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CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Revenues        
Interest revenue $ 15,630 $ 12,463 $ 28,781 $ 24,997
Interest expense 3,666 1,985 5,946 4,013
Net interest income 11,964 10,478 22,835 20,984
Commissions and fees 2,452 3,374 5,020 7,044
Principal transactions 4,525 2,304 9,115 6,217
Administration and other fiduciary fees 1,023 1,022 1,989 1,983
Realized gains (losses) on sales of investments, net (58) 137 22 538
Impairment losses on investments:        
Impairment losses on investments and other assets (96) (13) (186) (82)
Provision for credit losses on AFS debt securities [1] 2 0 2 0
Net impairment losses recognized in earnings (94) (13) (184) (82)
Other revenue (174) 451 27 736
Total non-interest revenues 7,674 7,275 15,989 16,436
Total revenues, net of interest expense 19,638 17,753 38,824 37,420
Provisions for credit losses and for benefits and claims        
Provision for credit losses on loans 1,384 (1,126) 1,644 (2,605)
Provision for credit losses on held-to-maturity (HTM) debt securities 20 4 18 (7)
Provision for credit losses on other assets 7 (3) 3 6
Policyholder benefits and claims 22 15 49 67
Provision for credit losses on unfunded lending commitments (159) 44 315 (582)
Total provisions for credit losses and for benefits and claims [2] 1,274 (1,066) 2,029 (3,121)
Operating expenses        
Compensation and benefits 6,472 5,982 13,292 11,983
Premises and equipment 619 558 1,162 1,134
Technology/communication 2,068 1,895 4,084 3,747
Advertising and marketing 414 340 725 610
Other operating 2,820 2,696 6,295 5,410
Total operating expenses 12,393 11,471 25,558 22,884
Income from continuing operations before income taxes 5,971 7,348 11,237 17,657
Provision for income taxes 1,182 1,155 2,123 3,487
Income from continuing operations 4,789 6,193 9,114 14,170
Discontinued operations        
Income (loss) from discontinued operations (262) 10 (264) 8
Benefit for income taxes (41) 0 (41) 0
Income (loss) from discontinued operations, net of taxes (221) 10 (223) 8
Net income before attribution to noncontrolling interests 4,568 6,203 8,891 14,178
Noncontrolling interests 21 10 38 43
Citigroup’s net income $ 4,547 $ 6,193 $ 8,853 $ 14,135
Basic earnings per share        
Income from continuing operations (in dollars per share) [3] $ 2.32 $ 2.86 $ 4.34 $ 6.51
Income from discontinued operations, net of taxes (in dollars per share) [3] (0.11) 0 (0.11) 0
Net income (in dollars per share) [3] $ 2.20 $ 2.87 $ 4.23 $ 6.52
Weighted average common shares outstanding (in shares) 1,941.5 2,056.5 1,956.6 2,069.3
Diluted earnings per share        
Income from continuing operations (in dollars per share) [3] $ 2.30 $ 2.84 $ 4.32 $ 6.47
Income (loss) from discontinued operations, net of taxes (in dollars per share) [3] (0.11) 0 (0.11) 0
Net income (in dollars per share) [3] $ 2.19 $ 2.85 $ 4.20 $ 6.47
Adjusted weighted average common shares outstanding (in shares) 1,958.1 2,073.0 1,973.2 2,084.8
[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.