Citigroup Inc 8-K 2016-01-15

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Exhibit 99.1

Citigroup Inc. (NYSE: C)

January 15, 2016

CITIGROUP REPORTS FOURTH QUARTER 2015 EARNINGS PER SHARE OF $1.02;
$1.06 EXCLUDING CVA/DVA(1)

NET INCOME OF $3.3 BILLION; $3.4 BILLION EXCLUDING CVA/DVA

REVENUES OF $18.5 BILLION; $18.6 BILLION EXCLUDING CVA/DVA

NET INTEREST MARGIN OF 2.92%

RETURNED $1.8 BILLION OF CAPITAL TO COMMON SHAREHOLDERS;
REPURCHASED 31 MILLION COMMON SHARES

COMMON EQUITY TIER 1 CAPITAL RATIO OF 12.0%(2)
SUPPLEMENTARY LEVERAGE RATIO OF 7.1%(3)

BOOK VALUE PER SHARE OF $69.46
TANGIBLE BOOK VALUE PER SHARE OF $60.61(4)

CITI HOLDINGS ASSETS OF $74 BILLION DECLINED 43% FROM PRIOR YEAR PERIOD
AND REPRESENTED 4% OF TOTAL CITIGROUP ASSETS AT YEAR END 2015

CITICORP EFFICIENCY RATIO OF 57% IN 2015

2015 RETURN ON AVERAGE ASSETS OF 0.94% EXCLUDING CVA/DVA

2015 RETURN ON TANGIBLE COMMON EQUITY OF 9.2% EXCLUDING CVA/DVA(5)

New York, January 15, 2016 Citigroup Inc. today reported net income for the fourth quarter 2015 of $3.3 billion, or $1.02 per diluted share, on revenues of $18.5 billion. This compared to net income of $344 million, or $0.06 per diluted share, on revenues of $17.9 billion for the fourth quarter 2014.

CVA/DVA was negative $181 million (negative $114 million after-tax) in the fourth quarter 2015, compared to $7 million ($4 million after-tax) in the prior year period. Excluding CVA/DVA, revenues were $18.6 billion, up 4% from the prior year period, and earnings were $1.06 per diluted share, compared to prior year earnings of $0.06 per diluted share.

Michael Corbat, Chief Executive Officer of Citigroup, said, Overall, we had strong performance during 2015. The $17.1 billion we generated in net income was the highest since 2006, when our company was very different in terms of headcount, footprint, mix of businesses and assets.

Over the last three years, we have made substantial progress towards our targets and execution priorities. We significantly improved our returns on both assets and tangible common equity, as well as our Citicorp efficiency ratio. We have sharpened our focus on target clients, shedding over 20 consumer and institutional businesses in the process. Citi Holdings now consists of only 4% of our balance sheet and is profitable. And since the end of 2012 we have utilized over $7 billion of DTA.

Having generated $50 billion in regulatory capital over the last three years, we have already exceeded regulatory thresholds for the Common Equity Tier 1 Capital and Supplementary Leverage ratios. This progress allowed us

to begin returning meaningful capital to our shareholders. We have made sustainable investments not only in our capital planning process but also in the risk, control and compliance functions, which are critical to maintaining our license to do business. We have undoubtedly become a simpler, smaller, safer and stronger institution, Mr. Corbat concluded.

Citigroup full year 2015 net income was $17.2 billion on revenues of $76.4 billion, compared to net income of $7.3 billion on revenues of $77.2 billion for the full year 2014. Full year 2015 results included CVA/DVA of $254 million ($162 million after-tax), compared to negative $390 million (negative $240 million after-tax) in 2014. Excluding CVA/DVA, Citigroup revenues were $76.1 billion in 2015, down 2% compared to the prior year. Citigroup full year 2014 results also included a charge of $3.8 billion ($3.7 billion after-tax) to settle RMBS and CDO-related claims,(6) and a tax charge of $210 million related to corporate tax reforms.(7) Excluding CVA/DVA as well as the impact of the mortgage settlement and the tax item in 2014, net income was $17.1 billion in 2015, up 49% compared to 2014, as lower operating expenses and lower net credit losses were partially offset by the lower revenues and a lower net loan loss reserve release.

In the discussion throughout the remainder of this press release, Citigroups results of operations are presented on an adjusted basis, excluding CVA/DVA as well as the impact of the mortgage settlement and the tax item in 2014, as applicable. For additional information on these adjusted results as well as other non-GAAP financial measures used in this release, see the Appendices and Footnotes to this release. Percentage comparisons below are calculated for the fourth quarter 2015 versus the fourth quarter 2014 unless otherwise specified.

Citigroup ($ in millions, except per share amounts)	4Q15			3Q15			4Q14			QoQ%		YoY%		2015			2014			%∆
Citicorp	15,543			17,275			16,095			-10	%	-3	%	68,517			69,370			-1	%
Citi Holdings	2,913			1,417			1,804			NM		61	%	7,837			7,849
Total Revenues	$	18,456		$	18,692		$	17,899		-1	%	3	%	$	76,354		$	77,219		-1	%

Adjusted Revenues(a)	$	18,637		$	18,496		$	17,892		1	%	4	%	$	76,100		$	77,609		-2	%

Expenses	$	11,134		$	10,669		$	14,426		4	%	*-23*	%	$	43,615		$	55,051		*-21*	%

Adjusted Expenses(a)	$	11,134		$	10,669		$	14,426		4	%	*-23*	%	$	43,615		$	51,302		*-15*	%

Net Credit Losses	1,762			1,663			2,248			6	%	-22	%	7,302			8,973			-19	%
Credit Reserve Build / (Release)(b)	588			(16		)	(441		)	NM		NM		(120		)	(2,307		)	95	%
Provision for Benefits and Claims	164			189			206			-13	%	-20	%	731			801			-9	%
Total Cost of Credit	$	2,514		$	1,836		$	2,013		37	%	25	%	$	7,913		$	7,467		6	%

Adjusted Cost of Credit(a)	$	2,514		$	1,836		$	2,013		37	%	25	%	$	7,913		$	7,412		7	%

Income (Loss) from Cont. Ops. Before Taxes	$	4,808		$	6,187		$	1,460		*-22*	%	NM		$	24,826		$	14,701		69	%
Provision for Income Taxes	1,403			1,881			1,077			-25	%	30	%	7,440			7,197			3	%
Income from Continuing Operations	$	3,405		$	4,306		$	383		*-21*	%	NM		$	17,386		$	7,504		NM
Net income (loss) from Disc. Ops.	(45		)	(10		)	(1		)	NM		NM		(54		)	(2		)	NM
Non-Controlling Interest	25			5			38			NM		-34	%	90			192			-53	%
Citigroup Net Income	$	3,335		$	4,291		$	344		*-22*	%	NM		$	17,242		$	7,310		NM

Adjusted Net Income(a)	$	3,449		$	4,164		$	340		*-17*	%	NM		$	17,080		$	11,486		49	%

Common Equity Tier 1 Capital Ratio	12.0		%	11.7		%	10.6		%
Supplementary Leverage Ratio	7.1		%	6.9		%	5.9		%
Return on Average Common Equity	5.9		%	8.0		%	0.4		%
Book Value per Share	$	69.46		$	69.03		$	66.05		1	%	5	%
Tangible Book Value per Share	$	60.61		$	60.07		$	56.71		1	%	7	%

Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.

(a) Excludes, as applicable, CVA / DVA in all periods, the impact of the mortgage settlement in 2Q14 and the tax item in 1Q14. For additional information, please refer to Appendix B.

(b) Includes provision for unfunded lending commitments.

Citigroup

Citigroup revenues of $18.6 billion in the fourth quarter 2015 increased 4%, driven by a 61% increase in Citi Holdings, partially offset by a 2% decrease in Citicorp revenues. Excluding the impact of foreign exchange translation(8), Citigroup revenues increased 9%, driven by a 3% increase in Citicorp revenues and the increase in Citi Holdings.

Citigroups net income increased to $3.4 billion in the fourth quarter 2015, primarily driven by the higher revenues and lower operating expenses, partially offset by a higher cost of credit. Citigroups effective tax rate

was 29% in the current quarter, a decrease from 74% in the fourth quarter 2014, which was impacted by an elevated level of non-tax-deductible legal and related expenses.

Citigroups operating expenses decreased 23% to $11.1 billion in the fourth quarter 2015. In constant dollars, operating expenses fell 19%, mainly driven by lower legal and related expenses and repositioning costs. Operating expenses in the fourth quarter 2015 included legal and related expenses of $411 million, compared to $2.9 billion in the prior year period, and $313 million of repositioning charges, compared to $655 million in the prior year period. Citigroups cost of credit in the fourth quarter 2015 was $2.5 billion, a 25% increase, with a net loan loss reserve build of $588 million, primarily in Institutional Clients Group (ICG) (see ICG below), compared to a net loan loss reserve release of $441 million in the prior year period, and partially offset by a 22% decrease in net credit losses.

Citigroups allowance for loan losses was $12.6 billion at quarter end, or 2.06% of total loans, compared to $16.0 billion, or 2.50% of total loans, at the end of the prior year period. Total non-accrual assets fell 26% from the prior year period to $5.5 billion. Consumer non-accrual loans declined 38% to $3.7 billion, while corporate non-accrual loans increased 32% to $1.6 billion, primarily related to the previously disclosed third quarter 2015 actions related to the North America energy portfolio in ICG.

Citigroups loans were $618 billion as of quarter end, down 4% from the prior year period, and down 1% in constant dollars. In constant dollars, 5% growth in Citicorp loans was more than offset by continued declines in Citi Holdings, driven primarily by continued reductions in the North America mortgage portfolio and the sale of OneMain Financial, which was completed during the fourth quarter 2015.

Citigroups deposits were $908 billion as of quarter end, up 1%, and up 4% in constant dollars. In constant dollars, Citicorp deposits increased 5%, driven by a 9% increase in ICG deposits and a 2% increase in Global Consumer Banking (GCB) deposits. In constant dollars, Citi Holdings deposits declined 57%, driven by the transfer of MSSB deposits to Morgan Stanley, which was completed as of the end of the second quarter 2015.

Citigroups book value per share was $69.46 and tangible book value per share was $60.61, each as of quarter end, representing 5% and 7% increases, respectively. At quarter end, Citigroups Common Equity Tier 1 Capital ratio was 12.0%, up from 10.6% in the prior year period. Citigroups Supplementary Leverage Ratio for the fourth quarter 2015 was 7.1%, up from 5.9% in the prior year period. During the fourth quarter 2015, Citigroup repurchased approximately 31 million common shares and returned a total of $1.8 billion to common shareholders in the form of common share repurchases and dividends.

Citicorp ($ in millions)	4Q15		3Q15		4Q14			QoQ%		YoY%		2015		2014			%Δ
Global Consumer Banking	8,191		8,460		9,028			-3	%	-9	%	33,862		36,017			-6	%
Institutional Clients Group	7,245		8,597		7,160			-16	%	1	%	33,748		33,052			2	%
Corporate / Other	107		218		(93		)	-51	%	NM		907		301			NM
Total Revenues	$	15,543	$	17,275	$	16,095		*-10*	%	-3	%	$	68,517	$	69,370		-1	%

Adjusted Revenues(a)	$	15,729	$	17,054	$	16,083		-8	%	-2	%	$	68,248	$	69,713		-2	%

Expenses	$	9,925	$	9,524	$	13,123		4	%	*-24*	%	$	39,000	$	45,362		*-14*	%

Net Credit Losses	1,580		1,445		1,831			9	%	-14	%	6,236		7,136			-13	%
Credit Reserve Build / (Release)(b)	517		212		(227		)	NM		NM		409		(1,390		)	NM
Provision for Benefits and Claims	30		28		39			7	%	-23	%	107		144			-26	%
Total Cost of Credit	$	2,127	$	1,685	$	1,643		26	%	29	%	$	6,752	$	5,890		15	%

Net Income	$	2,628	$	4,260	$	260		*-38*	%	NM		$	16,195	$	10,790		50	%

Adjusted Net Income(a)	$	2,745	$	4,117	$	253		*-33*	%	NM		$	16,023	$	11,211		43	%

Adjusted Revenues(a)
North America	7,681		8,071		7,571			-5	%	1	%	32,395		32,559			-1	%
EMEA	2,326		2,457		2,310			-5	%	1	%	10,637		10,850			-2	%
Latin America	2,579		3,089		3,055			-17	%	-16	%	11,233		12,603			-11	%
Asia	3,036		3,219		3,240			-6	%	-6	%	13,076		13,400			-2	%
Corporate / Other	107		218		(93		)	-51	%	NM		907		301			NM

Adjusted Income from Continuing Ops.(a)
North America	1,565		1,950		1,750			-20	%	-11	%	7,776		8,494			-8	%
EMEA	220		401		217			-45	%	1	%	2,213		2,204
Latin America	271		779		570			-65	%	-52	%	2,251		2,531			-11	%
Asia	648		819		821			-21	%	-21	%	3,421		3,335			3	%
Corporate / Other	101		183		(3,066		)	-45	%	NM		495		(5,165		)	NM

EOP Assets ($B)	1,657		1,698		1,713			-2	%	-3	%	1,657		1,713			-3	%
EOP Loans ($B)	573		567		565			1	%	1	%	573		565			1	%
EOP Deposits ($B)	901		897		883					2	%	901		883			2	%

Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.

(a) Excludes, as applicable, CVA / DVA in all periods and the impact of the tax item in 1Q14. For additional information, please refer to Appendix B.

(b) Includes provision for unfunded lending commitments.

Citicorp

Citicorp revenues of $15.7 billion decreased 2%, as a 9% decrease in GCB revenues was partially offset by a 4% increase in ICG revenues. Corporate/Other revenues were $107 million, compared with negative $93 million in the prior year period, due in part to gains on debt buybacks.

Citicorp net income increased to $2.7 billion, from $253 million in the prior year period, primarily driven by lower operating expenses, partially offset by the lower revenues and a higher cost of credit.

Citicorp operating expenses decreased 24% to $9.9 billion, driven by lower legal and related expenses and repositioning costs and the impact of foreign exchange translation. Operating expenses in the fourth quarter 2015 included legal and related expenses of $251 million, compared to $2.8 billion in the prior year period, and $202 million of repositioning charges, compared to $554 million in the prior year period.

Citicorp cost of credit of $2.1 billion in the fourth quarter 2015 increased 29% from the prior year period. Net credit losses declined 14% to $1.6 billion, but net loan loss reserve builds were $517 million, driven by ICG, compared to net loan loss reserve releases of $227 million in the prior year period. Citicorps consumer loans 90+ days delinquent decreased 14% to $2.2 billion, and the 90+ days delinquency ratio improved to 0.78% of loans.

Citicorp end of period loans of $573 billion increased 1%. In constant dollars, Citicorp end of period loans grew 5%, with 8% growth in corporate loans to $288 billion and 2% growth in consumer loans to $285 billion.

Global Consumer Banking ($ in millions)	4Q15			3Q15			4Q14			QoQ%		YoY%		2015			2014			%Δ
North America	4,810			4,821			5,096					-6	%	19,448			19,669			-1	%
Latin America	1,717			1,923			2,069			-11	%	-17	%	7,323			8,460			-13	%
Asia(a)	1,664			1,716			1,863			-3	%	-11	%	7,091			7,888			-10	%
Total Revenues	$	8,191		$	8,460		$	9,028		-3	%	-9	%	$	33,862		$	36,017		-6	%

Expenses	$	4,611		$	4,483		$	4,985		3	%	-8	%	$	18,264		$	19,951		-8	%

Net Credit Losses	1,488			1,411			1,710			5	%	-13	%	6,029			6,860			-12	%
Credit Reserve Build / (Release)(b)	(32		)	(63		)	(269		)	49	%	88	%	(313		)	(1,171		)	73	%
Provision for Benefits and Claims	30			28			39			7	%	-23	%	107			144			-26	%
Total Cost of Credit	$	1,486		$	1,376		$	1,480		8	%			$	5,823		$	5,833

Net Income	$	1,344		$	1,674		$	1,685		*-20*	%	*-20*	%	$	6,373		$	6,794		-6	%

Income from Continuing Operations
North America	985			1,063			1,137			-7	%	-13	%	4,255			4,412			-4	%
Latin America	147			312			263			-53	%	-44	%	928			1,158			-20	%
Asia(a)	213			307			288			-31	%	-26	%	1,199			1,249			-4	%

(in billions of dollars)
Avg. Cards Loans	134			132			138			1	%	-3	%	133			139			-4	%
Avg. Retail Banking Loans	148			147			153			1	%	-3	%	148			152			-3	%
Avg. Deposits	299			299			303					-1	%	300			305			-1	%
Investment Sales	19			21			24			-11	%	-22	%	93			106			-13	%
Cards Purchase Sales	99			91			97			8	%	2	%	364			361			1	%

Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.

(a) For reporting purposes, Asia GCB includes the results of operations in EMEA GCB for all periods presented.

(b) Includes provision for unfunded lending commitments.

Global Consumer Banking

GCB revenues of $8.2 billion decreased 9% due to a 14% decline in international GCB revenues. In constant dollars, revenues decreased 4%, driven by a 6% decrease in North America and a 2% decrease in international GCB.

GCB net income decreased 20% to $1.3 billion, as the lower revenues and lower net loan loss reserve release were partially offset by lower operating expenses and lower net credit losses. Operating expenses decreased 8% to $4.6 billion, and decreased 2% in constant dollars, reflecting ongoing efficiency savings and lower repositioning expenses, partially offset by increased investment spending and ongoing regulatory and compliance costs.

North America GCB revenues of $4.8 billion decreased 6%, with lower revenues in Citi-branded cards, Citi retail services and retail banking. Citi-branded cards revenues of $1.9 billion decreased 9%, reflecting the continued impact of lower average loans as well as increased acquisition and rewards costs. Citi retail services revenues of $1.6 billion declined 1%, largely reflecting the continued impact of lower fuel prices on loan growth and purchase sales. Retail banking revenues declined 6% to $1.3 billion. Excluding a $130 million gain on the sale of a mortgage portfolio in the prior year period, retail banking revenues increased 4%, reflecting 7% growth in average loans, 9% growth in average checking deposits and improved deposit spreads.

North America GCB net income was $1.0 billion, down 13%, as the decrease in revenues and lower net loan loss reserve releases were partially offset by lower operating expenses and lower net credit losses. Operating expenses declined 6% to $2.4 billion, primarily driven by ongoing efficiency savings and lower repositioning expenses.

North America GCB credit quality continued to improve as net credit losses of $914 million decreased 10%. Net credit losses improved versus the prior year period in Citi-branded cards (down 12% to $454 million) and in Citi retail services (down 10% to $418 million). The net loan loss reserve release in the fourth quarter 2015 was $63 million, $181 million lower than in the prior year period, as credit continued to stabilize.

International GCB revenues decreased 14% to $3.4 billion. In constant dollars, revenues decreased 2%. Revenues in Latin America of $1.7 billion were approximately unchanged, as the impact of modest loan and deposit growth was offset by continued spread compression in cards. Revenues in Asia of $1.7 billion decreased 4%, as lower investment sales revenues as well as continued high payment rates and ongoing regulatory pressures in cards were partially offset by growth in lending, deposit and insurance products.

International GCB net income decreased 34% to $359 million. In constant dollars, net income decreased 28%, driven by the lower revenues, higher operating expenses and higher credit costs. Operating expenses of $2.3 billion in the fourth quarter 2015 increased 3% (decreased 9% on a reported basis) driven by the impact of higher regulatory and compliance costs and technology investments, partially offset by lower legal and related and repositioning expenses as well as ongoing efficiency savings. Credit costs increased 8% (decreased 11% on a reported basis), as the net loan loss reserve build was $31 million, compared to a net loan loss reserve release of $23 million in the prior year period ($25 million on a reported basis), and net credit losses decreased 1% (decreased 18% on a reported basis). In constant dollars, the net credit loss rate was 1.88% of average loans in the fourth quarter 2015, slightly improved from 1.95% in the prior year period (2.09% on a reported basis).

Institutional Clients Group ($ in millions)	4Q15			3Q15			4Q14			QoQ%		YoY%		2015			2014			%∆
Treasury & Trade Solutions	1,990			1,933			1,932			3	%	3	%	7,767			7,767
Investment Banking	1,125			937			1,066			20	%	6	%	4,543			4,707			-3	%
Private Bank	691			715			668			-3	%	3	%	2,860			2,660			8	%
Corporate Lending(a)	401			403			433					-7	%	1,694			1,749			-3	%
Total Banking	4,207			3,988			4,099			5	%	3	%	16,864			16,883
Fixed Income Markets	2,224			2,577			2,075			-14	%	7	%	11,346			12,148			-7	%
Equity Markets	606			996			470			-39	%	29	%	3,128			2,774			13	%
Securities Services	517			513			508			1	%	2	%	2,130			2,048			4	%
Other	(108		)	(50		)	(90		)	NM		-20	%	(312		)	(574		)	46	%
Total Markets & Securities Services	3,239			4,036			2,963			-20	%	9	%	16,292			16,396			-1	%
Product Revenues(b)	$	7,446		$	8,024		$	7,062		-7	%	5	%	$	33,156		$	33,279
Gain / (loss) on Loan Hedges	(15		)	352			86			NM		NM		323			116			NM
Total Revenues ex-CVA / DVA(c)	$	7,431		$	8,376		$	7,148		*-11*	%	4	%	$	33,479		$	33,395
CVA / DVA	(186		)	221			12			NM		NM		269			(343		)	NM
Total Revenues	$	7,245		$	8,597		$	7,160		*-16*	%	1	%	$	33,748		$	33,052		2	%

Expenses	$	4,840		$	4,692		$	4,878		3	%	-1	%	$	18,985		$	19,391		-2	%

Net Credit Losses	92			34			121			NM		-24	%	207			276			-25	%
Credit Reserve Build / (Release)(d)	549			275			42			NM		NM		722			(219		)	NM
Total Cost of Credit	$	641		$	309		$	163		NM		NM		$	929		$	57		NM

Net Income	$	1,235		$	2,416		$	1,646		*-49*	%	*-25*	%	$	9,399		$	9,416

Adjusted Net Income(c)	$	1,352		$	2,273		$	1,639		*-41*	%	*-18*	%	$	9,227		$	9,627		-4	%

Adjusted Revenues(c)
North America	2,871			3,250			2,475			-12	%	16	%	12,947			12,890
EMEA	2,095			2,214			2,050			-5	%	2	%	9,667			9,689
Latin America	862			1,166			986			-26	%	-13	%	3,910			4,143			-6	%
Asia	1,603			1,746			1,637			-8	%	-2	%	6,955			6,673			4	%

Adjusted Income from Continuing Ops.(c)
North America	580			887			613			-35	%	-5	%	3,521			4,082			-14	%
EMEA	224			392			237			-43	%	-5	%	2,203			2,202
Latin America	124			467			307			-73	%	-60	%	1,323			1,373			-4	%
Asia	431			521			513			-17	%	-16	%	2,232			2,088			7	%

Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.

(a) Excludes gain / (loss) on hedges related to accrual loans. For additional information, please refer to Footnote 9.

(b) Excludes CVA / DVA and gain / (loss) on hedges related to accrual loans.

(d) Includes provision for unfunded lending commitments.

Institutional Clients Group

ICG revenues of $7.4 billion increased 4%, driven by a 9% increase in Markets and Securities Services revenues.

Banking revenues of $4.2 billion increased 3% (excluding gain / (loss) on loan hedges). Treasury and Trade Solutions (TTS) revenues of $2.0 billion increased 3%. In constant dollars, TTS revenues grew 9%, as continued growth in deposit balances and spreads was partially offset by lower trade revenues. Investment Banking revenues of $1.1 billion increased 6%. Advisory revenues increased 15% to $303 million, debt underwriting revenues increased 12% to $616 million, and equity underwriting fell 18% to $206 million, reflecting lower industry-wide underwriting activity during the current quarter. Private Bank revenues increased 3% to $691 million, driven by higher loan and deposit balances. Corporate Lending revenues of $401 million declined

7% (excluding gain / (loss) on loan hedges), and declined 2% in constant dollars, as growth in average loans was more than offset by the impact of lower spreads.

Markets and Securities Services revenues of $3.2 billion increased 9%. Fixed Income Markets revenues of $2.2 billion in the fourth quarter 2015 increased 7%, reflecting improved trading conditions in spread products as well as continued strength in rates and currencies. Equity Markets revenues of $606 million increased 29%, driven by growth across products and improved performance in EMEA. Securities Services revenues of $517 million increased 2%, and increased 12% in constant dollars, reflecting increased activity and higher client balances.

ICG net income of $1.4 billion decreased 18%, as higher cost of credit was partially offset by the higher revenues. ICG operating expenses decreased 1% to $4.8 billion, as higher regulatory and compliance costs and compensation expense were more than offset by lower repositioning costs, efficiency savings and the impact of foreign exchange translation. ICG cost of credit was $641 million, compared to $163 million in the prior year period. ICG cost of credit was primarily driven by a net loan loss reserve build of $549 million, including approximately $250 million related to the energy portfolio, with the remainder reflecting volume growth and macroeconomic conditions.

ICG average loans grew 5% to $290 billion while end of period deposits increased 6% to $587 billion. In constant dollars, average loans increased 7%, while end of period deposits increased 9%.

Citi Holdings ($ in millions)	4Q15		3Q15			4Q14			QoQ%		YoY%		2015			2014			%∆
Total Revenues	$	2,913	$	1,417		$	1,804		NM		61	%	$	7,837		$	7,849

Adjusted Revenues(a)	$	2,908	$	1,442		$	1,809		NM		61	%	$	7,852		$	7,896		-1	%

Expenses	$	1,209	$	1,145		$	1,303		6	%	-7	%	$	4,615		$	9,689		*-52*	%

Adjusted Expenses(a)	$	1,209	$	1,145		$	1,303		6	%	-7	%	$	4,615		$	5,940		*-22*	%

Net Credit Losses	182		218			417			-17	%	-56	%	1,066			1,837			-42	%
Credit Reserve Build / (Release)(b)	71		(228		)	(214		)	NM		NM		(529		)	(917		)	42	%
Provision for Benefits and Claims	134		161			167			-17	%	-20	%	624			657			-5	%
Total Cost of Credit	$	387	$	151		$	370		NM		5	%	$	1,161		$	1,577		*-26*	%

Adjusted Cost of Credit(a)	$	387	$	151		$	370		NM		5	%	$	1,161		$	1,522		*-24*	%

Net Income (Loss)	$	707	$	31		$	84		NM		NM		$	1,047		$	(3,480	)	NM

Adjusted Net Income(a)	$	704	$	47		$	87		NM		NM		$	1,057		$	275		NM

EOP Assets ($B)	74		110			129			-33	%	-43	%	74			129			-43	%
EOP Loans ($B)	45		55			79			-19	%	-43	%	45			79			-43	%
EOP Deposits ($B)	7		7			17					-58	%	7			17			-58	%

Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.

(a) Excludes, as applicable, CVA / DVA in all periods and the mortgage settlement in 2Q14. For additional information, please refer to Appendix B.

(b) Includes provision for unfunded lending commitments.

Citi Holdings

Citi Holdings revenues of $2.9 billion increased 61% from the prior year period, mainly driven by a higher level of net gains on asset sales, partially offset by the impact of redemptions of high cost debt and the continued reduction in Citi Holdings assets. During the fourth quarter 2015, Citi Holdings completed the sale of businesses with approximately $32 billion of assets, including Citis retail banking and credit card businesses in Japan and OneMain Financial. As of the end of the fourth quarter 2015, Citi Holdings assets were $74 billion, 43% below the prior year period, and represented approximately 4% of total Citigroup assets. As of year-end 2015, Citigroup had signed agreements to reduce Citi Holdings assets by an additional $7 billion, substantially all of which are expected to be completed during 2016.

Citi Holdings net income was $704 million, compared to $87 million in the prior year period, primarily reflecting the higher revenues. Citi Holdings operating expenses declined 7% to $1.2 billion, primarily driven by the ongoing decline in assets, partially offset by transaction-related episodic expenses and higher legal and related and repositioning costs. Operating expenses in the fourth quarter 2015 included legal and related expenses of $160 million, compared to $61 million in the prior year period, and $111 million of repositioning charges, compared to $101 million in the prior year period. Cost of credit of $387 million increased 5%. The net loan loss reserve build was $71 million, compared to a net loan loss reserve release of $214 million in the prior year period, primarily

reflecting the impact of asset sales. Net credit losses declined 56% to $182 million, reflecting the impact of ongoing divestiture activity as well as continued improvement in the North America mortgage portfolio.

Citi Holdings allowance for credit losses was $2.0 billion at the end of the fourth quarter 2015, or 4.5% of loans, compared to $4.9 billion, or 6.1% of loans, in the prior year period. 90+ days delinquent consumer loans in Citi Holdings decreased 59% to $0.8 billion, or 2.0% of loans.

Citicorp Results by Region(a)	Revenues							Income from Continuing Ops.
($ in millions)	4Q15		3Q15		4Q14			4Q15			3Q15		4Q14
North America
Global Consumer Banking	4,810		4,821		5,096			985			1,063		1,137
Institutional Clients Group	2,871		3,250		2,475			580			887		613
Total North America	$	7,681	$	8,071	$	7,571		$	1,565		$	1,950	$	1,750

EMEA
Global Consumer Banking	231		243		260			(4		)	9		(20		)
Institutional Clients Group	2,095		2,214		2,050			224			392		237
Total EMEA	$	2,326	$	2,457	$	2,310		$	220		$	401	$	217

Latin America
Global Consumer Banking	1,717		1,923		2,069			147			312		263
Institutional Clients Group	862		1,166		986			124			467		307
Total Latin America	$	2,579	$	3,089	$	3,055		$	271		$	779	$	570

Asia
Global Consumer Banking	1,433		1,473		1,603			217			298		308
Institutional Clients Group	1,603		1,746		1,637			431			521		513
Total Asia	$	3,036	$	3,219	$	3,240		$	648		$	819	$	821

Corporate / Other	$	107	$	218	$	(93	)	$	101		$	183	$	(3,066	)

Citicorp	$	15,729	$	17,054	$	16,083		$	2,805		$	4,132	$	292

Note: Totals may not sum due to rounding. Please refer to the Appendices and Footnotes at the end of this press release for additional information.

(a) Excludes, as applicable, CVA / DVA in all periods. For additional information, please refer to Appendix B.

Citicorp Results by Region(a)	Revenues				Income from Continuing Ops.
($ in millions)	2015		2014		2015		2014
North America
Global Consumer Banking	19,448		19,669		4,255		4,412
Institutional Clients Group	12,947		12,890		3,521		4,082
Total North America	$	32,395	$	32,559	$	7,776	$	8,494

EMEA
Global Consumer Banking	970		1,161		10		2
Institutional Clients Group	9,667		9,689		2,203		2,202
Total EMEA	$	10,637	$	10,850	$	2,213	$	2,204

Latin America
Global Consumer Banking	7,323		8,460		928		1,158
Institutional Clients Group	3,910		4,143		1,323		1,373
Total Latin America	$	11,233	$	12,603	$	2,251	$	2,531

Asia
Global Consumer Banking	6,121		6,727		1,189		1,247
Institutional Clients Group	6,955		6,673		2,232		2,088
Total Asia	$	13,076	$	13,400	$	3,421	$	3,335

Corporate / Other	$	907	$	301	$	495	$	(5,165	)

Citicorp	$	68,248	$	69,713	$	16,156	$	11,399

Note: Totals may not sum due to rounding. Please refer to the Appendices and Footnotes at the end of this press release for additional information.

(a) Excludes, as applicable, CVA / DVA in all periods and the tax item in 1Q14. For additional information, please refer to Appendix B.

Citigroup will host a conference call today at 11:30 AM (ET). 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 82638250.

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 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 Citigroups Fourth Quarter 2015 Quarterly Financial Data Supplement are available on Citigroups website at www.citigroup.com.

Certain statements in this release are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on managements 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 release and those contained in Citigroups filings with the U.S. Securities and Exchange Commission, including without limitation the Risk Factors section of Citigroups 2014 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.

Contacts:
Press:	Mark Costiglio	(212) 559-4114	Investors:	Susan Kendall	(212) 559-2718
			Fixed Income Investors:	Peter Kapp	(212) 559-5091

Appendix A: CVA / DVA

CVA / DVA
($ in millions)	4Q15			3Q15			4Q14			2015			2014
Institutional Clients Group
Counterparty CVA(1)	$	71		$	(23	)	$	(90	)	$	(122	)	$	(63	)
Asset FVA	56			(155		)	(33		)	(45		)	(469		)
Own-Credit CVA(1)	(108		)	95			9			(27		)	(43		)
Liability FVA	9			42			13			95			19
Derivatives CVA(1)	$	27		$	(40	)	$	(101	)	$	(99	)	$	(556	)
DVA on Citi Liabilities at Fair Value	(213		)	262			114			368			214
Total Institutional Clients Group CVA / DVA	$	(186	)	$	221		$	12		$	269		$	(343	)

Citi Holdings
Counterparty CVA(1)	6			(9		)	1			7			20
Asset FVA	3			(22		)	(5		)	(21		)	(49		)
Own-Credit CVA(1)	(2		)	2			(3		)	(1		)	(22		)
Liability FVA	(0		)	2			(0		)	2			0
Derivatives CVA(1)	$	7		$	(27	)	$	(6	)	$	(13	)	$	(51	)
DVA on Citi Liabilities at Fair Value	(1		)	2			1			(1		)	4
Total Citi Holdings CVA / DVA	$	5		$	(25	)	$	(5	)	$	(15	)	$	(47	)
Total Citigroup CVA / DVA	$	(181	)	$	196		$	7		$	254		$	(390	)