Citigroup Inc. Q1 FY2026 earnings call

• Strong first quarter with net income $5.8 billion, EPS $3.06, ROTCE 13.1%, 4 core businesses had double-digit revenue growth. • Services excelled with new mandates up 40%, revenues up 17%, deposits and assets under custody growing. • Markets had best quarter in over a decade, revenues up 19%, equities and FIC showing growth. • Banking saw fees up 12%, ECM up over 60%, advising on major deals. • Wealth had eighth straight quarter of growth, Citi Gold and retail banking up 13%, investment revenue rising. • Divestitures ongoing, with Banamex and Poland consumer business sales in progress. • Transformation 90% of programs at target state, starting to reduce transformation spend. • AI being methodically deployed across firm for various benefits

Services: Revenues up 17%, new mandates up 40%, deposits grew by 16%, assets under custody and administration up over 20%. Markets: Revenues up 19%, equities up nearly 40%, FIC up 13%. Banking: Fees up 12%, ECM up over 60%. Wealth: Eighth straight quarter of growth, Citi Gold and retail banking up 13%, investment revenue grew 11%, client investment assets up 14%. U.S. consumer cards: 4% revenue growth, 19% ROTCE. Other: Revenues up 15% driven by legacy franchises, expenses down 4%

• NII ex-markets expected to be up approximately 5% to 6%. • NIR ex-markets growth driven by services, banking, wealth. • Efficiency ratio around 60%. • Total U.S. credit cards NCL rate between 4% and 4.5%. • On track to deliver 10% to 11% ROTCE for the year, more detail on share repurchases at investor day

• Global macroeconomy facing shocks, Middle East conflict affecting regions differently. • Inflation risk to growth, possible restrictive monetary policies. • Uncertainty in macroeconomic outlook impacting credit losses and ACL. • Regulatory changes' potential impact on capital and operations

Q: Glenn Shore inquired about services, including BlackRock Middle Office and growth outlook.

A: Services performance from executing strategy, growth via client deepening, new clients, innovations.

Q: Mike Mayo asked about acquisitions and last 10% of transformation.

A: Citi focused on organic growth, no acquisitions; remaining transformation related to data for regulatory reporting.

Q: John McDonald asked about Basel and G-SIB proposals and efficiency ratio.

A: Net benefit to Citi from proposals; efficiency ratio target 60 with cost and structural efficiencies.

Q: Ibrahim Poonawalla asked about capital and CET1.

A: CET1 around 12.6%, earnings and Russia entity sale contributing, capital deployment plans.

Q: Jim Mitchell asked about consumer branch banking.

A: Progress in retail and wealth franchises, driving growth and operating leverage.

Q: Monongo Salia asked about capital deployment and tech stack.

A: Capital deployment supported by events, tech stack modernized with single platforms and data architecture.

Q: Ken Houston asked about NII sustainability.

A: NII growth anchored by client activity, commercial intensity.

Q: Stephen Chuback asked about DTA and headcount.

A: Accelerate DTA via North American earnings, headcount management with severance and AI.

Q: Erica Najarian asked about management buffer and Basel.

A: Management buffer of 100 basis points, no immediate change.

Q: David Chiaverini asked about capital markets and Banamex IPO.

A: Strong M&A pipeline, Banamex IPO after deconsolidation in 2027.

Q: Gerard Cassidy asked about leverage loans and private label cards.

A: Disciplined risk management in leverage loans, private label cards affected by customer behavior.

Q: Vivek Duneja asked about capital benefit and DTA pace.

A: Moderate capital benefit, expect DTA reduction over $800 million this year.

Q: Chris McGrady asked about AI and rate sensitivity.

A: AI deployment with four buckets for ROE, well-diversified rate sensitivity