Citigroup Inc. (NYSE:C) Q4 2022 Earnings Call Transcript

Mark Mason: Yes. You got a couple of points here. So, one is we won’t see NII momentum as we have seen in 2022, just as betas start to increase on the ICG side and get to terminal levels, that’s obviously going to slow or put pressure on the pricing as we go into €˜23. But some of the other important drivers of the growth will be the annualization of the rate hikes that happened late in the year. And so that will be a plus in 2023. You will also see, as I mentioned earlier, some of the rate increases that we anticipate outside of the U.S. and given our mix, that will benefit us in 2023. And then there will be a volume will contribute to that NII growth, particularly as we continue to see good momentum, which we anticipate on the card side, the offset will be that the legacy franchise, right.

And so as those exits occur as the wind downs continue, as I mentioned earlier, that revenue mix does skew towards NII. And so we will have to grow over that and we will grow over that to kind of get to the target that we have set. So, those are the puts and takes.

Operator: Thank you. There are no further questions. I will now turn the call over to Jen Landis for closing remarks.

Jen Landis: Thank you everyone for joining us today. If you have any follow-up questions, please reach out to IR. Have a great day. Thank you.

Operator: This does conclude the Citi fourth quarter 2022 earnings review call. You may now disconnect.