benefit of divestiture-related credit costs, and related taxes of $79 million.
Results of operations excluding these divestiture-related impacts are non-GAAP financial measures. For
additional information and a reconciliation to reported results, please refer to Appendix B and D.
(8)
Credit derivatives are used to economically hedge a portion of the Corporate Lending portfolio that includes
both accrual loans and loans at fair value. Gain / (loss) on loan hedges includes the mark-to-market on the
credit derivatives and the mark-to-market on the loans in the portfolio that are at fair value. In the fourth quarter
2023, gain / (loss) on loan hedges included $(131) million related to Corporate Lending, compared to $(300)
million in the prior-year period. The fixed premium costs of these hedges are netted against the Corporate
Lending the impact of