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CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Revenues    
Interest revenue $ 13,151 $ 12,534
Interest expense 2,280 2,028
Net interest income 10,871 10,506
Commissions and fees 2,568 3,670
Principal transactions 4,590 3,913
Administration and other fiduciary fees 966 961
Realized gains on sales of investments, net 80 401
Impairment losses on investments:    
Impairment losses on investments and other assets (90) (69)
Provision for credit losses on AFS debt securities [1] 0 0
Net impairment losses recognized in earnings (90) (69)
Other revenue 201 285
Total non-interest revenues 8,315 9,161
Total revenues, net of interest expense 19,186 19,667
Provisions for credit losses and for benefits and claims    
Provision for credit losses on loans 260 (1,479)
Provision for credit losses on held-to-maturity (HTM) debt securities (2) (11)
Provision for credit losses on other assets (4) 9
Policyholder benefits and claims 27 52
Provision for credit losses on unfunded lending commitments 474 (626)
Total provisions for credit losses and for benefits and claims [2] 755 (2,055)
Operating expenses    
Compensation and benefits 6,820 6,001
Premises and equipment 543 576
Technology/communication 2,016 1,852
Advertising and marketing 311 270
Other operating 3,475 2,714
Total operating expenses 13,165 11,413
Income (loss) from continuing operations before income taxes 5,266 10,309
Provision for income taxes 941 2,332
Income (loss) from continuing operations 4,325 7,977
Discontinued operations    
Income (loss) from discontinued operations (2) (2)
Benefit for income taxes 0 0
Income (loss) from discontinued operations, net of taxes (2) (2)
Net income (loss) before attribution of noncontrolling interests 4,323 7,975
Noncontrolling interests 17 33
Citigroup’s net income $ 4,306 $ 7,942
Basic earnings per share    
Income from continuing operations (in dollars per share) [3] $ 2.03 $ 3.64
Income from discontinued operations, net of taxes (in dollars per share) [3] 0 0
Net income (in dollars per share) [3] $ 2.03 $ 3.64
Weighted average common shares outstanding (in shares) 1,971.7 2,082.0
Diluted earnings per share    
Income from continuing operations (in dollars per share) [3] $ 2.02 $ 3.62
Income (loss) from discontinued operations, net of taxes (in dollars per share) [3] 0 0
Net income (in dollars per share) [3] $ 2.02 $ 3.62
Adjusted weighted average common shares outstanding (in shares) 1,988.2 2,096.6
[1] In accordance with ASC 326, which requires the provision for credit losses on AFS securities to be included in revenue.
[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.