reserves Thank net X, you, increased $X.X and outlook builds a significant included billion. reported economic has CECL losses good change impact first $X.X These reflects credit quarter estimated the larger, everyone. economic are quarter. impact This Slide lifetime of a income Starting under in Mike changes COVID-XX. reserve on to in Citigroup in billion given this increase of standard. Results this our our outlook new our due the on morning,
on markets and Revenues reflecting benefit Expenses we and gains of XX% $XX.X billion and of operating positive year, prior a XX% to margin. mark-to-market higher revenues deliver hedges operating our improvement grew the flat portfolio. corporate primarily from were lending in able leverage loan the year-over-year, roughly were in
this Credit quarter. costs were $X billion
continue over this our the quarters. evolve benefit compensation. Our reflecting ultimate effective impact incentive will health first was of and crisis with a associated the performance full quarter, outlook, year coming to The our tax stock-based XX% small economic below rate for
restrictions and as saw The earliest the commercial franchise. travel spending behavior impact we response already activity. Asia to in impact are varies in on slowed on that seeing across We other consumer our
same We’re beginning now US here seeing in loan pressure likely pattern is the which today put in the on and to Mexico, balances.
client. with across However, digital our we’re engage channels leveraging changed significantly. to strong deposit and The growth regions environment has remains rate
seen cuts a an reflect US going to more accrual as pronounced for year, Our cuts well the from quarter with crisis, businesses additional impact impact the forward. rate impact this last in response of some seen expectation as three the
has of I offset TTS, this would areas are where volumes out a clients A in choice. where is stable dynamic playing in us a been moving choice. of Although similar like know markets, partner also seen that we towards as as counterparty are partially
higher clients to facilities seeing volumes reflecting given crisis. corporate new are and loan we drawdowns our response the Additionally,
seen, on clients well ensuring maintain in them the this the side. the to employees uncertainty. And finally, that been our reflects volatility balance our corporate on as uncertainty and serve remains we’ve From as we we’ve through onset, banking strength performance sheet focused the and our market investment
XX.X%, clients through our XXst, March capital stated CET of our support our period. X was our target below of ratio As this to XX.X% efforts even
year, Additionally, stand at the $XX ratio including X.X% as over additional to available the $XXX liquidity as $X.X well on billion in billion credit this loans. we roughly adopted and we with as quarter, had of our a reserve the billion funded taken the reserves reserves help of beginning clients, impact CECL at transition support
a from hold we pre-provision capital, are and significant of operating position we liquidity reserves level earnings the of With today, power, plus strength. the
technology resiliency, allow combining support and strength all this as people, capabilities with crisis. along our manage investments and we us which with digital financial in our We’re through this given to clients operational with partner operations
our Turning Consumer now the X growth improvement initial Asia, changes were X% last to a us deliver costs up build billion, in economic Expenses in of North Total in to approximately America of customer were shows positive by dollars. the in lower reserve results operating business. partially $X.X related Global billion reflecting $X.X from leverage to was and as Banking operating for impact revenues behavior. roughly allowing Slide each including Revenues X% outlook. on grew constant margin. of the of offset flat, year, significantly credit in primarily impact COVID-XX
results the in America for detail. shows Consumer North more X Slide
X% $X.X billion of revenues quarter First were year. last from up
of our America Asia our in felt leveraged Although COVID-XX we to response impact experience recent has North in been weeks, strategy. the have only in inform
to We’re expanded evaluate the assistance that one since US needed. and starting additional in March. is support first to support customers the continue provide in impacted We’ve of whether early to banks help
enhancements strong have have to as continue and customers to our sales at $X.X addition, quarter our billion. prepared manage we this better deposit Digital they this the serving pricing. us made digital remained capabilities respond In through
adoption Zelle increased deposits of transactions, self limits for We ATM continue We made XX% for drive and mobile allow including mobile channels our to to check to more use change service withdrawals, customers transaction. year-over-year.
temporarily digitally to new are closed, areas. remain such clients, digital us Wealth the are led value now in for segments. launch These capabilities US by of new allowing with customer in even driven urban our Citi roughly clients to proposition platform lower traffic, particularly branches engaged continued emerging XX% we’ve as Builder, our a investment in as the And affluent
now the expansion basis X% spread revenue first as Turning remained X% growth roughly two Branded billion by of loans XXX through year-over-year, $X.X and driven percentage revenue purchase growth this the engagement of months to businesses. points cards of loan the Client quarter. grew with for February with improving strong sales interest net continued XX% to of a quarter.
more of well Categories extensive sales across have higher in purchase as and However, late many biggest some essentials offset travel March there declined with states. lockdowns implementation the spending as entertainment on online from been the sales. seen impact, seen in industry, as while significantly has the higher like
a grew but we expected decline significant total, month in purchase second sale to in would in the growth. the is activity the in of quarter, a So over trend quarter, line purchase loan first in which branded X% indicate past the impact cards
stronger were of Banking an billion unchanged as of by mortgage and deposit volumes in $X.X improvement Retail year-over-year, spreads. largely were offset lower deposit revenues a revenues benefit
average Our continued with improve deposits deposit momentum of to X%.
earlier, As as pricing, adjust even rate deposit to this the I given strong quarter continue current remained digital noted environment. sales we
deposit saw balanced growth engagement driving clients, across checking. strong a also with [technical existing difficulty], including We
growth to market quarter in activity. during of due by we revenues a movements, While continued grew Citigold result households as mortgage X% fees the and refinancing drove increased AUMs and investment declined
new have more and on America for spending down and related in to Finally, client as were and year-over-year the than of the March, as loan balances North average acquisitions costs. first quarter, investment payments store partner reflecting retail efficiency and year. X% account $X.X partners. driven move up expected Purchase reduced services by year-over-year, significant activity again, in at some were is including Total down savings offset were expenses pressure Consumer revenues we our higher sales loan. This billion through closures an X% lower volume year-over-year impact X% of late
of credit X% $X.X portfolio. reflecting significantly our credit, impact of losses net total the cards costs increased in both grew built reserves growth seasoning And loan changes and to quarter, roughly $X.X credit last by outlook. in billion Turning from year. year-over-year, billion economic in We this reflecting
the in uptake rates and services points, seen retail branded in NCL with respectively. basis were XXX XXX and typically Our quarter. first Consistent US cars we’ve the
half we’ve seen year. the rates higher first in half Historically, NCL the versus of second the
of on are However, given took economic back increased the to XXXX, actions to in we this due half pressure the see rapidly COVID-XX, with quarter. consistent changing NCL reserve environment we rates likely the
through In year-over-year saw X, International Asia, in Slide constant first revenues Banking Despite movement COVID-XX X% emergence quarter. and behavior. investment in and sales loan in This revenues by dollars. early On purchase the balances in business, driven activity strong was of FX results card the quarter. restrictions on declined the our most we in Consumer for of offset changes the show in customer by region, lower we
an heavily rely insurance, more saw on products face-to-face like which also impact We engagement. acquisitions customer on in
the growth earlier in week remained early deposit business this we and drive Today, eased or small signs pick for the course, of crisis. activity average other up us managing digital are to over an some However, through many at across still we as movement But consumer we’ll the quarter, that continue have past of in strong restrictions engagement a so. is in X% stage that and markets China are franchise. seeing
America, excluding improved up the Latin balances year-over-year of spreads asset deposits revenues to X% last growth And gain saw quarter, business. good Mexico regions, benefitting in X%. a also with were average grew we’re largely management in to our from total in unchanged other we sale this card. year residual Turning and consumer on Similar
growth. continue did COVID-XX a likely in from in the expected haven’t we’ve seen overall Mexico, customer we behavior as impact regions. in the see to sales we to is loan However, seen pressure will on follow see while in And other we full which March, pattern continue purchase yet slowdown
the partially changes up first in driven the quarter, X% expenses cost operating and items by well investments reflecting of to our driven in were million, $XXX our for as by by episodic Mexico, outlook. international economic efficiency impact business increased offset total, credit savings as of In primarily
pronounced is year. Slide still we first expected which consumer loss credit the X provides early. unemployment this from typically credit seasonality see We statistics, have anticipate do shows our we additional a higher originally COVID-XX in and therefore not Overall, detail it on impact the on than trends, quarter. rising global seen rates for but
is unclear the package on have mitigate efforts to stress the it customer trillion some as will note relief also our benefit of in we appropriate However, as own I well what actions relief are helping that potential as historic consumers. taking would we well I’ve both exposures, our as good risk about consumer And new noted the manage investments credit existing the to and to on including prior calls, Citi’s in of portfolios, relative operation. $X our as exposure. historical feel importantly, quality industry credit
as an If exposures and FICO you our loans look at our US end card the portfolios towards example, in to a And buy XXXX same today’s stress lower loss crisis. XXXX, before the due more as the distributions forma rates result, our higher are crisis. than portfolios last as to open outstanding experienced much of XX% than card the when we level the to XX% pro
both our serve compared In from national you consumers we our a XX%. our at in portfolio, Mexico, range average of Asia unsecured a LTV than targeted our credit maintain portfolio our see quality metrics, risk high can mortgage low region, less footprint. clearly where wider is given to clients very other as In we and
known vigilant Mexico credit not past margin cards few as managing the That is the strong more However, and example, stable margins local since of roughly we target of net which COVID-XX point over profile is NCL quality well, The in generate our disciplined than criteria generally remained of we we for of lending impact in peers. portfolio. the clients clearly down higher reflected years. have as said, in has at We the with and segment improved our this remain a tightened XX%. fully over our a crisis, time, rates credit
mark-to-market Group Institutional X. $XXX as gains was $XX.X the quarter, TTS fixed million the quarter quarter. now partially markets the to widen corporate income on impact in billion the also of of from increased hedges, Turning performance strong XX% in during lending. Slide in lower by revenues as of offset Revenues Clients credit well first bank and private loan the The as as equity and on spreads benefited
X%. of growth X% Trade interest the offset revenues and lower $X.X decreased Treasury impact in revenues and billion strong billion engagement as as and Solution in were rates. deposits down of Total constant $X.X solid reported by than more X% dollars, were client of banking
relationship to our Our a global footprint navigate enables clients. helping unique us times. that with have a the breadth unprecedented pivotal of through Even role we’re these clients playing in relationship, our
end-of-period March, accelerated X,XXX to we continue most investment given including March growth In our of adoption accounts underlying as constant robust flows. TTS, see clients in opened well while close dollars, tools. in benefit we And to in continue well our the in as were technology, of remotely, of of times we three see XX% X% digitally We business as in digitally, growth opened year. that deposits cross-border the working last in we, as digital number to drivers
exited the seen rate reported a on But mobile lower within XXX,XXX up growth begins year-over-year March year. We’ve to take tenfold quarter, users, of of users over revenues users. with see the to down the basis. the as rapid hold, in in quarter active year-over-year increased in did the full XX% a that, month And we pressure environment CitiDirect also we this X%
in in debt of the were year, equity revenues unchanged were M&A market largely and last from billion by $X.X as underwriting. offset Banking Investment outperforming underwriting growth wallet decline
clients investment However, was in I as grade debt liquidity our up environment. would double-digits evolving source year-over-year, that underwriting note helped this we
the reflecting driven $XXX lending our deposit clients volumes, rate. revenues market higher deposit partially as turbulent interest through by lower of offset activity lower of supported X%, in impact conditions. we spreads, In and bank million grew markets Private increased capital
loans adjustment other financing, well of marks average of Corporate And portfolio. primarily the to while XX%, the a new were on in support clients. did were as drawdowns increase the residual our roughly end-of-period $XXX flat, down as as million the quarter, value continue earlier, lending reflecting an we loans facilities we revenues that meaningful this to see mentioned and lease I reflecting
Security XX% billion of $X.X $X.X commodities. currencies and growth year. from to and markets rates Services revenues increased Total billion revenues year-over-year, last of income Fixed and with XX% across
reached markets actively turbulent clients. volumes for volatility, during corporate investor and and this levels, both As made we spreads period record
to were performance X% higher by deposit in Equities were reflecting and basis reported in year, client dollars, finally a spread. $X.X increase And X% up due client billion lower XX% strong up in of by including constant and offset versus volatility. a revenues on activity services, in security derivatives, revenues activity higher last an volume partially driven
roughly some operating compensation we this primarily expenses up increase economic with higher Total savings in were reflected Total of the billion credit volume-driven than last billion more X% built quarter. in in as year, significantly $X.X downgrades costs, year-over-year and as $X.X were of reserves increased efficiency continued $X portfolio. investments of from by impact offset growth the in volume billion outlook, as The growth. well along changes reserves the costs
reserve grade including non-investment the to X% quarter end, XX of We appendix portion. funded on funded the was ratio points, details roughly our our ratio of a corporate reserve on presentation. the As in basis earnings provide portfolio more
out low and points. vigilant this in we we remain portfolio reserve levels loans to corporate about the we non-accrual quarter, like consumer, see increased Overall, total today. there relative loans basis ratio managing of the our to remained credit the Total non-accrual stresses good sequentially but feel at and quality XX corporate
well impact rates, shows the asset, securities marks as widened as during year, corporate/other. the significantly Revenues Slide reflecting from the results of down $XX of quarter. legacy million legacy as XX for wind lower on spreads of the declined last
as partially most XX% down the granted associated impacted COVID-XX, costs, was XX,XXX infrastructure by who with as down by to award directly including compensation costs Expenses of well incremental COVID-XX. legacy employees were higher special being offset a wind roughly as assets are
portfolio, higher impact the on lower And loss than compensation on the reflecting security, the well locks rates as special as pretax loss loan of quarter, our was outlook, $XXX this reserves previous legacy award. million our
of the XX $XX.X dollars, Slide impact related mostly offset margin along trends. growth declined revenue of In lower and extra trading slightly an net was day, billion interest interest this net NIR. loan year-over-year quarter rates by as revenue with shows and total our higher constant
remainder earlier. net interest basis million, balance sheet. decline net with corporate quarter basis, lower by that lending revenue in On one lower half reflecting reflecting revenues declined of environment, margin the a $XXX and day XX rate And sequentially, roughly sequential declined the in the the I fewer interest net driving interest growth points the in roughly adjustment the mentioned and
to healthy pickup revenue. the in first revenue, in March a trading for quarter, of strong a in as most Turning as well business quarter activity non-interest increase drove non-interest significant in the performance
rates, more revenues expect well to quarter look reflecting we the as the and non-interest impact revenues we as from second both net pronounced As interest of quarter, decline, impact COVID-XX. to full a lower much
On Slide capital we metrics. key show our XX,
During CET our driven assets. RWA the our X spreads. ratio by The increase in customers and as XX.X% weighted support credit well volatility widening increased increase to the mostly capital market our as quarter, to reflected declined in risk
supplementary a per was dramatically value well grew X% leverage environment. tangible in to income reduced by In continue driven environment quarter, Our the our X%. challenging summary, changed operate net to in by we count. the and but book And this share $XX.XX share ratio
a strategy capital right saw to our macro good disciplined and in any client impact environment. top strongly exited these with segments feel of the manage strategy more cycle. remain uncertainty certainly higher strong our about the results resilient as line period ability and our we feel on in risk we quarter. liquidity But target on through quality, position. We global the ended We the focus We the our growth economic that is slower
adverse for full expect to me that XXXX, deliver the will performance of over And of to given with continue year. of today. With evolve the RoTCE to quarters. uncertainty we a and XX% that coming remind no the to are let longer quarter operating we rest XX% deal Looking great the all a you said, second the of impact our COVID-XX,
on will trend beginning expect the in top much our the Based March revenue and line, by quarter. franchise, COVID continue of on through related banking, the today, of in consumer particularly latter what of characterized level activity, part the the second of lower seeing we April and we’re
in revenue reflect should our And markets industry. the business, broader
strongest activity And typically is quarter in we was some first see here. normalization rate and more year lower expect levels line. clearly pronounced The quarter, environment impact the the finally, we strong, particularly will the so this the on top would of
On do this are uncertainty a we impact to is how about customers side, from that we’re the period ensure roughly that there running this. do XX% deliver we our help about as thoughtful need we in our working where ensure deploy can manage managing line through things are to resources of able the we expense couple where to being employees remotely. And for we to consider franchise continue our on standpoint, customers, important and we the COVID-XX, protect think are the the our our expenses, who of to including and are of how front workforce
support last over years through we allowing Here feel about through period, we’ve customers us made manage the in and good and are to this investments the mean. clients few digital investments our These technology.
I to of all as efficiently we possible opportunities However, potentially we to otherwise unprecedented investments created also that exploring in some also offset repay note these operate would order are as COVID-XX. times, made, by the headwinds and certain have would during
and meetings expect natural a to see also T&E, reduction event some would calls. including expenses, volume We and related
impact uncertainty the understood. well line the of impact say environment there’s we’re a pre-provision our efforts thinking that to top as of as the as sense of the how more lot So power. on will both have today, is should in earnings we hopefully again, these month but and you But give about coming better COVID-XX a efficiency
credit. to Turning
the evolve, quarter is And expect the continues losses additional outlook higher to given reserves reasonable our further. and to deteriorates a outlook our our in level do also expect we credit it as XXXX, if second remainder increases outlook. to current ahead Looking of of
and overall as to support and quality ability maintain confident given to strength our portfolio, remain in However, we our new our well stability, win the as credit our of business. continue customers
our emerge institution time. strength, our feel around that But that to economic of indisputably that objective having to and will this shown during demonstrated we clients an our from stay Citi having lived position stood unprecedented situation. we company Undoubtedly, every stated by the will world and employees and an customers are a confident up difficult strong impact and in this we be supported very
to Mike and I questions. that, are any With happy take
