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CONSOLIDATED STATEMENT OF INCOME (Unaudited) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Jun. 30, 2014
Jun. 30, 2013
Revenues        
Interest revenue $ 15,561 $ 15,840 $ 30,911 $ 31,800
Interest expense 3,615 4,158 7,206 8,488
Net interest revenue 11,946 11,682 23,705 23,312
Commissions and fees 3,491 3,293 6,625 6,728
Principal transactions 1,843 2,684 4,731 5,188
Administration and other fiduciary fees 1,029 1,083 2,038 2,151
Realized gains on sales of investments, net 84 251 212 701
Other-than-temporary impairment losses on investments        
Gross impairment losses (37) [1] (162) [1] (238) [1] (434) [1]
Less: Impairments recognized in AOCI 0 0 0 11
Net impairment losses recognized in earnings (37) (162) (238) (423)
Insurance premiums 488 582 1,083 1,172
Other revenue 498 [1] 1,075 [1] 1,310 [1] 1,907 [1]
Total non-interest revenues 7,396 8,806 15,761 17,424
Total revenues, net of interest expense 19,342 [2],[3] 20,488 [2],[3] 39,466 [2],[3] 40,736 [2],[3]
Provisions for credit losses and for benefits and claims        
Provision for loan losses 1,579 1,827 3,372 4,041
Policyholder benefits and claims 182 200 390 431
Provision (release) for unfunded lending commitments (31) (3) (58) 11
Total provisions for credit losses and for benefits and claims 1,730 2,024 3,704 4,483
Operating expenses        
Compensation and benefits 6,028 6,075 12,038 12,410
Premises and equipment 819 762 1,624 1,606
Technology/communication 1,619 1,486 3,149 3,016
Advertising and marketing 460 480 918 929
Other operating 6,595 3,346 9,941 6,476
Total operating expenses 15,521 [4] 12,149 [4] 27,670 [4] 24,437 [4]
Income from continuing operations before income taxes 2,091 6,315 8,092 11,816
Provision for income taxes 1,838 2,127 3,888 3,697
Income from continuing operations 253 [5] 4,188 [5] 4,204 [5] 8,119 [5]
Discontinued operations        
Income (loss) from discontinued operations (3) 51 37 (52)
Gain on sale 0 0 0 56
Provision for income taxes 19 21 22 7
Income (loss) from discontinued operations, net of taxes (22) 30 15 (3)
Net income before attribution of noncontrolling interests 231 4,218 4,219 8,116
Noncontrolling interests 50 36 95 126
Citigroup’s net income $ 181 $ 4,182 $ 4,124 $ 7,990
Basic earnings per share        
Income from continuing operations (in dollars per share) $ 0.03 [4] $ 1.34 [4] $ 1.26 $ 2.57
Income (loss) from discontinued operations, net of taxes (in dollars per share) $ (0.01) [4] $ 0.01 [4] $ 0.00 $ 0.00
Net income (in dollars per share) $ 0.03 [4] $ 1.35 [4] $ 1.26 [4] $ 2.57 [4]
Weighted average common shares outstanding (in shares) 3,033.8 3,040.7 3,035.6 3,040.4
Diluted earnings per share        
Income from continuing operations (in dollars per share) $ 0.03 $ 1.33 $ 1.26 $ 2.57
Income (loss) from discontinued operations, net of taxes (in dollars per share) $ (0.01) $ 0.01 $ 0.00 $ 0.00
Net income (in dollars per share) $ 0.03 $ 1.34 $ 1.26 $ 2.57
Adjusted weighted average common shares outstanding (in shares) 3,038.3 3,046.3 3,040.8 3,045.5
[1] The three and six months ended June 30, 2013, respectively, included the recognition of a $87 million and $192 million impairment charge related to the carrying value of Citi’s then-remaining 35% interest in the Morgan Stanley Smith Barney joint venture (MSSB). These amounts were offset by the equity pickup from MSSB recorded in Other revenue, for each respective period.
[2] Includes Citicorp (excluding Corporate/Other) total revenues, net of interest expense, in North America of $7.9 billion and $8.2 billion; in EMEA of $2.8 billion and $3.5 billion; in Latin America of $3.5 billion and $3.6 billion; and in Asia of $3.6 billion and $4.0 billion for the three months ended June 30, 2014 and 2013, respectively. Includes Citicorp (excluding Corporate/Other) total revenues, net of interest expense, in North America of $16.4 billion and $16.9 billion; in EMEA of $5.9 billion and $6.6 billion; in Latin America of $6.8 billion and $7.1 billion; and in Asia of $7.3 billion and $8.0 billion for the six months ended June 30, 2014 and 2013, respectively. Regional numbers exclude Citi Holdings and Corporate/Other, which largely operate within the U.S.
[3] Certain prior period revenue and expense lines and totals were reclassified to conform to the current period’s presentation. See Note 3 to Notes to Consolidated Financial Statements.
[4] Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income.
[5] Includes pretax provisions (credits) for credit losses and for benefits and claims in the GCB results of $1.5 billion and $1.6 billion; in the ICG results of $(112) million and $(30) million; and in Citi Holdings results of $0.3 billion and $0.5 billion for the three months ended June 30, 2014 and 2013, respectively. Includes pretax provisions (credits) for credit losses and for benefits and claims in the GCB results of $3.1 billion and $3.3 billion; in the ICG results of $(85) million and $35.0 million; and in Citi Holdings results of $0.7 billion and $1.2 billion for the six months ended June 30, 2014 and 2013, respectively.