EX-99.2 3 c-20211231xex99d2.htm EXHIBIT-99.2

Exhibit 99.2

citi-r_2c-blu_pos_rgb

CITIGROUP -- QUARTERLY FINANCIAL DATA SUPPLEMENT

4Q21

Page

Citigroup

Financial Summary

1

Consolidated Statement of Income

2

Consolidated Balance Sheet

3

Segment and Business Details

Net Revenues

4

Income, Regional Average Assets and ROA

5

Institutional Clients Group (ICG)

6

Revenues by Business

7

Global Consumer Banking (GCB)

8

Retail Banking and Cards Key Indicators

9

North America

10 - 12

Latin America(1)

13 - 14

Asia(2)

15 - 16

Corporate / Other

17

Citigroup Supplemental Detail

Average Balances and Interest Rates

18

Deposits

19

EOP Loans

20

Consumer Loan Delinquencies and Ratios

90+ Days

21

30-89 Days

22

Allowance for Credit Losses on Loans and Unfunded Lending Commitments

23 - 24

Components of Provision for Credit Losses on Loans

25

Non-Accrual Assets

26

CET1 Capital and Supplementary Leverage Ratios, Tangible Common Equity,

27

Book Value Per Share and Tangible Book Value Per Share

(1)

Latin America GCB consists of Citi's consumer banking operations in Mexico.

(2)

Asia GCB includes the results of operations of GCB activities in certain EMEA countries for all periods presented.


CITIGROUP FINANCIAL SUMMARY

(In millions of dollars, except per share amounts and as otherwise noted)

    

    

    

    

    

4Q21 Increase/

Full

    

FY

FY

FY 2021 vs.

 

4Q

 

1Q

2Q

 

3Q

 

4Q

 

(Decrease) from

Year

 

Year

Year

FY 2020 Increase/

    

2020

    

2021

    

2021

    

2021

    

2021

    

3Q21

    

4Q20

    

2019

    

2020

    

2021

    

(Decrease)

Total revenues, net of interest expense(1)(2)

$

16,832

$

19,667

$

17,753

$

17,447

$

17,017

 

(2%)

1%

$

75,067

$

75,501

$

71,884

(5%)

Total operating expenses(1)(3)

 

11,437

 

11,413

 

11,471

 

11,777

 

13,532

 

15%

18%

 

42,783

 

44,374

48,193

9%

Net credit losses (NCLs)

 

1,472

 

1,748

 

1,320

 

961

 

866

 

(10%)

(41%)

 

7,768

 

7,611

4,895

(36%)

Credit reserve build / (release) for loans

 

(1,848)

 

(3,227)

 

(2,446)

 

(1,149)

 

(1,176)

 

(2%)

36%

 

450

 

8,311

(7,998)

NM

Provision / (release) for unfunded lending commitments

 

352

 

(626)

 

44

 

(13)

 

(193)

 

NM

NM

 

92

 

1,446

(788)

NM

Provisions for benefits and claims, HTM debt securities and other assets

 

(22)

 

50

 

16

 

9

 

38

 

NM

NM

 

73

 

127

113

(11%)

Provisions for credit losses and for benefits and claims

 

(46)

 

(2,055)

 

(1,066)

 

(192)

 

(465)

 

NM

NM

 

8,383

 

17,495

(3,778)

NM

Income from continuing operations before income taxes

 

5,441

 

10,309

 

7,348

 

5,862

 

3,950

 

(33%)

(27%)

 

23,901

 

13,632

27,469

NM

Income taxes(4)

 

1,116

 

2,332

 

1,155

 

1,193

 

771

 

(35%)

(31%)

 

4,430

 

2,525

5,451

NM

Income from continuing operations

 

4,325

 

7,977

 

6,193

 

4,669

 

3,179

 

(32%)

(26%)

 

19,471

 

11,107

22,018

98%

Income (loss) from discontinued operations, net of taxes

 

6

 

(2)

 

10

 

(1)

 

-

 

100%

(100%)

 

(4)

 

(20)

7

NM

Net income before noncontrolling interests

 

4,331

 

7,975

 

6,203

 

4,668

 

3,179

 

(32%)

(27%)

 

19,467

 

11,087

22,025

99%

Net income (loss) attributable to noncontrolling interests

 

22

 

33

 

10

 

24

 

6

 

(75%)

(73%)

 

66

 

40

73

83%

Citigroup's net income

$

4,309

$

7,942

$

6,193

$

4,644

$

3,173

 

(32%)

(26%)

$

19,401

$

11,047

$

21,952

99%

Diluted earnings per share(5):

 

  

 

  

 

  

 

  

 

  

 

 

 

  

Income from continuing operations

$

1.92

$

3.62

$

2.84

$

2.15

$

1.46

 

(32%)

(24%)

$

8.04

$

4.73

$

10.14

NM

Citigroup's net income

$

1.92

$

3.62

$

2.85

$

2.15

$

1.46

 

(32%)

(24%)

$

8.04

$

4.72

$

10.14

NM

Shares (in millions)(5):

 

  

 

  

 

  

 

  

 

  

 

 

 

  

Average basic

 

2,081.9

 

2,082.0

 

2,056.5

 

2,009.3

 

1,984.3

 

(1%)

(5%)

 

2,249.2

 

2,085.8

2,033.0

(3%)

Average diluted

 

2,095.7

 

2,096.6

 

2,073.0

 

2,026.2

 

2,001.6

 

(1%)

(4%)

 

2,265.3

 

2,099.0

2,049.4

(2%)

Common shares outstanding, at period end

 

2,082.1

 

2,067.0

 

2,026.8

 

1,984.3

 

1,984.4

 

-

(5%)

 

 

  

Preferred dividends

$

267

$

292

$

253

$

266

$

229

 

(14%)

(14%)

$

1,109

$

1,095

$

1,040

(5%)

Income allocated to unrestricted common shareholders - basic

 

  

 

  

 

  

 

  

 

  

 

 

 

  

Income from continuing operations

$

4,014

$

7,586

$

5,889

$

4,353

$

2,924

 

(33%)

(27%)

$

18,174

$

9,899

$

20,751

NM

Citigroup's net income

$

4,020

$

7,584

$

5,899

$

4,352

$

2,924

 

(33%)

(27%)

$

18,171

$

9,879

$

20,758

NM

Income allocated to unrestricted common shareholders - diluted(5)

 

  

 

  

 

  

 

  

 

  

 

 

 

  

Income from continuing operations

$

4,021

$

7,593

$

5,897

$

4,361

$

2,932

 

(33%)

(27%)

$

18,207

$

9,930

$

20,781

NM

Citigroup's net income

$

4,027

$

7,591

$

5,907

$

4,360

$

2,932

 

(33%)

(27%)

$

18,204

$

9,909

$

20,788

NM

Regulatory capital ratios and performance metrics(6):

 

  

 

  

 

  

 

  

 

  

 

 

  

 

  

  

  

Common Equity Tier 1 (CET1) Capital ratio(7)(8)

 

11.73%

 

11.78%

 

11.83%

 

11.65%

 

12.2%

 

  

 

  

  

  

Tier 1 Capital ratio(7)(8)

 

13.31%

 

13.49%

 

13.35%

 

13.15%

 

13.9%

 

  

 

  

  

  

Total Capital ratio(7)(8)

 

15.61%

 

15.64%

 

15.63%

 

15.37%

 

16.1%

 

  

 

  

  

  

Supplementary Leverage ratio (SLR)(8)(9)

 

7.00%

 

6.96%

 

5.84%

 

5.80%

 

5.7%

 

  

 

  

  

  

Return on average assets

 

0.75%

 

1.39%

 

1.06%

 

0.79%

 

0.53%

 

0.98%

 

0.50%

0.94%

  

Return on average common equity

 

9.1%

 

17.2%

 

13.0%

 

9.5%

 

6.4%

 

10.3%

 

5.7%

11.5%

  

Efficiency ratio (total operating expenses/total revenues, net)

 

67.9%

 

58.0%

 

64.6%

 

67.5%

 

79.5%

1,200

bps

1,160

bps

 

57.0%

 

58.8%

67.0%

820

bps

Balance sheet data (in billions of dollars, except per share amounts)(6):

 

  

 

  

 

  

 

  

 

  

 

 

  

 

  

  

  

Total assets

$

2,260.1

$

2,314.3

$

2,327.9

$

2,361.9

$

2,291.4

 

(3%)

1%

 

  

 

  

  

  

Total average assets

 

2,299.3

 

2,316.8

 

2,341.8

 

2,346.0

 

2,386.0

 

2%

4%

1,978.8

$

2,226.5

$

2,347.7

5%

Total deposits

 

1,280.7

 

1,301.0

 

1,310.3

 

1,347.5

 

1,317.2

 

(2%)

3%

 

  

 

  

  

Citigroup's stockholders' equity

 

199.4

 

202.5

 

202.2

 

200.9

 

202.0

 

1%

1%

 

  

 

  

  

Book value per share

 

86.43

 

88.18

 

90.86

 

92.16

 

92.21

 

-

7%

 

  

 

  

  

Tangible book value per share(10)

 

73.67

 

75.50

 

77.87

 

79.07

 

79.16

 

-

7%

 

  

 

  

  

Direct staff (in thousands)

 

210

 

211

 

214

 

220

 

223

 

1%

6%

 

  

 

  

  

(1)

During 4Q21, Citi reclassified deposit insurance expenses from Interest expense to Other operating expenses for all periods presented. Amounts reclasssified for each quarter were $333 million for 4Q20, $340 million for 1Q21, $279 million for 2Q21, $293 million for 3Q21, and $295 million for 4Q21.

(2)

3Q21 includes an approximate $680 million loss on sale (approximately $580 million after-tax), with both amounts subject to closing adjustments, related to the announced sale of Citi's consumer banking operations in Australia.

(3)

4Q21 includes an approximate $1.052 billion charge (approximately $792 million after-tax), with both amounts subject to closing adjustments, related to Voluntary Early Retirement Plan (VERP) related to the announced wind-down of Citi's consumer banking operations in Korea.

(4)

2Q21 includes an approximate $450 million benefit from a reduction in Citi’s valuation allowance related to its Deferred Tax Assets (DTAs).

(5)

Certain securities are excluded from the second quarter of 2020 diluted EPS calculation because they were anti-dilutive. Year-to-date EPS will not equal the sum of the individual quarters because the year-to-date EPS calculation is a separate calculation.

(6)

4Q21 is preliminary.

(7)

Citi's reportable CET1 Capital and Tier 1 Capital ratios were derived under the U.S. Basel III Standardized Approach framework beginning in June 30, 2021, and the U.S. Basel III Advanced Approaches framework for December 31, 2020 and March 31, 2021, whereas Citi's reportable Total Capital ratios were derived under the U.S. Basel III Advanced Approaches framework for all periods presented. The reportable ratios represent the more binding of each of the three risk-based capital ratios (CET1 Capital, Tier 1 Capital and Total Capital) under both the Standardized Approach and the Advanced Approaches under the Collins Amendment. For the composition of Citi's CET1 Capital and ratio, see page 27.

(8)

Citi has elected to apply the modified transition provision related to the impact of the CECL accounting standard on regulatory capital, as provided by the U.S. banking agencies’ September 2020 final rule. For additional information, see "Capital Resources" in Citi's 2020 Form 10-K.

(9)

For the composition of Citi's SLR, see page 27.

(10)

Tangible book value per share is a non-GAAP financial measure. For a reconciliation of this measure to reported results, see page 27.

Note: Ratios and variance percentages are calculated based on the displayed amounts. Due to averaging and roundings, quarterly earnings per share may not sum to the YTD totals.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 1


CITIGROUP CONSOLIDATED STATEMENT OF INCOME

(In millions of dollars)

4Q21 Increase/

Full

FY

FY

FY 2021 vs.

4Q

1Q

2Q

3Q

4Q

(Decrease) from

Year

Year

Year

FY 2020 Increase/

    

2020

    

2021

    

2021

    

2021

    

2021

    

3Q21

    

4Q20

    

2019

    

2020

    

2021

    

(Decrease)

Revenues

Interest revenue

$

13,047

$

12,534

$

12,463

$

12,650

$

12,828

1%

(2%)

$

76,510

$

58,089

$

50,475

(13%)

Interest expense(1)

2,231

2,028

1,985

1,959

2,009

3%

(10%)

28,382

13,338

7,981

(40%)

Net interest income (NII)

10,816

10,506

10,478

10,691

10,819

1%

-

48,128

44,751

42,494

(5%)

Commissions and fees

2,678

3,670

3,374

3,399

3,229

(5%)

21%

11,746

11,385

13,672

20%

Principal transactions

1,959

3,913

2,304

2,233

1,704

(24%)

(13%)

8,892

13,885

10,154

(27%)

Administrative and other fiduciary fees

907

961

1,022

1,007

953

(5%)

5%

3,411

3,472

3,943

14%

Realized gains (losses) on investments

272

401

137

117

10

(91%)

(96%)

1,474

1,756

665

(62%)

Impairment losses on investments and other assets

(11)

(69)

(13)

(30)

(97)

NM

NM

(32)

(165)

(209)

(27%)

Provision for credit losses on AFS debt securities(2)

1

-

-

(1)

1

NM

-

-

(3)

-

100%

Other revenue (loss)

210

285

451

31

398

NM

90%

1,448

420

1,165

NM

Total non-interest revenues

6,016

9,161

7,275

6,756

6,198

(8%)

3%

26,939

30,750

29,390

(4%)

Total revenues, net of interest expense

16,832

19,667

17,753

17,447

17,017

(2%)

1%

75,067

75,501

71,884

(5%)

Provisions for credit losses and for benefits and claims

Net credit losses

1,472

1,748

1,320

961

866

(10%)

(41%)

7,768

7,611

4,895

(36%)

Credit reserve build / (release) for loans

(1,848)

(3,227)

(2,446)

(1,149)

(1,176)

(2%)

36%

450

8,311

(7,998)

NM

Provision for credit losses on loans

(376)

(1,479)

(1,126)

(188)

(310)

(65%)

18%

8,218

15,922

(3,103)

NM

Provision for credit losses on held-to-maturity (HTM) debt securities

(14)

(11)

4

(10)

14

NM

NM

-

7

(3)

NM

Provision for credit losses on other assets

(24)

9

(3)

(3)

(3)

-

88%

-

7

-

(100%)

Policyholder benefits and claims

16

52

15

22

27

23%

69%

73

113

116

3%

Provision for credit losses on unfunded lending commitments

352

(626)

44

(13)

(193)

NM

NM

92

1,446

(788)

NM

Total provisions for credit losses and for benefits and claims

(46)

(2,055)

(1,066)

(192)

(465)

NM

NM

8,383

17,495

(3,778)

NM

Operating expenses

Compensation and benefits

5,341

6,001

5,982

6,058

7,093

17%

33%

21,433

22,214

25,134

13%

Premises and equipment

631

576

558

560

620

11%

(2%)

2,328

2,333

2,314

(1%)

Technology / communication

2,028

1,852

1,895

1,997

2,084

4%

3%

7,077

7,383

7,828

6%

Advertising and marketing

352

270

340

402

478

19%

36%

1,516

1,217

1,490

22%

Other operating(1)

3,085

2,714

2,696

2,760

3,257

18%

6%

10,429

11,227

11,427

2%

Total operating expenses

11,437

11,413

11,471

11,777

13,532

15%

18%

42,783

44,374

48,193

9%

Income from continuing operations before income taxes

5,441

10,309

7,348

5,862

3,950

(33%)

(27%)

23,901

13,632

27,469

NM

Provision for income taxes(3)

1,116

2,332

1,155

1,193

771

(35%)

(31%)

4,430

2,525

5,451

NM

Income (loss) from continuing operations

4,325

7,977

6,193

4,669

3,179

(32%)

(26%)

19,471

11,107

22,018

98%

Discontinued operations

Income (loss) from discontinued operations

6

(2)

10

(1)

-

100%

(100%)

(31)

(20)

7

NM

Provision (benefit) for income taxes

-

-

-

-

-

-

-

(27)

-

-

-

Income (loss) from discontinued operations, net of taxes

6

(2)

10

(1)

-

100%

(100%)

(4)

(20)

7

NM

Net income before noncontrolling interests

4,331

7,975

6,203

4,668

3,179

(32%)

(27%)

19,467

11,087

22,025

99%

Net income (loss) attributable to noncontrolling interests

22

33

10

24

6

(75%)

(73%)

66

40

73

83%

Citigroup's net income

$

4,309

$

7,942

$

6,193

$

4,644

$

3,173

(32%)

(26%)

$

19,401

$

11,047

$

21,952

99%

(1)

See footnote 1 on page 1.

(2)

In accordance with ASC 326.

(3)

See footnote 4 on page 1.

NM Not meaningful.

Reclassified to conform to the current period's presentation.

Page 2


CITIGROUP CONSOLIDATED BALANCE SHEET

(In millions of dollars)

4Q21 Increase/

December 31,

March 31,

June 30,

September 30,

December 31,

(Decrease) from

    

2020

    

2021

    

2021

    

2021

    

2021(1)

    

3Q21

    

4Q20

Assets

Cash and due from banks (including segregated cash and other deposits)

$

26,349

$

26,204

$

27,117

$

28,906

$

27,515

(5%)

4%

Deposits with banks, net of allowance

283,266

298,478

272,121

294,902

234,518

(20%)

(17%)

Securities borrowed and purchased under agreements to resell, net of allowance

294,712

315,072

309,047

337,696

327,288

(3%)

11%

Brokerage receivables, net of allowance

44,806

60,465

61,138

59,487

54,340

(9%)

21%

Trading account assets

375,079

360,659

370,950

342,914

331,945

(3%)

(11%)

Investments

Available-for-sale debt securities, net of allowance

335,084

304,036

302,977

295,573

288,522

(2%)

(14%)

Held-to-maturity debt securities, net of allowance

104,943

161,742

176,742

198,056

216,963

10%

NM

Equity securities

7,332

7,181

7,344

7,220

7,337

2%

Total investments

447,359

472,959

487,063

500,849

512,822

2%

15%

Loans, net of unearned income

Consumer

288,839

274,034

275,895

264,250

271,236

3%

(6%)

Corporate

387,044

391,954

400,939

400,514

396,531

(1%)

2%

Loans, net of unearned income

675,883

665,988

676,834

664,764

667,767

(1%)

Allowance for credit losses on loans (ACLL)

(24,956)

(21,638)

(19,238)

(17,715)

(16,455)

7%

34%

Total loans, net

650,927

644,350

657,596

647,049

651,312

1%

Goodwill

22,162

21,905

22,060

21,573

21,299

(1%)

(4%)

Intangible assets (including MSRs)

4,747

4,741

4,687

4,553

4,495

(1%)

(5%)

Other assets, net of allowance

110,683

109,433

116,089