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CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
3 Months Ended
Mar. 31, 2023
Mar. 31, 2022
Revenues    
Interest revenue $ 29,395 $ 13,151
Interest expense 16,047 2,280
Net interest income 13,348 10,871
Commissions and fees 2,366 2,568
Principal transactions 3,939 4,590
Administration and other fiduciary fees 896 966
Realized gains on sales of investments, net 72 80
Impairment losses on investments:    
Impairment losses on investments and other assets (86) (90)
Provision (releases) for credit losses on AFS debt securities [1] (1) 0
Net impairment losses recognized in earnings (87) (90)
Other revenue 913 201
Total non-interest revenues 8,099 8,315
Total revenues, net of interest expense 21,447 19,186
Provisions for credit losses and for benefits and claims    
Provision for credit losses on loans 1,737 260
Provision for credit losses on HTM debt securities (17) (2)
Provision for credit losses on other assets 425 (4)
Policyholder benefits and claims 24 27
Provision for credit losses on unfunded lending commitments (194) 474
Total provisions for credit losses and for benefits and claims [2],[3] 1,975 755
Operating expenses    
Compensation and benefits 7,538 6,820
Premises and equipment 598 543
Technology/communication 2,127 2,016
Advertising and marketing 331 311
Other operating 2,695 3,475
Total operating expenses 13,289 13,165
Income from continuing operations before income taxes 6,183 5,266
Provision for income taxes 1,531 941
Income from continuing operations 4,652 4,325
Discontinued operations    
Income (loss) from discontinued operations (1) (2)
Benefit for income taxes 0 0
Income (loss) from discontinued operations, net of taxes (1) (2)
Net income before attribution to noncontrolling interests 4,651 4,323
Noncontrolling interests 45 17
Citigroup’s net income $ 4,606 $ 4,306
Basic earnings per share    
Income from continuing operations (in dollars per share) [4] $ 2.21 $ 2.03
Income from discontinued operations, net of taxes (in dollars per share) [4] 0 0
Net income (in dollars per share) [4] $ 2.21 $ 2.03
Weighted average common shares outstanding (in shares) 1,943.5 1,971.7
Diluted earnings per share    
Income from continuing operations (in dollars per share) [4] $ 2.19 $ 2.02
Income (loss) from discontinued operations, net of taxes (in dollars per share) [4] 0 0
Net income (in dollars per share) [4] $ 2.19 $ 2.02
Adjusted weighted average diluted common shares outstanding (in shares) 1,964.1 1,988.2
[1] In accordance with ASC 326, which requires the provision for credit losses on AFS securities to be included in revenue.
[2] 2022 amounts have been revised to conform to the current-period presentation.
[3] This total excludes the provision for credit losses on AFS securities, which is disclosed separately above.
[4] Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income.