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CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2020
Sep. 30, 2021
Sep. 30, 2020
Revenues        
Interest revenue $ 12,650 $ 13,314 $ 37,647 $ 45,042
Interest expense 2,252 2,821 6,884 11,977
Net interest revenue 10,398 10,493 30,763 33,065
Commissions and fees 3,399 2,753 10,443 8,707
Principal transactions 2,233 2,508 8,450 11,926
Administration and other fiduciary fees 1,007 892 2,990 2,565
Realized gains on sales of investments, net 117 304 655 1,484
Impairment losses on investments:        
Impairment losses on investments and other assets (30) (30) (112) (154)
Provision for credit losses on AFS debt securities [1] (1) 4 (1) (4)
Net impairment losses recognized in earnings (31) (26) (113) (158)
Other revenue 31 378 767 210
Total non-interest revenues 6,756 6,809 23,192 24,734
Total revenues, net of interest expense 17,154 17,302 53,955 57,799
Provisions for credit losses and for benefits and claims        
Provision for credit losses on loans (188) 1,931 (2,793) 16,298
Provision for credit losses on held-to-maturity (HTM) debt securities (10) (16) (17) 21
Provision for credit losses on other assets (3) (13) 3 31
Policyholder benefits and claims 22 58 89 97
Provision for credit losses on unfunded lending commitments (13) 424 (595) 1,094
Total provisions for credit losses and for benefits and claims [2] (192) 2,384 (3,313) 17,541
Operating expenses        
Compensation and benefits 6,058 5,595 18,041 16,873
Premises and equipment 560 575 1,694 1,702
Technology/communication 1,997 1,891 5,744 5,355
Advertising and marketing 402 238 1,012 865
Other operating 2,467 2,665 7,258 7,272
Total operating expenses 11,484 10,964 33,749 32,067
Income (loss) from continuing operations before income taxes 5,862 3,954 23,519 8,191
Provision for income taxes 1,193 777 4,680 1,409
Income (loss) from continuing operations 4,669 3,177 18,839 6,782
Discontinued operations        
Income (loss) from discontinued operations (1) (7) 7 (26)
Benefit for income taxes 0 0 0 0
Income (loss) from discontinued operations, net of taxes (1) (7) 7 (26)
Net income (loss) before attribution of noncontrolling interests 4,668 3,170 18,846 6,756
Noncontrolling interests 24 24 67 18
Citigroup’s net income $ 4,644 $ 3,146 $ 18,779 $ 6,738
Basic earnings per share        
Income from continuing operations (in dollars per share) [3] $ 2.17 $ 1.37 $ 8.70 $ 2.82
Income from discontinued operations, net of taxes (in dollars per share) [3] 0 0 0 (0.01)
Net income (in dollars per share) [3] $ 2.17 $ 1.37 $ 8.70 $ 2.81
Weighted average common shares outstanding (in shares) 2,009.3 2,081.8 2,049.3 2,087.1
Diluted earnings per share        
Income from continuing operations (in dollars per share) [3] $ 2.15 $ 1.36 $ 8.64 $ 2.81
Income (loss) from discontinued operations, net of taxes (in dollars per share) [3] 0 0 0 (0.01)
Net income (in dollars per share) [3] $ 2.15 $ 1.36 $ 8.65 $ 2.80
Adjusted weighted average common shares outstanding (in shares) 2,026.2 2,094.3 2,065.3 2,100.1
[1] In accordance with ASC 326.
[2] This total excludes the provision for credit losses on AFS securities, which is disclosed separately above.
[3] Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income.