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CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenues        
Interest revenue $ 19,919 $ 12,650 $ 48,700 $ 37,647
Interest expense 7,356 1,959 13,302 5,972
Net interest income 12,563 10,691 35,398 31,675
Commissions and fees 2,139 3,399 7,159 10,443
Principal transactions 2,625 2,233 11,740 8,450
Administration and other fiduciary fees 915 1,007 2,904 2,990
Realized gains (losses) on sales of investments, net 52 117 74 655
Impairment losses on investments:        
Impairment losses on investments and other assets (91) (30) (277) (112)
Provision for credit losses on AFS debt securities [1] 5 (1) 7 (1)
Net impairment losses recognized in earnings (86) (31) (270) (113)
Other revenue 300 31 327 767
Total non-interest revenues 5,945 6,756 21,934 23,192
Total revenues, net of interest expense 18,508 17,447 57,332 54,867
Provisions for credit losses and for benefits and claims        
Provision for credit losses on loans 1,328 (188) 2,972 (2,793)
Provision for credit losses on held-to-maturity (HTM) debt securities 10 (10) 28 (17)
Provision for credit losses on other assets 73 (3) 76 3
Policyholder benefits and claims 25 22 74 89
Provision for credit losses on unfunded lending commitments (71) (13) 244 (595)
Total provisions for credit losses and for benefits and claims [2] 1,365 (192) 3,394 (3,313)
Operating expenses        
Compensation and benefits 6,745 6,058 20,037 18,041
Premises and equipment 557 560 1,719 1,694
Technology/communication 2,145 1,997 6,229 5,744
Advertising and marketing 407 402 1,132 1,012
Other operating 2,895 2,760 9,190 8,170
Total operating expenses 12,749 11,777 38,307 34,661
Income from continuing operations before income taxes 4,394 5,862 15,631 23,519
Provision for income taxes 879 1,193 3,002 4,680
Income from continuing operations 3,515 4,669 12,629 18,839
Discontinued operations        
Income (loss) from discontinued operations (6) (1) (270) 7
Benefit for income taxes 0 0 (41) 0
Income (loss) from discontinued operations, net of taxes (6) (1) (229) 7
Net income before attribution to noncontrolling interests 3,509 4,668 12,400 18,846
Noncontrolling interests 30 24 68 67
Citigroup’s net income $ 3,479 $ 4,644 $ 12,332 $ 18,779
Basic earnings per share        
Income from continuing operations (in dollars per share) [3] $ 1.64 $ 2.17 $ 5.99 $ 8.70
Income from discontinued operations, net of taxes (in dollars per share) [3] 0 0 (0.12) 0
Net income (in dollars per share) [3] $ 1.64 $ 2.17 $ 5.87 $ 8.70
Weighted average common shares outstanding (in shares) 1,936.8 2,009.3 1,950.0 2,049.3
Diluted earnings per share        
Income from continuing operations (in dollars per share) [3] $ 1.63 $ 2.15 $ 5.95 $ 8.64
Income (loss) from discontinued operations, net of taxes (in dollars per share) [3] 0 0 (0.12) 0
Net income (in dollars per share) [3] $ 1.63 $ 2.15 $ 5.84 $ 8.65
Adjusted weighted average diluted common shares outstanding (in shares) 1,955.1 2,026.2 1,967.1 2,065.3
[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.