UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 14, 2016
Citigroup Inc.
(Exact name of registrant as specified in its charter)
Delaware |
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1-9924 |
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52-1568099 |
(State or other jurisdiction |
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(Commission |
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(IRS Employer |
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388 Greenwich Street, New York, |
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10013 |
(212) 559-1000
(Registrants telephone number,
including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
CITIGROUP INC.
Current Report on Form 8-K
Item 2.02 Results of Operations and Financial Condition.
On October 14, 2016, Citigroup Inc. announced its results for the quarter ended September 30, 2016. A copy of the related press release, filed as Exhibit 99.1 to this Form 8-K, is incorporated herein by reference in its entirety and shall be deemed to be filed for purposes of the Securities Exchange Act of 1934, as amended (the Act).
In addition, a copy of the Citigroup Inc. Quarterly Financial Data Supplement for the quarter ended September 30, 2016 is being furnished as Exhibit 99.2 to this Form 8-K and shall not be deemed to be filed for purposes of Section 18 of the Act or otherwise subject to the liabilities of that section.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number |
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99.1 |
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Press Release, dated October 14, 2016, issued by Citigroup Inc. |
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99.2 |
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Citigroup Inc. Quarterly Financial Data Supplement for the quarter ended September 30, 2016. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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CITIGROUP INC. |
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Dated: October 14, 2016 |
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By: |
/s/ JEFFREY R. WALSH |
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Jeffrey R. Walsh |
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Controller and Chief Accounting Officer |
Exhibit 99.1
For Immediate Release
Citigroup Inc. (NYSE: C)
October 14, 2016
CITIGROUP REPORTS THIRD QUARTER 2016 EARNINGS PER SHARE OF $1.24
NET INCOME OF $3.8 BILLION
REVENUES OF $17.8 BILLION
NET INTEREST MARGIN OF 2.86%
RETURNED $3.0 BILLION OF CAPITAL TO COMMON SHAREHOLDERS;
REPURCHASED 56 MILLION COMMON SHARES
YEAR-TO-DATE RETURNED $5.9 BILLION OF CAPITAL TO COMMON SHAREHOLDERS;
YEAR-TO-DATE REPURCHASED 117 MILLION COMMON SHARES
COMMON EQUITY TIER 1 CAPITAL RATIO OF 12.6%(1)
SUPPLEMENTARY LEVERAGE RATIO OF 7.4%(2)
BOOK VALUE PER SHARE OF $74.51
TANGIBLE BOOK VALUE PER SHARE OF $64.71(3)
New York, October 14, 2016 Citigroup Inc. today reported net income for the third quarter 2016 of $3.8 billion, or $1.24 per diluted share, on revenues of $17.8 billion. This compared to net income of $4.3 billion, or $1.35 per diluted share, on revenues of $18.7 billion for the third quarter 2015.
Third quarter 2015 included CVA/DVA(4) of $196 million ($127 million after-tax). Excluding CVA/DVA in the prior year period, revenues decreased 4% from the prior year period, and earnings per diluted share decreased 5% from $1.31 per diluted share in the prior year period.
Citi CEO Michael Corbat said, I am very encouraged by the underlying momentum across our franchise, notably in several areas where we have been investing. In the quarter, both our Global Consumer Bank and Institutional Clients Group had solid year-over-year revenue increases in nearly every business line and geography. We also continued to grow core loans and deposits while reducing non-core assets to just 3% of our balance sheet.
We remain intensely focused on shareholder returns. The acquisition of the Costco portfolio and the recently announced sales of our retail operations in Argentina and Brazil are the latest examples of how we are shifting resources to the areas we believe will generate the best returns for our shareholders.
Our Common Equity Tier 1 ratio increased to 12.6% and we remain committed to consistently increasing the amount of capital we return to our shareholders in order to improve overall returns. In the past two years, we have lowered the amount of outstanding common shares by 180 million or 6%. Our Tangible Book Value per share increased to $64.71 in the quarter, an 8% increase from one year ago, reflecting both the impact of these stock repurchases and our efforts to deliver quality and consistent earnings, Mr. Corbat concluded.
In the discussion throughout the remainder of this press release, Citigroups results of operations in the prior year period are presented excluding CVA/DVA, as applicable, for consistency with the current periods presentation (see note 4 to this release). Percentage comparisons below are calculated for the third quarter 2016 versus the third quarter 2015, unless otherwise specified.
Citigroup |
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3Q16 |
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2Q16 |
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3Q15 |
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QoQ% |
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YoY% |
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Citicorp |
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16,883 |
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16,705 |
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17,011 |
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1 |
% |
-1 |
% | |||
Citi Holdings |
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877 |
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843 |
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1,681 |
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4 |
% |
-48 |
% | |||
Total Revenues |
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$ |
17,760 |
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$ |
17,548 |
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$ |
18,692 |
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1 |
% |
-5 |
% |
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|
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Adjusted Revenues(a) |
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$ |
17,760 |
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$ |
17,548 |
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$ |
18,496 |
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1 |
% |
-4 |
% |
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Expenses |
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$ |
10,404 |
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$ |
10,369 |
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$ |
10,669 |
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-2 |
% |
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Net Credit Losses |
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1,525 |
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1,616 |
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1,663 |
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-6 |
% |
-8 |
% | |||
Credit Reserve Build / (Release)(b) |
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176 |
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(256 |
) |
(16 |
) |
NM |
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NM |
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Provision for Benefits and Claims |
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35 |
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49 |
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189 |
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-29 |
% |
-81 |
% | |||
Total Cost of Credit |
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$ |
1,736 |
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$ |
1,409 |
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$ |
1,836 |
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23 |
% |
-5 |
% |
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Income from Continuing Operations Before Taxes |
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$ |
5,620 |
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$ |
5,770 |
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$ |
6,187 |
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-3 |
% |
-9 |
% |
Provision for Income Taxes |
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1,733 |
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1,723 |
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1,881 |
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1 |
% |
-8 |
% | |||
Income from Continuing Operations |
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$ |
3,887 |
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$ |
4,047 |
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$ |
4,306 |
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-4 |
% |
-10 |
% |
Net Income (Loss) from Discontinued Operations |
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(30 |
) |
(23 |
) |
(10 |
) |
-30 |
% |
NM |
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Non-Controlling Interest |
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17 |
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26 |
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5 |
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-35 |
% |
NM |
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Citigroup Net Income |
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$ |
3,840 |
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$ |
3,998 |
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$ |
4,291 |
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-4 |
% |
-11 |
% |
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Adjusted Net Income(a) |
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$ |
3,840 |
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$ |
3,998 |
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$ |
4,164 |
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-4 |
% |
-8 |
% |
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Common Equity Tier 1 Capital Ratio |
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12.6 |
% |
12.5 |
% |
11.7 |
% |
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Supplementary Leverage Ratio |
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7.4 |
% |
7.5 |
% |
6.9 |
% |
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Return on Average Common Equity |
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6.8 |
% |
7.0 |
% |
8.0 |
% |
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Book Value per Share |
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$ |
74.51 |
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$ |
73.19 |
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$ |
69.03 |
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2 |
% |
8 |
% |
Tangible Book Value per Share |
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$ |
64.71 |
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$ |
63.53 |
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$ |
60.07 |
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2 |
% |
8 |
% |
Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.
(a) Excludes CVA / DVA in 3Q15. For additional information, please refer to Appendix A.
(b) Includes provision for unfunded lending commitments.
Citigroup
Citigroup revenues of $17.8 billion in the third quarter 2016 decreased 4%. Excluding the impact of foreign exchange translation(5), Citigroup revenues decreased 3%, driven by a 49% decrease in Citi Holdings, partially offset by a 2% increase in Citicorp revenues versus the prior year period.
Citigroups net income decreased 8% to $3.8 billion in the third quarter 2016, driven by the lower revenues, partially offset by lower cost of credit and lower operating expenses. Citigroups effective tax rate was 31% in the current quarter, a slight increase from 30% in the third quarter 2015.
Citigroups operating expenses decreased 2% to $10.4 billion in the third quarter 2016, as lower expenses in Citi Holdings and a benefit from foreign exchange translation were partially offset by volume growth and ongoing investments in Citicorp.
Citigroups cost of credit in the third quarter 2016 was $1.7 billion, a 5% decrease as a lower provision for benefits and claims and a decrease in net credit losses were partially offset by a net loan loss reserve build of $176 million, largely driven by North America cards within Citicorp, compared to a net loan loss reserve release of $16 million in the prior year period.
Citigroups allowance for loan losses was $12.4 billion at quarter end, or 1.97% of total loans, compared to $13.6 billion, or 2.21% of total loans, at the end of the prior year period. Total non-accrual assets of $6.1 billion fell 8% from the prior year period. Consumer non-accrual loans declined 26% to $3.6 billion. Corporate non-accrual loans of $2.4 billion increased $837 million from the prior year period, mostly related to energy-related loans in the Institutional Clients Group (ICG), but decreased 2% from the prior quarter.
Citigroups loans were $638 billion as of quarter end, up 2% from the prior year period, and up 3% in constant dollars. In constant dollars, 7% growth in Citicorp loans was somewhat offset by continued declines in Citi Holdings, driven primarily by continued reductions in the North America mortgage portfolio.
Citigroups deposits were $940 billion as of quarter end, up 4% both on a reported basis and in constant dollars. In constant dollars, Citicorp deposits increased 5%, driven by a 4% increase in ICG deposits and a 5% increase in Global Consumer Banking (GCB) deposits. In constant dollars, Citi Holdings deposits declined 37%, driven by divestiture activity.
Citigroups book value per share was $74.51 and tangible book value per share was $64.71, each as of quarter end, both representing 8% increases. At quarter end, Citigroups Common Equity Tier 1 Capital ratio was 12.6%, up from 11.7% in the prior year period. Citigroups Supplementary Leverage Ratio for the third quarter 2016 was 7.4%, up from 6.9% in the prior year period. During the third quarter 2016, Citigroup returned a total of approximately $3.0 billion of capital to common shareholders in the form of dividends and repurchases of approximately 56 million common shares.
Citicorp |
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3Q16 |
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2Q16 |
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3Q15 |
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QoQ% |
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YoY% |
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Global Consumer Banking |
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8,227 |
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7,733 |
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8,134 |
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6 |
% |
1 |
% | |||
Institutional Clients Group |
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8,628 |
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8,846 |
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8,659 |
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-2 |
% |
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Corporate / Other |
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28 |
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126 |
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218 |
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-78 |
% |
-87 |
% | |||
Total Revenues |
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$ |
16,883 |
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$ |
16,705 |
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$ |
17,011 |
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1 |
% |
-1 |
% |
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|
|
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Adjusted Revenues(a) |
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$ |
16,883 |
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$ |
16,705 |
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$ |
16,790 |
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1 |
% |
1 |
% |
|
|
|
|
|
|
|
|
|
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Expenses |
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$ |
9,578 |
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$ |
9,511 |
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$ |
9,295 |
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1 |
% |
3 |
% |
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|
|
|
|
|
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|
|
| |||
Net Credit Losses |
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1,396 |
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1,514 |
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1,391 |
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-8 |
% |
|
| |||
Credit Reserve Build / (Release)(b) |
|
298 |
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(27 |
) |
174 |
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NM |
|
71 |
% | |||
Provision for Benefits and Claims |
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25 |
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20 |
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28 |
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25 |
% |
-11 |
% | |||
Total Cost of Credit |
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$ |
1,719 |
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$ |
1,507 |
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$ |
1,593 |
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14 |
% |
8 |
% |
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|
|
|
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| |||
Net Income |
|
$ |
3,766 |
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$ |
3,905 |
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$ |
4,292 |
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-4 |
% |
-12 |
% |
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|
|
|
|
|
|
|
|
|
|
| |||
Adjusted Net Income(a) |
|
$ |
3,766 |
|
$ |
3,905 |
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$ |
4,149 |
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-4 |
% |
-9 |
% |
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|
|
|
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|
|
| |||
Adjusted Revenues(a) |
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|
|
|
|
|
|
|
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|
| |||
North America |
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8,488 |
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8,234 |
|
8,239 |
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3 |
% |
3 |
% | |||
EMEA |
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2,554 |
|
2,615 |
|
2,253 |
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-2 |
% |
13 |
% | |||
Latin America |
|
2,266 |
|
2,281 |
|
2,607 |
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-1 |
% |
-13 |
% | |||
Asia |
|
3,547 |
|
3,449 |
|
3,473 |
|
3 |
% |
2 |
% | |||
Corporate / Other |
|
28 |
|
126 |
|
218 |
|
-78 |
% |
-87 |
% | |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Adjusted Income from Continuing Operations(a) |
|
|
|
|
|
|
|
|
|
|
| |||
North America |
|
1,930 |
|
1,901 |
|
2,011 |
|
2 |
% |
-4 |
% | |||
EMEA |
|
680 |
|
720 |
|
408 |
|
-6 |
% |
67 |
% | |||
Latin America |
|
563 |
|
580 |
|
703 |
|
-3 |
% |
-20 |
% | |||
Asia |
|
887 |
|
837 |
|
859 |
|
6 |
% |
3 |
% | |||
Corporate / Other |
|
(247 |
) |
(89 |
) |
183 |
|
NM |
|
NM |
| |||
|
|
|
|
|
|
|
|
|
|
|
| |||
EOP Assets ($B) |
|
1,757 |
|
1,753 |
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1,691 |
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|
|
4 |
% | |||
EOP Loans ($B) |
|
599 |
|
592 |
|
563 |
|
1 |
% |
6 |
% | |||
EOP Deposits ($B) |
|
934 |
|
932 |
|
894 |
|
|
|
5 |
% |
Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.
(a) Excludes CVA / DVA in 3Q15. For additional information, please refer to Appendix A.
(b) Includes provision for unfunded lending commitments.
Citicorp
Citicorp revenues of $16.9 billion increased 1%, driven by increases in both ICG and GCB. Corporate/Other revenues were $28 million, compared to $218 million in the prior year period, driven largely by the absence of the equity contribution related to Citis stake in China Guangfa Bank, which was divested in the third quarter 2016.
Citicorp net income decreased 9% to $3.8 billion, from $4.1 billion in the prior year period, driven by higher operating expenses and higher cost of credit, partially offset by the higher revenues.
Citicorp operating expenses increased 3% to $9.6 billion, reflecting volume growth as well as ongoing investments in the franchise, partially offset by efficiency savings and a benefit from foreign exchange translation.
Citicorp cost of credit of $1.7 billion in the third quarter 2016 increased 8%, largely driven by an increase in the reserve build in the current quarter. The net loan loss reserve build was $298 million in the current quarter, compared to $174 million in the prior year period, while net credit losses were largely unchanged versus the prior year. Citicorps consumer loans 90+ days delinquent increased 9% to $2.2 billion, largely driven by portfolio growth and normal portfolio seasoning, and the 90+ days delinquency ratio increased slightly to 0.75% of loans from 0.74% in the prior year period.
Citicorp end of period loans of $599 billion increased 6%. In constant dollars, Citicorp end of period loans grew 7%, with 6% growth in corporate loans to $309 billion and 7% growth in consumer loans to $290 billion.
Global Consumer Banking |
|
3Q16 |
|
2Q16 |
|
3Q15 |
|
QoQ% |
|
YoY% |
| |||
North America |
|
5,212 |
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4,756 |
|
4,893 |
|
10 |
% |
7 |
% | |||
Latin America |
|
1,257 |
|
1,248 |
|
1,545 |
|
1 |
% |
-19 |
% | |||
Asia(a) |
|
1,758 |
|
1,729 |
|
1,696 |
|
2 |
% |
4 |
% | |||
Total Revenues |
|
$ |
8,227 |
|
$ |
7,733 |
|
$ |
8,134 |
|
6 |
% |
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
| |||
Expenses |
|
$ |
4,440 |
|
$ |
4,304 |
|
$ |
4,231 |
|
3 |
% |
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
| |||
Net Credit Losses |
|
1,351 |
|
1,373 |
|
1,354 |
|
-2 |
% |
|
| |||
Credit Reserve Build / (Release)(b) |
|
433 |
|
32 |
|
(102 |
) |
NM |
|
NM |
| |||
Provision for Benefits and Claims |
|
25 |
|
20 |
|
28 |
|
25 |
% |
-11 |
% | |||
Total Cost of Credit |
|
$ |
1,809 |
|
$ |
1,425 |
|
$ |
1,280 |
|
27 |
% |
41 |
% |
|
|
|
|
|
|
|
|
|
|
|
| |||
Net Income |
|
$ |
1,285 |
|
$ |
1,322 |
|
$ |
1,683 |
|
-3 |
% |
-24 |
% |
|
|
|
|
|
|
|
|
|
|
|
| |||
Income from Continuing Operations |
|
|
|
|
|
|
|
|
|
|
| |||
North America |
|
811 |
|
842 |
|
1,080 |
|
-4 |
% |
-25 |
% | |||
Latin America |
|
167 |
|
184 |
|
306 |
|
-9 |
% |
-45 |
% | |||
Asia(a) |
|
310 |
|
297 |
|
305 |
|
4 |
% |
2 |
% | |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Key Indicators ($B) |
|
|
|
|
|
|
|
|
|
|
| |||
Retail Banking Average Loans |
|
142 |
|
141 |
|
140 |
|
1 |
% |
2 |
% | |||
Retail Banking Average Deposits |
|
303 |
|
299 |
|
295 |
|
1 |
% |
3 |
% | |||
Investment Sales |
|
20 |
|
19 |
|
20 |
|
4 |
% |
-1 |
% | |||
Cards Average Loans |
|
146 |
|
132 |
|
130 |
|
10 |
% |
12 |
% | |||
Cards Purchase Sales |
|
115 |
|
96 |
|
89 |
|
20 |
% |
30 |
% |
Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.
(a) Asia GCB includes the results of operations in EMEA GCB for all periods presented.
(b) Includes provision for unfunded lending commitments.
Global Consumer Banking
GCB revenues of $8.2 billion increased 1%. In constant dollars, revenues increased 3%, driven by a 7% increase in North America GCB, partially offset by a 2% decrease in international GCB revenues.
GCB net income decreased 24% to $1.3 billion, driven by higher cost of credit and higher operating expenses, partially offset by the higher revenues. Operating expenses increased 5% to $4.4 billion, as the impact of the Costco portfolio acquisition and an increase in ongoing investment spending more than offset efficiency savings.
North America GCB revenues of $5.2 billion increased 7%, with higher revenues in Citi-branded cards, Citi retail services and retail banking. Citi-branded cards revenues of $2.2 billion increased 15%, reflecting the addition of the Costco portfolio as well as modest organic growth driven by higher volumes. Citi retail services revenues of $1.6 billion increased 1%, as underlying portfolio growth was largely offset by the impact of previously-disclosed partnership program renewals as well as the absence of revenues from portfolio exits. Retail banking revenues increased 2% to $1.4 billion, on higher average loans and checking deposits.
North America GCB net income was $811 million, down 25%, driven by an increase in cost of credit and higher operating expenses, partially offset by the higher revenues. Operating expenses increased 12% to $2.6 billion, primarily driven by the addition of the Costco portfolio, volume growth and continued marketing investments, partially offset by ongoing efficiency savings.
North America GCB cost of credit increased 62% to $1.3 billion. The net loan loss reserve build in the third quarter 2016 was $408 million, compared to a net loan loss reserve release of $61 million in the prior year period, mostly reflecting a reserve build in cards driven by the impact of the acquisition of the Costco portfolio, volume growth and normal seasoning of the portfolios, as well as the estimated impact of newly proposed regulatory guidelines on third party collections. Net credit losses of $929 million increased 6%, driven by volume growth.
International GCB revenues decreased 7% to $3.0 billion and decreased 2% in constant dollars. On this basis, revenues in Latin America GCB of $1.3 billion decreased 7%, reflecting the absence of a previously-disclosed $160 million gain ($180 million as reported) related to the sale of Citis merchant acquiring business in Mexico in the third quarter 2015. Excluding this gain, revenues would have increased 5%, driven by growth in retail banking loans and deposits, partially offset by a decline in cards driven by the continued impact of higher payment rates. Revenues in Asia GCB of $1.8 billion increased 3%, driven by growth in wealth management and cards revenues, partially offset by continued repositioning away from lower-return mortgage loans in the retail lending portfolio.
International GCB net income decreased 22% to $474 million. In constant dollars, net income decreased 15%, driven by the lower revenue and higher credit costs. Operating expenses decreased 4% on a reported basis and were approximately unchanged versus the prior year period in constant dollars as ongoing efficiency savings offset investment spending and slightly higher legal and related and repositioning costs. Credit costs increased 3% on a reported basis and 13% in constant dollars. On such basis, the net loan loss reserve build was $25 million, compared to a net loan loss reserve release of $47 million in the prior year period, net credit losses decreased 5% and the net credit loss rate was 1.53% of average loans, improved from 1.59% in the prior year period.
Institutional Clients Group |
|
3Q16 |
|
2Q16 |
|
3Q15 |
|
QoQ% |
|
YoY% |
| |||
Treasury & Trade Solutions |
|
2,039 |
|
2,048 |
|
1,933 |
|
|
|
5 |
% | |||
Investment Banking |
|
1,086 |
|
1,217 |
|
944 |
|
-11 |
% |
15 |
% | |||
Private Bank |
|
746 |
|
738 |
|
715 |
|
1 |
% |
4 |
% | |||
Corporate Lending(a) |
|
450 |
|
389 |
|
433 |
|
16 |
% |
4 |
% | |||
Total Banking |
|
4,321 |
|
4,392 |
|
4,025 |
|
-2 |
% |
7 |
% | |||
Fixed Income Markets |
|
3,466 |
|
3,468 |
|
2,566 |
|
|
|
35 |
% | |||
Equity Markets |
|
663 |
|
788 |
|
1,002 |
|
-16 |
% |
-34 |
% | |||
Securities Services |
|
536 |
|
531 |
|
513 |
|
1 |
% |
4 |
% | |||
Other |
|
(140 |
) |
(130 |
) |
(20 |
) |
-8 |
% |
NM |
| |||
Total Markets & Securities Services |
|
4,525 |
|
4,657 |
|
4,061 |
|
-3 |
% |
11 |
% | |||
Product Revenues(b) |
|
$ |
8,846 |
|
$ |
9,049 |
|
$ |
8,086 |
|
-2 |
% |
9 |
% |
Gain / (Loss) on Loan Hedges |
|
(218 |
) |
(203 |
) |
352 |
|
-7 |
% |
NM |
| |||
Total Revenues(c) |
|
$ |
8,628 |
|
$ |
8,846 |
|
$ |
8,438 |
|
-2 |
% |
2 |
% |
CVA / DVA (as excluded above) |
|
|
|
|
|
221 |
|
NM |
|
NM |
| |||
Total Revenues |
|
$ |
8,628 |
|
$ |
8,846 |
|
$ |
8,659 |
|
-2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Expenses |
|
$ |
4,680 |
|
$ |
4,760 |
|
$ |
4,715 |
|
-2 |
% |
-1 |
% |
|
|
|
|
|
|
|
|
|
|
|
| |||
Net Credit Losses |
|
45 |
|
141 |
|
37 |
|
-68 |
% |
22 |
% | |||
Credit Reserve Build / (Release)(d) |
|
(135 |
) |
(59 |
) |
276 |
|
NM |
|
NM |
| |||
Total Cost of Credit |
|
$ |
(90 |
) |
$ |
82 |
|
$ |
313 |
|
NM |
|
NM |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Net Income |
|
$ |
2,753 |
|
$ |
2,698 |
|
$ |
2,439 |
|
2 |
% |
13 |
% |
|
|
|
|
|
|
|
|
|
|
|
| |||
Adjusted Net Income(c) |
|
$ |
2,753 |
|
$ |
2,698 |
|
$ |
2,296 |
|
2 |
% |
20 |
% |
|
|
|
|
|
|
|
|
|
|
|
| |||
Adjusted Revenues(c) |
|
|
|
|
|
|
|
|
|
|
| |||
North America |
|
3,276 |
|
3,478 |
|
3,346 |
|
-6 |
% |
-2 |
% | |||
EMEA |
|
2,554 |
|
2,615 |
|
2,253 |
|
-2 |
% |
13 |
% | |||
Latin America |
|
1,009 |
|
1,033 |
|
1,062 |
|
-2 |
% |
-5 |
% | |||
Asia |
|
1,789 |
|
1,720 |
|
1,777 |
|
4 |
% |
1 |
% | |||
|
|
|
|
|
|
|
|
|
|
|
| |||
Adjusted Income from Continuing Operations(c) |
|
|
|
|
|
|
|
|
|
|
| |||
North America |
|
1,119 |
|
1,059 |
|
931 |
|
6 |
% |
20 |
% | |||
EMEA |
|
680 |
|
720 |
|
408 |
|
-6 |
% |
67 |
% | |||
Latin America |
|
396 |
|
396 |
|
397 |
|
|
|
|
| |||
Asia |
|
577 |
|
540 |
|
554 |
|
7 |
% |
4 |
% |
Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.
(a) Excludes gain / (loss) on hedges related to accrual loans. For additional information, please refer to Footnote 6.
(b) Excludes CVA / DVA in 3Q15 and gain / (loss) on hedges related to accrual loans in all periods.
(c) Excludes CVA / DVA in 3Q15. For additional information, please refer to Appendix A.
(d) Includes provision for unfunded lending commitments.
Institutional Clients Group
ICG revenues of $8.6 billion increased 2%, driven by an 11% increase in Markets and Securities Services revenues and a 7% increase in Banking revenues, partially offset by a $218 million loss on loan hedges related to accrual loans, as compared to a gain of $352 million in the prior year.
Banking revenues of $4.1 billion (including the impact of gain / (loss) on loan hedges) decreased 6%. Excluding the gain / (loss) on loan hedges from Corporate Lending, Banking revenues of $4.3 billion increased 7%. Treasury and Trade Solutions (TTS) revenues of $2.0 billion increased 5%. In constant dollars, TTS revenues grew 8% reflecting continued growth in transaction volumes. Investment Banking revenues of $1.1 billion increased 15%, primarily reflecting increased industry-wide debt underwriting activity during the current quarter. Advisory revenues were unchanged at $239 million and equity underwriting fell 16% to $146 million, while debt underwriting revenues increased 32% to $701 million. Private Bank revenues of $746 million increased 4%, driven by loan growth, improved spreads and higher managed investment revenues. Corporate Lending revenues of $450 million increased 4% (excluding gain / (loss) on loan hedges), mostly reflecting higher average loans.
Markets and Securities Services revenues of $4.5 billion increased 11%. Fixed Income Markets revenues of $3.5 billion increased 35%, driven by improvement in both rates and currencies and spread products. Equity Markets revenues of $663 million decreased 34%. The third quarter 2015 included the previously-disclosed reversal of a charge to revenues of approximately $140 million for valuation adjustments related to certain financing transactions. Excluding this adjustment, Equity Markets revenues decreased 23% driven by lower market activity as well as the comparison to strong performance in Asia in the prior year. Securities Services revenues of $536 million increased 4% and increased 6% in constant dollars, as increased client activity, higher deposit volumes and improved spreads more than offset the absence of revenues from divested businesses.
ICG net income of $2.8 billion increased 20%, driven by the higher revenues, lower cost of credit and lower operating expenses. ICG operating expenses decreased 1% to $4.7 billion, driven by lower legal and related costs, efficiency savings and a benefit from foreign exchange translation. ICG cost of credit was negative $90 million, compared to $313 million in the prior year period. ICG cost of credit included net credit losses of $45 million ($37 million in the prior year period) and a net loan loss reserve release of $135 million (net loan loss reserve build of $276 million in the prior year period). The improvement in cost of credit largely reflected ratings upgrades, reductions in certain exposures and improved valuations.
ICG average loans grew 5% to $306 billion while end of period deposits increased 4% to $617 billion. In constant dollars, average loans increased 6%, while end of period deposits increased 4%.
Citi Holdings |
|
3Q16 |
|
2Q16 |
|
3Q15 |
|
QoQ% |
|
YoY% |
| |||
Total Revenues |
|
$ |
877 |
|
$ |
843 |
|
$ |
1,681 |
|
4 |
% |
-48 |
% |
|
|
|
|
|
|
|
|
|
|
|
| |||
Adjusted Revenues(a) |
|
$ |
877 |
|
$ |
843 |
|
$ |
1,706 |
|
4 |
% |
-49 |
% |
|
|
|
|
|
|
|
|
|
|
|
| |||
Expenses |
|
$ |
826 |
|
$ |
858 |
|
$ |
1,374 |
|
-4 |
% |
-40 |
% |
|
|
|
|
|
|
|
|
|
|
|
| |||
Net Credit Losses |
|
129 |
|
102 |
|
272 |
|
26 |
% |
-53 |
% | |||
Credit Reserve Build / (Release)(b) |
|
(122 |
) |
(229 |
) |
(190 |
) |
47 |
% |
36 |
% | |||
Provision for Benefits and Claims |
|
10 |
|
29 |
|
161 |
|
-66 |
% |
-94 |
% | |||
Total Cost of Credit |
|
$ |
17 |
|
$ |
(98 |
) |
$ |
243 |
|
NM |
|
-93 |
% |
|
|
|
|
|
|
|
|
|
|
|
| |||
Net Income |
|
$ |
74 |
|
$ |
93 |
|
$ |
(1 |
) |
-20 |
% |
NM |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Adjusted Net Income(a) |
|
$ |
74 |
|
$ |
93 |
|
$ |
15 |
|
-20 |
% |
NM |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
EOP Assets ($B) |
|
61 |
|
66 |
|
117 |
|
-8 |
% |
-48 |
% | |||
EOP Loans ($B) |
|
39 |
|
41 |
|
60 |
|
-6 |
% |
-35 |
% | |||
EOP Deposits ($B) |
|
6 |
|
6 |
|
11 |
|
-8 |
% |
-44 |
% |
Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.
(a) Excludes CVA / DVA in 3Q15. For additional information, please refer to Appendix A.
(b) Includes provision for unfunded lending commitments.
Citi Holdings
Citi Holdings revenues of $877 million decreased 49% from the prior year period, mainly reflecting continued reductions in Citi Holdings assets. As of the end of the third quarter 2016, Citi Holdings assets were $61 billion, 48% below the prior year period and 8% below the prior quarter, primarily reflecting continued asset sales. As of October 14, 2016, Citigroup had signed agreements to reduce Citi Holdings assets by an additional $10 billion.
Citi Holdings net income was $74 million, compared to $15 million in the prior year period, reflecting lower operating expenses and cost of credit, partially offset by the lower revenues. Citi Holdings operating expenses declined 40% to $826 million, primarily driven by the ongoing decline in assets.
Citi Holdings cost of credit of $17 million compared to $243 million in the prior year period. Net credit losses declined 53% to $129 million, reflecting the impact of ongoing divestiture activity as well as continued improvement in the North America mortgage portfolio, and the provision for benefits and claims declined by approximately $150 million to $10 million reflecting the sale of insurance assets. The net loan loss reserve release was $122 million, compared to $190 million in the prior year period.
Citi Holdings allowance for credit losses was $1.7 billion at the end of the third quarter 2016, or 4.4% of loans, compared to $3.4 billion, or 5.7% of loans, in the prior year period. 90+ days delinquent consumer loans in Citi Holdings decreased 44% to $857 million, or 2.3% of loans.
Citicorp Results by Region(a) |
|
Revenues |
|
Income from Continuing Ops. |
| ||||||||||||||
($ in millions) |
|
3Q16 |
|
2Q16 |
|
3Q15 |
|
3Q16 |
|
2Q16 |
|
3Q15 |
| ||||||
North America |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Global Consumer Banking |
|
5,212 |
|
4,756 |
|
4,893 |
|
811 |
|
842 |
|
1,080 |
| ||||||
Institutional Clients Group |
|
3,276 |
|
3,478 |
|
3,346 |
|
1,119 |
|
1,059 |
|
931 |
| ||||||
Total North America |
|
$ |
8,488 |
|
$ |
8,234 |
|
$ |
8,239 |
|
$ |
1,930 |
|
$ |
1,901 |
|
$ |
2,011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
EMEA (Institutional Clients Group only) |
|
$ |
2,554 |
|
$ |
2,615 |
|
$ |
2,253 |
|
$ |
680 |
|
$ |
720 |
|
$ |
408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Latin America |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Global Consumer Banking |
|
1,257 |
|
1,248 |
|
1,545 |
|
167 |
|
184 |
|
306 |
| ||||||
Institutional Clients Group |
|
1,009 |
|
1,033 |
|
1,062 |
|
396 |
|
396 |
|
397 |
| ||||||
Total Latin America |
|
$ |
2,266 |
|
$ |
2,281 |
|
$ |
2,607 |
|
$ |
563 |
|
$ |
580 |
|
$ |
703 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Asia |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Global Consumer Banking(b) |
|
1,758 |
|
1,729 |
|
1,696 |
|
310 |
|
297 |
|
305 |
| ||||||
Institutional Clients Group |
|
1,789 |
|
1,720 |
|
1,777 |
|
577 |
|
540 |
|
554 |
| ||||||
Total Asia |
|
$ |
3,547 |
|
$ |
3,449 |
|
$ |
3,473 |
|
$ |
887 |
|
$ |
837 |
|
$ |
859 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Corporate / Other |
|
$ |
28 |
|
$ |
126 |
|
$ |
218 |
|
$ |
(247 |
) |
$ |
(89 |
) |
$ |
183 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Citicorp |
|
$ |
16,883 |
|
$ |
16,705 |
|
$ |
16,790 |
|
$ |
3,813 |
|
$ |
3,949 |
|
$ |
4,164 |
|
Note: Totals may not sum due to rounding. Please refer to the Appendices and Footnotes at the end of this press release for additional information.
(a) Excludes CVA / DVA in 3Q15. For additional information, please refer to Appendix A.
(b) Asia GCB includes the results of operations in EMEA GCB for all periods presented.
Citigroup will host a conference call today at 11:30 AM (ET). A live webcast of the presentation, as well as financial results and presentation materials, will be available at http://www.citigroup.com/citi/investor. Dial-in numbers for the conference call are as follows: (866) 516-9582 in the U.S. and Canada; (973) 409-9210 outside of the U.S. and Canada. The conference code for both numbers is 31948450.
Citigroup, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citigroup provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
Additional financial, statistical, and business-related information, as well as business and segment trends, is included in a Quarterly Financial Data Supplement. Both this earnings release and Citigroups Third Quarter 2016 Quarterly Financial Data Supplement are available on Citigroups website at www.citigroup.com.
Certain statements in this release are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on managements current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors, including the precautionary statements included in this release and those contained in Citigroups filings with the U.S. Securities and Exchange Commission, including without limitation the Risk Factors section of Citigroups 2015 Annual Report on Form 10-K. Any forward-looking statements made by or on behalf of Citigroup speak only as to the date they are made, and Citigroup does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.
Press: |
Mark Costiglio |
(212) 559-4114 |
Investors: |
Susan Kendall |
(212) 559-2718 |
|
|
|
Fixed Income Investors: |
Thomas Rogers |
(212) 559-5091 |
Appendix A
Citigroup |
|
|
|
|
|
|
| |||
($ in millions, except per share amounts) |
|
3Q16 |
|
2Q16 |
|
3Q15 |
| |||
Reported Revenues (GAAP) |
|
$ |
17,760 |
|
$ |
17,548 |
|
$ |
18,692 |
|
Impact of CVA / DVA |
|
|
|
|
|
196 |
| |||
Adjusted Revenues |
|
$ |
17,760 |
|
$ |
17,548 |
|
$ |
18,496 |
|
Impact of FX Translation |
|
|
|
(102 |
) |
(223 |
) | |||
Adjusted Revenues in Constant Dollars |
|
$ |
17,760 |
|
$ |
17,446 |
|
$ |
18,273 |
|
|
|
|
|
|
|
|
| |||
Reported Net Income (GAAP) |
|
$ |
3,840 |
|
$ |
3,998 |
|
$ |
4,291 |
|
Impact of CVA / DVA |
|
|
|
|
|
127 |
| |||
Adjusted Net Income |
|
$ |
3,840 |
|
$ |
3,998 |
|
$ |
4,164 |
|
Preferred Dividends |
|
225 |
|
322 |
|
174 |
| |||
Adjusted Net Income to Common |
|
$ |
3,615 |
|
$ |
3,676 |
|
$ |
3,990 |
|
|
|
|
|
|
|
|
| |||
Reported EPS (GAAP) |
|
$ |
1.24 |
|
$ |
1.24 |
|
$ |
1.35 |
|
Impact of CVA / DVA |
|
|
|
|
|
0.04 |
| |||
Adjusted EPS |
|
$ |
1.24 |
|
$ |
1.24 |
|
$ |
1.31 |
|
|
|
|
|
|
|
|
| |||
Average Assets ($B) |
|
$ |
1,830 |
|
$ |
1,807 |
|
$ |
1,818 |
|
|
|
|
|
|
|
|
| |||
Adjusted ROA |
|
0.83 |
% |
0.89 |
% |
0.91 |
% | |||
|
|
|
|
|
|
|
| |||
Average TCE |
|
$ |
184,492 |
|
$ |
184,130 |
|
$ |
178,538 |
|
|
|
|
|
|
|
|
| |||
Adjusted RoTCE |
|
7.8 |
% |
8.0 |
% |
8.9 |
% |
Note: Totals may not sum due to rounding.
Citicorp |
|
|
|
|
|
|
| |||
($ in millions) |
|
3Q16 |
|
2Q16 |
|
3Q15 |
| |||
Reported Revenues (GAAP) |
|
$ |
16,883 |
|
$ |
16,705 |
|
$ |
17,011 |
|
Impact of CVA / DVA |
|
|
|
|
|
221 |
| |||
Adjusted Revenues |
|
$ |
16,883 |
|
$ |
16,705 |
|
$ |
16,790 |
|
Impact of FX Translation |
|
|
|
(104 |
) |
(228 |
) | |||
Adjusted Revenues in Constant Dollars |
|
$ |
16,883 |
|
$ |
16,601 |
|
$ |
16,562 |
|
|
|
|
|
|
|
|
| |||
Reported Net Income (GAAP) |
|
$ |
3,766 |
|
$ |
3,905 |
|
$ |
4,292 |
|
Impact of CVA / DVA |
|
|
|
|
|
143 |
| |||
Adjusted Net Income |
|
$ |
3,766 |
|
$ |
3,905 |
|
$ |
4,149 |
|
Note: Totals may not sum due to rounding.
Institutional Clients Group |
|
|
|
|
|
|
| |||
($ in millions) |
|
3Q16 |
|
2Q16 |
|
3Q15 |
| |||
Reported Revenues (GAAP) |
|
$ |
8,628 |
|
$ |
8,846 |
|
$ |
8,659 |
|
Impact of CVA / DVA |
|
|
|
|
|
221 |
| |||
Adjusted Revenues |
|
$ |
8,628 |
|
$ |
8,846 |
|
$ |
8,438 |
|
|
|
|
|
|
|
|
| |||
Reported Net Income (GAAP) |
|
$ |
2,753 |
|
$ |
2,698 |
|
$ |
2,439 |
|
Impact of CVA / DVA |
|
|
|
|
|
143 |
| |||
Adjusted Net Income |
|
$ |
2,753 |
|
$ |
2,698 |
|
$ |
2,296 |
|
Note: Totals may not sum due to rounding.
Citi Holdings |
|
|
|
|
|
|
| |||
($ in millions) |
|
3Q16 |
|
2Q16 |
|
3Q15 |
| |||
Reported Revenues (GAAP) |
|
$ |
877 |
|
$ |
843 |
|
$ |
1,681 |
|
Impact of CVA / DVA |
|
|
|
|
|
(25 |
) | |||
Adjusted Revenues |
|
$ |
877 |
|
$ |
843 |
|
$ |
1,706 |
|
Impact of FX Translation |
|
|
|
1 |
|
5 |
| |||
Adjusted Revenues in Constant Dollars |
|
$ |
877 |
|
$ |
844 |
|
$ |
1,711 |
|
|
|
|
|
|
|
|
| |||
Reported Net Income (GAAP) |
|
$ |
74 |
|
$ |
93 |
|
$ |
(1 |
) |
Impact of CVA / DVA |
|
|
|
|
|
(16 |
) | |||
Adjusted Net Income |
|
$ |
74 |
|
$ |
93 |
|
$ |
15 |
|
Note: Totals may not sum due to rounding.
Appendix B
Citigroup |
|
|
|
|
|
|
| |||
($ in billions) |
|
3Q16 |
|
2Q16 |
|
3Q15 |
| |||
Reported EOP Loans |
|
$ |
638 |
|
$ |
634 |
|
$ |
622 |
|
Impact of FX Translation |
|
|
|
0 |
|
(1 |
) | |||
EOP Loans in Constant Dollars |
|
$ |
638 |
|
$ |
634 |
|
$ |
622 |
|
|
|
|
|
|
|
|
| |||
Reported EOP Deposits |
|
$ |
940 |
|
$ |
938 |
|
$ |
904 |
|
Impact of FX Translation |
|
|
|
0 |
|
1 |
| |||
EOP Deposits in Constant Dollars |
|
$ |
940 |
|
$ |
938 |
|
$ |
905 |
|
Note: Totals may not sum due to rounding.
Citicorp |
|
|
|
|
|
|
| |||
($ in billions) |
|
3Q16 |
|
2Q16 |
|
3Q15 |
| |||
Reported EOP Loans |
|
$ |
599 |
|
$ |
592 |
|
$ |
563 |
|
Impact of FX Translation |
|
|
|
0 |
|
(2 |
) | |||
EOP Loans in Constant Dollars |
|
$ |
599 |
|
$ |
592 |
|
$ |
561 |
|
|
|
|
|
|
|
|
| |||
Reported EOP Deposits |
|
$ |
934 |
|
$ |
932 |
|
$ |
894 |
|
Impact of FX Translation |
|
|
|
0 |
|
(2 |
) | |||
EOP Deposits in Constant Dollars |
|
$ |
934 |
|
$ |
932 |
|
$ |
892 |
|
Note: Totals may not sum due to rounding.
Global Consumer Banking |
|
|
|
|
|
|
| |||
($ in billions) |
|
3Q16 |
|
2Q16 |
|
3Q15 |
| |||
Reported EOP Loans |
|
$ |
290 |
|
$ |
285 |
|
$ |
270 |
|
Impact of FX Translation |
|
|
|
0 |
|
0 |
| |||
EOP Loans in Constant Dollars |
|
$ |
290 |
|
$ |
286 |
|
$ |
270 |
|
|
|
|
|
|
|
|
| |||
Reported EOP Deposits |
|
$ |
307 |
|
$ |
302 |
|
$ |
293 |
|
Impact of FX Translation |
|
|
|
(0 |
) |
(1 |
) | |||
EOP Deposits in Constant Dollars |
|
$ |
307 |
|
$ |
302 |
|
$ |
292 |
|
Note: Totals may not sum due to rounding.
Institutional Clients Group |
|
|
|
|
|
|
| |||
($ in billions) |
|
3Q16 |
|
2Q16 |
|
3Q15 |
| |||
Reported Average Loans |
|
$ |
306 |
|
$ |
303 |
|
$ |
291 |
|
Impact of FX Translation |
|
|
|
(1 |
) |
(4 |
) | |||
Average Loans in Constant Dollars |
|
$ |
306 |
|
$ |
302 |
|
$ |
287 |
|
|
|
|
|
|
|
|
| |||
Reported EOP Deposits |
|
$ |
617 |
|
$ |
607 |
|
$ |
595 |
|
Impact of FX Translation |
|
|
|
0 |
|
(1 |
) | |||
EOP Deposits in Constant Dollars |
|
$ |
617 |
|
$ |
607 |
|
$ |
594 |
|
Note: Totals may not sum due to rounding.
Appendix B (Cont.)
International Consumer Banking |
|
|
|
|
|
|
| |||
($ in millions) |
|
3Q16 |
|
2Q16 |
|
3Q15 |
| |||
Reported Revenues |
|
$ |
3,015 |
|
$ |
2,977 |
|
$ |
3,241 |
|
Impact of FX Translation |
|
|
|
(52 |
) |
(174 |
) | |||
Revenues in Constant Dollars |
|
$ |
3,015 |
|
$ |
2,925 |
|
$ |
3,067 |
|
|
|
|
|
|
|
|
| |||
Reported Expenses |
|
$ |
1,840 |
|
$ |
1,872 |
|
$ |
1,912 |
|
Impact of FX Translation |
|
|
|
(24 |
) |
(70 |
) | |||
Expenses in Constant Dollars |
|
$ |
1,840 |
|
$ |
1,848 |
|
$ |
1,842 |
|
|
|
|
|
|
|
|
| |||
Reported Credit Costs |
|
$ |
465 |
|
$ |
407 |
|
$ |
452 |
|
Impact of FX Translation |
|
|
|
(13 |
) |
(41 |
) | |||
Credit Costs in Constant Dollars |
|
$ |
465 |
|
$ |
394 |
|
$ |
411 |
|
|
|
|
|
|
|
|
| |||
Reported Net Income |
|
$ |
474 |
|
$ |
479 |
|
$ |
604 |
|
Impact of FX Translation |
|
|
|
(11 |
) |
(49 |
) | |||
Net Income in Constant Dollars |
|
$ |
474 |
|
$ |
468 |
|
$ |
555 |
|
Note: Totals may not sum due to rounding.
Latin America Consumer Banking |
|
|
|
|
|
|
| |||
($ in millions) |
|
3Q16 |
|
2Q16 |
|
3Q15 |
| |||
Reported Revenues |
|
$ |
1,257 |
|
$ |
1,248 |
|
$ |
1,545 |
|
Impact of FX Translation |
|
|
|
(64 |
) |
(193 |
) | |||
Revenues in Constant Dollars |
|
$ |
1,257 |
|
$ |
1,184 |
|
$ |
1,352 |
|
|
|
|
|
|
|
|
| |||
Reported Expenses |
|
$ |
713 |
|
$ |
726 |
|
$ |
795 |
|
Impact of FX Translation |
|
|
|
(30 |
) |
(79 |
) | |||
Expenses in Constant Dollars |
|
$ |
713 |
|
$ |
696 |
|
$ |
716 |
|
Note: Totals may not sum due to rounding.
Asia Consumer Banking(1) |
|
|
|
|
|
|
| |||
($ in millions) |
|
3Q16 |
|
2Q16 |
|
3Q15 |
| |||
Reported Revenues |
|
$ |
1,758 |
|
$ |
1,729 |
|
$ |
1,696 |
|
Impact of FX Translation |
|
|
|
12 |
|
19 |
| |||
Revenues in Constant Dollars |
|
$ |
1,758 |
|
$ |
1,741 |
|
$ |
1,715 |
|
|
|
|
|
|
|
|
| |||
Reported Expenses |
|
$ |
1,127 |
|
$ |
1,146 |
|
$ |
1,117 |
|
Impact of FX Translation |
|
|
|
6 |
|
9 |
| |||
Expenses in Constant Dollars |
|
$ |
1,127 |
|
$ |
1,152 |
|
$ |
1,126 |
|
Note: Totals may not sum due to rounding.
(1) Asia GCB includes the results of operations in EMEA GCB for all periods presented.
Treasury and Trade Solutions |
|
|
|
|
|
|
| |||
($ in millions) |
|
3Q16 |
|
2Q16 |
|
3Q15 |
| |||
Reported Revenues |
|
$ |
2,039 |
|
$ |
2,048 |
|
$ |
1,933 |
|
Impact of FX Translation |
|
|
|
(11 |
) |
(47 |
) | |||
Revenues in Constant Dollars |
|
$ |
2,039 |
|
$ |
2,037 |
|
$ |
1,886 |
|
Note: Totals may not sum due to rounding.
Securities Services |
|
|
|
|
|
|
| |||
($ in millions) |
|
3Q16 |
|
2Q16 |
|
3Q15 |
| |||
Reported Revenues |
|
$ |
536 |
|
$ |
531 |
|
$ |
513 |
|
Impact of FX Translation |
|
|
|
(7 |
) |
(9 |
) | |||
Revenues in Constant Dollars |
|
$ |
536 |
|
$ |
524 |
|
$ |
504 |
|
Note: Totals may not sum due to rounding.
Appendix C
($ in millions) |
|
9/30/2016(1) |
|
6/30/2016 |
|
9/30/2015 |
| |||
|
|
|
|
|
|
|
| |||
Citigroup Common Stockholders Equity(2) |
|
$ |
212,506 |
|
$ |
212,819 |
|
$ |
205,772 |
|
Add: Qualifying noncontrolling interests |
|
140 |
|
134 |
|
147 |
| |||
Regulatory Capital Adjustments and Deductions: |
|
|
|
|
|
|
| |||
Less: |
|
|
|
|
|
|
| |||
Accumulated net unrealized losses on cash flow hedges, net of tax(3) |
|
(232 |
) |
(149 |
) |
(542 |
) | |||
Cumulative unrealized net gain related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax(4) |
|
335 |
|
574 |
|
717 |
| |||
Intangible Assets: |
|
|
|
|
|
|
| |||
Goodwill, net of related deferred tax liabilities (DTLs)(5) |
|
21,763 |
|
21,854 |
|
21,732 |
| |||
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs |
|
5,177 |
|
5,358 |
|
3,911 |
| |||
Defined benefit pension plan net assets |
|
891 |
|
964 |
|
904 |
| |||
Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards |
|
22,503 |
|
22,942 |
|
23,295 |
| |||
Excess over 10% / 15% limitations for other DTAs, certain common stock investments and MSRs(6) |
|
7,077 |
|
6,876 |
|
9,451 |
| |||
|
|
|
|
|
|
|
| |||
Common Equity Tier 1 Capital (CET1) |
|
$ |
155,132 |
|
$ |
154,534 |
|
$ |
146,451 |
|
|
|
|
|
|
|
|
| |||
Risk-Weighted Assets (RWA) |
|
$ |
1,228,715 |
|
$ |
1,232,856 |
|
$ |
1,254,473 |
|
|
|
|
|
|
|
|
| |||
Common Equity Tier 1 Capital Ratio (CET1 / RWA) |
|
12.6 |
% |
12.5 |
% |
11.7 |
% |
Note: Citis Common Equity Tier 1 Capital ratio and related components reflect full implementation of the U.S. Basel III rules. Risk-weighted assets are based on the Basel III Advanced Approaches for determining total risk-weighted assets.
(1) Preliminary.
(2) Excludes issuance costs related to outstanding preferred stock in accordance with Federal Reserve Board regulatory reporting requirements.
(3) Common Equity Tier 1 Capital is adjusted for accumulated net unrealized gains (losses) on cash flow hedges included in accumulated other comprehensive income that relate to the hedging of items not recognized at fair value on the balance sheet.
(4) The cumulative impact of changes in Citigroups own creditworthiness in valuing liabilities for which the fair value option has been elected and own-credit valuation adjustments on derivatives are excluded from Common Equity Tier 1 Capital, in accordance with the U.S. Basel III rules.
(5) Includes goodwill embedded in the valuation of significant common stock investments in unconsolidated financial institutions.
(6) Assets subject to the 10% / 15% limitations include MSRs, DTAs arising from temporary differences and significant common stock investments in unconsolidated financial institutions. For all periods presented, the deduction related only to DTAs arising from temporary differences that exceeded the 10% limitation.
Appendix D
($ in millions) |
|
9/30/2016(1) |
|
6/30/2016 |
|
9/30/2015 |
| |||
|
|
|
|
|
|
|
| |||
Common Equity Tier 1 Capital (CET1) |
|
$ |
155,132 |
|
$ |
154,534 |
|
$ |
146,451 |
|
|
|
|
|
|
|
|
| |||
Additional Tier 1 Capital (AT1)(2) |
|
19,523 |
|
19,493 |
|
15,548 |
| |||
|
|
|
|
|
|
|
| |||
Total Tier 1 Capital (T1C) (CET1 + AT1) |
|
$ |
174,655 |
|
$ |
174,027 |
|
$ |
161,999 |
|
|
|
|
|
|
|
|
| |||
Total Leverage Exposure (TLE) |
|
$ |
2,361,382 |
|
$ |
2,326,929 |
|
$ |
2,363,506 |
|
|
|
|
|
|
|
|
| |||
Supplementary Leverage Ratio (T1C / TLE) |
|
7.4 |
% |
7.5 |
% |
6.9 |
% |
Note: Citis Supplementary Leverage Ratio and related components reflect full implementation of the U.S. Basel III rules.
(1) Preliminary.
(2) Additional Tier 1 Capital primarily includes qualifying noncumulative perpetual preferred stock and qualifying trust preferred securities.
Appendix E
($ in millions, except per share amounts) |
|
9/30/2016(1) |
|
6/30/2016 |
|
9/30/2015 |
| |||
Total Citigroup Stockholders Equity |
|
$ |
231,575 |
|
$ |
231,888 |
|
$ |
220,848 |
|
Less: Preferred Stock |
|
19,253 |
|
19,253 |
|
15,218 |
| |||
Common Equity |
|
$ |
212,322 |
|
$ |
212,635 |
|
$ |
205,630 |
|
Less: |
|
|
|
|
|
|
| |||
Goodwill |
|
22,539 |
|
22,496 |
|
22,444 |
| |||
Intangible Assets (other than MSRs) |
|
5,358 |
|
5,521 |
|
3,880 |
| |||
Goodwill and Intangible Assets (other than MSRs) Related to Assets Held-for-Sale |
|
30 |
|
30 |
|
345 |
| |||
Tangible Common Equity (TCE) |
|
$ |
184,395 |
|
$ |
184,588 |
|
$ |
178,961 |
|
|
|
|
|
|
|
|
| |||
Common Shares Outstanding (CSO) |
|
2,850 |
|
2,905 |
|
2,979 |
| |||
|
|
|
|
|
|
|
| |||
Tangible Book Value Per Share (TCE / CSO) |
|
$ |
64.71 |
|
$ |
63.53 |
|
$ |
60.07 |
|
(1) Preliminary.
(1) Preliminary. Citigroups Common Equity Tier 1 (CET1) Capital ratio, which reflects full implementation of the U.S. Basel III rules, is a non-GAAP financial measure. For the composition of Citigroups CET1 Capital and ratio, see Appendix C.
(2) Preliminary. Citigroups Supplementary Leverage Ratio (SLR), which reflects full implementation of the U.S. Basel III rules, is a non-GAAP financial measure. For the composition of Citigroups SLR, see Appendix D.
(3) Preliminary. Citigroups tangible book value per share is a non-GAAP financial measure. For a reconciliation of this measure to reported results, see Appendix E.
(4) Credit Valuation Adjustments (CVA) on derivatives (counterparty and own-credit), net of hedges; Funding Valuation Adjustments (FVA) on derivatives; and Debt Valuation Adjustments (DVA) on Citigroups fair value option liabilities (collectively referred to as CVA/DVA). Effective January 1, 2016, Citigroup early adopted on a prospective basis the amendment in ASU No. 2016-01, Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, related to the presentation of DVA on fair value option liabilities. Accordingly, beginning in the first quarter 2016, the portion of the change in fair value of these liabilities related to changes in Citigroups own credit spreads (DVA) are reflected as a component of Accumulated Other Comprehensive Income (AOCI); previously these amounts were recognized in Citigroups revenues and net income. In this release, results for the third quarter 2015 exclude the impact of CVA/DVA, as applicable, for consistency with the current periods presentation. Citigroups results of operations excluding the impact of CVA/DVA in such prior period are non-GAAP financial measures. For a reconciliation of these measures to reported results, see Appendix A.
(5) Results of operations excluding the impact of foreign exchange translation (constant dollar basis) are non-GAAP financial measures. For a reconciliation of these measures to reported results, see Appendices A and B.
(6) Hedges on accrual loans reflect the mark-to-market on credit derivatives used to hedge the corporate accrual loan portfolio. The fixed premium cost of these hedges is included in (netted against) the core lending revenues. Results of operations excluding the impact of gain/(loss) on loan hedges are non-GAAP financial measures.
Exhibit 99.2
|
CITIGROUP - QUARTERLY FINANCIAL DATA SUPPLEMENT |
3Q16 |
|
Page |
Citigroup Consolidated |
|
Financial Summary |
1 |
Consolidated Statement of Income |
2 |
Consolidated Balance Sheet |
3 |
Segment Detail |
|
Net Revenues |
4 |
Income & Citicorp Regional Average Assets and ROA |
5 |
Citicorp |
|
Income Statement and Balance Sheet Data |
6 |
Global Consumer Banking (GCB) |
7 - 8 |
North America |
9 - 11 |
Latin America |
12 - 13 |
Asia (1) |
14 - 15 |
Institutional Clients Group (ICG) |
16 |
Revenues by Business |
17 |
|
|
Corporate / Other |
18 |
|
|
Citi Holdings |
|
Income Statement and Balance Sheet Data |
19 |
Consumer Key Indicators |
20 - 21 |
|
|
Citigroup Supplemental Detail |
|
Average Balances and Interest Rates |
22 |
Deposits |
23 |
Loans |
|
Citicorp |
24 |
Citi Holdings / Total Citigroup |
25 |
Consumer Loan Delinquency Amounts and Ratios |
|
90+ Days |
26 |
30-89 Days |
27 |
Allowance for Credit Losses |
|
Total Citigroup |
28 |
Consumer and Corporate |
29 - 30 |
Components of Provision for Loan Losses |
|
Citicorp |
31 |
Citi Holdings / Total Citigroup |
32 |
Non-Accrual Assets |
|
Total Citigroup |
33 |
Citicorp |
34 |
Citi Holdings |
35 |
|
|
Regulatory Capital Ratios and TCE & TBV Reconciliation |
36 |
(1) |
Asia GCB includes the results of operations of EMEA GCB for all periods presented. |
CITIGROUP FINANCIAL SUMMARY (In millions of dollars, except per share amounts, and as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
|
|
Nine |
|
Nine |
|
YTD 2016 vs. |
| |||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
|
Months |
|
Months |
|
YTD 2015 Increase/ |
| |||||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
|
|
2015 |
|
2016 |
|
(Decrease) |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Revenues, Net of Interest Expense |
|
$ |
18,692 |
|
$ |
18,456 |
|
$ |
17,555 |
|
$ |
17,548 |
|
$ |
17,760 |
|
1 |
% |
(5 |
)% |
|
$ |
57,898 |
|
$ |
52,863 |
|
(9 |
)% |
Total Operating Expenses |
|
10,669 |
|
11,134 |
|
10,523 |
|
10,369 |
|
10,404 |
|
|
|
(2 |
)% |
|
32,481 |
|
31,296 |
|
(4 |
)% | |||||||
Net Credit Losses (NCLs) |
|
1,663 |
|
1,762 |
|
1,724 |
|
1,616 |
|
1,525 |
|
(6 |
)% |
(8 |
)% |
|
5,540 |
|
4,865 |
|
(12 |
)% | |||||||
Credit Reserve Build / (Release) |
|
(81 |
) |
494 |
|
162 |
|
(226 |
) |
221 |
|
NM |
|
NM |
|
|
(688 |
) |
157 |
|
NM |
| |||||||
Provision / (Release) for Unfunded Lending Commitments |
|
65 |
|
94 |
|
71 |
|
(30 |
) |
(45 |
) |
(50 |
)% |
NM |
|
|
(20 |
) |
(4 |
) |
80 |
% | |||||||
Provision for Benefits and Claims |
|
189 |
|
164 |
|
88 |
|
49 |
|
35 |
|
(29 |
)% |
(81 |
)% |
|
567 |
|
172 |
|
(70 |
)% | |||||||
Provisions for Credit Losses and for Benefits and Claims |
|
$ |
1,836 |
|
$ |
2,514 |
|
$ |
2,045 |
|
$ |
1,409 |
|
$ |
1,736 |
|
23 |
% |
(5 |
)% |
|
$ |
5,399 |
|
$ |
5,190 |
|
(4 |
)% |
Income from Continuing Operations before Income Taxes |
|
6,187 |
|
4,808 |
|
4,987 |
|
5,770 |
|
5,620 |
|
(3 |
)% |
(9 |
)% |
|
20,018 |
|
16,377 |
|
(18 |
)% | |||||||
Income Taxes (benefits) |
|
1,881 |
|
1,403 |
|
1,479 |
|
1,723 |
|
1,733 |
|
1 |
% |
(8 |
)% |
|
6,037 |
|
4,935 |
|
(18 |
)% | |||||||
Income from Continuing Operations |
|
$ |
4,306 |
|
$ |
3,405 |
|
$ |
3,508 |
|
$ |
4,047 |
|
$ |
3,887 |
|
(4 |
)% |
(10 |
)% |
|
$ |
13,981 |
|
$ |
11,442 |
|
(18 |
)% |
Income (Loss) from Discontinued Operations, net of Taxes |
|
(10 |
) |
(45 |
) |
(2 |
) |
(23 |
) |
(30 |
) |
(30 |
)% |
NM |
|
|
(9 |
) |
(55 |
) |
NM |
| |||||||
Net Income before Noncontrolling Interests |
|
4,296 |
|
3,360 |
|
3,506 |
|
4,024 |
|
3,857 |
|
(4 |
)% |
(10 |
)% |
|
13,972 |
|
11,387 |
|
(19 |
)% | |||||||
Net Income Attributable to Noncontrolling Interests |
|
5 |
|
25 |
|
5 |
|
26 |
|
17 |
|
(35 |
)% |
NM |
|
|
65 |
|
48 |
|
(26 |
)% | |||||||
Citigroups Net Income |
|
$ |
4,291 |
|
$ |
3,335 |
|
$ |
3,501 |
|
$ |
3,998 |
|
$ |
3,840 |
|
(4 |
)% |
(11 |
)% |
|
$ |
13,907 |
|
$ |
11,339 |
|
(18 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Diluted Earnings Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income from Continuing Operations |
|
$ |
1.36 |
|
$ |
1.03 |
|
$ |
1.11 |
|
$ |
1.25 |
|
$ |
1.25 |
|
|
|
(8 |
)% |
|
$ |
4.38 |
|
$ |
3.60 |
|
(18 |
)% |
Citigroups Net Income |
|
$ |
1.35 |
|
$ |
1.02 |
|
$ |
1.10 |
|
$ |
1.24 |
|
$ |
1.24 |
|
|
|
(8 |
)% |
|
$ |
4.38 |
|
$ |
3.58 |
|
(18 |
)% |
Shares (in millions): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Average Basic |
|
2,993.3 |
|
2,968.3 |
|
2,943.0 |
|
2,915.8 |
|
2,879.9 |
|
(1 |
)% |
(4 |
)% |
|
3,015.8 |
|
2,912.9 |
|
(3 |
)% | |||||||
Average Diluted |
|
2,996.9 |
|
2,969.5 |
|
2,943.1 |
|
2,915.9 |
|
2,880.1 |
|
(1 |
)% |
(4 |
)% |
|
3,020.4 |
|
2,913.0 |
|
(4 |
)% | |||||||
Common Shares Outstanding, at period end |
|
2,979.0 |
|
2,953.3 |
|
2,934.9 |
|
2,905.4 |
|
2,849.7 |
|
(2 |
)% |
(4 |
)% |
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Preferred Dividends - Basic |
|
$ |
174 |
|
$ |
265 |
|
$ |
210 |
|
$ |
322 |
|
$ |
225 |
|
(30 |
)% |
29 |
% |
|
$ |
504 |
|
757 |
|
50 |
% | |
Preferred Dividends - Diluted |
|
$ |
174 |
|
$ |
265 |
|
$ |
210 |
|
$ |
322 |
|
$ |
225 |
|
(30 |
)% |
29 |
% |
|
$ |
504 |
|
757 |
|
50 |
% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income Allocated to Unrestricted Common Shareholders - Basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income from Continuing Operations |
|
$ |
4,070 |
|
$ |
3,072 |
|
$ |
3,253 |
|
$ |
3,645 |
|
$ |
3,592 |
|
(1 |
)% |
(12 |
)% |
|
$ |
13,230 |
|
10,491 |
|
(21 |
)% | |
Citigroups Net Income |
|
$ |
4,061 |
|
$ |
3,028 |
|
$ |
3,251 |
|
$ |
3,623 |
|
$ |
3,562 |
|
(2 |
)% |
(12 |
)% |
|
$ |
13,221 |
|
10,437 |
|
(21 |
)% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income Allocated to Unrestricted Common Shareholders - Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income from Continuing Operations |
|
$ |
4,070 |
|
$ |
3,072 |
|
$ |
3,253 |
|
$ |
3,645 |
|
$ |
3,592 |
|
(1 |
)% |
(12 |
)% |
|
$ |
13,230 |
|
10,491 |
|
(21 |
)% | |
Citigroups Net Income |
|
$ |
4,061 |
|
$ |
3,028 |
|
$ |
3,251 |
|
$ |
3,623 |
|
$ |
3,562 |
|
(2 |
)% |
(12 |
)% |
|
$ |
13,221 |
|
10,437 |
|
(21 |
)% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Regulatory Capital Ratios and Performance Metrics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Common Equity Tier 1 Capital Ratio (1) (2) |
|
11.67 |
% |
12.07 |
% |
12.34 |
% |
12.53 |
% |
12.6 |
% |
|
|
|
|
|
|
|
|
|
|
| |||||||
Tier 1 Capital Ratio (1) (2) |
|
12.91 |
% |
13.49 |
% |
13.81 |
% |
14.12 |
% |
14.2 |
% |
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Capital Ratio (1) (2) |
|
14.60 |
% |
15.30 |
% |
15.71 |
% |
16.13 |
% |
16.3 |
% |
|
|
|
|
|
|
|
|
|
|
| |||||||
Supplementary Leverage Ratio (2) (3) |
|
6.85 |
% |
7.08 |
% |
7.44 |
% |
7.48 |
% |
7.4 |
% |
|
|
|
|
|
|
|
|
|
|
| |||||||
Return on Average Assets |
|
0.94 |
% |
0.74 |
% |
0.79 |
% |
0.89 |
% |
0.83 |
% |
|
|
|
|
|
1.01 |
% |
0.84 |
% |
|
| |||||||
Return on Average Common Equity |
|
8.0 |
% |
5.9 |
% |
6.4 |
% |
7.0 |
% |
6.8 |
% |
|
|
|
|
|
8.8 |
% |
6.7 |
% |
|
| |||||||
Efficiency Ratio (Total Operating Expenses/Total Revenues, net) |
|
57 |
% |
60 |
% |
60 |
% |
59 |
% |
59 |
% |
|
|
|
|
|
56 |
% |
59 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Balance Sheet Data (in billions of dollars, except Book Value Per Share): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Assets |
|
$ |
1,808.4 |
|
$ |
1,731.2 |
|
$ |
1,801.0 |
|
$ |
1,818.8 |
|
$ |
1,818.1 |
|
|
|
1 |
% |
|
|
|
|
|
|
| ||
Total Average Assets |
|
1,818.4 |
|
1,784.3 |
|
1,777.6 |
|
1,807.3 |
|
1,830.2 |
|
1 |
% |
1 |
% |
|
$ |
1,837.1 |
|
$ |
1,805.0 |
|
(2 |
)% | |||||
Total Deposits |
|
904.2 |
|
907.9 |
|
934.6 |
|
937.9 |
|
940.3 |
|
|
|
4 |
% |
|
|
|
|
|
|
| |||||||
Citigroups Stockholders Equity |
|
220.8 |
|
221.9 |
|
227.5 |
|
231.9 |
|
231.6 |
|
|
|
5 |
% |
|
|
|
|
|
|
| |||||||
Book Value Per Share |
|
69.03 |
|
69.46 |
|
71.47 |
|
73.19 |
|
74.51 |
|
2 |
% |
8 |
% |
|
|
|
|
|
|
| |||||||
Tangible Book Value Per Share (4) |
|
60.07 |
|
60.61 |
|
62.58 |
|
63.53 |
|
64.71 |
|
2 |
% |
8 |
% |
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Direct Staff (in thousands) |
|
239 |
|
231 |
|
225 |
|
220 |
|
220 |
|
|
|
(8 |
)% |
|
|
|
|
|
|
|
(1) |
Citigroups risk-based capital ratios, which reflect full implementation of the U.S. Basel III rules, are non-GAAP financial measures. These ratios are calculated under the Basel III Advanced Approaches framework. For the composition of Citis Common Equity Tier 1 Capital and ratio, see page 36. |
(2) |
September 30, 2016 ratios are preliminary. |
(3) |
Citigroups Supplementary Leverage Ratio (SLR), which reflects full implementation of the U.S. Basel III rules, is a non-GAAP financial measure. For the composition of Citis SLR, see page 36. |
(4) |
Tangible book value per share is a non-GAAP financial measure. See page 36 for a reconciliation of this measure to reported results. |
Note: Ratios and variance percentages are calculated based on the displayed amounts.
NM Not meaningful.
Reclassified to conform to the current periods presentation.
CITIGROUP CONSOLIDATED STATEMENT OF INCOME (In millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
|
|
Nine |
|
Nine |
|
YTD 2016 vs. |
| |||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
|
Months |
|
Months |
|
YTD 2015 Increase/ |
| |||||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
|
|
2015 |
|
2016 |
|
(Decrease) |
| |||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Interest revenue |
|
$ |
14,714 |
|
$ |
14,364 |
|
$ |
14,167 |
|
$ |
14,356 |
|
$ |
14,653 |
|
2 |
% |
|
|
|
$ |
44,187 |
|
$ |
43,176 |
|
(2 |
)% |
Interest expense |
|
2,941 |
|
2,901 |
|
2,940 |
|
3,120 |
|
3,174 |
|
2 |
% |
8 |
% |
|
9,020 |
|
9,234 |
|
2 |
% | |||||||
Net interest revenue |
|
11,773 |
|
11,463 |
|
11,227 |
|
11,236 |
|
11,479 |
|
2 |
% |
(2 |
)% |
|
35,167 |
|
33,942 |
|
(3 |
)% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Commissions and fees |
|
2,732 |
|
2,752 |
|
2,463 |
|
2,725 |
|
2,644 |
|
(3 |
)% |
(3 |
)% |
|
9,096 |
|
7,832 |
|
(14 |
)% | |||||||
Principal transactions |
|
1,327 |
|
537 |
|
1,840 |
|
1,816 |
|
2,238 |
|
23 |
% |
69 |
% |
|
5,471 |
|
5,894 |
|
8 |
% | |||||||
Administrative and other fiduciary fees |
|
870 |
|
821 |
|
811 |
|
878 |
|
862 |
|
(2 |
)% |
(1 |
)% |
|
2,827 |
|
2,551 |
|
(10 |
)% | |||||||
Realized gains (losses) on investments |
|
151 |
|
41 |
|
186 |
|
200 |
|
287 |
|
44 |
% |
90 |
% |
|
641 |
|
673 |
|
5 |
% | |||||||
Other-than-temporary impairment losses on investments and other assets |
|
(80 |
) |
(70 |
) |
(465 |
) |
(118 |
) |
(32 |
) |
73 |
% |
60 |
% |
|
(195 |
) |
(615 |
) |
NM |
| |||||||
Insurance premiums |
|
464 |
|
402 |
|
264 |
|
217 |
|
184 |
|
(15 |
)% |
(60 |
)% |
|
1,443 |
|
665 |
|
(54 |
)% | |||||||
Other revenue |
|
1,455 |
|
2,510 |
|
1,229 |
|
594 |
|
98 |
|
(84 |
)% |
(93 |
)% |
|
3,448 |
|
1,921 |
|
(44 |
)% | |||||||
Total non-interest revenues |
|
6,919 |
|
6,993 |
|
6,328 |
|
6,312 |
|
6,281 |
|
|
|
(9 |
)% |
|
22,731 |
|
18,921 |
|
(17 |
)% | |||||||
Total revenues, net of interest expense |
|
18,692 |
|
18,456 |
|
17,555 |
|
17,548 |
|
17,760 |
|
1 |
% |
(5 |
)% |
|
57,898 |
|
52,863 |
|
(9 |
)% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Provisions for Credit Losses and for Benefits and Claims |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net credit losses |
|
1,663 |
|
1,762 |
|
1,724 |
|
1,616 |
|
1,525 |
|
(6 |
)% |
(8 |
)% |
|
5,540 |
|
4,865 |
|
(12 |
)% | |||||||
Credit reserve build / (release) |
|
(81 |
) |
494 |
|
162 |
|
(226 |
) |
221 |
|
NM |
|
NM |
|
|
(688 |
) |
157 |
|
NM |
| |||||||
Provision for loan losses |
|
1,582 |
|
2,256 |
|
1,886 |
|
1,390 |
|
1,746 |
|
26 |
% |
10 |
% |
|
4,852 |
|
5,022 |
|
4 |
% | |||||||
Provison for Policyholder benefits and claims |
|
189 |
|
164 |
|
88 |
|
49 |
|
35 |
|
(29 |
)% |
(81 |
)% |
|
567 |
|
172 |
|
(70 |
)% | |||||||
Provision for unfunded lending commitments |
|
65 |
|
94 |
|
71 |
|
(30 |
) |
(45 |
) |
(50 |
)% |
NM |
|
|
(20 |
) |
(4 |
) |
80 |
% | |||||||
Total provisions for credit losses and for benefits and claims |
|
1,836 |
|
2,514 |
|
2,045 |
|
1,409 |
|
1,736 |
|
23 |
% |
(5 |
)% |
|
5,399 |
|
5,190 |
|
(4 |
)% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Compensation and benefits |
|
5,321 |
|
5,445 |
|
5,556 |
|
5,229 |
|
5,203 |
|
|
|
(2 |
)% |
|
16,324 |
|
15,988 |
|
(2 |
)% | |||||||
Premises and Equipment |
|
722 |
|
710 |
|
651 |
|
642 |
|
624 |
|
(3 |
)% |
(14 |
)% |
|
2,168 |
|
1,917 |
|
(12 |
)% | |||||||
Technology / communication expense |
|
1,628 |
|
1,697 |
|
1,649 |
|
1,657 |
|
1,694 |
|
2 |
% |
4 |
% |
|
4,884 |
|
5,000 |
|
2 |
% | |||||||
Advertising and marketing expense |
|
391 |
|
371 |
|
390 |
|
433 |
|
403 |
|
(7 |
)% |
3 |
% |
|
1,176 |
|
1,226 |
|
4 |
% | |||||||
Other operating |
|
2,607 |
|
2,911 |
|
2,277 |
|
2,408 |
|
2,480 |
|
3 |
% |
(5 |
)% |
|
7,929 |
|
7,165 |
|
(10 |
)% | |||||||
Total operating expenses |
|
10,669 |
|
11,134 |
|
10,523 |
|
10,369 |
|
10,404 |
|
|
|
(2 |
)% |
|
32,481 |
|
31,296 |
|
(4 |
)% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income from Continuing Operations before Income Taxes |
|
6,187 |
|
4,808 |
|
4,987 |
|
5,770 |
|
5,620 |
|
(3 |
)% |
(9 |
)% |
|
20,018 |
|
16,377 |
|
(18 |
)% | |||||||
Provision (benefits) for income taxes |
|
1,881 |
|
1,403 |
|
1,479 |
|
1,723 |
|
1,733 |
|
1 |
% |
(8 |
)% |
|
6,037 |
|
4,935 |
|
(18 |
)% | |||||||
Income from Continuing Operations |
|
4,306 |
|
3,405 |
|
3,508 |
|
4,047 |
|
3,887 |
|
(4 |
)% |
(10 |
)% |
|
13,981 |
|
11,442 |
|
(18 |
)% | |||||||
Discontinued Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income (Loss) from Discontinued Operations |
|
(15 |
) |
(69 |
) |
(3 |
) |
(36 |
) |
(37 |
) |
(3 |
)% |
NM |
|
|
(14 |
) |
(76 |
) |
NM |
| |||||||
Gain (Loss) on Sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Provision (benefits) for income taxes |
|
(5 |
) |
(24 |
) |
(1 |
) |
(13 |
) |
(7 |
) |
46 |
% |
(40 |
)% |
|
(5 |
) |
(21 |
) |
NM |
| |||||||
Income (Loss) from Discontinued Operations, net of taxes |
|
(10 |
) |
(45 |
) |
(2 |
) |
(23 |
) |
(30 |
) |
(30 |
)% |
NM |
|
|
(9 |
) |
(55 |
) |
NM |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Income before Noncontrolling Interests |
|
4,296 |
|
3,360 |
|
3,506 |
|
4,024 |
|
3,857 |
|
(4 |
)% |
(10 |
)% |
|
13,972 |
|
11,387 |
|
(19 |
)% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Income attributable to noncontrolling interests |
|
5 |
|
25 |
|
5 |
|
26 |
|
17 |
|
(35 |
)% |
NM |
|
|
65 |
|
48 |
|
(26 |
)% | |||||||
Citigroups Net Income |
|
$ |
4,291 |
|
$ |
3,335 |
|
$ |
3,501 |
|
$ |
3,998 |
|
$ |
3,840 |
|
(4 |
)% |
(11 |
)% |
|
$ |
13,907 |
|
$ |
11,339 |
|
(18 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NM Not meaningful.
Reclassified to conform to the current periods presentation.
CITIGROUP CONSOLIDATED BALANCE SHEET
(In millions of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
| |||||||
|
|
September 30, |
|
December 31, |
|
March 31, |
|
June 30, |
|
September 30, |
|
(Decrease) from |
| |||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 (1) |
|
2Q16 |
|
3Q15 |
| |||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Cash and due from banks (including segregated cash and other deposits) |
|
$ |
21,726 |
|
$ |
20,900 |
|
$ |
22,240 |
|
$ |
22,140 |
|
$ |
23,419 |
|
6 |
% |
8 |
% |
Deposits with banks |
|
137,935 |
|
112,197 |
|
136,049 |
|
127,993 |
|
132,571 |
|
4 |
% |
(4 |
)% | |||||
Fed funds sold and securities borrd or purch under agree. to resell |
|
231,695 |
|
219,675 |
|
225,093 |
|
228,683 |
|
236,045 |
|
3 |
% |
2 |
% | |||||
Brokerage receivables |
|
37,875 |
|
27,683 |
|
35,261 |
|
36,851 |
|
36,112 |
|
(2 |
)% |
(5 |
)% | |||||
Trading account assets |
|
266,946 |
|
249,956 |
|
273,747 |
|
271,764 |
|
263,874 |
|
(3 |
)% |
(1 |
)% | |||||
Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Available-for-sale and non-marketable equity securities |
|
308,499 |
|
306,740 |
|
316,362 |
|
320,390 |
|
316,352 |
|
(1 |
)% |
3 |
% | |||||
Held-to-maturity |
|
33,940 |
|
36,215 |
|
36,890 |
|
35,903 |
|
38,588 |
|
7 |
% |
14 |
% | |||||
Total Investments |
|
342,439 |
|
342,955 |
|
353,252 |
|
356,293 |
|
354,940 |
|
|
|
4 |
% | |||||
Loans, net of unearned income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consumer |
|
329,219 |
|
325,785 |
|
317,900 |
|
326,419 |
|
328,702 |
|
1 |
% |
|
| |||||
Corporate |
|
293,225 |
|
291,832 |
|
300,924 |
|
307,096 |
|
309,211 |
|
1 |
% |
5 |
% | |||||
Loans, net of unearned income |
|
622,444 |
|
617,617 |
|
618,824 |
|
633,515 |
|
637,913 |
|
1 |
% |
2 |
% | |||||
Allowance for loan losses |
|
(13,626 |
) |
(12,626 |
) |
(12,712 |
) |
(12,304 |
) |
(12,439 |
) |
(1 |
)% |
9 |
% | |||||
Total loans, net |
|
608,818 |
|
604,991 |
|
606,112 |
|
621,211 |
|
625,474 |
|
1 |
% |
3 |
% | |||||
Goodwill |
|
22,444 |
|
22,349 |
|
22,575 |
|
22,496 |
|
22,539 |
|
|
|
|
| |||||
Intangible assets (other than MSRs) |
|
3,880 |
|
3,721 |
|
3,493 |
|
5,521 |
|
5,358 |
|
(3 |
)% |
38 |
% | |||||
Mortgage servicing rights (MSRs) |
|
1,766 |
|
1,781 |
|
1,524 |
|
1,324 |
|
1,270 |
|
(4 |
)% |
(28 |
)% | |||||
Other assets |
|
132,832 |
|
125,002 |
|
121,621 |
|
124,495 |
|
116,515 |
|
(6 |
)% |
(12 |
)% | |||||
Total assets |
|
$ |
1,808,356 |
|
$ |
1,731,210 |
|
$ |
1,800,967 |
|
$ |
1,818,771 |
|
$ |
1,818,117 |
|
|
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-interest-bearing deposits in U.S. offices |
|
$ |
141,425 |
|
$ |
139,249 |
|
$ |
138,153 |
|
$ |
140,145 |
|
$ |
141,899 |
|
1 |
% |
|
|
Interest-bearing deposits in U.S. offices |
|
267,057 |
|
280,234 |
|
284,969 |
|
295,589 |
|
288,094 |
|
(3 |
)% |
8 |
% | |||||
Total U.S. Deposits |
|
408,482 |
|
419,483 |
|
423,122 |
|
435,734 |
|
429,993 |
|
(1 |
)% |
5 |
% | |||||
Non-interest-bearing deposits in offices outside the U.S. |
|
73,188 |
|
71,577 |
|
77,865 |
|
76,574 |
|
75,956 |
|
(1 |
)% |
4 |
% | |||||
Interest-bearing deposits in offices outside the U.S. |
|
422,573 |
|
416,827 |
|
433,604 |
|
425,544 |
|
434,303 |
|
2 |
% |
3 |
% | |||||
Total International Deposits |
|
495,761 |
|
488,404 |
|
511,469 |
|
502,118 |
|
510,259 |
|
2 |
% |
3 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total deposits |
|
904,243 |
|
907,887 |
|
934,591 |
|
937,852 |
|
940,252 |
|
|
|
4 |
% | |||||
Fed funds purch and securities loaned or sold under agree. to repurch. |
|
168,604 |
|
146,496 |
|
157,208 |
|
158,001 |
|
153,124 |
|
(3 |
)% |
(9 |
)% | |||||
Brokerage payables |
|
59,557 |
|
53,722 |
|
58,257 |
|
62,054 |
|
61,921 |
|
|
|
4 |
% | |||||
Trading account liabilities |
|
125,981 |
|
117,512 |
|
136,146 |
|
136,307 |
|
131,649 |
|
(3 |
)% |
4 |
% | |||||
Short-term borrowings |
|
23,715 |
|
21,079 |
|
20,893 |
|
18,408 |
|
29,527 |
|
60 |
% |
25 |
% | |||||
Long-term debt |
|
213,533 |
|
201,275 |
|
207,835 |
|
207,448 |
|
209,051 |
|
1 |
% |
(2 |
)% | |||||
Other liabilities (2) |
|
90,586 |
|
60,147 |
|
57,276 |
|
65,680 |
|
59,903 |
|
(9 |
)% |
(34 |
)% | |||||
Total liabilities |
|
$ |
1,586,219 |
|
$ |
1,508,118 |
|
$ |
1,572,206 |
|
$ |
1,585,750 |
|
$ |
1,585,427 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Stockholders equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Preferred stock |
|
$ |
15,218 |
|
$ |
16,718 |
|
$ |
17,753 |
|
$ |
19,253 |
|
$ |
19,253 |
|
|
|
27 |
% |
Common stock |
|
31 |
|
31 |
|
31 |
|
31 |
|
31 |
|
|
|
|
| |||||
Additional paid-in capital |
|
108,261 |
|
108,288 |
|
107,590 |
|
107,730 |
|
107,875 |
|
|
|
|
| |||||
Retained earnings |
|
130,921 |
|
133,841 |
|
136,998 |
|
140,527 |
|
143,678 |
|
2 |
% |
10 |
% | |||||
Treasury stock |
|
(6,326 |
) |
(7,677 |
) |
(8,224 |
) |
(9,538 |
) |
(12,069 |
) |
(27 |
)% |
(91 |
)% | |||||
Accumulated other comprehensive income (loss) |
|
(27,257 |
) |
(29,344 |
) |
(26,626 |
) |
(26,115 |
) |
(27,193 |
) |
(4 |
)% |
|
| |||||
Total common equity |
|
$ |
205,630 |
|
$ |
205,139 |
|
$ |
209,769 |
|
$ |
212,635 |
|
$ |
212,322 |
|
|
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Citigroup stockholders equity |
|
$ |
220,848 |
|
$ |
221,857 |
|
$ |
227,522 |
|
$ |
231,888 |
|
$ |
231,575 |
|
|
|
5 |
% |
Noncontrolling interests |
|
1,289 |
|
1,235 |
|
1,239 |
|
1,133 |
|
1,115 |
|
(2 |
)% |
(13 |
)% | |||||
Total equity |
|
222,137 |
|
223,092 |
|
228,761 |
|
233,021 |
|
232,690 |
|
|
|
5 |
% | |||||
Total liabilities and equity |
|
$ |
1,808,356 |
|
$ |
1,731,210 |
|
$ |
1,800,967 |
|
$ |
1,818,771 |
|
$ |
1,818,117 |
|
|
|
1 |
% |
(1) |
Preliminary. |
(2) |
Includes allowance for credit losses for letters of credit and unfunded lending commitments. See page 28 for amounts by period. |
|
Reclassified to conform to the current periods presentation.
CITIGROUP SEGMENT DETAIL NET REVENUES (In millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
|
|
Nine |
|
Nine |
|
YTD 2016 vs. |
| |||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
|
Months |
|
Months |
|
YTD 2015 Increase/ |
| |||||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
|
|
2015 |
|
2016 |
|
(Decrease) |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
CITICORP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Global Consumer Banking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
North America |
|
$ |
4,893 |
|
$ |
4,870 |
|
$ |
4,874 |
|
$ |
4,756 |
|
$ |
5,212 |
|
10 |
% |
7 |
% |
|
$ |
14,848 |
|
$ |
14,842 |
|
|
|
Latin America |
|
1,545 |
|
1,361 |
|
1,241 |
|
1,248 |
|
1,257 |
|
1 |
% |
(19 |
)% |
|
4,409 |
|
3,746 |
|
(15 |
)% | |||||||
Asia (1) |
|
1,696 |
|
1,644 |
|
1,655 |
|
1,729 |
|
1,758 |
|
2 |
% |
4 |
% |
|
5,363 |
|
5,142 |
|
(4 |
)% | |||||||
Total |
|
8,134 |
|
7,875 |
|
7,770 |
|
7,733 |
|
8,227 |
|
6 |
% |
1 |
% |
|
24,620 |
|
23,730 |
|
(4 |
)% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Institutional Clients Group (Ex-CVA/DVA) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
North America |
|
3,346 |
|
2,779 |
|
3,046 |
|
3,478 |
|
3,276 |
|
(6 |
)% |
(2 |
)% |
|
10,043 |
|
9,800 |
|
(2 |
)% | |||||||
EMEA |
|
2,253 |
|
2,132 |
|
2,207 |
|
2,615 |
|
2,554 |
|
(2 |
)% |
13 |
% |
|
7,694 |
|
7,376 |
|
(4 |
)% | |||||||
Latin America |
|
1,062 |
|
970 |
|
975 |
|
1,033 |
|
1,009 |
|
(2 |
)% |
(5 |
)% |
|
3,073 |
|
3,017 |
|
(2 |
)% | |||||||
Asia |
|
1,777 |
|
1,614 |
|
1,808 |
|
1,720 |
|
1,789 |
|
4 |
% |
1 |
% |
|
5,417 |
|
5,317 |
|
(2 |
)% | |||||||
Total |
|
8,438 |
|
7,495 |
|
8,036 |
|
8,846 |
|
8,628 |
|
(2 |
)% |
2 |
% |
|
26,227 |
|
25,510 |
|
(3 |
)% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Corporate / Other |
|
218 |
|
107 |
|
274 |
|
126 |
|
28 |
|
(78 |
)% |
(87 |
)% |
|
801 |
|
428 |
|
(47 |
)% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Citicorp (Ex-CVA/DVA) (2) |
|
16,790 |
|
15,477 |
|
16,080 |
|
16,705 |
|
16,883 |
|
1 |
% |
1 |
% |
|
51,648 |
|
49,668 |
|
(4 |
)% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Citi Holdings (Ex-CVA/DVA) (2) |
|
1,706 |
|
3,160 |
|
1,475 |
|
843 |
|
877 |
|
4 |
% |
(49 |
)% |
|
5,815 |
|
3,195 |
|
(45 |
)% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Citigroup - Net Revenues (Ex-CVA/DVA) (2) |
|
$ |
18,496 |
|
$ |
18,637 |
|
$ |
17,555 |
|
$ |
17,548 |
|
$ |
17,760 |
|
1 |
% |
(4 |
)% |
|
57,463 |
|
52,863 |
|
(8 |
)% | ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
CVA/DVA for Periods Prior to 1Q16 (2) |
|
196 |
|
(181 |
) |
|
|
|
|
|
|
|
|
(100 |
)% |
|
435 |
|
|
|
(100 |
)% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Citigroup - Net Revenues |
|
$ |
18,692 |
|
$ |
18,456 |
|
$ |
17,555 |
|
$ |
17,548 |
|
$ |
17,760 |
|
1 |
% |
(5 |
)% |
|
$ |
57,898 |
|
$ |
52,863 |
|
(9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
Asia GCB includes the results of operations of EMEA GCB for all periods presented. |
(2) |
Credit valuation adjustments (CVA) on derivatives (counterparty and own-credit), net of hedges; Funding Valuation Adjustments (FVA) on derivatives; and Debt Valuation Adjustments (DVA) on Citigroups fair value option liabilities (collectively referred to as CVA/DVA). Effective January 1, 2016, Citigroup early adopted on a prospective basis the amendment in ASU No. 2016-01, Financial Instruments Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, related to the presentation of DVA on fair value option liabilities. Accordingly, beginning in the first quarter 2016, the portion of the change in fair value of these liabilities related to changes in Citigroups own credit spreads (DVA) are reflected as a component of Accumulated Other Comprehensive Income (AOCI); previously these amounts were recognized in Citigroups revenues and net income. In the tables above and on pages 5, 16 and 17, results for all periods prior to the first quarter of 1Q16 exclude the impact of CVA/DVA, as applicable, for consistency with the current periods presentation. Citigroups results of operations excluding the impact of CVA/DVA in such periods are non-GAAP financial measures. |
Reclassified to conform to the current periods presentation.
CITIGROUP SEGMENT DETAIL INCOME (In millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
|
|
Nine |
|
Nine |
|
YTD 2016 vs. |
| |||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
|
Months |
|
Months |
|
YTD 2015 Increase/ |
| |||||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
|
|
2015 |
|
2016 |
|
(Decrease) |
| |||||||
Income from Continuing Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
CITICORP |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Global Consumer Banking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
North America |
|
$ |
1,080 |
|
$ |
993 |
|
$ |
860 |
|
$ |
842 |
|
$ |
811 |
|
(4 |
)% |
(25 |
)% |
|
$ |
3,318 |
|
$ |
2,513 |
|
(24 |
)% |
Latin America |
|
306 |
|
152 |
|
156 |
|
184 |
|
167 |
|
(9 |
)% |
(45 |
)% |
|
716 |
|
507 |
|
(29 |
)% | |||||||
Asia (1) |
|
305 |
|
217 |
|
215 |
|
297 |
|
310 |
|
4 |
% |
2 |
% |
|
980 |
|
822 |
|
(16 |
)% | |||||||
Total |
|
1,691 |
|
1,362 |
|
1,231 |
|
1,323 |
|
1,288 |
|
(3 |
)% |
(24 |
)% |
|
5,014 |
|
3,842 |
|
(23 |
)% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Institutional Clients Group (Ex-CVA/DVA) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
North America |
|
931 |
|
517 |
|
584 |
|
1,059 |
|
1,119 |
|
6 |
% |
20 |
% |
|
2,900 |
|
2,762 |
|
(5 |
)% | |||||||
EMEA |
|
408 |
|
231 |
|
399 |
|
720 |
|
680 |
|
(6 |
)% |
67 |
% |
|
2,024 |
|
1,799 |
|
(11 |
)% | |||||||
Latin America |
|
397 |
|
190 |
|
337 |
|
396 |
|
396 |
|
|
|
|
|
|
1,198 |
|
1,129 |
|
(6 |
)% | |||||||
Asia |
|
554 |
|
441 |
|
639 |
|
540 |
|
577 |
|
7 |
% |
4 |
% |
|
1,856 |
|
1,756 |
|
(5 |
)% | |||||||
Total |
|
2,290 |
|
1,379 |
|
1,959 |
|
2,715 |
|
2,772 |
|
2 |
% |
21 |
% |
|
7,978 |
|
7,446 |
|
(7 |
)% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Corporate / Other |
|
183 |
|
101 |
|
(29 |
) |
(89 |
) |
(247 |
) |
NM |
|
NM |
|
|
395 |
|
(365 |
) |
NM |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Citicorp (Ex-CVA/DVA) (2) |
|
4,164 |
|
2,842 |
|
3,161 |
|
3,949 |
|
3,813 |
|
(3 |
)% |
(8 |
)% |
|
13,387 |
|
10,923 |
|
(18 |
)% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Citi Holdings (Ex-CVA/DVA) (2) |
|
15 |
|
677 |
|
347 |
|
98 |
|
74 |
|
(24 |
)% |
NM |
|
|
318 |
|
519 |
|
63 |
% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income From Continuing Operations - Ex-CVA/DVA (2) |
|
4,179 |
|
3,519 |
|
3,508 |
|
4,047 |
|
3,887 |
|
(4 |
)% |
(7 |
)% |
|
13,705 |
|
11,442 |
|
(17 |
)% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Discontinued Operations |
|
(10 |
) |
(45 |
) |
(2 |
) |
(23 |
) |
(30 |
) |
(30 |
)% |
NM |
|
|
(9 |
) |
(55 |
) |
NM |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Income Attributable to Noncontrolling Interests |
|
5 |
|
25 |
|
5 |
|
26 |
|
17 |
|
(35 |
)% |
NM |
|
|
65 |
|
48 |
|
(26 |
)% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Citigroups Net Income - Ex-CVA/DVA (2) |
|
$ |
4,164 |
|
$ |
3,449 |
|
$ |
3,501 |
|
$ |
3,998 |
|
$ |
3,840 |
|
(4 |
)% |
(8 |
)% |
|
$ |
13,631 |
|
$ |
11,339 |
|
(17 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
CVA/DVA (after-tax) for Periods Prior to 1Q16 (2) |
|
127 |
|
(114 |
) |
|
|
|
|
|
|
|
|
(100 |
)% |
|
276 |
|
|
|
(100 |
)% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Citigroup - Net Income |
|
$ |
4,291 |
|
$ |
3,335 |
|
$ |
3,501 |
|
$ |
3,998 |
|
$ |
3,840 |
|
(4 |
)% |
(11 |
)% |
|
$ |
13,907 |
|
$ |
11,339 |
|
(18 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Citicorp - Average Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
North America |
|
$ |
881 |
|
$ |
887 |
|
$ |
904 |
|
$ |
921 |
|
$ |
942 |
|
2 |
% |
7 |
% |
|
$ |
881 |
|
$ |
922 |
|
5 |
% |
EMEA (1) |
|
312 |
|
300 |
|
301 |
|
312 |
|
316 |
|
1 |
% |
1 |
% |
|
320 |
|
310 |
|
(3 |
)% | |||||||
Latin America |
|
139 |
|
141 |
|
137 |
|
139 |
|
136 |
|
(2 |
)% |
(2 |
)% |
|
143 |
|
137 |
|
(4 |
)% | |||||||
Asia (1) |
|
307 |
|
308 |
|
307 |
|
315 |
|
325 |
|
3 |
% |
6 |
% |
|
310 |
|
316 |
|
2 |
% | |||||||
Corporate / Other |
|
59 |
|
51 |
|
51 |
|
49 |
|
47 |
|
(4 |
)% |
(20 |
)% |
|
56 |
|
49 |
|
(13 |
)% | |||||||
Total |
|
$ |
1,698 |
|
$ |
1,687 |
|
$ |
1,700 |
|
$ |
1,736 |
|
$ |
1,766 |
|
2 |
% |
4 |
% |
|
$ |
1,710 |
|
$ |
1,734 |
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Citicorp - Return on Average Assets (ROA)(Ex-CVA/DVA) (2) (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
North America |
|
0.91 |
% |
0.68 |
% |
0.64 |
% |
0.83 |
% |
0.81 |
% |
|
|
|
|
|
0.94 |
% |
0.76 |
% |
|
| |||||||
EMEA (1) |
|
0.52 |
% |
0.29 |
% |
0.52 |
% |
0.91 |
% |
0.84 |
% |
|
|
|
|
|
0.83 |
% |
0.76 |
% |
|
| |||||||
Latin America |
|
2.00 |
% |
0.95 |
% |
1.44 |
% |
1.68 |
% |
1.64 |
% |
|
|
|
|
|
1.79 |
% |
1.59 |
% |
|
| |||||||
Asia (1) |
|
1.10 |
% |
0.85 |
% |
1.12 |
% |
1.07 |
% |
1.08 |
% |
|
|
|
|
|
1.22 |
% |
1.09 |
% |
|
| |||||||
Corporate/Other |
|
1.14 |
% |
0.38 |
% |
(0.18 |
)% |
(0.94 |
)% |
(2.30 |
)% |
|
|
|
|
|
0.90 |
% |
(1.12 |
)% |
|
| |||||||
Total |
|
0.97 |
% |
0.65 |
% |
0.75 |
% |
0.90 |
% |
0.85 |
% |
|
|
|
|
|
1.04 |
% |
0.83 |
% |
|
|
(1) |
Asia GCB includes the results of operations of EMEA GCB for all periods presented. |
(2) |
See footnote 2 on page 4. |
(3) |
For all periods prior to the first quarter of 2016, ROA excluding CVA/DVA is defined as annualized net income (less CVA/DVA), divided by average assets. See above for after-tax CVA/DVA for each period presented. |
NM Not meaningful.
Reclassified to conform to the current periods presentation.
CITICORP INCOME STATEMENT AND BALANCE SHEET DATA (In millions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
|
Nine |
|
Nine |
|
YTD 2016 vs. |
| ||||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
Months |
|
Months |
|
YTD 2015 Increase/ |
| ||||||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
|
2015 |
|
2016 |
|
(Decrease) |
| ||||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net interest revenue |
|
$ |
10,622 |
|
$ |
10,616 |
|
$ |
10,630 |
|
$ |
10,687 |
|
$ |
10,997 |
|
3 |
% |
4 |
% |
|
$ |
31,557 |
|
$ |
32,314 |
|
2 |
% |
Non-interest revenue |
|
6,389 |
|
4,675 |
|
5,450 |
|
6,018 |
|
5,886 |
|
(2 |
)% |
(8 |
)% |
|
20,546 |
|
17,354 |
|
(16 |
)% | |||||||
Total revenues, net of interest expense |
|
17,011 |
|
15,291 |
|
16,080 |
|
16,705 |
|
16,883 |
|
1 |
% |
(1 |
)% |
|
52,103 |
|
49,668 |
|
(5 |
)% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Provisions for Credit Losses and for Benefits and Claims |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net credit losses |
|
1,391 |
|
1,501 |
|
1,581 |
|
1,514 |
|
1,396 |
|
(8 |
)% |
|
|
|
4,465 |
|
4,491 |
|
1 |
% | |||||||
Credit reserve build / (release) |
|
90 |
|
421 |
|
193 |
|
(2 |
) |
343 |
|
NM |
|
NM |
|
|
(160 |
) |
534 |
|
NM |
| |||||||
Provision for loan losses |
|
1,481 |
|
1,922 |
|
1,774 |
|
1,512 |
|
1,739 |
|
15 |
% |
17 |
% |
|
4,305 |
|
5,025 |
|
17 |
% | |||||||
Provision for benefits and claims |
|
28 |
|
30 |
|
28 |
|
20 |
|
25 |
|
25 |
% |
(11 |
)% |
|
77 |
|
73 |
|
(5 |
)% | |||||||
Provision for unfunded lending commitments |
|
84 |
|
95 |
|
73 |
|
(25 |
) |
(45 |
) |
(80 |
)% |
NM |
|
|
2 |
|
3 |
|
50 |
% | |||||||
Total provisions for credit losses and for benefits and claims |
|
1,593 |
|
2,047 |
|
1,875 |
|
1,507 |
|
1,719 |
|
14 |
% |
8 |
% |
|
4,384 |
|
5,101 |
|
16 |
% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total operating expenses |
|
9,295 |
|
9,684 |
|
9,695 |
|
9,511 |
|
9,578 |
|
1 |
% |
3 |
% |
|
28,360 |
|
28,784 |
|
1 |
% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income from Continuing Operations before Income Taxes |
|
6,123 |
|
3,560 |
|
4,510 |
|
5,687 |
|
5,586 |
|
(2 |
)% |
(9 |
)% |
|
19,359 |
|
15,783 |
|
(18 |
)% | |||||||
Provision for income taxes |
|
1,816 |
|
835 |
|
1,349 |
|
1,738 |
|
1,773 |
|
2 |
% |
(2 |
)% |
|
5,683 |
|
4,860 |
|
(14 |
)% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income from Continuing Operations |
|
4,307 |
|
2,725 |
|
3,161 |
|
3,949 |
|
3,813 |
|
(3 |
)% |
(11 |
)% |
|
13,676 |
|
10,923 |
|
(20 |
)% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income (loss) from Discontinued Operations, net of taxes |
|
(10 |
) |
(45 |
) |
(2 |
) |
(23 |
) |
(30 |
) |
(30 |
)% |
NM |
|
|
(9 |
) |
(55 |
) |
NM |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Noncontrolling interests |
|
5 |
|
15 |
|
4 |
|
21 |
|
17 |
|
(19 |
)% |
NM |
|
|
64 |
|
42 |
|
(34 |
)% | |||||||
Citicorps Net Income |
|
$ |
4,292 |
|
$ |
2,665 |
|
$ |
3,155 |
|
$ |
3,905 |
|
$ |
3,766 |
|
(4 |
)% |
(12 |
)% |
|
$ |
13,603 |
|
$ |
10,826 |
|
(20 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Balance Sheet Data (in billions of dollars): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total EOP Assets |
|
$ |
1,691 |
|
$ |
1,650 |
|
$ |
1,728 |
|
$ |
1,753 |
|
$ |
1,757 |
|
|
|
4 |
% |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Average Assets |
|
$ |
1,698 |
|
$ |
1,687 |
|
$ |
1,700 |
|
$ |
1,736 |
|
$ |
1,766 |
|
2 |
% |
4 |
% |
|
$ |
1,710 |
|
$ |
1,734 |
|
1 |
% |
Return on Average Assets |
|
1.00 |
% |
0.63 |
% |
0.75 |
% |
0.90 |
% |
0.85 |
% |
|
|
|
|
|
1.06 |
% |
0.83 |
% |
|
| |||||||
Efficiency Ratio (Operating Expenses/Total Revenues, net) |
|
55 |
% |
63 |
% |
60 |
% |
57 |
% |
57 |
% |
|
|
|
|
|
54 |
% |
58 |
% |
|
| |||||||
Total EOP Loans |
|
$ |
563 |
|
$ |
569 |
|
$ |
573 |
|
$ |
592 |
|
$ |
599 |
|
1 |
% |
6 |
% |
|
|
|
|
|
|
| ||
Total EOP Deposits |
|
$ |
894 |
|
$ |
898 |
|
$ |
925 |
|
$ |
932 |
|
$ |
934 |
|
|
|
5 |
% |
|
|
|
|
|
|
|
NM Not meaningful.
Reclassified to conform to the current periods presentation.
CITICORP GLOBAL CONSUMER BANKING Page 1 (In millions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
|
Nine |
|
Nine |
|
YTD 2016 vs. |
| ||||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
Months |
|
Months |
|
YTD 2015 Increase/ |
| ||||||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
|
2015 |
|
2016 |
|
(Decrease) |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Interest Revenue |
|
$ |
6,519 |
|
$ |
6,547 |
|
$ |
6,406 |
|
$ |
6,364 |
|
$ |
6,770 |
|
6 |
% |
4 |
% |
|
$ |
19,437 |
|
$ |
19,540 |
|
1 |
% |
Non-Interest Revenue |
|
1,615 |
|
1,328 |
|
1,364 |
|
1,369 |
|
1,457 |
|
6 |
% |
(10 |
)% |
|
5,183 |
|
4,190 |
|
(19 |
)% | |||||||
Total Revenues, Net of Interest Expense |
|
8,134 |
|
7,875 |
|
7,770 |
|
7,733 |
|
8,227 |
|
6 |
% |
1 |
% |
|
24,620 |
|
23,730 |
|
(4 |
)% | |||||||
Total Operating Expenses |
|
4,231 |
|
4,346 |
|
4,408 |
|
4,304 |
|
4,440 |
|
3 |
% |
5 |
% |
|
12,874 |
|
13,152 |
|
2 |
% | |||||||
Net Credit Losses |
|
1,354 |
|
1,405 |
|
1,370 |
|
1,373 |
|
1,351 |
|
(2 |
)% |
|
|
|
4,347 |
|
4,094 |
|
(6 |
)% | |||||||
Credit Reserve Build / (Release) |
|
(103 |
) |
(44 |
) |
85 |
|
24 |
|
436 |
|
NM |
|
NM |
|
|
(349 |
) |
545 |
|
NM |
| |||||||
Provision for Unfunded Lending Commitments |
|
1 |
|
6 |
|
2 |
|
8 |
|
(3 |
) |
NM |
|
NM |
|
|
(3 |
) |
7 |
|
NM |
| |||||||
Provision for Benefits and Claims |
|
28 |
|
30 |
|
28 |
|
20 |
|
25 |
|
25 |
% |
(11 |
)% |
|
77 |
|
73 |
|
(5 |
)% | |||||||
Provisions for Credit Losses and for Benefits and Claims (LLR & PBC) |
|
1,280 |
|
1,397 |
|
1,485 |
|
1,425 |
|
1,809 |
|
27 |
% |
41 |
% |
|
4,072 |
|
4,719 |
|
16 |
% | |||||||
Income from Continuing Operations before Taxes |
|
2,623 |
|
2,132 |
|
1,877 |
|
2,004 |
|
1,978 |
|
(1 |
)% |
(25 |
)% |
|
7,674 |
|
5,859 |
|
(24 |
)% | |||||||
Income Taxes |
|
932 |
|
770 |
|
646 |
|
681 |
|
690 |
|
1 |
% |
(26 |
)% |
|
2,660 |
|
2,017 |
|
(24 |
)% | |||||||
Income from Continuing Operations |
|
1,691 |
|
1,362 |
|
1,231 |
|
1,323 |
|
1,288 |
|
(3 |
)% |
(24 |
)% |
|
5,014 |
|
3,842 |
|
(23 |
)% | |||||||
Noncontrolling Interests |
|
8 |
|
1 |
|
2 |
|
1 |
|
3 |
|
NM |
|
(63 |
)% |
|
9 |
|
6 |
|
(33 |
)% | |||||||
Net Income |
|
$ |
1,683 |
|
$ |
1,361 |
|
$ |
1,229 |
|
$ |
1,322 |
|
$ |
1,285 |
|
(3 |
)% |
(24 |
)% |
|
$ |
5,005 |
|
$ |
3,836 |
|
(23 |
)% |
Average Assets (in billions of dollars) |
|
$ |
375 |
|
$ |
379 |
|
$ |
378 |
|
$ |
388 |
|
$ |
410 |
|
6 |
% |
9 |
% |
|
$ |
379 |
|
$ |
392 |
|
3 |
% |
Return on Average Assets (ROA) |
|
1.78 |
% |
1.42 |
% |
1.31 |
% |
1.37 |
% |
1.25 |
% |
|
|
|
|
|
1.77 |
% |
1.31 |
% |
|
| |||||||
Efficiency Ratio |
|
52 |
% |
55 |
% |
57 |
% |
56 |
% |
54 |
% |
|
|
|
|
|
52 |
% |
55 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses as a % of Average Loans |
|
1.99 |
% |
2.04 |
% |
2.03 |
% |
2.02 |
% |
1.87 |
% |
|
|
|
|
|
2.14 |
% |
1.97 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Revenue by Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Retail Banking |
|
$ |
3,514 |
|
$ |
3,280 |
|
$ |
3,216 |
|
$ |
3,272 |
|
$ |
3,361 |
|
3 |
% |
(4 |
)% |
|
$ |
10,585 |
|
$ |
9,849 |
|
(7 |
)% |
Cards (1) |
|
4,620 |
|
4,595 |
|
4,554 |
|
4,461 |
|
4,866 |
|
9 |
% |
5 |
% |
|
14,035 |
|
13,881 |
|
(1 |
)% | |||||||
Total |
|
$ |
8,134 |
|
$ |
7,875 |
|
$ |
7,770 |
|
$ |
7,733 |
|
$ |
8,227 |
|
6 |
% |
1 |
% |
|
$ |
24,620 |
|
$ |
23,730 |
|
(4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses by Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Retail Banking |
|
$ |
247 |
|
$ |
295 |
|
$ |
220 |
|
$ |
242 |
|
$ |
259 |
|
7 |
% |
5 |
% |
|
$ |
763 |
|
$ |
721 |
|
(6 |
)% |
Cards (1) |
|
1,107 |
|
1,110 |
|
1,150 |
|
1,131 |
|
1,092 |
|
(3 |
)% |
(1 |
)% |
|
3,584 |
|
3,373 |
|
(6 |
)% | |||||||
Total |
|
$ |
1,354 |
|
$ |
1,405 |
|
$ |
1,370 |
|
$ |
1,373 |
|
$ |
1,351 |
|
(2 |
)% |
|
|
|
$ |
4,347 |
|
$ |
4,094 |
|
(6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income (loss) from Continuing Operations by Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Retail Banking |
|
$ |
574 |
|
$ |
313 |
|
$ |
317 |
|
$ |
489 |
|
$ |
478 |
|
(2 |
)% |
(17 |
)% |
|
$ |
1,702 |
|
$ |
1,284 |
|
(25 |
)% |
Cards (1) |
|
1,117 |
|
1,049 |
|
914 |
|
834 |
|
810 |
|
(3 |
)% |
(27 |
)% |
|
3,312 |
|
2,558 |
|
(23 |
)% | |||||||
Total |
|
$ |
1,691 |
|
$ |
1,362 |
|
$ |
1,231 |
|
$ |
1,323 |
|
$ |
1,288 |
|
(3 |
)% |
(24 |
)% |
|
$ |
5,014 |
|
$ |
3,842 |
|
(23 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Foreign Currency (FX) Translation Impact: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Revenue - as Reported |
|
$ |
8,134 |
|
$ |
7,875 |
|
$ |
7,770 |
|
$ |
7,733 |
|
$ |
8,227 |
|
6 |
% |
1 |
% |
|
$ |
24,620 |
|
$ |
23,730 |
|
(4 |
)% |
Impact of FX Translation (2) |
|
(174 |
) |
(140 |
) |
(44 |
) |
(52 |
) |
|
|
|
|
|
|
|
(769 |
) |
|
|
|
| |||||||
Total Revenues - Ex-FX (2) |
|
$ |
7,960 |
|
$ |
7,735 |
|
$ |
7,726 |
|
$ |
7,681 |
|
$ |
8,227 |
|
7 |
% |
3 |
% |
|
$ |
23,851 |
|
$ |
23,730 |
|
(1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Operating Expenses - as Reported |
|
$ |
4,231 |
|
$ |
4,346 |
|
$ |
4,408 |
|
$ |
4,304 |
|
$ |
4,440 |
|
3 |
% |
5 |
% |
|
$ |
12,874 |
|
$ |
13,152 |
|
2 |
% |
Impact of FX Translation (2) |
|
(70 |
) |
(59 |
) |
(12 |
) |
(24 |
) |
|
|
|
|
|
|
|
(356 |
) |
|
|
|
| |||||||
Total Operating Expenses - Ex-FX (2) |
|
$ |
4,161 |
|
$ |
4,287 |
|
$ |
4,396 |
|
$ |
4,280 |
|
$ |
4,440 |
|
4 |
% |
7 |
% |
|
$ |
12,518 |
|
$ |
13,152 |
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Provisions for LLR & PBC - as Reported |
|
$ |
1,280 |
|
$ |
1,397 |
|
$ |
1,485 |
|
$ |
1,425 |
|
$ |
1,809 |
|
27 |
% |
41 |
% |
|
$ |
4,072 |
|
$ |
4,719 |
|
16 |
% |
Impact of FX Translation (2) |
|
(41 |
) |
(34 |
) |
(16 |
) |
(13 |
) |
|
|
|
|
|
|
|
(159 |
) |
|
|
|
| |||||||
Total Provisions for LLR & PBC - Ex-FX (2) |
|
$ |
1,239 |
|
$ |
1,363 |
|
$ |
1,469 |
|
$ |
1,412 |
|
$ |
1,809 |
|
28 |
% |
46 |
% |
|
$ |
3,913 |
|
$ |
4,719 |
|
21 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Income - as Reported |
|
$ |
1,683 |
|
$ |
1,361 |
|
$ |
1,229 |
|
$ |
1,322 |
|
$ |
1,285 |
|
(3 |
)% |
(24 |
)% |
|
$ |
5,005 |
|
$ |
3,836 |
|
(23 |
)% |
Impact of FX Translation (2) |
|
(49 |
) |
(40 |
) |
(13 |
) |
(11 |
) |
|
|
|
|
|
|
|
(182 |
) |
|
|
|
| |||||||
Net Income - Ex-FX (2) |
|
$ |
1,634 |
|
$ |
1,321 |
|
$ |
1,216 |
|
$ |
1,311 |
|
$ |
1,285 |
|
(2 |
)% |
(21 |
)% |
|
$ |
4,823 |
|
$ |
3,836 |
|
(20 |
)% |
(1) Includes both Citi-Branded Cards and Citi Retail Services.
(2) Reflects the impact of foreign currency (FX) translation into U.S. Dollars at the third quarter of 2016 average exchange rates for all periods presented. Citigroups results of operations excluding the impact of FX translation are non-GAAP financial measures.
NM Not meaningful.
Reclassified to conform to the current periods presentation.
CITICORP GLOBAL CONSUMER BANKING Page 2 |
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
| |||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
| |||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
| |||||
Retail Banking Key Indicators (in billions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Branches (actual) |
|
2,795 |
|
2,785 |
|
2,703 |
|
2,681 |
|
2,679 |
|
|
|
(4 |
)% | |||||
Accounts (in millions) |
|
56.2 |
|
56.2 |
|
55.9 |
|
56.3 |
|
56.3 |
|
|
|
|
| |||||
Average Deposits |
|
$ |
294.9 |
|
$ |
295.2 |
|
$ |
295.6 |
|
$ |
298.9 |
|
$ |
302.7 |
|
1 |
% |
3 |
% |
Investment Sales |
|
$ |
19.7 |
|
$ |
17.3 |
|
$ |
16.4 |
|
$ |
18.8 |
|
$ |
19.5 |
|
4 |
% |
(1 |
)% |
Investment Assets under Management (AUMs) |
|
$ |
144.4 |
|
$ |
152.6 |
|
$ |
144.1 |
|
$ |
139.9 |
|
$ |
140.9 |
|
1 |
% |
(2 |
)% |
Average Loans |
|
$ |
140.1 |
|
$ |
141.2 |
|
$ |
139.9 |
|
$ |
141.4 |
|
$ |
142.3 |
|
1 |
% |
2 |
% |
EOP Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Real Estate Lending |
|
$ |
79.0 |
|
$ |
80.2 |
|
$ |
82.2 |
|
$ |
81.6 |
|
$ |
81.4 |
|
|
|
3 |
% |
Commercial Markets |
|
32.3 |
|
31.8 |
|
32.1 |
|
32.6 |
|
33.5 |
|
3 |
% |
4 |
% | |||||
Personal and Other |
|
28.1 |
|
28.7 |
|
28.0 |
|
27.6 |
|
27.0 |
|
(2 |
)% |
(4 |
)% | |||||
EOP Loans |
|
$ |
139.4 |
|
$ |
140.7 |
|
$ |
142.3 |
|
$ |
141.8 |
|
$ |
141.9 |
|
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Interest Revenue (in millions) (1) |
|
$ |
2,200 |
|
$ |
2,215 |
|
$ |
2,191 |
|
$ |
2,180 |
|
$ |
2,220 |
|
2 |
% |
1 |
% |
As a % of Average Loans |
|
6.23 |
% |
6.22 |
% |
6.30 |
% |
6.20 |
% |
6.21 |
% |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Credit Losses (in millions) |
|
$ |
247 |
|
$ |
295 |
|
$ |
220 |
|
$ |
242 |
|
$ |
259 |
|
7 |
% |
5 |
% |
As a % of Average Loans |
|
0.70 |
% |
0.83 |
% |
0.63 |
% |
0.69 |
% |
0.72 |
% |
|
|
|
| |||||
Loans 90+ Days Past Due (in millions) (2) |
|
$ |
529 |
|
$ |
523 |
|
$ |
498 |
|
$ |
515 |
|
$ |
579 |
|
12 |
% |
9 |
% |
As a % of EOP Loans |
|
0.38 |
% |
0.37 |
% |
0.35 |
% |
0.37 |
% |
0.41 |
% |
|
|
|
| |||||
Loans 30-89 Days Past Due (in millions) (2) |
|
$ |
764 |
|
$ |
739 |
|
$ |
793 |
|
$ |
735 |
|
$ |
722 |
|
(2 |
)% |
(5 |
)% |
As a % of EOP Loans |
|
0.55 |
% |
0.53 |
% |
0.56 |
% |
0.52 |
% |
0.51 |
% |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Cards Key Indicators (in millions of dollars, except as otherwise noted) (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
EOP Open Accounts (in millions) |
|
135.6 |
|
135.9 |
|
134.1 |
|
143.0 |
|
143.0 |
|
|
|
5 |
% | |||||
Purchase Sales (in billions) |
|
$ |
88.6 |
|
$ |
96.2 |
|
$ |
84.6 |
|
$ |
95.7 |
|
$ |
115.3 |
|
20 |
% |
30 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average Loans (in billions) (4) |
|
$ |
129.7 |
|
$ |
131.5 |
|
$ |
131.3 |
|
$ |
131.9 |
|
$ |
145.5 |
|
10 |
% |
12 |
% |
EOP Loans (in billions) (4) |
|
$ |
130.3 |
|
$ |
136.3 |
|
$ |
130.3 |
|
$ |
143.4 |
|
$ |
147.8 |
|
3 |
% |
13 |
% |
Average Yield (5) |
|
13.25 |
% |
13.09 |
% |
13.21 |
% |
13.05 |
% |
12.76 |
% |
|
|
|
| |||||
Net Interest Revenue (6) |
|
$ |
4,319 |
|
$ |
4,332 |
|
$ |
4,215 |
|
$ |
4,184 |
|
$ |
4,550 |
|
9 |
% |
5 |
% |
As a % of Average Loans (6) |
|
13.21 |
% |
13.07 |
% |
12.91 |
% |
12.76 |
% |
12.44 |
% |
|
|
|
| |||||
Net Credit Losses |
|
$ |
1,107 |
|
$ |
1,110 |
|
$ |
1,150 |
|
$ |
1,131 |
|
$ |
1,092 |
|
(3 |
)% |
(1 |
)% |
As a % of Average Loans |
|
3.39 |
% |
3.35 |
% |
3.52 |
% |
3.45 |
% |
2.99 |
% |
|
|
|
| |||||
Net Credit Margin (7) |
|
$ |
3,501 |
|
$ |
3,476 |
|
$ |
3,396 |
|
$ |
3,322 |
|
$ |
3,766 |
|
13 |
% |
8 |
% |
As a % of Average Loans (7) |
|
10.71 |
% |
10.49 |
% |
10.40 |
% |
10.13 |
% |
10.30 |
% |
|
|
|
| |||||
Loans 90+ Days Past Due |
|
$ |
1,452 |
|
$ |
1,596 |
|
$ |
1,524 |
|
$ |
1,450 |
|
$ |
1,590 |
|
10 |
% |
10 |
% |
As a % of EOP Loans |
|
1.11 |
% |
1.17 |
% |
1.17 |
% |
1.01 |
% |
1.08 |
% |
|
|
|
| |||||
Loans 30-89 Days Past Due |
|
$ |
1,663 |
|
$ |
1,679 |
|
$ |
1,567 |
|
$ |
1,583 |
|
$ |
1,830 |
|
16 |
% |
10 |
% |
As a % of EOP Loans |
|
1.28 |
% |
1.23 |
% |
1.20 |
% |
1.10 |
% |
1.24 |
% |
|
|
|
|
(1) Also includes net interest revenue related to the international regions deposit balances in excess of the average loan portfolio.
(2) The Loans 90+ Days Past Due and 30-89 Days Past Due and related ratios excludes U.S. mortgage loans that are guaranteed by U.S.government-sponsored agencies. See footnote 2 on page 10.
(3) On June 17, 2016, Citi completed the acquisition of the $10.6 billion Costco U.S. co-branded credit card portfolio.
(4) Average loans, EOP loans and the related consumer delinquency amounts and ratios include interest and fees receivables balances.
(5) Average yield is gross interest revenue earned divided by average loans.
(6) Net interest revenue includes certain fees that are recorded as interest revenue
(7) Net credit margin is total revenues, net of interest expense, less net credit losses and policy benefits and claims.
Reclassified to conform to the current periods presentation.
CITICORP GLOBAL CONSUMER BANKING NORTH AMERICA Page 1 (In millions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
|
|
Nine |
|
Nine |
|
YTD 2016 vs. |
| |||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
|
Months |
|
Months |
|
YTD 2015 Increase/ |
| |||||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
|
|
2015 |
|
2016 |
|
(Decrease) |
| |||||||
Net Interest Revenue |
|
$ |
4,455 |
|
$ |
4,506 |
|
$ |
4,442 |
|
$ |
4,377 |
|
$ |
4,748 |
|
8 |
% |
7 |
% |
|
$ |
13,103 |
|
$ |
13,567 |
|
4 |
% |
Non-Interest Revenue |
|
438 |
|
364 |
|
432 |
|
379 |
|
464 |
|
22 |
% |
6 |
% |
|
1,745 |
|
1,275 |
|
(27 |
)% | |||||||
Total Revenues, Net of Interest Expense |
|
4,893 |
|
4,870 |
|
4,874 |
|
4,756 |
|
5,212 |
|
10 |
% |
7 |
% |
|
14,848 |
|
14,842 |
|
|
| |||||||
Total Operating Expenses |
|
2,319 |
|
2,405 |
|
2,506 |
|
2,432 |
|
2,600 |
|
7 |
% |
12 |
% |
|
6,976 |
|
7,538 |
|
8 |
% | |||||||
Net Credit Losses |
|
878 |
|
914 |
|
932 |
|
953 |
|
929 |
|
(3 |
)% |
6 |
% |
|
2,837 |
|
2,814 |
|
(1 |
)% | |||||||
Credit Reserve Build / (Release) |
|
(61 |
) |
(69 |
) |
79 |
|
50 |
|
408 |
|
NM |
|
NM |
|
|
(268 |
) |
537 |
|
NM |
| |||||||
Provision for Unfunded Lending Commitments |
|
|
|
6 |
|
1 |
|
7 |
|
|
|
(100 |
)% |
|
|
|
1 |
|
8 |
|
NM |
| |||||||
Provision for Benefits and Claims |
|
11 |
|
8 |
|
9 |
|
8 |
|
7 |
|
(13 |
)% |
(36 |
)% |
|
30 |
|
24 |
|
(20 |
)% | |||||||
Provisions for Loan Losses and for Benefits and Claims |
|
828 |
|
859 |
|
1,021 |
|
1,018 |
|
1,344 |
|
32 |
% |
62 |
% |
|
2,600 |
|
3,383 |
|
30 |
% | |||||||
Income from Continuing Operations before Taxes |
|
1,746 |
|
1,606 |
|
1,347 |
|
1,306 |
|
1,268 |
|
(3 |
)% |
(27 |
)% |
|
5,272 |
|
3,921 |
|
(26 |
)% | |||||||
Income Taxes |
|
666 |
|
613 |
|
487 |
|
464 |
|
457 |
|
(2 |
)% |
(31 |
)% |
|
1,954 |
|
1,408 |
|
(28 |
)% | |||||||
Income from Continuing Operations |
|
1,080 |
|
993 |
|
860 |
|
842 |
|
811 |
|
(4 |
)% |
(25 |
)% |
|
3,318 |
|
2,513 |
|
(24 |
)% | |||||||
Noncontrolling Interests |
|
1 |
|
1 |
|
|
|
(1 |
) |
|
|
100 |
% |
(100 |
)% |
|
2 |
|
(1 |
) |
NM |
| |||||||
Net Income |
|
$ |
1,079 |
|
$ |
992 |
|
$ |
860 |
|
$ |
843 |
|
$ |
811 |
|
(4 |
)% |
(25 |
)% |
|
$ |
3,316 |
|
$ |
2,514 |
|
(24 |
)% |
Average Assets (in billions of dollars) |
|
$ |
209 |
|
$ |
210 |
|
$ |
212 |
|
$ |
219 |
|
$ |
239 |
|
9 |
% |
14 |
% |
|
$ |
208 |
|
$ |
223 |
|
7 |
% |
Return on Average Assets |
|
2.05 |
% |
1.87 |
% |
1.63 |
% |
1.55 |
% |
1.35 |
% |
|
|
|
|
|
2.13 |
% |
1.51 |
% |
|
| |||||||
Efficiency Ratio |
|
47 |
% |
49 |
% |
51 |
% |
51 |
% |
50 |
% |
|
|
|
|
|
47 |
% |
51 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses as a % of Average Loans |
|
2.21 |
% |
2.26 |
% |
2.32 |
% |
2.34 |
% |
2.08 |
% |
|
|
|
|
|
2.43 |
% |
2.24 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Revenue by Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Retail Banking |
|
$ |
1,347 |
|
$ |
1,338 |
|
$ |
1,307 |
|
$ |
1,330 |
|
$ |
1,374 |
|
3 |
% |
2 |
% |
|
$ |
4,140 |
|
$ |
4,011 |
|
(3 |
)% |
Citi-Branded Cards |
|
1,930 |
|
1,937 |
|
1,880 |
|
1,907 |
|
2,213 |
|
16 |
% |
15 |
% |
|
5,872 |
|
6,000 |
|
2 |
% | |||||||
Citi Retail Services |
|
1,616 |
|
1,595 |
|
1,687 |
|
1,519 |
|
1,625 |
|
7 |
% |
1 |
% |
|
4,836 |
|
4,831 |
|
|
| |||||||
Total |
|
$ |
4,893 |
|
$ |
4,870 |
|
$ |
4,874 |
|
$ |
4,756 |
|
$ |
5,212 |
|
10 |
% |
7 |
% |
|
$ |
14,848 |
|
$ |
14,842 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses by Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Retail Banking |
|
$ |
34 |
|
$ |
42 |
|
$ |
24 |
|
$ |
44 |
|
$ |
54 |
|
23 |
% |
59 |
% |
|
$ |
108 |
|
$ |
122 |
|
13 |
% |
Citi-Branded Cards |
|
443 |
|
454 |
|
455 |
|
467 |
|
448 |
|
(4 |
)% |
1 |
% |
|
1,438 |
|
1,370 |
|
(5 |
)% | |||||||
Citi Retail Services |
|
401 |
|
418 |
|
453 |
|
442 |
|
427 |
|
(3 |
)% |
6 |
% |
|
1,291 |
|
1,322 |
|
2 |
% | |||||||
Total |
|
$ |
878 |
|
$ |
914 |
|
$ |
932 |
|
$ |
953 |
|
$ |
929 |
|
(3 |
)% |
6 |
% |
|
$ |
2,837 |
|
$ |
2,814 |
|
(1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income from Continuing Operations by Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Retail Banking |
|
$ |
161 |
|
$ |
137 |
|
$ |
98 |
|
$ |
178 |
|
$ |
196 |
|
10 |
% |
22 |
% |
|
$ |
578 |
|
$ |
472 |
|
(18 |
)% |
Citi-Branded Cards |
|
522 |
|
515 |
|
366 |
|
334 |
|
336 |
|
1 |
% |
(36 |
)% |
|
1,560 |
|
1,036 |
|
(34 |
)% | |||||||
Citi Retail Services |
|
397 |
|
341 |
|
396 |
|
330 |
|
279 |
|
(15 |
)% |
(30 |
)% |
|
1,180 |
|
1,005 |
|
(15 |
)% | |||||||
Total |
|
$ |
1,080 |
|
$ |
993 |
|
$ |
860 |
|
$ |
842 |
|
$ |
811 |
|
(4 |
)% |
(25 |
)% |
|
$ |
3,318 |
|
$ |
2,513 |
|
(24 |
)% |
NM Not meaningful.
Reclassified to conform to the current periods presentation.
CITICORP NORTH AMERICA |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
| |||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
| |||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
| |||||
Retail Banking Key Indicators (in billions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Branches (actual) |
|
779 |
|
780 |
|
729 |
|
729 |
|
727 |
|
|
|
(7 |
)% | |||||
Accounts (in millions) |
|
11.2 |
|
11.0 |
|
10.8 |
|
10.8 |
|
10.6 |
|
(2 |
)% |
(5 |
)% | |||||
Investment Sales |
|
$ |
4.9 |
|
$ |
4.6 |
|
$ |
4.8 |
|
$ |
5.5 |
|
$ |
5.2 |
|
(5 |
)% |
6 |
% |
Investment AUMs |
|
$ |
47.9 |
|
$ |
48.9 |
|
$ |
49.4 |
|
$ |
51.4 |
|
$ |
53.1 |
|
3 |
% |
11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average Deposits |
|
$ |
181.4 |
|
$ |
181.2 |
|
$ |
180.6 |
|
$ |
182.1 |
|
$ |
183.9 |
|
1 |
% |
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average Loans |
|
$ |
50.3 |
|
$ |
51.8 |
|
$ |
52.9 |
|
$ |
54.4 |
|
$ |
55.0 |
|
1 |
% |
9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
EOP Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Real Estate Lending |
|
$ |
40.6 |
|
$ |
41.9 |
|
$ |
42.9 |
|
$ |
43.9 |
|
$ |
44.0 |
|
|
|
8 |
% |
Commercial Markets |
|
8.4 |
|
7.8 |
|
8.2 |
|
8.4 |
|
8.8 |
|
5 |
% |
5 |
% | |||||
Personal and Other |
|
2.0 |
|
2.5 |
|
2.4 |
|
2.5 |
|
2.0 |
|
(20 |
)% |
|
| |||||
Total EOP Loans |
|
$ |
51.0 |
|
$ |
52.2 |
|
$ |
53.5 |
|
$ |
54.8 |
|
$ |
54.8 |
|
|
|
7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Mortgage Originations (1) |
|
$ |
7.5 |
|
$ |
6.2 |
|
$ |
5.5 |
|
$ |
6.4 |
|
$ |
6.5 |
|
2 |
% |
(13 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Third Party Mortgage Servicing Portfolio (EOP) |
|
$ |
162.6 |
|
$ |
159.5 |
|
$ |
155.9 |
|
$ |
151.8 |
|
$ |
147.6 |
|
(3 |
)% |
(9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Servicing & Gain/(Loss) on Sale (in millions) |
|
$ |
107.2 |
|
$ |
110.6 |
|
$ |
97.6 |
|
$ |
90.9 |
|
$ |
141.9 |
|
56 |
% |
32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Saleable Mortgage Rate Locks |
|
$ |
3.9 |
|
$ |
3.2 |
|
$ |
3.1 |
|
$ |
4.0 |
|
$ |
3.9 |
|
(3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Interest Revenue on Loans (in millions) |
|
$ |
262 |
|
$ |
271 |
|
$ |
276 |
|
$ |
268 |
|
$ |
267 |
|
|
|
2 |
% |
As a % of Avg. Loans |
|
2.07 |
% |
2.08 |
% |
2.10 |
% |
1.98 |
% |
1.93 |
% |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Credit Losses (in millions) |
|
$ |
34 |
|
$ |
42 |
|
$ |
24 |
|
$ |
44 |
|
$ |
54 |
|
23 |
% |
59 |
% |
As a % of Avg. Loans |
|
0.27 |
% |
0.32 |
% |
0.18 |
% |
0.33 |
% |
0.39 |
% |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Loans 90+ Days Past Due (in millions) (2) |
|
$ |
138 |
|
$ |
165 |
|
$ |
152 |
|
$ |
180 |
|
$ |
256 |
|
42 |
% |
86 |
% |
As a % of EOP Loans |
|
0.28 |
% |
0.32 |
% |
0.29 |
% |
0.33 |
% |
0.47 |
% |
|
|
|
| |||||
Loans 30-89 Days Past Due (in millions) (2) |
|
$ |
198 |
|
$ |
221 |
|
$ |
198 |
|
$ |
192 |
|
$ |
198 |
|
3 |
% |
|
|
As a % of EOP Loans |
|
0.40 |
% |
0.43 |
% |
0.38 |
% |
0.36 |
% |
0.37 |
% |
|
|
|
|
(1) |
Originations on First mortgages. | |
(2) |
The Loans 90+ Days Past Due and 30-89 Days Past Due and related ratios exclude U.S. mortgage loans that are guaranteed by U.S. government-sponsored agencies since the potential loss predominantly resides with the U.S. agencies. | |
|
|
The amounts excluded for Loans 90+ Days Past Due and (EOP Loans) were $498 million and ($0.9 billion), $491 million and ($1.1 billion), $456 million and ($1.1 billion), $408 million and ($0.9 billion), and $305 million and ($0.7 billion), as of June 30, 2015, September 30, 2015, December 31, 2015, March 31, 2016, June 30, 2016 and September 30, 2016, respectively. |
|
|
|
|
|
The amounts excluded for Loans 30-89 Days Past Due and (EOP Loans) were $79 million and ($0.9 billion), $87 million and ($1.1 billion), $86 million and ($1.1 billion), $91 million and ($0.9 billion), and $58 million and ($0.7 billion), as of June 30, 2015, September 30, 2015, December 31, 2015, March 31, 2016, June 30, 2016 and September 30, 2016, respectively. |
|
|
|
Reclassified to conform to the current periods presentation. |
CITICORP |
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
| |||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
| |||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
| |||||
Citi-Branded Cards Key Indicators (in millions of dollars, except as otherwise noted) (1) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
EOP Open Accounts (in millions) |
|
23.3 |
|
23.5 |
|
23.8 |
|
31.8 |
|
32.5 |
|
2 |
% |
39 |
% | |||||
Purchase Sales (in billions) |
|
$ |
46.6 |
|
$ |
49.0 |
|
$ |
45.9 |
|
$ |
53.1 |
|
$ |
73.1 |
|
38 |
% |
57 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average Loans (in billions) (1) |
|
$ |
63.9 |
|
$ |
64.6 |
|
$ |
64.7 |
|
$ |
66.7 |
|
$ |
79.2 |
|
19 |
% |
24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
EOP Loans (in billions) (1) |
|
$ |
64.8 |
|
$ |
67.2 |
|
$ |
64.9 |
|
$ |
77.5 |
|
$ |
81.3 |
|
5 |
% |
25 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average Yield (3) |
|
10.28 |
% |
10.31 |
% |
10.38 |
% |
10.04 |
% |
9.90 |
% |
|
|
|
| |||||
Net Interest Revenue (4) |
|
$ |
1,618 |
|
$ |
1,633 |
|
$ |
1,612 |
|
$ |
1,612 |
|
$ |
1,884 |
|
17 |
% |
16 |
% |
As a % of Avg. Loans (4) |
|
10.05 |
% |
10.03 |
% |
10.02 |
% |
9.72 |
% |
9.46 |
% |
|
|
|
| |||||
Net Credit Losses |
|
$ |
443 |
|
$ |
454 |
|
$ |
455 |
|
$ |
467 |
|
$ |
448 |
|
(4 |
)% |
1 |
% |
As a % of Average Loans |
|
2.75 |
% |
2.79 |
% |
2.83 |
% |
2.82 |
% |
2.25 |
% |
|
|
|
| |||||
Net Credit Margin (5) |
|
$ |
1,482 |
|
$ |
1,481 |
|
$ |
1,421 |
|
$ |
1,437 |
|
$ |
1,762 |
|
23 |
% |
19 |
% |
As a % of Avg. Loans (5) |
|
9.20 |
% |
9.10 |
% |
8.83 |
% |
8.67 |
% |
8.85 |
% |
|
|
|
| |||||
Loans 90+ Days Past Due |
|
$ |
491 |
|
$ |
538 |
|
$ |
530 |
|
$ |
510 |
|
$ |
607 |
|
19 |
% |
24 |
% |
As a % of EOP Loans |
|
0.76 |
% |
0.80 |
% |
0.82 |
% |
0.66 |
% |
0.75 |
% |
|
|
|
| |||||
Loans 30-89 Days Past Due |
|
$ |
504 |
|
$ |
523 |
|
$ |
492 |
|
$ |
550 |
|
$ |
710 |
|
29 |
% |
41 |
% |
As a % of EOP Loans |
|
0.78 |
% |
0.78 |
% |
0.76 |
% |
0.71 |
% |
0.87 |
% |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Citi Retail Services Key Indicators (in millions of dollars, except as otherwise noted) (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
EOP Open Accounts |
|
89.5 |
|
89.9 |
|
88.1 |
|
88.9 |
|
88.3 |
|
(1 |
)% |
(1 |
)% | |||||
Purchase Sales (in billions) |
|
$ |
19.8 |
|
$ |
23.5 |
|
$ |
16.9 |
|
$ |
20.1 |
|
$ |
19.7 |
|
(2 |
)% |
(1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average Loans (in billions) (1) |
|
$ |
43.1 |
|
$ |
44.1 |
|
$ |
44.0 |
|
$ |
42.7 |
|
$ |
43.6 |
|
2 |
% |
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
EOP Loans (in billions) (1) |
|
$ |
43.1 |
|
$ |
46.1 |
|
$ |
42.5 |
|
$ |
43.3 |
|
$ |
43.9 |
|
1 |
% |
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average Yield (3) |
|
16.94 |
% |
16.49 |
% |
16.92 |
% |
17.01 |
% |
17.06 |
% |
|
|
|
| |||||
Net Interest Revenue (4) |
|
$ |
1,925 |
|
$ |
1,939 |
|
$ |
1,899 |
|
$ |
1,843 |
|
$ |
1,934 |
|
5 |
% |
|
|
As a % of Avg. Loans (4) |
|
17.72 |
% |
17.44 |
% |
17.36 |
% |
17.36 |
% |
17.65 |
% |
|
|
|
| |||||
Net Credit Losses |
|
$ |
401 |
|
$ |
418 |
|
$ |
453 |
|
$ |
442 |
|
$ |
427 |
|
(3 |
)% |
6 |
% |
As a % of Average Loans |
|
3.69 |
% |
3.76 |
% |
4.14 |
% |
4.16 |
% |
3.90 |
% |
|
|
|
| |||||
Net Credit Margin (5) |
|
$ |
1,209 |
|
$ |
1,170 |
|
$ |
1,230 |
|
$ |
1,072 |
|
$ |
1,193 |
|
11 |
% |
(1 |
)% |
As a % of Avg. Loans (5) |
|
11.13 |
% |
10.53 |
% |
11.24 |
% |
10.10 |
% |
10.89 |
% |
|
|
|
| |||||
Loans 90+ Days Past Due |
|
$ |
621 |
|
$ |
705 |
|
$ |
665 |
|
$ |
619 |
|
$ |
664 |
|
7 |
% |
7 |
% |
As a % of EOP Loans |
|
1.44 |
% |
1.53 |
% |
1.56 |
% |
1.43 |
% |
1.51 |
% |
|
|
|
| |||||
Loans 30-89 Days Past Due |
|
$ |
758 |
|
$ |
773 |
|
$ |
688 |
|
$ |
669 |
|
$ |
750 |
|
12 |
% |
(1 |
)% |
As a % of EOP Loans |
|
1.76 |
% |
1.68 |
% |
1.62 |
% |
1.55 |
% |
1.71 |
% |
|
|
|
|
(1) |
|
Average loans, EOP loans and the related consumer delinquency amounts and ratios include interest and fees receivables balances. |
(2) |
|
See footnote 3 on page 8. |
(3) |
|
Average yield is calculated as gross interest revenue earned divided by average loans. |
(4) |
|
Net interest revenue includes certain fees that are recorded as interest revenue. |
(5) |
|
Net credit margin represents total revenues, net of interest expense, less net credit losses and policy benefits and claims. |
Reclassified to conform to the current periods presentation.
CITICORP GLOBAL CONSUMER BANKING LATIN AMERICA - PAGE 1 (In millions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
|
|
Nine |
|
Nine |
|
YTD 2016 vs. |
| |||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
|
Months |
|
Months |
|
YTD 2015 Increase/ |
| |||||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
|
|
2015 |
|
2016 |
|
(Decrease) |
| |||||||
Net Interest Revenue |
|
$ |
959 |
|
$ |
945 |
|
$ |
863 |
|
$ |
871 |
|
$ |
886 |
|
2 |
% |
(8 |
)% |
|
$ |
2,940 |
|
$ |
2,620 |
|
(11 |
)% |
Non-Interest Revenue |
|
586 |
|
416 |
|
378 |
|
377 |
|
371 |
|
(2 |
)% |
(37 |
)% |
|
1,469 |
|
1,126 |
|
(23 |
)% | |||||||
Total Revenues, Net of Interest Expense |
|
1,545 |
|
1,361 |
|
1,241 |
|
1,248 |
|
1,257 |
|
1 |
% |
(19 |
)% |
|
4,409 |
|
3,746 |
|
(15 |
)% | |||||||
Total Operating Expenses |
|
795 |
|
824 |
|
720 |
|
726 |
|
713 |
|
(2 |
)% |
(10 |
)% |
|
2,438 |
|
2,159 |
|
(11 |
)% | |||||||
Net Credit Losses |
|
301 |
|
307 |
|
278 |
|
260 |
|
254 |
|
(2 |
)% |
(16 |
)% |
|
973 |
|
792 |
|
(19 |
)% | |||||||
Credit Reserve Build / (Release) |
|
19 |
|
3 |
|
17 |
|
(2 |
) |
32 |
|
NM |
|
68 |
% |
|
30 |
|
47 |
|
57 |
% | |||||||
Provision for Unfunded Lending Commitments |
|
1 |
|
|
|
1 |
|
1 |
|
|
|
(100 |
)% |
(100 |
)% |
|
(2 |
) |
2 |
|
NM |
| |||||||
Provision for Benefits and Claims |
|
17 |
|
22 |
|
19 |
|
12 |
|
18 |
|
50 |
% |
6 |
% |
|
47 |
|
49 |
|
4 |
% | |||||||
Provisions for Credit Losses and for Benefits and Claims (LLR & PBC) |
|
338 |
|
332 |
|
315 |
|
271 |
|
304 |
|
12 |
% |
(10 |
)% |
|
1,048 |
|
890 |
|
(15 |
)% | |||||||
Income from Continuing Operations before Taxes |
|
412 |
|
205 |
|
206 |
|
251 |
|
240 |
|
(4 |
)% |
(42 |
)% |
|
923 |
|
697 |
|
(24 |
)% | |||||||
Income Taxes |
|
106 |
|
53 |
|
50 |
|
67 |
|
73 |
|
9 |
% |
(31 |
)% |
|
207 |
|
190 |
|
(8 |
)% | |||||||
Income from Continuing Operations |
|
306 |
|
152 |
|
156 |
|
184 |
|
167 |
|
(9 |
)% |
(45 |
)% |
|
716 |
|
507 |
|
(29 |
)% | |||||||
Noncontrolling Interests |
|
1 |
|
|
|
1 |
|
1 |
|
2 |
|
100 |
% |
100 |
% |
|
3 |
|
4 |
|
33 |
% | |||||||
Net Income |
|
$ |
305 |
|
$ |
152 |
|
$ |
155 |
|
$ |
183 |
|
$ |
165 |
|
(10 |
)% |
(46 |
)% |
|
$ |
713 |
|
$ |
503 |
|
(29 |
)% |
Average Assets (in billions of dollars) |
|
$ |
50 |
|
$ |
52 |
|
$ |
50 |
|
$ |
50 |
|
$ |
50 |
|
|
|
|
|
|
$ |
54 |
|
$ |
50 |
|
(7 |
)% |
Return on Average Assets |
|
2.42 |
% |
1.16 |
% |
1.25 |
% |
1.47 |
% |
1.31 |
% |
|
|
|
|
|
1.77 |
% |
1.34 |
% |
|
| |||||||
Efficiency Ratio |
|
51 |
% |
61 |
% |
58 |
% |
58 |
% |
57 |
% |
|
|
|
|
|
55 |
% |
58 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses as a % of Average Loans |
|
4.65 |
% |
4.70 |
% |
4.53 |
% |
4.25 |
% |
4.12 |
% |
|
|
|
|
|
4.85 |
% |
4.30 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Revenue by Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Retail Banking |
|
$ |
1,100 |
|
$ |
934 |
|
$ |
868 |
|
$ |
865 |
|
$ |
893 |
|
3 |
% |
(19 |
)% |
|
$ |
3,047 |
|
$ |
2,626 |
|
(14 |
)% |
Citi-Branded Cards |
|
445 |
|
427 |
|
373 |
|
383 |
|
364 |
|
(5 |
)% |
(18 |
)% |
|
1,362 |
|
1,120 |
|
(18 |
)% | |||||||
Total |
|
$ |
1,545 |
|
$ |
1,361 |
|
$ |
1,241 |
|
$ |
1,248 |
|
$ |
1,257 |
|
1 |
% |
(19 |
)% |
|
$ |
4,409 |
|
$ |
3,746 |
|
(15 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses by Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Retail Banking |
|
$ |
138 |
|
$ |
159 |
|
$ |
134 |
|
$ |
137 |
|
$ |
132 |
|
(4 |
)% |
(4 |
)% |
|
$ |
430 |
|
$ |
403 |
|
(6 |
)% |
Citi-Branded Cards |
|
163 |
|
148 |
|
144 |
|
123 |
|
122 |
|
(1 |
)% |
(25 |
)% |
|
543 |
|
389 |
|
(28 |
)% | |||||||
Total |
|
$ |
301 |
|
$ |
307 |
|
$ |
278 |
|
$ |
260 |
|
$ |
254 |
|
(2 |
)% |
(16 |
)% |
|
$ |
973 |
|
$ |
792 |
|
(19 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income from Continuing Operations by Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Retail Banking |
|
$ |
228 |
|
$ |
65 |
|
$ |
99 |
|
$ |
107 |
|
$ |
91 |
|
(15 |
)% |
(60 |
)% |
|
$ |
497 |
|
$ |
297 |
|
(40 |
)% |
Citi-Branded Cards |
|
78 |
|
87 |
|
57 |
|
77 |
|
76 |
|
(1 |
)% |
(3 |
)% |
|
219 |
|
210 |
|
(4 |
)% | |||||||
Total |
|
$ |
306 |
|
$ |
152 |
|
$ |
156 |
|
$ |
184 |
|
$ |
167 |
|
(9 |
)% |
(45 |
)% |
|
$ |
716 |
|
$ |
507 |
|
(29 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
FX Translation Impact: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Revenue - as Reported (1) |
|
$ |
1,545 |
|
$ |
1,361 |
|
$ |
1,241 |
|
$ |
1,248 |
|
$ |
1,257 |
|
1 |
% |
(19 |
)% |
|
$ |
4,409 |
|
$ |
3,746 |
|
(15 |
)% |
Impact of FX Translation (2) |
|
(193 |
) |
(166 |
) |
(75 |
) |
(64 |
) |
|
|
|
|
|
|
|
(646 |
) |
|
|
|
| |||||||
Total Revenues - Ex-FX (1) (2) |
|
$ |
1,352 |
|
$ |
1,195 |
|
$ |
1,166 |
|
$ |
1,184 |
|
$ |
1,257 |
|
6 |
% |
(7 |
)% |
|
$ |
3,763 |
|
$ |
3,746 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Operating Expenses - as Reported |
|
$ |
795 |
|
$ |
824 |
|
$ |
720 |
|
$ |
726 |
|
$ |
713 |
|
(2 |
)% |
(10 |
)% |
|
$ |
2,438 |
|
$ |
2,159 |
|
(11 |
)% |
Impact of FX Translation (2) |
|
(79 |
) |
(74 |
) |
(35 |
) |
(30 |
) |
|
|
|
|
|
|
|
(260 |
) |
|
|
|
| |||||||
Total Operating Expenses - Ex-FX (2) |
|
$ |
716 |
|
$ |
750 |
|
$ |
685 |
|
$ |
696 |
|
$ |
713 |
|
2 |
% |
|
|
|
$ |
2,178 |
|
$ |
2,159 |
|
(1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Provisions for LLR & PBC - as Reported |
|
$ |
338 |
|
$ |
332 |
|
$ |
315 |
|
$ |
271 |
|
$ |
304 |
|
12 |
% |
(10 |
)% |
|
$ |
1,048 |
|
$ |
890 |
|
(15 |
)% |
Impact of FX Translation (2) |
|
(43 |
) |
(39 |
) |
(19 |
) |
(14 |
) |
|
|
|
|
|
|
|
(148 |
) |
|
|
|
| |||||||
Provisions for LLR & PBC - Ex-FX (2) |
|
$ |
295 |
|
$ |
293 |
|
$ |
296 |
|
$ |
257 |
|
$ |
304 |
|
18 |
% |
3 |
% |
|
$ |
900 |
|
$ |
890 |
|
(1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Income - as Reported |
|
$ |
305 |
|
$ |
152 |
|
$ |
155 |
|
$ |
183 |
|
$ |
165 |
|
(10 |
)% |
(46 |
)% |
|
$ |
713 |
|
$ |
503 |
|
(29 |
)% |
Impact of FX Translation (2) |
|
(54 |
) |
(44 |
) |
(17 |
) |
(15 |
) |
|
|
|
|
|
|
|
(182 |
) |
|
|
|
| |||||||
Net Income - Ex-FX (2) |
|
$ |
251 |
|
$ |
108 |
|
$ |
138 |
|
$ |
168 |
|
$ |
165 |
|
(2 |
)% |
(34 |
)% |
|
$ |
531 |
|
$ |
503 |
|
(5 |
)% |
(1) Revenues in the third quarter of 2015 include an approximate $180 million ($160 million ex-FX) gain related to the sale of the Mexico merchant acquiring business.
(2) Reflects the impact of foreign currency (FX) translation into U.S. Dollars at the third quarter of 2016 average exchange rates for all periods presented. Citigroups results of operations excluding the impact of FX translation are non-GAAP financial measures.
NM Not meaningful.
Reclassified to conform to the current periods presentation.
CITICORP GLOBAL CONSUMER BANKING LATIN AMERICA - PAGE 2 |
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
| |||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
| |||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Retail Banking Key Indicators (in billions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Branches (actual) |
|
1,495 |
|
1,492 |
|
1,493 |
|
1,491 |
|
1,494 |
|
|
|
|
| |||||
Accounts (in millions) |
|
27.3 |
|
27.7 |
|
27.9 |
|
28.4 |
|
28.8 |
|
1 |
% |
5 |
% | |||||
Average Deposits |
|
$ |
27.1 |
|
$ |
27.3 |
|
$ |
27.8 |
|
$ |
27.4 |
|
$ |
27.2 |
|
(1 |
)% |
|
|
Investment Sales |
|
$ |
6.6 |
|
$ |
6.7 |
|
$ |
5.5 |
|
$ |
5.8 |
|
$ |
5.7 |
|
(2 |
)% |
(14 |
)% |
Investment AUMs |
|
$ |
41.4 |
|
$ |
46.7 |
|
$ |
38.6 |
|
$ |
32.4 |
|
$ |
31.0 |
|
(4 |
)% |
(25 |
)% |
Average Loans |
|
$ |
20.1 |
|
$ |
20.4 |
|
$ |
19.5 |
|
$ |
19.5 |
|
$ |
19.4 |
|
(1 |
)% |
(3 |
)% |
EOP Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Real Estate Lending |
|
$ |
4.1 |
|
$ |
3.9 |
|
$ |
4.6 |
|
$ |
4.2 |
|
$ |
4.1 |
|
(2 |
)% |
|
|
Commercial Markets |
|
8.6 |
|
9.2 |
|
9.1 |
|
9.0 |
|
8.9 |
|
(1 |
)% |
3 |
% | |||||
Personal and Other |
|
7.1 |
|
7.0 |
|
6.4 |
|
6.3 |
|
6.0 |
|
(5 |
)% |
(15 |
)% | |||||
Total EOP Loans |
|
$ |
19.8 |
|
$ |
20.1 |
|
$ |
20.1 |
|
$ |
19.5 |
|
$ |
19.0 |
|
(3 |
)% |
(4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Interest Revenue (in millions) (1) |
|
$ |
629 |
|
$ |
635 |
|
$ |
597 |
|
$ |
595 |
|
$ |
621 |
|
4 |
% |
(1 |
)% |
As a % of Average Loans (1) |
|
12.42 |
% |
12.35 |
% |
12.31 |
% |
12.27 |
% |
12.73 |
% |
|
|
|
| |||||
Net Credit Losses (in millions) |
|
$ |
138 |
|
$ |
159 |
|
$ |
134 |
|
$ |
137 |
|
$ |
132 |
|
(4 |
)% |
(4 |
)% |
As a % of Average Loans |
|
2.72 |
% |
3.09 |
% |
2.76 |
% |
2.83 |
% |
2.71 |
% |
|
|
|
| |||||
Loans 90+ Days Past Due (in millions) |
|
$ |
212 |
|
$ |
185 |
|
$ |
172 |
|
$ |
157 |
|
$ |
160 |
|
2 |
% |
(25 |
)% |
As a % of EOP Loans |
|
1.07 |
% |
0.92 |
% |
0.86 |
% |
0.81 |
% |
0.84 |
% |
|
|
|
| |||||
Loans 30-89 Days Past Due (in millions) |
|
$ |
239 |
|
$ |
184 |
|
$ |
256 |
|
$ |
197 |
|
$ |
196 |
|
(1 |
)% |
(18 |
)% |
As a % of EOP Loans |
|
1.21 |
% |
0.92 |
% |
1.27 |
% |
1.01 |
% |
1.03 |
% |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Citi-Branded Cards Key Indicators (in billions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
EOP Open Accounts (in millions) |
|
5.7 |
|
5.6 |
|
5.6 |
|
5.7 |
|
5.8 |
|
2 |
% |
2 |
% | |||||
Purchase Sales (in billions) |
|
$ |
4.0 |
|
$ |
4.4 |
|
$ |
3.7 |
|
$ |
3.8 |
|
$ |
3.8 |
|
|
|
(5 |
)% |
Average Loans (in billions) (2) |
|
$ |
5.6 |
|
$ |
5.5 |
|
$ |
5.2 |
|
$ |
5.1 |
|
$ |
5.1 |
|
|
|
(9 |
)% |
EOP Loans (in billions) (2) |
|
$ |
5.4 |
|
$ |
5.4 |
|
$ |
5.3 |
|
$ |
5.0 |
|
$ |
4.9 |
|
(2 |
)% |
(9 |
)% |
Average Yield (3) |
|
21.19 |
% |
20.73 |
% |
19.77 |
% |
20.24 |
% |
20.32 |
% |
|
|
(4 |
)% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Interest Revenue (in millions) (4) |
|
$ |
330 |
|
$ |
310 |
|
$ |
266 |
|
$ |
276 |
|
$ |
265 |
|
(4 |
)% |
(20 |
)% |
As a % of Average Loans (4) |
|
23.38 |
% |
22.36 |
% |
20.57 |
% |
21.77 |
% |
20.67 |
% |
|
|
|
| |||||
Net Credit Losses (in millions) |
|
$ |
163 |
|
$ |
148 |
|
$ |
144 |
|
$ |
123 |
|
$ |
122 |
|
(1 |
)% |
(25 |
)% |
As a % of Average Loans |
|
11.55 |
% |
10.68 |
% |
11.14 |
% |
9.70 |
% |
9.52 |
% |
|
|
|
| |||||
Net Credit Margin (in millions) (5) |
|
$ |
282 |
|
$ |
279 |
|
$ |
229 |
|
$ |
260 |
|
$ |
242 |
|
(7 |
)% |
(14 |
)% |
As a % of Average Loans (5) |
|
19.98 |
% |
20.13 |
% |
17.71 |
% |
20.50 |
% |
18.88 |
% |
|
|
|
| |||||
Loans 90+ Days Past Due (in millions) |
|
$ |
169 |
|
$ |
173 |
|
$ |
149 |
|
$ |
145 |
|
$ |
131 |
|
(10 |
)% |
(22 |
)% |
As a % of EOP Loans |
|
3.13 |
% |
3.20 |
% |
2.81 |
% |
2.90 |
% |
2.67 |
% |
|
|
|
| |||||
Loans 30-89 Days Past Due (in millions) |
|
$ |
181 |
|
$ |
157 |
|
$ |
152 |
|
$ |
137 |
|
$ |
131 |
|
(4 |
)% |
(28 |
)% |
As a % of EOP Loans |
|
3.35 |
% |
2.91 |
% |
2.87 |
% |
2.74 |
% |
2.67 |
% |
|
|
|
|
(1) Also includes net interest revenue related to the regions deposit balances in excess of the average loan portfolio.
(2) Average loans, EOP loans and the related consumer delinquency amounts and ratios include interest and fees receivables balances.
(3) Average yield is gross interest revenue earned divided by average loans.
(4) Net interest revenue includes certain fees that are recorded as interest revenue.
(5) Net credit margin is total revenues, net of interest expense, less net credit losses and policy benefits and claims.
CITICORP GLOBAL CONSUMER BANKING ASIA (1) - PAGE 1 (In millions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
|
|
Nine |
|
Nine |
|
YTD 2016 vs. |
| |||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
|
Months |
|
Months |
|
YTD 2015 Increase/ |
| |||||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
|
|
2015 |
|
2016 |
|
(Decrease) |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Interest Revenue |
|
$ |
1,105 |
|
$ |
1,096 |
|
$ |
1,101 |
|
$ |
1,116 |
|
$ |
1,136 |
|
2 |
% |
3 |
% |
|
$ |
3,394 |
|
$ |
3,353 |
|
(1 |
)% |
Non-Interest Revenue |
|
591 |
|
548 |
|
554 |
|
613 |
|
622 |
|
1 |
% |
5 |
% |
|
1,969 |
|
1,789 |
|
(9 |
)% | |||||||
Total Revenues, Net of Interest Expense |
|
1,696 |
|
1,644 |
|
1,655 |
|
1,729 |
|
1,758 |
|
2 |
% |
4 |
% |
|
5,363 |
|
5,142 |
|
(4 |
)% | |||||||
Total Operating Expenses |
|
1,117 |
|
1,117 |
|
1,182 |
|
1,146 |
|
1,127 |
|
(2 |
)% |
1 |
% |
|
3,460 |
|
3,455 |
|
|
| |||||||
Net Credit Losses |
|
175 |
|
184 |
|
160 |
|
160 |
|
168 |
|
5 |
% |
(4 |
)% |
|
537 |
|
488 |
|
(9 |
)% | |||||||
Credit Reserve Build / (Release) |
|
(61 |
) |
22 |
|
(11 |
) |
(24 |
) |
(4 |
) |
83 |
% |
93 |
% |
|
(111 |
) |
(39 |
) |
65 |
% | |||||||
Provision for Unfunded Lending Commitments |
|
|
|
|
|
|
|
|
|
(3 |
) |
NM |
|
NM |
|
|
(2 |
) |
(3 |
) |
(50 |
)% | |||||||
Provision for Benefits and Claims |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Provisions for Credit Losses and for Benefits and Claims (LLR & PBC) |
|
114 |
|
206 |
|
149 |
|
136 |
|
161 |
|
18 |
% |
41 |
% |
|
424 |
|
446 |
|
5 |
% | |||||||
Income from Continuing Operations before Taxes |
|
465 |
|
321 |
|
324 |
|
447 |
|
470 |
|
5 |
% |
1 |
% |
|
1,479 |
|
1,241 |
|
(16 |
)% | |||||||
Income Taxes |
|
160 |
|
104 |
|
109 |
|
150 |
|
160 |
|
7 |
% |
|
|
|
499 |
|
419 |
|
(16 |
)% | |||||||
Income from Continuing Operations |
|
305 |
|
217 |
|
215 |
|
297 |
|
310 |
|
4 |
% |
2 |
% |
|
980 |
|
822 |
|
(16 |
)% | |||||||
Noncontrolling Interests |
|
6 |
|
|
|
1 |
|
1 |
|
1 |
|
|
|
(83 |
)% |
|
4 |
|
3 |
|
(25 |
)% | |||||||
Net Income |
|
$ |
299 |
|
$ |
217 |
|
$ |
214 |
|
$ |
296 |
|
$ |
309 |
|
4 |
% |
3 |
% |
|
$ |
976 |
|
$ |
819 |
|
(16 |
)% |
Average Assets (in billions of dollars) |
|
$ |
116 |
|
$ |
117 |
|
$ |
116 |
|
$ |
119 |
|
$ |
121 |
|
2 |
% |
4 |
% |
|
$ |
117 |
|
$ |
119 |
|
2 |
% |
Return on Average Assets |
|
1.02 |
% |
0.74 |
% |
0.74 |
% |
1.00 |
% |
1.02 |
% |
|
|
|
|
|
1.12 |
% |
0.92 |
% |
|
| |||||||
Efficiency Ratio |
|
66 |
% |
68 |
% |
71 |
% |
66 |
% |
64 |
% |
|
|
|
|
|
65 |
% |
67 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses as a % of Average Loans |
|
0.80 |
% |
0.85 |
% |
0.76 |
% |
0.76 |
% |
0.78 |
% |
|
|
|
|
|
0.80 |
% |
0.77 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Revenue by Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Retail Banking |
|
$ |
1,067 |
|
$ |
1,008 |
|
$ |
1,041 |
|
$ |
1,077 |
|
$ |
1,094 |
|
2 |
% |
3 |
% |
|
$ |
3,398 |
|
$ |
3,212 |
|
(5 |
)% |
Citi-Branded Cards |
|
629 |
|
636 |
|
614 |
|
652 |
|
664 |
|
2 |
% |
6 |
% |
|
1,965 |
|
1,930 |
|
(2 |
)% | |||||||
Total |
|
$ |
1,696 |
|
$ |
1,644 |
|
$ |
1,655 |
|
$ |
1,729 |
|
$ |
1,758 |
|
2 |
% |
4 |
% |
|
$ |
5,363 |
|
$ |
5,142 |
|
(4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses by Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Retail Banking |
|
$ |
75 |
|
$ |
94 |
|
$ |
62 |
|
$ |
61 |
|
$ |
73 |
|
20 |
% |
(3 |
)% |
|
$ |
225 |
|
$ |
196 |
|
(13 |
)% |
Citi-Branded Cards |
|
100 |
|
90 |
|
98 |
|
99 |
|
95 |
|
(4 |
)% |
(5 |
)% |
|
312 |
|
292 |
|
(6 |
)% | |||||||
Total |
|
$ |
175 |
|
$ |
184 |
|
$ |
160 |
|
$ |
160 |
|
$ |
168 |
|
5 |
% |
(4 |
)% |
|
$ |
537 |
|
$ |
488 |
|
(9 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income from Continuing Operations by Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Retail Banking |
|
$ |
185 |
|
$ |
111 |
|
$ |
120 |
|
$ |
204 |
|
$ |
191 |
|
(6 |
)% |
3 |
% |
|
$ |
627 |
|
$ |
515 |
|
(18 |
)% |
Citi-Branded Cards |
|
120 |
|
106 |
|
95 |
|
93 |
|
119 |
|
28 |
% |
(1 |
)% |
|
353 |
|
307 |
|
(13 |
)% | |||||||
Total |
|
$ |
305 |
|
$ |
217 |
|
$ |
215 |
|
$ |
297 |
|
$ |
310 |
|
4 |
% |
2 |
% |
|
$ |
980 |
|
$ |
822 |
|
(16 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
FX Translation Impact: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Revenue - as Reported |
|
$ |
1,696 |
|
$ |
1,644 |
|
$ |
1,655 |
|
$ |
1,729 |
|
$ |
1,758 |
|
2 |
% |
4 |
% |
|
$ |
5,363 |
|
$ |
5,142 |
|
(4 |
)% |
Impact of FX Translation (2) |
|
19 |
|
26 |
|
31 |
|
12 |
|
|
|
|
|
|
|
|
(123 |
) |
|
|
|
| |||||||
Total Revenues - Ex-FX (2) |
|
$ |
1,715 |
|
$ |
1,670 |
|
$ |
1,686 |
|
$ |
1,741 |
|
$ |
1,758 |
|
1 |
% |
3 |
% |
|
$ |
5,240 |
|
$ |
5,142 |
|
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Operating Expenses - as Reported |
|
$ |
1,117 |
|
$ |
1,117 |
|
$ |
1,182 |
|
$ |
1,146 |
|
$ |
1,127 |
|
(2 |
)% |
1 |
% |
|
$ |
3,460 |
|
$ |
3,455 |
|
|
|
Impact of FX Translation (2) |
|
9 |
|
15 |
|
23 |
|
6 |
|
|
|
|
|
|
|
|
(96 |
) |
|
|
|
| |||||||
Total Operating Expenses - Ex-FX (2) |
|
$ |
1,126 |
|
$ |
1,132 |
|
$ |
1,205 |
|
$ |
1,152 |
|
$ |
1,127 |
|
(2 |
)% |
|
|
|
$ |
3,364 |
|
$ |
3,455 |
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Provisions for LLR & PBC - as Reported |
|
$ |
114 |
|
$ |
206 |
|
$ |
149 |
|
$ |
136 |
|
$ |
161 |
|
18 |
% |
41 |
% |
|
$ |
424 |
|
$ |
446 |
|
5 |
% |
Impact of FX Translation (2) |
|
2 |
|
5 |
|
3 |
|
1 |
|
|
|
|
|
|
|
|
(11 |
) |
|
|
|
| |||||||
Provisions for LLR & PBC - Ex-FX (2) |
|
$ |
116 |
|
$ |
211 |
|
$ |
152 |
|
$ |
137 |
|
$ |
161 |
|
18 |
% |
39 |
% |
|
$ |
413 |
|
$ |
446 |
|
8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Income - as Reported |
|
$ |
299 |
|
$ |
217 |
|
$ |
214 |
|
$ |
296 |
|
$ |
309 |
|
4 |
% |
3 |
% |
|
$ |
976 |
|
$ |
819 |
|
(16 |
)% |
Impact of FX Translation (2) |
|
5 |
|
4 |
|
4 |
|
4 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Income - Ex-FX (2) |
|
$ |
304 |
|
$ |
221 |
|
$ |
218 |
|
$ |
300 |
|
$ |
309 |
|
3 |
% |
2 |
% |
|
$ |
976 |
|
$ |
819 |
|
(16 |
)% |
(1) Asia GCB includes the results of operations of EMEA GCB for all periods presented.
(2) Reflects the impact of foreign currency (FX) translation into U.S. Dollars at the third quarter of 2016 average exchange rates for all periods presented.
Citigroups results of operations excluding the impact of FX translation are non-GAAP financial measures.
NM Not meaningful.
Reclassified to conform to the current periods presentation.
CITICORP GLOBAL CONSUMER BANKING ASIA (1) - PAGE 2
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
| ||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
| ||||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
| ||||||
Retail Banking Key Indicators (in billions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Branches (actual) |
|
521 |
|
513 |
|
481 |
|
461 |
|
458 |
|
(1 |
)% |
(12 |
)% | ||||||
Accounts (in millions) |
|
17.7 |
|
17.5 |
|
17.2 |
|
17.1 |
|
16.9 |
|
(1 |
)% |
(5 |
)% | ||||||
Average Deposits |
|
$ |
86.4 |
|
$ |
86.7 |
|
$ |
87.2 |
|
$ |
89.4 |
|
$ |
91.6 |
|
2 |
% |
6 |
% | |
Investment Sales |
|
$ |
8.2 |
|
$ |
6.0 |
|
$ |
6.1 |
|
$ |
7.5 |
|
$ |
8.6 |
|
15 |
% |
5 |
% | |
Investment AUMs |
|
$ |
55.1 |
|
$ |
57.0 |
|
$ |
56.1 |
|
$ |
56.1 |
|
$ |
56.8 |
|
1 |
% |
3 |
% | |
Average Loans |
|
$ |
69.7 |
|
$ |
69.0 |
|
$ |
67.5 |
|
$ |
67.5 |
|
$ |
67.9 |
|
1 |
% |
(3 |
)% | |
EOP Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Real Estate Lending |
|
$ |
34.3 |
|
$ |
34.4 |
|
$ |
34.7 |
|
$ |
33.5 |
|
$ |
33.3 |
|
(1 |
)% |
(3 |
)% | |
Commercial Markets |
|
15.3 |
|
14.8 |
|
14.8 |
|
15.2 |
|
15.8 |
|
4 |
% |
3 |
% | ||||||
Personal and Other |
|
19.0 |
|
19.2 |
|
19.2 |
|
18.8 |
|
19.0 |
|
1 |
% |
|
| ||||||
Total EOP Loans |
|
$ |
68.6 |
|
$ |
68.4 |
|
$ |
68.7 |
|
$ |
67.5 |
|
$ |
68.1 |
|
1 |
% |
(1 |
)% | |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Interest Revenue (in millions) (2) |
|
$ |
659 |
|
$ |
646 |
|
$ |
663 |
|
$ |
664 |
|
$ |
669 |
|
1 |
% |
2 |
% | |
As a % of Average Loans (2) |
|
3.75 |
% |
3.71 |
% |
3.95 |
% |
3.96 |
% |
3.92 |
% |
|
|
|
| ||||||
Net Credit Losses (in millions) |
|
$ |
75 |
|
$ |
94 |
|
$ |
62 |
|
$ |
61 |
|
$ |
73 |
|
20 |
% |
(3 |
)% | |
As a % of Average Loans |
|
0.43 |
% |
0.54 |
% |
0.37 |
% |
0.36 |
% |
0.43 |
% |
|
|
|
| ||||||
Loans 90+ Days Past Due (in millions) |
|
$ |
179 |
|
$ |
173 |
|
$ |
174 |
|
$ |
178 |
|
$ |
163 |
|
(8 |
)% |
(9 |
)% | |
As a % of EOP Loans |
|
0.26 |
% |
0.25 |
% |
0.25 |
% |
0.26 |
% |
0.24 |
% |
|
|
|
| ||||||
Loans 30-89 Days Past Due (in millions) |
|
$ |
327 |
|
$ |
334 |
|
$ |
339 |
|
$ |
346 |
|
$ |
328 |
|
(5 |
)% |
|
| |
As a % of EOP Loans |
|
0.48 |
% |
0.49 |
% |
0.49 |
% |
0.51 |
% |
0.48 |
% |
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Citi-Branded Cards Key Indicators (in billions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
EOP Open Accounts (in millions) |
|
17.1 |
|
16.9 |
|
16.6 |
|
16.6 |
|
16.4 |
|
(1 |
)% |
(4 |
)% | ||||||
Purchase Sales (in billions) |
|
$ |
18.2 |
|
$ |
19.3 |
|
$ |
18.1 |
|
$ |
18.7 |
|
$ |
18.7 |
|
|
|
3 |
% | |
Average Loans (in billions) (3) |
|
$ |
17.1 |
|
$ |
17.3 |
|
$ |
17.4 |
|
$ |
17.4 |
|
$ |
17.6 |
|
1 |
% |
3 |
% | |
EOP Loans (in billions) (3) |
|
$ |
17.0 |
|
$ |
17.6 |
|
$ |
17.6 |
|
$ |
17.6 |
|
$ |
17.7 |
|
1 |
% |
4 |
% | |
Average Yield (4) |
|
12.42 |
% |
12.39 |
% |
12.51 |
% |
12.70 |
% |
12.82 |
% |
1 |
% |
3 |
% | ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Interest Revenue (in millions) (5) |
|
$ |
446 |
|
$ |
450 |
|
$ |
438 |
|
$ |
453 |
|
$ |
467 |
|
3 |
% |
5 |
% | |
As a % of Average Loans (6) |
|
10.35 |
% |
10.32 |
% |
10.12 |
% |
10.47 |
% |
10.56 |
% |
|
|
|
| ||||||
Net Credit Losses (in millions) |
|
$ |
100 |
|
$ |
90 |
|
$ |
98 |
|
$ |
99 |
|
$ |
95 |
|
(4 |
)% |
(5 |
)% | |
As a % of Average Loans |
|
2.32 |
% |
2.06 |
% |
2.27 |
% |
2.29 |
% |
2.15 |
% |
|
|
|
| ||||||
Net Credit Margin (in millions) (6) |
|
$ |
528 |
|
$ |
546 |
|
$ |
516 |
|
$ |
553 |
|
$ |
569 |
|
3 |
% |
8 |
% | |
As a % of Average Loans (6) |
|
12.25 |
% |
12.52 |
% |
11.93 |
% |
12.78 |
% |
12.86 |
% |
|
|
|
| ||||||
Loans 90+ Days Past Due |
|
$ |
171 |
|
$ |
180 |
|
$ |
180 |
|
$ |
176 |
|
$ |
188 |
|
7 |
% |
10 |
% | |
As a % of EOP Loans |
|
1.01 |
% |
1.02 |
% |
1.02 |
% |
1.00 |
% |
1.06 |
% |
|
|
|
| ||||||
Loans 30-89 Days Past Due |
|
$ |
220 |
|
$ |
226 |
|
$ |
235 |
|
$ |
227 |
|
$ |
239 |
|
5 |
% |
9 |
% | |
As a % of EOP Loans |
|
1.29 |
% |
1.28 |
% |
1.34 |
% |
1.29 |
% |
1.35 |
% |
|
|
|
| ||||||
(1) |
Asia GCB includes the results of operations of EMEA GCB for all periods presented. |
(2) |
Also includes net interest revenue related to the regions deposit balances in excess of the average loan portfolio. |
(3) |
Average loans, EOP loans and the related consumer delinquency amounts and ratios include interest and fees receivables balances. |
(4) |
Average yield is gross interest revenue earned divided by average loans. |
(5) |
Net interest revenue includes certain fees that are recorded as interest revenue. |
(6) |
Net credit margin is total revenues, net of interest expense, less net credit losses and policy benefits and claims. |
|
|
Reclassified to conform to the current periods presentation. |
CITICORP INSTITUTIONAL CLIENTS GROUP (In millions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
|
|
Nine |
|
Nine |
|
YTD 2016 vs. |
| |||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
|
Months |
|
Months |
|
YTD 2015 Increase/ |
| |||||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
|
|
2015 |
|
2016 |
|
(Decrease) |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Commissions and Fees |
|
$ |
958 |
|
$ |
926 |
|
$ |
1,003 |
|
$ |
955 |
|
$ |
928 |
|
(3 |
)% |
(3 |
)% |
|
2,945 |
|
2,886 |
|
(2 |
)% | ||
Administration and Other Fiduciary Fees |
|
594 |
|
573 |
|
597 |
|
638 |
|
610 |
|
(4 |
)% |
3 |
% |
|
1,870 |
|
1,845 |
|
(1 |
)% | |||||||
Investment Banking |
|
828 |
|
1,028 |
|
740 |
|
1,029 |
|
917 |
|
(11 |
)% |
11 |
% |
|
3,082 |
|
2,686 |
|
(13 |
)% | |||||||
Principal Transactions |
|
1,209 |
|
619 |
|
1,574 |
|
1,911 |
|
2,063 |
|
8 |
% |
71 |
% |
|
5,199 |
|
5,548 |
|
7 |
% | |||||||
Other |
|
903 |
|
55 |
|
(8 |
) |
46 |
|
(126 |
) |
NM |
|
NM |
|
|
1,353 |
|
(88 |
) |
NM |
| |||||||
Total Non-Interest Revenue |
|
4,492 |
|
3,201 |
|
3,906 |
|
4,579 |
|
4,392 |
|
(4 |
)% |
(2 |
)% |
|
14,449 |
|
12,877 |
|
(11 |
)% | |||||||
Net Interest Revenue (including Dividends) |
|
4,167 |
|
4,108 |
|
4,130 |
|
4,267 |
|
4,236 |
|
(1 |
)% |
2 |
% |
|
12,233 |
|
12,633 |
|
3 |
% | |||||||
Total Revenues, Net of Interest Expense |
|
8,659 |
|
7,309 |
|
8,036 |
|
8,846 |
|
8,628 |
|
(2 |
)% |
|
|
|
26,682 |
|
25,510 |
|
(4 |
)% | |||||||
Total Operating Expenses |
|
4,715 |
|
4,865 |
|
4,869 |
|
4,760 |
|
4,680 |
|
(2 |
)% |
(1 |
)% |
|
14,209 |
|
14,309 |
|
1 |
% | |||||||
Net Credit Losses |
|
37 |
|
96 |
|
211 |
|
141 |
|
45 |
|
(68 |
)% |
22 |
% |
|
118 |
|
397 |
|
NM |
| |||||||
Credit Reserve Build / (Release) |
|
193 |
|
465 |
|
108 |
|
(26 |
) |
(93 |
) |
NM |
|
NM |
|
|
189 |
|
(11 |
) |
NM |
| |||||||
Provision for Unfunded Lending Commitments |
|
83 |
|
89 |
|
71 |
|
(33 |
) |
(42 |
) |
(27 |
)% |
NM |
|
|
5 |
|
(4 |
) |
NM |
| |||||||
Provision for Benefits and Claims |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Provisions for Credit Losses and for Benefits and Claims |
|
313 |
|
650 |
|
390 |
|
82 |
|
(90 |
) |
NM |
|
NM |
|
|
312 |
|
382 |
|
22 |
% | |||||||
Income from Continuing Operations before Taxes |
|
3,631 |
|
1,794 |
|
2,777 |
|
4,004 |
|
4,038 |
|
1 |
% |
11 |
% |
|
12,161 |
|
10,819 |
|
(11 |
)% | |||||||
Income Taxes |
|
1,198 |
|
532 |
|
818 |
|
1,289 |
|
1,266 |
|
(2 |
)% |
6 |
% |
|
3,894 |
|
3,373 |
|
(13 |
)% | |||||||
Income from Continuing Operations |
|
2,433 |
|
1,262 |
|
1,959 |
|
2,715 |
|
2,772 |
|
2 |
% |
14 |
% |
|
8,267 |
|
7,446 |
|
(10 |
)% | |||||||
Noncontrolling Interests |
|
(6 |
) |
7 |
|
10 |
|
17 |
|
19 |
|
12 |
% |
NM |
|
|
44 |
|
46 |
|
5 |
% | |||||||
Net Income |
|
$ |
2,439 |
|
$ |
1,255 |
|
$ |
1,949 |
|
$ |
2,698 |
|
$ |
2,753 |
|
2 |
% |
13 |
% |
|
$ |
8,223 |
|
$ |
7,400 |
|
(10 |
)% |
Average Assets (in billions of dollars) |
|
$ |
1,264 |
|
$ |
1,257 |
|
$ |
1,271 |
|
$ |
1,299 |
|
$ |
1,309 |
|
1 |
% |
4 |
% |
|
$ |
1,276 |
|
$ |
1,293 |
|
1 |
% |
Return on Average Assets (ROA) |
|
0.77 |
% |
0.40 |
% |
0.62 |
% |
0.84 |
% |
0.84 |
% |
|
|
|
|
|
0.86 |
% |
0.76 |
% |
|
| |||||||
ROA (Excluding CVA/DVA) (1)(2) |
|
0.72 |
% |
0.43 |
% |
0.62 |
% |
0.84 |
% |
0.84 |
% |
|
|
|
|
|
0.83 |
% |
0.76 |
% |
|
| |||||||
Efficiency Ratio |
|
54 |
% |
67 |
% |
61 |
% |
54 |
% |
54 |
% |
|
|
|
|
|
53 |
% |
56 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Revenue by Region - Excluding CVA/DVA (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
North America |
|
$ |
3,346 |
|
$ |
2,779 |
|
$ |
3,046 |
|
$ |
3,478 |
|
$ |
3,276 |
|
(6 |
)% |
(2 |
)% |
|
$ |
10,043 |
|
$ |
9,800 |
|
(2 |
)% |
EMEA |
|
2,253 |
|
2,132 |
|
2,207 |
|
2,615 |
|
2,554 |
|
(2 |
)% |
13 |
% |
|
7,694 |
|
7,376 |
|
(4 |
)% | |||||||
Latin America |
|
1,062 |
|
970 |
|
975 |
|
1,033 |
|
1,009 |
|
(2 |
)% |
(5 |
)% |
|
3,073 |
|
3,017 |
|
(2 |
)% | |||||||
Asia |
|
1,777 |
|
1,614 |
|
1,808 |
|
1,720 |
|
1,789 |
|
4 |
% |
1 |
% |
|
5,417 |
|
5,317 |
|
(2 |
)% | |||||||
Total |
|
$ |
8,438 |
|
$ |
7,495 |
|
$ |
8,036 |
|
$ |
8,846 |
|
$ |
8,628 |
|
(2 |
)% |
2 |
% |
|
$ |
26,227 |
|
$ |
25,510 |
|
(3 |
)% |
CVA/DVA for Periods Prior to 1Q16 {excluded as applicable in lines above} |
|
221 |
|
(186 |
) |
|
|
|
|
|
|
|
|
(100 |
)% |
|
455 |
|
|
|
(100 |
)% | |||||||
Total Revenues, net of Interest Expense |
|
$ |
8,659 |
|
$ |
7,309 |
|
$ |
8,036 |
|
$ |
8,846 |
|
$ |
8,628 |
|
(2 |
)% |
|
|
|
$ |
26,682 |
|
$ |
25,510 |
|
(4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income from Continuing Operations by Region - Excluding CVA/DVA (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
North America |
|
$ |
931 |
|
$ |
517 |
|
$ |
584 |
|
$ |
1,059 |
|
$ |
1,119 |
|
6 |
% |
20 |
% |
|
$ |
2,900 |
|
$ |
2,762 |
|
(5 |
)% |
EMEA |
|
408 |
|
231 |
|
399 |
|
720 |
|
680 |
|
(6 |
)% |
67 |
% |
|
2,024 |
|
1,799 |
|
(11 |
)% | |||||||
Latin America |
|
397 |
|
190 |
|
337 |
|
396 |
|
396 |
|
|
|
|
|
|
1,198 |
|
1,129 |
|
(6 |
)% | |||||||
Asia |
|
554 |
|
441 |
|
639 |
|
540 |
|
577 |
|
7 |
% |
4 |
% |
|
1,856 |
|
1,756 |
|
(5 |
)% | |||||||
Total |
|
$ |
2,290 |
|
$ |
1,379 |
|
$ |
1,959 |
|
$ |
2,715 |
|
$ |
2,772 |
|
2 |
% |
21 |
% |
|
$ |
7,978 |
|
$ |
7,446 |
|
(7 |
)% |
CVA/DVA (after-tax) for Periods Prior to 1Q16 {excluded as applicable in lines above} |
|
143 |
|
(117 |
) |
|
|
|
|
|
|
|
|
(100 |
)% |
|
289 |
|
|
|
(100 |
)% | |||||||
Income from Continuing Operations |
|
$ |
2,433 |
|
$ |
1,262 |
|
$ |
1,959 |
|
$ |
2,715 |
|
$ |
2,772 |
|
2 |
% |
14 |
% |
|
$ |
8,267 |
|
$ |
7,446 |
|
(10 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Average Loans by Region (in billions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
North America |
|
$ |
126 |
|
128 |
|
$ |
129 |
|
$ |
133 |
|
$ |
135 |
|
2 |
% |
7 |
% |
|
$ |
122 |
|
$ |
132 |
|
8 |
% | |
EMEA |
|
63 |
|
62 |
|
63 |
|
67 |
|
68 |
|
1 |
% |
8 |
% |
|
62 |
|
66 |
|
6 |
% | |||||||
Latin America |
|
40 |
|
43 |
|
43 |
|
42 |
|
43 |
|
2 |
% |
8 |
% |
|
40 |
|
43 |
|
8 |
% | |||||||
Asia |
|
62 |
|
61 |
|
60 |
|
61 |
|
60 |
|
(2 |
)% |
(3 |
)% |
|
62 |
|
60 |
|
(3 |
)% | |||||||
Total |
|
$ |
291 |
|
$ |
294 |
|
$ |
295 |
|
$ |
303 |
|
$ |
306 |
|
1 |
% |
5 |
% |
|
$ |
286 |
|
$ |
301 |
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
EOP Deposits by Region (in billions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
North America |
|
$ |
200 |
|
$ |
199 |
|
$ |
199 |
|
$ |
205 |
|
$ |
212 |
|
4 |
% |
6 |
% |
|
|
|
|
|
|
| ||
EMEA |
|
173 |
|
171 |
|
181 |
|
179 |
|
181 |
|
1 |
% |
4 |
% |
|
|
|
|
|
|
| |||||||
Latin America |
|
63 |
|
64 |
|
68 |
|
64 |
|
63 |
|
(2 |
)% |
1 |
% |
|
|
|
|
|
|
| |||||||
Asia |
|
159 |
|
154 |
|
159 |
|
159 |
|
161 |
|
1 |
% |
1 |
% |
|
|
|
|
|
|
| |||||||
Total |
|
$ |
595 |
|
$ |
588 |
|
$ |
607 |
|
$ |
607 |
|
$ |
617 |
|
2 |
% |
4 |
% |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
EOP Deposits by Business (in billions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Treasury and Trade Solutions |
|
$ |
399 |
|
$ |
392 |
|
$ |
415 |
|
$ |
405 |
|
$ |
415 |
|
2 |
% |
4 |
% |
|
|
|
|
|
|
| ||
All Other ICG Businesses |
|
196 |
|
196 |
|
192 |
|
202 |
|
202 |
|
|
|
3 |
% |
|
|
|
|
|
|
| |||||||
Total |
|
$ |
595 |
|
$ |
588 |
|
$ |
607 |
|
$ |
607 |
|
$ |
617 |
|
2 |
% |
4 |
% |
|
|
|
|
|
|
|
(1) For all periods prior to the first quarter of 2016, ROA excluding CVA/DVA is defined as annualized net income (less CVA/DVA), divided by average assets. See above for after-tax CVA/DVA for each period presented.
(2) See footnote 2 on page 4.
NM Not meaningful.
Reclassified to conform to the current periods presentation.
CITICORP INSTITUTIONAL CLIENTS GROUP REVENUES BY BUSINESS (In millions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
|
|
Nine |
|
Nine |
|
YTD 2016 vs. |
| |||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
|
Months |
|
Months |
|
YTD 2015 Increase/ |
| |||||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
|
|
2015 |
|
2016 |
|
(Decrease) |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Revenue Details - Excluding CVA/DVA: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Investment Banking: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Advisory |
|
$ |
239 |
|
$ |
302 |
|
$ |
227 |
|
$ |
238 |
|
$ |
239 |
|
|
|
|
|
|
$ |
791 |
|
$ |
704 |
|
(11 |
)% |
Equity Underwriting |
|
173 |
|
206 |
|
118 |
|
174 |
|
146 |
|
(16 |
)% |
(16 |
)% |
|
700 |
|
438 |
|
(37 |
)% | |||||||
Debt Underwriting |
|
532 |
|
623 |
|
530 |
|
805 |
|
701 |
|
(13 |
)% |
32 |
% |
|
1,945 |
|
2,036 |
|
5 |
% | |||||||
Total Investment Banking |
|
944 |
|
1,131 |
|
875 |
|
1,217 |
|
1,086 |
|
(11 |
)% |
15 |
% |
|
3,436 |
|
3,178 |
|
(8 |
)% | |||||||
Treasury and Trade Solutions |
|
1,933 |
|
1,992 |
|
1,951 |
|
2,048 |
|
2,039 |
|
|
|
5 |
% |
|
5,778 |
|
6,038 |
|
4 |
% | |||||||
Corporate Lending - Excluding Gain/(Loss) on Loan Hedges |
|
433 |
|
432 |
|
455 |
|
389 |
|
450 |
|
16 |
% |
4 |
% |
|
1,385 |
|
1,294 |
|
(7 |
)% | |||||||
Private Bank |
|
715 |
|
691 |
|
746 |
|
738 |
|
746 |
|
1 |
% |
4 |
% |
|
2,171 |
|
2,230 |
|
3 |
% | |||||||
Total Banking Revenues (Ex-CVA/DVA and Gain/(Loss) on Loan Hedges) (1) (2) |
|
$ |
4,025 |
|
$ |
4,246 |
|
$ |
4,027 |
|
$ |
4,392 |
|
$ |
4,321 |
|
(2 |
)% |
7 |
% |
|
$ |
12,770 |
|
$ |
12,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Corporate Lending - Gain/(Loss) on Loan Hedges (2) |
|
352 |
|
(14 |
) |
(66 |
) |
(203 |
) |
(218 |
) |
(7 |
)% |
NM |
|
|
338 |
|
(487 |
) |
NM |
| |||||||
Total Banking Revenues (Ex-CVA/DVA) and including G(L) on Loan Hedges (1) |
|
$ |
4,377 |
|
$ |
4,232 |
|
$ |
3,961 |
|
$ |
4,189 |
|
$ |
4,103 |
|
(2 |
)% |
(6 |
)% |
|
$ |
13,108 |
|
$ |
12,253 |
|
(7 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Fixed Income Markets |
|
2,566 |
|
2,221 |
|
3,085 |
|
3,468 |
|
3,466 |
|
|
|
35 |
% |
|
9,097 |
|
10,019 |
|
10 |
% | |||||||
Equity Markets |
|
1,002 |
|
603 |
|
706 |
|
788 |
|
663 |
|
(16 |
)% |
(34 |
)% |
|
2,518 |
|
2,157 |
|
(14 |
)% | |||||||
Securities Services |
|
513 |
|
517 |
|
562 |
|
531 |
|
536 |
|
1 |
% |
4 |
% |
|
1,626 |
|
1,629 |
|
|
| |||||||
Other |
|
(20 |
) |
(78 |
) |
(278 |
) |
(130 |
) |
(140 |
) |
(8 |
)% |
NM |
|
|
(122 |
) |
(548 |
) |
NM |
| |||||||
Total Markets and Securities Services (Ex-CVA/DVA) (1) |
|
$ |
4,061 |
|
$ |
3,263 |
|
$ |
4,075 |
|
$ |
4,657 |
|
$ |
4,525 |
|
(3 |
)% |
11 |
% |
|
$ |
13,119 |
|
$ |
13,257 |
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total ICG (Ex-CVA/DVA) (1) |
|
$ |
8,438 |
|
$ |
7,495 |
|
$ |
8,036 |
|
$ |
8,846 |
|
$ |
8,628 |
|
(2 |
)% |
2 |
% |
|
$ |
26,227 |
|
$ |
25,510 |
|
(3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
CVA/DVA for Periods Prior to 1Q16 {excluded as applicable in lines above} |
|
221 |
|
(186 |
) |
|
|
|
|
|
|
|
|
(100 |
)% |
|
455 |
|
|
|
(100 |
)% | |||||||
Total Revenues, net of Interest Expense |
|
$ |
8,659 |
|
$ |
7,309 |
|
$ |
8,036 |
|
$ |
8,846 |
|
$ |
8,628 |
|
(2 |
)% |
|
|
|
$ |
26,682 |
|
$ |
25,510 |
|
(4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Taxable-equivalent adjustments (3) |
|
$ |
162 |
|
$ |
173 |
|
$ |
166 |
|
$ |
144 |
|
$ |
162 |
|
13 |
% |
|
|
|
$ |
487 |
|
$ |
472 |
|
(3 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total ICG Revenues (Ex-CVA/DVA) and including Taxable-equivalent adjustments (1) (3) |
|
$ |
8,600 |
|
$ |
7,668 |
|
$ |
8,202 |
|
$ |
8,990 |
|
$ |
8,790 |
|
(2 |
)% |
2 |
% |
|
$ |
26,714 |
|
$ |
25,982 |
|
(3 |
)% |
(1) See footnote 2 on page 4.
(2) Hedges on accrual loans reflect the mark-to-market on credit derivatives used to economically hedge the corporate loan accrual portfolio. The fixed premium costs of these hedges is netted against the core lending revenues. Citigroups results of operations excluding the impact of gain/(loss) on loan hedges are non-GAAP financial measures.
(3) Primarily relates to income tax credits related to affordable housing and alternative energy investments as well as tax exempt income from municipal bond investments.
NM Not meaningful.
Reclassified to conform to the current periods presentation.
CORPORATE / OTHER (1)
(In millions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
|
|
Nine |
|
Nine |
|
YTD 2016 vs. |
| |||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
|
Months |
|
Months |
|
YTD 2015 Increase/ |
| |||||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
|
|
2015 |
|
2016 |
|
(Decrease) |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Interest Revenue |
|
$ |
(64 |
) |
$ |
(39 |
) |
$ |
94 |
|
$ |
56 |
|
$ |
(9 |
) |
NM |
|
86 |
% |
|
$ |
(113 |
) |
$ |
141 |
|
NM |
|
Non-Interest Revenue |
|
282 |
|
146 |
|
180 |
|
70 |
|
37 |
|
(47 |
)% |
(87 |
)% |
|
914 |
|
287 |
|
(69 |
)% | |||||||
Total Revenues, Net of Interest Expense |
|
218 |
|
107 |
|
274 |
|
126 |
|
28 |
|
(78 |
)% |
(87 |
)% |
|
801 |
|
428 |
|
(47 |
)% | |||||||
Total Operating Expenses |
|
349 |
|
473 |
|
418 |
|
447 |
|
458 |
|
2 |
% |
31 |
% |
|
1,277 |
|
1,323 |
|
4 |
% | |||||||
Net Credit Losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Credit Reserve Build / (Release) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Provision for Benefits and Claims |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Provision for Unfunded Lending Commitments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Provisions for Loan Losses and for Benefits and Claims |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income from Continuing Operations before Taxes |
|
(131 |
) |
(366 |
) |
(144 |
) |
(321 |
) |
(430 |
) |
(34 |
)% |
NM |
|
|
(476 |
) |
(895 |
) |
(88 |
)% | |||||||
Income Taxes (Benefits) |
|
(314 |
) |
(467 |
) |
(115 |
) |
(232 |
) |
(183 |
) |
21 |
% |
42 |
% |
|
(871 |
) |
(530 |
) |
39 |
% | |||||||
Income (Loss) from Continuing Operations |
|
183 |
|
101 |
|
(29 |
) |
(89 |
) |
(247 |
) |
NM |
|
NM |
|
|
395 |
|
(365 |
) |
NM |
| |||||||
Income (Loss) from Discontinued Operations, net of taxes |
|
(10 |
) |
(45 |
) |
(2 |
) |
(23 |
) |
(30 |
) |
(30 |
)% |
NM |
|
|
(9 |
) |
(55 |
) |
NM |
| |||||||
Noncontrolling Interests |
|
3 |
|
7 |
|
(8 |
) |
3 |
|
(5 |
) |
NM |
|
NM |
|
|
11 |
|
(10 |
) |
NM |
| |||||||
Net Income (Loss) |
|
$ |
170 |
|
$ |
49 |
|
$ |
(23 |
) |
$ |
(115 |
) |
$ |
(272 |
) |
NM |
|
NM |
|
|
$ |
375 |
|
$ |
(410 |
) |
NM |
|
EOP Assets (in billions of dollars) |
|
$ |
52 |
|
$ |
52 |
|
$ |
51 |
|
$ |
49 |
|
$ |
43 |
|
(12 |
)% |
(17 |
)% |
|
|
|
|
|
|
| ||
Average Assets (in billions of dollars) |
|
$ |
59 |
|
$ |
51 |
|
$ |
51 |
|
$ |
49 |
|
$ |
47 |
|
(4 |
)% |
(20 |
)% |
|
$ |
56 |
|
$ |
49 |
|
(13 |
)% |
(1) Includes certain costs of global staff functions, other corporate expenses and certain global operations and technology expenses, Corporate Treasury, and Discontinued operations.
NM Not meaningful.
Reclassified to conform to the current periods presentation.
CITI HOLDINGS INCOME STATEMENT AND BALANCE SHEET DATA (In millions of dollars, except as otherwise noted)
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
|
|
Nine |
|
Nine |
|
YTD 2016 vs. |
| |||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
|
Months |
|
Months |
|
YTD 2015 Increase/ |
| |||||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
|
|
2015 |
|
2016 |
|
(Decrease) |
| |||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net interest revenue |
|
$ |
1,151 |
|
$ |
847 |
|
$ |
597 |
|
$ |
549 |
|
$ |
482 |
|
(12 |
)% |
(58 |
)% |
|
$ |
3,610 |
|
$ |
1,628 |
|
(55 |
)% |
Non-interest revenue (1) |
|
530 |
|
2,318 |
|
878 |
|
294 |
|
395 |
|
34 |
% |
(25 |
)% |
|
2,185 |
|
1,567 |
|
(28 |
)% | |||||||
Total revenues, net of interest expense |
|
1,681 |
|
3,165 |
|
1,475 |
|
843 |
|
877 |
|
4 |
% |
(48 |
)% |
|
5,795 |
|
3,195 |
|
(45 |
)% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Provisions for Credit Losses and for Benefits and Claims |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
272 |
|
261 |
|
143 |
|
102 |
|
129 |
|
26 |
% |
(53 |
)% |
|
1,075 |
|
374 |
|
(65 |
)% | |||||||
Credit Reserve Build / (Release) (1) (2) |
|
(171 |
) |
73 |
|
(31 |
) |
(224 |
) |
(122 |
) |
46 |
% |
29 |
% |
|
(528 |
) |
(377 |
) |
29 |
% | |||||||
Provision for loan losses |
|
101 |
|
334 |
|
112 |
|
(122 |
) |
7 |
|
NM |
|
(93 |
)% |
|
547 |
|
(3 |
) |
NM |
| |||||||
Provision for Benefits and Claims |
|
161 |
|
134 |
|
60 |
|
29 |
|
10 |
|
(66 |
)% |
(94 |
)% |
|
490 |
|
99 |
|
(80 |
)% | |||||||
Provision for unfunded lending commitments |
|
(19 |
) |
(1 |
) |
(2 |
) |
(5 |
) |
|
|
100 |
% |
100 |
% |
|
(22 |
) |
(7 |
) |
68 |
% | |||||||
Total provisions for credit losses and for benefits and claims |
|
243 |
|
467 |
|
170 |
|
(98 |
) |
17 |
|
NM |
|
(93 |
)% |
|
1,015 |
|
89 |
|
(91 |
)% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total operating expenses |
|
1,374 |
|
1,450 |
|
828 |
|
858 |
|
826 |
|
(4 |
)% |
(40 |
)% |
|
4,121 |
|
2,512 |
|
(39 |
)% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income (Loss) from Continuing Operations before Income Taxes |
|
64 |
|
1,248 |
|
477 |
|
83 |
|
34 |
|
(59 |
)% |
(47 |
)% |
|
659 |
|
594 |
|
(10 |
)% | |||||||
Provision (benefits) for income taxes |
|
65 |
|
568 |
|
130 |
|
(15 |
) |
(40 |
) |
NM |
|
NM |
|
|
354 |
|
75 |
|
(79 |
)% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income (Loss) from Continuing Operations |
|
(1 |
) |
680 |
|
347 |
|
98 |
|
74 |
|
(24 |
)% |
NM |
|
|
305 |
|
519 |
|
70 |
% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Noncontrolling Interests |
|
|
|
10 |
|
1 |
|
5 |
|
|
|
(100 |
)% |
|
|
|
1 |
|
6 |
|
NM |
| |||||||
Citi Holdings Net Income (Loss) |
|
$ |
(1 |
) |
$ |
670 |
|
$ |
346 |
|
$ |
93 |
|
$ |
74 |
|
(20 |
)% |
NM |
|
|
$ |
304 |
|
$ |
513 |
|
69 |
% |
Average Assets (in billions of dollars) |
|
$ |
120 |
|
$ |
97 |
|
$ |
78 |
|
$ |
71 |
|
$ |
64 |
|
(10 |
)% |
(47 |
)% |
|
$ |
127 |
|
$ |
71 |
|
(44 |
)% |
Return on Average Assets |
|
0.00 |
% |
2.74 |
% |
1.78 |
% |
0.53 |
% |
0.46 |
% |
|
|
|
|
|
0.32 |
% |
0.97 |
% |
|
| |||||||
Efficiency Ratio |
|
82 |
% |
46 |
% |
56 |
% |
102 |
% |
94 |
% |
|
|
|
|
|
71 |
% |
79 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Balance Sheet Data (in billions): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total EOP Assets |
|
$ |
117 |
|
$ |
81 |
|
$ |
73 |
|
$ |
66 |
|
$ |
61 |
|
(8 |
)% |
(48 |
)% |
|
$ |
117 |
|
$ |
61 |
|
(48 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total EOP Loans |
|
$ |
60 |
|
$ |
49 |
|
$ |
45 |
|
$ |
41 |
|
$ |
39 |
|
(6 |
)% |
(35 |
)% |
|
$ |
60 |
|
$ |
39 |
|
(35 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total EOP Deposits |
|
$ |
11 |
|
$ |
10 |
|
$ |
9 |
|
$ |
6 |
|
$ |
6 |
|
(8 |
)% |
(44 |
)% |
|
$ |
11 |
|
$ |
6 |
|
(44 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Consumer Net Credit Losses as a % of Average Loans |
|
1.67 |
% |
1.81 |
% |
1.25 |
% |
0.94 |
% |
1.31 |
% |
|
|
|
|
|
2.01 |
% |
1.16 |
% |
|
|
(1) As a result of Citigroups entry into an agreement in March 2015 to sell OneMain Financial (OneMain), OneMain was classified as held-for-sale (HFS) at the end of the first quarter 2015. As a result of HFS accounting treatment, approximately $116 million and $74 million of cost of credit was recorded as a reduction in revenue (Other revenue) during the third and fourth quarters of 2015, respectively. The OneMain sale was completed on November 15, 2015.
(2) The fourth quarter of 2015 includes a build of $162 million related to the transfer of approximately $8 billion of mortgage loans to Loans Held-for-sale at the end of the quarter. The second quarter of 2016 includes an $89 million release related to sales and transfers of mortgage loans during the quarter.
NM Not meaningful.
Reclassified to conform to the current periods presentation.
CITI HOLDINGS CONSUMER KEY INDICATORS - Page 1 (In millions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
| |||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
| |||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
CITI HOLDINGS KEY INDICATORS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consumer - International (1) (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Branches (actual) |
|
304 |
|
293 |
|
246 |
|
223 |
|
224 |
|
|
|
(26 |
)% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average Loans (in billions) |
|
$ |
8.8 |
|
$ |
8.3 |
|
$ |
6.7 |
|
$ |
6.1 |
|
$ |
5.4 |
|
(11 |
)% |
(39 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
EOP Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Real Estate Lending |
|
$ |
1.0 |
|
$ |
0.6 |
|
$ |
0.5 |
|
$ |
0.5 |
|
$ |
0.5 |
|
|
|
(50 |
)% |
Cards |
|
3.8 |
|
3.6 |
|
2.8 |
|
2.6 |
|
2.6 |
|
|
|
(32 |
)% | |||||
Commercial Markets |
|
2.1 |
|
2.0 |
|
1.0 |
|
0.5 |
|
0.5 |
|
|
|
(76 |
)% | |||||
Personal and Other |
|
1.8 |
|
2.0 |
|
2.1 |
|
1.9 |
|
1.9 |
|
|
|
6 |
% | |||||
EOP Loans (in billions of dollars) |
|
$ |
8.7 |
|
$ |
8.2 |
|
$ |
6.4 |
|
$ |
5.5 |
|
$ |
5.5 |
|
|
|
(37 |
)% |
Net Interest Revenue |
|
$ |
389 |
|
$ |
336 |
|
$ |
269 |
|
$ |
259 |
|
$ |
246 |
|
(5 |
)% |
(37 |
)% |
As a % of Average Loans |
|
17.54 |
% |
16.06 |
% |
16.15 |
% |
17.08 |
% |
18.12 |
% |
|
|
|
| |||||
Net Credit Losses |
|
$ |
93 |
|
$ |
122 |
|
$ |
78 |
|
$ |
77 |
|
$ |
82 |
|
6 |
% |
(12 |
)% |
As a % of Average Loans |
|
4.19 |
% |
5.83 |
% |
4.68 |
% |
5.08 |
% |
6.04 |
% |
|
|
|
| |||||
Loans 90+ Days Past Due |
|
$ |
174 |
|
$ |
157 |
|
$ |
145 |
|
$ |
170 |
|
$ |
164 |
|
(4 |
)% |
(6 |
)% |
As a % of EOP Loans |
|
2.00 |
% |
1.91 |
% |
2.27 |
% |
3.09 |
% |
2.98 |
% |
|
|
|
| |||||
Loans 30-89 Days Past Due |
|
$ |
193 |
|
$ |
179 |
|
$ |
161 |
|
$ |
138 |
|
$ |
135 |
|
(2 |
)% |
(30 |
)% |
As a % of EOP Loans |
|
2.22 |
% |
2.18 |
% |
2.52 |
% |
2.51 |
% |
2.45 |
% |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consumer - North America (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Branches (actual) |
|
272 |
|
272 |
|
266 |
|
261 |
|
259 |
|
(1 |
)% |
(5 |
)% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average Loans (in billions of dollars) |
|
$ |
52.7 |
|
$ |
49.4 |
|
$ |
39.4 |
|
$ |
37.2 |
|
$ |
35.4 |
|
(5 |
)% |
(33 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
EOP Loans (in billions of dollars) |
|
$ |
50.7 |
|
$ |
40.5 |
|
$ |
38.6 |
|
$ |
35.7 |
|
$ |
33.4 |
|
(6 |
)% |
(34 |
)% |
Net Interest Revenue |
|
$ |
766 |
|
$ |
522 |
|
$ |
335 |
|
$ |
295 |
|
$ |
233 |
|
(21 |
)% |
(70 |
)% |
As a % of Average Loans |
|
2.00 |
% |
1.90 |
% |
3.42 |
% |
3.19 |
% |
2.62 |
% |
|
|
|
| |||||
Net Credit Losses |
|
$ |
166 |
|
$ |
141 |
|
$ |
65 |
|
$ |
24 |
|
$ |
52 |
|
NM |
|
(69 |
)% |
As a % of Average Loans |
|
1.25 |
% |
1.13 |
% |
0.66 |
% |
0.26 |
% |
0.58 |
% |
|
|
|
| |||||
Loans 90+ Days Past Due (4) |
|
$ |
1,354 |
|
$ |
770 |
|
$ |
751 |
|
$ |
708 |
|
$ |
693 |
|
(2 |
)% |
(49 |
)% |
As a % of EOP Loans |
|
2.81 |
% |
2.01 |
% |
2.05 |
% |
2.09 |
% |
2.17 |
% |
|
|
|
| |||||
Loans 30-89 Days Past Due (4) |
|
$ |
1,230 |
|
$ |
857 |
|
$ |
768 |
|
$ |
720 |
|
$ |
714 |
|
(1 |
)% |
(42 |
)% |
As a % of EOP Loans |
|
2.56 |
% |
2.24 |
% |
2.09 |
% |
2.12 |
% |
2.24 |
% |
|
|
|
|
(1) |
Average loans, EOP loans and the related consumer delinquency amounts and ratios include interest and fees receivables balances. |
(2) |
The third quarter of 2015 reflects the transfers of loans and branches to held-for-sale (HFS) as a result of the agreement in December 2014 to sell the Japan retail banking business (Japan Retail). The third quarter of 2015 reflects the transfers of loans to HFS as a result of the agreement in March 2015 to sell the Japan cards business (Japan Cards). The third and fourth quarters of 2015 reflect the HFS reclassification of interest revenue on loans to other interest earning assets. The Japan Cards sale was completed on December 14, 2015. |
(3) |
The third quarter of 2015 reflects the transfer of loans and branches to HFS resulting from the agreement to sell OneMain. As a result of HFS accounting treatment, approximately $131 million and $73 million of net credit losses (NCLs) were recorded as a reduction of revenue (Other revenue) during the third and fourth quarters of 2015, respectively. The third and fourth quarters of 2015 reflect the HFS reclassification of interest revenue on loans to other interest earning assets. |
(4) |
The second quarter of 2016 includes a $23 million recovery of prior credit losses related to sales of mortgage assets during the quarter. |
Reclassified to conform to the current periods presentation.
CITI HOLDINGS CONSUMER KEY INDICATORS - Page 2 (In millions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
| |||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
| |||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
CITI HOLDINGS KEY INDICATORS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
North America Mortgages |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
CMI (CitiMortgage) |
|
$ |
21.4 |
|
$ |
20.1 |
|
$ |
17.9 |
|
$ |
16.4 |
|
$ |
15.0 |
|
(9 |
)% |
(30 |
)% |
CFNA (CitiFinancial - North America) |
|
6.4 |
|
5.6 |
|
0.2 |
|
0.1 |
|
|
|
(100 |
)% |
(100 |
)% | |||||
Residential First |
|
27.8 |
|
25.7 |
|
18.1 |
|
16.5 |
|
15.0 |
|
(9 |
)% |
(46 |
)% | |||||
Home Equity |
|
22.0 |
|
21.0 |
|
18.6 |
|
18.0 |
|
17.2 |
|
(4 |
)% |
(22 |
)% | |||||
Average Loans (in billions of dollars) |
|
$ |
49.8 |
|
$ |
46.7 |
|
$ |
36.7 |
|
$ |
34.5 |
|
$ |
32.2 |
|
(7 |
)% |
(35 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
CMI |
|
$ |
20.6 |
|
$ |
18.5 |
|
$ |
17.4 |
|
$ |
15.6 |
|
$ |
14.4 |
|
(8 |
)% |
(30 |
)% |
CFNA |
|
5.8 |
|
0.2 |
|
0.2 |
|
0.2 |
|
|
|
(100 |
)% |
(100 |
)% | |||||
Residential First |
|
26.4 |
|
18.7 |
|
17.6 |
|
15.8 |
|
14.4 |
|
(9 |
)% |
(45 |
)% | |||||
Home Equity |
|
21.5 |
|
19.1 |
|
18.3 |
|
17.3 |
|
16.5 |
|
(5 |
)% |
(23 |
)% | |||||
EOP Loans (in billions of dollars) (1) |
|
$ |
47.9 |
|
$ |
37.8 |
|
$ |
35.9 |
|
$ |
33.1 |
|
$ |
30.9 |
|
(7 |
)% |
(35 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Third Party Mortgage Serv. Portfolio (EOP, in billions) |
|
$ |
36.4 |
|
$ |
34.0 |
|
$ |
29.3 |
|
$ |
28.5 |
|
$ |
18.6 |
|
(35 |
)% |
(49 |
)% |
Net Servicing & Gain/(Loss) on Sale |
|
$ |
49.6 |
|
$ |
5.0 |
|
$ |
118.4 |
|
$ |
19.4 |
|
$ |
17.0 |
|
(12 |
)% |
(66 |
)% |
Net Interest Revenue |
|
$ |
274 |
|
$ |
239 |
|
$ |
254 |
|
$ |
223 |
|
$ |
152 |
|
(32 |
)% |
(45 |
)% |
As a % of Avg. Loans |
|
2.18 |
% |
2.03 |
% |
2.78 |
% |
2.60 |
% |
1.88 |
% |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
CMI (2) |
|
$ |
9 |
|
$ |
9 |
|
$ |
|
|
$ |
(13 |
) |
$ |
6 |
|
NM |
|
(33 |
)% |
CFNA |
|
75 |
|
56 |
|
1 |
|
1 |
|
1 |
|
|
|
(99 |
)% | |||||
Residential First |
|
$ |
84 |
|
$ |
65 |
|
$ |
1 |
|
$ |
(12 |
) |
$ |
7 |
|
NM |
|
(92 |
)% |
Home Equity |
|
61 |
|
56 |
|
42 |
|
13 |
|
23 |
|
77 |
% |
(62 |
)% | |||||
Net Credit Losses (NCLs) |
|
$ |
145 |
|
$ |
121 |
|
$ |
43 |
|
$ |
1 |
|
$ |
30 |
|
NM |
|
(79 |
)% |
As a % of Avg. Loans |
|
1.16 |
% |
1.03 |
% |
0.47 |
% |
0.01 |
% |
0.37 |
% |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
CMI |
|
$ |
489 |
|
$ |
319 |
|
$ |
310 |
|
$ |
263 |
|
$ |
241 |
|
(8 |
)% |
(51 |
)% |
CFNA |
|
392 |
|
4 |
|
4 |
|
4 |
|
4 |
|
|
|
(99 |
)% | |||||
Residential First |
|
881 |
|
323 |
|
314 |
|
267 |
|
245 |
|
(8 |
)% |
(72 |
)% | |||||
Home Equity |
|
441 |
|
417 |
|
409 |
|
414 |
|
418 |
|
1 |
% |
(5 |
)% | |||||
Loans 90+ Days Past Due (1) (3) (4) |
|
$ |
1,322 |
|
$ |
740 |
|
$ |
723 |
|
$ |
681 |
|
$ |
663 |
|
(3 |
)% |
(50 |
)% |
As a % of EOP Loans |
|
2.92 |
% |
2.08 |
% |
2.13 |
% |
2.18 |
% |
2.26 |
% |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
CMI |
|
$ |
666 |
|
$ |
537 |
|
$ |
451 |
|
$ |
431 |
|
$ |
425 |
|
(1 |
)% |
(36 |
)% |
CFNA |
|
205 |
|
2 |
|
3 |
|
2 |
|
1 |
|
(50 |
)% |
(100 |
)% | |||||
Residential First |
|
871 |
|
539 |
|
454 |
|
433 |
|
426 |
|
(2 |
)% |
(51 |
)% | |||||
Home Equity |
|
311 |
|
271 |
|
274 |
|
241 |
|
244 |
|
1 |
% |
(22 |
)% | |||||
Loans 30-89 Days Past Due (1) (3) (4) |
|
$ |
1,182 |
|
$ |
810 |
|
$ |
728 |
|
$ |
674 |
|
$ |
670 |
|
(1 |
)% |
(43 |
)% |
As a % of EOP Loans |
|
2.61 |
% |
2.28 |
% |
2.14 |
% |
2.15 |
% |
2.28 |
% |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
North America Personal Loans (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average Loans (in billions of dollars) |
|
$ |
0.8 |
|
$ |
0.8 |
|
$ |
0.9 |
|
$ |
0.9 |
|
$ |
0.9 |
|
|
|
13 |
% |
EOP Loans (in billions of dollars) |
|
$ |
0.9 |
|
$ |
0.9 |
|
$ |
0.9 |
|
$ |
0.9 |
|
$ |
0.9 |
|
|
|
|
|
Net Interest Revenue |
|
$ |
505 |
|
$ |
279 |
|
$ |
63 |
|
$ |
63 |
|
$ |
63 |
|
|
|
(88 |
)% |
As a % of Avg. Loans |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
N/A |
|
|
|
|
| |||||
Net Credit Losses |
|
$ |
15 |
|
$ |
14 |
|
$ |
18 |
|
$ |
19 |
|
$ |
19 |
|
|
|
27 |
% |
As a % of Avg. Loans |
|
7.44 |
% |
6.94 |
% |
8.04 |
% |
8.49 |
% |
8.40 |
% |
|
|
|
| |||||
Loans 90+ Days Past Due |
|
$ |
19 |
|
$ |
18 |
|
$ |
19 |
|
$ |
19 |
|
$ |
20 |
|
5 |
% |
5 |
% |
As a % of EOP Loans |
|
2.11 |
% |
2.00 |
% |
2.11 |
% |
2.11 |
% |
2.22 |
% |
|
|
|
| |||||
Loans 30-89 Days Past Due |
|
$ |
15 |
|
$ |
14 |
|
$ |
15 |
|
$ |
21 |
|
$ |
19 |
|
(10 |
)% |
27 |
% |
As a % of EOP Loans |
|
1.67 |
% |
1.56 |
% |
1.67 |
% |
2.33 |
% |
2.11 |
% |
|
|
|
|
(1) |
The fourth quarter of 2015 reflects the transfer of approximately $8 billion of mortgage loans to Loans, held-for-sale (HFS) (included within Other assets). Delinquencies and related ratios are not included for Loans HFS. |
(2) |
See footnote 4 on page 20. |
(3) |
The Loans 90+ Days Past Due and 30-89 Days Past Due and related ratios exclude U.S. mortgage loans that are guaranteed by U.S. government-sponsored agencies since the potential loss predominantly resides with the U.S. agencies. |
|
The amounts excluded for Loans 90+ Days Past Due and (EOP Loans) for each period were $1.7 billion and ($2.6 billion), $1.5 billion and ($2.2 billion), $1.3 billion and ($1.9 billion), $1.2 billion and ($1.8 billion), and $1.0 billion and ($1.5 billion), as of September 30, 2015, December 31, 2015, March 31, 2016, June 30, 2016 and September 30, 2016, respectively. |
|
|
|
The amounts excluded for Loans 30-89 Days Past Due and (EOP Loans) for each period were $0.3 billion and ($2.6 billion), $0.2 billion and ($2.2 billion), $0.2 billion and ($1.9 billion), $0.2 billion and ($1.8 billion), and $0.1 billion and ($1.5 billion), as of September 30, 2015, December 31, 2015, March 31, 2016, June 30, 2016 and September 30, 2016, respectively. |
(4) |
The September 30, 2015, December 31, 2015, March 31, 2016, June 30, 2016 and September 30, 2016 Loans 90+ Days Past Due and 30-89 Days Past Due and related ratios exclude $12 million, $11 million, $9 million, $9 million and $9 million, respectively, of loans that are carried at fair value. |
(5) |
See footnote 3 on page 20. |
N/A |
Not applicable for the third and fourth quarters of 2015 as a result of the loans related to the announced sale of OneMain being reclassified from loans to assets held-for-sale (Other assets). |
NM Not meaningful.
Reclassified to conform to the current periods presentation.
AVERAGE BALANCES AND INTEREST RATES (1)(2)(3)(4)(5) Taxable Equivalent Basis
|
|
|
Average Volumes |
|
Interest |
|
% Average Rate (4) |
| ||||||||||||||||||
|
|
Third |
|
Second |
|
Third |
|
Third |
|
Second |
|
Third |
|
Third |
|
Second |
|
Third |
| ||||||
|
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
|
Quarter |
| ||||||
In millions of dollars, except as otherwise noted |
|
2015 |
|
2016 |
|
2016 |
|
2015 |
|
2016 |
|
2016 |
|
2015 |
|
2016 |
|
2016 |
| ||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Deposits with Banks |
|
$ |
139,349 |
|
$ |
135,245 |
|
$ |
131,571 |
|
$ |
187 |
|
$ |
237 |
|
$ |
247 |
|
0.53 |
% |
0.70 |
% |
0.75 |
% |
Fed Funds Sold and Resale Agreements (6) |
|
233,831 |
|
232,529 |
|
234,996 |
|
656 |
|
664 |
|
636 |
|
1.11 |
% |
1.15 |
% |
1.08 |
% | ||||||
Trading Account Assets (7) |
|
210,187 |
|
209,677 |
|
209,864 |
|
1,531 |
|
1,573 |
|
1,471 |
|
2.89 |
% |
3.02 |
% |
2.79 |
% | ||||||
Investments |
|
335,123 |
|
351,524 |
|
354,789 |
|
1,802 |
|
1,998 |
|
1,946 |
|
2.13 |
% |
2.29 |
% |
2.18 |
% | ||||||
Total Loans (net of Unearned Income) (8) |
|
623,205 |
|
620,648 |
|
635,771 |
|
9,995 |
|
9,765 |
|
10,246 |
|
6.36 |
% |
6.33 |
% |
6.41 |
% | ||||||
Other Interest-Earning Assets |
|
60,459 |
|
45,639 |
|
44,010 |
|
661 |
|
236 |
|
220 |
|
4.34 |
% |
2.08 |
% |
1.99 |
% | ||||||
Total Average Interest-Earning Assets |
|
$ |
1,602,154 |
|
$ |
1,595,262 |
|
$ |
1,611,001 |
|
$ |
14,832 |
|
$ |
14,473 |
|
$ |
14,766 |
|
3.67 |
% |
3.65 |
% |
3.65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Deposits (excluding deposit insurance and FDIC Assessment) |
|
$ |
696,882 |
|
$ |
721,895 |
|
$ |
731,231 |
|
$ |
951 |
|
$ |
1,039 |
|
$ |
1,107 |
|
0.54 |
% |
0.58 |
% |
0.60 |
% |
Deposit Insurance and FDIC Assessment |
|
|
|
|
|
|
|
264 |
|
267 |
|
336 |
|
|
|
|
|
|
| ||||||
Total Deposits |
|
696,882 |
|
721,895 |
|
731,231 |
|
1,215 |
|
1,306 |
|
1,443 |
|
0.69 |
% |
0.73 |
% |
0.79 |
% | ||||||
Fed Funds Purchased and Repurchase Agreements (6) |
|
174,245 |
|
161,202 |
|
157,984 |
|
379 |
|
527 |
|
459 |
|
0.86 |
% |
1.31 |
% |
1.16 |
% | ||||||
Trading Account Liabilities (7) |
|
70,470 |
|
73,380 |
|
76,237 |
|
57 |
|
96 |
|
102 |
|
0.32 |
% |
0.53 |
% |
0.53 |
% | ||||||
Short-Term Borrowings |
|
132,021 |
|
65,078 |
|
81,304 |
|
159 |
|
109 |
|
90 |
|
0.48 |
% |
0.67 |
% |
0.44 |
% | ||||||
Long-Term Debt (9) |
|
187,636 |
|
182,220 |
|
181,933 |
|
1,131 |
|
1,082 |
|
1,079 |
|
2.39 |
% |
2.39 |
% |
2.36 |
% | ||||||
Total Average Interest-Bearing Liabilities |
|
$ |
1,261,254 |
|
$ |
1,203,775 |
|
$ |
1,228,689 |
|
$ |
2,941 |
|
$ |
3,120 |
|
$ |
3,173 |
|
0.93 |
% |
1.04 |
% |
1.03 |
% |
Total Average Interest-Bearing Liabilities (excluding deposit insurance and FDIC Assessment) |
|
$ |
1,261,254 |
|
$ |
1,203,775 |
|
$ |
1,228,689 |
|
$ |
2,677 |
|
$ |
2,853 |
|
$ |
2,837 |
|
0.84 |
% |
0.95 |
% |
0.92 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Interest Revenue as a % of Average Interest-Earning Assets (NIM) |
|
|
|
|
|
|
|
$ |
11,891 |
|
$ |
11,353 |
|
$ |
11,593 |
|
2.94 |
% |
2.86 |
% |
2.86 |
% | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
NIR as a % of Average Interest-Earning Assets (NIM) (excluding deposit insurance and FDIC Assessment) |
|
|
|
|
|
|
|
$ |
12,155 |
|
$ |
11,620 |
|
$ |
11,929 |
|
3.01 |
% |
2.93 |
% |
2.95 |
% | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
3Q16 Increase (Decrease) From |
|
|
|
|
|
|
|
|
|
|
|
|
|
(8 |
)bps |
|
bps |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
3Q16 Increase (Decrease) (excluding deposit insurance and FDIC Assessment) From |
|
|
|
|
|
|
|
|
|
|
|
|
|
(6 |
)bps |
2 |
bps |
|
|
(1) Interest Revenue includes the taxable equivalent adjustments (based on the U.S. federal statutory tax rate of 35%) of $118 million for the third quarter of 2015, $117 million for the second quarter of 2016 and $114 million for the third quarter of 2016.
(2) Citigroup average balances and interest rates include both domestic and international operations.
(3) Monthly averages have been used by certain subsidiaries where daily averages are unavailable.
(4) Average rate % is calculated as annualized interest over average volumes.
(5) Preliminary.
(6) Average volumes of securities borrowed or purchased under agreements to resell and securities loaned or sold under agreements to repurchase are reported net pursuant to FIN 41; the related interest excludes the impact of FIN 41.
(7) Interest expense on trading account liabilities of ICG is reported as a reduction of interest revenue. Interest revenue and interest expense on cash collateral positions are reported in trading account assets and trading account liabilities, respectively.
(8) Nonperforming loans are included in the average loan balances.
(9) Excludes hybrid financial instruments with changes recorded in Principal Transactions.
Reclassified to conform to the current periods presentation.
DEPOSITS (In billions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
| |||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
| |||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Citicorp Deposits by Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Global Consumer Banking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
North America |
|
$ |
180.0 |
|
$ |
181.6 |
|
$ |
183.7 |
|
$ |
183.3 |
|
$ |
185.6 |
|
1 |
% |
3 |
% |
Latin America |
|
26.2 |
|
28.7 |
|
28.3 |
|
28.2 |
|
27.4 |
|
(3 |
)% |
5 |
% | |||||
Asia (1) |
|
87.0 |
|
87.6 |
|
90.7 |
|
90.5 |
|
93.6 |
|
3 |
% |
8 |
% | |||||
Total |
|
$ |
293.2 |
|
$ |
297.9 |
|
$ |
302.7 |
|
$ |
302.0 |
|
$ |
306.6 |
|
2 |
% |
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
ICG |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
North America |
|
$ |
200.0 |
|
$ |
198.5 |
|
$ |
198.7 |
|
$ |
205.2 |
|
$ |
212.4 |
|
4 |
% |
6 |
% |
EMEA |
|
173.3 |
|
170.6 |
|
181.3 |
|
178.6 |
|
181.0 |
|
1 |
% |
4 |
% | |||||
Latin America |
|
62.6 |
|
64.3 |
|
68.1 |
|
64.4 |
|
63.3 |
|
(2 |
)% |
1 |
% | |||||
Asia |
|
159.2 |
|
154.3 |
|
159.0 |
|
158.6 |
|
160.5 |
|
1 |
% |
1 |
% | |||||
Total |
|
$ |
595.1 |
|
$ |
587.7 |
|
$ |
607.1 |
|
$ |
606.8 |
|
$ |
617.2 |
|
2 |
% |
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Corporate/Other |
|
$ |
5.3 |
|
$ |
12.0 |
|
$ |
15.6 |
|
$ |
22.7 |
|
$ |
10.6 |
|
(53 |
)% |
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Citicorp |
|
$ |
893.6 |
|
$ |
897.6 |
|
$ |
925.4 |
|
$ |
931.5 |
|
$ |
934.4 |
|
|
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Citi Holdings |
|
$ |
10.6 |
|
$ |
10.3 |
|
$ |
9.2 |
|
$ |
6.4 |
|
$ |
5.9 |
|
(8 |
)% |
(44 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Citigroup Deposits - EOP |
|
$ |
904.2 |
|
$ |
907.9 |
|
$ |
934.6 |
|
$ |
937.9 |
|
$ |
940.3 |
|
|
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Citigroup Deposits - Average |
|
$ |
903.1 |
|
$ |
908.8 |
|
$ |
911.7 |
|
$ |
935.6 |
|
$ |
944.2 |
|
1 |
% |
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Foreign Currency (FX) Translation Impact: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Citigroup EOP Deposits - as Reported |
|
$ |
904.2 |
|
$ |
907.9 |
|
$ |
934.6 |
|
$ |
937.9 |
|
$ |
940.3 |
|
|
|
4 |
% |
Impact of FX Translation (2) |
|
0.7 |
|
0.6 |
|
(5.2 |
) |
0.1 |
|
|
|
|
|
|
| |||||
Total Citigroup EOP Deposits - Ex-FX (2) |
|
$ |
904.9 |
|
$ |
908.5 |
|
$ |
929.4 |
|
$ |
938.0 |
|
$ |
940.3 |
|
|
|
4 |
% |
(1) Asia GCB includes the results of operations of EMEA GCB for all periods presented.
(2) Reflects the impact of FX translation into U.S. Dollars at the third quarter of 2016 exchange rates for all periods presented.
Citigroups results of operations excluding the impact of FX translation are non-GAAP financial measures.
Reclassified to conform to the current periods presentation.
EOP LOANS (1) - Page 1 CITICORP (In billions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
| |||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
| |||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Citicorp: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Global Consumer Banking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
North America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Credit Cards |
|
$ |
107.9 |
|
$ |
113.3 |
|
$ |
107.4 |
|
$ |
120.8 |
|
$ |
125.2 |
|
4 |
% |
16 |
% |
Retail Banking |
|
51.0 |
|
52.2 |
|
53.5 |
|
54.8 |
|
54.8 |
|
|
|
7 |
% | |||||
Total |
|
$ |
158.9 |
|
$ |
165.5 |
|
$ |
160.9 |
|
$ |
175.6 |
|
$ |
180.0 |
|
3 |
% |
13 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Latin America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Credit Cards |
|
$ |
5.4 |
|
$ |
5.4 |
|
$ |
5.3 |
|
$ |
5.0 |
|
$ |
4.9 |
|
(2 |
)% |
(9 |
)% |
Retail Banking |
|
19.8 |
|
20.1 |
|
20.1 |
|
19.5 |
|
19.0 |
|
(3 |
)% |
(4 |
)% | |||||
Total |
|
$ |
25.2 |
|
$ |
25.5 |
|
$ |
25.4 |
|
$ |
24.5 |
|
$ |
23.9 |
|
(2 |
)% |
(5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Asia (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Credit Cards |
|
$ |
17.0 |
|
$ |
17.6 |
|
$ |
17.6 |
|
$ |
17.6 |
|
$ |
17.7 |
|
1 |
% |
4 |
% |
Retail Banking |
|
68.6 |
|
68.4 |
|
68.7 |
|
67.5 |
|
68.1 |
|
1 |
% |
(1 |
)% | |||||
Total |
|
$ |
85.6 |
|
$ |
86.0 |
|
$ |
86.3 |
|
$ |
85.1 |
|
$ |
85.8 |
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Consumer Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Credit Cards |
|
$ |
130.3 |
|
$ |
136.3 |
|
$ |
130.3 |
|
$ |
143.4 |
|
$ |
147.8 |
|
3 |
% |
13 |
% |
Retail Banking |
|
139.4 |
|
140.7 |
|
142.3 |
|
141.8 |
|
141.9 |
|
|
|
2 |
% | |||||
Total Consumer |
|
$ |
269.7 |
|
$ |
277.0 |
|
$ |
272.6 |
|
$ |
285.2 |
|
$ |
289.7 |
|
2 |
% |
7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Corporate Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
North America |
|
$ |
127.8 |
|
$ |
126.8 |
|
$ |
131.9 |
|
$ |
134.9 |
|
$ |
139.6 |
|
3 |
% |
9 |
% |
EMEA |
|
63.0 |
|
60.4 |
|
64.7 |
|
68.7 |
|
67.6 |
|
(2 |
)% |
7 |
% | |||||
Latin America |
|
41.4 |
|
43.6 |
|
42.5 |
|
42.2 |
|
42.2 |
|
|
|
2 |
% | |||||
Asia |
|
60.8 |
|
60.8 |
|
61.7 |
|
61.1 |
|
59.7 |
|
(2 |
)% |
(2 |
)% | |||||
Total Corporate Loans |
|
$ |
293.0 |
|
$ |
291.6 |
|
$ |
300.8 |
|
$ |
306.9 |
|
$ |
309.1 |
|
1 |
% |
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Citicorp |
|
$ |
562.7 |
|
$ |
568.6 |
|
$ |
573.4 |
|
$ |
592.1 |
|
$ |
598.8 |
|
1 |
% |
6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Foreign Currency (FX) Translation Impact: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Citicorp EOP Loans - as Reported |
|
$ |
562.7 |
|
$ |
568.6 |
|
$ |
573.4 |
|
$ |
592.1 |
|
$ |
598.8 |
|
1 |
% |
6 |
% |
Impact of FX Translation (2) |
|
(1.5 |
) |
(0.4 |
) |
(3.6 |
) |
0.2 |
|
|
|
|
|
|
| |||||
Total Citicorp EOP Loans - Ex-FX (2) |
|
$ |
561.2 |
|
$ |
568.2 |
|
$ |
569.8 |
|
$ |
592.3 |
|
$ |
598.8 |
|
1 |
% |
7 |
% |
Note: Certain small balance consumer loans included in the above lines are classified as Corporate Loans on the Consolidated Balance Sheet.
(1) Asia GCB includes the results of operations of EMEA GCB for all periods presented.
(2) Reflects the impact of FX translation into U.S. Dollars at the third quarter of 2016 exchange rates for all periods presented.
Citigroups results of operations excluding the impact of FX translation are non-GAAP financial measures.
Reclassified to conform to the current periods presentation.
EOP LOANS - Page 2 CITI HOLDINGS AND TOTAL CITIGROUP (In billions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
| |||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
| |||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Citi Holdings: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consumer - North America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Mortgages (1) |
|
47.9 |
|
37.8 |
|
35.9 |
|
33.1 |
|
30.9 |
|
(7 |
)% |
(35 |
)% | |||||
Personal Loans |
|
0.9 |
|
0.9 |
|
0.9 |
|
0.9 |
|
0.9 |
|
|
|
|
| |||||
Other |
|
1.9 |
|
1.8 |
|
1.8 |
|
1.7 |
|
1.6 |
|
(6 |
)% |
(16 |
)% | |||||
Total |
|
$ |
50.7 |
|
$ |
40.5 |
|
$ |
38.6 |
|
$ |
35.7 |
|
$ |
33.4 |
|
(6 |
)% |
(34 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consumer - International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Credit Cards |
|
$ |
3.8 |
|
$ |
3.6 |
|
$ |
2.8 |
|
$ |
2.6 |
|
$ |
2.6 |
|
|
|
(32 |
)% |
REL, Personal & Other |
|
4.9 |
|
4.6 |
|
3.6 |
|
2.9 |
|
2.9 |
|
|
|
(41 |
)% | |||||
Total |
|
$ |
8.7 |
|
$ |
8.2 |
|
$ |
6.4 |
|
$ |
5.5 |
|
$ |
5.5 |
|
|
|
(37 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Citi Holdings - Other |
|
0.3 |
|
0.3 |
|
0.4 |
|
0.2 |
|
0.2 |
|
|
|
(33 |
)% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Citi Holdings |
|
$ |
59.7 |
|
$ |
49.0 |
|
$ |
45.4 |
|
$ |
41.4 |
|
$ |
39.1 |
|
(6 |
)% |
(35 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Citigroup |
|
$ |
622.4 |
|
$ |
617.6 |
|
$ |
618.8 |
|
$ |
633.5 |
|
$ |
637.9 |
|
1 |
% |
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consumer Loans |
|
$ |
329.2 |
|
$ |
325.8 |
|
$ |
317.9 |
|
$ |
326.4 |
|
$ |
328.7 |
|
1 |
% |
|
|
Corporate Loans |
|
293.2 |
|
291.8 |
|
300.9 |
|
307.1 |
|
309.2 |
|
1 |
% |
5 |
% | |||||
Total Citigroup |
|
$ |
622.4 |
|
$ |
617.6 |
|
$ |
618.8 |
|
$ |
633.5 |
|
$ |
637.9 |
|
1 |
% |
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Foreign Currency (FX) Translation Impact: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Citigroup EOP Loans - as Reported |
|
$ |
622.4 |
|
$ |
617.6 |
|
$ |
618.8 |
|
$ |
633.5 |
|
$ |
637.9 |
|
1 |
% |
2 |
% |
Impact of FX Translation (2) |
|
(0.8 |
) |
0.3 |
|
(3.4 |
) |
0.2 |
|
|
|
|
|
|
| |||||
Total Citigroup EOP Loans - Ex-FX (2) |
|
$ |
621.6 |
|
$ |
617.9 |
|
$ |
615.4 |
|
$ |
633.7 |
|
$ |
637.9 |
|
1 |
% |
3 |
% |
Note: Certain small balance consumer loans included in the above lines are classified as Corporate Loans on the Consolidated Balance Sheet.
(1) |
See footnote 1 on page 21. |
(2) |
Reflects the impact of FX translation into U.S. Dollars at the third quarter of 2016 exchange rates for all periods presented. |
|
Citigroups results of operations excluding the impact of FX translation are non-GAAP financial measures. |
Reclassified to conform to the current periods presentation.
SUPPLEMENTAL DETAIL CONSUMER LOANS 90+ DAYS DELINQUENCY AMOUNTS AND RATIOS BUSINESS VIEW (In millions of dollars, except EOP loan amounts in billions of dollars) |
|
|
Loans 90+ Days Past Due (1) |
|
EOP Loans |
| ||||||||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
3Q |
| ||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2016 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Citicorp (2) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total |
|
$ |
1,981 |
|
$ |
2,119 |
|
$ |
2,022 |
|
$ |
1,965 |
|
$ |
2,169 |
|
$ |
289.7 |
|
Ratio |
|
0.74 |
% |
0.77 |
% |
0.74 |
% |
0.69 |
% |
0.75 |
% |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Retail Bank (2) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total |
|
$ |
529 |
|
$ |
523 |
|
$ |
498 |
|
$ |
515 |
|
$ |
579 |
|
$ |
141.9 |
|
Ratio |
|
0.38 |
% |
0.37 |
% |
0.35 |
% |
0.37 |
% |
0.41 |
% |
|
| ||||||
North America (2) |
|
$ |
138 |
|
$ |
165 |
|
$ |
152 |
|
$ |
180 |
|
$ |
256 |
|
$ |
54.8 |
|
Ratio |
|
0.28 |
% |
0.32 |
% |
0.29 |
% |
0.33 |
% |
0.47 |
% |
|
| ||||||
Latin America |
|
$ |
212 |
|
$ |
185 |
|
$ |
172 |
|
$ |
157 |
|
$ |
160 |
|
$ |
19.0 |
|
Ratio |
|
1.07 |
% |
0.92 |
% |
0.86 |
% |
0.81 |
% |
0.84 |
% |
|
| ||||||
Asia (3) |
|
$ |
179 |
|
$ |
173 |
|
$ |
174 |
|
$ |
178 |
|
$ |
163 |
|
$ |
68.1 |
|
Ratio |
|
0.26 |
% |
0.25 |
% |
0.25 |
% |
0.26 |
% |
0.24 |
% |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Cards |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total |
|
$ |
1,452 |
|
$ |
1,596 |
|
$ |
1,524 |
|
$ |
1,450 |
|
$ |
1,590 |
|
$ |
147.8 |
|
Ratio |
|
1.11 |
% |
1.17 |
% |
1.17 |
% |
1.01 |
% |
1.08 |
% |
|
| ||||||
North America - Citi-Branded |
|
$ |
491 |
|
$ |
538 |
|
$ |
530 |
|
$ |
510 |
|
$ |
607 |
|
$ |
81.3 |
|
Ratio |
|
0.76 |
% |
0.80 |
% |
0.82 |
% |
0.66 |
% |
0.75 |
% |
|
| ||||||
North America - Retail Services |
|
$ |
621 |
|
$ |
705 |
|
$ |
665 |
|
$ |
619 |
|
$ |
664 |
|
$ |
43.9 |
|
Ratio |
|
1.44 |
% |
1.53 |
% |
1.56 |
% |
1.43 |
% |
1.51 |
% |
|
| ||||||
Latin America |
|
$ |
169 |
|
$ |
173 |
|
$ |
149 |
|
$ |
145 |
|
$ |
131 |
|
$ |
4.9 |
|
Ratio |
|
3.13 |
% |
3.20 |
% |
2.81 |
% |
2.90 |
% |
2.67 |
% |
|
| ||||||
Asia (3) |
|
$ |
171 |
|
$ |
180 |
|
$ |
180 |
|
$ |
176 |
|
$ |
188 |
|
$ |
17.7 |
|
Ratio |
|
1.01 |
% |
1.02 |
% |
1.02 |
% |
1.00 |
% |
1.06 |
% |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Citi Holdings - Consumer (2) (4) (5) |
|
$ |
1,528 |
|
$ |
927 |
|
$ |
896 |
|
$ |
878 |
|
$ |
857 |
|
$ |
38.9 |
|
Ratio |
|
2.69 |
% |
1.99 |
% |
2.08 |
% |
2.23 |
% |
2.29 |
% |
|
| ||||||
International |
|
$ |
174 |
|
$ |
157 |
|
$ |
145 |
|
$ |
170 |
|
$ |
164 |
|
$ |
5.5 |
|
Ratio |
|
2.00 |
% |
1.91 |
% |
2.27 |
% |
3.09 |
% |
2.98 |
% |
|
| ||||||
North America (2) (4) (5) |
|
$ |
1,354 |
|
$ |
770 |
|
$ |
751 |
|
$ |
708 |
|
$ |
693 |
|
$ |
33.4 |
|
Ratio |
|
2.81 |
% |
2.01 |
% |
2.05 |
% |
2.09 |
% |
2.17 |
% |
|
| ||||||
Other (6) |
|
|
|
|
|
|
|
|
|
|
|
$ |
0.1 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total Citigroup (2) (4) (5) |
|
$ |
3,509 |
|
$ |
3,046 |
|
$ |
2,918 |
|
$ |
2,843 |
|
$ |
3,026 |
|
$ |
328.7 |
|
Ratio |
|
1.08 |
% |
0.94 |
% |
0.93 |
% |
0.88 |
% |
0.93 |
% |
|
|
(1) |
The ratio of 90+ Days Past Due is calculated based on end-of-period loans, net of unearned income. |
(2) |
The 90+ Days Past Due and related ratios for North America Consumer Banking and Citi Holdings North America Mortgages excludes U.S. mortgage loans that are guaranteed by U.S. government-sponsored agencies since the potential loss predominantly resides with the U.S. agencies. See footnote 2 on page 10 and footnote 3 on page 21. |
(3) |
Asia GCB includes the results of operations of EMEA GCB for all periods presented. |
(4) |
The September 30, 2015, December 31, 2015, March 31, 2016, June 30, 2016 and September 30, 2016 Loans 90+ Days Past Due and 30-89 Days Past Due and related ratios exclude $12 million, $11 million, $9 million, $9 million and $9 million, respectively, of loans that are carried at fair value. |
(5) |
See footnote 1 on page 21. |
(6) |
Represents loans classified as consumer loans on the Consolidated Balance Sheet that are not included in the Citi Holdings Consumer credit metrics. |
Reclassified to conform to the current periods presentation.
SUPPLEMENTAL DETAIL CONSUMER LOANS 30-89 DAYS DELINQUENCY AMOUNTS AND RATIOS BUSINESS VIEW (In millions of dollars, except EOP loan amounts in billions of dollars) |
|
|
Loans 30-89 Days Past Due (1) |
|
EOP Loans |
| ||||||||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
3Q |
| ||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2016 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Citicorp (2) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total |
|
$ |
2,427 |
|
$ |
2,418 |
|
$ |
2,360 |
|
$ |
2,318 |
|
$ |
2,552 |
|
$ |
289.7 |
|
Ratio |
|
0.90 |
% |
0.88 |
% |
0.87 |
% |
0.82 |
% |
0.88 |
% |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Retail Bank (2) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total |
|
$ |
764 |
|
$ |
739 |
|
$ |
793 |
|
$ |
735 |
|
$ |
722 |
|
$ |
141.9 |
|
Ratio |
|
0.55 |
% |
0.53 |
% |
0.56 |
% |
0.52 |
% |
0.51 |
% |
|
| ||||||
North America (2) |
|
$ |
198 |
|
$ |
221 |
|
$ |
198 |
|
$ |
192 |
|
$ |
198 |
|
$ |
54.8 |
|
Ratio |
|
0.40 |
% |
0.43 |
% |
0.38 |
% |
0.36 |
% |
0.37 |
% |
|
| ||||||
Latin America |
|
$ |
239 |
|
$ |
184 |
|
$ |
256 |
|
$ |
197 |
|
$ |
196 |
|
$ |
19.0 |
|
Ratio |
|
1.21 |
% |
0.92 |
% |
1.27 |
% |
1.01 |
% |
1.03 |
% |
|
| ||||||
Asia (3) |
|
$ |
327 |
|
$ |
334 |
|
$ |
339 |
|
$ |
346 |
|
$ |
328 |
|
$ |
68.1 |
|
Ratio |
|
0.48 |
% |
0.49 |
% |
0.49 |
% |
0.51 |
% |
0.48 |
% |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Cards |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total |
|
$ |
1,663 |
|
$ |
1,679 |
|
$ |
1,567 |
|
$ |
1,583 |
|
$ |
1,830 |
|
$ |
147.8 |
|
Ratio |
|
1.28 |
% |
1.23 |
% |
1.20 |
% |
1.10 |
% |
1.24 |
% |
|
| ||||||
North America - Citi-Branded |
|
$ |
504 |
|
$ |
523 |
|
$ |
492 |
|
$ |
550 |
|
$ |
710 |
|
$ |
81.3 |
|
Ratio |
|
0.78 |
% |
0.78 |
% |
0.76 |
% |
0.71 |
% |
0.87 |
% |
|
| ||||||
North America - Retail Services |
|
$ |
758 |
|
$ |
773 |
|
$ |
688 |
|
$ |
669 |
|
$ |
750 |
|
$ |
43.9 |
|
Ratio |
|
1.76 |
% |
1.68 |
% |
1.62 |
% |
1.55 |
% |
1.71 |
% |
|
| ||||||
Latin America |
|
$ |
181 |
|
$ |
157 |
|
$ |
152 |
|
$ |
137 |
|
$ |
131 |
|
$ |
4.9 |
|
Ratio |
|
3.35 |
% |
2.91 |
% |
2.87 |
% |
2.74 |
% |
2.67 |
% |
|
| ||||||
Asia (3) |
|
$ |
220 |
|
$ |
226 |
|
$ |
235 |
|
$ |
227 |
|
$ |
239 |
|
$ |
17.7 |
|
Ratio |
|
1.29 |
% |
1.28 |
% |
1.34 |
% |
1.29 |
% |
1.35 |
% |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Citi Holdings - Consumer (2) (4) (5) |
|
$ |
1,423 |
|
$ |
1,036 |
|
$ |
929 |
|
$ |
858 |
|
$ |
849 |
|
$ |
38.9 |
|
Ratio |
|
2.51 |
% |
2.23 |
% |
2.16 |
% |
2.18 |
% |
2.27 |
% |
|
| ||||||
International |
|
$ |
193 |
|
$ |
179 |
|
$ |
161 |
|
$ |
138 |
|
$ |
135 |
|
$ |
5.5 |
|
Ratio |
|
2.22 |
% |
2.18 |
% |
2.52 |
% |
2.51 |
% |
2.45 |
% |
|
| ||||||
North America (2) (4) (5) |
|
$ |
1,230 |
|
$ |
857 |
|
$ |
768 |
|
$ |
720 |
|
$ |
714 |
|
$ |
33.4 |
|
Ratio |
|
2.56 |
% |
2.24 |
% |
2.09 |
% |
2.12 |
% |
2.24 |
% |
|
| ||||||
Other (6) |
|
|
|
|
|
|
|
|
|
|
|
$ |
0.1 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total Citigroup (2) (4) (5) |
|
$ |
3,850 |
|
$ |
3,454 |
|
$ |
3,289 |
|
$ |
3,176 |
|
$ |
3,401 |
|
$ |
328.7 |
|
Ratio |
|
1.18 |
% |
1.07 |
% |
1.05 |
% |
0.98 |
% |
1.04 |
% |
|
|
(1) The ratio of 30-89 Days Past Due is calculated based on end-of-period loans, net of unearned income.
(2) The 30-89 Days Past Due and related ratios for North America Consumer Banking and North America Local Consumer Lending excludes U.S. mortgage loans that are guaranteed by U.S. government-sponsored agencies since the potential loss predominantly resides with the U.S. agencies. See footnote 2 on page 10 and footnote 3 on page 21.
(3) Asia GCB includes the results of operations of EMEA GCB for all periods presented.
(4) The September 30, 2015, December 31, 2015, March 31, 2016, June 30, 2016 and September 30, 2016 Loans 90+ Days Past Due and 30-89 Days Past Due and related ratios exclude $12 million, $11 million, $9 million, $9 million and $9 million, respectively, of loans that are carried at fair value.
(5) See footnote 1 on page 21.
(6) Represents loans classified as consumer loans on the Consolidated Balance Sheet that are not included in the Citi Holdings Consumer credit metrics.
Reclassified to conform to the current periods presentation.
ALLOWANCE FOR CREDIT LOSSES - PAGE 1 TOTAL CITIGROUP (In millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
|
Nine |
|
Nine |
|
YTD 2016 vs. |
| ||||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
Months |
|
Months |
|
YTD 2015 Increase/ |
| ||||||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
|
2015 |
|
2016 |
|
(Decrease) |
| ||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Citigroup |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Allowance for Loan Losses at Beginning of Period (1) |
|
$ |
14,075 |
|
$ |
13,626 |
|
$ |
12,626 |
|
$ |
12,712 |
|
$ |
12,304 |
|
|
|
|
|
|
$ |
15,994 |
|
$ |
12,626 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Gross Credit (Losses) |
|
(2,068 |
) |
(2,180 |
) |
(2,143 |
) |
(2,048 |
) |
(1,948 |
) |
5 |
% |
6 |
% |
|
(6,861 |
) |
(6,139 |
) |
11 |
% | |||||||
Gross Recoveries |
|
405 |
|
418 |
|
419 |
|
432 |
|
423 |
|
(2 |
)% |
4 |
% |
|
1,321 |
|
1,274 |
|
(4 |
)% | |||||||
Net Credit (Losses) / Recoveries (NCLs) |
|
(1,663 |
) |
(1,762 |
) |
(1,724 |
) |
(1,616 |
) |
(1,525 |
) |
6 |
% |
8 |
% |
|
(5,540 |
) |
(4,865 |
) |
12 |
% | |||||||
NCLs |
|
1,663 |
|
1,762 |
|
1,724 |
|
1,616 |
|
1,525 |
|
(6 |
)% |
(8 |
)% |
|
5,540 |
|
4,865 |
|
(12 |
)% | |||||||
Net Reserve Builds / (Releases) (2) |
|
43 |
|
386 |
|
42 |
|
(90 |
) |
258 |
|
NM |
|
NM |
|
|
(247 |
) |
210 |
|
NM |
| |||||||
Net Specific Reserve Builds / (Releases) (2) |
|
(124 |
) |
108 |
|
120 |
|
(136 |
) |
(37 |
) |
73 |
% |
70 |
% |
|
(441 |
) |
(53 |
) |
88 |
% | |||||||
Provision for Loan Losses |
|
1,582 |
|
2,256 |
|
1,886 |
|
1,390 |
|
1,746 |
|
26 |
% |
10 |
% |
|
4,852 |
|
5,022 |
|
4 |
% | |||||||
Other (3) (4) (5) (6) (7) (8) (9) |
|
(368 |
) |
(1,494 |
) |
(76 |
) |
(182 |
) |
(86 |
) |
53 |
% |
77 |
% |
|
(1,680 |
) |
(344 |
) |
|
| |||||||
Allowance for Loan Losses at End of Period (1) (a) |
|
$ |
13,626 |
|
$ |
12,626 |
|
$ |
12,712 |
|
$ |
12,304 |
|
$ |
12,439 |
|
|
|
|
|
|
$ |
13,626 |
|
$ |
12,439 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Allowance for Unfunded Lending Commitments (6) (10) (a) |
|
$ |
1,036 |
|
$ |
1,402 |
|
$ |
1,473 |
|
$ |
1,432 |
|
$ |
1,388 |
|
|
|
|
|
|
$ |
1,036 |
|
$ |
1,388 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Provision for Unfunded Lending Commitments (6) |
|
$ |
65 |
|
$ |
94 |
|
$ |
71 |
|
$ |
(30 |
) |
$ |
(45 |
) |
|
|
|
|
|
$ |
(20 |
) |
$ |
(4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Allowance for Loans, Leases and Unfunded Lending Commitments [Sum of (a)] |
|
$ |
14,662 |
|
$ |
14,028 |
|
$ |
14,185 |
|
$ |
13,736 |
|
$ |
13,827 |
|
|
|
|
|
|
$ |
14,662 |
|
$ |
13,827 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Allowance for Loan Losses as a Percentage of Total Loans (11) |
|
2.21 |
% |
2.06 |
% |
2.07 |
% |
1.96 |
% |
1.97 |
% |
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Allowance for Loan Losses at End of Period (1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Citicorp |
|
$ |
10,213 |
|
$ |
10,331 |
|
$ |
10,544 |
|
$ |
10,433 |
|
$ |
10,735 |
|
|
|
|
|
|
|
|
|
|
|
| ||
Citi Holdings |
|
3,413 |
|
2,295 |
|
2,168 |
|
1,871 |
|
1,704 |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Citigroup |
|
$ |
13,626 |
|
$ |
12,626 |
|
$ |
12,712 |
|
$ |
12,304 |
|
$ |
12,439 |
|
|
|
|
|
|
|
|
|
|
|
|
(1) Allowance for credit losses represents managements estimate of probable losses inherent in the portfolio. Attribution of the allowance is made for analytical purposes only, and the entire allowance is available to absorb probable credit losses inherent in the portfolio.
(2) The fourth quarter of 2015 includes a build of $162 million related to the transfer of approximately $8 billion of mortgage loans to Loans Held-for-sale at the end of the quarter. The second quarter of 2016 includes an $89 million release related to sales and transfers of mortgage loans during the quarter.
(3) Includes all adjustments to the allowance for credit losses, such as changes in the allowance from acquisitions, dispositions, securitizations, foreign currency translation (FX translation), purchase accounting adjustments, etc.
(4) The third quarter of 2015 includes a reduction of approximately $110 million related to the sale or transfers to HFS of various loan portfolios, including a reduction of $14 million related to a transfer of a real estate loan portfolio to HFS. Additionally, the third quarter includes a reduction of approximately $255 million related to FX translation.
(5) The fourth quarter of 2015 includes a reduction of approximately $1.1 billion related to the sale or transfers to HFS of various loan portfolios, including a reduction of $1.1 billion related to the transfers of a real estate loan portfolio to HFS. Additionally, the fourth quarter includes a reduction of approximately $35 million related to FX translation.
(6) The fourth quarter of 2015 includes a reclassification of $271 million of Allowance for Loan Losses to Allowance for Unfunded Lending Commitments, included in the Other line item. This reclassification reflects the re-attribution of $271 million in Allowances for Credit Losses between the funded and unfunded portions of the corporate credit portfolios and does not reflect a change in the underlying credit performance of these portfolios. The $94 million ($87 million corporate, $7 million consumer) Provision for unfunded lending commitments during the fourth quarter of 2015 represents the allowance change during the quarter due to portfolio and economic changes in the unfunded portfolio during the quarter.
(7) The first quarter of 2016 includes a reduction of approximately $148 million related to the sale or transfers to HFS of various loan portfolios, including a reduction of $29 million related to the transfers of a real estate loan portfolio to HFS. Additionally, the first quarter includes an increase of approximately $63 million related to FX translation.
(8) The second quarter of 2016 includes a reduction of approximately $101 million related to the sale or transfers to HFS of various loan portfolios, including a reduction of $24 million related to the transfers of a real estate loan portfolio to HFS. Additionally, the second quarter includes a reduction of approximately $75 million related to FX translation.
(9) The third quarter of 2016 includes a reduction of approximately $58 million related to the sale or transfers to HFS of various loan portfolios, including a reduction of $50 million related to the transfers of a real estate loan portfolio to HFS. Additionally, the third quarter includes a reduction of approximately $46 million related to FX translation.
(10) Represents additional credit reserves recorded as other liabilities on the Consolidated Balance Sheet.
(11) September 30, 2015, December 31, 2015, March 31, 2016, June 30, 2016 and September 30, 2016, exclude $5.5 billion, $5.0 billion, $5.7 billion, $4.1 billion and $4.0 billion, respectively, of loans which are carried at fair value.
NM Not meaningful.
Reclassified to conform to the current periods presentation.
ALLOWANCE FOR CREDIT LOSSES - PAGE 2 TOTAL CITIGROUP (In millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
|
|
Nine |
|
Nine |
|
YTD 2016 vs. |
| |||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
|
Months |
|
Months |
|
YTD 2015 Increase/ |
| |||||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
|
|
2015 |
|
2016 |
|
(Decrease) |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Citigroup Consumer Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Allowance for Loan Losses at Beginning of Period (1) |
|
$ |
11,669 |
|
$ |
11,030 |
|
$ |
9,835 |
|
$ |
9,807 |
|
$ |
9,432 |
|
|
|
|
|
|
$ |
13,547 |
|
$ |
9,835 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses (NCLs) |
|
(1,613 |
) |
(1,668 |
) |
(1,513 |
) |
(1,474 |
) |
(1,485 |
) |
(1 |
)% |
8 |
% |
|
(5,390 |
) |
(4,472 |
) |
17 |
% | |||||||
NCLs |
|
1,613 |
|
1,668 |
|
1,513 |
|
1,474 |
|
1,485 |
|
1 |
% |
(8 |
)% |
|
5,390 |
|
4,472 |
|
(17 |
)% | |||||||
Net Reserve Builds / (Releases) (2) |
|
(73 |
) |
32 |
|
38 |
|
(74 |
) |
368 |
|
NM |
|
NM |
|
|
(443 |
) |
332 |
|
NM |
| |||||||
Net Specific Reserve Builds / (Releases) (2) |
|
(202 |
) |
(16 |
) |
19 |
|
(125 |
) |
(36 |
) |
71 |
% |
82 |
% |
|
(403 |
) |
(142 |
) |
65 |
% | |||||||
Provision for Loan Losses |
|
1,338 |
|
1,684 |
|
1,570 |
|
1,275 |
|
1,817 |
|
43 |
% |
36 |
% |
|
4,544 |
|
4,662 |
|
3 |
% | |||||||
Other (3) (4) (5) (6) (7) (8) |
|
(364 |
) |
(1,211 |
) |
(85 |
) |
(176 |
) |
(91 |
) |
48 |
% |
75 |
% |
|
(1,671 |
) |
(352 |
) |
79 |
% | |||||||
Allowance for Loan Losses at End of Period (1) (a) |
|
$ |
11,030 |
|
$ |
9,835 |
|
$ |
9,807 |
|
$ |
9,432 |
|
$ |
9,673 |
|
|
|
|
|
|
$ |
11,030 |
|
$ |
9,673 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Consumer Allowance for Unfunded Lending Commitments (9) (a) |
|
$ |
28 |
|
$ |
35 |
|
$ |
37 |
|
$ |
42 |
|
$ |
39 |
|
|
|
|
|
|
$ |
28 |
|
$ |
39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Provision for Unfunded Lending Commitments |
|
$ |
(1 |
) |
$ |
7 |
|
$ |
1 |
|
$ |
4 |
|
$ |
(4 |
) |
|
|
|
|
|
$ |
(5 |
) |
$ |
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Allowance for Loans, Leases and Unfunded Lending Commitments [Sum of (a)] |
|
$ |
11,058 |
|
$ |
9,870 |
|
$ |
9,844 |
|
$ |
9,474 |
|
$ |
9,712 |
|
|
|
|
|
|
$ |
11,058 |
|
$ |
9,712 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Consumer Allowance for Loan Losses as a Percentage of Total Consumer Loans (10) |
|
3.35 |
% |
3.02 |
% |
3.09 |
% |
2.89 |
% |
2.94 |
% |
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Citigroup Corporate Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Allowance for Loan Losses at Beginning of Period (1) |
|
$ |
2,406 |
|
$ |
2,596 |
|
$ |
2,791 |
|
$ |
2,905 |
|
$ |
2,872 |
|
|
|
|
|
|
$ |
2,447 |
|
$ |
2,791 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit (Losses) / Recoveries (NCLs) |
|
(50 |
) |
(94 |
) |
(211 |
) |
(142 |
) |
(40 |
) |
72 |
% |
20 |
% |
|
(150 |
) |
(393 |
) |
NM |
| |||||||
NCLs |
|
50 |
|
94 |
|
211 |
|
142 |
|
40 |
|
(72 |
)% |
(20 |
)% |
|
150 |
|
393 |
|
NM |
| |||||||
Net Reserve Builds / (Releases) |
|
116 |
|
354 |
|
4 |
|
(16 |
) |
(110 |
) |
NM |
|
NM |
|
|
196 |
|
(122 |
) |
NM |
| |||||||
Net Specific Reserve Builds / (Releases) |
|
78 |
|
124 |
|
101 |
|
(11 |
) |
(1 |
) |
91 |
% |
NM |
|
|
(38 |
) |
89 |
|
NM |
| |||||||
Provision for Loan Losses |
|
244 |
|
572 |
|
316 |
|
115 |
|
(71 |
) |
NM |
|
NM |
|
|
308 |
|
360 |
|
17 |
% | |||||||
Other (3) (11) |
|
(4 |
) |
(283 |
) |
9 |
|
(6 |
) |
5 |
|
|
|
|
|
|
(9 |
) |
8 |
|
|
| |||||||
Allowance for Loan Losses at End of Period (1) (b) |
|
$ |
2,596 |
|
$ |
2,791 |
|
$ |
2,905 |
|
$ |
2,872 |
|
$ |
2,766 |
|
|
|
|
|
|
$ |
2,596 |
|
$ |
2,766 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Corporate Allowance for Unfunded Lending Commitments (9) (11) (b) |
|
$ |
1,008 |
|
$ |
1,367 |
|
$ |
1,436 |
|
$ |
1,390 |
|
$ |
1,349 |
|
|
|
|
|
|
$ |
1,008 |
|
$ |
1,349 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Provision for Unfunded Lending Commitments (11) |
|
$ |
66 |
|
$ |
87 |
|
$ |
70 |
|
$ |
(34 |
) |
$ |
(41 |
) |
|
|
|
|
|
$ |
(15 |
) |
$ |
(5 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Allowance for Loans, Leases and Unfunded Lending Commitments [Sum of (b)] |
|
$ |
3,604 |
|
$ |
4,158 |
|
$ |
4,341 |
|
$ |
4,262 |
|
$ |
4,115 |
|
|
|
|
|
|
$ |
3,604 |
|
$ |
4,115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Corporate Allowance for Loan Losses as a Percentage of Total Corporate Loans (12) |
|
0.90 |
% |
0.97 |
% |
0.98 |
% |
0.95 |
% |
0.91 |
% |
|
|
|
|
|
|
|
|
|
|
|
Footnotes to these tables are on the following page (page 30).
ALLOWANCE FOR CREDIT LOSSES - PAGE 3 TOTAL CITIGROUP |
The following footnotes relate to the tables on the prior page (page 29).
(1) Allowance for credit losses represents managements estimate of probable losses inherent in the portfolio. Attribution of the allowance is made for analytical purposes only, and the entire allowance is available to absorb probable credit losses inherent in the portfolio.
(2) The fourth quarter of 2015 includes a build of $162 million related to the transfer of approximately $8 billion of mortgage loans to Loans Held-for-sale at the end of the quarter. The second quarter of 2016 includes an $89 million release related to sales and transfers of mortgage loans during the quarter.
(3) Includes all adjustments to the allowance for credit losses, such as changes in the allowance from acquisitions, dispositions, securitizations, foreign currency translation (FX translation), purchase accounting adjustments, etc.
(4) The third quarter of 2015 includes a reduction of approximately $110 million related to the sale or transfers to HFS of various loan portfolios, including a reduction of $14 million related to a transfer of a real estate loan portfolio to HFS. Additionally, the third quarter includes a reduction of approximately $255 million related to FX translation.
(5) The fourth quarter of 2015 includes a reduction of approximately $1.1 billion related to the sale or transfers to HFS of various loan portfolios, including a reduction of $1.1 billion related to the transfers of a real estate loan portfolio to HFS. Additionally, the fourth quarter includes a reduction of approximately $35 million related to FX translation.
(6) The first quarter of 2016 includes a reduction of approximately $148 million related to the sale or transfers to HFS of various loan portfolios, including a reduction of $29 million related to the transfers of a real estate loan portfolio to HFS. Additionally, the first quarter includes an increase of approximately $63 million related to FX translation.
(7) The second quarter of 2016 includes a reduction of approximately $101 million related to the sale or transfers to HFS of various loan portfolios, including a reduction of $24 million related to the transfers of a real estate loan portfolio to HFS. Additionally, the second quarter includes a reduction of approximately $75 million related to FX translation.
(8) The third quarter of 2016 includes a reduction of approximately $58 million related to the sale or transfers to HFS of various loan portfolios, including a reduction of $50 million related to the transfers of a real estate loan portfolio to HFS. Additionally, the third quarter includes a reduction of approximately $46 million related to FX translation.
(9) Represents additional credit reserves recorded as other liabilities on the Consolidated Balance Sheet.
(10) September 30, 2015, December 31, 2015, March 31, 2016, June 30, 2016 and September 30, 2016 exclude $37 million, $34 million, $33 million, $32 million and $31 million, respectively, of loans which are carried at fair value.
(11) The fourth quarter of 2015 includes a reclassification of $271 million of Allowance for Loan Losses to Allowance for Unfunded Lending Commitments, included in the Other line item. This reclassification reflects the re-attribution of $271 million in Allowances for Credit Losses between the funded and unfunded portions of the corporate credit portfolios and does not reflect a change in the underlying credit performance of these portfolios. The $94 million ($87 million corporate, $7 million consumer) Provision for unfunded lending commitments during the fourth quarter of 2015 represents the allowance change during the quarter due to portfolio and economic changes in the unfunded portfolio during the quarter.
(12) September 30, 2015, December 31, 2015, March 31, 2016, June 30, 2016 and September 30, 2016 exclude $5.5 billion, $5.0 billion, $5.7 billion, $4.1 billion and $3.9 billion, respectively, of loans which are carried at fair value.
NM Not meaningful.
Reclassified to conform to the current periods presentation.
COMPONENTS OF PROVISION FOR LOAN LOSSES - PAGE 1 CITICORP (In millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
|
|
Nine |
|
Nine |
|
YTD 2016 vs. |
| |||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
|
Months |
|
Months |
|
YTD 2015 Increase/ |
| |||||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
|
|
2015 |
|
2016 |
|
(Decrease) |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Citicorp |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
$ |
1,391 |
|
$ |
1,501 |
|
$ |
1,581 |
|
$ |
1,514 |
|
$ |
1,396 |
|
(8 |
)% |
|
|
|
$ |
4,465 |
|
$ |
4,491 |
|
1 |
% |
Credit Reserve Build / (Release) |
|
90 |
|
421 |
|
193 |
|
(2 |
) |
343 |
|
NM |
|
NM |
|
|
(160 |
) |
534 |
|
NM |
| |||||||
Global Consumer Banking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
1,354 |
|
1,405 |
|
1,370 |
|
1,373 |
|
1,351 |
|
(2 |
)% |
|
|
|
4,347 |
|
4,094 |
|
(6 |
)% | |||||||
Credit Reserve Build / (Release) |
|
(103 |
) |
(44 |
) |
85 |
|
24 |
|
436 |
|
NM |
|
NM |
|
|
(349 |
) |
545 |
|
NM |
| |||||||
North America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
878 |
|
914 |
|
932 |
|
953 |
|
929 |
|
(3 |
)% |
6 |
% |
|
2,837 |
|
2,814 |
|
(1 |
)% | |||||||
Credit Reserve Build / (Release) |
|
(61 |
) |
(69 |
) |
79 |
|
50 |
|
408 |
|
NM |
|
NM |
|
|
(268 |
) |
537 |
|
NM |
| |||||||
Retail Banking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
34 |
|
42 |
|
24 |
|
44 |
|
54 |
|
23 |
% |
59 |
% |
|
108 |
|
122 |
|
13 |
% | |||||||
Credit Reserve Build / (Release) |
|
32 |
|
7 |
|
63 |
|
(11 |
) |
(40 |
) |
NM |
|
NM |
|
|
46 |
|
12 |
|
(74 |
)% | |||||||
Citi-Branded Cards |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
443 |
|
454 |
|
455 |
|
467 |
|
448 |
|
(4 |
)% |
1 |
% |
|
1,438 |
|
1,370 |
|
(5 |
)% | |||||||
Credit Reserve Build / (Release) |
|
(105 |
) |
(85 |
) |
(15 |
) |
58 |
|
263 |
|
NM |
|
NM |
|
|
(298 |
) |
306 |
|
NM |
| |||||||
Citi Retail Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
401 |
|
418 |
|
453 |
|
442 |
|
427 |
|
(3 |
)% |
6 |
% |
|
1,291 |
|
1,322 |
|
2 |
% | |||||||
Credit Reserve Build / (Release) |
|
12 |
|
9 |
|
31 |
|
3 |
|
185 |
|
NM |
|
NM |
|
|
(16 |
) |
219 |
|
NM |
| |||||||
Latin America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
301 |
|
307 |
|
278 |
|
260 |
|
254 |
|
(2 |
)% |
(16 |
)% |
|
973 |
|
792 |
|
(19 |
)% | |||||||
Credit Reserve Build / (Release) |
|
19 |
|
3 |
|
17 |
|
(2 |
) |
32 |
|
NM |
|
68 |
% |
|
30 |
|
47 |
|
57 |
% | |||||||
Retail Banking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
138 |
|
159 |
|
134 |
|
137 |
|
132 |
|
(4 |
)% |
(4 |
)% |
|
430 |
|
403 |
|
(6 |
)% | |||||||
Credit Reserve Build / (Release) |
|
13 |
|
12 |
|
16 |
|
(3 |
) |
47 |
|
NM |
|
NM |
|
|
30 |
|
60 |
|
100 |
% | |||||||
Citi-Branded Cards |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
163 |
|
148 |
|
144 |
|
123 |
|
122 |
|
(1 |
)% |
(25 |
)% |
|
543 |
|
389 |
|
(28 |
)% | |||||||
Credit Reserve Build / (Release) |
|
6 |
|
(9 |
) |
1 |
|
1 |
|
(15 |
) |
NM |
|
NM |
|
|
|
|
(13 |
) |
NM |
| |||||||
Asia (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
175 |
|
184 |
|
160 |
|
160 |
|
168 |
|
5 |
% |
(4 |
)% |
|
537 |
|
488 |
|
(9 |
)% | |||||||
Credit Reserve Build / (Release) |
|
(61 |
) |
22 |
|
(11 |
) |
(24 |
) |
(4 |
) |
83 |
% |
93 |
% |
|
(111 |
) |
(39 |
) |
65 |
% | |||||||
Retail Banking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
75 |
|
94 |
|
62 |
|
61 |
|
73 |
|
20 |
% |
(3 |
)% |
|
225 |
|
196 |
|
(13 |
)% | |||||||
Credit Reserve Build / (Release) |
|
(34 |
) |
26 |
|
3 |
|
(21 |
) |
|
|
100 |
% |
100 |
% |
|
(58 |
) |
(18 |
) |
69 |
% | |||||||
Citi-Branded Cards |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
100 |
|
90 |
|
98 |
|
99 |
|
95 |
|
(4 |
)% |
(5 |
)% |
|
312 |
|
292 |
|
(6 |
)% | |||||||
Credit Reserve Build / (Release) |
|
(27 |
) |
(4 |
) |
(14 |
) |
(3 |
) |
(4 |
) |
(33 |
)% |
85 |
% |
|
(53 |
) |
(21 |
) |
60 |
% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Institutional Clients Group (ICG) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
37 |
|
96 |
|
211 |
|
141 |
|
45 |
|
(68 |
)% |
22 |
% |
|
118 |
|
397 |
|
NM |
| |||||||
Credit Reserve Build / (Release) |
|
193 |
|
465 |
|
108 |
|
(26 |
) |
(93 |
) |
NM |
|
NM |
|
|
189 |
|
(11 |
) |
NM |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Corporate / Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Credit Reserve Build / (Release) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Citicorp Provision for Loan Losses |
|
$ |
1,481 |
|
$ |
1,922 |
|
$ |
1,774 |
|
$ |
1,512 |
|
$ |
1,739 |
|
15 |
% |
17 |
% |
|
$ |
4,305 |
|
$ |
5,025 |
|
17 |
% |
(1) Asia GCB includes the results of operations of EMEA GCB for all periods presented.
NM Not meaningful.
Reclassified to conform to the current periods presentation.
COMPONENTS OF PROVISION FOR LOAN LOSSES - PAGE 2 CITI HOLDINGS / TOTAL CITIGROUP (In millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
|
|
Nine |
|
Nine |
|
YTD 2016 vs. |
| |||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
|
Months |
|
Months |
|
YTD 2015 Increase/ |
| |||||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
|
|
2015 |
|
2016 |
|
(Decrease) |
| |||||||
Citi Holdings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses (1) |
|
$ |
272 |
|
$ |
261 |
|
$ |
143 |
|
$ |
102 |
|
$ |
129 |
|
26 |
% |
(53 |
)% |
|
$ |
1,075 |
|
$ |
374 |
|
(65 |
)% |
Credit Reserve Build / (Release) |
|
(171 |
) |
73 |
|
(31 |
) |
(224 |
) |
(122 |
) |
46 |
% |
29 |
% |
|
(528 |
) |
(377 |
) |
29 |
% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Citi Holdings Provision for Loan Losses |
|
$ |
101 |
|
$ |
334 |
|
$ |
112 |
|
$ |
(122 |
) |
$ |
7 |
|
NM |
|
(93 |
)% |
|
$ |
547 |
|
$ |
(3 |
) |
NM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Citicorp Provision for Loan Losses (from prior page) |
|
$ |
1,481 |
|
$ |
1,922 |
|
$ |
1,774 |
|
$ |
1,512 |
|
$ |
1,739 |
|
15 |
% |
17 |
% |
|
$ |
4,305 |
|
$ |
5,025 |
|
17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Citigroup Provision for Loan Losses |
|
$ |
1,582 |
|
$ |
2,256 |
|
$ |
1,886 |
|
$ |
1,390 |
|
$ |
1,746 |
|
26 |
% |
10 |
% |
|
$ |
4,852 |
|
$ |
5,022 |
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) |
See footnote 1 on page 19. |
NM Not meaningful.
Reclassified to conform to the current periods presentation.
NON-ACCRUAL ASSETS - PAGE 1 TOTAL CITIGROUP (In millions of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
| |||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
| |||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-Accrual Loans (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Corporate Non-Accrual Loans By Region (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
North America |
|
$ |
833 |
|
$ |
818 |
|
$ |
1,331 |
|
$ |
1,280 |
|
$ |
1,057 |
|
(17 |
)% |
27 |
% |
EMEA |
|
386 |
|
347 |
|
469 |
|
762 |
|
857 |
|
12 |
% |
NM |
| |||||
Latin America |
|
230 |
|
303 |
|
410 |
|
267 |
|
380 |
|
42 |
% |
65 |
% | |||||
Asia |
|
129 |
|
128 |
|
117 |
|
151 |
|
121 |
|
(20 |
)% |
(6 |
)% | |||||
Total |
|
$ |
1,578 |
|
$ |
1,596 |
|
$ |
2,327 |
|
$ |
2,460 |
|
$ |
2,415 |
|
(2 |
)% |
53 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consumer Non-Accrual Loans By Region (2) (3) (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
North America |
|
$ |
3,622 |
|
$ |
2,515 |
|
$ |
2,519 |
|
$ |
2,520 |
|
$ |
2,429 |
|
(4 |
)% |
(33 |
)% |
Latin America |
|
935 |
|
874 |
|
817 |
|
884 |
|
841 |
|
(5 |
)% |
(10 |
)% | |||||
Asia (5) |
|
272 |
|
269 |
|
265 |
|
301 |
|
282 |
|
(6 |
)% |
4 |
% | |||||
Total |
|
$ |
4,829 |
|
$ |
3,658 |
|
$ |
3,601 |
|
$ |
3,705 |
|
$ |
3,552 |
|
(4 |
)% |
(26 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
ICG |
|
$ |
35 |
|
$ |
32 |
|
$ |
29 |
|
$ |
13 |
|
$ |
12 |
|
(8 |
)% |
(66 |
)% |
Global Consumer Banking |
|
44 |
|
34 |
|
41 |
|
38 |
|
41 |
|
8 |
% |
(7 |
)% | |||||
Citi Holdings |
|
144 |
|
139 |
|
131 |
|
121 |
|
104 |
|
(14 |
)% |
(28 |
)% | |||||
Corporate/Other |
|
4 |
|
4 |
|
4 |
|
3 |
|
4 |
|
33 |
% |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
TOTAL OTHER REAL ESTATE OWNED (OREO) (6) |
|
$ |
227 |
|
$ |
209 |
|
$ |
205 |
|
$ |
175 |
|
$ |
161 |
|
(8 |
)% |
(29 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
OREO By Region: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
North America |
|
$ |
177 |
|
$ |
166 |
|
$ |
159 |
|
$ |
151 |
|
$ |
132 |
|
(13 |
)% |
(25 |
)% |
EMEA |
|
1 |
|
1 |
|
1 |
|
|
|
1 |
|
100 |
% |
|
| |||||
Latin America |
|
44 |
|
38 |
|
35 |
|
19 |
|
18 |
|
(5 |
)% |
(59 |
)% | |||||
Asia |
|
5 |
|
4 |
|
10 |
|
5 |
|
10 |
|
100 |
% |
100 |
% | |||||
Total |
|
$ |
227 |
|
$ |
209 |
|
$ |
205 |
|
$ |
175 |
|
$ |
161 |
|
(8 |
)% |
(29 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Other Repossessed Assets |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-Accrual Assets (NAA) (7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Corporate Non-Accrual Loans |
|
$ |
1,578 |
|
$ |
1,596 |
|
$ |
2,327 |
|
$ |
2,460 |
|
$ |
2,415 |
|
(2 |
)% |
53 |
% |
Consumer Non-Accrual Loans |
|
4,829 |
|
3,658 |
|
3,601 |
|
3,705 |
|
3,552 |
|
(4 |
)% |
(26 |
)% | |||||
Non-Accrual Loans (NAL) |
|
6,407 |
|
5,254 |
|
5,928 |
|
6,165 |
|
5,967 |
|
(3 |
)% |
(7 |
)% | |||||
OREO |
|
227 |
|
209 |
|
205 |
|
175 |
|
161 |
|
(8 |
)% |
(29 |
)% | |||||
Other Repossessed Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-Accrual Assets (NAA) |
|
$ |
6,634 |
|
$ |
5,463 |
|
$ |
6,133 |
|
$ |
6,340 |
|
$ |
6,128 |
|
(3 |
)% |
(8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
NAL as a % of Total Loans |
|
1.03 |
% |
0.85 |
% |
0.96 |
% |
0.97 |
% |
0.94 |
% |
|
|
|
| |||||
NAA as a % of Total Assets |
|
0.37 |
% |
0.32 |
% |
0.34 |
% |
0.35 |
% |
0.34 |
% |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Allowance for Loan Losses as a % of NAL |
|
213 |
% |
240 |
% |
214 |
% |
200 |
% |
208 |
% |
|
|
|
|
(1) Corporate loans are placed on non-accrual status based upon a review by Citigroups risk officers. Corporate non-accrual loans may still be current on interest payments. With limited exceptions, the following practices are applied for Consumer loans: Consumer loans, excluding credit cards and mortgages, are placed on non-accrual status at 90 days past due, and are charged off at 120 days past due; residential mortgage loans are placed on non-accrual status at 90 days past due and written down to net realizable value at 180 days past due. Consistent with industry conventions, Citigroup generally accrues interest on credit card loans until such loans are charged off, which typically occurs at 180 days contractual delinquency. As such, the non-accrual loan disclosures do not include credit card loans.
(2) The third quarter of 2015 reflects the transfers of non accrual loans to HFS resulting from the agreements to sell OneMain, Japan Retail and Japan Cards.
(3) Excludes SOP 03-3 purchased distressed loans.
(4) The fourth quarter of 2015 decline includes the impact related to the transfer of approximately $8 billion of mortgage loans to Loans, held-for-sale (HFS) (included within Other assets on the GAAP balance sheet).
(5) Asia GCB includes the results of operations of EMEA GCB for all periods presented.
(6) Represents the carrying value of all property acquired by foreclosure or other legal proceedings when Citigroup has taken possession of the collateral. Also includes former premises and property for use that is no longer contemplated.
(7) There is no industry-wide definition of non-accrual assets. As such, analysis against the industry is not always comparable.
NM Not meaningful.
Reclassified to conform to the current periods presentation.
CITICORP (In millions of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
| |||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
| |||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-Accrual Loans (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Corporate Non-Accrual Loans By Region (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
North America |
|
$ |
819 |
|
$ |
804 |
|
$ |
1,317 |
|
$ |
1,266 |
|
$ |
1,043 |
|
(18 |
)% |
27 |
% |
EMEA |
|
350 |
|
309 |
|
432 |
|
726 |
|
821 |
|
13 |
% |
NM |
| |||||
Latin America |
|
229 |
|
302 |
|
409 |
|
267 |
|
380 |
|
42 |
% |
66 |
% | |||||
Asia |
|
127 |
|
128 |
|
117 |
|
151 |
|
121 |
|
(20 |
)% |
(5 |
)% | |||||
Total |
|
$ |
1,525 |
|
$ |
1,543 |
|
$ |
2,275 |
|
$ |
2,410 |
|
$ |
2,365 |
|
(2 |
)% |
55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consumer Non-Accrual Loans By Region (2) (3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
North America |
|
$ |
363 |
|
$ |
456 |
|
$ |
516 |
|
$ |
671 |
|
$ |
651 |
|
(3 |
)% |
79 |
% |
Latin America |
|
790 |
|
740 |
|
673 |
|
729 |
|
689 |
|
(5 |
)% |
(13 |
)% | |||||
Asia (5) |
|
243 |
|
252 |
|
254 |
|
291 |
|
272 |
|
(7 |
)% |
12 |
% | |||||
Total |
|
$ |
1,396 |
|
$ |
1,448 |
|
$ |
1,443 |
|
$ |
1,691 |
|
$ |
1,612 |
|
(5 |
)% |
15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
ICG |
|
$ |
35 |
|
$ |
32 |
|
$ |
29 |
|
$ |
13 |
|
$ |
12 |
|
(8 |
)% |
(66 |
)% |
Global Consumer Banking |
|
44 |
|
34 |
|
41 |
|
38 |
|
41 |
|
8 |
% |
(7 |
)% | |||||
Corporate/Other |
|
4 |
|
4 |
|
4 |
|
3 |
|
4 |
|
33 |
% |
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
TOTAL OTHER REAL ESTATE OWNED (OREO) (6) |
|
$ |
83 |
|
$ |
70 |
|
$ |
74 |
|
$ |
54 |
|
$ |
57 |
|
6 |
% |
(31 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
OREO By Region: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
North America |
|
$ |
38 |
|
$ |
31 |
|
$ |
31 |
|
$ |
31 |
|
$ |
29 |
|
(6 |
)% |
(24 |
)% |
EMEA |
|
1 |
|
1 |
|
1 |
|
|
|
1 |
|
100 |
% |
|
| |||||
Latin America |
|
39 |
|
34 |
|
32 |
|
18 |
|
17 |
|
(6 |
)% |
(56 |
)% | |||||
Asia |
|
5 |
|
4 |
|
10 |
|
5 |
|
10 |
|
100 |
% |
100 |
% | |||||
Total |
|
$ |
83 |
|
$ |
70 |
|
$ |
74 |
|
$ |
54 |
|
$ |
57 |
|
6 |
% |
(31 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Other Repossessed Assets |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-Accrual Assets (NAA) (7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Corporate Non-Accrual Loans |
|
$ |
1,525 |
|
$ |
1,543 |
|
$ |
2,275 |
|
$ |
2,410 |
|
$ |
2,365 |
|
(2 |
)% |
55 |
% |
Consumer Non-Accrual Loans |
|
1,396 |
|
1,448 |
|
1,443 |
|
1,691 |
|
1,612 |
|
(5 |
)% |
15 |
% | |||||
Non-Accrual Loans (NAL) |
|
2,921 |
|
2,991 |
|
3,718 |
|
4,101 |
|
3,977 |
|
(3 |
)% |
36 |
% | |||||
OREO |
|
83 |
|
70 |
|
74 |
|
54 |
|
57 |
|
6 |
% |
(31 |
)% | |||||
Other Repossessed Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-Accrual Assets (NAA) |
|
$ |
3,004 |
|
$ |
3,061 |
|
$ |
3,792 |
|
$ |
4,155 |
|
$ |
4,034 |
|
(3 |
)% |
34 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
NAA as a % of Total Assets |
|
0.18 |
% |
0.19 |
% |
0.22 |
% |
0.24 |
% |
0.23 |
% |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Allowance for Loan Losses as a % of NAL |
|
350 |
% |
345 |
% |
284 |
% |
254 |
% |
270 |
% |
|
|
|
|
See footnotes (1) - (7) on page 33.
Reclassified to conform to the current periods presentation.
NON-ACCRUAL ASSETS - PAGE 3 CITI HOLDINGS (In millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q16 Increase/ |
| |||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
| |||||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016 |
|
2Q16 |
|
3Q15 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-Accrual Loans (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Corporate Non-Accrual Loans By Region (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
North America |
|
$ |
14 |
|
$ |
14 |
|
$ |
14 |
|
$ |
14 |
|
$ |
14 |
|
|
|
|
|
EMEA |
|
36 |
|
38 |
|
37 |
|
36 |
|
36 |
|
|
|
|
| |||||
Latin America |
|
1 |
|
1 |
|
1 |
|
|
|
|
|
|
|
(100 |
)% | |||||
Asia |
|
2 |
|
|
|
|
|
|
|
|
|
|
|
(100 |
)% | |||||
Total |
|
$ |
53 |
|
$ |
53 |
|
$ |
52 |
|
$ |
50 |
|
$ |
50 |
|
|
|
(6 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consumer Non-Accrual Loans By Region (2) (3) (4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
North America |
|
$ |
3,259 |
|
$ |
2,059 |
|
$ |
2,003 |
|
$ |
1,849 |
|
$ |
1,778 |
|
(4 |
)% |
(45 |
)% |
Latin America |
|
145 |
|
134 |
|
144 |
|
155 |
|
152 |
|
(2 |
)% |
5 |
% | |||||
Asia (5) |
|
29 |
|
17 |
|
11 |
|
10 |
|
10 |
|
|
|
(66 |
)% | |||||
Total |
|
$ |
3,433 |
|
$ |
2,210 |
|
$ |
2,158 |
|
$ |
2,014 |
|
$ |
1,940 |
|
(4 |
)% |
(43 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
OREO By Region (6): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
North America |
|
$ |
139 |
|
$ |
135 |
|
$ |
128 |
|
$ |
120 |
|
$ |
103 |
|
(14 |
)% |
(26 |
)% |
EMEA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Latin America |
|
5 |
|
4 |
|
3 |
|
1 |
|
1 |
|
|
|
(80 |
)% | |||||
Asia |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total |
|
$ |
144 |
|
$ |
139 |
|
$ |
131 |
|
$ |
121 |
|
$ |
104 |
|
(14 |
)% |
(28 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Other Repossessed Assets |
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-Accrual Assets (NAA) (7) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Corporate Non-Accrual Loans |
|
$ |
53 |
|
$ |
53 |
|
$ |
52 |
|
$ |
50 |
|
$ |
50 |
|
|
|
(6 |
)% |
Consumer Non-Accrual Loans |
|
3,433 |
|
2,210 |
|
2,158 |
|
2,014 |
|
1,940 |
|
(4 |
)% |
(43 |
)% | |||||
Non-Accrual Loans (NAL) |
|
3,486 |
|
2,263 |
|
2,210 |
|
2,064 |
|
1,990 |
|
(4 |
)% |
(43 |
)% | |||||
OREO |
|
144 |
|
139 |
|
131 |
|
121 |
|
104 |
|
(14 |
)% |
(28 |
)% | |||||
Other Repossessed Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-Accrual Assets (NAA) |
|
$ |
3,630 |
|
$ |
2,402 |
|
$ |
2,341 |
|
$ |
2,185 |
|
$ |
2,094 |
|
(4 |
)% |
(42 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
NAA as a % of Total Assets |
|
3.10 |
% |
2.97 |
% |
3.21 |
% |
3.31 |
% |
3.43 |
% |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Allowance for Loan Losses as a % of NAL |
|
98 |
% |
101 |
% |
98 |
% |
91 |
% |
86 |
% |
|
|
|
|
See footnotes (1) - (7) on page 33.
Reclassified to conform to the current periods presentation.
CITIGROUP REGULATORY CAPITAL RATIOS AND TCE & TBV RECONCILIATION (In millions of dollars, except per share amounts and ratios)
|
|
|
September 30, |
|
December 31, |
|
March 31, |
|
June 30, |
|
September 30, |
| |||||
|
|
2015 |
|
2015 |
|
2016 |
|
2016 |
|
2016(1) |
| |||||
Common Equity Tier 1 Capital Ratio and Components |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Citigroup Common Stockholders Equity(2) |
|
$ |
205,772 |
|
$ |
205,286 |
|
$ |
209,947 |
|
$ |
212,819 |
|
$ |
212,506 |
|
Add: Qualifying noncontrolling interests |
|
147 |
|
145 |
|
143 |
|
134 |
|
140 |
| |||||
Regulatory Capital Adjustments and Deductions: |
|
|
|
|
|
|
|
|
|
|
| |||||
Less: |
|
|
|
|
|
|
|
|
|
|
| |||||
Accumulated net unrealized losses on cash flow hedges, net of tax(3) |
|
(542 |
) |
(617 |
) |
(300 |
) |
(149 |
) |
(232 |
) | |||||
Cumulative unrealized net gain related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax(4) |
|
717 |
|
441 |
|
562 |
|
574 |
|
335 |
| |||||
Intangible Assets: |
|
|
|
|
|
|
|
|
|
|
| |||||
Goodwill, net of related deferred tax liabilities (DTLs)(5) |
|
21,732 |
|
21,980 |
|
21,935 |
|
21,854 |
|
21,763 |
| |||||
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs |
|
3,911 |
|
3,586 |
|
3,332 |
|
5,358 |
|
5,177 |
| |||||
Defined benefit pension plan net assets |
|
904 |
|
794 |
|
870 |
|
964 |
|
891 |
| |||||
Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards |
|
23,295 |
|
23,659 |
|
23,414 |
|
22,942 |
|
22,503 |
| |||||
Excess over 10% / 15% limitations for other DTAs, certain common stock investments and MSRs(6) |
|
9,451 |
|
8,723 |
|
7,254 |
|
6,876 |
|
7,077 |
| |||||
Common Equity Tier 1 Capital (CET1) |
|
$ |
146,451 |
|
$ |
146,865 |
|
$ |
153,023 |
|
$ |
154,534 |
|
$ |
155,132 |
|
Risk-Weighted Assets (RWA) |
|
$ |
1,254,473 |
|
$ |
1,216,277 |
|
$ |
1,239,575 |
|
$ |
1,232,856 |
|
$ |
1,228,715 |
|
Common Equity Tier 1 Capital Ratio (CET1/RWA) |
|
11.67 |
% |
12.07 |
% |
12.34 |
% |
12.53 |
% |
12.6 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Supplementary Leverage Ratio |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Common Equity Tier 1 Capital (CET1) |
|
$ |
146,451 |
|
$ |
146,865 |
|
$ |
153,023 |
|
$ |
154,534 |
|
$ |
155,132 |
|
Additional Tier 1 Capital (AT1)(7) |
|
15,548 |
|
17,171 |
|
18,119 |
|
19,493 |
|
19,523 |
| |||||
Total Tier 1 Capital (T1C) (CET1 + AT1) |
|
$ |
161,999 |
|
$ |
164,036 |
|
$ |
171,142 |
|
$ |
174,027 |
|
$ |
174,655 |
|
Total Leverage Exposure (TLE) |
|
$ |
2,363,506 |
|
$ |
2,317,849 |
|
$ |
2,300,427 |
|
$ |
2,326,929 |
|
$ |
2,361,382 |
|
Supplementary Leverage Ratio (T1C/TLE) |
|
6.85 |
% |
7.08 |
% |
7.44 |
% |
7.48 |
% |
7.4 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Tangible Common Equity and Tangible Book Value Per Share |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Common Equity |
|
$ |
205,630 |
|
$ |
205,139 |
|
$ |
209,769 |
|
$ |
212,635 |
|
$ |
212,322 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
| |||||
Goodwill |
|
22,444 |
|
22,349 |
|
22,575 |
|
22,496 |
|
22,539 |
| |||||
Intangible assets (other than MSRs) |
|
3,880 |
|
3,721 |
|
3,493 |
|
5,521 |
|
5,358 |
| |||||
Goodwill and intangible assets (other than MSRs) related to assets held-for-sale |
|
345 |
|
68 |
|
30 |
|
30 |
|
30 |
| |||||
Tangible Common Equity (TCE) |
|
$ |
178,961 |
|
$ |
179,001 |
|
$ |
183,671 |
|
$ |
184,588 |
|
$ |
184,395 |
|
Common Shares Outstanding (CSO) |
|
2,979.0 |
|
2,953.3 |
|
2,934.9 |
|
2,905.4 |
|
2,849.7 |
| |||||
Tangible Book Value Per Share (TCE/CSO) |
|
$ |
60.07 |
|
$ |
60.61 |
|
$ |
62.58 |
|
$ |
63.53 |
|
$ |
64.71 |
|
(1) |
Preliminary. |
(2) |
Excludes issuance costs related to outstanding preferred stock in accordance with Federal Reserve Board regulatory reporting requirements. |
(3) |
Common Equity Tier 1 Capital is adjusted for accumulated net unrealized gains (losses) on cash flow hedges included in accumulated other comprehensive income that relate to the hedging of items not recognized at fair value on the balance sheet. |
(4) |
The cumulative impact of changes in Citigroups own creditworthiness in valuing liabilities for which the fair value option has been elected and own-credit valuation adjustments on derivatives are excluded from Common Equity Tier 1 Capital, in accordance with the U.S. Basel III rules. |
(5) |
Includes goodwill embedded in the valuation of significant common stock investments in unconsolidated financial institutions. |
(6) |
Assets subject to 10%/15% limitations include MSRs, DTAs arising from temporary differences and significant common stock investments in unconsolidated financial institutions. For all periods presented, the deduction related only to DTAs arising from temporary differences that exceeded the 10% limitation. |
(7) |
Additional Tier 1 Capital primarily includes qualifying noncumulative perpetual preferred stock and qualifying trust preferred securities. |
| |
Reclassified to conform to the current periods presentation. |