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CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Revenues        
Interest revenue $ 14,589 $ 19,712 $ 31,728 $ 38,788
Interest expense 3,509 7,762 9,156 15,079
Net interest revenue 11,080 11,950 22,572 23,709
Commissions and fees 2,933 2,881 5,954 5,807
Principal transactions 4,157 1,874 9,418 4,678
Administration and other fiduciary fees 819 869 1,673 1,708
Realized gains on sales of investments, net 748 468 1,180 598
Impairment losses on investments:        
Impairment losses on investments and other assets (69) (5) (124) (13)
Provision for credit losses on AFS debt securities [1] (8) 0 (8) 0
Net impairment losses recognized in earnings (77) (5) (132) (13)
Other revenue (loss) 106 721 (168) 847
Total non-interest revenues 8,686 6,808 17,925 13,625
Total revenues, net of interest expense 19,766 18,758 40,497 37,334
Provisions for credit losses and for benefits and claims        
Provision for credit losses on loans 7,696 2,089 14,140 4,033
Provision for credit losses on held-to-maturity (HTM) debt securities 31 0 37 0
Provision for credit losses on other assets 48 0 44 0
Policyholder benefits and claims 15 19 39 31
Provision for credit losses on unfunded lending commitments 113 (15) 670 9
Total provisions for credit losses and for benefits and claims 7,903 2,093 14,930 4,073
Operating expenses        
Compensation and benefits 5,624 5,381 11,278 11,039
Premises and equipment 562 569 1,127 1,133
Technology/communication 1,741 1,724 3,464 3,444
Advertising and marketing 299 434 627 793
Other operating 2,189 2,392 4,513 4,675
Total operating expenses 10,415 10,500 21,009 21,084
Income (loss) from continuing operations before income taxes 1,448 6,165 4,558 12,177
Provision for income taxes 131 1,373 707 2,648
Income from continuing operations 1,317 4,792 3,851 9,529
Discontinued operations        
Loss from discontinued operations (1) (10) (19) (12)
Benefit for income taxes 0 (27) 0 (27)
Income (loss) from discontinued operations, net of taxes (1) 17 (19) 15
Net income before attribution of noncontrolling interests 1,316 4,809 3,832 9,544
Noncontrolling interests 0 10 (6) 35
Citigroup’s net income $ 1,316 $ 4,799 $ 3,838 $ 9,509
Basic earnings per share        
Income from continuing operations (in dollars per share) [2] $ 0.51 $ 1.94 $ 1.57 $ 3.81
Income from discontinued operations, net of taxes (in dollars per share) [2] 0 0.01 (0.01) 0.01
Net income (in dollars per share) [2] $ 0.51 $ 1.95 $ 1.56 $ 3.82
Weighted average common shares outstanding (in shares) 2,081.7 2,286.1 2,089.8 2,313.2
Diluted earnings per share        
Income from continuing operations (in dollars per share) [2] $ 0.51 $ 1.94 $ 1.57 $ 3.81
Income (loss) from discontinued operations, net of taxes (in dollars per share) [2] 0 0.01 (0.01) 0.01
Net income (in dollars per share) [2] $ 0.50 $ 1.95 $ 1.56 $ 3.82
Adjusted weighted average common shares outstanding (in shares) 2,084.3 2,289.0 2,103.0 2,315.7
[1] In accordance with ASC 326.
[2] Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income.