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 12, 2018
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))
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
CITIGROUP INC.
Current Report on Form 8-K
Item 2.02 Results of Operations and Financial Condition.
On October 12, 2018, Citigroup Inc. announced its results for the quarter ended September 30, 2018. 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, 2018 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 12, 2018, 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, 2018. |
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 12, 2018 |
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By: |
/s/ RAJA J. AKRAM |
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Raja J. Akram |
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Controller and Chief Accounting Officer |
For Immediate Release |
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Citigroup Inc. (NYSE: C) | |
October 12, 2018 | |
THIRD QUARTER 2018 RESULTS AND KEY METRICS |
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EARNINGS PER SHARE OF $1.73
NET INCOME OF $4.6 BILLION
REVENUES OF $18.4 BILLION
RETURNED $6.4 BILLION OF CAPITAL TO COMMON SHAREHOLDERS
REPURCHASED 75 MILLION COMMON SHARES
BOOK VALUE PER SHARE OF $72.88
TANGIBLE BOOK VALUE PER SHARE OF $61.915
New York, October 12, 2018 Citigroup Inc. today reported net income for the third quarter 2018 of $4.6 billion, or $1.73 per diluted share, on revenues of $18.4 billion. This compared to net income of $4.1 billion, or $1.42 per diluted share, on revenues of $18.4 billion for the third quarter 2017.
Revenues were largely unchanged from the prior-year period, primarily reflecting the net impact of a gain on sale (approximately $580 million) of a fixed income analytics business in the prior-year period and a gain on sale (approximately $250 million) of an asset management business in Mexico in Global Consumer Banking (GCB) in the current period, as well as the impact of foreign exchange translation6. Excluding these items, revenues grew 4% driven by growth in the Institutional Clients Group (ICG). Net income of $4.6 billion increased 12%, primarily reflecting a lower effective tax rate as well as lower expenses and cost of credit, as the revenues remained largely unchanged. Earnings per share of $1.73 increased 22% from $1.42 per diluted share in the prior-year period, driven by the growth in net income and an 8% reduction in average diluted shares outstanding.
Percentage comparisons throughout this press release are calculated for the third quarter 2018 versus the third quarter 2017, unless otherwise specified.
CEO COMMENTARY:
Citi CEO Michael Corbat said, Our results this quarter showed solid year-over-year revenue growth across many of our businesses, including Fixed Income, Treasury and Trade Solutions, Securities Services, the Private Bank and our consumer franchise in Mexico. We also grew loans and deposits while continuing to prudently manage risk as demonstrated by the stability of our credit portfolio. We returned $6.4 billion of capital to common shareholders through buybacks and dividends during the quarter. And over the past twelve months, weve reduced our common shares outstanding by over 200 million or 8%. Through a combination of earnings growth and capital return, our earnings per share were 22% higher than one year ago.
Through the first nine months of this year, we have grown our underlying Consumer and Institutional revenues by 4%, operated with an efficiency ratio of 57.3% and delivered a Return on Tangible Common Equity of 11.2%. We are firmly on track to deliver on our full year 2018 financial targets. At the same time, we continue to make targeted investments which will fund future growth and enhance our ability to serve clients, Mr. Corbat concluded.
Citigroup |
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3Q18 |
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2Q18 |
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3Q17 |
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QoQ% |
|
YoY% |
| |||
Global Consumer Banking |
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8,654 |
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8,250 |
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8,470 |
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5 |
% |
2 |
% | |||
Institutional Clients Group |
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9,241 |
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9,691 |
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9,430 |
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(5 |
)% |
(2 |
)% | |||
Corporate / Other |
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494 |
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528 |
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519 |
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(6 |
)% |
(5 |
)% | |||
Total Revenues |
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$ |
18,389 |
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$ |
18,469 |
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$ |
18,419 |
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|
|
|
|
|
|
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|
|
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Expenses |
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$ |
10,311 |
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$ |
10,712 |
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$ |
10,417 |
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(4 |
)% |
(1 |
)% |
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Net Credit Losses |
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1,756 |
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1,704 |
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1,777 |
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3 |
% |
(1 |
)% | |||
Credit Reserve Build / (Release)(a) |
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192 |
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87 |
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194 |
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NM |
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(1 |
)% | |||
Provision for Benefits and Claims |
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26 |
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21 |
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28 |
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24 |
% |
(7 |
)% | |||
Total Cost of Credit |
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$ |
1,974 |
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$ |
1,812 |
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$ |
1,999 |
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9 |
% |
(1 |
)% |
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Income from Continuing Operations Before Taxes |
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$ |
6,104 |
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$ |
5,945 |
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$ |
6,003 |
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3 |
% |
2 |
% |
Provision for Income Taxes |
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1,471 |
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1,444 |
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1,866 |
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2 |
% |
(21 |
)% | |||
Income from Continuing Operations |
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$ |
4,633 |
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$ |
4,501 |
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$ |
4,137 |
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3 |
% |
12 |
% |
Net Income (Loss) from Discontinued Operations |
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(8 |
) |
15 |
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(5 |
) |
NM |
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(60 |
)% | |||
Non-Controlling Interest |
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3 |
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26 |
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(1 |
) |
(88 |
)% |
NM |
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Citigroup Net Income |
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$ |
4,622 |
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$ |
4,490 |
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$ |
4,133 |
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3 |
% |
12 |
% |
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Revenues |
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North America |
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8,458 |
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8,515 |
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8,906 |
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(1 |
)% |
(5 |
)% | |||
EMEA |
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2,927 |
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3,043 |
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2,703 |
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(4 |
)% |
8 |
% | |||
Latin America |
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2,725 |
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2,543 |
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2,487 |
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7 |
% |
10 |
% | |||
Asia |
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3,785 |
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3,840 |
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3,804 |
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(1 |
)% |
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Corporate / Other |
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494 |
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528 |
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519 |
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(6 |
)% |
(5 |
)% | |||
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EOP Assets ($B) |
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1,925 |
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1,912 |
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1,889 |
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1 |
% |
2 |
% | |||
EOP Loans ($B) |
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675 |
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671 |
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653 |
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1 |
% |
3 |
% | |||
EOP Deposits ($B) |
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1,005 |
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997 |
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964 |
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1 |
% |
4 |
% | |||
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Common Equity Tier 1 Capital Ratio(3) |
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11.8 |
% |
12.1 |
% |
13.0 |
% |
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Supplementary Leverage Ratio(3) |
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6.5 |
% |
6.6 |
% |
7.1 |
% |
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Return on Average Common Equity |
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9.6 |
% |
9.2 |
% |
7.3 |
% |
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Book Value per Share |
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$ |
72.88 |
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$ |
71.95 |
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$ |
78.81 |
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1 |
% |
(8 |
)% |
Tangible Book Value per Share |
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$ |
61.91 |
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$ |
61.29 |
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$ |
68.55 |
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1 |
% |
(10 |
)% |
Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.
(a) Includes provision for unfunded lending commitments.
Citigroup
Citigroup revenues of $18.4 billion in the third quarter 2018 were largely unchanged. Excluding the previously mentioned gains on sale as well as the impact of foreign exchange translation, revenues increased 4%, driven by growth in ICG.
Citigroups operating expenses of $10.3 billion in the third quarter 2018 decreased 1%, as higher volume-related expenses and investments were more than offset by efficiency savings and the wind-down of legacy assets.
Citigroups cost of credit in the third quarter 2018 was $2.0 billion, a 1% decrease, primarily driven by lower reserve builds in Citi Retail Services and Citi-Branded Cards in North America GCB, partially offset by a net reserve build in ICG.
Citigroups net income increased to $4.6 billion in the third quarter 2018, primarily driven by the lower effective tax rate as well as the lower expenses and cost of credit, as the revenues remained largely unchanged. Citigroups effective tax rate was 24% in the current quarter compared to 31% in the third quarter 2017.
Citigroups allowance for loan losses was $12.3 billion at quarter end, or 1.84% of total loans, compared to $12.4 billion, or 1.91% of total loans, at the end of the prior-year period. Total non-accrual assets declined 19% from the prior-year period to $4.0 billion. Consumer non-accrual loans declined 15% to $2.4 billion and corporate non-accrual loans decreased 25% to $1.5 billion.
Citigroups end-of-period loans were $675 billion as of quarter end, up 3% from the prior-year period. Excluding the impact of foreign exchange translation, Citigroups end-of-period loans grew 4%, as 6% aggregate growth in ICG and GCB was partially offset by the continued wind-down of legacy assets in Corporate / Other.
Citigroups end-of-period deposits were $1.0 trillion as of quarter end, an increase of 4% from the prior-year period. Excluding the impact of foreign exchange translation, Citigroups end-of-period deposits grew 5%, driven by 8% growth in ICG.
Citigroups book value per share of $72.88 and tangible book value per share of $61.91, both as of quarter end, increased 1% sequentially, as the benefit of a lower share count and higher net income more than offset common share repurchases and dividends. At quarter end, Citigroups CET1 Capital ratio was 11.8%, down from 12.1% in the prior quarter as net income was more than offset by common share repurchases and dividends, and risk-weighted assets increased due to client activity. Citigroups SLR for the third quarter 2018 was 6.5%, down from 6.6% in the prior quarter. During the third quarter 2018, Citigroup repurchased 75 million common shares and returned a total of $6.4 billion to common shareholders in the form of common share repurchases and dividends.
Global Consumer Banking |
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3Q18 |
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2Q18 |
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3Q17 |
|
QoQ% |
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YoY% |
| |||
North America |
|
$ |
5,129 |
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$ |
5,004 |
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$ |
5,197 |
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2 |
% |
(1 |
)% |
Latin America(a) |
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1,670 |
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1,381 |
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1,388 |
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21 |
% |
20 |
% | |||
Asia(b) |
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1,855 |
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1,865 |
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1,885 |
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(1 |
)% |
(2 |
)% | |||
Total Revenues |
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$ |
8,654 |
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$ |
8,250 |
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$ |
8,470 |
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5 |
% |
2 |
% |
|
|
|
|
|
|
|
|
|
|
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Expenses |
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$ |
4,661 |
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$ |
4,655 |
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$ |
4,452 |
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|
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5 |
% |
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|
|
|
|
|
|
|
|
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Net Credit Losses |
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1,714 |
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1,726 |
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1,704 |
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(1 |
)% |
1 |
% | |||
Credit Reserve Build / (Release)(c) |
|
192 |
|
157 |
|
481 |
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22 |
% |
(60 |
)% | |||
Provision for Benefits and Claims |
|
27 |
|
22 |
|
28 |
|
23 |
% |
(4 |
)% | |||
Total Cost of Credit |
|
$ |
1,933 |
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$ |
1,905 |
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$ |
2,213 |
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1 |
% |
(13 |
)% |
|
|
|
|
|
|
|
|
|
|
|
| |||
Net Income |
|
$ |
1,566 |
|
$ |
1,278 |
|
$ |
1,168 |
|
23 |
% |
34 |
% |
|
|
|
|
|
|
|
|
|
|
|
| |||
Retail Banking(a) |
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3,717 |
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3,489 |
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3,521 |
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7 |
% |
6 |
% | |||
Cards |
|
4,937 |
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4,761 |
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4,949 |
|
4 |
% |
|
| |||
Total Revenues |
|
$ |
8,654 |
|
$ |
8,250 |
|
$ |
8,470 |
|
5 |
% |
2 |
% |
|
|
|
|
|
|
|
|
|
|
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| |||
Key Indicators ($B) |
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|
|
|
|
|
|
|
|
|
| |||
Retail Banking Average Loans |
|
146 |
|
146 |
|
144 |
|
|
|
1 |
% | |||
Retail Banking Average Deposits |
|
307 |
|
306 |
|
308 |
|
|
|
|
| |||
Investment AUMs |
|
169 |
|
163 |
|
158 |
|
4 |
% |
7 |
% | |||
Cards Average Loans |
|
161 |
|
158 |
|
155 |
|
2 |
% |
4 |
% | |||
Cards Purchase Sales |
|
135 |
|
134 |
|
125 |
|
1 |
% |
8 |
% |
Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.
(a) Includes gain of approximately $250 million related to the sale of an asset management business in 3Q18.
(b) Asia GCB includes the results of operations of GCB activities in certain EMEA countries for all periods presented.
(c) Includes provision for unfunded lending commitments.
Global Consumer Banking
GCB revenues of $8.7 billion increased 2% on a reported basis and 3% in constant dollars, driven primarily by strength in Latin America GCB, as well as the previously mentioned gain on sale.
North America GCB revenues of $5.1 billion decreased 1%, as higher revenues in Citi Retail Services were more than offset by lower revenues in Citi-Branded Cards and Retail Banking. Retail Banking revenues of $1.3
billion decreased 3%. Excluding mortgage, Retail Banking revenues increased 1%, driven by continued growth in deposit margins and investments, largely offset by lower episodic transaction activity in commercial banking. Citi-Branded Cards revenues of $2.1 billion decreased 3%, as growth in interest-earning balances was more than offset by the impact of the Hilton portfolio sale as well as previously disclosed partnership terms. Citi Retail Services revenues of $1.7 billion increased 2%, primarily reflecting organic loan growth and the benefit of the L.L.Bean portfolio acquisition, partially offset by higher partner payments.
Latin America GCB revenues increased 20% to $1.7 billion, including the gain on sale. In constant dollars, revenues increased 8% excluding the gain on sale driven by continued volume growth across commercial, mortgage and card loans, as well as deposits.
Asia GCB revenues decreased 2% to $1.9 billion. In constant dollars, revenues increased 1%, as continued growth in deposit, lending and insurance revenues was largely offset by lower investment revenues due to weaker market sentiment.
GCB operating expenses increased 5% to $4.7 billion. In constant dollars, expenses increased 6% driven by the timing of investment spending versus the prior year.
GCB cost of credit decreased 13% to $1.9 billion. In constant dollars, cost of credit decreased 12%, driven by a 60% decrease in loan loss reserve builds, primarily in Citi Retail Services and Citi-Branded Cards in North America GCB, partially offset by volume growth and seasoning in International GCB.
GCB net income of $1.6 billion increased 34% on a reported basis and 36% in constant dollars, driven primarily by the lower cost of credit, the lower effective tax rate and the gain on sale, which more than offset the higher expenses.
Institutional Clients Group |
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3Q18 |
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2Q18 |
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3Q17 |
|
QoQ% |
|
YoY% |
| |||
Treasury & Trade Solutions |
|
$ |
2,283 |
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$ |
2,336 |
|
$ |
2,185 |
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(2 |
)% |
4 |
% |
Investment Banking |
|
1,181 |
|
1,422 |
|
1,280 |
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(17 |
)% |
(8 |
)% | |||
Private Bank |
|
849 |
|
848 |
|
790 |
|
|
|
7 |
% | |||
Corporate Lending(a) |
|
563 |
|
589 |
|
506 |
|
(4 |
)% |
11 |
% | |||
Total Banking |
|
4,876 |
|
5,195 |
|
4,761 |
|
(6 |
)% |
2 |
% | |||
Fixed Income Markets |
|
3,199 |
|
3,076 |
|
2,936 |
|
4 |
% |
9 |
% | |||
Equity Markets |
|
792 |
|
864 |
|
785 |
|
(8 |
)% |
1 |
% | |||
Securities Services |
|
672 |
|
665 |
|
608 |
|
1 |
% |
11 |
% | |||
Other(b) |
|
(192 |
) |
(132 |
) |
388 |
|
(45 |
)% |
NM |
| |||
Total Markets & Securities Services |
|
4,471 |
|
4,473 |
|
4,717 |
|
|
|
(5 |
)% | |||
Product Revenues(a) |
|
$ |
9,347 |
|
$ |
9,668 |
|
$ |
9,478 |
|
(3 |
)% |
(1 |
)% |
Gain / (Loss) on Loan Hedges |
|
(106 |
) |
23 |
|
(48 |
) |
NM |
|
NM |
| |||
Total Revenues |
|
$ |
9,241 |
|
$ |
9,691 |
|
$ |
9,430 |
|
(5 |
)% |
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
| |||
Expenses |
|
$ |
5,191 |
|
$ |
5,458 |
|
$ |
5,138 |
|
(5 |
)% |
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
| |||
Net Credit Losses |
|
23 |
|
(1 |
) |
44 |
|
NM |
|
(48 |
)% | |||
Credit Reserve Build / (Release)(c) |
|
48 |
|
26 |
|
(208 |
) |
85 |
% |
NM |
| |||
Total Cost of Credit |
|
$ |
71 |
|
$ |
25 |
|
$ |
(164 |
) |
NM |
|
NM |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Net Income |
|
$ |
3,123 |
|
$ |
3,225 |
|
$ |
3,048 |
|
(3 |
)% |
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
| |||
Revenues |
|
|
|
|
|
|
|
|
|
|
| |||
North America(b) |
|
3,329 |
|
3,511 |
|
3,709 |
|
(5 |
)% |
(10 |
)% | |||
EMEA |
|
2,927 |
|
3,043 |
|
2,703 |
|
(4 |
)% |
8 |
% | |||
Latin America |
|
1,055 |
|
1,162 |
|
1,099 |
|
(9 |
)% |
(4 |
)% | |||
Asia |
|
1,930 |
|
1,975 |
|
1,919 |
|
(2 |
)% |
1 |
% |
Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.
(a) Excludes gain / (loss) on credit derivatives as well as the mark-to-market on loans at fair value. For additional information, please refer to Footnote 7.
(b) Includes gain of approximately $580 million related to the sale of a fixed income analytics business in 3Q17.
(c) Includes provision for unfunded lending commitments.
Institutional Clients Group
ICG revenues of $9.2 billion decreased 2%. Excluding the previously mentioned gain on sale in the prior-year period, revenues grew 4%, driven by growth in Markets and Securities Services as well as Banking.
Banking revenues of $4.8 billion increased 1% (including gain / (loss) on loan hedges)7, as continued growth across businesses more than offset a decline in Investment Banking. Treasury and Trade Solutions revenues of $2.3 billion increased 4% on a reported basis and 8% in constant dollars, reflecting continued growth in transaction volumes, loans and deposits. Investment Banking revenues of $1.2 billion were down 8% versus the prior-year period, as growth in advisory was more than offset by a decline in underwriting fees, reflecting lower market activity. Advisory revenues increased 9% to $262 million, equity underwriting revenues decreased 17% to $259 million and debt underwriting revenues decreased 9% to $660 million. Private Bank revenues increased 7% to $849 million, driven by growth in loans and investments, as well as improved deposit spreads. Corporate Lending revenues of $563 million increased 11% (excluding gain / (loss) on loan hedges), reflecting loan growth as well as lower hedging costs.
Markets and Securities Services revenues of $4.5 billion decreased 5%. Excluding the gain on sale in the prior-year period, revenues increased 8% driven by strong revenue growth in Fixed Income Markets and Securities Services. Fixed Income Markets revenues of $3.2 billion in the third quarter 2018 increased 9%, with contribution from both rates and currencies as well as spread products. Equity Markets revenues of $792 million increased 1%, as strength in prime finance and derivatives was largely offset by lower revenues in cash equities, reflecting a more challenging trading environment and lower commissions. Securities Services revenues of $672 million increased 11%, driven by continued growth in client volumes and higher net interest revenue.
ICG net income of $3.1 billion increased 2%, driven primarily by the lower effective tax rate which more than offset the lower revenues as well as the higher cost of credit and expenses. ICG operating expenses increased 1% to $5.2 billion, driven by an increase in compensation costs, volume-related expenses and investments, partially offset by efficiency savings. ICG cost of credit increased due to a net reserve build of $48 million in the current quarter, compared to a net reserve release of $208 million in the prior-year period.
Corporate / Other |
|
3Q18 |
|
2Q18 |
|
3Q17 |
|
QoQ% |
|
YoY% |
| |||
Revenues |
|
$ |
494 |
|
$ |
528 |
|
$ |
519 |
|
(6 |
)% |
(5 |
)% |
|
|
|
|
|
|
|
|
|
|
|
| |||
Expenses |
|
$ |
459 |
|
$ |
599 |
|
$ |
827 |
|
(23 |
)% |
(44 |
)% |
|
|
|
|
|
|
|
|
|
|
|
| |||
Net Credit Losses |
|
19 |
|
(21 |
) |
29 |
|
NM |
|
(34 |
)% | |||
Credit Reserve Build / (Release)(a) |
|
(48 |
) |
(96 |
) |
(79 |
) |
50 |
% |
39 |
% | |||
Provision for Benefits and Claims |
|
(1 |
) |
(1 |
) |
|
|
|
|
NM |
| |||
Total Cost of Credit |
|
$ |
(30 |
) |
$ |
(118 |
) |
$ |
(50 |
) |
75 |
% |
40 |
% |
|
|
|
|
|
|
|
|
|
|
|
| |||
Income (Loss) from Continuing Operations before Taxes |
|
$ |
65 |
|
$ |
47 |
|
$ |
(258 |
) |
38 |
% |
NM |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Net Income (Loss) |
|
$ |
(67 |
) |
$ |
(13 |
) |
$ |
(83 |
) |
NM |
|
19 |
% |
(a) Includes provision for unfunded lending commitments.
Corporate / Other
Corporate / Other revenues of $494 million decreased 5% from the prior-year period, driven by the wind-down of legacy assets.
Corporate / Other expenses of $459 million decreased 44% from the prior-year period, driven by the wind-down of legacy assets and lower infrastructure costs.
Corporate / Other income from continuing operations before taxes of $65 million increased from a loss of $258 million in the prior-year period, as the lower expenses more than offset the lower revenues.
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 https://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 83786410.
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 2018 Quarterly Financial Data Supplement are available on Citigroups website at www.citigroup.com.
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
Certain statements in this release are forward-looking statements within the meaning of the rules and regulations of the U.S. Securities and Exchange Commission (SEC). 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, among others, the efficacy of Citis business strategies and execution of those strategies, such as those relating to its key investment, efficiency and capital optimization initiatives, governmental and regulatory actions or approvals, geopolitical and macroeconomic uncertainties, challenges and conditions, such as the level of interest rates, and the precautionary statements included in this release and those contained in Citigroups filings with the SEC, including without limitation the Risk Factors section of Citigroups 2017 Form 10-K. Any forward-looking statements made by or on behalf of Citigroup speak only as to the date they are made, and Citi 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.
Contacts:
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) |
|
3Q18 |
|
2Q18 |
|
3Q17 |
| |||
Net Income |
|
$ |
4,622 |
|
$ |
4,490 |
|
$ |
4,133 |
|
Less: Preferred Dividends |
|
270 |
|
318 |
|
272 |
| |||
Net Income to Common Shareholders |
|
$ |
4,352 |
|
$ |
4,172 |
|
$ |
3,861 |
|
|
|
|
|
|
|
|
| |||
Common Share Repurchases |
|
5,270 |
|
|
|
|
| |||
Common Dividends |
|
1,126 |
|
|
|
|
| |||
Total Capital Returned to Common Shareholders |
|
$ |
6,396 |
|
|
|
|
| ||
|
|
|
|
|
|
|
| |||
Payout Ratio |
|
147 |
% |
|
|
|
| |||
|
|
|
|
|
|
|
| |||
Average TCE |
|
$ |
152,712 |
|
|
|
|
| ||
|
|
|
|
|
|
|
| |||
RoTCE |
|
11.3 |
% |
|
|
|
|
Note: Totals may not sum due to rounding.
Appendix B
Citigroup |
|
|
|
|
| ||
(Revenues in $ millions; balance sheet items in $ billions) |
|
3Q18 |
|
3Q17 |
| ||
Reported Revenues |
|
$ |
18,389 |
|
$ |
18,419 |
|
Impact of FX Translation |
|
|
|
(335 |
) | ||
Revenues in Constant Dollars |
|
$ |
18,389 |
|
$ |
18,084 |
|
|
|
|
|
|
| ||
Reported EOP Loans |
|
$ |
675 |
|
$ |
653 |
|
Impact of FX Translation |
|
|
|
(7 |
) | ||
EOP Loans in Constant Dollars |
|
$ |
675 |
|
$ |
647 |
|
|
|
|
|
|
| ||
Reported EOP Deposits |
|
$ |
1,005 |
|
$ |
964 |
|
Impact of FX Translation |
|
|
|
(11 |
) | ||
EOP Deposits in Constant Dollars |
|
$ |
1,005 |
|
$ |
953 |
|
Note: Totals may not sum due to rounding.
Global Consumer Banking |
|
|
|
|
| ||
($ in millions) |
|
3Q18 |
|
3Q17 |
| ||
Reported Revenues |
|
$ |
8,654 |
|
$ |
8,470 |
|
Impact of FX Translation |
|
|
|
(106 |
) | ||
Revenues in Constant Dollars |
|
$ |
8,654 |
|
$ |
8,364 |
|
|
|
|
|
|
| ||
Reported Expenses |
|
$ |
4,661 |
|
$ |
4,452 |
|
Impact of FX Translation |
|
|
|
(53 |
) | ||
Expenses in Constant Dollars |
|
$ |
4,661 |
|
$ |
4,399 |
|
|
|
|
|
|
| ||
Reported Credit Costs |
|
$ |
1,933 |
|
$ |
2,213 |
|
Impact of FX Translation |
|
|
|
(23 |
) | ||
Credit Costs in Constant Dollars |
|
$ |
1,933 |
|
$ |
2,190 |
|
|
|
|
|
|
| ||
Reported Net Income |
|
$ |
1,566 |
|
$ |
1,168 |
|
Impact of FX Translation |
|
|
|
(18 |
) | ||
Net Income in Constant Dollars |
|
$ |
1,566 |
|
$ |
1,150 |
|
Note: Totals may not sum due to rounding.
Latin America Consumer Banking |
|
|
|
|
| ||
($ in millions) |
|
3Q18 |
|
3Q17 |
| ||
Reported Revenues |
|
$ |
1,670 |
|
$ |
1,388 |
|
Impact of FX Translation |
|
|
|
(66 |
) | ||
Revenues in Constant Dollars |
|
$ |
1,670 |
|
$ |
1,322 |
|
Note: Totals may not sum due to rounding.
Asia Consumer Banking(1) |
|
|
|
|
| ||
($ in millions) |
|
3Q18 |
|
3Q17 |
| ||
Reported Revenues |
|
$ |
1,855 |
|
$ |
1,885 |
|
Impact of FX Translation |
|
|
|
(40 |
) | ||
Revenues in Constant Dollars |
|
$ |
1,855 |
|
$ |
1,845 |
|
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) |
|
3Q18 |
|
3Q17 |
| ||
Reported Revenues |
|
$ |
2,283 |
|
$ |
2,185 |
|
Impact of FX Translation |
|
|
|
(68 |
) | ||
Revenues in Constant Dollars |
|
$ |
2,283 |
|
$ |
2,117 |
|
Note: Totals may not sum due to rounding.
Appendix C
($ in millions) |
|
9/30/2018(1) |
|
6/30/2018 |
|
9/30/2017 |
| |||
|
|
|
|
|
|
|
| |||
Citigroup Common Stockholders Equity(2) |
|
$ |
178,153 |
|
$ |
181,243 |
|
$ |
208,565 |
|
Add: Qualifying noncontrolling interests |
|
148 |
|
145 |
|
144 |
| |||
Regulatory Capital Adjustments and Deductions: |
|
|
|
|
|
|
| |||
Less: |
|
|
|
|
|
|
| |||
Accumulated net unrealized losses on cash flow hedges, net of tax(3) |
|
(1,095 |
) |
(1,021 |
) |
(437 |
) | |||
Cumulative unrealized net gain (loss) related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax(4) |
|
(503 |
) |
(162 |
) |
(416 |
) | |||
Intangible Assets: |
|
|
|
|
|
|
| |||
Goodwill, net of related deferred tax liabilities (DTLs)(5) |
|
21,891 |
|
21,809 |
|
21,532 |
| |||
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs |
|
4,304 |
|
4,461 |
|
4,410 |
| |||
Defined benefit pension plan net assets |
|
931 |
|
882 |
|
720 |
| |||
Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards |
|
12,345 |
|
12,551 |
|
20,068 |
| |||
Excess over 10% / 15% limitations for other DTAs, certain common stock investments, and MSRs(6) |
|
|
|
|
|
9,298 |
| |||
|
|
|
|
|
|
|
| |||
Common Equity Tier 1 Capital (CET1) |
|
$ |
140,428 |
|
$ |
142,868 |
|
$ |
153,534 |
|
|
|
|
|
|
|
|
| |||
Risk-Weighted Assets (RWA) |
|
$ |
1,194,204 |
|
$ |
1,176,863 |
|
$ |
1,182,918 |
|
|
|
|
|
|
|
|
| |||
Common Equity Tier 1 Capital Ratio (CET1 / RWA) |
|
11.8 |
% |
12.1 |
% |
13.0 |
% |
Note: Citis reportable CET1 Capital ratios were derived under the U.S. Basel III Standardized Approach framework for all periods presented. This reflects the lower of the CET1 Capital ratios under both the Standardized Approach and the Advanced Approaches under the Collins Amendment.
(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. As of September 30, 2017, the deduction related only to DTAs arising from temporary differences that exceeded the 10% limitation.
Appendix D
($ in millions) |
|
9/30/2018(1) |
|
6/30/2018 |
|
9/30/2017 |
| |||
|
|
|
|
|
|
|
| |||
Common Equity Tier 1 Capital (CET1) |
|
$ |
140,428 |
|
$ |
142,868 |
|
$ |
153,534 |
|
|
|
|
|
|
|
|
| |||
Additional Tier 1 Capital (AT1)(2) |
|
19,155 |
|
19,134 |
|
19,315 |
| |||
|
|
|
|
|
|
|
| |||
Total Tier 1 Capital (T1C) (CET1 + AT1) |
|
$ |
159,583 |
|
$ |
162,002 |
|
$ |
172,849 |
|
|
|
|
|
|
|
|
| |||
Total Leverage Exposure (TLE) |
|
$ |
2,459,896 |
|
$ |
2,453,497 |
|
$ |
2,430,582 |
|
|
|
|
|
|
|
|
| |||
Supplementary Leverage Ratio (T1C / TLE) |
|
6.5 |
% |
6.6 |
% |
7.1 |
% |
(1) Preliminary.
(2) Additional Tier 1 Capital primarily includes qualifying noncumulative perpetual preferred stock and qualifying trust preferred securities.
Appendix E
($ and shares in millions, except per share amounts) |
|
9/30/2018(1) |
|
6/30/2018 |
|
9/30/2017 |
| |||
Common Stockholders Equity |
|
$ |
177,969 |
|
$ |
181,059 |
|
$ |
208,381 |
|
Less: |
|
|
|
|
|
|
| |||
Goodwill |
|
22,187 |
|
22,058 |
|
22,345 |
| |||
Intangible Assets (other than MSRs) |
|
4,598 |
|
4,729 |
|
4,732 |
| |||
Goodwill and Identifiable Intangible Assets (other than MSRs) Related to Assets Held-for-Sale |
|
|
|
32 |
|
48 |
| |||
Tangible Common Equity (TCE) |
|
$ |
151,184 |
|
$ |
154,240 |
|
$ |
181,256 |
|
|
|
|
|
|
|
|
| |||
Common Shares Outstanding (CSO) |
|
2,442 |
|
2,517 |
|
2,644 |
| |||
|
|
|
|
|
|
|
| |||
Tangible Book Value Per Share (TCE / CSO) |
|
$ |
61.91 |
|
$ |
61.29 |
|
$ |
68.55 |
|
(1) Preliminary.
1 Citigroups total expenses divided by total revenues.
2 Preliminary. Citigroups return on average tangible common equity (RoTCE) is a non-GAAP financial measure. RoTCE represents annualized net income available to common shareholders as a percentage of average tangible common equity (TCE). For the components of the calculation, see Appendix A.
3 Ratios as of September 30, 2018 are preliminary. Citigroups Common Equity Tier 1 (CET1) Capital ratio and Supplementary Leverage Ratio (SLR) reflect full implementation of the U.S. Basel III rules for all periods. As of December 31, 2017 and for all prior periods, these ratios are non-GAAP financial measures, which reflect full implementation of regulatory capital adjustments and deductions prior to the effective date of January 1, 2018. For the composition of Citigroups CET1 Capital and ratio, see Appendix C. For the composition of Citigroups SLR, see Appendix D.
4 Citigroups payout ratio is the sum of common dividends and common share repurchases divided by net income available to common shareholders. For the components of the calculation, see Appendix A.
5 Citigroups tangible book value per share is a non-GAAP financial measure. For a reconciliation of this measure to reported results, see Appendix E.
6 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 Appendix B.
7 Credit derivatives are used to economically hedge a portion of the corporate loan portfolio that includes both accrual loans and loans at fair value. Gains / (losses) on loan hedges includes the mark-to-market on the credit derivatives and the mark-to-market on the loans in the portfolio that are at fair value. The fixed premium costs of these hedges are netted against the corporate lending revenues to reflect the cost of credit protection. Citigroups results of operations excluding the impact of gains / (losses) on loan hedges are non-GAAP financial measures.
CITIGROUP - QUARTERLY FINANCIAL DATA SUPPLEMENT |
|
3Q18 |
|
|
|
Page |
|
Citigroup Consolidated |
|
|
|
Financial Summary |
|
1 |
|
Consolidated Statement of Income |
|
2 |
|
Consolidated Balance Sheet |
|
3 |
|
Segment Detail |
|
|
|
Net Revenues |
|
4 |
|
Income & Regional Average Assets and ROA |
|
5 |
|
|
|
|
|
Global Consumer Banking (GCB) |
|
6 |
|
Retail Banking and Cards Key Indicators |
|
7 |
|
North America |
|
8 - 10 |
|
Latin America(1) |
|
11 - 12 |
|
Asia(2) |
|
13 - 14 |
|
Institutional Clients Group (ICG) |
|
15 |
|
Revenues by Business |
|
16 |
|
|
|
|
|
Corporate / Other |
|
17 |
|
Consumer Key Indicators |
|
18 |
|
|
|
|
|
Citigroup Supplemental Detail |
|
|
|
Average Balances and Interest Rates |
|
19 |
|
Deposits |
|
20 |
|
Loans |
|
21 |
|
Consumer Loan Delinquency Amounts and Ratios |
|
|
|
90+ Days |
|
22 |
|
30-89 Days |
|
23 |
|
Allowance for Credit Losses |
|
24 - 25 |
|
Components of Provision for Loan Losses |
|
26 |
|
Non-Accrual Assets |
|
27 |
|
|
|
|
|
CET1 Capital and Supplementary Leverage Ratios, Tangible Common Equity, Book Value Per Share and Tangible Book Value Per Share |
|
28 |
|
|
(1) Latin America GCB consists of Citis 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) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 Increase/ |
|
|
Nine |
|
Nine |
|
YTD 2018 vs. |
| |||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
|
Months |
|
Months |
|
YTD 2017 Increase/ |
| |||||||||
|
|
2017 |
|
2017(1) |
|
2018 |
|
2018 |
|
2018 |
|
2Q18 |
|
3Q17 |
|
|
2017 |
|
2018 |
|
(Decrease) |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Revenues, Net of Interest Expense |
|
$ |
18,419 |
|
$ |
17,504 |
|
$ |
18,872 |
|
$ |
18,469 |
|
$ |
18,389 |
|
|
|
|
|
|
$ |
54,940 |
|
$ |
55,730 |
|
1 |
% |
Total Operating Expenses |
|
10,417 |
|
10,332 |
|
10,925 |
|
10,712 |
|
10,311 |
|
(4 |
)% |
(1 |
)% |
|
31,900 |
|
31,948 |
|
|
| |||||||
Net Credit Losses (NCLs) |
|
1,777 |
|
1,880 |
|
1,867 |
|
1,704 |
|
1,756 |
|
3 |
% |
(1 |
)% |
|
5,196 |
|
5,327 |
|
3 |
% | |||||||
Credit Reserve Build / (Release) |
|
369 |
|
136 |
|
(64 |
) |
91 |
|
150 |
|
65 |
% |
(59 |
)% |
|
291 |
|
177 |
|
(39 |
)% | |||||||
Provision / (Release) for Unfunded Lending Commitments |
|
(175 |
) |
29 |
|
28 |
|
(4 |
) |
42 |
|
NM |
|
NM |
|
|
(190 |
) |
66 |
|
NM |
| |||||||
Provision for Benefits and Claims |
|
28 |
|
28 |
|
26 |
|
21 |
|
26 |
|
24 |
% |
(7 |
)% |
|
81 |
|
73 |
|
(10 |
)% | |||||||
Provisions for Credit Losses and for Benefits and Claims |
|
$ |
1,999 |
|
$ |
2,073 |
|
$ |
1,857 |
|
$ |
1,812 |
|
$ |
1,974 |
|
9 |
% |
(1 |
)% |
|
$ |
5,378 |
|
$ |
5,643 |
|
5 |
% |
Income from Continuing Operations before Income Taxes |
|
$ |
6,003 |
|
$ |
5,099 |
|
$ |
6,090 |
|
$ |
5,945 |
|
$ |
6,104 |
|
3 |
% |
2 |
% |
|
$ |
17,662 |
|
$ |
18,139 |
|
3 |
% |
Income Taxes (Benefits) |
|
1,866 |
|
23,864 |
|
1,441 |
|
1,444 |
|
1,471 |
|
2 |
% |
(21 |
)% |
|
5,524 |
|
4,356 |
|
(21 |
)% | |||||||
Income (Loss) from Continuing Operations |
|
$ |
4,137 |
|
$ |
(18,765 |
) |
$ |
4,649 |
|
$ |
4,501 |
|
$ |
4,633 |
|
3 |
% |
12 |
% |
|
$ |
12,138 |
|
$ |
13,783 |
|
14 |
% |
Income (Loss) from Discontinued Operations, net of Taxes |
|
(5 |
) |
(109 |
) |
(7 |
) |
15 |
|
(8 |
) |
NM |
|
(60 |
)% |
|
(2 |
) |
|
|
100 |
% | |||||||
Net Income (Loss) before Noncontrolling Interests |
|
$ |
4,132 |
|
$ |
(18,874 |
) |
$ |
4,642 |
|
$ |
4,516 |
|
$ |
4,625 |
|
2 |
% |
12 |
% |
|
$ |
12,136 |
|
$ |
13,783 |
|
14 |
% |
Net Income Attributable to Noncontrolling Interests |
|
(1 |
) |
19 |
|
22 |
|
26 |
|
3 |
|
(88 |
)% |
NM |
|
|
41 |
|
51 |
|
24 |
% | |||||||
Citigroups Net Income (Loss) |
|
$ |
4,133 |
|
$ |
(18,893 |
) |
$ |
4,620 |
|
$ |
4,490 |
|
$ |
4,622 |
|
3 |
% |
12 |
% |
|
$ |
12,095 |
|
$ |
13,732 |
|
14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Diluted Earnings Per Share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income (Loss) from Continuing Operations |
|
$ |
1.42 |
|
$ |
(7.33 |
) |
$ |
1.68 |
|
$ |
1.62 |
|
$ |
1.74 |
|
7 |
% |
23 |
% |
|
$ |
4.05 |
|
$ |
5.04 |
|
24 |
% |
Citigroups Net Income (Loss) |
|
$ |
1.42 |
|
$ |
(7.38 |
) |
$ |
1.68 |
|
$ |
1.63 |
|
$ |
1.73 |
|
6 |
% |
22 |
% |
|
$ |
4.05 |
|
$ |
5.04 |
|
24 |
% |
Shares (in millions): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Average Basic |
|
2,683.6 |
|
2,606.2 |
|
2,561.6 |
|
2,530.9 |
|
2,479.8 |
|
(2 |
)% |
(8 |
)% |
|
2,729.3 |
|
2,524.1 |
|
(8 |
)% | |||||||
Average Diluted |
|
2,683.7 |
|
2,606.2 |
|
2,563.0 |
|
2,532.3 |
|
2,481.4 |
|
(2 |
)% |
(8 |
)% |
|
2,729.5 |
|
2,525.5 |
|
(7 |
)% | |||||||
Common Shares Outstanding, at period end |
|
2,644.0 |
|
2,569.9 |
|
2,549.9 |
|
2,516.6 |
|
2,442.1 |
|
(3 |
)% |
(8 |
)% |
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Preferred Dividends |
|
$ |
272 |
|
$ |
320 |
|
$ |
272 |
|
$ |
318 |
|
$ |
270 |
|
(15 |
)% |
(1 |
)% |
|
$ |
893 |
|
$ |
860 |
|
(4 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income Allocated to Unrestricted Common Shareholders - Basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income (Loss) from Continuing Operations |
|
$ |
3,813 |
|
$ |
(19,116 |
) |
$ |
4,304 |
|
$ |
4,108 |
|
$ |
4,309 |
|
5 |
% |
13 |
% |
|
$ |
11,048 |
|
$ |
12,721 |
|
15 |
% |
Citigroups Net Income (Loss) |
|
$ |
3,808 |
|
$ |
(19,225 |
) |
$ |
4,297 |
|
$ |
4,123 |
|
$ |
4,301 |
|
4 |
% |
13 |
% |
|
$ |
11,046 |
|
$ |
12,721 |
|
15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income Allocated to Unrestricted Common Shareholders - Diluted |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income (Loss) from Continuing Operations |
|
$ |
3,813 |
|
$ |
(19,116 |
) |
$ |
4,304 |
|
$ |
4,108 |
|
$ |
4,309 |
|
5 |
% |
13 |
% |
|
$ |
11,048 |
|
$ |
12,721 |
|
15 |
% |
Citigroups Net Income (Loss) |
|
$ |
3,808 |
|
$ |
(19,225 |
) |
$ |
4,297 |
|
$ |
4,123 |
|
$ |
4,301 |
|
4 |
% |
13 |
% |
|
$ |
11,046 |
|
$ |
12,721 |
|
15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Regulatory Capital Ratios and Performance Metrics: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Common Equity Tier 1 (CET1) Capital Ratio (2) (3) |
|
12.98 |
% |
12.36 |
% |
12.05 |
% |
12.14 |
% |
11.8 |
% |
|
|
|
|
|
|
|
|
|
|
| |||||||
Tier 1 Capital Ratio(2) (3) |
|
14.61 |
% |
14.06 |
% |
13.67 |
% |
13.77 |
% |
13.4 |
% |
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Capital Ratio(2) (3) |
|
16.95 |
% |
16.30 |
% |
16.01 |
% |
16.31 |
% |
15.9 |
% |
|
|
|
|
|
|
|
|
|
|
| |||||||
Supplementary Leverage Ratio(3) (4) |
|
7.11 |
% |
6.68 |
% |
6.71 |
% |
6.60 |
% |
6.5 |
% |
|
|
|
|
|
|
|
|
|
|
| |||||||
Return on Average Assets |
|
0.87 |
% |
(3.93 |
)% |
0.98 |
% |
0.94 |
% |
0.95 |
% |
|
|
|
|
|
0.87 |
% |
0.96 |
% |
|
| |||||||
Return on Average Common Equity |
|
7.3 |
% |
(37.5 |
)% |
9.7 |
% |
9.2 |
% |
9.6 |
% |
|
|
|
|
|
7.2 |
% |
9.5 |
% |
|
| |||||||
Efficiency Ratio (Total Operating Expenses/Total Revenues, net) |
|
56.6 |
% |
59.0 |
% |
57.9 |
% |
58.0 |
% |
56.1 |
% |
|
|
|
|
|
58.1 |
% |
57.3 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Balance Sheet Data (in billions of dollars, except per share amounts): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Assets |
|
$ |
1,889.1 |
|
$ |
1,842.5 |
|
$ |
1,922.1 |
|
$ |
1,912.3 |
|
$ |
1,925.2 |
|
1 |
% |
2 |
% |
|
|
|
|
|
|
| ||
Total Average Assets |
|
1,892.3 |
|
1,909.7 |
|
1,904.2 |
|
1,917.1 |
|
1,922.8 |
|
|
|
2 |
% |
|
$ |
1,864.0 |
|
$ |
1,914.7 |
|
3 |
% | |||||
Total Deposits |
|
964.0 |
|
959.8 |
|
1,001.2 |
|
996.7 |
|
1,005.2 |
|
1 |
% |
4 |
% |
|
|
|
|
|
|
| |||||||
Citigroups Stockholders Equity(5) |
|
227.6 |
|
200.7 |
|
201.9 |
|
200.1 |
|
197.0 |
|
(2 |
)% |
(13 |
)% |
|
|
|
|
|
|
| |||||||
Book Value Per Share |
|
78.81 |
|
70.62 |
|
71.67 |
|
71.95 |
|
72.88 |
|
1 |
% |
(8 |
)% |
|
|
|
|
|
|
| |||||||
Tangible Book Value Per Share (6) |
|
68.55 |
|
60.16 |
|
61.02 |
|
61.29 |
|
61.91 |
|
1 |
% |
(10 |
)% |
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Direct Staff (in thousands) |
|
213 |
|
209 |
|
209 |
|
205 |
|
206 |
|
|
|
(3 |
)% |
|
|
|
|
|
|
|
(1) 4Q17 includes the $22.6 billion impact related to the enactment of the Tax Cuts and Jobs Act (Tax Reform), which was signed into law on December 22, 2017. The $22.6 billion increase in income taxes from Tax Reform was recorded in North America GCB ($0.8 billion), ICG ($2.0 billion) and Corporate/Other ($19.8 billion). The final impact of Tax Reform may differ from these estimates, due to, among other things, changes in assumptions made by Citigroup and additional guidance that may be issued by the U.S. Department of the Treasury.
(2) For all periods presented, Citis reportable CET1 Capital and Tier 1 Capital ratios were derived under the U.S. Basel III Standardized Approach, whereas Citis reportable Total Capital ratios were derived under the U.S. Basel III Advanced Approaches framework. The reportable ratios represent the lower 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. Citigroups risk-based capital ratios reflect full implementation of the U.S. Basel III rules for all periods. As of December 31, 2017 and for all prior periods, these ratios are non-GAAP financial measures, which reflect full implementation of regulatory capital adjustments and deductions prior to the effective date of January 1, 2018. For the composition of Citis CET1 Capital and ratio, see page 28.
(3) September 30, 2018 is preliminary.
(4) Citigroups Supplementary Leverage Ratio (SLR) reflects full implementation of the U.S. Basel III rules for all periods. As of December 31, 2017 and for all prior periods, this ratio is a non-GAAP financial measure, which reflects full implementation of regulatory capital adjustments and deductions prior to the effective date of January 1, 2018. For the composition of Citis SLR, see page 28.
(5) Citi early adopted ASU No. 2018-02, Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income as of December 31, 2017. The ASU allows a reclassification from Accumulated other comprehensive income (loss) (AOCI) to Retained earnings for the deferred taxes previously recorded in AOCI that exceed the current federal tax rate of 21% resulting from the newly enacted corporate tax rate as part of Tax Reform. The effect of adopting the ASU resulted in an increase of $3,304 million to Retained earnings at December 31, 2017 due to the reclassification of AOCI to Retained earnings.
(6) Tangible book value per share is a non-GAAP financial measure. For a reconciliation of this measure to reported results, see page 28.
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 periods presentation.
CITIGROUP CONSOLIDATED STATEMENT OF INCOME (In millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 Increase/ |
|
|
Nine |
|
Nine |
|
YTD 2018 vs. |
| |||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
|
Months |
|
Months |
|
YTD 2017 Increase/ |
| |||||||||
|
|
2017 |
|
2017 |
|
2018 |
|
2018 |
|
2018 |
|
2Q18 |
|
3Q17 |
|
|
2017 |
|
2018 |
|
(Decrease) |
| |||||||
Revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Interest revenue |
|
$ |
15,914 |
|
$ |
15,850 |
|
$ |
16,332 |
|
$ |
17,550 |
|
$ |
18,170 |
|
4 |
% |
14 |
% |
|
$ |
45,729 |
|
$ |
52,052 |
|
14 |
% |
Interest expense |
|
4,379 |
|
4,537 |
|
5,160 |
|
5,885 |
|
6,368 |
|
8 |
% |
45 |
% |
|
11,981 |
|
17,413 |
|
45 |
% | |||||||
Net interest revenue |
|
11,535 |
|
11,313 |
|
11,172 |
|
11,665 |
|
11,802 |
|
1 |
% |
2 |
% |
|
33,748 |
|
34,639 |
|
3 |
% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Commissions and fees |
|
3,241 |
|
3,155 |
|
3,030 |
|
3,111 |
|
2,803 |
|
(10 |
)% |
(14 |
)% |
|
9,552 |
|
8,944 |
|
(6 |
)% | |||||||
Principal transactions |
|
2,248 |
|
1,490 |
|
3,289 |
|
2,151 |
|
2,566 |
|
19 |
% |
14 |
% |
|
7,985 |
|
8,006 |
|
|
| |||||||
Administrative and other fiduciary fees |
|
929 |
|
912 |
|
905 |
|
934 |
|
911 |
|
(2 |
)% |
(2 |
)% |
|
2,672 |
|
2,750 |
|
3 |
% | |||||||
Realized gains (losses) on investments |
|
213 |
|
152 |
|
170 |
|
102 |
|
69 |
|
(32 |
)% |
(68 |
)% |
|
626 |
|
341 |
|
(46 |
)% | |||||||
Other-than-temporary impairment losses on investments and other assets |
|
(15 |
) |
(16 |
) |
(28 |
) |
(15 |
) |
(70 |
) |
NM |
|
NM |
|
|
(47 |
) |
(113 |
) |
NM |
| |||||||
Other revenue |
|
268 |
|
498 |
|
334 |
|
521 |
|
308 |
|
(41 |
)% |
15 |
% |
|
404 |
|
1,163 |
|
NM |
| |||||||
Total non-interest revenues |
|
6,884 |
|
6,191 |
|
7,700 |
|
6,804 |
|
6,587 |
|
(3 |
)% |
(4 |
)% |
|
21,192 |
|
21,091 |
|
|
| |||||||
Total revenues, net of interest expense |
|
18,419 |
|
17,504 |
|
18,872 |
|
18,469 |
|
18,389 |
|
|
|
|
|
|
54,940 |
|
55,730 |
|
1 |
% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Provisions for Credit Losses and for Benefits and Claims |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net credit losses |
|
1,777 |
|
1,880 |
|
1,867 |
|
1,704 |
|
1,756 |
|
3 |
% |
(1 |
)% |
|
5,196 |
|
5,327 |
|
3 |
% | |||||||
Credit reserve build / (release) |
|
369 |
|
136 |
|
(64 |
) |
91 |
|
150 |
|
65 |
% |
(59 |
)% |
|
291 |
|
177 |
|
(39 |
)% | |||||||
Provision for loan losses |
|
2,146 |
|
2,016 |
|
1,803 |
|
1,795 |
|
1,906 |
|
6 |
% |
(11 |
)% |
|
5,487 |
|
5,504 |
|
|
| |||||||
Provision for Policyholder benefits and claims |
|
28 |
|
28 |
|
26 |
|
21 |
|
26 |
|
24 |
% |
(7 |
)% |
|
81 |
|
73 |
|
(10 |
)% | |||||||
Provision for unfunded lending commitments |
|
(175 |
) |
29 |
|
28 |
|
(4 |
) |
42 |
|
NM |
|
NM |
|
|
(190 |
) |
66 |
|
NM |
| |||||||
Total provisions for credit losses and for benefits and claims |
|
1,999 |
|
2,073 |
|
1,857 |
|
1,812 |
|
1,974 |
|
9 |
% |
(1 |
)% |
|
5,378 |
|
5,643 |
|
5 |
% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Operating Expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Compensation and benefits |
|
5,304 |
|
4,880 |
|
5,807 |
|
5,452 |
|
5,319 |
|
(2 |
)% |
|
|
|
16,301 |
|
16,578 |
|
2 |
% | |||||||
Premises and Equipment |
|
608 |
|
621 |
|
593 |
|
570 |
|
565 |
|
(1 |
)% |
(7 |
)% |
|
1,832 |
|
1,728 |
|
(6 |
)% | |||||||
Technology / communication expense |
|
1,764 |
|
1,787 |
|
1,758 |
|
1,797 |
|
1,806 |
|
1 |
% |
2 |
% |
|
5,122 |
|
5,361 |
|
5 |
% | |||||||
Advertising and marketing expense |
|
417 |
|
386 |
|
381 |
|
411 |
|
378 |
|
(8 |
)% |
(9 |
)% |
|
1,222 |
|
1,170 |
|
(4 |
)% | |||||||
Other operating |
|
2,324 |
|
2,658 |
|
2,386 |
|
2,482 |
|
2,243 |
|
(10 |
)% |
(3 |
)% |
|
7,423 |
|
7,111 |
|
(4 |
)% | |||||||
Total operating expenses |
|
10,417 |
|
10,332 |
|
10,925 |
|
10,712 |
|
10,311 |
|
(4 |
)% |
(1 |
)% |
|
31,900 |
|
31,948 |
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income from Continuing Operations before Income Taxes |
|
6,003 |
|
5,099 |
|
6,090 |
|
5,945 |
|
6,104 |
|
3 |
% |
2 |
% |
|
17,662 |
|
18,139 |
|
3 |
% | |||||||
Provision (benefits) for income taxes |
|
1,866 |
|
23,864 |
|
1,441 |
|
1,444 |
|
1,471 |
|
2 |
% |
(21 |
)% |
|
5,524 |
|
4,356 |
|
(21 |
)% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income (Loss) from Continuing Operations |
|
4,137 |
|
(18,765 |
) |
4,649 |
|
4,501 |
|
4,633 |
|
3 |
% |
12 |
% |
|
12,138 |
|
13,783 |
|
14 |
% | |||||||
Discontinued Operations |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income (Loss) from Discontinued Operations |
|
(9 |
) |
(100 |
) |
(7 |
) |
(2 |
) |
(8 |
) |
NM |
|
11 |
% |
|
(4 |
) |
(17 |
) |
NM |
| |||||||
Provision (benefits) for income taxes |
|
(4 |
) |
9 |
|
|
|
(17 |
) |
|
|
100 |
% |
100 |
% |
|
(2 |
) |
(17 |
) |
NM |
| |||||||
Income (Loss) from Discontinued Operations, net of taxes |
|
(5 |
) |
(109 |
) |
(7 |
) |
15 |
|
(8 |
) |
NM |
|
(60 |
)% |
|
(2 |
) |
|
|
100 |
% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Income (Loss) before Noncontrolling Interests |
|
4,132 |
|
(18,874 |
) |
4,642 |
|
4,516 |
|
4,625 |
|
2 |
% |
12 |
% |
|
12,136 |
|
13,783 |
|
14 |
% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Income (Loss) attributable to noncontrolling interests |
|
(1 |
) |
19 |
|
22 |
|
26 |
|
3 |
|
(88 |
)% |
NM |
|
|
41 |
|
51 |
|
24 |
% | |||||||
Citigroups Net Income (Loss) |
|
$ |
4,133 |
|
$ |
(18,893 |
) |
$ |
4,620 |
|
$ |
4,490 |
|
$ |
4,622 |
|
3 |
% |
12 |
% |
|
$ |
12,095 |
|
$ |
13,732 |
|
14 |
% |
NM Not meaningful.
Reclassified to conform to the current periods presentation.
CITIGROUP CONSOLIDATED BALANCE SHEET (In millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 Increase/ |
| |||||||
|
|
September 30, |
|
December 31, |
|
March 31, |
|
June 30, |
|
September 30, |
|
(Decrease) from |
| |||||||
|
|
2017 |
|
2017 |
|
2018 |
|
2018 |
|
2018 (1) |
|
2Q18 |
|
3Q17 |
| |||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Cash and due from banks (including segregated cash and other deposits) |
|
$ |
22,604 |
|
$ |
23,775 |
|
$ |
21,850 |
|
$ |
21,077 |
|
$ |
25,727 |
|
22 |
% |
14 |
% |
Deposits with banks |
|
163,505 |
|
156,741 |
|
180,854 |
|
179,825 |
|
173,559 |
|
(3 |
)% |
6 |
% | |||||
Fed funds sold and securities borrd or purch under agree. to resell |
|
252,608 |
|
232,478 |
|
257,887 |
|
265,526 |
|
280,941 |
|
6 |
% |
11 |
% | |||||
Brokerage receivables |
|
38,076 |
|
38,384 |
|
46,572 |
|
36,977 |
|
40,679 |
|
10 |
% |
7 |
% | |||||
Trading account assets |
|
260,151 |
|
252,790 |
|
268,808 |
|
262,949 |
|
257,502 |
|
(2 |
)% |
(1 |
)% | |||||
Investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Available-for-sale and non-marketable equity securities(2) |
|
303,147 |
|
298,970 |
|
299,479 |
|
296,819 |
|
292,264 |
|
(2 |
)% |
(4 |
)% | |||||
Held-to-maturity |
|
51,527 |
|
53,320 |
|
52,492 |
|
52,897 |
|
53,249 |
|
1 |
% |
3 |
% | |||||
Total Investments |
|
354,674 |
|
352,290 |
|
351,971 |
|
349,716 |
|
345,513 |
|
(1 |
)% |
(3 |
)% | |||||
Loans, net of unearned income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consumer |
|
325,576 |
|
333,656 |
|
325,084 |
|
323,632 |
|
325,469 |
|
1 |
% |
|
| |||||
Corporate |
|
327,607 |
|
333,378 |
|
347,854 |
|
347,548 |
|
349,440 |
|
1 |
% |
7 |
% | |||||
Loans, net of unearned income |
|
653,183 |
|
667,034 |
|
672,938 |
|
671,180 |
|
674,909 |
|
1 |
% |
3 |
% | |||||
Allowance for loan losses |
|
(12,366 |
) |
(12,355 |
) |
(12,354 |
) |
(12,126 |
) |
(12,336 |
) |
(2 |
)% |
|
| |||||
Total loans, net |
|
640,817 |
|
654,679 |
|
660,584 |
|
659,054 |
|
662,573 |
|
1 |
% |
3 |
% | |||||
Goodwill |
|
22,345 |
|
22,256 |
|
22,659 |
|
22,058 |
|
22,187 |
|
1 |
% |
(1 |
)% | |||||
Intangible assets (other than MSRs) |
|
4,732 |
|
4,588 |
|
4,450 |
|
4,729 |
|
4,598 |
|
(3 |
)% |
(3 |
)% | |||||
Mortgage servicing rights (MSRs) |
|
553 |
|
558 |
|
587 |
|
596 |
|
618 |
|
4 |
% |
12 |
% | |||||
Other assets |
|
129,068 |
|
103,926 |
|
105,882 |
|
109,827 |
|
111,268 |
|
1 |
% |
(14 |
)% | |||||
Total assets |
|
$ |
1,889,133 |
|
$ |
1,842,465 |
|
$ |
1,922,104 |
|
$ |
1,912,334 |
|
$ |
1,925,165 |
|
1 |
% |
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-interest-bearing deposits in U.S. offices |
|
$ |
127,220 |
|
$ |
126,880 |
|
$ |
125,332 |
|
$ |
117,473 |
|
$ |
111,446 |
|
(5 |
)% |
(12 |
)% |
Interest-bearing deposits in U.S. offices |
|
315,556 |
|
318,613 |
|
327,872 |
|
337,228 |
|
351,291 |
|
4 |
% |
11 |
% | |||||
Total U.S. Deposits |
|
442,776 |
|
445,493 |
|
453,204 |
|
454,701 |
|
462,737 |
|
2 |
% |
5 |
% | |||||
Non-interest-bearing deposits in offices outside the U.S. |
|
84,178 |
|
87,440 |
|
90,477 |
|
86,241 |
|
83,200 |
|
(4 |
)% |
(1 |
)% | |||||
Interest-bearing deposits in offices outside the U.S. |
|
437,084 |
|
426,889 |
|
457,538 |
|
455,788 |
|
459,239 |
|
1 |
% |
5 |
% | |||||
Total International Deposits |
|
521,262 |
|
514,329 |
|
548,015 |
|
542,029 |
|
542,439 |
|
|
|
4 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total deposits |
|
964,038 |
|
959,822 |
|
1,001,219 |
|
996,730 |
|
1,005,176 |
|
1 |
% |
4 |
% | |||||
Fed funds purch and securities loaned or sold under agree. to repurch. |
|
161,282 |
|
156,277 |
|
171,759 |
|
177,828 |
|
175,915 |
|
(1 |
)% |
9 |
% | |||||
Brokerage payables |
|
63,205 |
|
61,342 |
|
69,685 |
|
67,672 |
|
73,346 |
|
8 |
% |
16 |
% | |||||
Trading account liabilities |
|
139,530 |
|
125,170 |
|
143,961 |
|
140,745 |
|
147,652 |
|
5 |
% |
6 |
% | |||||
Short-term borrowings |
|
38,149 |
|
44,452 |
|
36,094 |
|
37,233 |
|
33,770 |
|
(9 |
)% |
(11 |
)% | |||||
Long-term debt |
|
232,673 |
|
236,709 |
|
237,938 |
|
236,822 |
|
235,270 |
|
(1 |
)% |
1 |
% | |||||
Other liabilities(2) |
|
61,634 |
|
57,021 |
|
58,582 |
|
54,336 |
|
56,173 |
|
3 |
% |
(9 |
)% | |||||
Total liabilities |
|
$ |
1,660,511 |
|
$ |
1,640,793 |
|
$ |
1,719,238 |
|
$ |
1,711,366 |
|
$ |
1,727,302 |
|
1 |
% |
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Stockholders equity(3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Preferred stock |
|
$ |
19,253 |
|
$ |
19,253 |
|
$ |
19,156 |
|
$ |
19,035 |
|
$ |
19,035 |
|
|
|
(1 |
)% |
Common stock |
|
31 |
|
31 |
|
31 |
|
31 |
|
31 |
|
|
|
|
| |||||
Additional paid-in capital |
|
107,896 |
|
108,008 |
|
107,599 |
|
107,724 |
|
107,825 |
|
|
|
|
| |||||
Retained earnings(3) |
|
155,174 |
|
138,425 |
|
141,863 |
|
145,211 |
|
148,436 |
|
2 |
% |
(4 |
)% | |||||
Treasury stock |
|
(24,829 |
) |
(30,309 |
) |
(32,115 |
) |
(34,413 |
) |
(39,678 |
) |
(15 |
)% |
(60 |
)% | |||||
Accumulated other comprehensive income (loss)(3) |
|
(29,891 |
) |
(34,668 |
) |
(34,619 |
) |
(37,494 |
) |
(38,645 |
) |
(3 |
)% |
(29 |
)% | |||||
Total common equity |
|
$ |
208,381 |
|
$ |
181,487 |
|
$ |
182,759 |
|
$ |
181,059 |
|
$ |
177,969 |
|
(2 |
)% |
(15 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Citigroup stockholders equity |
|
$ |
227,634 |
|
$ |
200,740 |
|
$ |
201,915 |
|
$ |
200,094 |
|
$ |
197,004 |
|
(2 |
)% |
(13 |
)% |
Noncontrolling interests |
|
988 |
|
932 |
|
951 |
|
874 |
|
859 |
|
(2 |
)% |
(13 |
)% | |||||
Total equity |
|
228,622 |
|
201,672 |
|
202,866 |
|
200,968 |
|
197,863 |
|
(2 |
)% |
(13 |
)% | |||||
Total liabilities and equity |
|
$ |
1,889,133 |
|
$ |
1,842,465 |
|
$ |
1,922,104 |
|
$ |
1,912,334 |
|
$ |
1,925,165 |
|
1 |
% |
2 |
% |
(1) Preliminary.
(2) Includes allowance for credit losses for unfunded lending commitments. See page 24 for amounts by period.
(3) See footnote 5 on page 1.
NM Not meaningful.
Reclassified to conform to the current periods presentation.
SEGMENT DETAIL NET REVENUES (In millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 Increase/ |
|
Nine |
|
Nine |
|
YTD 2018 vs. |
| |||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
Months |
|
Months |
|
YTD 2017 Increase/ |
| |||||||||
|
|
2017 |
|
2017 |
|
2018 |
|
2018 |
|
2018 |
|
2Q18 |
|
3Q17 |
|
2017 |
|
2018 |
|
(Decrease) |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Global Consumer Banking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
North America |
|
$ |
5,197 |
|
$ |
5,182 |
|
$ |
5,157 |
|
$ |
5,004 |
|
$ |
5,129 |
|
2 |
% |
(1 |
)% |
$ |
15,088 |
|
$ |
15,290 |
|
1 |
% |
Latin America |
|
1,388 |
|
1,359 |
|
1,347 |
|
1,381 |
|
1,670 |
|
21 |
% |
20 |
% |
3,863 |
|
4,398 |
|
14 |
% | |||||||
Asia(1) |
|
1,885 |
|
1,908 |
|
1,929 |
|
1,865 |
|
1,855 |
|
(1 |
)% |
(2 |
)% |
5,438 |
|
5,649 |
|
4 |
% | |||||||
Total |
|
8,470 |
|
8,449 |
|
8,433 |
|
8,250 |
|
8,654 |
|
5 |
% |
2 |
% |
24,389 |
|
25,337 |
|
4 |
% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Institutional Clients Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
North America |
|
3,709 |
|
3,046 |
|
3,265 |
|
3,511 |
|
3,329 |
|
(5 |
)% |
(10 |
)% |
10,877 |
|
10,105 |
|
(7 |
)% | |||||||
EMEA |
|
2,703 |
|
2,441 |
|
3,167 |
|
3,043 |
|
2,927 |
|
(4 |
)% |
8 |
% |
8,438 |
|
9,137 |
|
8 |
% | |||||||
Latin America |
|
1,099 |
|
1,031 |
|
1,210 |
|
1,162 |
|
1,055 |
|
(9 |
)% |
(4 |
)% |
3,354 |
|
3,427 |
|
2 |
% | |||||||
Asia |
|
1,919 |
|
1,786 |
|
2,206 |
|
1,975 |
|
1,930 |
|
(2 |
)% |
1 |
% |
5,501 |
|
6,111 |
|
11 |
% | |||||||
Total |
|
9,430 |
|
8,304 |
|
9,848 |
|
9,691 |
|
9,241 |
|
(5 |
)% |
(2 |
)% |
28,170 |
|
28,780 |
|
2 |
% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Corporate / Other |
|
519 |
|
751 |
|
591 |
|
528 |
|
494 |
|
(6 |
)% |
(5 |
)% |
2,381 |
|
1,613 |
|
(32 |
)% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Citigroup - Net Revenues |
|
$ |
18,419 |
|
$ |
17,504 |
|
$ |
18,872 |
|
$ |
18,469 |
|
$ |
18,389 |
|
|
|
|
|
$ |
54,940 |
|
$ |
55,730 |
|
1 |
% |
(1) Asia GCB includes the results of operations of GCB activities in certain EMEA countries for all periods presented.
NM Not meaningful.
Reclassified to conform to the current periods presentation.
SEGMENT DETAIL INCOME (In millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 Increase/ |
|
Nine |
|
Nine |
|
YTD 2018 vs. |
| |||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
Months |
|
Months |
|
YTD 2017 Increase/ |
| |||||||||
|
|
2017 |
|
2017(1) |
|
2018 |
|
2018 |
|
2018 |
|
2Q18 |
|
3Q17 |
|
2017 |
|
2018 |
|
(Decrease) |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income (Loss) from Continuing Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Global Consumer Banking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
North America |
|
$ |
642 |
|
$ |
77 |
|
$ |
838 |
|
$ |
719 |
|
$ |
850 |
|
18 |
% |
32 |
% |
$ |
1,913 |
|
$ |
2,407 |
|
26 |
% |
Latin America |
|
169 |
|
165 |
|
183 |
|
200 |
|
334 |
|
67 |
% |
98 |
% |
445 |
|
717 |
|
61 |
% | |||||||
Asia (2) |
|
359 |
|
340 |
|
373 |
|
360 |
|
383 |
|
6 |
% |
7 |
% |
938 |
|
1,116 |
|
19 |
% | |||||||
Total |
|
1,170 |
|
582 |
|
1,394 |
|
1,279 |
|
1,567 |
|
23 |
% |
34 |
% |
3,296 |
|
4,240 |
|
29 |
% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Institutional Clients Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
North America |
|
1,298 |
|
(1,108 |
) |
857 |
|
1,028 |
|
870 |
|
(15 |
)% |
(33 |
)% |
3,463 |
|
2,755 |
|
(20 |
)% | |||||||
EMEA |
|
753 |
|
431 |
|
1,113 |
|
987 |
|
972 |
|
(2 |
)% |
29 |
% |
2,401 |
|
3,072 |
|
28 |
% | |||||||
Latin America |
|
388 |
|
333 |
|
491 |
|
514 |
|
541 |
|
5 |
% |
39 |
% |
1,211 |
|
1,546 |
|
28 |
% | |||||||
Asia |
|
623 |
|
557 |
|
868 |
|
708 |
|
734 |
|
4 |
% |
18 |
% |
1,778 |
|
2,310 |
|
30 |
% | |||||||
Total |
|
3,062 |
|
213 |
|
3,329 |
|
3,237 |
|
3,117 |
|
(4 |
)% |
2 |
% |
8,853 |
|
9,683 |
|
9 |
% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Corporate / Other |
|
(95 |
) |
(19,560 |
) |
(74 |
) |
(15 |
) |
(51 |
) |
NM |
|
46 |
% |
(11 |
) |
(140 |
) |
NM |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income (Loss) From Continuing Operations |
|
$ |
4,137 |
|
$ |
(18,765 |
) |
$ |
4,649 |
|
$ |
4,501 |
|
$ |
4,633 |
|
3 |
% |
12 |
% |
$ |
12,138 |
|
$ |
13,783 |
|
14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Discontinued Operations |
|
(5 |
) |
(109 |
) |
(7 |
) |
15 |
|
(8 |
) |
NM |
|
(60 |
)% |
(2 |
) |
|
|
100 |
% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Income Attributable to Noncontrolling Interests |
|
(1 |
) |
19 |
|
22 |
|
26 |
|
3 |
|
(88 |
)% |
NM |
|
41 |
|
51 |
|
24 |
% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Citigroup - Net Income (Loss) |
|
$ |
4,133 |
|
$ |
(18,893 |
) |
$ |
4,620 |
|
$ |
4,490 |
|
$ |
4,622 |
|
3 |
% |
12 |
% |
$ |
12,095 |
|
$ |
13,732 |
|
14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Average Assets (in billions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
North America |
|
$ |
993 |
|
$ |
1,006 |
|
$ |
971 |
|
$ |
979 |
|
$ |
998 |
|
2 |
% |
1 |
% |
$ |
980 |
|
$ |
983 |
|
|
|
EMEA(2) |
|
329 |
|
334 |
|
363 |
|
375 |
|
358 |
|
(5 |
)% |
9 |
% |
327 |
|
365 |
|
12 |
% | |||||||
Latin America |
|
131 |
|
128 |
|
129 |
|
127 |
|
126 |
|
(1 |
)% |
(4 |
)% |
128 |
|
127 |
|
(1 |
)% | |||||||
Asia(2) |
|
337 |
|
340 |
|
348 |
|
342 |
|
344 |
|
1 |
% |
2 |
% |
329 |
|
345 |
|
5 |
% | |||||||
Corporate / Other |
|
102 |
|
102 |
|
93 |
|
94 |
|
97 |
|
3 |
% |
(5 |
)% |
100 |
|
95 |
|
(5 |
)% | |||||||
Total |
|
$ |
1,892 |
|
$ |
1,910 |
|
$ |
1,904 |
|
$ |
1,917 |
|
$ |
1,923 |
|
|
|
2 |
% |
$ |
1,864 |
|
$ |
1,915 |
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Return on Average Assets (ROA) on Net Income (Loss) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
North America |
|
0.78 |
% |
(0.41 |
)% |
0.71 |
% |
0.72 |
% |
0.70 |
% |
|
|
|
|
0.73 |
% |
0.71 |
% |
|
| |||||||
EMEA(2) |
|
0.89 |
% |
0.50 |
% |
1.23 |
% |
1.04 |
% |
1.07 |
% |
|
|
|
|
0.96 |
% |
1.11 |
% |
|
| |||||||
Latin America |
|
1.68 |
% |
1.54 |
% |
2.12 |
% |
2.25 |
% |
2.76 |
% |
|
|
|
|
1.72 |
% |
2.38 |
% |
|
| |||||||
Asia(2) |
|
1.15 |
% |
1.04 |
% |
1.44 |
% |
1.25 |
% |
1.27 |
% |
|
|
|
|
1.10 |
% |
1.32 |
% |
|
| |||||||
Corporate/Other |
|
(0.32 |
)% |
(76.53 |
)% |
(0.38 |
)% |
(0.06 |
)% |
(0.27 |
)% |
|
|
|
|
0.00 |
% |
(0.23 |
)% |
|
| |||||||
Total |
|
0.87 |
% |
(3.93 |
)% |
0.98 |
% |
0.94 |
% |
0.95 |
% |
|
|
|
|
0.87 |
% |
0.96 |
% |
|
|
(1) See footnote 1 on page 1.
(2) Asia GCB includes the results of operations of GCB activities in certain EMEA countries for all periods presented.
NM Not meaningful.
Reclassified to conform to the current periods presentation.
GLOBAL CONSUMER BANKING Page 1 (In millions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 Increase/ |
|
Nine |
|
Nine |
|
YTD 2018 vs. |
| |||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
Months |
|
Months |
|
YTD 2017 Increase/ |
| |||||||||
|
|
2017 |
|
2017(1) |
|
2018 |
|
2018 |
|
2018 |
|
2Q18 |
|
3Q17 |
|
2017 |
|
2018 |
|
(Decrease) |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Interest Revenue |
|
$ |
7,071 |
|
$ |
7,015 |
|
$ |
6,980 |
|
$ |
7,019 |
|
$ |
7,236 |
|
3 |
% |
2 |
% |
$ |
20,410 |
|
$ |
21,235 |
|
4 |
% |
Non-Interest Revenue |
|
1,399 |
|
1,434 |
|
1,453 |
|
1,231 |
|
1,418 |
|
15 |
% |
1 |
% |
3,979 |
|
4,102 |
|
3 |
% | |||||||
Total Revenues, Net of Interest Expense |
|
8,470 |
|
8,449 |
|
8,433 |
|
8,250 |
|
8,654 |
|
5 |
% |
2 |
% |
24,389 |
|
25,337 |
|
4 |
% | |||||||
Total Operating Expenses |
|
4,452 |
|
4,563 |
|
4,681 |
|
4,655 |
|
4,661 |
|
|
|
5 |
% |
13,440 |
|
13,997 |
|
4 |
% | |||||||
Net Credit Losses |
|
1,704 |
|
1,640 |
|
1,736 |
|
1,726 |
|
1,714 |
|
(1 |
)% |
1 |
% |
4,922 |
|
5,176 |
|
5 |
% | |||||||
Credit Reserve Build / (Release) |
|
486 |
|
177 |
|
144 |
|
154 |
|
186 |
|
21 |
% |
(62 |
)% |
788 |
|
484 |
|
(39 |
)% | |||||||
Provision for Unfunded Lending Commitments |
|
(5 |
) |
(2 |
) |
(1 |
) |
3 |
|
6 |
|
100 |
% |
NM |
|
|
|
8 |
|
NM |
| |||||||
Provision for Benefits and Claims |
|
28 |
|
36 |
|
26 |
|
22 |
|
27 |
|
23 |
% |
(4 |
)% |
80 |
|
75 |
|
(6 |
)% | |||||||
Provisions for Credit Losses and for Benefits and Claims (LLR & PBC) |
|
2,213 |
|
1,851 |
|
1,905 |
|
1,905 |
|
1,933 |
|
1 |
% |
(13 |
)% |
5,790 |
|
5,743 |
|
(1 |
)% | |||||||
Income from Continuing Operations before Taxes |
|
1,805 |
|
2,035 |
|
1,847 |
|
1,690 |
|
2,060 |
|
22 |
% |
14 |
% |
5,159 |
|
5,597 |
|
8 |
% | |||||||
Income Taxes (2) |
|
635 |
|
1,453 |
|
453 |
|
411 |
|
493 |
|
20 |
% |
(22 |
)% |
1,863 |
|
1,357 |
|
(27 |
)% | |||||||
Income from Continuing Operations |
|
1,170 |
|
582 |
|
1,394 |
|
1,279 |
|
1,567 |
|
23 |
% |
34 |
% |
3,296 |
|
4,240 |
|
29 |
% | |||||||
Noncontrolling Interests |
|
2 |
|
2 |
|
2 |
|
1 |
|
1 |
|
|
|
(50 |
)% |
7 |
|
4 |
|
(43 |
)% | |||||||
Net Income |
|
$ |
1,168 |
|
$ |
580 |
|
$ |
1,392 |
|
$ |
1,278 |
|
$ |
1,566 |
|
23 |
% |
34 |
% |
$ |
3,289 |
|
$ |
4,236 |
|
29 |
% |
EOP Assets (in billions of dollars) |
|
$ |
419 |
|
$ |
428 |
|
$ |
423 |
|
$ |
422 |
|
$ |
427 |
|
1 |
% |
2 |
% |
|
|
|
|
|
| ||
Average Assets (in billions of dollars) |
|
$ |
421 |
|
$ |
423 |
|
$ |
423 |
|
$ |
417 |
|
$ |
424 |
|
2 |
% |
1 |
% |
$ |
415 |
|
$ |
421 |
|
1 |
% |
Return on Average Assets (ROA) |
|
1.10 |
% |
0.54 |
% |
1.33 |
% |
1.23 |
% |
1.47 |
% |
|
|
|
|
1.06 |
% |
1.35 |
% |
|
| |||||||
Efficiency Ratio |
|
53 |
% |
54 |
% |
56 |
% |
56 |
% |
54 |
% |
|
|
|
|
55 |
% |
55 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses as a % of Average Loans |
|
2.26 |
% |
2.15 |
% |
2.30 |
% |
2.28 |
% |
2.22 |
% |
|
|
|
|
2.24 |
% |
2.27 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Revenue by Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Retail Banking |
|
$ |
3,521 |
|
$ |
3,458 |
|
$ |
3,471 |
|
$ |
3,489 |
|
$ |
3,717 |
|
7 |
% |
6 |
% |
$ |
10,024 |
|
$ |
10,677 |
|
7 |
% |
Cards (3) |
|
4,949 |
|
4,991 |
|
4,962 |
|
4,761 |
|
4,937 |
|
4 |
% |
|
|
14,365 |
|
14,660 |
|
2 |
% | |||||||
Total |
|
$ |
8,470 |
|
$ |
8,449 |
|
$ |
8,433 |
|
$ |
8,250 |
|
$ |
8,654 |
|
5 |
% |
2 |
% |
$ |
24,389 |
|
$ |
25,337 |
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses by Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Retail Banking |
|
$ |
300 |
|
$ |
243 |
|
$ |
232 |
|
$ |
228 |
|
$ |
243 |
|
7 |
% |
(19 |
)% |
$ |
780 |
|
$ |
703 |
|
(10 |
)% |
Cards (3) |
|
1,404 |
|
1,397 |
|
1,504 |
|
1,498 |
|
1,471 |
|
(2 |
)% |
5 |
% |
4,142 |
|
4,473 |
|
8 |
% | |||||||
Total |
|
$ |
1,704 |
|
$ |
1,640 |
|
$ |
1,736 |
|
$ |
1,726 |
|
$ |
1,714 |
|
(1 |
)% |
1 |
% |
$ |
4,922 |
|
$ |
5,176 |
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income from Continuing Operations by Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Retail Banking |
|
$ |
546 |
|
$ |
358 |
|
$ |
524 |
|
$ |
580 |
|
$ |
666 |
|
15 |
% |
22 |
% |
$ |
1,298 |
|
$ |
1,770 |
|
36 |
% |
Cards (3) |
|
624 |
|
224 |
|
870 |
|
699 |
|
901 |
|
29 |
% |
44 |
% |
1,998 |
|
2,470 |
|
24 |
% | |||||||
Total |
|
$ |
1,170 |
|
$ |
582 |
|
$ |
1,394 |
|
$ |
1,279 |
|
$ |
1,567 |
|
23 |
% |
34 |
% |
$ |
3,296 |
|
$ |
4,240 |
|
29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Foreign Currency (FX) Translation Impact: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Revenue - as Reported |
|
$ |
8,470 |
|
$ |
8,449 |
|
$ |
8,433 |
|
$ |
8,250 |
|
$ |
8,654 |
|
5 |
% |
2 |
% |
$ |
24,389 |
|
$ |
25,337 |
|
4 |
% |
Impact of FX Translation (4) |
|
(106 |
) |
(30 |
) |
(111 |
) |
10 |
|
|
|
|
|
|
|
(11 |
) |
|
|
|
| |||||||
Total Revenues - Ex-FX (4) |
|
$ |
8,364 |
|
$ |
8,419 |
|
$ |
8,322 |
|
$ |
8,260 |
|
$ |
8,654 |
|
5 |
% |
3 |
% |
$ |
24,378 |
|
$ |
25,337 |
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Operating Expenses - as Reported |
|
$ |
4,452 |
|
$ |
4,563 |
|
$ |
4,681 |
|
$ |
4,655 |
|
$ |
4,661 |
|
|
|
5 |
% |
$ |
13,440 |
|
$ |
13,997 |
|
4 |
% |
Impact of FX Translation (4) |
|
(53 |
) |
(23 |
) |
(63 |
) |
(2 |
) |
|
|
|
|
|
|
15 |
|
|
|
|
| |||||||
Total Operating Expenses - Ex-FX (4) |
|
$ |
4,399 |
|
$ |
4,540 |
|
$ |
4,618 |
|
$ |
4,653 |
|
$ |
4,661 |
|
|
|
6 |
% |
$ |
13,455 |
|
$ |
13,997 |
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Provisions for LLR & PBC - as Reported |
|
$ |
2,213 |
|
$ |
1,851 |
|
$ |
1,905 |
|
$ |
1,905 |
|
$ |
1,933 |
|
1 |
% |
(13 |
)% |
$ |
5,790 |
|
$ |
5,743 |
|
(1 |
)% |
Impact of FX Translation (4) |
|
(23 |
) |
(1 |
) |
(13 |
) |
6 |
|
|
|
|
|
|
|
(12 |
) |
|
|
|
| |||||||
Total Provisions for LLR & PBC - Ex-FX (4) |
|
$ |
2,190 |
|
$ |
1,850 |
|
$ |
1,892 |
|
$ |
1,911 |
|
$ |
1,933 |
|
1 |
% |
(12 |
)% |
$ |
5,778 |
|
$ |
5,743 |
|
(1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Income - as Reported |
|
$ |
1,168 |
|
$ |
580 |
|
$ |
1,392 |
|
$ |
1,278 |
|
$ |
1,566 |
|
23 |
% |
34 |
% |
$ |
3,289 |
|
$ |
4,236 |
|
29 |
% |
Impact of FX Translation (4) |
|
(18 |
) |
(4 |
) |
(27 |
) |
3 |
|
|
|
|
|
|
|
(9 |
) |
|
|
|
| |||||||
Net Income - Ex-FX (4) |
|
$ |
1,150 |
|
$ |
576 |
|
$ |
1,365 |
|
$ |
1,281 |
|
$ |
1,566 |
|
22 |
% |
36 |
% |
$ |
3,280 |
|
$ |
4,236 |
|
29 |
% |
(1) See footnote 1 on page 1.
(2) Income taxes in the fourth quarter of 2017 includes $750 million related to Tax Reform and is reflected in North America Retail Banking ($105 million) and North America Cards ($645 million).
(3) Includes both Citi-Branded Cards and Citi Retail Services.
(4) Reflects the impact of foreign currency (FX) translation into U.S. Dollars at the third quarter of 2018 and year-to-date 2018 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.
GLOBAL CONSUMER BANKING Page 2 |
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 Increase/ |
| |||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
| |||||||
|
|
2017 |
|
2017 |
|
2018 |
|
2018 |
|
2018 |
|
2Q18 |
|
3Q17 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Retail Banking Key Indicators (in billions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Branches (actual) |
|
2,474 |
|
2,451 |
|
2,433 |
|
2,428 |
|
2,417 |
|
|
|
(2 |
)% | |||||
Accounts (in millions) |
|
53.2 |
|
52.9 |
|
53.2 |
|
53.9 |
|
54.0 |
|
|
|
2 |
% | |||||
Average Deposits |
|
$ |
308.1 |
|
$ |
306.5 |
|
$ |
308.9 |
|
$ |
305.8 |
|
$ |
307.2 |
|
|
|
|
|
Investment Sales |
|
$ |
25.3 |
|
$ |
23.7 |
|
$ |
27.1 |
|
$ |
23.9 |
|
$ |
23.7 |
|
(1 |
)% |
(6 |
)% |
Investment Assets under Management (AUMs) |
|
$ |
158.2 |
|
$ |
160.9 |
|
$ |
163.5 |
|
$ |
162.7 |
|
$ |
169.0 |
|
4 |
% |
7 |
% |
Average Loans |
|
$ |
144.3 |
|
$ |
145.1 |
|
$ |
147.1 |
|
$ |
145.6 |
|
$ |
145.9 |
|
|
|
1 |
% |
EOP Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Mortgages |
|
$ |
81.4 |
|
$ |
81.7 |
|
$ |
82.1 |
|
$ |
80.5 |
|
$ |
80.9 |
|
|
|
(1 |
)% |
Commercial Banking |
|
35.5 |
|
36.3 |
|
36.8 |
|
36.5 |
|
37.2 |
|
2 |
% |
5 |
% | |||||
Personal and Other |
|
27.3 |
|
27.9 |
|
28.5 |
|
28.1 |
|
28.7 |
|
2 |
% |
5 |
% | |||||
EOP Loans |
|
$ |
144.2 |
|
$ |
145.9 |
|
$ |
147.4 |
|
$ |
145.1 |
|
$ |
146.8 |
|
1 |
% |
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Net Interest Revenue (in millions) (1) |
|
$ |
2,383 |
|
$ |
2,345 |
|
$ |
2,356 |
|
$ |
2,425 |
|
$ |
2,424 |
|
|
|
2 |
% |
As a % of Average Loans |
|
6.55 |
% |
6.41 |
% |
6.50 |
% |
6.68 |
% |
6.59 |
% |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Credit Losses (in millions) |
|
$ |
300 |
|
$ |
243 |
|
$ |
232 |
|
$ |
228 |
|
$ |
243 |
|
7 |
% |
(19 |
)% |
As a % of Average Loans |
|
0.82 |
% |
0.66 |
% |
0.64 |
% |
0.63 |
% |
0.66 |
% |
|
|
|
| |||||
Loans 90+ Days Past Due (in millions) (2) |
|
$ |
489 |
|
$ |
515 |
|
$ |
493 |
|
$ |
500 |
|
$ |
508 |
|
2 |
% |
4 |
% |
As a % of EOP Loans |
|
0.34 |
% |
0.35 |
% |
0.34 |
% |
0.35 |
% |
0.35 |
% |
|
|
|
| |||||
Loans 30-89 Days Past Due (in millions) (2) |
|
$ |
805 |
|
$ |
822 |
|
$ |
830 |
|
$ |
754 |
|
$ |
857 |
|
14 |
% |
6 |
% |
As a % of EOP Loans |
|
0.56 |
% |
0.57 |
% |
0.57 |
% |
0.52 |
% |
0.58 |
% |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Cards Key Indicators (in millions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
EOP Open Accounts (in millions) |
|
141.2 |
|
141.7 |
|
140.3 |
|
140.2 |
|
141.3 |
|
1 |
% |
|
| |||||
Purchase Sales (in billions) |
|
$ |
124.9 |
|
$ |
136.3 |
|
$ |
121.7 |
|
$ |
133.6 |
|
$ |
134.9 |
|
1 |
% |
8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average Loans (in billions) (3) |
|
$ |
155.4 |
|
$ |
158.2 |
|
$ |
159.2 |
|
$ |
157.5 |
|
$ |
160.9 |
|
2 |
% |
4 |
% |
EOP Loans (in billions) (3) |
|
$ |
156.6 |
|
$ |
164.9 |
|
$ |
156.6 |
|
$ |
160.9 |
|
$ |
162.2 |
|
1 |
% |
4 |
% |
Average Yield (4) |
|
12.87 |
% |
12.70 |
% |
12.98 |
% |
13.09 |
% |
13.37 |
% |
|
|
|
| |||||
Total Net Interest Revenue (5) |
|
$ |
4,688 |
|
$ |
4,651 |
|
$ |
4,615 |
|
$ |
4,594 |
|
$ |
4,812 |
|
5 |
% |
3 |
% |
As a % of Average Loans (5) |
|
11.97 |
% |
11.66 |
% |
11.76 |
% |
11.70 |
% |
11.87 |
% |
|
|
|
| |||||
Net Credit Losses |
|
$ |
1,404 |
|
$ |
1,397 |
|
$ |
1,504 |
|
$ |
1,498 |
|
$ |
1,471 |
|
(2 |
)% |
5 |
% |
As a % of Average Loans |
|
3.58 |
% |
3.50 |
% |
3.83 |
% |
3.81 |
% |
3.63 |
% |
|
|
|
| |||||
Net Credit Margin (6) |
|
$ |
3,542 |
|
$ |
3,569 |
|
$ |
3,451 |
|
$ |
3,263 |
|
$ |
3,467 |
|
6 |
% |
(2 |
)% |
As a % of Average Loans (6) |
|
9.04 |
% |
8.95 |
% |
8.79 |
% |
8.31 |
% |
8.55 |
% |
|
|
|
| |||||
Loans 90+ Days Past Due |
|
$ |
1,790 |
|
$ |
1,963 |
|
$ |
1,886 |
|
$ |
1,845 |
|
$ |
1,896 |
|
3 |
% |
6 |
% |
As a % of EOP Loans |
|
1.14 |
% |
1.19 |
% |
1.20 |
% |
1.15 |
% |
1.17 |
% |
|
|
|
| |||||
Loans 30-89 Days Past Due |
|
$ |
1,958 |
|
$ |
1,940 |
|
$ |
1,880 |
|
$ |
1,804 |
|
$ |
2,033 |
|
13 |
% |
4 |
% |
As a % of EOP Loans |
|
1.25 |
% |
1.18 |
% |
1.20 |
% |
1.12 |
% |
1.25 |
% |
|
|
|
|
(1) Also includes net interest revenue related to the average 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 exclude U.S. mortgage loans that are guaranteed by U.S. government-sponsored agencies. See footnote 2 on page 9.
(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 on loans 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.
GLOBAL CONSUMER BANKING NORTH AMERICA Page 1 (In millions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 Increase/ |
|
Nine |
|
Nine |
|
YTD 2018 vs. |
| |||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
Months |
|
Months |
|
YTD 2017 Increase/ |
| |||||||||
|
|
2017 |
|
2017(1) |
|
2018 |
|
2018 |
|
2018 |
|
2Q18 |
|
3Q17 |
|
2017 |
|
2018 |
|
(Decrease) |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Interest Revenue |
|
$ |
4,825 |
|
$ |
4,805 |
|
$ |
4,750 |
|
$ |
4,780 |
|
$ |
4,984 |
|
4 |
% |
3 |
% |
$ |
14,074 |
|
$ |
14,514 |
|
3 |
% |
Non-Interest Revenue |
|
372 |
|
377 |
|
407 |
|
224 |
|
145 |
|
(35 |
)% |
(61 |
)% |
1,014 |
|
776 |
|
(23 |
)% | |||||||
Total Revenues, Net of Interest Expense |
|
5,197 |
|
5,182 |
|
5,157 |
|
5,004 |
|
5,129 |
|
2 |
% |
(1 |
)% |
15,088 |
|
15,290 |
|
1 |
% | |||||||
Total Operating Expenses |
|
2,482 |
|
2,568 |
|
2,645 |
|
2,666 |
|
2,668 |
|
|
|
7 |
% |
7,677 |
|
7,979 |
|
4 |
% | |||||||
Net Credit Losses |
|
1,239 |
|
1,186 |
|
1,296 |
|
1,278 |
|
1,242 |
|
(3 |
)% |
|
|
3,610 |
|
3,816 |
|
6 |
% | |||||||
Credit Reserve Build / (Release) |
|
463 |
|
153 |
|
123 |
|
115 |
|
116 |
|
1 |
% |
(75 |
)% |
716 |
|
354 |
|
(51 |
)% | |||||||
Provision for Unfunded Lending Commitments |
|
(3 |
) |
(2 |
) |
(4 |
) |
2 |
|
5 |
|
NM |
|
NM |
|
6 |
|
3 |
|
(50 |
)% | |||||||
Provision for Benefits and Claims |
|
9 |
|
10 |
|
6 |
|
5 |
|
5 |
|
|
|
(44 |
)% |
23 |
|
16 |
|
(30 |
)% | |||||||
Provisions for Loan Losses and for Benefits and Claims |
|
1,708 |
|
1,347 |
|
1,421 |
|
1,400 |
|
1,368 |
|
(2 |
)% |
(20 |
)% |
4,355 |
|
4,189 |
|
(4 |
)% | |||||||
Income from Continuing Operations before Taxes |
|
1,007 |
|
1,267 |
|
1,091 |
|
938 |
|
1,093 |
|
17 |
% |
9 |
% |
3,056 |
|
3,122 |
|
2 |
% | |||||||
Income Taxes (2) |
|
365 |
|
1,190 |
|
253 |
|
219 |
|
243 |
|
11 |
% |
(33 |
)% |
1,143 |
|
715 |
|
(37 |
)% | |||||||
Income from Continuing Operations |
|
642 |
|
77 |
|
838 |
|
719 |
|
850 |
|
18 |
% |
32 |
% |
1,913 |
|
2,407 |
|
26 |
% | |||||||
Noncontrolling Interests |
|
|
|
(1 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Income |
|
$ |
642 |
|
$ |
78 |
|
$ |
838 |
|
$ |
719 |
|
$ |
850 |
|
18 |
% |
32 |
% |
$ |
1,913 |
|
$ |
2,407 |
|
26 |
% |
Average Assets (in billions) |
|
$ |
250 |
|
$ |
254 |
|
$ |
248 |
|
$ |
244 |
|
$ |
249 |
|
2 |
% |
|
|
$ |
246 |
|
$ |
247 |
|
|
|
Return on Average Assets |
|
1.02 |
% |
0.12 |
% |
1.37 |
% |
1.18 |
% |
1.35 |
% |
|
|
|
|
1.04 |
% |
1.30 |
% |
|
| |||||||
Efficiency Ratio |
|
48 |
% |
50 |
% |
51 |
% |
53 |
% |
52 |
% |
|
|
|
|
51 |
% |
52 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses as a % of Average Loans |
|
2.63 |
% |
2.48 |
% |
2.77 |
% |
2.72 |
% |
2.56 |
% |
|
|
|
|
2.62 |
% |
2.68 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Revenue by Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Retail Banking |
|
$ |
1,366 |
|
$ |
1,349 |
|
$ |
1,307 |
|
$ |
1,348 |
|
$ |
1,329 |
|
(1 |
)% |
(3 |
)% |
$ |
3,916 |
|
$ |
3,984 |
|
2 |
% |
Citi-Branded Cards |
|
2,178 |
|
2,225 |
|
2,232 |
|
2,062 |
|
2,108 |
|
2 |
% |
(3 |
)% |
6,353 |
|
6,402 |
|
1 |
% | |||||||
Citi Retail Services |
|
1,653 |
|
1,608 |
|
1,618 |
|
1,594 |
|
1,692 |
|
6 |
% |
2 |
% |
4,819 |
|
4,904 |
|
2 |
% | |||||||
Total |
|
$ |
5,197 |
|
$ |
5,182 |
|
$ |
5,157 |
|
$ |
5,004 |
|
$ |
5,129 |
|
2 |
% |
(1 |
)% |
$ |
15,088 |
|
$ |
15,290 |
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses by Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Retail Banking |
|
$ |
88 |
|
$ |
30 |
|
$ |
43 |
|
$ |
32 |
|
$ |
32 |
|
|
|
(64 |
)% |
$ |
164 |
|
$ |
107 |
|
(35 |
)% |
Citi-Branded Cards |
|
611 |
|
592 |
|
651 |
|
657 |
|
644 |
|
(2 |
)% |
5 |
% |
1,855 |
|
1,952 |
|
5 |
% | |||||||
Citi Retail Services |
|
540 |
|
564 |
|
602 |
|
589 |
|
566 |
|
(4 |
)% |
5 |
% |
1,591 |
|
1,757 |
|
10 |
% | |||||||
Total |
|
$ |
1,239 |
|
$ |
1,186 |
|
$ |
1,296 |
|
$ |
1,278 |
|
$ |
1,242 |
|
(3 |
)% |
|
|
$ |
3,610 |
|
$ |
3,816 |
|
6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income from Continuing Operations by Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Retail Banking |
|
$ |
169 |
|
$ |
41 |
|
$ |
140 |
|
$ |
161 |
|
$ |
131 |
|
(19 |
)% |
(22 |
)% |
$ |
371 |
|
$ |
432 |
|
16 |
% |
Citi-Branded Cards |
|
342 |
|
119 |
|
425 |
|
309 |
|
375 |
|
21 |
% |
10 |
% |
890 |
|
1,109 |
|
25 |
% | |||||||
Citi Retail Services |
|
131 |
|
(83 |
) |
273 |
|
249 |
|
344 |
|
38 |
% |
NM |
|
652 |
|
866 |
|
33 |
% | |||||||
Total |
|
$ |
642 |
|
$ |
77 |
|
$ |
838 |
|
$ |
719 |
|
$ |
850 |
|
18 |
% |
32 |
% |
$ |
1,913 |
|
$ |
2,407 |
|
26 |
% |
(1) See footnote 1 on page 1.
(2) Income taxes in the fourth quarter of 2017 include $750 million related to Tax Reform and is reflected in Retail Banking ($105 million), Citi-Branded Cards ($320 million) and Citi Retail Services ($325 million).
NM Not meaningful.
Reclassified to conform to the current periods presentation.
GLOBAL CONSUMER BANKING NORTH AMERICA Page 2 |
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 Increase/ |
| |||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
| |||||||
|
|
2017 |
|
2017 |
|
2018 |
|
2018 |
|
2018 |
|
2Q18 |
|
3Q17 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Retail Banking Key Indicators (in billions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Branches (actual) |
|
695 |
|
694 |
|
694 |
|
693 |
|
692 |
|
|
|
|
| |||||
Accounts (in millions) |
|
9.4 |
|
9.2 |
|
9.1 |
|
9.1 |
|
9.0 |
|
(1 |
)% |
(4 |
)% | |||||
Average Deposits |
|
$ |
184.1 |
|
$ |
182.7 |
|
$ |
180.9 |
|
$ |
179.9 |
|
$ |
180.2 |
|
|
|
(2 |
)% |
Investment Sales |
|
$ |
6.7 |
|
$ |
7.0 |
|
$ |
8.4 |
|
$ |
7.8 |
|
$ |
7.9 |
|
1 |
% |
18 |
% |
Investment AUMs |
|
$ |
58.6 |
|
$ |
60.3 |
|
$ |
60.5 |
|
$ |
61.1 |
|
$ |
63.7 |
|
4 |
% |
9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average Loans |
|
$ |
55.7 |
|
$ |
56.0 |
|
$ |
55.7 |
|
$ |
55.6 |
|
$ |
56.0 |
|
1 |
% |
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
EOP Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Mortgages |
|
$ |
44.2 |
|
$ |
44.3 |
|
$ |
44.2 |
|
$ |
44.4 |
|
$ |
44.6 |
|
|
|
1 |
% |
Commercial Banking |
|
9.4 |
|
9.5 |
|
9.1 |
|
9.1 |
|
9.3 |
|
2 |
% |
(1 |
)% | |||||
Personal and Other |
|
2.1 |
|
2.2 |
|
2.1 |
|
2.2 |
|
2.4 |
|
9 |
% |
14 |
% | |||||
Total EOP Loans |
|
$ |
55.7 |
|
$ |
56.0 |
|
$ |
55.4 |
|
$ |
55.7 |
|
$ |
56.3 |
|
1 |
% |
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Mortgage Originations (1) |
|
$ |
3.2 |
|
$ |
3.0 |
|
$ |
2.3 |
|
$ |
2.6 |
|
$ |
2.7 |
|
4 |
% |
(16 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Third Party Mortgage Servicing Portfolio (EOP) |
|
$ |
49.1 |
|
$ |
47.3 |
|
$ |
46.0 |
|
$ |
45.7 |
|
$ |
45.4 |
|
(1 |
)% |
(8 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Servicing & Gain/(Loss) on Sale (in millions) |
|
$ |
47.3 |
|
$ |
69.1 |
|
$ |
33.4 |
|
$ |
33.6 |
|
$ |
32.0 |
|
(5 |
)% |
(32 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Saleable Mortgage Rate Locks |
|
$ |
1.7 |
|
$ |
1.3 |
|
$ |
1.2 |
|
$ |
1.3 |
|
$ |
1.1 |
|
(15 |
)% |
(35 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Interest Revenue on Loans (in millions) |
|
$ |
253 |
|
$ |
235 |
|
$ |
232 |
|
$ |
226 |
|
$ |
216 |
|
(4 |
)% |
(15 |
)% |
As a % of Avg. Loans |
|
1.80 |
% |
1.66 |
% |
1.69 |
% |
1.63 |
% |
1.53 |
% |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net Credit Losses (in millions) |
|
$ |
88 |
|
$ |
30 |
|
$ |
43 |
|
$ |
32 |
|
$ |
32 |
|
|
|
(64 |
)% |
As a % of Avg. Loans |
|
0.63 |
% |
0.21 |
% |
0.31 |
% |
0.23 |
% |
0.23 |
% |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Loans 90+ Days Past Due (in millions) (2) |
|
$ |
167 |
|
$ |
199 |
|
$ |
184 |
|
$ |
179 |
|
$ |
188 |
|
5 |
% |
13 |
% |
As a % of EOP Loans |
|
0.30 |
% |
0.36 |
% |
0.34 |
% |
0.33 |
% |
0.33 |
% |
|
|
|
| |||||
Loans 30-89 Days Past Due (in millions) (2) |
|
$ |
270 |
|
$ |
306 |
|
$ |
227 |
|
$ |
252 |
|
$ |
320 |
|
27 |
% |
19 |
% |
As a % of EOP Loans |
|
0.49 |
% |
0.55 |
% |
0.41 |
% |
0.46 |
% |
0.57 |
% |
|
|
|
|
(1) Originations of residential 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 $289 million and ($0.7 billion), $298 million and ($0.7 billion), $272 million and ($0.7 billion), $244 million and ($0.7 billion), and $235 million and ($0.7 billion) as of September 30, 2017, December 31, 2017, March 31, 2018, June 30, 2018 and September 30, 2018, respectively.
The amounts excluded for Loans 30-89 Days Past Due and (EOP Loans) were $79 million and ($0.7 billion), $88 million and ($0.7 billion), $92 million and ($0.7 billion), $87 million and ($0.7 billion), and $82 million and ($0.7 billion) as of September 30, 2017, December 31, 2017, March 31, 2018, June 30, 2018 and September 30, 2018, respectively.
NM Not meaningful.
Reclassified to conform to the current periods presentation.
GLOBAL CONSUMER BANKING NORTH AMERICA Page 3 |
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 Increase/ |
| |||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
| |||||||
|
|
2017 |
|
2017 |
|
2018 |
|
2018 |
|
2018 |
|
2Q18 |
|
3Q17 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Citi-Branded Cards Key Indicators (in millions of dollars, except as otherwise noted) (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
EOP Open Accounts (in millions) |
|
33.9 |
|
34.2 |
|
33.9 |
|
34.1 |
|
34.3 |
|
1 |
% |
1 |
% | |||||
Purchase Sales (in billions) |
|
$ |
80.4 |
|
$ |
86.3 |
|
$ |
78.6 |
|
$ |
86.4 |
|
$ |
87.3 |
|
1 |
% |
9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average Loans (in billions) (1) |
|
$ |
85.4 |
|
$ |
86.8 |
|
$ |
86.9 |
|
$ |
86.6 |
|
$ |
87.8 |
|
1 |
% |
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
EOP Loans (in billions) (1) |
|
$ |
86.3 |
|
$ |
90.5 |
|
$ |
85.7 |
|
$ |
88.1 |
|
$ |
88.4 |
|
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average Yield (2) |
|
9.70 |
% |
9.63 |
% |
9.79 |
% |
9.94 |
% |
10.34 |
% |
|
|
|
| |||||
Total Net Interest Revenue (3) |
|
$ |
1,849 |
|
$ |
1,854 |
|
$ |
1,800 |
|
$ |
1,788 |
|
$ |
1,883 |
|
5 |
% |
2 |
% |
As a % of Avg. Loans (3) |
|
8.59 |
% |
8.47 |
% |
8.40 |
% |
8.28 |
% |
8.51 |
% |
|
|
|
| |||||
Net Credit Losses |
|
$ |
611 |
|
$ |
592 |
|
$ |
651 |
|
$ |
657 |
|
$ |
644 |
|
(2 |
)% |
5 |
% |
As a % of Average Loans |
|
2.84 |
% |
2.71 |
% |
3.04 |
% |
3.04 |
% |
2.91 |
% |
|
|
|
| |||||
Net Credit Margin (4) |
|
$ |
1,564 |
|
$ |
1,610 |
|
$ |
1,573 |
|
$ |
1,403 |
|
$ |
1,462 |
|
4 |
% |
(7 |
)% |
As a % of Avg. Loans (4) |
|
7.27 |
% |
7.36 |
% |
7.34 |
% |
6.50 |
% |
6.61 |
% |
|
|
|
| |||||
Loans 90+ Days Past Due |
|
$ |
668 |
|
$ |
768 |
|
$ |
731 |
|
$ |
712 |
|
$ |
707 |
|
(1 |
)% |
6 |
% |
As a % of EOP Loans |
|
0.77 |
% |
0.85 |
% |
0.85 |
% |
0.81 |
% |
0.80 |
% |
|
|
|
| |||||
Loans 30-89 Days Past Due |
|
$ |
705 |
|
$ |
698 |
|
$ |
669 |
|
$ |
627 |
|
$ |
722 |
|
15 |
% |
2 |
% |
As a % of EOP Loans |
|
0.82 |
% |
0.77 |
% |
0.78 |
% |
0.71 |
% |
0.82 |
% |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Citi-Branded Cards Ex Hilton (in millions of dollars, except as otherwise noted) (1) (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Revenues, Net of Interest Expense |
|
$ |
2,139 |
|
$ |
2,186 |
|
$ |
2,071 |
|
$ |
2,062 |
|
$ |
2,108 |
|
2 |
% |
(1 |
)% |
Purchase Sales (in billions) |
|
$ |
78.9 |
|
$ |
84.8 |
|
$ |
78.3 |
|
$ |
86.4 |
|
$ |
87.3 |
|
1 |
% |
11 |
% |
Average Loans (in billions) (1) |
|
$ |
84.2 |
|
$ |
86.4 |
|
$ |
86.9 |
|
$ |
86.6 |
|
$ |
87.8 |
|
1 |
% |
4 |
% |
EOP Loans (in billions) (1) |
|
$ |
85.1 |
|
$ |
90.5 |
|
$ |
85.7 |
|
$ |
88.1 |
|
$ |
88.4 |
|
|
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average Yield (2) |
|
9.69 |
% |
9.62 |
% |
9.79 |
% |
9.94 |
% |
10.34 |
% |
4 |
% |
7 |
% | |||||
Total Net Interest Revenue (3) |
|
$ |
1,821 |
|
$ |
1,845 |
|
$ |
1,800 |
|
$ |
1,788 |
|
1,883 |
|
5 |
% |
3 |
% | |
As a % of Avg. Loans (3) |
|
8.58 |
% |
8.47 |
% |
8.40 |
% |
8.28 |
% |
8.51 |
% |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Citi Retail Services Key Indicators (in millions of dollars, except as otherwise noted) (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
EOP Open Accounts |
|
86.0 |
|
86.4 |
|
85.4 |
|
85.1 |
|
85.9 |
|
1 |
% |
|
| |||||
Purchase Sales (in billions) |
|
$ |
20.0 |
|
$ |
23.6 |
|
$ |
17.4 |
|
$ |
21.6 |
|
$ |
22.1 |
|
2 |
% |
11 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average Loans (in billions) (1) |
|
$ |
45.6 |
|
$ |
46.9 |
|
$ |
47.1 |
|
$ |
46.6 |
|
$ |
49.0 |
|
5 |
% |
7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
EOP Loans (in billions) (1) |
|
$ |
45.9 |
|
$ |
49.2 |
|
$ |
46.0 |
|
$ |
48.6 |
|
$ |
49.4 |
|
2 |
% |
8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Average Yield (2) |
|
17.51 |
% |
17.06 |
% |
17.68 |
% |
17.82 |
% |
17.83 |
% |
|
|
|
| |||||
Total Net Interest Revenue (3) |
|
$ |
1,986 |
|
$ |
1,954 |
|
$ |
1,973 |
|
$ |
1,970 |
|
$ |
2,099 |
|
7 |
% |
6 |
% |
As a % of Avg. Loans (3) |
|
17.28 |
% |
16.53 |
% |
16.99 |
% |
16.96 |
% |
17.00 |
% |
|
|
|
| |||||
Net Credit Losses |
|
$ |
540 |
|
$ |
564 |
|
$ |
602 |
|
$ |
589 |
|
$ |
566 |
|
(4 |
)% |
5 |
% |
As a % of Average Loans |
|
4.70 |
% |
4.77 |
% |
5.18 |
% |
5.07 |
% |
4.58 |
% |
|
|
|
| |||||
Net Credit Margin (4) |
|
$ |
1,108 |
|
$ |
1,038 |
|
$ |
1,012 |
|
$ |
1,002 |
|
$ |
1,123 |
|
12 |
% |
1 |
% |
As a % of Avg. Loans (4) |
|
9.64 |
% |
8.78 |
% |
8.71 |
% |
8.62 |
% |
9.09 |
% |
|
|
|
| |||||
Loans 90+ Days Past Due |
|
$ |
772 |
|
$ |
845 |
|
$ |
797 |
|
$ |
781 |
|
$ |
832 |
|
7 |
% |
8 |
% |
As a % of EOP Loans |
|
1.68 |
% |
1.72 |
% |
1.73 |
% |
1.61 |
% |
1.68 |
% |
|
|
|
| |||||
Loans 30-89 Days Past Due |
|
$ |
836 |
|
$ |
830 |
|
$ |
791 |
|
$ |
761 |
|
$ |
890 |
|
17 |
% |
6 |
% |
As a % of EOP Loans |
|
1.82 |
% |
1.69 |
% |
1.72 |
% |
1.57 |
% |
1.80 |
% |
|
|
|
|
(1) Average loans, EOP loans and the related consumer delinquency amounts and ratios include interest and fees receivables balances.
(2) Average yield is calculated as gross interest revenue earned on loans divided by average loans.
(3) Net interest revenue includes certain fees that are recorded as interest revenue.
(4) Net credit margin represents total revenues, net of interest expense, less net credit losses and policy benefits and claims.
(5) As previously announced, on October 23, 2017, Citi signed an agreement to sell the Hilton credit card portfolio ($1.2 billion in outstanding loan balances). These loans were reclassified as held-for-sale and recorded in Other assets as of November 1, 2017 until the sale closed during the first quarter of 2018.
Reclassified to conform to the current periods presentation.
GLOBAL CONSUMER BANKING LATIN AMERICA (1) - PAGE 1 (In millions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 Increase/ |
|
|
Nine |
|
Nine |
|
YTD 2018 vs. |
| |||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
|
Months |
|
Months |
|
YTD 2017 Increase/ |
| |||||||||
|
|
2017 |
|
2017 |
|
2018 |
|
2018 |
|
2018 |
|
2Q18 |
|
3Q17 |
|
|
2017 |
|
2018 |
|
(Decrease) |
| |||||||
Net Interest Revenue |
|
$ |
1,038 |
|
$ |
991 |
|
$ |
997 |
|
$ |
1,013 |
|
$ |
1,042 |
|
3 |
% |
|
|
|
$ |
2,853 |
|
$ |
3,052 |
|
7 |
% |
Non-Interest Revenue (2) |
|
350 |
|
368 |
|
350 |
|
368 |
|
628 |
|
71 |
% |
79 |
% |
|
1,010 |
|
1,346 |
|
33 |
% | |||||||
Total Revenues, Net of Interest Expense |
|
1,388 |
|
1,359 |
|
1,347 |
|
1,381 |
|
1,670 |
|
21 |
% |
20 |
% |
|
3,863 |
|
4,398 |
|
14 |
% | |||||||
Total Operating Expenses |
|
779 |
|
768 |
|
759 |
|
782 |
|
828 |
|
6 |
% |
6 |
% |
|
2,191 |
|
2,369 |
|
8 |
% | |||||||
Net Credit Losses |
|
295 |
|
292 |
|
278 |
|
278 |
|
307 |
|
10 |
% |
4 |
% |
|
825 |
|
863 |
|
5 |
% | |||||||
Credit Reserve Build / (Release) |
|
44 |
|
19 |
|
42 |
|
33 |
|
31 |
|
(6 |
)% |
(30 |
)% |
|
106 |
|
106 |
|
|
| |||||||
Provision for Unfunded Lending Commitments |
|
(1 |
) |
1 |
|
1 |
|
|
|
|
|
|
|
100 |
% |
|
(2 |
) |
1 |
|
NM |
| |||||||
Provision for Benefits and Claims |
|
19 |
|
26 |
|
20 |
|
17 |
|
22 |
|
29 |
% |
16 |
% |
|
57 |
|
59 |
|
4 |
% | |||||||
Provisions for Credit Losses and for Benefits and Claims (LLR & PBC) |
|
357 |
|
338 |
|
341 |
|
328 |
|
360 |
|
10 |
% |
1 |
% |
|
986 |
|
1,029 |
|
4 |
% | |||||||
Income from Continuing Operations before Taxes |
|
252 |
|
253 |
|
247 |
|
271 |
|
482 |
|
78 |
% |
91 |
% |
|
686 |
|
1,000 |
|
46 |
% | |||||||
Income Taxes |
|
83 |
|
88 |
|
64 |
|
71 |
|
148 |
|
NM |
|
78 |
% |
|
241 |
|
283 |
|
17 |
% | |||||||
Income from Continuing Operations |
|
169 |
|
165 |
|
183 |
|
200 |
|
334 |
|
67 |
% |
98 |
% |
|
445 |
|
717 |
|
61 |
% | |||||||
Noncontrolling Interests |
|
1 |
|
1 |
|
|
|
|
|
|
|
|
|
(100 |
)% |
|
4 |
|
|
|
(100 |
)% | |||||||
Net Income |
|
$ |
168 |
|
$ |
164 |
|
$ |
183 |
|
$ |
200 |
|
$ |
334 |
|
67 |
% |
99 |
% |
|
$ |
441 |
|
$ |
717 |
|
63 |
% |
Average Assets (in billions of dollars) |
|
$ |
47 |
|
$ |
44 |
|
$ |
44 |
|
$ |
43 |
|
$ |
45 |
|
5 |
% |
(4 |
)% |
|
$ |
45 |
|
$ |
44 |
|
(2 |
)% |
Return on Average Assets |
|
1.42 |
% |
1.48 |
% |
1.69 |
% |
1.87 |
% |
2.94 |
% |
|
|
|
|
|
1.31 |
% |
2.18 |
% |
|
| |||||||
Efficiency Ratio |
|
56 |
% |
57 |
% |
56 |
% |
57 |
% |
50 |
% |
|
|
|
|
|
57 |
% |
54 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses as a % of Average Loans |
|
4.37 |
% |
4.51 |
% |
4.29 |
% |
4.37 |
% |
4.63 |
% |
|
|
|
|
|
4.39 |
% |
4.44 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Revenue by Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Retail Banking |
|
$ |
992 |
|
$ |
971 |
|
$ |
966 |
|
$ |
999 |
|
$ |
1,265 |
|
27 |
% |
28 |
% |
|
$ |
2,781 |
|
$ |
3,230 |
|
16 |
% |
Citi-Branded Cards |
|
396 |
|
388 |
|
381 |
|
382 |
|
405 |
|
6 |
% |
2 |
% |
|
1,082 |
|
1,168 |
|
8 |
% | |||||||
Total |
|
$ |
1,388 |
|
$ |
1,359 |
|
$ |
1,347 |
|
$ |
1,381 |
|
$ |
1,670 |
|
21 |
% |
20 |
% |
|
$ |
3,863 |
|
$ |
4,398 |
|
14 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses by Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Retail Banking |
|
$ |
143 |
|
$ |
153 |
|
$ |
132 |
|
$ |
138 |
|
$ |
153 |
|
11 |
% |
7 |
% |
|
$ |
431 |
|
$ |
423 |
|
(2 |
)% |
Citi-Branded Cards |
|
152 |
|
139 |
|
146 |
|
140 |
|
154 |
|
10 |
% |
1 |
% |
|
394 |
|
440 |
|
12 |
% | |||||||
Total |
|
$ |
295 |
|
$ |
292 |
|
$ |
278 |
|
$ |
278 |
|
$ |
307 |
|
10 |
% |
4 |
% |
|
$ |
825 |
|
$ |
863 |
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income from Continuing Operations by Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Retail Banking |
|
$ |
129 |
|
$ |
116 |
|
$ |
138 |
|
$ |
155 |
|
$ |
279 |
|
80 |
% |
NM |
|
|
$ |
310 |
|
$ |
572 |
|
85 |
% |
Citi-Branded Cards |
|
40 |
|
49 |
|
45 |
|
45 |
|
55 |
|
22 |
% |
38 |
% |
|
135 |
|
145 |
|
7 |
% | |||||||
Total |
|
$ |
169 |
|
$ |
165 |
|
$ |
183 |
|
$ |
200 |
|
$ |
334 |
|
67 |
% |
98 |
% |
|
$ |
445 |
|
$ |
717 |
|
61 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
FX Translation Impact: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Revenue - as Reported |
|
$ |
1,388 |
|
$ |
1,359 |
|
$ |
1,347 |
|
$ |
1,381 |
|
$ |
1,670 |
|
21 |
% |
20 |
% |
|
$ |
3,863 |
|
$ |
4,398 |
|
14 |
% |
Impact of FX Translation (3) |
|
(66 |
) |
21 |
|
(19 |
) |
42 |
|
|
|
|
|
|
|
|
(45 |
) |
|
|
|
| |||||||
Total Revenues - Ex-FX (3) |
|
$ |
1,322 |
|
$ |
1,380 |
|
$ |
1,328 |
|
$ |
1,423 |
|
$ |
1,670 |
|
17 |
% |
26 |
% |
|
$ |
3,818 |
|
$ |
4,398 |
|
15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Operating Expenses - as Reported |
|
$ |
779 |
|
$ |
768 |
|
$ |
759 |
|
$ |
782 |
|
$ |
828 |
|
6 |
% |
6 |
% |
|
$ |
2,191 |
|
$ |
2,369 |
|
8 |
% |
Impact of FX Translation (3) |
|
(31 |
) |
9 |
|
(10 |
) |
21 |
|
|
|
|
|
|
|
|
(21 |
) |
|
|
|
| |||||||
Total Operating Expenses - Ex-FX (3) |
|
$ |
748 |
|
$ |
777 |
|
$ |
749 |
|
$ |
803 |
|
$ |
828 |
|
3 |
% |
11 |
% |
|
$ |
2,170 |
|
$ |
2,369 |
|
9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Provisions for LLR & PBC - as Reported |
|
$ |
357 |
|
$ |
338 |
|
$ |
341 |
|
$ |
328 |
|
$ |
360 |
|
10 |
% |
1 |
% |
|
$ |
986 |
|
$ |
1,029 |
|
4 |
% |
Impact of FX Translation (3) |
|
(17 |
) |
5 |
|
(5 |
) |
10 |
|
|
|
|
|
|
|
|
(12 |
) |
|
|
|
| |||||||
Provisions for LLR & PBC - Ex-FX (3) |
|
$ |
340 |
|
$ |
343 |
|
$ |
336 |
|
$ |
338 |
|
$ |
360 |
|
7 |
% |
6 |
% |
|
$ |
974 |
|
$ |
1,029 |
|
6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Income - as Reported |
|
$ |
168 |
|
$ |
164 |
|
$ |
183 |
|
$ |
200 |
|
$ |
334 |
|
67 |
% |
99 |
% |
|
$ |
441 |
|
$ |
717 |
|
63 |
% |
Impact of FX Translation (3) |
|
(11 |
) |
4 |
|
(3 |
) |
7 |
|
|
|
|
|
|
|
|
(9 |
) |
|
|
|
| |||||||
Net Income - Ex-FX (3) |
|
$ |
157 |
|
$ |
168 |
|
$ |
180 |
|
$ |
207 |
|
$ |
334 |
|
61 |
% |
NM |
|
|
$ |
432 |
|
$ |
717 |
|
66 |
% |
(1) Latin America GCB consists of Citis consumer banking operations in Mexico.
(2) Third quarter of 2018 includes an approximately $250 million gain on the sale of an asset management business.
(3) Reflects the impact of foreign currency (FX) translation into U.S. Dollars at the third quarter of 2018 and year-to-date 2018 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.
GLOBAL CONSUMER BANKING LATIN AMERICA - PAGE 2 |
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 Increase/ |
| |||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
| |||||||
|
|
2017 |
|
2017 |
|
2018 |
|
2018 |
|
2018 |
|
2Q18 |
|
3Q17 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Retail Banking Key Indicators (in billions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Branches (actual) |
|
1,497 |
|
1,479 |
|
1,462 |
|
1,462 |
|
1,463 |
|
|
|
(2 |
)% | |||||
Accounts (in millions) |
|
27.6 |
|
27.7 |
|
28.2 |
|
28.9 |
|
29.1 |
|
1 |
% |
5 |
% | |||||
Average Deposits |
|
$ |
28.8 |
|
$ |
27.8 |
|
$ |
28.9 |
|
$ |
28.3 |
|
$ |
29.4 |
|
4 |
% |
2 |
% |
Investment Sales |
|
$ |
6.8 |
|
$ |
6.0 |
|
$ |
6.2 |
|
$ |
6.6 |
|
$ |
6.7 |
|
2 |
% |
(1 |
)% |
Investment AUMs |
|
$ |
34.8 |
|
$ |
32.1 |
|
$ |
34.0 |
|
$ |
33.1 |
|
$ |
35.5 |
|
7 |
% |
2 |
% |
Average Loans |
|
$ |
21.2 |
|
$ |
20.3 |
|
$ |
20.7 |
|
$ |
20.1 |
|
$ |
20.7 |
|
3 |
% |
(2 |
)% |
EOP Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Mortgages |
|
$ |
4.6 |
|
$ |
4.1 |
|
$ |
4.5 |
|
$ |
4.1 |
|
$ |
4.3 |
|
5 |
% |
(7 |
)% |
Commercial Banking |
|
10.3 |
|
10.0 |
|
10.5 |
|
10.2 |
|
10.6 |
|
4 |
% |
3 |
% | |||||
Personal and Other |
|
6.1 |
|
5.8 |
|
6.2 |
|
5.8 |
|
6.1 |
|
5 |
% |
|
| |||||
Total EOP Loans |
|
$ |
21.0 |
|
$ |
19.9 |
|
$ |
21.2 |
|
$ |
20.1 |
|
$ |
21.0 |
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Net Interest Revenue (in millions) (1) |
|
$ |
703 |
|
$ |
672 |
|
$ |
680 |
|
$ |
687 |
|
$ |
711 |
|
3 |
% |
1 |
% |
As a % of Average Loans (1) |
|
13.16 |
% |
13.13 |
% |
13.32 |
% |
13.71 |
% |
13.63 |
% |
|
|
|
| |||||
Net Credit Losses (in millions) |
|
$ |
143 |
|
$ |
153 |
|
$ |
132 |
|
$ |
138 |
|
$ |
153 |
|
11 |
% |
7 |
% |
As a % of Average Loans |
|
2.68 |
% |
2.99 |
% |
2.59 |
% |
2.75 |
% |
2.93 |
% |
|
|
|
| |||||
Loans 90+ Days Past Due (in millions) |
|
$ |
151 |
|
$ |
130 |
|
$ |
128 |
|
$ |
132 |
|
$ |
126 |
|
(5 |
)% |
(17 |
)% |
As a % of EOP Loans |
|
0.72 |
% |
0.65 |
% |
0.60 |
% |
0.66 |
% |
0.60 |
% |
|
|
|
| |||||
Loans 30-89 Days Past Due (in millions) |
|
$ |
244 |
|
$ |
195 |
|
$ |
248 |
|
$ |
183 |
|
$ |
235 |
|
28 |
% |
(4 |
)% |
As a % of EOP Loans |
|
1.16 |
% |
0.98 |
% |
1.17 |
% |
0.91 |
% |
1.12 |
% |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Citi-Branded Cards Key Indicators (in billions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
EOP Open Accounts (in millions) |
|
5.7 |
|
5.6 |
|
5.7 |
|
5.7 |
|
5.7 |
|
|
|
|
| |||||
Purchase Sales (in billions) |
|
$ |
4.2 |
|
$ |
4.5 |
|
$ |
4.2 |
|
$ |
4.3 |
|
$ |
4.6 |
|
7 |
% |
10 |
% |
Average Loans (in billions) (2) |
|
$ |
5.6 |
|
$ |
5.4 |
|
$ |
5.6 |
|
$ |
5.4 |
|
$ |
5.6 |
|
4 |
% |
|
|
EOP Loans (in billions) (2) |
|
$ |
5.6 |
|
$ |
5.4 |
|
$ |
5.7 |
|
$ |
5.4 |
|
$ |
5.8 |
|
7 |
% |
4 |
% |
Average Yield (3) |
|
24.01 |
% |
24.18 |
% |
24.12 |
% |
24.49 |
% |
24.44 |
% |
|
|
2 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Net Interest Revenue (in millions) (4) |
|
$ |
335 |
|
$ |
319 |
|
$ |
317 |
|
$ |
326 |
|
$ |
331 |
|
2 |
% |
(1 |
)% |
As a % of Average Loans (4) |
|
23.73 |
% |
23.44 |
% |
22.96 |
% |
24.21 |
% |
23.45 |
% |
|
|
|
| |||||
Net Credit Losses (in millions) |
|
$ |
152 |
|
$ |
139 |
|
$ |
146 |
|
$ |
140 |
|
$ |
154 |
|
10 |
% |
1 |
% |
As a % of Average Loans |
|
10.77 |
% |
10.21 |
% |
10.57 |
% |
10.40 |
% |
10.91 |
% |
|
|
|
| |||||
Net Credit Margin (in millions) (5) |
|
$ |
249 |
|
$ |
253 |
|
$ |
240 |
|
$ |
247 |
|
$ |
257 |
|
4 |
% |
3 |
% |
As a % of Average Loans (5) |
|
17.64 |
% |
18.59 |
% |
17.38 |
% |
18.35 |
% |
18.21 |
% |
|
|
|
| |||||
Loans 90+ Days Past Due (in millions) |
|
$ |
159 |
|
$ |
151 |
|
$ |
160 |
|
$ |
160 |
|
$ |
169 |
|
6 |
% |
6 |
% |
As a % of EOP Loans |
|
2.84 |
% |
2.80 |
% |
2.81 |
% |
2.96 |
% |
2.91 |
% |
|
|
|
| |||||
Loans 30-89 Days Past Due (in millions) |
|
$ |
163 |
|
$ |
153 |
|
$ |
160 |
|
$ |
156 |
|
$ |
170 |
|
9 |
% |
4 |
% |
As a % of EOP Loans |
|
2.91 |
% |
2.83 |
% |
2.81 |
% |
2.89 |
% |
2.93 |
% |
|
|
|
|
(1) Also includes net interest revenue related to the regions average 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 on loans 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.
NM Not meaningful.
Reclassified to conform to the current periods presentation.
GLOBAL CONSUMER BANKING ASIA (1) - PAGE 1 (In millions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 Increase/ |
|
|
|
Nine |
|
Nine |
|
YTD 2018 vs. |
| |||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
|
|
Months |
|
Months |
|
YTD 2017 Increase/ |
| |||||||||
|
|
2017 |
|
2017 |
|
2018 |
|
2018 |
|
2018 |
|
2Q18 |
|
3Q17 |
|
|
|
2017 |
|
2018 |
|
(Decrease) |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Interest Revenue |
|
$ |
1,208 |
|
$ |
1,219 |
|
$ |
1,233 |
|
$ |
1,226 |
|
$ |
1,210 |
|
(1 |
)% |
|
|
|
|
$ |
3,483 |
|
$ |
3,669 |
|
5 |
% |
Non-Interest Revenue |
|
677 |
|
689 |
|
696 |
|
639 |
|
645 |
|
1 |
% |
(5 |
)% |
|
|
1,955 |
|
1,980 |
|
1 |
% | |||||||
Total Revenues, Net of Interest Expense |
|
1,885 |
|
1,908 |
|
1,929 |
|
1,865 |
|
1,855 |
|
(1 |
)% |
(2 |
)% |
|
|
5,438 |
|
5,649 |
|
4 |
% | |||||||
Total Operating Expenses |
|
1,191 |
|
1,227 |
|
1,277 |
|
1,207 |
|
1,165 |
|
(3 |
)% |
(2 |
)% |
|
|
3,572 |
|
3,649 |
|
2 |
% | |||||||
Net Credit Losses |
|
170 |
|
162 |
|
162 |
|
170 |
|
165 |
|
(3 |
)% |
(3 |
)% |
|
|
487 |
|
497 |
|
2 |
% | |||||||
Credit Reserve Build / (Release) |
|
(21 |
) |
5 |
|
(21 |
) |
6 |
|
39 |
|
NM |
|
NM |
|
|
|
(34 |
) |
24 |
|
NM |
| |||||||
Provision for Unfunded Lending Commitments |
|
(1 |
) |
(1 |
) |
2 |
|
1 |
|
1 |
|
|
|
NM |
|
|
|
(4 |
) |
4 |
|
NM |
| |||||||
Provision for Benefits and Claims |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Provisions for Credit Losses and for Benefits and Claims (LLR & PBC) |
|
148 |
|
166 |
|
143 |
|
177 |
|
205 |
|
16 |
% |
39 |
% |
|
|
449 |
|
525 |
|
17 |
% | |||||||
Income from Continuing Operations before Taxes |
|
546 |
|
515 |
|
509 |
|
481 |
|
485 |
|
1 |
% |
(11 |
)% |
|
|
1,417 |
|
1,475 |
|
4 |
% | |||||||
Income Taxes |
|
187 |
|
175 |
|
136 |
|
121 |
|
102 |
|
(16 |
)% |
(45 |
)% |
|
|
479 |
|
359 |
|
(25 |
)% | |||||||
Income from Continuing Operations |
|
359 |
|
340 |
|
373 |
|
360 |
|
383 |
|
6 |
% |
7 |
% |
|
|
938 |
|
1,116 |
|
19 |
% | |||||||
Noncontrolling Interests |
|
1 |
|
2 |
|
2 |
|
1 |
|
1 |
|
|
|
|
|
|
|
3 |
|
4 |
|
33 |
% | |||||||
Net Income |
|
$ |
358 |
|
$ |
338 |
|
$ |
371 |
|
$ |
359 |
|
$ |
382 |
|
6 |
% |
7 |
% |
|
|
$ |
935 |
|
$ |
1,112 |
|
19 |
% |
Average Assets (in billions) |
|
$ |
124 |
|
$ |
125 |
|
$ |
131 |
|
$ |
130 |
|
$ |
130 |
|
|
|
5 |
% |
|
|
$ |
124 |
|
$ |
130 |
|
5 |
% |
Return on Average Assets |
|
1.15 |
% |
1.07 |
% |
1.15 |
% |
1.11 |
% |
1.17 |
% |
|
|
|
|
|
|
1.01 |
% |
1.14 |
% |
|
| |||||||
Efficiency Ratio |
|
63 |
% |
64 |
% |
66 |
% |
65 |
% |
63 |
% |
|
|
|
|
|
|
66 |
% |
65 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses as a % of Average Loans |
|
0.78 |
% |
0.73 |
% |
0.73 |
% |
0.77 |
% |
0.75 |
% |
|
|
|
|
|
|
0.77 |
% |
0.75 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Revenue by Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Retail Banking |
|
$ |
1,163 |
|
$ |
1,138 |
|
$ |
1,198 |
|
$ |
1,142 |
|
$ |
1,123 |
|
(2 |
)% |
(3 |
)% |
|
|
$ |
3,327 |
|
$ |
3,463 |
|
4 |
% |
Citi-Branded Cards |
|
722 |
|
770 |
|
731 |
|
723 |
|
732 |
|
1 |
% |
1 |
% |
|
|
2,111 |
|
2,186 |
|
4 |
% | |||||||
Total |
|
$ |
1,885 |
|
$ |
1,908 |
|
$ |
1,929 |
|
$ |
1,865 |
|
$ |
1,855 |
|
(1 |
)% |
(2 |
)% |
|
|
$ |
5,438 |
|
$ |
5,649 |
|
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses by Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Retail Banking |
|
$ |
69 |
|
$ |
60 |
|
$ |
57 |
|
$ |
58 |
|
$ |
58 |
|
|
|
(16 |
)% |
|
|
$ |
185 |
|
$ |
173 |
|
(6 |
)% |
Citi-Branded Cards |
|
101 |
|
102 |
|
105 |
|
112 |
|
107 |
|
(4 |
)% |
6 |
% |
|
|
302 |
|
324 |
|
7 |
% | |||||||
Total |
|
$ |
170 |
|
$ |
162 |
|
$ |
162 |
|
$ |
170 |
|
$ |
165 |
|
(3 |
)% |
(3 |
)% |
|
|
$ |
487 |
|
$ |
497 |
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income from Continuing Operations by Business |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Retail Banking |
|
$ |
248 |
|
$ |
201 |
|
$ |
246 |
|
$ |
264 |
|
$ |
256 |
|
(3 |
)% |
3 |
% |
|
|
$ |
617 |
|
$ |
766 |
|
24 |
% |
Citi-Branded Cards |
|
111 |
|
139 |
|
127 |
|
96 |
|
127 |
|
32 |
% |
14 |
% |
|
|
321 |
|
350 |
|
9 |
% | |||||||
Total |
|
$ |
359 |
|
$ |
340 |
|
$ |
373 |
|
$ |
360 |
|
$ |
383 |
|
6 |
% |
7 |
% |
|
|
$ |
938 |
|
$ |
1,116 |
|
19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
FX Translation Impact: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Revenue - as Reported |
|
$ |
1,885 |
|
$ |
1,908 |
|
$ |
1,929 |
|
$ |
1,865 |
|
$ |
1,855 |
|
(1 |
)% |
(2 |
)% |
|
|
$ |
5,438 |
|
$ |
5,649 |
|
4 |
% |
Impact of FX Translation (2) |
|
(40 |
) |
(51 |
) |
(92 |
) |
(32 |
) |
|
|
|
|
|
|
|
|
34 |
|
|
|
|
| |||||||
Total Revenues - Ex-FX (2) |
|
$ |
1,845 |
|
$ |
1,857 |
|
$ |
1,837 |
|
$ |
1,833 |
|
$ |
1,855 |
|
1 |
% |
1 |
% |
|
|
$ |
5,472 |
|
$ |
5,649 |
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Operating Expenses - as Reported |
|
$ |
1,191 |
|
$ |
1,227 |
|
$ |
1,277 |
|
$ |
1,207 |
|
$ |
1,165 |
|
(3 |
)% |
(2 |
)% |
|
|
$ |
3,572 |
|
$ |
3,649 |
|
2 |
% |
Impact of FX Translation (2) |
|
(22 |
) |
(32 |
) |
(53 |
) |
(23 |
) |
|
|
|
|
|
|
|
|
36 |
|
|
|
|
| |||||||
Total Operating Expenses - Ex-FX (2) |
|
$ |
1,169 |
|
$ |
1,195 |
|
$ |
1,224 |
|
$ |
1,184 |
|
$ |
1,165 |
|
(2 |
)% |
|
|
|
|
$ |
3,608 |
|
$ |
3,649 |
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Provisions for LLR & PBC - as Reported |
|
$ |
148 |
|
$ |
166 |
|
$ |
143 |
|
$ |
177 |
|
$ |
205 |
|
16 |
% |
39 |
% |
|
|
$ |
449 |
|
$ |
525 |
|
17 |
% |
Impact of FX Translation (2) |
|
(6 |
) |
(6 |
) |
(8 |
) |
(4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Provisions for LLR & PBC - Ex-FX (2) |
|
$ |
142 |
|
$ |
160 |
|
$ |
135 |
|
$ |
173 |
|
$ |
205 |
|
18 |
% |
44 |
% |
|
|
$ |
449 |
|
$ |
525 |
|
17 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Income - as Reported |
|
$ |
358 |
|
$ |
338 |
|
$ |
371 |
|
$ |
359 |
|
$ |
382 |
|
6 |
% |
7 |
% |
|
|
$ |
935 |
|
$ |
1,112 |
|
19 |
% |
Impact of FX Translation (2) |
|
(7 |
) |
(8 |
) |
(24 |
) |
(4 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Income - Ex-FX (2) |
|
$ |
351 |
|
$ |
330 |
|
$ |
347 |
|
$ |
355 |
|
$ |
382 |
|
8 |
% |
9 |
% |
|
|
$ |
935 |
|
$ |
1,112 |
|
19 |
% |
(1) Asia GCB includes the results of operations of GCB activities in certain EMEA countries for all periods presented.
(2) Reflects the impact of foreign currency (FX) translation into U.S. Dollars at the third quarter of 2018 and year-to-date 2018 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.
GLOBAL CONSUMER BANKING ASIA (1) - PAGE 2 |
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 Increase/ |
| |||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
| |||||||
|
|
2017 |
|
2017 |
|
2018 |
|
2018 |
|
2018 |
|
2Q18 |
|
3Q17 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Retail Banking Key Indicators (in billions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Branches (actual) |
|
282 |
|
278 |
|
277 |
|
273 |
|
262 |
|
(4 |
)% |
(7 |
)% | |||||
Accounts (in millions) |
|
16.2 |
|
16.0 |
|
15.9 |
|
15.9 |
|
15.9 |
|
|
|
(2 |
)% | |||||
Average Deposits |
|
$ |
95.2 |
|
$ |
96.0 |
|
$ |
99.1 |
|
$ |
97.6 |
|
$ |
97.6 |
|
|
|
3 |
% |
Investment Sales |
|
$ |
11.8 |
|
$ |
10.7 |
|
$ |
12.5 |
|
$ |
9.5 |
|
$ |
9.1 |
|
(4 |
)% |
(23 |
)% |
Investment AUMs |
|
$ |
64.8 |
|
$ |
68.5 |
|
$ |
69.0 |
|
$ |
68.5 |
|
$ |
69.8 |
|
2 |
% |
8 |
% |
Average Loans |
|
$ |
67.4 |
|
$ |
68.8 |
|
$ |
70.7 |
|
$ |
69.9 |
|
$ |
69.2 |
|
(1 |
)% |
3 |
% |
EOP Loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Mortgages |
|
$ |
32.6 |
|
$ |
33.3 |
|
$ |
33.4 |
|
$ |
32.0 |
|
$ |
32.0 |
|
|
|
(2 |
)% |
Commercial Banking |
|
15.8 |
|
16.8 |
|
17.2 |
|
17.2 |
|
17.3 |
|
1 |
% |
9 |
% | |||||
Personal and Other |
|
19.1 |
|
19.9 |
|
20.2 |
|
20.1 |
|
20.2 |
|
|
|
6 |
% | |||||
Total EOP Loans |
|
$ |
67.5 |
|
$ |
70.0 |
|
$ |
70.8 |
|
$ |
69.3 |
|
$ |
69.5 |
|
|
|
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Net Interest Revenue (in millions) (2) |
|
$ |
690 |
|
$ |
695 |
|
$ |
708 |
|
$ |
716 |
|
$ |
711 |
|
(1 |
)% |
3 |
% |
As a % of Average Loans (2) |
|
4.06 |
% |
4.01 |
% |
4.06 |
% |
4.11 |
% |
4.08 |
% |
|
|
|
| |||||
Net Credit Losses (in millions) |
|
$ |
69 |
|
$ |
60 |
|
$ |
57 |
|
$ |
58 |
|
$ |
58 |
|
|
|
(16 |
)% |
As a % of Average Loans |
|
0.41 |
% |
0.35 |
% |
0.33 |
% |
0.33 |
% |
0.33 |
% |
|
|
|
| |||||
Loans 90+ Days Past Due (in millions) |
|
$ |
171 |
|
$ |
186 |
|
$ |
181 |
|
$ |
189 |
|
$ |
194 |
|
3 |
% |
13 |
% |
As a % of EOP Loans |
|
0.25 |
% |
0.27 |
% |
0.26 |
% |
0.27 |
% |
0.28 |
% |
|
|
|
| |||||
Loans 30-89 Days Past Due (in millions) |
|
$ |
291 |
|
$ |
321 |
|
$ |
355 |
|
$ |
319 |
|
$ |
302 |
|
(5 |
)% |
4 |
% |
As a % of EOP Loans |
|
0.43 |
% |
0.46 |
% |
0.50 |
% |
0.46 |
% |
0.43 |
% |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Citi-Branded Cards Key Indicators (in billions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
EOP Open Accounts (in millions) |
|
15.6 |
|
15.5 |
|
15.3 |
|
15.3 |
|
15.4 |
|
1 |
% |
(1 |
)% | |||||
Purchase Sales (in billions) |
|
$ |
20.3 |
|
$ |
21.9 |
|
$ |
21.5 |
|
$ |
21.3 |
|
$ |
20.9 |
|
(2 |
)% |
3 |
% |
Average Loans (in billions) (3) |
|
$ |
18.8 |
|
$ |
19.1 |
|
$ |
19.6 |
|
$ |
18.9 |
|
$ |
18.5 |
|
(2 |
)% |
(2 |
)% |
EOP Loans (in billions) (3) |
|
$ |
18.8 |
|
$ |
19.8 |
|
$ |
19.2 |
|
$ |
18.8 |
|
$ |
18.6 |
|
(1 |
)% |
(1 |
)% |
Average Yield (4) |
|
12.71 |
% |
12.67 |
% |
12.65 |
% |
12.55 |
% |
12.49 |
% |
|
|
(2 |
)% | |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Net Interest Revenue (in millions) (5) |
|
$ |
518 |
|
$ |
524 |
|
$ |
525 |
|
$ |
510 |
|
$ |
499 |
|
(2 |
)% |
(4 |
)% |
As a % of Average Loans (6) |
|
10.93 |
% |
10.88 |
% |
10.86 |
% |
10.82 |
% |
10.70 |
% |
|
|
|
| |||||
Net Credit Losses (in millions) |
|
$ |
101 |
|
$ |
102 |
|
$ |
105 |
|
$ |
112 |
|
$ |
107 |
|
(4 |
)% |
6 |
% |
As a % of Average Loans |
|
2.13 |
% |
2.12 |
% |
2.17 |
% |
2.38 |
% |
2.29 |
% |
|
|
|
| |||||
Net Credit Margin (in millions) (6) |
|
$ |
621 |
|
$ |
668 |
|
$ |
626 |
|
$ |
611 |
|
$ |
625 |
|
2 |
% |
1 |
% |
As a % of Average Loans (6) |
|
13.11 |
% |
13.88 |
% |
12.95 |
% |
12.97 |
% |
13.40 |
% |
|
|
|
| |||||
Loans 90+ Days Past Due |
|
$ |
191 |
|
$ |
199 |
|
$ |
198 |
|
$ |
192 |
|
$ |
188 |
|
(2 |
)% |
(2 |
)% |
As a % of EOP Loans |
|
1.02 |
% |
1.01 |
% |
1.03 |
% |
1.02 |
% |
1.01 |
% |
|
|
|
| |||||
Loans 30-89 Days Past Due |
|
$ |
254 |
|
$ |
259 |
|
$ |
260 |
|
$ |
260 |
|
$ |
251 |
|
(3 |
)% |
(1 |
)% |
As a % of EOP Loans |
|
1.35 |
% |
1.31 |
% |
1.35 |
% |
1.38 |
% |
1.35 |
% |
|
|
|
|
(1) Asia GCB includes the results of operations of GCB activities in certain EMEA countries for all periods presented.
(2) Also includes net interest revenue related to the regions average 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 on loans 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.
INSTITUTIONAL CLIENTS GROUP (In millions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 Increase/ |
|
Nine |
|
Nine |
|
YTD 2018 vs. |
| |||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
Months |
|
Months |
|
YTD 2017 Increase/ |
| |||||||||
|
|
2017 |
|
2017(1) |
|
2018 |
|
2018 |
|
2018 |
|
2Q18 |
|
3Q17 |
|
2017 |
|
2018 |
|
(Decrease) |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Commissions and Fees |
|
$ |
1,100 |
|
$ |
1,088 |
|
$ |
1,213 |
|
$ |
1,127 |
|
$ |
1,085 |
|
(4 |
)% |
(1 |
)% |
$ |
3,230 |
|
$ |
3,425 |
|
6 |
% |
Administration and Other Fiduciary Fees |
|
688 |
|
671 |
|
694 |
|
713 |
|
686 |
|
(4 |
)% |
|
|
1,997 |
|
2,093 |
|
5 |
% | |||||||
Investment Banking |
|
1,163 |
|
1,145 |
|
985 |
|
1,246 |
|
1,029 |
|
(17 |
)% |
(12 |
)% |
3,516 |
|
3,260 |
|
(7 |
)% | |||||||
Principal Transactions |
|
1,827 |
|
1,303 |
|
2,884 |
|
2,358 |
|
2,447 |
|
4 |
% |
34 |
% |
6,709 |
|
7,689 |
|
15 |
% | |||||||
Other(2) |
|
704 |
|
228 |
|
418 |
|
154 |
|
(18 |
) |
NM |
|
NM |
|
951 |
|
554 |
|
(42 |
)% | |||||||
Total Non-Interest Revenue |
|
5,482 |
|
4,435 |
|
6,194 |
|
5,598 |
|
5,229 |
|
(7 |
)% |
(5 |
)% |
16,403 |
|
17,021 |
|
4 |
% | |||||||
Net Interest Revenue (including Dividends) |
|
3,948 |
|
3,869 |
|
3,654 |
|
4,093 |
|
4,012 |
|
(2 |
)% |
2 |
% |
11,767 |
|
11,759 |
|
|
| |||||||
Total Revenues, Net of Interest Expense |
|
9,430 |
|
8,304 |
|
9,848 |
|
9,691 |
|
9,241 |
|
(5 |
)% |
(2 |
)% |
28,170 |
|
28,780 |
|
2 |
% | |||||||
Total Operating Expenses |
|
5,138 |
|
4,912 |
|
5,503 |
|
5,458 |
|
5,191 |
|
(5 |
)% |
1 |
% |
15,503 |
|
16,152 |
|
4 |
% | |||||||
Net Credit Losses |
|
44 |
|
225 |
|
105 |
|
(1 |
) |
23 |
|
NM |
|
(48 |
)% |
140 |
|
127 |
|
(9 |
)% | |||||||
Credit Reserve Build / (Release) |
|
(38 |
) |
8 |
|
(175 |
) |
32 |
|
7 |
|
(78 |
)% |
NM |
|
(229 |
) |
(136 |
) |
41 |
% | |||||||
Provision for Unfunded Lending Commitments |
|
(170 |
) |
34 |
|
29 |
|
(6 |
) |
41 |
|
NM |
|
NM |
|
(193 |
) |
64 |
|
NM |
| |||||||
Provision for Benefits and Claims |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Provisions for Credit Losses and for Benefits and Claims |
|
(164 |
) |
267 |
|
(41 |
) |
25 |
|
71 |
|
NM |
|
NM |
|
(282 |
) |
55 |
|
NM |
| |||||||
Income from Continuing Operations before Taxes |
|
4,456 |
|
3,125 |
|
4,386 |
|
4,208 |
|
3,979 |
|
(5 |
)% |
(11 |
)% |
12,949 |
|
12,573 |
|
(3 |
)% | |||||||
Income Taxes (3) |
|
1,394 |
|
2,912 |
|
1,057 |
|
971 |
|
862 |
|
(11 |
)% |
(38 |
)% |
4,096 |
|
2,890 |
|
(29 |
)% | |||||||
Income from Continuing Operations |
|
3,062 |
|
213 |
|
3,329 |
|
3,237 |
|
3,117 |
|
(4 |
)% |
2 |
% |
8,853 |
|
9,683 |
|
9 |
% | |||||||
Noncontrolling Interests |
|
14 |
|
10 |
|
15 |
|
12 |
|
(6 |
) |
NM |
|
NM |
|
47 |
|
21 |
|
(55 |
)% | |||||||
Net Income |
|
$ |
3,048 |
|
$ |
203 |
|
$ |
3,314 |
|
$ |
3,225 |
|
$ |
3,123 |
|
(3 |
)% |
2 |
% |
$ |
8,806 |
|
$ |
9,662 |
|
10 |
% |
EOP Assets (in billions) |
|
$ |
1,370 |
|
$ |
1,336 |
|
$ |
1,407 |
|
$ |
1,397 |
|
$ |
1,404 |
|
1 |
% |
2 |
% |
|
|
|
|
|
| ||
Average Assets (in billions) |
|
$ |
1,369 |
|
$ |
1,385 |
|
$ |
1,388 |
|
$ |
1,406 |
|
$ |
1,402 |
|
|
|
2 |
% |
$ |
1,349 |
|
$ |
1,399 |
|
4 |
% |
Return on Average Assets (ROA) |
|
0.88 |
% |
0.06 |
% |
0.97 |
% |
0.92 |
% |
0.88 |
% |
|
|
|
|
0.87 |
% |
0.92 |
% |
|
| |||||||
Efficiency Ratio |
|
54 |
% |
59 |
% |
56 |
% |
56 |
% |
56 |
% |
|
|
|
|
55 |
% |
56 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Revenue by Region |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
North America |
|
$ |
3,709 |
|
$ |
3,046 |
|
$ |
3,265 |
|
$ |
3,511 |
|
$ |
3,329 |
|
(5 |
)% |
(10 |
)% |
$ |
10,877 |
|
$ |
10,105 |
|
(7 |
)% |
EMEA |
|
2,703 |
|
2,441 |
|
3,167 |
|
3,043 |
|
2,927 |
|
(4 |
)% |
8 |
% |
8,438 |
|
9,137 |
|
8 |
% | |||||||
Latin America |
|
1,099 |
|
1,031 |
|
1,210 |
|
1,162 |
|
1,055 |
|
(9 |
)% |
(4 |
)% |
3,354 |
|
3,427 |
|
2 |
% | |||||||
Asia |
|
1,919 |
|
1,786 |
|
2,206 |
|
1,975 |
|
1,930 |
|
(2 |
)% |
1 |
% |
5,501 |
|
6,111 |
|
11 |
% | |||||||
Total Revenues, net of Interest Expense |
|
$ |
9,430 |
|
$ |
8,304 |
|
$ |
9,848 |
|
$ |
9,691 |
|
$ |
9,241 |
|
(5 |
)% |
(2 |
)% |
$ |
28,170 |
|
$ |
28,780 |
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Income (loss) from Continuing Operations by Region |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
North America |
|
$ |
1,298 |
|
$ |
(1,108 |
) |
$ |
857 |
|
$ |
1,028 |
|
$ |
870 |
|
(15 |
)% |
(33 |
)% |
$ |
3,463 |
|
$ |
2,755 |
|
(20 |
)% |
EMEA |
|
753 |
|
431 |
|
1,113 |
|
987 |
|
972 |
|
(2 |
)% |
29 |
% |
2,401 |
|
3,072 |
|
28 |
% | |||||||
Latin America |
|
388 |
|
333 |
|
491 |
|
514 |
|
541 |
|
5 |
% |
39 |
% |
1,211 |
|
1,546 |
|
28 |
% | |||||||
Asia |
|
623 |
|
557 |
|
868 |
|
708 |
|
734 |
|
4 |
% |
18 |
% |
1,778 |
|
2,310 |
|
30 |
% | |||||||
Income from Continuing Operations |
|
$ |
3,062 |
|
$ |
213 |
|
$ |
3,329 |
|
$ |
3,237 |
|
$ |
3,117 |
|
(4 |
)% |
2 |
% |
$ |
8,853 |
|
$ |
9,683 |
|
9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Average Loans by Region (in billions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
North America |
|
$ |
152 |
|
$ |
157 |
|
$ |
160 |
|
$ |
165 |
|
$ |
166 |
|
1 |
% |
9 |
% |
$ |
149 |
|
$ |
164 |
|
10 |
% |
EMEA |
|
71 |
|
73 |
|
78 |
|
80 |
|
82 |
|
3 |
% |
15 |
% |
68 |
|
80 |
|
18 |
% | |||||||
Latin America |
|
34 |
|
33 |
|
34 |
|
33 |
|
33 |
|
|
|
(3 |
)% |
34 |
|
33 |
|
(3 |
)% | |||||||
Asia |
|
64 |
|
65 |
|
67 |
|
68 |
|
65 |
|
(4 |
)% |
2 |
% |
61 |
|
67 |
|
10 |
% | |||||||
Total |
|
$ |
321 |
|
$ |
328 |
|
$ |
339 |
|
$ |
346 |
|
$ |
346 |
|
|
|
8 |
% |
$ |
312 |
|
$ |
344 |
|
10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
EOP Deposits by Region (in billions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
North America |
|
$ |
290 |
|
$ |
296 |
|
$ |
295 |
|
$ |
308 |
|
$ |
318 |
|
3 |
% |
9 |
% |
|
|
|
|
|
| ||
EMEA |
|
172 |
|
174 |
|
189 |
|
187 |
|
180 |
|
(4 |
)% |
5 |
% |
|
|
|
|
|
| |||||||
Latin America |
|
26 |
|
25 |
|
26 |
|
26 |
|
26 |
|
2 |
% |
2 |
% |
|
|
|
|
|
| |||||||
Asia |
|
152 |
|
145 |
|
156 |
|
155 |
|
161 |
|
4 |
% |
6 |
% |
|
|
|
|
|
| |||||||
Total |
|
$ |
640 |
|
$ |
640 |
|
$ |
666 |
|
$ |
676 |
|
$ |
685 |
|
1 |
% |
7 |
% |
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
EOP Deposits by Business (in billions) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Treasury and Trade Solutions |
|
$ |
428 |
|
$ |
432 |
|
$ |
449 |
|
$ |
459 |
|
$ |
470 |
|
2 |
% |
10 |
% |
|
|
|
|
|
| ||
All Other ICG Businesses |
|
212 |
|
208 |
|
217 |
|
217 |
|
215 |
|
(1 |
)% |
1 |
% |
|
|
|
|
|
| |||||||
Total |
|
$ |
640 |
|
$ |
640 |
|
$ |
666 |
|
$ |
676 |
|
$ |
685 |
|
1 |
% |
7 |
% |
|
|
|
|
|
|
(1) See footnote 1 on page 1.
(2) Third quarter of 2017 includes the $580 million gain on the sale of a fixed income analytics business.
(3) Income taxes in the fourth quarter of 2017 include $2.0 billion related to Tax Reform.
NM Not meaningful.
Reclassified to conform to the current periods presentation.
INSTITUTIONAL CLIENTS GROUP REVENUES BY BUSINESS (In millions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 Increase/ |
|
Nine |
|
Nine |
|
YTD 2018 vs. |
| |||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
Months |
|
Months |
|
YTD 2017 Increase/ |
| |||||||||
|
|
2017 |
|
2017 |
|
2018 |
|
2018 |
|
2018 |
|
2Q18 |
|
3Q17 |
|
2017 |
|
2018 |
|
(Decrease) |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Revenue Details: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Investment Banking: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Advisory |
|
$ |
240 |
|
$ |
316 |
|
$ |
215 |
|
$ |
361 |
|
$ |
262 |
|
(27 |
)% |
9 |
% |
$ |
807 |
|
$ |
838 |
|
4 |
% |
Equity Underwriting |
|
311 |
|
251 |
|
216 |
|
335 |
|
259 |
|
(23 |
)% |
(17 |
)% |
870 |
|
810 |
|
(7 |
)% | |||||||
Debt Underwriting |
|
729 |
|
726 |
|
699 |
|
726 |
|
660 |
|
(9 |
)% |
(9 |
)% |
2,400 |
|
2,085 |
|
(13 |
)% | |||||||
Total Investment Banking |
|
1,280 |
|
1,293 |
|
1,130 |
|
1,422 |
|
1,181 |
|
(17 |
)% |
(8 |
)% |
4,077 |
|
3,733 |
|
(8 |
)% | |||||||
Treasury and Trade Solutions |
|
2,185 |
|
2,236 |
|
2,268 |
|
2,336 |
|
2,283 |
|
(2 |
)% |
4 |
% |
6,399 |
|
6,887 |
|
8 |
% | |||||||
Corporate Lending - Excluding Gain/(Loss) on Loan Hedges |
|
506 |
|
513 |
|
521 |
|
589 |
|
563 |
|
(4 |
)% |
11 |
% |
1,425 |
|
1,673 |
|
17 |
% | |||||||
Private Bank |
|
790 |
|
776 |
|
904 |
|
848 |
|
849 |
|
|
|
7 |
% |
2,332 |
|
2,601 |
|
12 |
% | |||||||
Total Banking Revenues (Ex-Gain/(Loss) on Loan Hedges) (1) |
|
$ |
4,761 |
|
$ |
4,818 |
|
$ |
4,823 |
|
$ |
5,195 |
|
$ |
4,876 |
|
(6 |
)% |
2 |
% |
$ |
14,233 |
|
$ |
14,894 |
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Corporate Lending Gain/(Loss) on Loan Hedges (1) |
|
(48 |
) |
21 |
|
23 |
|
23 |
|
(106 |
) |
NM |
|
NM |
|
(154 |
) |
(60 |
) |
61 |
% | |||||||
Total Banking Revenues including G(L) on Loan Hedges (1) |
|
$ |
4,713 |
|
$ |
4,839 |
|
$ |
4,846 |
|
$ |
5,218 |
|
$ |
4,770 |
|
(9 |
)% |
1 |
% |
$ |
14,079 |
|
$ |
14,834 |
|
5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Fixed Income Markets |
|
$ |
2,936 |
|
$ |
2,463 |
|
$ |
3,418 |
|
$ |
3,076 |
|
$ |
3,199 |
|
4 |
% |
9 |
% |
$ |
9,888 |
|
$ |
9,693 |
|
(2 |
)% |
Equity Markets |
|
785 |
|
567 |
|
1,103 |
|
864 |
|
792 |
|
(8 |
)% |
1 |
% |
2,312 |
|
2,759 |
|
19 |
% | |||||||
Securities Services |
|
608 |
|
612 |
|
641 |
|
665 |
|
672 |
|
1 |
% |
11 |
% |
1,754 |
|
1,978 |
|
13 |
% | |||||||
Other (2) |
|
388 |
|
(177 |
) |
(160 |
) |
(132 |
) |
(192 |
) |
(45 |
)% |
NM |
|
137 |
|
(484 |
) |
NM |
| |||||||
Total Markets and Securities Services |
|
$ |
4,717 |
|
$ |
3,465 |
|
$ |
5,002 |
|
$ |
4,473 |
|
$ |
4,471 |
|
|
|
(5 |
)% |
$ |
14,091 |
|
$ |
13,946 |
|
(1 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Revenues, net of Interest Expense |
|
$ |
9,430 |
|
$ |
8,304 |
|
$ |
9,848 |
|
$ |
9,691 |
|
$ |
9,241 |
|
(5 |
)% |
(2 |
)% |
$ |
28,170 |
|
$ |
28,780 |
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Taxable-equivalent adjustments (3) |
|
$ |
176 |
|
$ |
174 |
|
$ |
96 |
|
$ |
96 |
|
$ |
98 |
|
2 |
% |
(44 |
)% |
$ |
542 |
|
$ |
290 |
|
(46 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total ICG Revenues including taxable-equivalent adjustments (3) |
|
$ |
9,606 |
|
$ |
8,478 |
|
$ |
9,944 |
|
$ |
9,787 |
|
$ |
9,339 |
|
(5 |
)% |
(3 |
)% |
$ |
28,712 |
|
$ |
29,070 |
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Commissions and Fees |
|
$ |
171 |
|
$ |
170 |
|
$ |
176 |
|
$ |
182 |
|
$ |
165 |
|
(9 |
)% |
(4 |
)% |
$ |
471 |
|
$ |
523 |
|
11 |
% |
Principal Transactions (4) |
|
1,592 |
|
1,108 |
|
2,184 |
|
2,108 |
|
2,020 |
|
(4 |
)% |
27 |
% |
5,887 |
|
6,312 |
|
7 |
% | |||||||
Other |
|
130 |
|
132 |
|
276 |
|
28 |
|
84 |
|
NM |
|
(35 |
)% |
464 |
|
388 |
|
(16 |
)% | |||||||
Total Non-Interest Revenue |
|
$ |
1,893 |
|
$ |
1,410 |
|
$ |
2,636 |
|
$ |
2,318 |
|
$ |
2,269 |
|
(2 |
)% |
20 |
% |
$ |
6,822 |
|
$ |
7,223 |
|
6 |
% |
Net Interest Revenue |
|
1,043 |
|
1,053 |
|
782 |
|
758 |
|
930 |
|
23 |
% |
(11 |
)% |
3,066 |
|
2,470 |
|
(19 |
)% | |||||||
Total Fixed Income Markets |
|
$ |
2,936 |
|
$ |
2,463 |
|
$ |
3,418 |
|
$ |
3,076 |
|
$ |
3,199 |
|
4 |
% |
9 |
% |
$ |
9,888 |
|
$ |
9,693 |
|
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Rates and Currencies |
|
$ |
2,189 |
|
$ |
1,912 |
|
$ |
2,470 |
|
$ |
2,235 |
|
$ |
2,347 |
|
5 |
% |
7 |
% |
$ |
6,973 |
|
$ |
7,052 |
|
1 |
% |
Spread Products / Other Fixed Income |
|
747 |
|
551 |
|
948 |
|
841 |
|
852 |
|
1 |
% |
14 |
% |
2,915 |
|
2,641 |
|
(9 |
)% | |||||||
Total Fixed Income Markets |
|
$ |
2,936 |
|
$ |
2,463 |
|
$ |
3,418 |
|
$ |
3,076 |
|
$ |
3,199 |
|
4 |
% |
9 |
% |
$ |
9,888 |
|
$ |
9,693 |
|
(2 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Commissions and Fees |
|
$ |
309 |
|
$ |
313 |
|
$ |
361 |
|
$ |
308 |
|
$ |
284 |
|
(8 |
)% |
(8 |
)% |
$ |
958 |
|
$ |
953 |
|
(1 |
)% |
Principal Transactions (4) |
|
211 |
|
79 |
|
537 |
|
101 |
|
284 |
|
NM |
|
35 |
% |
399 |
|
922 |
|
NM |
| |||||||
Other |
|
(5 |
) |
9 |
|
80 |
|
20 |
|
(3 |
) |
NM |
|
40 |
% |
(2 |
) |
97 |
|
NM |
| |||||||
Total Non-Interest Revenue |
|
$ |
515 |
|
$ |
401 |
|
$ |
978 |
|
$ |
429 |
|
$ |
565 |
|
32 |
% |
10 |
% |
$ |
1,355 |
|
$ |
1,972 |
|
46 |
% |
Net Interest Revenue |
|
270 |
|
166 |
|
125 |
|
435 |
|
227 |
|
(48 |
)% |
(16 |
)% |
957 |
|
787 |
|
(18 |
)% | |||||||
Total Equity Markets |
|
$ |
785 |
|
$ |
567 |
|
$ |
1,103 |
|
$ |
864 |
|
$ |
792 |
|
(8 |
)% |
1 |
% |
$ |
2,312 |
|
$ |
2,759 |
|
19 |
% |
(1) Credit derivatives are used to economically hedge a portion of the corporate loan portfolio that includes both accrual loans and loans at fair value. Gain/(loss) on loan hedges includes the mark-to-market on the credit derivatives partially offset by the mark-to-market on the loans in the portfolio that are at fair value. 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 are netted against the corporate lending revenues to reflect the cost of credit protection. Citigroups results of operations excluding the impact of gain/(loss) on loan hedges are non-GAAP financial measures.
(2) Third quarter of 2017 includes the $580 million gain on the sale of a fixed income analytics business.
(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.
(4) Excludes principal transactions revenues of ICG businesses other than Markets, primarily treasury and trade solutions and the private bank.
NM Not meaningful.
Reclassified to conform to the current periods presentation.
CORPORATE / OTHER (1) (In millions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 Increase/ |
|
Nine |
|
Nine |
|
YTD 2018 vs. |
| |||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
Months |
|
Months |
|
YTD 2017 Increase/ |
| |||||||||
|
|
2017 |
|
2017(2) |
|
2018 |
|
2018 |
|
2018 |
|
2Q18 |
|
3Q17 |
|
2017 |
|
2018 |
|
(Decrease) |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Interest Revenue |
|
$ |
516 |
|
$ |
429 |
|
$ |
538 |
|
$ |
553 |
|
$ |
554 |
|
|
|
7 |
% |
$ |
1,571 |
|
$ |
1,645 |
|
5 |
% |
Non-interest revenue |
|
3 |
|
322 |
|
53 |
|
(25 |
) |
(60 |
) |
NM |
|
NM |
|
810 |
|
(32 |
) |
NM |
| |||||||
Total Revenues, Net of Interest Expense |
|
519 |
|
751 |
|
591 |
|
528 |
|
494 |
|
(6 |
)% |
(5 |
)% |
2,381 |
|
1,613 |
|
(32 |
)% | |||||||
Total Operating Expenses |
|
827 |
|
857 |
|
741 |
|
599 |
|
459 |
|
(23 |
)% |
(44 |
)% |
2,957 |
|
1,799 |
|
(39 |
)% | |||||||
Net Credit Losses |
|
29 |
|
15 |
|
26 |
|
(21 |
) |
19 |
|
NM |
|
(34 |
)% |
134 |
|
24 |
|
(82 |
)% | |||||||
Credit Reserve Build / (Release) |
|
(79 |
) |
(49 |
) |
(33 |
) |
(95 |
) |
(43 |
) |
55 |
% |
46 |
% |
(268 |
) |
(171 |
) |
36 |
% | |||||||
Provision for Benefits and Claims |
|
|
|
(8 |
) |
|
|
(1 |
) |
(1 |
) |
|
|
NM |
|
1 |
|
(2 |
) |
NM |
| |||||||
Provision for Unfunded Lending Commitments |
|
|
|
(3 |
) |
|
|
(1 |
) |
(5 |
) |
NM |
|
NM |
|
3 |
|
(6 |
) |
NM |
| |||||||
Total provisions for credit losses and for benefits and claims |
|
(50 |
) |
(45 |
) |
(7 |
) |
(118 |
) |
(30 |
) |
75 |
% |
40 |
% |
(130 |
) |
(155 |
) |
(19 |
)% | |||||||
Income from Continuing Operations before Taxes |
|
(258 |
) |
(61 |
) |
(143 |
) |
47 |
|
65 |
|
38 |
% |
NM |
|
(446 |
) |
(31 |
) |
93 |
% | |||||||
Income Taxes (Benefits) (3) |
|
(163 |
) |
19,499 |
|
(69 |
) |
62 |
|
116 |
|
87 |
% |
NM |
|
(435 |
) |
109 |
|
NM |
| |||||||
Income (Loss) from Continuing Operations |
|
(95 |
) |
(19,560 |
) |
(74 |
) |
(15 |
) |
(51 |
) |
NM |
|
46 |
% |
(11 |
) |
(140 |
) |
NM |
| |||||||
Income (Loss) from Discontinued Operations, net of taxes |
|
(5 |
) |
(109 |
) |
(7 |
) |
15 |
|
(8 |
) |
NM |
|
(60 |
)% |
(2 |
) |
|
|
100 |
% | |||||||
Noncontrolling Interests |
|
(17 |
) |
7 |
|
5 |
|
13 |
|
8 |
|
(38 |
)% |
NM |
|
(13 |
) |
26 |
|
NM |
| |||||||
Net Income (Loss) |
|
$ |
(83 |
) |
$ |
(19,676 |
) |
$ |
(86 |
) |
$ |
(13 |
) |
$ |
(67 |
) |
NM |
|
19 |
% |
$ |
|
|
$ |
(166 |
) |
NM |
|
EOP Assets (in billions of dollars) |
|
$ |
100 |
|
$ |
78 |
|
$ |
92 |
|
$ |
93 |
|
$ |
94 |
|
1 |
% |
(6 |
)% |
|
|
|
|
|
| ||
Average Assets (in billions of dollars) |
|
$ |
102 |
|
$ |
102 |
|
$ |
93 |
|
$ |
94 |
|
$ |
97 |
|
3 |
% |
(5 |
)% |
$ |
100 |
|
$ |
95 |
|
(5 |
)% |
Return on Average Assets |
|
(0.32 |
)% |
(76.53 |
)% |
(0.38 |
)% |
(0.06 |
)% |
(0.27 |
)% |
|
|
|
|
0.00 |
% |
(0.23 |
)% |
|
| |||||||
Efficiency Ratio |
|
159 |
% |
114 |
% |
125 |
% |
113 |
% |
93 |
% |
|
|
|
|
124 |
% |
112 |
% |
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Corporate/Other Consumer Key Indicators: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Consumer - International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Branches (actual) |
|
49 |
|
49 |
|
48 |
|
2 |
|
|
|
(100 |
)% |
(100 |
)% |
|
|
|
|
|
| |||||||
Average Loans (in billions) |
|
$ |
1.9 |
|
$ |
1.7 |
|
$ |
1.7 |
|
$ |
1.1 |
|
$ |
|
|
(100 |
)% |
(100 |
)% |
$ |
2.0 |
|
$ |
0.9 |
|
|
|
EOP Loans (in billions) |
|
$ |
1.7 |
|
$ |
1.6 |
|
$ |
1.7 |
|
$ |
|
|
$ |
|
|
|
|
(100 |
)% |
|
|
|
|
|
| ||
Net Interest Revenue |
|
$ |
63 |
|
$ |
74 |
|
$ |
88 |
|
$ |
64 |
|
$ |
|
|
(100 |
)% |
(100 |
)% |
|
|
|
|
|
| ||
As a % of Average Loans |
|
13.16 |
% |
17.27 |
% |
20.99 |
% |
23.34 |
% |
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
$ |
25 |
|
$ |
7 |
|
$ |
23 |
|
$ |
19 |
|
$ |
|
|
(100 |
)% |
(100 |
)% |
$ |
75 |
|
$ |
42 |
|
|
|
As a % of Average Loans |
|
5.22 |
% |
1.63 |
% |
5.49 |
% |
6.93 |
% |
|
|
|
|
|
|
3.75 |
% |
4.67 |
% |
|
| |||||||
Loans 90+ Days Past Due |
|
$ |
57 |
|
$ |
43 |
|
$ |
32 |
|
$ |
|
|
$ |
|
|
|
|
(100 |
)% |
|
|
|
|
|
| ||
As a % of EOP Loans |
|
3.35 |
% |
2.69 |
% |
1.88 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Loans 30-89 Days Past Due |
|
$ |
47 |
|
$ |
40 |
|
$ |
44 |
|
$ |
|
|
$ |
|
|
|
|
(100 |
)% |
|
|
|
|
|
| ||
As a % of EOP Loans |
|
2.76 |
% |
2.50 |
% |
2.59 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Consumer - North America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Branches (actual) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Average Loans (in billions of dollars) |
|
$ |
23.9 |
|
$ |
21.9 |
|
$ |
20.6 |
|
$ |
18.4 |
|
$ |
17.0 |
|
(8 |
)% |
(29 |
)% |
$ |
26.5 |
|
$ |
18.7 |
|
|
|
EOP Loans (in billions of dollars) |
|
$ |
23.0 |
|
$ |
21.2 |
|
$ |
19.3 |
|
$ |
17.6 |
|
$ |
16.4 |
|
(7 |
)% |
(29 |
)% |
|
|
|
|
|
| ||
Net Interest Revenue |
|
$ |
168 |
|
$ |
174 |
|
$ |
169 |
|
$ |
148 |
|
$ |
154 |
|
4 |
% |
(8 |
)% |
|
|
|
|
|
| ||
As a % of Average Loans |
|
2.79 |
% |
3.15 |
% |
3.33 |
% |
3.23 |
% |
3.59 |
% |
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
$ |
27 |
|
$ |
10 |
|
$ |
12 |
|
$ |
(39 |
) |
$ |
12 |
|
NM |
|
(56 |
)% |
$ |
64 |
|
$ |
(15 |
) |
|
|
As a % of Average Loans |
|
0.45 |
% |
0.18 |
% |
0.24 |
% |
(0.85 |
)% |
0.28 |
% |
|
|
|
|
0.24 |
% |
-0.08 |
% |
|
| |||||||
Loans 90+ Days Past Due (3) |
|
$ |
548 |
|
$ |
514 |
|
$ |
446 |
|
$ |
415 |
|
$ |
401 |
|
(3 |
)% |
(27 |
)% |
|
|
|
|
|
| ||
As a % of EOP Loans |
|
2.51 |
% |
2.56 |
% |
2.42 |
% |
2.49 |
% |
2.57 |
% |
|
|
|
|
|
|
|
|
|
| |||||||
Loans 30-89 Days Past Due (3) |
|
$ |
596 |
|
$ |
502 |
|
$ |
349 |
|
$ |
355 |
|
$ |
422 |
|
19 |
% |
(29 |
)% |
|
|
|
|
|
| ||
As a % of EOP Loans |
|
2.73 |
% |
2.50 |
% |
1.90 |
% |
2.13 |
% |
2.71 |
% |
|
|
|
|
|
|
|
|
|
|
(1) Includes certain costs of global staff functions, other corporate expenses and certain global operations and technology expenses, Corporate Treasury, certain North America and International consumer loan portfolios, Discontinued operations and other legacy assets.
(2) See footnote 1 on page 1.
(3) Income taxes in the fourth quarter of 2017 include $19.8 billion related to Tax Reform.
NM Not meaningful.
Reclassified to conform to the current periods presentation.
CORPORATE / OTHER CONSUMER KEY INDICATORS - Continued (In millions of dollars, except as otherwise noted) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 Increase/ |
| |||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
| |||||||
|
|
2017 |
|
2017 |
|
2018 |
|
2018 |
|
2018 |
|
2Q18 |
|
3Q17 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
North America Mortgages |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Residential First |
|
$ |
10.2 |
|
$ |
9.4 |
|
$ |
9.0 |
|
$ |
7.9 |
|
$ |
7.3 |
|
(8 |
)% |
(28 |
)% |
Home Equity |
|
11.9 |
|
11.1 |
|
10.3 |
|
9.3 |
|
8.5 |
|
(9 |
)% |
(29 |
)% | |||||
Average Loans (in billions of dollars) |
|
$ |
22.1 |
|
$ |
20.5 |
|
$ |
19.3 |
|
$ |
17.2 |
|
$ |
15.8 |
|
(8 |
)% |
(29 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Residential First |
|
$ |
10.1 |
|
$ |
9.3 |
|
$ |
8.1 |
|
$ |
7.6 |
|
$ |
7.0 |
|
(8 |
)% |
(31 |
)% |
Home Equity |
|
11.5 |
|
10.6 |
|
9.9 |
|
8.8 |
|
8.2 |
|
(7 |
)% |
(29 |
)% | |||||
EOP Loans (in billions of dollars) |
|
$ |
21.6 |
|
$ |
19.9 |
|
$ |
18.0 |
|
$ |
16.4 |
|
$ |
15.2 |
|
(7 |
)% |
(30 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Third Party Mortgage Serv. Portfolio (EOP, in billions) |
|
$ |
12.6 |
|
$ |
12.1 |
|
$ |
11.6 |
|
$ |
11.0 |
|
$ |
10.4 |
|
(5 |
)% |
(17 |
)% |
Net Servicing & Gain/(Loss) on Sale |
|
$ |
20.8 |
|
$ |
23.5 |
|
$ |
8.5 |
|
$ |
18.1 |
|
$ |
69.3 |
|
NM |
|
NM |
|
Net Interest Revenue |
|
$ |
77 |
|
$ |
78 |
|
$ |
88 |
|
$ |
80 |
|
$ |
82 |
|
3 |
% |
6 |
% |
As a % of Avg. Loans |
|
1.38 |
% |
1.51 |
% |
1.85 |
% |
1.87 |
% |
2.06 |
% |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Residential First |
|
$ |
1 |
|
$ |
(1 |
) |
$ |
3 |
|
$ |
2 |
|
$ |
11 |
|
NM |
|
NM |
|
Home Equity |
|
23 |
|
8 |
|
7 |
|
(42 |
) |
(1 |
) |
98 |
% |
NM |
| |||||
Net Credit Losses (NCLs) |
|
$ |
24 |
|
$ |
7 |
|
$ |
10 |
|
$ |
(40 |
) |
$ |
10 |
|
NM |
|
(58 |
)% |
As a % of Avg. Loans |
|
0.43 |
% |
0.14 |
% |
0.21 |
% |
(0.93 |
)% |
0.25 |
% |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Residential First |
|
$ |
194 |
|
$ |
173 |
|
$ |
142 |
|
$ |
141 |
|
$ |
149 |
|
6 |
% |
(23 |
)% |
Home Equity |
|
346 |
|
334 |
|
298 |
|
269 |
|
245 |
|
(9 |
)% |
(29 |
)% | |||||
Loans 90+ Days Past Due (1) |
|
$ |
540 |
|
$ |
507 |
|
$ |
440 |
|
$ |
410 |
|
$ |
394 |
|
(4 |
)% |
(27 |
)% |
As a % of EOP Loans |
|
2.65 |
% |
2.70 |
% |
2.57 |
% |
2.65 |
% |
2.74 |
% |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Residential First |
|
$ |
365 |
|
$ |
284 |
|
$ |
184 |
|
$ |
197 |
|
$ |
247 |
|
25 |
% |
(32 |
)% |
Home Equity |
|
209 |
|
195 |
|
148 |
|
141 |
|
155 |
|
10 |
% |
(26 |
)% | |||||
Loans 30-89 Days Past Due (1) |
|
$ |
574 |
|
$ |
479 |
|
$ |
332 |
|
$ |
338 |
|
$ |
402 |
|
19 |
% |
(30 |
)% |
As a % of EOP Loans |
|
2.81 |
% |
2.55 |
% |
1.94 |
% |
2.18 |
% |
2.79 |
% |
|
|
|
|
(1) 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 $0.7 billion and ($1.2 billion), $0.6 billion and ($1.1 billion), $0.5 billion and ($0.9 billion), and $0.4 billion and ($0.9 billion), and $0.4 billion and ($0.8 billion) as of September 30, 2017, December 31, 2017, March 31, 2018, June 30, 2018 and September 30, 2018, respectively.
The amounts excluded for Loans 30-89 Days Past Due and (EOP Loans) for each period were $0.1 billion and ($1.2 billion), $0.1 billion and ($1.1 billion), $0.1 billion and ($0.9 billion), and $0.1 billion and ($0.9 billion), and $0.1 billion and ($0.8 billion) as of September 30, 2017, December 31, 2017, March 31, 2018, June 30, 2018 and September 30, 2018, respectively.
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 |
|
2017 |
|
2018 |
|
2018 |
|
2017 |
|
2018 |
|
2018 |
|
2017 |
|
2018 |
|
2018 |
| ||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Deposits with Banks |
|
$ |
176,942 |
|
$ |
176,151 |
|
$ |
186,907 |
|
$ |
486 |
|
$ |
493 |
|
$ |
629 |
|
1.09 |
% |
1.12 |
% |
1.34 |
% |
Fed Funds Sold and Resale Agreements (6) |
|
245,451 |
|
271,371 |
|
268,509 |
|
858 |
|
1,336 |
|
1,425 |
|
1.39 |
% |
1.97 |
% |
2.11 |
% | ||||||
Trading Account Assets (7) |
|
204,607 |
|
210,631 |
|
205,013 |
|
1,473 |
|
1,773 |
|
1,662 |
|
2.86 |
% |
3.38 |
% |
3.22 |
% | ||||||
Investments |
|
352,026 |
|
347,787 |
|
347,490 |
|
2,154 |
|
2,408 |
|
2,421 |
|
2.43 |
% |
2.78 |
% |
2.76 |
% | ||||||
Total Loans (net of Unearned Income) (8) |
|
646,321 |
|
669,744 |
|
670,273 |
|
10,774 |
|
11,209 |
|
11,657 |
|
6.61 |
% |
6.71 |
% |
6.90 |
% | ||||||
Other Interest-Earning Assets |
|
61,677 |
|
69,341 |
|
63,741 |
|
292 |
|
394 |
|
434 |
|
1.88 |
% |
2.28 |
% |
2.70 |
% | ||||||
Total Average Interest-Earning Assets |
|
$ |
1,687,024 |
|
$ |
1,745,025 |
|
$ |
1,741,933 |
|
$ |
16,037 |
|
$ |
17,613 |
|
$ |
18,228 |
|
3.77 |
% |
4.05 |
% |
4.15 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Deposits (excluding deposit insurance and FDIC Assessment) |
|
$ |
757,442 |
|
$ |
785,620 |
|
$ |
793,876 |
|
$ |
1,474 |
|
$ |
1,925 |
|
$ |
2,269 |
|
0.77 |
% |
0.98 |
% |
1.13 |
% |
Deposit Insurance and FDIC Assessment |
|
|
|
|
|
|
|
301 |
|
319 |
|
311 |
|
|
|
|
|
|
| ||||||
Total Deposits |
|
757,442 |
|
785,620 |
|
793,876 |
|
1,775 |
|
2,244 |
|
2,580 |
|
0.93 |
% |
1.15 |
% |
1.29 |
% | ||||||
Fed Funds Purchased and Repurchase Agreements (6) |
|
158,064 |
|
171,073 |
|
175,832 |
|
712 |
|
1,224 |
|
1,250 |
|
1.79 |
% |
2.87 |
% |
2.82 |
% | ||||||
Trading Account Liabilities (7) |
|
89,809 |
|
97,151 |
|
96,131 |
|
169 |
|
236 |
|
273 |
|
0.75 |
% |
0.97 |
% |
1.13 |
% | ||||||
Short-Term Borrowings |
|
98,139 |
|
108,192 |
|
108,171 |
|
318 |
|
523 |
|
578 |
|
1.29 |
% |
1.94 |
% |
2.12 |
% | ||||||
Long-Term Debt (9) |
|
203,064 |
|
203,271 |
|
205,589 |
|
1,405 |
|
1,658 |
|
1,687 |
|
2.75 |
% |
3.27 |
% |
3.26 |
% | ||||||
Total Average Interest-Bearing Liabilities |
|
$ |
1,306,518 |
|
$ |
1,365,307 |
|
$ |
1,379,599 |
|
$ |
4,379 |
|
$ |
5,885 |
|
$ |
6,368 |
|
1.33 |
% |
1.73 |
% |
1.83 |
% |
Total Average Interest-Bearing Liabilities (excluding deposit insurance and FDIC Assessment) |
|
$ |
1,306,518 |
|
$ |
1,365,307 |
|
$ |
1,379,599 |
|
$ |
4,078 |
|
$ |
5,566 |
|
$ |
6,057 |
|
1.24 |
% |
1.64 |
% |
1.74 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Net Interest Revenue as a % of Average Interest-Earning Assets (NIM) |
|
|
|
|
|
|
|
$ |
11,658 |
|
$ |
11,728 |
|
$ |
11,860 |
|
2.74 |
% |
2.70 |
% |
2.70 |
% | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
NIR as a % of Average Interest-Earning Assets (NIM) (excluding deposit insurance and FDIC Assessment) |
|
|
|
|
|
|
|
$ |
11,959 |
|
$ |
12,047 |
|
$ |
12,171 |
|
2.81 |
% |
2.77 |
% |
2.77 |
% | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
3Q18 Increase (Decrease) From |
|
|
|
|
|
|
|
|
|
|
|
|
|
(4 |
)bps |
|
bps |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
3Q18 Increase (Decrease) (excluding deposit insurance and FDIC Assessment) From |
|
|
|
|
|
|
|
|
|
|
|
|
|
(4 |
)bps |
|
bps |
|
|
(1) Interest Revenue includes the taxable equivalent adjustments (based on the U.S. federal statutory tax rates of 21% in 2018 and 35% in 2017) of $123 million for the third quarter of 2017, $63 million for the second quarter of 2018 and $58 million for the third quarter of 2018.
(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) Third quarter of 2018 is 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 ASU 2013-01 (Topic 210).
(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) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 Increase/ |
| |||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
| |||||||
|
|
2017 |
|
2017 |
|
2018 |
|
2018 |
|
2018 |
|
2Q18 |
|
3Q17 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Global Consumer Banking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
North America |
|
$ |
185.1 |
|
$ |
182.5 |
|
$ |
184.3 |
|
$ |
181.7 |
|
$ |
181.9 |
|
|
|
(2 |
)% |
Latin America |
|
28.3 |
|
27.1 |
|
29.6 |
|
28.4 |
|
30.1 |
|
6 |
% |
6 |
% | |||||
Asia (1) |
|
96.6 |
|
97.7 |
|
100.5 |
|
97.8 |
|
98.7 |
|
1 |
% |
2 |
% | |||||
Total |
|
$ |
310.0 |
|
$ |
307.3 |
|
$ |
314.4 |
|
$ |
307.9 |
|
$ |
310.7 |
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
ICG |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
North America |
|
$ |
290.2 |
|
$ |
295.9 |
|
$ |
294.8 |
|
$ |
308.1 |
|
$ |
317.5 |
|
3 |
% |
9 |
% |
EMEA |
|
171.7 |
|
173.7 |
|
188.8 |
|
187.1 |
|
180.0 |
|
(4 |
)% |
5 |
% | |||||
Latin America |
|
25.8 |
|
25.4 |
|
26.1 |
|
25.9 |
|
26.3 |
|
2 |
% |
2 |
% | |||||
Asia |
|
151.9 |
|
144.5 |
|
156.3 |
|
154.5 |
|
160.9 |
|
4 |
% |
6 |
% | |||||
Total |
|
$ |
639.6 |
|
$ |
639.5 |
|
$ |
666.0 |
|
$ |
675.6 |
|
$ |
684.7 |
|
1 |
% |
7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Corporate/Other |
|
$ |
14.4 |
|
$ |
13.0 |
|
$ |
20.8 |
|
$ |
13.2 |
|
$ |
9.8 |
|
(26 |
)% |
(32 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Deposits - EOP |
|
$ |
964.0 |
|
$ |
959.8 |
|
$ |
1,001.2 |
|
$ |
996.7 |
|
$ |
1,005.2 |
|
1 |
% |
4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Deposits - Average |
|
$ |
965.9 |
|
$ |
973.3 |
|
$ |
981.9 |
|
$ |
986.2 |
|
$ |
985.7 |
|
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Foreign Currency (FX) Translation Impact: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total EOP Deposits - as Reported |
|
$ |
964.0 |
|
$ |
959.8 |
|
$ |
1,001.2 |
|
$ |
996.7 |
|
$ |
1,005.2 |
|
1 |
% |
4 |
% |
Impact of FX Translation (2) |
|
(10.6 |
) |
(12.1 |
) |
(20.1 |
) |
(2.4 |
) |
|
|
|
|
|
| |||||
Total EOP Deposits - Ex-FX (2) |
|
$ |
953.4 |
|
$ |
947.7 |
|
$ |
981.1 |
|
$ |
994.3 |
|
$ |
1,005.2 |
|
1 |
% |
5 |
% |
(1) Asia GCB includes deposits of certain EMEA countries for all periods presented.
(2) Reflects the impact of FX translation into U.S. Dollars at the third quarter of 2018 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 (In billions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 Increase/ |
| |||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
| |||||||
|
|
2017 |
|
2017 |
|
2018 |
|
2018 |
|
2018 |
|
2Q18 |
|
3Q17 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Global Consumer Banking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
North America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Credit Cards |
|
$ |
132.2 |
|
$ |
139.7 |
|
$ |
131.7 |
|
$ |
136.7 |
|
$ |
137.8 |
|
1 |
% |
4 |
% |
Retail Banking |
|
55.7 |
|
56.0 |
|
55.4 |
|
55.7 |
|
56.3 |
|
1 |
% |
1 |
% | |||||
Total |
|
$ |
187.9 |
|
$ |
195.7 |
|
$ |
187.1 |
|
$ |
192.4 |
|
$ |
194.1 |
|
1 |
% |
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Latin America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Credit Cards |
|
$ |
5.6 |
|
$ |
5.4 |
|
$ |
5.7 |
|
$ |
5.4 |
|
$ |
5.8 |
|
7 |
% |
4 |
% |
Retail Banking |
|
21.0 |
|
19.9 |
|
21.2 |
|
20.1 |
|
21.0 |
|
4 |
% |
|
| |||||
Total |
|
$ |
26.6 |
|
$ |
25.3 |
|
$ |
26.9 |
|
$ |
25.5 |
|
$ |
26.8 |
|
5 |
% |
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Asia (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Credit Cards |
|
$ |
18.8 |
|
$ |
19.8 |
|
$ |
19.2 |
|
$ |
18.8 |
|
$ |
18.6 |
|
(1 |
)% |
(1 |
)% |
Retail Banking |
|
67.5 |
|
70.0 |
|
70.8 |
|
69.3 |
|
69.5 |
|
|
|
3 |
% | |||||
Total |
|
$ |
86.3 |
|
$ |
89.8 |
|
$ |
90.0 |
|
$ |
88.1 |
|
$ |
88.1 |
|
|
|
2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total GCB Consumer Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Credit Cards |
|
$ |
156.6 |
|
$ |
164.9 |
|
$ |
156.6 |
|
$ |
160.9 |
|
$ |
162.2 |
|
1 |
% |
4 |
% |
Retail Banking |
|
144.2 |
|
145.9 |
|
147.4 |
|
145.1 |
|
146.8 |
|
1 |
% |
2 |
% | |||||
Total GCB |
|
$ |
300.8 |
|
$ |
310.8 |
|
$ |
304.0 |
|
$ |
306.0 |
|
$ |
309.0 |
|
1 |
% |
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Corporate/Other - Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
North America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Mortgages |
|
$ |
21.6 |
|
$ |
19.9 |
|
$ |
18.0 |
|
$ |
16.4 |
|
$ |
15.2 |
|
(7 |
)% |
(30 |
)% |
Other |
|
1.4 |
|
1.3 |
|
1.3 |
|
1.2 |
|
1.2 |
|
|
|
(14 |
)% | |||||
Total |
|
$ |
23.0 |
|
$ |
21.2 |
|
$ |
19.3 |
|
$ |
17.6 |
|
$ |
16.4 |
|
(7 |
)% |
(29 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
International |
|
$ |
1.7 |
|
$ |
1.6 |
|
$ |
1.7 |
|
$ |
|
|
$ |
|
|
|
|
(100 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Corporate/Other - Other Consumer |
|
0.1 |
|
0.1 |
|
0.1 |
|
|
|
0.1 |
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Corporate/Other - Consumer |
|
$ |
24.8 |
|
$ |
22.9 |
|
$ |
21.1 |
|
$ |
17.6 |
|
$ |
16.5 |
|
(6 |
)% |
(33 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Consumer Loans |
|
$ |
325.6 |
|
$ |
333.7 |
|
$ |
325.1 |
|
$ |
323.6 |
|
$ |
325.5 |
|
1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Corporate Loans - By Region |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
North America |
|
$ |
155.7 |
|
$ |
159.2 |
|
$ |
163.0 |
|
$ |
165.4 |
|
$ |
167.8 |
|
1 |
% |
8 |
% |
EMEA |
|
72.8 |
|
74.4 |
|
82.1 |
|
82.9 |
|
83.8 |
|
1 |
% |
15 |
% | |||||
Latin America |
|
33.7 |
|
33.5 |
|
33.8 |
|
32.3 |
|
34.0 |
|
5 |
% |
1 |
% | |||||
Asia |
|
65.4 |
|
66.3 |
|
69.0 |
|
66.9 |
|
63.8 |
|
(5 |
)% |
(2 |
)% | |||||
Total Corporate Loans |
|
$ |
327.6 |
|
$ |
333.4 |
|
$ |
347.9 |
|
$ |
347.5 |
|
$ |
349.4 |
|
1 |
% |
7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Corporate Loans - By Product |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Corporate Lending |
|
$ |
123.0 |
|
$ |
126.4 |
|
$ |
134.6 |
|
$ |
130.5 |
|
$ |
127.8 |
|
(2 |
)% |
4 |
% |
Private Bank |
|
84.4 |
|
87.4 |
|
90.1 |
|
92.3 |
|
94.4 |
|
2 |
% |
12 |
% | |||||
Treasury and Trade Solutions |
|
78.5 |
|
79.6 |
|
81.9 |
|
79.7 |
|
79.3 |
|
(1 |
)% |
1 |
% | |||||
Markets and Securities Services |
|
41.7 |
|
40.0 |
|
41.3 |
|
45.0 |
|
47.9 |
|
6 |
% |
15 |
% | |||||
Total Corporate Loans |
|
$ |
327.6 |
|
$ |
333.4 |
|
$ |
347.9 |
|
$ |
347.5 |
|
$ |
349.4 |
|
1 |
% |
7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total Loans |
|
$ |
653.2 |
|
$ |
667.0 |
|
$ |
672.9 |
|
$ |
671.2 |
|
$ |
674.9 |
|
1 |
% |
3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Foreign Currency (FX) Translation Impact: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total EOP Loans - as Reported |
|
$ |
653.2 |
|
$ |
667.0 |
|
$ |
672.9 |
|
$ |
671.2 |
|
$ |
674.9 |
|
1 |
% |
3 |
% |
Impact of FX Translation (2) |
|
(6.7 |
) |
(7.0 |
) |
(11.5 |
) |
(0.8 |
) |
|
|
|
|
|
| |||||
Total EOP Loans - Ex-FX (2) |
|
$ |
646.5 |
|
$ |
660.0 |
|
$ |
661.4 |
|
$ |
670.4 |
|
$ |
674.9 |
|
1 |
% |
4 |
% |
(1) Asia GCB includes loans of certain EMEA countries for all periods presented.
(2) Reflects the impact of FX translation into U.S. Dollars at the third quarter of 2018 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 |
| ||||||
|
|
2017 |
|
2017 |
|
2018 |
|
2018 |
|
2018 |
|
2018 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
GCB (2) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total |
|
$ |
2,279 |
|
$ |
2,478 |
|
$ |
2,379 |
|
$ |
2,345 |
|
$ |
2,404 |
|
$ |
309.0 |
|
Ratio |
|
0.76 |
% |
0.80 |
% |
0.78 |
% |
0.77 |
% |
0.78 |
% |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Retail Bank (2) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total |
|
$ |
489 |
|
$ |
515 |
|
$ |
493 |
|
$ |
500 |
|
$ |
508 |
|
$ |
146.8 |
|
Ratio |
|
0.34 |
% |
0.35 |
% |
0.34 |
% |
0.35 |
% |
0.35 |
% |
|
| ||||||
North America (2) |
|
$ |
167 |
|
$ |
199 |
|
$ |
184 |
|
$ |
179 |
|
$ |
188 |
|
$ |
56.3 |
|
Ratio |
|
0.30 |
% |
0.36 |
% |
0.34 |
% |
0.33 |
% |
0.33 |
% |
|
| ||||||
Latin America |
|
$ |
151 |
|
$ |
130 |
|
$ |
128 |
|
$ |
132 |
|
$ |
126 |
|
$ |
21.0 |
|
Ratio |
|
0.72 |
% |
0.65 |
% |
0.60 |
% |
0.66 |
% |
0.60 |
% |
|
| ||||||
Asia (3) |
|
$ |
171 |
|
$ |
186 |
|
$ |
181 |
|
$ |
189 |
|
$ |
194 |
|
$ |
69.5 |
|
Ratio |
|
0.25 |
% |
0.27 |
% |
0.26 |
% |
0.27 |
% |
0.28 |
% |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Cards |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total |
|
$ |
1,790 |
|
$ |
1,963 |
|
$ |
1,886 |
|
$ |
1,845 |
|
$ |
1,896 |
|
$ |
162.2 |
|
Ratio |
|
1.14 |
% |
1.19 |
% |
1.20 |
% |
1.15 |
% |
1.17 |
% |
|
| ||||||
North America - Citi-Branded |
|
$ |
668 |
|
$ |
768 |
|
$ |
731 |
|
$ |
712 |
|
$ |
707 |
|
$ |
88.4 |
|
Ratio |
|
0.77 |
% |
0.85 |
% |
0.85 |
% |
0.81 |
% |
0.80 |
% |
|
| ||||||
North America - Retail Services |
|
$ |
772 |
|
$ |
845 |
|
$ |
797 |
|
$ |
781 |
|
$ |
832 |
|
$ |
49.4 |
|
Ratio |
|
1.68 |
% |
1.72 |
% |
1.73 |
% |
1.61 |
% |
1.68 |
% |
|
| ||||||
Latin America |
|
$ |
159 |
|
$ |
151 |
|
$ |
160 |
|
$ |
160 |
|
$ |
169 |
|
$ |
5.8 |
|
Ratio |
|
2.84 |
% |
2.80 |
% |
2.81 |
% |
2.96 |
% |
2.91 |
% |
|
| ||||||
Asia (3) |
|
$ |
191 |
|
$ |
199 |
|
$ |
198 |
|
$ |
192 |
|
$ |
188 |
|
$ |
18.6 |
|
Ratio |
|
1.02 |
% |
1.01 |
% |
1.03 |
% |
1.02 |
% |
1.01 |
% |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Corporate/Other - Consumer (2) |
|
$ |
605 |
|
$ |
557 |
|
$ |
478 |
|
$ |
415 |
|
$ |
401 |
|
$ |
16.5 |
|
Ratio |
|
2.57 |
% |
2.57 |
% |
2.38 |
% |
2.49 |
% |
2.57 |
% |
|
| ||||||
International |
|
$ |
57 |
|
$ |
43 |
|
$ |
32 |
|
$ |
|
|
$ |
|
|
$ |
|
|
Ratio |
|
3.35 |
% |
2.69 |
% |
1.88 |
% |
|
|
|
|
|
| ||||||
North America (2) |
|
$ |
548 |
|
$ |
514 |
|
$ |
446 |
|
$ |
415 |
|
$ |
401 |
|
$ |
16.5 |
|
Ratio |
|
2.51 |
% |
2.56 |
% |
2.42 |
% |
2.49 |
% |
2.57 |
% |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total Citigroup (2) |
|
$ |
2,884 |
|
$ |
3,035 |
|
$ |
2,857 |
|
$ |
2,760 |
|
$ |
2,805 |
|
$ |
325.5 |
|
Ratio |
|
0.89 |
% |
0.91 |
% |
0.88 |
% |
0.86 |
% |
0.87 |
% |
|
|
(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 Retail Banking and Corporate/Other North America 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. See footnote 2 on page 9 and footnote 1 on page 18.
(3) Asia includes delinquency amounts, ratios and loans of certain EMEA countries for all periods presented.
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 |
| ||||||
|
|
2017 |
|
2017 |
|
2018 |
|
2018 |
|
2018 |
|
2018 |
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
GCB (2) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total |
|
$ |
2,763 |
|
$ |
2,762 |
|
$ |
2,710 |
|
$ |
2,558 |
|
$ |
2,890 |
|
$ |
309.0 |
|
Ratio |
|
0.92 |
% |
0.89 |
% |
0.89 |
% |
0.84 |
% |
0.94 |
% |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Retail Bank (2) |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total |
|
$ |
805 |
|
$ |
822 |
|
$ |
830 |
|
$ |
754 |
|
$ |
857 |
|
$ |
146.8 |
|
Ratio |
|
0.56 |
% |
0.57 |
% |
0.57 |
% |
0.52 |
% |
0.58 |
% |
|
| ||||||
North America (2) |
|
$ |
270 |
|
$ |
306 |
|
$ |
227 |
|
$ |
252 |
|
$ |
320 |
|
$ |
56.3 |
|
Ratio |
|
0.49 |
% |
0.55 |
% |
0.41 |
% |
0.46 |
% |
0.57 |
% |
|
| ||||||
Latin America |
|
$ |
244 |
|
$ |
195 |
|
$ |
248 |
|
$ |
183 |
|
$ |
235 |
|
$ |
21.0 |
|
Ratio |
|
1.16 |
% |
0.98 |
% |
1.17 |
% |
0.91 |
% |
1.12 |
% |
|
| ||||||
Asia (3) |
|
$ |
291 |
|
$ |
321 |
|
$ |
355 |
|
$ |
319 |
|
$ |
302 |
|
$ |
69.5 |
|
Ratio |
|
0.43 |
% |
0.46 |
% |
0.50 |
% |
0.46 |
% |
0.43 |
% |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Cards |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total |
|
$ |
1,958 |
|
$ |
1,940 |
|
$ |
1,880 |
|
$ |
1,804 |
|
$ |
2,033 |
|
$ |
162.2 |
|
Ratio |
|
1.25 |
% |
1.18 |
% |
1.20 |
% |
1.12 |
% |
1.25 |
% |
|
| ||||||
North America - Citi-Branded |
|
$ |
705 |
|
$ |
698 |
|
$ |
669 |
|
$ |
627 |
|
$ |
722 |
|
$ |
88.4 |
|
Ratio |
|
0.82 |
% |
0.77 |
% |
0.78 |
% |
0.71 |
% |
0.82 |
% |
|
| ||||||
North America - Retail Services |
|
$ |
836 |
|
$ |
830 |
|
$ |
791 |
|
$ |
761 |
|
$ |
890 |
|
$ |
49.4 |
|
Ratio |
|
1.82 |
% |
1.69 |
% |
1.72 |
% |
1.57 |
% |
1.80 |
% |
|
| ||||||
Latin America |
|
$ |
163 |
|
$ |
153 |
|
$ |
160 |
|
$ |
156 |
|
$ |
170 |
|
$ |
5.8 |
|
Ratio |
|
2.91 |
% |
2.83 |
% |
2.81 |
% |
2.89 |
% |
2.93 |
% |
|
| ||||||
Asia (3) |
|
$ |
254 |
|
$ |
259 |
|
$ |
260 |
|
$ |
260 |
|
$ |
251 |
|
$ |
18.6 |
|
Ratio |
|
1.35 |
% |
1.31 |
% |
1.35 |
% |
1.38 |
% |
1.35 |
% |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Corporate/Other - Consumer (2) |
|
$ |
643 |
|
$ |
542 |
|
$ |
393 |
|
$ |
355 |
|
$ |
422 |
|
$ |
16.5 |
|
Ratio |
|
2.74 |
% |
2.50 |
% |
1.96 |
% |
2.13 |
% |
2.71 |
% |
|
| ||||||
International |
|
$ |
47 |
|
$ |
40 |
|
$ |
44 |
|
$ |
|
|
$ |
|
|
$ |
|
|
Ratio |
|
2.76 |
% |
2.50 |
% |
2.59 |
% |
|
|
|
|
|
| ||||||
North America (2) |
|
$ |
596 |
|
$ |
502 |
|
$ |
349 |
|
$ |
355 |
|
$ |
422 |
|
$ |
16.5 |
|
Ratio |
|
2.73 |
% |
2.50 |
% |
1.90 |
% |
2.13 |
% |
2.71 |
% |
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total Citigroup (2) |
|
$ |
3,406 |
|
$ |
3,304 |
|
$ |
3,103 |
|
$ |
2,913 |
|
$ |
3,312 |
|
$ |
325.5 |
|
Ratio |
|
1.05 |
% |
1.00 |
% |
0.96 |
% |
0.90 |
% |
1.02 |
% |
|
|
(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 Retail Banking and Corporate/Other North America 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. See footnote 2 on page 9 and footnote 1 on page 18.
(3) Asia includes delinquency amounts, ratios and loans of certain EMEA countries for all periods presented.
Reclassified to conform to the current periods presentation.
ALLOWANCE FOR CREDIT LOSSES - PAGE 1 (In millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 Increase/ |
|
Nine |
|
Nine |
|
YTD 2018 vs. |
| |||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
Months |
|
Months |
|
YTD 2017 Increase/ |
| |||||||||
|
|
2017 |
|
2017 |
|
2018 |
|
2018 |
|
2018 |
|
2Q18 |
|
3Q17 |
|
2017 |
|
2018 |
|
(Decrease) |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Citigroup |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Allowance for Loan Losses at Beginning of Period (1) |
|
$ |
12,025 |
|
$ |
12,366 |
|
$ |
12,355 |
|
$ |
12,354 |
|
$ |
12,126 |
|
|
|
|
|
$ |
12,060 |
|
$ |
12,355 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Gross Credit (Losses) |
|
(2,120 |
) |
(2,279 |
) |
(2,296 |
) |
(2,109 |
) |
(2,094 |
) |
1 |
% |
1 |
% |
(6,394 |
) |
(6,499 |
) |
(2 |
)% | |||||||
Gross Recoveries |
|
343 |
|
399 |
|
429 |
|
405 |
|
338 |
|
(17 |
)% |
(1 |
)% |
1,198 |
|
1,172 |
|
(2 |
)% | |||||||
Net Credit (Losses) / Recoveries (NCLs) |
|
(1,777 |
) |
(1,880 |
) |
(1,867 |
) |
(1,704 |
) |
(1,756 |
) |
3 |
% |
(1 |
)% |
(5,196 |
) |
(5,327 |
) |
3 |
% | |||||||
NCLs |
|
1,777 |
|
1,880 |
|
1,867 |
|
1,704 |
|
1,756 |
|
3 |
% |
(1 |
)% |
5,196 |
|
5,327 |
|
3 |
% | |||||||
Net Reserve Builds / (Releases) |
|
419 |
|
78 |
|
102 |
|
31 |
|
169 |
|
NM |
|
(60 |
)% |
466 |
|
302 |
|
(35 |
)% | |||||||
Net Specific Reserve Builds / (Releases) |
|
(50 |
) |
58 |
|
(166 |
) |
60 |
|
(19 |
) |
NM |
|
62 |
% |
(175 |
) |
(125 |
) |
29 |
% | |||||||
Provision for Loan Losses |
|
2,146 |
|
2,016 |
|
1,803 |
|
1,795 |
|
1,906 |
|
6 |
% |
(11 |
)% |
5,487 |
|
5,504 |
|
|
| |||||||
Other (2) (3) (4) (5) (6) (7) |
|
(28 |
) |
(147 |
) |
63 |
|
(319 |
) |
60 |
|
NM |
|
NM |
|
15 |
|
(196 |
) |
|
| |||||||
Allowance for Loan Losses at End of Period (1) (a) |
|
$ |
12,366 |
|
$ |
12,355 |
|
$ |
12,354 |
|
$ |
12,126 |
|
$ |
12,336 |
|
|
|
|
|
$ |
12,366 |
|
$ |
12,336 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Allowance for Unfunded Lending Commitments (8) (a) |
|
$ |
1,232 |
|
$ |
1,258 |
|
$ |
1,290 |
|
$ |
1,278 |
|
$ |
1,321 |
|
|
|
|
|
$ |
1,232 |
|
$ |
1,321 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Provision for Unfunded Lending Commitments |
|
$ |
(175 |
) |
$ |
29 |
|
$ |
28 |
|
$ |
(4 |
) |
$ |
42 |
|
|
|
|
|
$ |
(190 |
) |
$ |
66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Allowance for Loans, Leases and Unfunded Lending Commitments [Sum of (a)] |
|
$ |
13,598 |
|
$ |
13,613 |
|
$ |
13,644 |
|
$ |
13,404 |
|
$ |
13,657 |
|
|
|
|
|
$ |
13,598 |
|
$ |
13,657 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Allowance for Loan Losses as a Percentage of Total Loans (9) (10) |
|
1.91 |
% |
1.87 |
% |
1.85 |
% |
1.81 |
% |
1.84 |
% |
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Consumer: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Allowance for Loan Losses at Beginning of Period (1) |
|
$ |
9,515 |
|
$ |
9,892 |
|
$ |
9,869 |
|
$ |
10,039 |
|
$ |
9,796 |
|
|
|
|
|
$ |
9,358 |
|
$ |
9,869 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses (NCLs) |
|
(1,734 |
) |
(1,658 |
) |
(1,771 |
) |
(1,706 |
) |
(1,726 |
) |
1 |
% |
|
|
(5,039 |
) |
(5,203 |
) |
3 |
% | |||||||
NCLs |
|
1,734 |
|
1,658 |
|
1,771 |
|
1,706 |
|
1,726 |
|
1 |
% |
|
|
5,039 |
|
5,203 |
|
3 |
% | |||||||
Net Reserve Builds / (Releases) |
|
479 |
|
115 |
|
121 |
|
61 |
|
135 |
|
NM |
|
(72 |
)% |
696 |
|
317 |
|
(54 |
)% | |||||||
Net Specific Reserve Builds / (Releases) |
|
(71 |
) |
12 |
|
(11 |
) |
(3 |
) |
8 |
|
NM |
|
NM |
|
(157 |
) |
(6 |
) |
96 |
% | |||||||
Provision for Loan Losses |
|
2,142 |
|
1,785 |
|
1,881 |
|
1,764 |
|
1,869 |
|
6 |
% |
(13 |
)% |
5,578 |
|
5,514 |
|
(1 |
)% | |||||||
Other (2) (3) (4) (5) (6) (7) |
|
(31 |
) |
(150 |
) |
60 |
|
(301 |
) |
58 |
|
NM |
|
NM |
|
(5 |
) |
(183 |
) |
NM |
| |||||||
Allowance for Loan Losses at End of Period (1) (b) |
|
$ |
9,892 |
|
$ |
9,869 |
|
$ |
10,039 |
|
$ |
9,796 |
|
$ |
9,997 |
|
|
|
|
|
$ |
9,892 |
|
$ |
9,997 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Consumer Allowance for Unfunded Lending Commitments (8) (b) |
|
$ |
35 |
|
$ |
33 |
|
$ |
32 |
|
$ |
34 |
|
$ |
40 |
|
|
|
|
|
$ |
35 |
|
$ |
40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Provision for Unfunded Lending Commitments |
|
$ |
(5 |
) |
$ |
(2 |
) |
$ |
(1 |
) |
$ |
3 |
|
$ |
6 |
|
|
|
|
|
$ |
|
|
$ |
8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Allowance for Loans, Leases and Unfunded Lending Commitments [Sum of (b)] |
|
$ |
9,927 |
|
$ |
9,902 |
|
$ |
10,071 |
|
$ |
9,830 |
|
$ |
10,037 |
|
|
|
|
|
$ |
9,927 |
|
$ |
10,037 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Consumer Allowance for Loan Losses as a Percentage of Total Consumer Loans (9) |
|
3.04 |
% |
2.96 |
% |
3.09 |
% |
3.03 |
% |
3.07 |
% |
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Corporate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Allowance for Loan Losses at Beginning of Period (1) |
|
$ |
2,510 |
|
$ |
2,474 |
|
$ |
2,486 |
|
$ |
2,315 |
|
$ |
2,330 |
|
|
|
|
|
$ |
2,702 |
|
$ |
2,486 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit (Losses) / Recoveries (NCLs) |
|
(43 |
) |
(222 |
) |
(96 |
) |
2 |
|
(30 |
) |
NM |
|
(30 |
)% |
(157 |
) |
(124 |
) |
(21 |
)% | |||||||
NCLs |
|
43 |
|
222 |
|
96 |
|
(2 |
) |
30 |
|
NM |
|
(30 |
)% |
157 |
|
124 |
|
(21 |
)% | |||||||
Net Reserve Builds / (Releases) |
|
(60 |
) |
(37 |
) |
(19 |
) |
(30 |
) |
34 |
|
NM |
|
NM |
|
(230 |
) |
(15 |
) |
93 |
% | |||||||
Net Specific Reserve Builds / (Releases) |
|
21 |
|
46 |
|
(155 |
) |
63 |
|
(27 |
) |
NM |
|
NM |
|
(18 |
) |
(119 |
) |
NM |
| |||||||
Provision for Loan Losses |
|
4 |
|
231 |
|
(78 |
) |
31 |
|
37 |
|
19 |
% |
NM |
|
(91 |
) |
(10 |
) |
89 |
% | |||||||
Other (2) |
|
3 |
|
3 |
|
3 |
|
(18 |
) |
2 |
|
|
|
|
|
20 |
|
(13 |
) |
|
| |||||||
Allowance for Loan Losses at End of Period (1) (c) |
|
$ |
2,474 |
|
$ |
2,486 |
|
$ |
2,315 |
|
$ |
2,330 |
|
$ |
2,339 |
|
|
|
|
|
$ |
2,474 |
|
$ |
2,339 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Corporate Allowance for Unfunded Lending Commitments (8) (c) |
|
$ |
1,197 |
|
$ |
1,225 |
|
$ |
1,258 |
|
$ |
1,244 |
|
$ |
1,281 |
|
|
|
|
|
$ |
1,197 |
|
$ |
1,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Provision for Unfunded Lending Commitments |
|
$ |
(170 |
) |
$ |
31 |
|
$ |
29 |
|
$ |
(7 |
) |
$ |
36 |
|
|
|
|
|
$ |
(190 |
) |
$ |
58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Allowance for Loans, Leases and Unfunded Lending Commitments [Sum of (c)] |
|
$ |
3,671 |
|
$ |
3,711 |
|
$ |
3,573 |
|
$ |
3,574 |
|
$ |
3,620 |
|
|
|
|
|
$ |
3,671 |
|
$ |
3,620 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Corporate Allowance for Loan Losses as a Percentage of Total Corporate Loans (10) |
|
0.77 |
% |
0.76 |
% |
0.67 |
% |
0.68 |
% |
0.68 |
% |
|
|
|
|
|
|
|
|
|
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Footnotes to these tables are on the following page (page 25). |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ALLOWANCE FOR CREDIT LOSSES - PAGE 2
|
The following footnotes relate to the tables on the prior page (page 24).
(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) 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.
(3) The third quarter of 2017 includes a reduction of approximately $34 million related to the sale or transfers to HFS of various loan portfolios, including a reduction of $28 million related to the transfers of a real estate loan portfolio to HFS. Additionally, the third quarter includes an increase of approximately $7 million related to FX translation.
(4) The fourth quarter of 2017 includes a reduction of approximately $47 million related to the sale or transfers to HFS of various loan portfolios, including a reduction of $22 million related to the transfers of a real estate loan portfolio to HFS. Additionally, the fourth quarter includes a decrease of approximately $106 million related to FX translation.
(5) The first quarter of 2018 includes a reduction of approximately $55 million related to the sale or transfers to HFS of various loan portfolios, including a reduction of $53 million related to the transfers of a real estate loan portfolio to HFS. Additionally, the first quarter includes an increase of approximately $118 million related to FX translation.
(6) The second quarter of 2018 includes a reduction of approximately $137 million related to the sale or transfers to HFS of various loan portfolios, including a reduction of $33 million related to the transfers of a real estate loan portfolio to HFS. Additionally, the second quarter includes a decrease of approximately $164 million related to FX translation.
(7) The third quarter of 2018 includes a reduction of approximately $5 million related to the sale or transfers to HFS of various loan portfolios, including a reduction of $2 million related to the transfers of a real estate loan portfolio to HFS. Additionally, the third quarter includes an increase of approximately $62 million related to FX translation.
(8) Represents additional credit reserves recorded as other liabilities on the Consolidated Balance Sheet.
(9) September 30, 2017, December 31, 2017, March 31, 2018, June 30, 2018 and September 30, 2018 exclude $27 million, $25 million, $23 million, $22 million and $21 million, respectively, of consumer loans which are carried at fair value.
(10) September 30, 2017, December 31, 2017, March 31, 2018, June 30, 2018 and September 30, 2018 exclude $4.3 billion, $4.9 billion, $4.5 billion, $3.0 billion and $4.2 billion, respectively, of corporate loans which are carried at fair value.
NM Not meaningful.
Reclassified to conform to the current periods presentation.
COMPONENTS OF PROVISION FOR LOAN LOSSES (In millions of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 Increase/ |
|
Nine |
|
Nine |
|
YTD 2018 vs. |
| |||||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
|
Months |
|
Months |
|
YTD 2017 Increase/ |
| |||||||||
|
|
2017 |
|
2017 |
|
2018 |
|
2018 |
|
2018 |
|
2Q18 |
|
3Q17 |
|
2017 |
|
2018 |
|
(Decrease) |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Global Consumer Banking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
$ |
1,704 |
|
$ |
1,640 |
|
$ |
1,736 |
|
$ |
1,726 |
|
$ |
1,714 |
|
(1 |
)% |
1 |
% |
$ |
4,922 |
|
$ |
5,176 |
|
5 |
% |
Credit Reserve Build / (Release) |
|
486 |
|
177 |
|
144 |
|
154 |
|
186 |
|
21 |
% |
(62 |
)% |
788 |
|
484 |
|
(39 |
)% | |||||||
North America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
1,239 |
|
1,186 |
|
1,296 |
|
1,278 |
|
1,242 |
|
(3 |
)% |
|
|
3,610 |
|
3,816 |
|
6 |
% | |||||||
Credit Reserve Build / (Release) |
|
463 |
|
153 |
|
123 |
|
115 |
|
116 |
|
1 |
% |
(75 |
)% |
716 |
|
354 |
|
(51 |
)% | |||||||
Retail Banking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
88 |
|
30 |
|
43 |
|
32 |
|
32 |
|
|
|
(64 |
)% |
164 |
|
107 |
|
(35 |
)% | |||||||
Credit Reserve Build / (Release) |
|
(47 |
) |
3 |
|
(20 |
) |
(6 |
) |
1 |
|
NM |
|
NM |
|
(47 |
) |
(25 |
) |
47 |
% | |||||||
Citi-Branded Cards |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
611 |
|
592 |
|
651 |
|
657 |
|
644 |
|
(2 |
)% |
5 |
% |
1,855 |
|
1,952 |
|
5 |
% | |||||||
Credit Reserve Build / (Release) |
|
192 |
|
87 |
|
75 |
|
51 |
|
59 |
|
16 |
% |
(69 |
)% |
310 |
|
185 |
|
(40 |
)% | |||||||
Citi Retail Services |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
540 |
|
564 |
|
602 |
|
589 |
|
566 |
|
(4 |
)% |
5 |
% |
1,591 |
|
1,757 |
|
10 |
% | |||||||
Credit Reserve Build / (Release) |
|
318 |
|
63 |
|
68 |
|
70 |
|
56 |
|
(20 |
)% |
(82 |
)% |
453 |
|
194 |
|
(57 |
)% | |||||||
Latin America |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
295 |
|
292 |
|
278 |
|
278 |
|
307 |
|
10 |
% |
4 |
% |
825 |
|
863 |
|
5 |
% | |||||||
Credit Reserve Build / (Release) |
|
44 |
|
19 |
|
42 |
|
33 |
|
31 |
|
(6 |
)% |
(30 |
)% |
106 |
|
106 |
|
|
| |||||||
Retail Banking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
143 |
|
153 |
|
132 |
|
138 |
|
153 |
|
11 |
% |
7 |
% |
431 |
|
423 |
|
(2 |
)% | |||||||
Credit Reserve Build / (Release) |
|
13 |
|
(5 |
) |
10 |
|
9 |
|
9 |
|
|
|
(31 |
)% |
54 |
|
28 |
|
(48 |
)% | |||||||
Citi-Branded Cards |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
152 |
|
139 |
|
146 |
|
140 |
|
154 |
|
10 |
% |
1 |
% |
394 |
|
440 |
|
12 |
% | |||||||
Credit Reserve Build / (Release) |
|
31 |
|
24 |
|
32 |
|
24 |
|
22 |
|
(8 |
)% |
(29 |
)% |
52 |
|
78 |
|
50 |
% | |||||||
Asia (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
170 |
|
162 |
|
162 |
|
170 |
|
165 |
|
(3 |
)% |
(3 |
)% |
487 |
|
497 |
|
2 |
% | |||||||
Credit Reserve Build / (Release) |
|
(21 |
) |
5 |
|
(21 |
) |
6 |
|
39 |
|
NM |
|
NM |
|
(34 |
) |
24 |
|
NM |
| |||||||
Retail Banking |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
69 |
|
60 |
|
57 |
|
58 |
|
58 |
|
|
|
(16 |
)% |
185 |
|
173 |
|
(6 |
)% | |||||||
Credit Reserve Build / (Release) |
|
(23 |
) |
6 |
|
(13 |
) |
5 |
|
13 |
|
NM |
|
NM |
|
(38 |
) |
5 |
|
NM |
| |||||||
Citi-Branded Cards |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
101 |
|
102 |
|
105 |
|
112 |
|
107 |
|
(4 |
)% |
6 |
% |
302 |
|
324 |
|
7 |
% | |||||||
Credit Reserve Build / (Release) |
|
2 |
|
(1 |
) |
(8 |
) |
1 |
|
26 |
|
NM |
|
NM |
|
4 |
|
19 |
|
NM |
| |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Institutional Clients Group (ICG) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
44 |
|
225 |
|
105 |
|
(1 |
) |
23 |
|
NM |
|
(48 |
)% |
140 |
|
127 |
|
(9 |
)% | |||||||
Credit Reserve Build / (Release) |
|
(38 |
) |
8 |
|
(175 |
) |
32 |
|
7 |
|
(78 |
)% |
NM |
|
(229 |
) |
(136 |
) |
41 |
% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Corporate / Other |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Net Credit Losses |
|
29 |
|
15 |
|
26 |
|
(21 |
) |
19 |
|
NM |
|
(34 |
)% |
134 |
|
24 |
|
(82 |
)% | |||||||
Credit Reserve Build / (Release) |
|
(79 |
) |
(49 |
) |
(33 |
) |
(95 |
) |
(43 |
) |
55 |
% |
46 |
% |
(268 |
) |
(171 |
) |
36 |
% | |||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||||
Total Provision for Loan Losses |
|
$ |
2,146 |
|
$ |
2,016 |
|
$ |
1,803 |
|
$ |
1,795 |
|
$ |
1,906 |
|
6 |
% |
(11 |
)% |
$ |
5,487 |
|
$ |
5,504 |
|
|
|
(1) Asia GCB includes NCLs and credit reserve builds (releases) for certain EMEA countries for all periods presented.
NM Not meaningful.
Reclassified to conform to the current periods presentation.
NON-ACCRUAL ASSETS (In millions of dollars)
|
|
|
|
|
|
|
|
|
|
|
|
|
3Q18 Increase/ |
| |||||||
|
|
3Q |
|
4Q |
|
1Q |
|
2Q |
|
3Q |
|
(Decrease) from |
| |||||||
|
|
2017 |
|
2017 |
|
2018 |
|
2018 |
|
2018 |
|
2Q18 |
|
3Q17 |
| |||||
Non-Accrual Loans (1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Corporate Non-Accrual Loans By Region |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
North America |
|
$ |
915 |
|
$ |
784 |
|
$ |
817 |
|
$ |
784 |
|
$ |
679 |
|
(13 |
)% |
(26 |
)% |
EMEA |
|
681 |
|
849 |
|
561 |
|
391 |
|
362 |
|
(7 |
)% |
(47 |
)% | |||||
Latin America |
|
312 |
|
280 |
|
263 |
|
204 |
|
266 |
|
30 |
% |
(15 |
)% | |||||
Asia |
|
146 |
|
29 |
|
27 |
|
244 |
|
233 |
|
(5 |
)% |
60 |
% | |||||
Total |
|
$ |
2,054 |
|
$ |
1,942 |
|
$ |
1,668 |
|
$ |
1,623 |
|
$ |
1,540 |
|
(5 |
)% |
(25 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Consumer Non-Accrual Loans By Region (2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
North America |
|
$ |
1,721 |
|
$ |
1,650 |
|
$ |
1,500 |
|
$ |
1,373 |
|
$ |
1,323 |
|
(4 |
)% |
(23 |
)% |
Latin America |
|
791 |
|
756 |
|
791 |
|
726 |
|
764 |
|
5 |
% |
(3 |
)% | |||||
Asia (3) |
|
271 |
|
284 |
|
284 |
|
284 |
|
287 |
|
1 |
% |
6 |
% | |||||
Total |
|
$ |
2,783 |
|
$ |
2,690 |
|
$ |
2,575 |
|
$ |
2,383 |
|
$ |
2,374 |
|
|
|
(15 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Institutional Clients Group |
|
$ |
44 |
|
$ |
37 |
|
$ |
19 |
|
$ |
23 |
|
$ |
33 |
|
43 |
% |
(25 |
)% |
Global Consumer Banking |
|
34 |
|
26 |
|
28 |
|
23 |
|
20 |
|
(13 |
)% |
(41 |
)% | |||||
Corporate/Other |
|
65 |
|
81 |
|
67 |
|
55 |
|
56 |
|
2 |
% |
(14 |
)% | |||||
TOTAL OTHER REAL ESTATE OWNED (OREO) (4) |
|
$ |
143 |
|
$ |
144 |
|
$ |
114 |
|
$ |
101 |
|
$ |
109 |
|
8 |
% |
(24 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
OREO By Region: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
North America |
|
$ |
97 |
|
$ |
89 |
|
$ |
70 |
|
$ |
66 |
|
$ |
76 |
|
15 |
% |
(22 |
)% |
EMEA |
|
1 |
|
2 |
|
|
|
1 |
|
1 |
|
|
|
|
| |||||
Latin America |
|
30 |
|
35 |
|
29 |
|
24 |
|
25 |
|
4 |
% |
(17 |
)% | |||||
Asia |
|
15 |
|
18 |
|
15 |
|
10 |
|
7 |
|
(30 |
)% |
(53 |
)% | |||||
Total |
|
$ |
143 |
|
$ |
144 |
|
$ |
114 |
|
$ |
101 |
|
$ |
109 |
|
8 |
% |
(24 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-Accrual Assets (NAA) (5) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Corporate Non-Accrual Loans |
|
$ |
2,054 |
|
$ |
1,942 |
|
$ |
1,668 |
|
$ |
1,623 |
|
$ |
1,540 |
|
(5 |
)% |
(25 |
)% |
Consumer Non-Accrual Loans |
|
2,783 |
|
2,690 |
|
2,575 |
|
2,383 |
|
2,374 |
|
|
|
(15 |
)% | |||||
Non-Accrual Loans (NAL) |
|
4,837 |
|
4,632 |
|
4,243 |
|
4,006 |
|
3,914 |
|
(2 |
)% |
(19 |
)% | |||||
OREO |
|
143 |
|
144 |
|
114 |
|
101 |
|
109 |
|
8 |
% |
(24 |
)% | |||||
Non-Accrual Assets (NAA) |
|
$ |
4,980 |
|
$ |
4,776 |
|
$ |
4,357 |
|
$ |
4,107 |
|
$ |
4,023 |
|
(2 |
)% |
(19 |
)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
NAL as a % of Total Loans |
|
0.74 |
% |
0.69 |
% |
0.63 |
% |
0.60 |
% |
0.58 |
% |
|
|
|
| |||||
NAA as a % of Total Assets |
|
0.26 |
% |
0.26 |
% |
0.23 |
% |
0.21 |
% |
0.21 |
% |
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Allowance for Loan Losses as a % of NAL |
|
256 |
% |
267 |
% |
291 |
% |
303 |
% |
315 |
% |
|
|
|
|
(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) Excludes SOP 03-3 purchased distressed loans.
(3) Asia GCB includes balances for certain EMEA countries for all periods presented.
(4) 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.
(5) 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.
CITIGROUP CET1 CAPITAL AND SUPPLEMENTARY LEVERAGE RATIOS, TANGIBLE COMMON EQUITY, BOOK VALUE PER SHARE AND TANGIBLE BOOK VALUE PER SHARE (In millions of dollars or shares, except per share amounts and ratios) |
|
|
September 30, |
|
December 31, |
|
March 31, |
|
June 30, |
|
September 30, |
| |||||
|
|
2017 |
|
2017(2) |
|
2018 |
|
2018 |
|
2018(3) |
| |||||
Common Equity Tier 1 Capital Ratio and Components(1) |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Citigroup Common Stockholders Equity(4) |
|
$ |
208,565 |
|
$ |
181,671 |
|
$ |
182,943 |
|
$ |
181,243 |
|
$ |
178,153 |
|
Add: Qualifying noncontrolling interests |
|
144 |
|
153 |
|
140 |
|
145 |
|
148 |
| |||||
Regulatory Capital Adjustments and Deductions: |
|
|
|
|
|
|
|
|
|
|
| |||||
Less: |
|
|
|
|
|
|
|
|
|
|
| |||||
Accumulated net unrealized losses on cash flow hedges, net of tax(5) |
|
(437 |
) |
(698 |
) |
(920 |
) |
(1,021 |
) |
(1,095 |
) | |||||
Cumulative unrealized net gain (loss) related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax(6) |
|
(416 |
) |
(721 |
) |
(498 |
) |
(162 |
) |
(503 |
) | |||||
Intangible Assets: |
|
|
|
|
|
|
|
|
|
|
| |||||
Goodwill, net of related deferred tax liabilities (DTLs)(7) |
|
21,532 |
|
22,052 |
|
22,482 |
|
21,809 |
|
21,891 |
| |||||
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs |
|
4,410 |
|
4,401 |
|
4,209 |
|
4,461 |
|
4,304 |
| |||||
Defined benefit pension plan net assets |
|
720 |
|
896 |
|
871 |
|
882 |
|
931 |
| |||||
Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards |
|
20,068 |
|
13,072 |
|
12,811 |
|
12,551 |
|
12,345 |
| |||||
Excess over 10% / 15% limitations for other DTAs, certain common stock investments and MSRs(8) |
|
9,298 |
|
|
|
|
|
|
|
|
| |||||
Common Equity Tier 1 Capital (CET1) |
|
$ |
153,534 |
|
$ |
142,822 |
|
$ |
144,128 |
|
$ |
142,868 |
|
$ |
140,428 |
|
Risk-Weighted Assets (RWA) |
|
$ |
1,182,918 |
|
$ |
1,155,099 |
|
$ |
1,195,981 |
|
$ |
1,176,863 |
|
$ |
1,194,204 |
|
Common Equity Tier 1 Capital Ratio (CET1/RWA) |
|
12.98 |
% |
12.36 |
% |
12.05 |
% |
12.14 |
% |
11.8 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Supplementary Leverage Ratio and Components |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Common Equity Tier 1 Capital (CET1) |
|
$ |
153,534 |
|
$ |
142,822 |
|
$ |
144,128 |
|
$ |
142,868 |
|
$ |
140,428 |
|
Additional Tier 1 Capital (AT1)(9) |
|
19,315 |
|
19,555 |
|
19,362 |
|
19,134 |
|
19,155 |
| |||||
Total Tier 1 Capital (T1C) (CET1 + AT1) |
|
$ |
172,849 |
|
$ |
162,377 |
|
$ |
163,490 |
|
$ |
162,002 |
|
$ |
159,583 |
|
Total Leverage Exposure (TLE) |
|
$ |
2,430,582 |
|
$ |
2,432,491 |
|
$ |
2,436,817 |
|
$ |
2,453,497 |
|
$ |
2,459,896 |
|
Supplementary Leverage Ratio (T1C/TLE) |
|
7.11 |
% |
6.68 |
% |
6.71 |
% |
6.60 |
% |
6.5 |
% | |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Tangible Common Equity, Book Value Per Share and Tangible Book Value Per Share |
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Common Stockholders Equity |
|
$ |
208,381 |
|
$ |
181,487 |
|
$ |
182,759 |
|
$ |
181,059 |
|
$ |
177,969 |
|
Less: |
|
|
|
|
|
|
|
|
|
|
| |||||
Goodwill |
|
22,345 |
|
22,256 |
|
22,659 |
|
22,058 |
|
22,187 |
| |||||
Intangible assets (other than MSRs) |
|
4,732 |
|
4,588 |
|
4,450 |
|
4,729 |
|
4,598 |
| |||||
Goodwill and identifiable intangible assets (other than MSRs) related to assets HFS |
|
48 |
|
32 |
|
48 |
|
32 |
|
|
| |||||
Tangible Common Equity (TCE) |
|
$ |
181,256 |
|
$ |
154,611 |
|
$ |
155,602 |
|
$ |
154,240 |
|
$ |
151,184 |
|
Common Shares Outstanding (CSO) |
|
2,644.0 |
|
2,569.9 |
|
2,549.9 |
|
2,516.6 |
|
2,442.1 |
| |||||
Book Value Per Share (Common Equity/CSO) |
|
$ |
78.81 |
|
$ |
70.62 |
|
$ |
71.67 |
|
$ |
71.95 |
|
$ |
72.88 |
|
Tangible Book Value Per Share (TCE/CSO) |
|
$ |
68.55 |
|
$ |
60.16 |
|
$ |
61.02 |
|
$ |
61.29 |
|
$ |
61.91 |
|
(1) See footnote 2 on page 1.
(2) See footnote 1 on page 1.
(3) Preliminary.
(4) Excludes issuance costs related to outstanding preferred stock in accordance with Federal Reserve Board regulatory reporting requirements.
(5) 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.
(6) 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.
(7) Includes goodwill embedded in the valuation of significant common stock investments in unconsolidated financial institutions.
(8) Assets subject to 10%/15% limitations include MSRs, DTAs arising from temporary differences and significant common stock investments in unconsolidated financial institutions. As of September 30, 2017, the deduction related only to DTAs arising from temporary differences that exceeded the 10% limitation.
(9) Additional Tier 1 Capital primarily includes qualifying noncumulative perpetual preferred stock and qualifying trust preferred securities.
Reclassified to conform to the current periods presentation.
O+?CW_ *G1?]Z7_P!EK+"?QHA+8Z#X+_\ (A)_U\2? MTKOZX#X+_P#(A)_U\2?TKOZSK_Q9>HUL%%%%9#"BBB@ KF?&7@;3O&5HJW68 M;J('RKA!\R^Q]1[5TU%5&3B[Q ^>]1^#7B6RG/V18+N/^%XY-I/X&I-)^#'B M&^N5_M PV4.?F=GWM^ %?0%%=/UVK8GE1R\7@ZVT?P/>Z'HR?// Z[Y#S)(R MXW,:XSX=?#?7/#'BI-0U$6P@$3H?+EW')Z<8KUNBL57FHN/<=A*\?\?_ EO MM0UJ?5-!\N1;EM\L#MM*MW(/<&O8:*5*K*E+FB#5SQSP!\+]9T[Q):ZIK?E1 MPVI+)'YF]BV"![#&';WPQX66PU(1B<3._[MMPP>G-=71164I.3