Citigroup Reports Second Quarter 2013 Earnings Per Share of $1.34; $1.25 Excluding CVA/DVA1

  Citigroup Reports Second Quarter 2013 Earnings Per Share of $1.34; $1.25
  Excluding CVA/DVA1

          Net Income of $4.2 Billion; $3.9 Billion Excluding CVA/DVA

          Revenues of $20.5 Billion; $20.0 Billion Excluding CVA/DVA

   Net Credit Losses of $2.6 Billion Declined 25% Versus Prior Year Period

 Loan Loss Reserve Release of $784 Million Versus $1.0 Billion in Prior Year
                                    Period

          Utilized Approximately $600 Million of Deferred Tax Assets

                Basel I Tier 1 Common Ratio Increased to 12.2%
         Estimated Basel III Tier 1 Common Ratio Increased to 10.0%^2

                   Book Value Per Share Increased to $63.02
             Tangible Book Value Per Share^3 Increased to $53.10

     Citigroup Deposits of $938 Billion Grew 3% Versus Prior Year Period

       Citicorp Loans of $544 Billion Grew 3% Versus Prior Year Period

 Citi Holdings Assets of $131 Billion Declined 31% from Prior Year Period and
           Represented 7% of Total Citigroup Assets at Quarter End

Business Wire

NEW YORK -- July 15, 2013

Citigroup Inc. (NYSE: C)  today reported net income for the second quarter
2013 of $4.2 billion, or $1.34 per diluted share, on revenues of $20.5
billion. This compared to net income of $2.9 billion, or $0.95 per diluted
share, on revenues of $18.4 billion for the second quarter 2012.

CVA/DVA was a positive $477 million in the second quarter ($293 million
after-tax), largely resulting from the widening of Citi’s credit spreads and
the tightening of counterparty spreads, compared to a positive $219 million
($140 million after-tax) in the prior year period. Second quarter 2012 results
included a loss of $424 million ($274 million after-tax) ^ related to the sale
of a 10.1% stake in Akbank T.A.S. Excluding CVA/DVA in both periods and the
Akbank loss in the second quarter 2012,^4 second quarter 2013 revenues
increased 8% from the prior year period to $20.0 billion and second quarter
2013 earnings per diluted share were $1.25, representing a 25% increase from
prior year earnings per share of $1.00. The increase in Citi’s earnings per
diluted share was driven by the higher revenues and lower net credit losses,
which were partially offset by higher legal and related costs, a lower loan
loss reserve release and a higher effective tax rate.

Michael Corbat, Chief Executive Officer of Citi, said, “Our businesses
performed well during the quarter and these results are well-balanced through
our products and geographies, especially in the emerging markets, where growth
is being challenged. We also continued to make progress in several critical
areas. We reduced the earnings drag caused by Citi Holdings, where we saw the
largest percentage reduction of assets since 2010. We again consumed a modest
amount of DTA, bringing the total utilized to about $1.3 billion for the first
half of the year. We increased our already strong capital levels, reaching an
estimated Basel III Tier 1 Common ratio of 10%. Generating consistent and
quality earnings is a key priority and this quarter met that goal.”

Citigroup revenues of $20.5 billion in the second quarter 2013 increased 11%
from the prior year period. Excluding CVA/DVA and the Akbank loss in the
second quarter 2012, Citigroup revenues of $20.0 billion in the second quarter
2013 increased 8% from the prior year period, with increases in both Citicorp
and Citi Holdings.

Citicorp revenues ^  of $19.4 billion in the second quarter 2013 included
positive $462 million of CVA/DVA reported within Securities and Banking.
Excluding CVA/DVA and the Akbank loss in the second quarter 2012, Citicorp
revenues of $18.9 billion increased 7% from the prior year period. Securities
and Banking revenues increased 25% (or 21% excluding CVA/DVA) and Global
Consumer Banking (GCB) revenues increased 2%, partially offset by a 1% decline
in Transaction Services (CTS) revenues, all versus the prior year period.

Citi Holdings revenues of $1.1 billion in the second quarter 2013 included
positive $15 million of CVA/DVA. Excluding CVA/DVA, Citi Holdings revenues
increased 17% versus the prior year period, driven by higher revenues in Local
Consumer Lending and an improvement in Special Asset Pool revenues, partially
offset by a decline in Brokerage and Asset Management revenues. Total Citi
Holdings assets of $131 billion declined $60 billion, or 31%, from the second
quarter 2012. Citi Holdings assets at the end of the second quarter 2013
represented approximately 7% of total Citigroup assets.

Citigroup’s net income rose to $4.2 billion in the second quarter 2013 from
$2.9 billion in the prior year period. Excluding the impact of CVA/DVA and the
Akbank loss in the second quarter of 2012, Citigroup net income increased 26%
to $3.9 billion. The increase reflected revenue growth and lower net credit
losses, partially offset by higher legal and related expenses, a lower loan
loss reserve release and a higher effective tax rate. Operating expenses of
$12.1 billion were 1% higher than the prior year period mainly reflecting an
increase in legal and related costs. Citigroup’s cost of credit in the second
quarter 2013 was $2.0 billion, a decrease of 25% over the prior year period,
reflecting an $883 million improvement in net credit losses partially offset
by a $225 million decline in net loan loss reserve releases. Citi’s effective
tax rate in the second quarter 2013 was 34%, compared to 19% in the prior year
period. The higher effective tax rate reflected higher earnings in North
America, a higher effective tax rate on international operations due to the
previously disclosed change in Citi’s assertion surrounding the permanent
reinvestment of earnings in certain international entities, as well as the
resolution of certain tax issues in the current quarter.

Citigroup’s allowance for loan losses was $21.6 billion at quarter end, or
3.4% of total loans, compared to $27.6 billion, or 4.3% of total loans, at the
end of the prior year period. The loan loss reserve release of $784 million in
the quarter was 22% lower than in the prior year period. Reserve releases in
Citicorp of $311 million compared to $740 million in the second quarter 2012,
predominantly reflecting lower releases in North America GCB, largely related
to cards, with a net build in international GCB (Asia, Latin America and
EMEA), reflecting portfolio growth as well as builds for specific credits in
the commercial market businesses. Citi Holdings recorded a net loan loss
reserve release of $473 million in the second quarter 2013, compared to a net
reserve release of $269 million in the prior year period. Citigroup asset
quality improved in the second quarter 2013 as total non-accrual assets fell
to $10.1 billion, a 12% reduction compared to the second quarter 2012.
Corporate non-accrual loans decreased 17% from the second quarter 2012 to $2.1
billion, while consumer non-accrual loans decreased 9% to $7.6 billion. The
decline in consumer non-accrual loans versus the prior year period occurred
despite the third quarter 2012 OCC guidance regarding the treatment of
mortgage loans where the borrower has gone through Chapter 7 bankruptcy, which
added $1.5 billion to consumer non-accrual loans. Consumer loans that were 90+
days delinquent, excluding the Special Asset Pool, declined 31% versus the
prior year period to $5.9 billion, or 1.6% of consumer loans.

Citigroup’s capital levels and book value per share increased versus the prior
year period. As of quarter end, book value per share was $63.02 and tangible
book value per share was $53.10, 1% and 2% increases respectively, versus the
prior year period. At quarter end, Citigroup’s Basel I Tier 1 Capital Ratio
was 13.3% and its Basel I Tier 1 Common Ratio was 12.2%. Citigroup’s estimated
Basel III Tier 1 Common Ratio was 10.0% at the end of the second quarter 2013.
Citigroup’s estimated Basel III supplementary leverage ratio for the second
quarter 2013 was 4.9%.^5


CITIGROUP
                                                                    
($ millions,
except per share     2Q'13          1Q'13          2Q'12          QoQ%    YoY%
amounts)
                                                                          
Citicorp             19,387         19,326         17,449         -       11%
Citi Holdings        1,092         901           938           21%     16%
Total Revenues       $20,479       $20,227       $18,387       1%      11%
Total Revenues
(Ex-CVA/DVA &                                                         
(Loss)
on sale of         $20,002       $20,546       $18,592       -3%     8%
Akbank)
                                                                      
Expenses             $12,140       $12,267       $11,994       -1%     1%
                                                                          
Net Credit Losses    2,608          2,878          3,491          -9%     -25%
Loan Loss Reserve
Build/(Release)      (784     )     (650     )     (1,009   )     -21%    22%
^(a)
Provision for
Benefits and         200           231           214           -13%    -7%
Claims
Total Cost of        $2,024        $2,459        $2,696        -18%    -25%
Credit
                                                                      
Income (Loss)
from Cont. Ops.      $6,315        $5,501        $3,697        15%     71%
Before Taxes
Provision for        2,127          1,570          718            35%     NM
Income Taxes
                                                                          
Income from
Continuing           $4,188         $3,931         $2,979         7%      41%
Operations
Net income (loss)    30             (33      )     7              NM      NM
from Disc. Ops.
Non-Controlling      36            90            40            -60%    -10%
Interest
Citigroup Net        $4,182        $3,808        $2,946        10%     42%
Income
                                                                          
Net Income
(Ex-CVA/DVA &                                                         
(Loss) on
sale of Akbank)    $3,889        $4,006        $3,080        -3%     26%
                                                                
                                                                          
Tier 1 Common        12.2     %     11.8     %     12.7     %
Ratio^(b)
Tier 1 Capital       13.3     %     13.1     %     14.5     %
Ratio^(b)
Return on Common     8.8      %     8.2      %     6.5      %
Equity
Book Value per       $63.02         $62.51         $62.61         1%      1%
Share
Tangible Book        $53.10         $52.35         $51.81         1%      2%
Value per Share
                                                                
Note: Please refer to the Appendices and Footnotes at the end of this press
release for additional information.
(a) Includes provision for
unfunded lending commitments.
(b) As of January 1, 2013, Tier 1 Capital and Tier 1 Common Ratios under Basel
I reflect the final (revised) U.S. market risk capital rules (Basel II.5).



CITICORP
                                                                    
(in millions of      2Q'13          1Q'13          2Q'12          QoQ%    YoY%
dollars)
                                                                          
Global Consumer      9,711          9,749          9,507          -       2%
Banking
Securities and       6,841          6,978          5,471          -2%     25%
Banking
Transaction          2,732          2,606          2,767          5%      -1%
Services
Corporate/Other      103           (7       )     (296     )     NM      NM
Total Revenues       $19,387       $19,326       $17,449       -       11%
                                                                          
Total Revenues
(Ex-CVA/DVA &                                                         
(Loss)
on sale of         $18,925       $19,636       $17,675       -4%     7%
Akbank)
                                                                      
Expenses             $10,593       $10,765       $10,759       -2%     -2%
                                                                          
Net Credit Losses    1,838          1,948          2,162          -6%     -15%
Loan Loss Reserve
Build/(Release)      (311     )     (299     )     (740     )     -4%     58%
^(a)
Provision for
Benefits and         46            63            49            -27%    -6%
Claims
Total Cost of        $1,573        $1,712        $1,471        -8%     7%
Credit
                                                                      
Net Income           $4,752        $4,602        $3,856        3%      23%
                                                                
                                                                          
Revenues
North America        8,318          8,706          7,782          -4%     7%
EMEA                 3,451          3,102          2,878          11%     20%
LATAM                3,541          3,528          3,271          -       8%
Asia                 3,974          3,997          3,814          -1%     4%
Corporate/Other      103            (7       )     (296     )     NM      NM
                                                                          
Net Income
North America        2,136          2,377          1,835          -10%    16%
EMEA                 1,014          639            673            59%     51%
LATAM                900            855            828            5%      9%
Asia                 1,066          1,116          969            -4%     10%
Corporate/Other      (364     )     (385     )     (449     )     5%      19%
                                                                
                                                                          
EOP Assets ($B)      1,753          1,733          1,725          1%      2%
EOP Loans            544            539            527            1%      3%
($B)^(b)
EOP Deposits ($B)    874            868            852            1%      3%
                                                                
Note: Please refer to the Appendices and Footnotes at the end of this press
release for additional information.
(a) Includes provision for
unfunded lending commitments.
(b) EOP loans includes Credicard loans of $3.1B in 1Q'13 and $3.2B in 2Q'12.
Credicard was moved to discontinued operations as of 2Q'13.


Citicorp

Citicorp revenues of $19.4 billion in the second quarter 2013 increased by 11%
from the prior year period. CVA/DVA, reported within Securities and Banking,
was $462 million in the second quarter 2013, compared to $198 million in the
prior year period. Excluding CVA/DVA and the Akbank loss in the second quarter
2012, revenues were $18.9 billion, up 7% from the second quarter 2012, driven
by 21% growth in Securities and Banking revenues  to $6.4 billion and 2%
growth in GCB revenues to $9.7 billion, partially offset by a 1% decline in
CTS revenues to $2.7 billion. Corporate/Other revenues were $103 million in
the second quarter 2013, versus $(296) million in the prior year period, which
included the $424 million loss on the Akbank sale.

Citicorp net income increased 23% from the prior year period to $4.8 billion,
as revenue growth, lower operating expenses and lower net credit losses were
partially offset by lower loan loss reserve releases and a higher effective
tax rate.

Citicorp operating expenses decreased 2% from the prior year period to $10.6
billion, largely reflecting lower legal and related costs.

Citicorp cost of credit of $1.6 billion in the second quarter 2013 increased
7% from the prior year period. The increase reflected a lower loan loss
reserve release, which declined 58% to $311 million, partially offset by lower
net credit losses, which declined 15% to $1.8 billion, each compared to the
prior year period. The decline in reserve releases was largely in North
America GCB and primarily  related to cards. Citicorp’s consumer loans 90+
days delinquent declined 14% from the prior year period to $2.6 billion, and
the 90+ days delinquency ratio decreased 15 basis points to 0.94% of loans.

Citicorp end of period loans grew 3% versus the prior year period to $544
billion. Corporate loans grew 7% to $260 billion, including the impact of
adding approximately $7 billion of previously unconsolidated assets during the
current quarter, while consumer loans were flat at $284 billion, both versus
the prior year period.


Global Consumer Banking
                                                          
(in millions of       2Q'13         1Q'13         2Q'12         QoQ%     YoY%
dollars)
                                                                         
North America         5,052         5,110         5,102         -1%      -1%
EMEA                  364           368           358           -1%      2%
LATAM                 2,327         2,311         2,095         1%       11%
Asia                  1,968        1,960        1,952        -        1%
Total Revenues        $9,711       $9,749       $9,507       -        2%
                                                                     
Expenses              $5,131       $5,209       $5,183       -1%      -1%
                                                                         
Net Credit Losses     1,785         1,909         2,039         -6%      -12%
Loan Loss Reserve
Build/(Release)       (228    )     (325    )     (753    )     30%      70%
^(a)
Provision for
Benefits and          46           63           50           -27%     -8%
Claims
Total Cost of         $1,603       $1,647       $1,336       -3%      20%
Credit
                                                                     
Net Income            $1,949       $1,912       $1,972       2%       -1%
                                                               
                                                                         
Net Income
North America         1,123         1,113         1,174         1%       -4%
EMEA                  23            4             12            NM       92%
LATAM                 371           378           337           -2%      10%
Asia                  432           417           449           4%       -4%
                                                               
                                                                         
(in billions of
dollars)
Avg. Cards            138           144           144           -4%      -5%
Loans^(b)
Avg. Retail           145           147           139           -1%      5%
Banking Loans
Avg. Deposits         326           330           318           -1%      3%
Investment Sales      28            28            20            -1%      42%
Cards Purchase        91            84            88            9%       3%
Sales
                                                               
Note: Please refer to the Appendices and Footnotes at the end of this
press release for additional information.
(a) Includes provision for
unfunded lending commitments.
(b) Average Cards loans includes Credicard loans of $3.2B in 1Q'13 and $3.3B
in 2Q'12. Credicard was moved to discontinued operations as of 2Q'13.


Global Consumer Banking

GCB revenues of $9.7 billion increased 2% versus the prior year period as
volume growth in most businesses was offset by the continued impact of spread
compression globally. The impact of foreign exchange translation into U.S.
dollars^6 had a positive impact on international GCB revenues in the second
quarter 2013, with revenues up 6% on a reported basis. Excluding the impact of
foreign exchange (constant dollar basis), ^ revenues in international GCB grew
5% to $4.7 billion. Higher international GCB revenues were offset by a 1%
decline in revenues in North America GCB to $5.1 billion.

GCB net income declined 1% versus the prior year period to $1.9 billion,
despite the higher revenues, predominantly driven by lower loan loss reserve
releases, partially offset by lower net credit losses and operating expenses.

North America GCB revenues declined 1% to $5.1 billion versus the prior year
period driven mainly by lower retail banking revenues with total cards
revenues (Citi-branded cards and Citi retail services) remaining roughly flat.
Retail banking revenues declined 4% to $1.6 billion from the second quarter
2012, reflecting lower mortgage origination and servicing revenues and ongoing
spread compression, partially offset by a gain of approximately $180 million
on the sale of a mortgage portfolio during the quarter. Retail banking
revenues are expected to continue to be negatively impacted by lower mortgage
origination revenues and spread compression. Citi-branded cards revenues
declined 1% to $2.0 billion, reflecting a 5% decline in average loans
partially offset by an improvement in net interest spreads. Citi retail
services revenues increased 1% to $1.5 billion as improved net interest
spreads were partially offset by a 2% decline in average loans versus the
prior year period. Citi retail services revenues were also negatively impacted
by higher contractual partner revenue share payments due to the impact of
improving credit trends.

North America GCB net income was $1.1 billion, 4% lower than the second
quarter 2012. The decline in net income was driven by a reduction in the loan
loss reserve release and lower revenues, partially offset by lower net credit
losses and operating expenses. Operating expenses in the second quarter
declined 3% versus the prior year period to $2.4 billion, reflecting lower
legal and related costs.

North America GCB credit quality continued to improve in both cards and retail
banking as net credit losses declined 21% to $1.2 billion as compared to the
prior year period. Net credit losses improved in Citi-branded cards (down 21%
to $665 million), Citi retail services (down 21% to $481 million) and in
retail banking (down 29% to $44 million), each versus the prior year period.

International GCB revenues grew 6% to $4.7 billion from the prior year period.
Revenues grew 5% on a constant dollar basis, with 8% growth in Latin America
to $2.3 billion, a 2% increase in Asia to $2.0 billion and a 2% increase in
EMEA to $364 million.

International GCB net income increased 4% from the prior year period to $826
million as revenue growth was partially offset by higher cost of credit and
higher operating expenses, as well as a higher effective tax rate. Operating
expenses in the second quarter 2013 increased 1% to $2.7 billion driven by
volume growth, partially offset by efficiency savings. Credit costs increased
21% versus the prior year period, reflecting portfolio growth and seasoning,
as well as reserve builds for specific credits in the commercial market
businesses.

International GCB credit quality remained stable. Net credit losses rose 13%
to $595 million from the prior year period, mainly driven by loan growth and
portfolio seasoning, but were down 9% from first quarter net credit losses of
$654 million. The international net credit loss rate was 1.74% of average
loans in the second quarter 2013, slightly improved from 1.88% in the first
quarter 2013 and up from 1.59% in the prior year period.


Securities and Banking
                                                                  
(in millions of       2Q'13         1Q'13         2Q'12         QoQ%     YoY%
dollars)
                                                                         
Investment Banking    1,039         1,063         860           -2%      21%
Equity Markets        942           826           561           14%      68%
Fixed Income          3,372         4,623         2,861         -27%     18%
Markets
Lending               424           309           571           37%      -26%
Private Bank          645           629           591           3%       9%
Other Securities      (43     )     (162    )     (171    )     73%      75%
and Banking
Total Revenues        $6,379       $7,288       $5,273       -12%     21%
(Ex-CVA/DVA)
                                                                         
CVA/DVA               462          (310    )     198          NM       NM
Total Revenues        $6,841       $6,978       $5,471       -2%      25%
                                                                     
Expenses              $3,495       $3,564       $3,568       -2%      -2%
                                                                         
Net Credit Losses     37            35            97            6%       -62%
Credit Reserve
Build/(Release)       (116    )     37           (38     )     NM       NM
^(a)
Total Cost of         $(79    )     $72          $59          NM       NM
Credit
                                                                     
Net Income            $2,364       $2,311       $1,449       2%       63%
                                                               
                                                                         
Revenues
North America         2,599         2,970         2,017         -12%     29%
EMEA                  2,166         1,873         1,612         16%      34%
LATAM                 747           770           730           -3%      2%
Asia                  1,329         1,365         1,112         -3%      20%
                                                                         
Income from
Continuing Ops.
North America         849           1,152         549           -26%     55%
EMEA                  787           445           365           77%      NM
LATAM                 350           312           309           12%      13%
Asia                  396           446           252           -11%     57%
                                                               
Note: Please refer to the Appendices and Footnotes at the end of this press
release for additional information.
(a) Includes provision for unfunded lending commitments.
                                                                         

Securities and Banking

Securities and Banking revenues rose 25% from the prior year period to $6.8
billion. Excluding the impact of the $462 million of CVA/DVA in the second
quarter 2013 (compared to $198 million in the prior year period), Securities
and Banking revenues were $6.4 billion, 21% higher than the prior year period.

Investment Banking revenues of $1.0 billion increased 21% from the prior year
period, with growth in all major products. Debt underwriting revenues
increased 14% to $558 million and equity underwriting revenues increased 58%
to $266 million. Advisory revenues of $215 million were 6% higher than the
prior year period.

Equity Markets revenues of $942 million in the second quarter 2013 (excluding
$28 million of CVA/DVA) were 68% above the prior year period, reflecting
improved derivatives performance as well as higher cash volumes.

Fixed Income Markets revenues of $3.4 billion in the second quarter 2013
(excluding $433 million of CVA/DVA) increased 18% from the prior year driven
by growth in all major products.

Lending revenues decreased to $424 million from the prior year period, mostly
reflecting a lower mark-to-market gain on hedges related to accrual loans of
$23 million (compared to a $156 million mark-to-market gain in the prior year
period).^7 Excluding the mark-to-market impact on hedges related to accrual
loans, core lending revenues declined 3% to $401 million versus the prior year
period as lower volumes were partially offset by slightly higher spreads.

Private Bank revenues increased 9% to $645 million from the prior year period,
with growth across all regions, primarily driven by investment products.

Securities and Banking net income was $2.4 billion in the second quarter 2013.
Excluding CVA/DVA, net income rose 57% to $2.1 billion from the prior year
period, primarily reflecting the increase in revenues and a decline in
operating expenses, partially offset by a higher effective tax rate.


Transaction Services
                                                          
(in millions of       2Q'13        1Q'13          2Q'12        QoQ%       YoY%
dollars)
                                                                          
Treasury and          2,002        1,922          2,074        4%         -3%
Trade Solutions
Securities and        730          684           693          7%         5%
Fund Services
Total Revenues        $2,732       $2,606        $2,767       5%         -1%
                                                                      
Expenses              $1,442       $1,424        $1,411       1%         2%
                                                                          
Net Credit            16           4              25           NM         -36%
Losses
Loan Loss
Reserve               33           (11    )       51           NM         -35%
Build/(Release)
^(a)
Total Cost of         $49          $(7    )       $76          NM         -36%
Credit
                                                                      
Net Income            $803         $764          $884         5%         -9%
                                                      
                                                                          
Average
Deposits ($ in        $424         $415           $396         2%         7%
billions) ^ (b)
EOP Assets
Under Custody         $13.4        $13.5          $12.2        -1%        10%
($ in
trillions)
                                                      
                                                                          
Revenues
North America         667          626            663          7%         1%
EMEA                  921          861            908          7%         1%
LATAM                 467          447            446          4%         5%
Asia                  677          672            750          1%         -10%
                                                                          
Income from
Continuing Ops.
North America         161          129            122          25%        32%
EMEA                  229          223            317          3%         -28%
LATAM                 179          164            181          9%         -1%
Asia                  239          254            269          -6%        -11%
                                                      
(a) Includes provision for unfunded lending commitments.
(b) Average deposits and other customer liability balances.


Transaction Services

Transaction Services revenues of $2.7 billion declined 1% from the prior year
period. Treasury and Trade Solutions (TTS) revenues of $2.0 billion declined
3% from the prior year period as the impact of continued spread compression
globally offset loan and deposit growth. Securities and Fund Services (SFS)
revenues of $730 million increased 5% from the prior year period (6% in
constant dollars), as higher settlement volumes and fees more than offset
lower net interest spreads.

Transaction Services net income of $803 million declined 9% from the second
quarter 2012, reflecting the decline in revenues and a higher effective tax
rate, partially offset by lower credit costs.

Transaction Services average deposits and other customer liability balances
grew 7% versus the prior year period to $424 billion. Assets under custody
increased 10% from the second quarter 2012 to $13.4 trillion.


CITI HOLDINGS
                                                                  
(in millions of       2Q'13         1Q'13         2Q'12         QoQ%     YoY%
dollars)
                                                                         
Brokerage and         (20     )     (17     )     87            -18%     NM
Asset Management
Local Consumer        1,055         1,056         932           -        13%
Lending
Special Asset Pool    57           (138    )     (81     )     NM       NM
Total Revenues        $1,092       $901         $938         21%      16%
                                                                     
Total Revenues        $1,077       $910         $917         18%      17%
(Ex-CVA / DVA)
                                                                     
Expenses              $1,547       $1,502       $1,235       3%       25%
                                                                         
Net Credit Losses     770           930           1,329         -17%     -42%
Loan Loss Reserve
Build/(Release)       (473    )     (351    )     (269    )     -35%     -76%
^(a)
Provision for
Benefits and          154          168          165          -8%      -7%
Claims
Total Cost of         $451         $747         $1,225       -40%     -63%
Credit
                                                                     
Net Income (Loss)     $(570   )     $(794   )     $(910   )     28%      37%
                                                               
                                                                         
Net Income (Loss)
Brokerage and         (54     )     (84     )     (25     )     36%      NM
Asset Management
Local Consumer        (134    )     (293    )     (819    )     54%      84%
Lending
Special Asset Pool    (382    )     (417    )     (66     )     8%       NM
                                                               
                                                                         
EOP Assets ($ in
billions)
Brokerage and         1             9             22            -89%     -95%
Asset Management
Local Consumer        115           122           137           -6%      -16%
Lending
Special Asset Pool    15            18            32            -17%     -53%
                                                               
                                                                         
EOP Loans ($B)        100           108           128           -7%      -22%
EOP Deposits ($B)     65            66            63            -2%      3%
                                                               
Note: Please refer to the Appendices and Footnotes at the end of this press
release for additional information.
(a) Includes provision for unfunded lending commitments.
                                                                         

Citi Holdings

Citi Holdings revenues increased 16% versus the prior year period to $1.1
billion, including CVA/DVA reported within Special Asset Pool of $15 million
(compared to $21 million in the prior year period). Excluding CVA/DVA, Citi
Holdings revenues increased 17%. Local Consumer Lending revenues of $1.1
billion increased 13% from the prior year period, driven by lower funding
costs. Excluding CVA/DVA, Special Asset Pool revenues improved to $42 million
in the second quarter 2013, compared to $(102) million in the prior year
period, mainly reflecting lower funding costs and improved asset marks.
Brokerage and Asset Management revenues were $(20) million, compared to $87
million in the prior year period, reflecting lower Morgan Stanley Smith Barney
(MSSB) joint venture related revenues. As previously announced, Citigroup
completed the sale of its remaining 35% stake in the MSSB joint venture during
the current quarter. As of the end of the second quarter 2013, total Citi
Holdings assets were $131 billion, 31% below the prior year period, and
represented approximately 7% of total Citigroup assets.

Citi Holdings net loss of $570 million compared to a net loss of $910 million
in the prior year period as higher revenues and lower cost of credit were
partially offset by higher expenses. Expenses increased 25% to $1.5 billion,
primarily due to higher legal and related expenses ($702 million in second
quarter 2013 compared to $202 million in the prior year period).

Citi Holdings cost of credit declined 63% to $451 million versus the prior
year period as net credit losses declined by $559 million or 42% from the
prior year period and the net loan loss reserve release increased to $473
million, compared to a net release of $269 million in the prior year period.

Citi Holdings allowance for credit losses was $8.2 billion at the end of the
second quarter 2013, or 8.1% of loans, compared to $12.2 billion, or 9.6% of
loans, in the prior year period. 90+ days delinquent loans in Local Consumer
Lending decreased 40% to $3.2 billion, or 3.6% of loans.


RESULTS BY REGION AND SEGMENT
                                                                            
                        Revenues                                  Income from Continuing Ops.
(in millions of         2Q'13       1Q'13         2Q'12           2Q'13        1Q'13        2Q'12
dollars)
                                                                                            
North America
Global Consumer         5,052       5,110         5,102           1,124        1,113        1,174
Banking
Securities and          2,599       2,970         2,017           849          1,152        549
Banking
Transaction             667         626          663            161         129         122    
Services
Total North             $8,318      $8,706        $7,782          $2,134       $2,394       $1,845
America
                                                                                            
EMEA
Global Consumer         364         368           358             28           7            13
Banking
Securities and          2,166       1,873         1,612           787          445          365
Banking
Transaction             921         861          908            229         223         317    
Services
Total EMEA              $3,451      $3,102        $2,878          $1,044       $675         $695
                                                                                            
Latin America
Global Consumer         2,327       2,311         2,095           371          380          335
Banking
Securities and          747         770           730             350          312          309
Banking
Transaction             467         447          446            179         164         181    
Services
Total Latin             $3,541      $3,528        $3,271          $900         $856         $825
America
                                                                                            
Asia
Global Consumer         1,968       1,960         1,952           432          417          449
Banking
Securities and          1,329       1,365         1,112           396          446          252
Banking
Transaction             677         672          750            239         254         269    
Services
Total Asia              $3,974      $3,997        $3,814          $1,067       $1,117       $970
                                                                                            
Corporate/Other         $103        ($7     )     ($296   )       ($388  )     ($322  )     ($447  )
                                                                       
Citicorp            $19,387   $19,326    $17,449     $4,757    $4,720    $3,888 
                                                                       
Citi Holdings       $1,092    $901       $938        $(569  )   $(789  )   $(909  )
                                                                       
Citigroup           $20,479   $20,227    $18,387     $4,188    $3,931    $2,979 
                                                                                            

Citigroup will host a conference call today at 10:00 AM (EDT). A live webcast
of the presentation, as well as financial results and presentation materials,
will be available at http://www.citigroup.com/citi/investor. Dial-in numbers
for the conference call are as follows: (866) 516-9582 in the U.S. and Canada;
(973) 409-9210 outside of the U.S. and Canada. The conference code for both
numbers is 92855981.

Citigroup, the leading global bank, has approximately 200 million customer
accounts and does business in more than 160 countries and jurisdictions.
Citigroup provides consumers, corporations, governments and institutions with
a broad range of financial products and services, including consumer banking
and credit, corporate and investment banking, securities brokerage,
transaction services, and wealth management.

Additional information may be found at www.citigroup.com | Twitter: @Citi |
YouTube: www.youtube.com/citi | Blog: http://new.citi.com | Facebook:
www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi

Additional financial, statistical, and business-related information, as well
as business and segment trends, is included in a Quarterly Financial Data
Supplement. Both this earnings release and Citigroup’s Second Quarter 2013
Quarterly Financial Data Supplement are available on Citigroup’s website at
www.citigroup.com.

Certain statements in this release are “forward-looking statements” within the
meaning of the rules and regulations of the U.S. Securities and Exchange
Commission. These statements are based on management’s current expectations
and are subject to uncertainty and changes in circumstances. These statements
are not guarantees of future results or occurrences. Actual results and
capital and other financial condition may differ materially from those
included in these statements due to a variety of factors, including the
precautionary statements included in this document and those contained in
Citigroup’s filings with the U.S. Securities and Exchange Commission,
including without limitation the “Risk Factors” section of Citigroup’s 2012
Annual Report on Form 10-K. Any forward-looking statements made by or on
behalf of Citigroup speak only as to the date they are made, and Citigroup
does not undertake to update forward-looking statements to reflect the impact
of circumstances or events that arise after the date the forward-looking
statements were made.


Appendix A: CVA/DVA
                                            
(In millions of dollars)                     2Q'13     1Q'13      2Q'12
Securities and Banking                                              
DVA on Citi Liabilities at Fair Value            204        (207  )     264
Option
Derivatives Counterparty CVA ^(a)                194        18          (219 )
Derivatives Own-Credit CVA ^(a)              64      (121  )   153  
Total Securities and Banking CVA/DVA         $462    $(310 )   $198 
                                                                             
Special Asset Pool
DVA on Citi Liabilities at Fair Value            (2   )     (3    )     6
Option
Derivatives Counterparty CVA ^(a)                12         (1    )     76
Derivatives Own-Credit CVA ^(a)              5       (5    )   (61  )
Total Special Asset Pool CVA/DVA             $15     $(9   )   $20  
Total Citigroup CVA/DVA                      $477    $(319 )   $219 
(a) Net of hedges.
Note: Totals may not sum due to rounding.
                                                                      

                                                    
Appendix B: Non-GAAP Financial Measures - Adjusted Items
                                                     
SECOND QUARTER 2013
                                                    
($ millions, except      As Reported       Impact of:    Results
per share amounts)       (GAAP)            CVA/DVA       less:      
                                                         Items
                                                                       
Revenue                  20,479            477           20,002
EBT                      6,315             477           5,838
Taxes                   2,127           184         1,943     
Income from             $4,188          $293        $3,895    
Continuing Ops.
                                                                       
Discontinued             30                -             30
Operations
Noncontrolling          36              -           36        
Interests
Net Income              $4,182          $293        $3,889    
                                                             
Diluted EPS ^(a)        $1.34           $0.09       $1.25     
(a) Earnings per share calculations are based on diluted shares of 3,046.3
million. The components of earnings per share excluding CVA/DVA may not sum
across due to rounding.
                                                                       
                                                             
FIRST QUARTER 2013
($ millions, except      As Reported       Impact of:    Results
per share amounts)       (GAAP)            CVA/DVA       less:      
                                                         Items
                                                                       
Revenue                  20,227            (319    )     20,546
EBT                      5,501             (319    )     5,820
Taxes                   1,570           (121    )    1,691     
Income from             $3,931          $(198   )    $4,129    
Continuing Ops.
                                                                       
Discontinued             (33        )      -             (33     )
Operations
Noncontrolling          90              -           90        
Interests
Net Income              $3,808          $(198   )    $4,006    
                                                             
Diluted EPS ^(a)        $1.23           $(0.06  )    $1.29     
(a) Earnings per share calculations are based on diluted shares of 3,044.7
million. The components of earnings per share excluding CVA/DVA may not sum
across due to rounding.
                                                                       
                                                               
SECOND QUARTER 2012
                                                                       Results
($ millions, except      As Reported       Impact of:    Impact of:    less:
per share amounts)       (GAAP)            CVA/DVA       Akbank        Items
                                                         loss
                                                                       
                                                                       
Revenue                  18,387            219           (424    )     18,592
EBT                      3,697             219           (424    )     3,902
Taxes                   718             79          (150    )    789
Income from             $2,979          $140        $(274   )    $3,113
Continuing Ops.
                                                                       
Discontinued             7                 -             -             7
Operations
Noncontrolling          40              -           -           40
Interests
Net Income              $2,946          $140        $(274   )    $3,080
                                                               
Diluted EPS ^(a)        $0.95           $0.05       $(0.09  )    $1.00
(a) Earnings per share calculations are based on diluted shares of 3,015.0
million. The components of earnings per share excluding CVA/DVA and the impact
of the Akbank loss may not sum across due to rounding.
                                                                       


Appendix C: Non-GAAP Financial Measures-Excluding Impact of FX Translation
                                                            
International GCB
                                                                
                                     QoQ%                  YoY%
(In millions of            2Q'13     Reported   Constant   Reported   Constant
dollars)                                        Dollar                Dollar
Revenues
LATAM                      2,327     1    %     2    %     11   %     8    %
Asia                       1,968     0    %     3    %     1    %     2    %
EMEA                      364      -1   %    1    %    2    %    2    %
Total International GCB   $4,659   0    %    2    %    6    %    5    %
Expenses
LATAM                      1,307     0    %     1    %     6    %     4    %
Asia                       1,107     -2   %     0    %     -5   %     -2   %
EMEA                      333      -3   %    -1   %    -1   %    -1   %
Total International GCB   $2,747   -1   %    1    %    1    %    1    %
                                                            
Transaction Services
                                                                      
                                     QoQ%                  YoY%
(In millions of            2Q'13     Reported   Constant   Reported   Constant
dollars)                                        Dollar                Dollar
Revenues
Treasury and Trade         2,002     4    %     5    %     -3   %     -3   %
Solutions
Securities and Fund       730      7    %    8    %    5    %    6    %
Services
Total Transaction         2,732    5    %    6    %    -1   %    -1   %
Services
                                                            
Expenses                  1,442    1    %    2    %    2    %    3    %
                                                                      


Appendix D: Non-GAAP Financial Measures - Estimated Basel III Capital^(a)
                                                              
(In millions of dollars)
                                    6/30/13 ^(b)   3/31/2013      12/31/2012
Citigroup's Common Stockholders'    $191,672       $190,222       $186,487
Equity^(c)
Add: Qualifying Minority            161           164           171        
Interests
Regulatory Capital Adjustments
Less:
Accumulated net unrealized losses   (1,671     )   (2,168     )   (2,293     )
on cash flow hedges, net of tax
Cumulative change in fair value
of financial liabilities
attributable                        524            361            587
to the change in own
creditworthiness, net of tax
Intangible Assets
Goodwill, net of related deferred   24,553         25,206         25,488
tax liabilities^(d)
Identifiable intangible assets
other than mortgage                 5,057          5,329          5,632
servicing rights (MSRs), net of
related deferred tax liabilities
Defined benefit pension plan net    876            498            732
assets
Deferred tax assets (DTAs)
arising from net operating losses
and foreign
tax credit carry forwards and     45,347         49,905         51,116
excess over 10% / 15% limitations
for other DTAs, certain common
equity investments, and MSRs ^
(e)
                                                            
Total Basel III Tier 1 Common      $117,147     $111,255     $105,396   
Capital ^(f)
                                                            
Basel III Risk-Weighted Assets     $1,171,188   $1,191,618   $1,206,153 
(RWA) ^(g)
                                                            
Basel III Tier 1 Common Capital    10.0       %  9.3        %  8.7        %
Ratio ^(f)

(a)  Certain reclassifications have been made to prior period presentation to
      conform to the current period.
(b)   Preliminary.
(c)   Excludes issuance costs related to preferred stock outstanding at June
      30, 2013 in accordance with FRB regulatory requirement.
(d)   Includes goodwill embedded in the valuation of significant common stock
      investments in unconsolidated financial institutions.
(e)   Other DTAs reflect those DTAs arising from temporary differences.
(f)   Calculated based on the Basel III NPR. See footnote 2 below.
      The estimated Basel III risk-weighted assets have been calculated based
(g)   on the U.S. proposed "advanced approaches" for determining risk-weighted
      assets under the Basel III NPR, as well as the final U.S. market risk
      capital rules (Basel II.5).
      



Appendix E: Non-GAAP Financial Measures - Tangible Common Equity
                                                              
($ millions, except per share amounts)                            Preliminary
                                                                  6/30/2013
                                                                  
Citigroup's Total Stockholders' Equity                            $  195,926
Less: Preferred Stock                                               4,293
Common Stockholders' Equity                                          191,633
Less:
Goodwill                                                             24,958
Intangible Assets (other than Mortgage Servicing Rights)             4,981
Goodwill and Intangible Assets (Other than MSRs)
Related to Assets For Discontinued Operations Held-for-Sale         205
Tangible Common Equity (TCE)                                      $  161,489
                                                                  
Common Shares Outstanding at Quarter-end                             3,041.0
                                                                  
Tangible Book Value Per Share                                     $  53.10
(Tangible Common Equity / Common Shares Outstanding)
                                                                  

                                       
^1 Credit valuation adjustments (CVA) on derivatives (counterparty and
own-credit), net of hedges, and debt valuation adjustments (DVA) on
Citigroup’s fair value option debt. See Appendix A. Citigroup’s results of
operations, excluding the impact of CVA/DVA, are non-GAAP financial measures.
Citigroup believes the presentation of its results of operations excluding the
impact of CVA/DVA provides a more meaningful depiction of the underlying
fundamentals of its businesses impacted by CVA/DVA. For a reconciliation of
these measures to the reported results, see Appendix B.
^2 Citigroup’s estimated Basel III Tier 1 Common Ratio and certain related
components are non-GAAP financial measures. Citigroup believes this ratio and
its components provide useful information to investors and others by measuring
Citigroup’s progress against expected future regulatory capital standards. For
the calculation of Citigroup’s estimated Basel III Tier 1 Common Ratio, see
Appendix D. Citi continues to review the recently released final U.S. Basel
III rules. As such, Citigroup’s estimated Basel III Tier 1 Common Ratio is
based on its current interpretation, expectations and understanding of the
proposed U.S. Basel III requirements (Basel III NPR) and is necessarily
subject to, among other things, Citi’s review and implementation of the final
U.S. Basel III rules, anticipated compliance with all necessary enhancements
to model calibration and other refinements and further implementation guidance
in the U.S.
^3 Tangible book value per share is a non-GAAP financial measure. Citi
believes this ratio provides useful information as it is a capital adequacy
metric used and relied upon by investors and industry analysts. For a
reconciliation of this metric to the most directly comparable GAAP measure,
see Appendix E.
^4 Citigroup’s results of operations, excluding the impact of the Akbank loss,
are non-GAAP financial measures. Citigroup believes the presentation of its
results of operations excluding the impact of the Akbank loss provides a more
meaningful depiction of the underlying fundamentals of its businesses. For a
reconciliation of this measure to the reported results, see Appendix B.
^5 Citigroup's estimated Basel III supplementary leverage ratio and related
components are non-GAAP financial measures. Citigroup believes this ratio and
its components provide useful information to investors and others by measuring
Citigroup's progress against expected future regulatory capital standards.
Citi's estimated Basel III supplementary leverage ratio, as calculated under
the Basel III NPR, represents the average for the quarter of the three monthly
ratios of Tier 1 Capital (as defined under the Basel III NPR) to total
leverage exposure (i.e., the sum of the ratios calculated for April, May and
June, divided by three). Total leverage exposure is the sum of: (1) the
carrying value of all on-balance sheet assets less applicable Tier 1 Capital
deductions; (2) the potential future exposure on derivative contracts; (3) 10%
of the notional amount of unconditionally cancellable commitments; and (4) the
notional amount of certain other off-balance sheet exposures (e.g., other
commitments and contingencies). Citi continues to review the recently released
final U.S. Basel III rules, as well as the proposed enhanced supplementary
leverage ratio requirements. As such, Citigroup's estimated Basel III
supplementary leverage ratio is based on its current interpretation,
expectations and understanding of the Basel III NPR and is necessarily subject
to, among other things, Citi's review and implementation of the final U.S.
Basel III rules and further implementation guidance in the U.S.
^6 Results of operations excluding the impact of FX translation are non-GAAP
financial measures. Citigroup believes the presentation of its results of
operations excluding the impact of FX translation is a more meaningful
depiction of the underlying fundamentals of its businesses impacted by FX
translation. See Appendix C.
^7 Hedges on accrual loans reflect the mark-to-market on credit derivatives
used to hedge the corporate loan portfolio. The fixed premium cost of these
hedges is included (netted against) the core lending revenues to reflect the
cost of the credit protection.


Contact:

Press:
Shannon Bell, 212-793-6206
or
Mark Costiglio, 212-559-4114
or
Investors:
Susan Kendall, 212-559-2718
or
Fixed Income Investors:
Peter Kapp, 212-559-5091