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CONSOLIDATED STATEMENT OF INCOME (UNAUDITED) - USD ($)
shares in Millions, $ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues        
Interest revenue $ 32,647 $ 15,630 $ 62,042 $ 28,781
Interest expense 18,747 3,666 34,794 5,946
Net interest income 13,900 11,964 27,248 22,835
Commissions and fees 2,132 2,452 4,498 5,020
Principal transactions 2,528 4,525 6,467 9,115
Administration and other fiduciary fees 989 1,023 1,885 1,989
Realized gains on sales of investments, net 49 (58) 121 22
Impairment losses on investments:        
Impairment losses on investments and other assets (71) (96) (157) (186)
Provision (releases) for credit losses on AFS debt securities [1] 1 2 0 2
Net impairment losses recognized in earnings (70) (94) (157) (184)
Other revenue (92) (174) 821 27
Total non-interest revenues 5,536 7,674 13,635 15,989
Total revenues, net of interest expense 19,436 19,638 40,883 38,824
Provisions for credit losses and for benefits and claims        
Provision for credit losses on loans 1,761 1,384 3,498 1,644
Provision (release) for credit losses on HTM debt securities (4) 20 (21) 18
Provision for credit losses on other assets 149 7 574 3
Policyholder benefits and claims 14 22 38 49
Provision (release) for credit losses on unfunded lending commitments (96) (159) (290) 315
Total provisions for credit losses and for benefits and claims [2] 1,824 1,274 3,799 2,029
Operating expenses        
Compensation and benefits 7,388 6,472 14,926 13,292
Premises and equipment 595 619 1,193 1,162
Technology/communication 2,309 2,068 4,436 4,084
Advertising and marketing 361 414 692 725
Other operating 2,917 2,820 5,612 6,295
Total operating expenses 13,570 12,393 26,859 25,558
Income from continuing operations before income taxes 4,042 5,971 10,225 11,237
Provision for income taxes 1,090 1,182 2,621 2,123
Income from continuing operations 2,952 4,789 7,604 9,114
Discontinued operations        
Income (loss) from discontinued operations (1) (262) (2) (264)
Benefit for income taxes 0 (41) 0 (41)
Income (loss) from discontinued operations, net of taxes (1) (221) (2) (223)
Net income before attribution to noncontrolling interests 2,951 4,568 7,602 8,891
Noncontrolling interests 36 21 81 38
Citigroup’s net income $ 2,915 $ 4,547 $ 7,521 $ 8,853
Basic earnings per share        
Income from continuing operations (in dollars per share) [3] $ 1.34 $ 2.32 $ 3.55 $ 4.34
Income from discontinued operations, net of taxes (in dollars per share) [3] 0 (0.11) 0 (0.11)
Net income (in dollars per share) [3] $ 1.34 $ 2.20 $ 3.54 $ 4.23
Weighted average common shares outstanding (in shares) 1,942.8 1,941.5 1,943.2 1,956.6
Diluted earnings per share        
Income from continuing operations (in dollars per share) [3] $ 1.33 $ 2.30 $ 3.52 $ 4.32
Income (loss) from discontinued operations, net of taxes (in dollars per share) [3] 0 (0.11) 0 (0.11)
Net income (in dollars per share) [3] $ 1.33 $ 2.19 $ 3.52 $ 4.20
Adjusted weighted average diluted common shares outstanding (in shares) 1,968.6 1,958.1 1,966.3 1,973.2
[1] In accordance with ASC 326, which requires the provision for credit losses on AFS securities to be included in revenue.
[2] This total excludes the provision for credit losses on AFS securities, which is disclosed separately above.
[3] Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income.