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CONSOLIDATED STATEMENT OF INCOME (Unaudited) (USD $)
In Millions, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Revenues        
Interest revenue $ 15,512 $ 15,463 $ 46,423 $ 47,263
Interest expense 3,325 3,952 10,531 12,440
Net interest revenue 12,187 11,511 35,892 34,823
Commissions and fees 3,280 3,061 9,905 9,789
Principal transactions 1,549 1,149 6,280 6,337
Administration and other fiduciary fees 1,029 968 3,067 3,119
Realized gains on sales of investments, net 136 63 348 764
Other-than-temporary impairment losses on investments        
Gross impairment losses (99) (66) (337) (500)
Less: Impairments recognized in AOCI 8 27 8 38
Net impairment losses recognized in earnings (91) (39) (329) (462)
Insurance premiums 530 556 1,613 1,728
Other revenue 984 635 2,294 2,542
Total non-interest revenues 7,417 6,393 23,178 23,817
Total revenues, net of interest expense 19,604 [1],[2] 17,904 [1],[2] 59,070 [1],[2] 58,640 [1],[2]
Provisions for credit losses and for benefits and claims        
Provision for loan losses 1,575 1,652 4,947 5,693
Policyholder benefits and claims 205 204 595 635
Provision (release) for unfunded lending commitments (30) 103 (88) 114
Total provisions for credit losses and for benefits and claims 1,750 1,959 5,454 6,442
Operating expenses        
Compensation and benefits 6,114 5,828 18,152 18,238
Premises and equipment 804 763 2,428 2,369
Technology/communication 1,630 1,568 4,779 4,584
Advertising and marketing 442 458 1,360 1,387
Other operating 3,965 3,062 13,906 9,538
Total operating expenses 12,955 [1] 11,679 [1] 40,625 [1] 36,116 [1]
Income from continuing operations before income taxes 4,899 4,266 12,991 16,082
Provision for income taxes 1,985 1,080 5,873 4,777
Income from continuing operations 2,914 [3] 3,186 [3] 7,118 [3] 11,305 [3]
Discontinued operations        
Income (loss) from discontinued operations (25) 33 12 (19)
Gain on sale 0 6 0 62
Provision for income taxes (9) (53) 13 (46)
Income (loss) from discontinued operations, net of taxes (16) 92 (1) 89
Net income before attribution of noncontrolling interests 2,898 3,278 7,117 11,394
Noncontrolling interests 59 51 154 177
Citigroup’s net income $ 2,839 $ 3,227 $ 6,963 $ 11,217
Basic earnings per share        
Income from continuing operations (in dollars per share) $ 0.89 [4] $ 0.98 [4] $ 2.14 [4] $ 3.55 [4]
Income (loss) from discontinued operations, net of taxes (in dollars per share) $ (0.01) [4] $ 0.03 [4] $ 0.00 [4] $ 0.03 [4]
Net income (in dollars per share) $ 0.88 [4] $ 1.01 [4] $ 2.14 [4] $ 3.58 [4]
Weighted average common shares outstanding (in shares) 3,029.5 3,034.3 3,033.5 3,038.4
Diluted earnings per share        
Income from continuing operations (in dollars per share) $ 0.88 [4] $ 0.98 [4] $ 2.14 [4] $ 3.55 [4]
Income (loss) from discontinued operations, net of taxes (in dollars per share) $ (0.01) [4] $ 0.03 [4] $ 0.00 [4] $ 0.03 [4]
Net income (in dollars per share) $ 0.88 [4] $ 1.00 [4] $ 2.14 [4] $ 3.57 [4]
Adjusted weighted average common shares outstanding (in shares) 3,034.8 3,040.9 3,038.8 3,044.0
[1] 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.
[2] Includes Citicorp (excluding Corporate/Other) total revenues, net of interest expense, in North America of $8.1 billion and $7.1 billion; in EMEA of $2.6 billion and $2.5 billion; in Latin America of $3.4 billion and $3.4 billion; and in Asia of $3.9 billion and $3.6 billion for the three months ended September 30, 2014 and 2013, respectively. Includes Citicorp (excluding Corporate/Other) total revenues, net of interest expense, in North America of $24.5 billion and $24.1 billion; in EMEA of $8.5 billion and $9.1 billion; in Latin America of $10.2 billion and $10.5 billion; and in Asia of $11.2 billion and $11.5 billion for the nine months ended September 30, 2014 and 2013, respectively. Regional numbers exclude Citi Holdings and Corporate/Other, which largely operate within the U.S.
[3] Includes pretax provisions (credits) for credit losses and for benefits and claims in the GCB results of $1.4 billion and $1.7 billion; in the ICG results of $(21) million and $139 million; and in Citi Holdings results of $0.4 billion and $0.1 billion for the three months ended September 30, 2014 and 2013, respectively. Includes pretax provisions (credits) for credit losses and for benefits and claims in the GCB results of $4.5 billion and $5.0 billion; in the ICG results of $(106) million and $174 million; and in Citi Holdings results of $1.0 billion and $1.3 billion for the nine months ended September 30, 2014 and 2013, respectively.
[4] Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income.