UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)
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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:
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 formatted in Inline XBRL: See Exhibit 99.3
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
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CITIGROUP INC.
Current Report on Form 8-K
Item 2.02 Results of Operations and Financial Condition.
On April 14, 2023, Citigroup Inc. announced its results for the quarter ended March 31, 2023. 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 March 31, 2023 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 |
| |
99.1 | ||
99.2 | Citigroup Inc. Quarterly Financial Data Supplement for the quarter ended March 31, 2023. | |
99.3 | ||
104.1 | See the cover page of this Current Report on Form 8-K, formatted in Inline XBRL. |
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.
CITIGROUP INC. | ||
Dated: April 14, 2023 | ||
By: | /s/ Johnbull E. Okpara | |
Johnbull E. Okpara | ||
Controller and Chief Accounting Officer | ||
(Principal Accounting Officer) |
Exhibit 99.1
For Immediate Release Citigroup Inc. (NYSE: C) April 14, 2023 |
| |
FIRST QUARTER 2023 RESULTS AND KEY METRICS | | CEO COMMENTARY |
RETURNED $1.0 BILLION IN DIVIDENDS TO COMMON SHAREHOLDERS PAYOUT RATIO OF 23%(3) BOOK VALUE PER SHARE OF $96.59 TANGIBLE BOOK VALUE PER SHARE OF $84.21(4) New York, April 14, 2023 – Citigroup Inc. today reported net income for the first quarter 2023 of $4.6 billion, or $2.19 per diluted share, on revenues of $21.4 billion. This compares to net income of $4.3 billion, or $2.02 per diluted share, on revenues of $19.2 billion for the first quarter 2022. First quarter results included divestiture-related impacts of $953(5) million in earnings before taxes ($648 million after-tax), primarily driven by a gain on the sale of the India consumer business, recorded in Legacy Franchises. Excluding these divestiture-related impacts, earnings per share was $1.86(5). This compares to divestiture-related impacts in the first quarter 2022 of $(677) million(5) in earnings before taxes ($(588) million after-tax), primarily driven by goodwill impairment related to Asia Consumer Banking, also recorded in Legacy Franchises. Revenues increased 12% from the prior-year period and 6% excluding the divestiture-related impacts(5), as growth in net interest income was partially offset by lower non-interest revenues. The higher net interest income was driven by the impact of higher interest rates across businesses, including Services and Markets in Institutional Clients Group (ICG), as well as strong growth in average loans in US Personal Banking within Personal Banking and Wealth Management (PBWM). The lower non-interest revenues reflected declines in Investment Banking and Markets in ICG and lower investment product revenues in Global Wealth Management in PBWM. Net income of $4.6 billion increased 7% from the prior-year period, and decreased 19% excluding the divestiture-related impacts(5). The increase in net income was primarily driven by the higher revenue, partially offset by higher expenses and higher cost of credit. Earnings per share of $2.19 increased 8% from the prior-year period, reflecting the higher net income and an approximate 1% decline in average diluted shares outstanding. | | Citi CEO Jane Fraser said, "Citi delivered strong operating performance, showing good revenue growth and expense discipline despite the tumultuous environment for banks. Our robust and well-managed balance sheet was a source of strength for our clients and we continue making progress in executing our strategy focused on our five core interconnected businesses while simplifying and transforming the firm. "TTS continued to perform extremely well, growing non-interest revenue on new mandates and strong cross-border activity. Markets saw the third best quarter in the last decade in Fixed Income. Banking activity picked up from the end of 2022. Our two cards businesses are showing momentum. While it is not an ideal environment for wealth management, the drivers of this business continue to be very positive, and we announced that Andy Sieg will be joining us as its CEO later this year. "We closed the sale of two consumer franchises, which contributed to our healthy pace of capital generation. We ended the quarter with a CET1 ratio of 13.4%. We are committed to increasing the amount of excess capital we return over time as well as delivering with excellence for our clients and shareholders," Ms. Fraser concluded. |
1
Percentage comparisons throughout this press release are calculated for the first quarter 2023 versus the first quarter 2022, unless otherwise specified.
First Quarter Financial Results
Citigroup |
| 1Q'23 |
| 4Q'22 |
| 1Q'22 |
| QoQ% |
| YoY% | |||
Institutional Clients Group | | $ | 11,233 | | $ | 9,159 | | $ | 11,160 | | 23% | | 1% |
Personal Banking and Wealth Management | | | 6,448 | | | 6,096 | | | 5,905 | | 6% | | 9% |
Legacy Franchises | | | 2,852 | | | 2,052 | | | 1,931 | | 39% | | 48% |
Corporate / Other | | | 914 | | | 699 | | | 190 | | 31% | | NM |
Total revenues, net of interest expense | | | 21,447 | | | 18,006 | | | 19,186 | | 19% | | 12% |
| | | | | | | | | |||||
Total operating expenses | | | 13,289 | | | 12,985 | | | 13,165 | | 2% | | 1% |
| | | | | | | | | |||||
Net credit losses | | | 1,302 | | | 1,180 | | | 872 | | 10% | | 49% |
Net ACL build / (release)(a) | | | 241 | | | 640 | | | (138) | | (62)% | | NM |
Other provisions(b) | | | 432 | | | 25 | | | 21 | | NM | | NM |
Total cost of credit | | | 1,975 | | | 1,845 | | | 755 | | 7% | | NM |
| | | | | | | | | |||||
Income from continuing operations before income taxes | | | 6,183 | | | 3,176 | | | 5,266 | | 95% | | 17% |
Provision for income taxes | | | 1,531 | | | 640 | | | 941 | | NM | | 63% |
Income from continuing operations | | | 4,652 | | | 2,536 | | | 4,325 | | 83% | | 8% |
Income (loss) from discontinued operations, net of taxes | | | (1) | | | (2) | | | (2) | | 50% | | 50% |
Net income attributable to non-controlling interest | | | 45 | | | 21 | | | 17 | | NM | | NM |
Citigroup's net income | | $ | 4,606 | | $ | 2,513 | | $ | 4,306 | | 83% | | 7% |
| | | | | | | | | |||||
Income (loss) from continuing operations, net of taxes | | | | | | | | | | ||||
Institutional Clients Group | | | 3,298 | | | 1,916 | | | 2,658 | | 72% | | 24% |
Personal Banking and Wealth Management | | | 489 | | | 114 | | | 1,860 | | NM | | (74)% |
Legacy Franchises | | | 606 | | | 75 | | | (385) | | NM | | NM |
Corporate / Other | | | 259 | | | 431 | | | 192 | | (40)% | | 35% |
| | | | | | | | | |||||
EOP loans ($B) | | | 652 | | | 657 | | | 660 | | (1)% | | (1)% |
EOP assets ($B) | | | 2,455 | | | 2,417 | | | 2,394 | | 2% | | 3% |
EOP deposits ($B) | | | 1,330 | | | 1,366 | | | 1,334 | | (3)% | | - |
| | | | | | | | | | ||||
Book value per share | | $ | 96.59 | | $ | 94.06 | | $ | 92.03 | | 3% | | 5% |
Tangible book value per share(4) | | $ | 84.21 | | $ | 81.65 | | $ | 79.03 | | 3% | | 7% |
Common Equity Tier 1 (CET1) Capital ratio(2) | | | 13.4% | | | 13.0% | | | 11.4% | | | ||
Supplementary Leverage ratio (SLR)(2) | | | 5.9% | | | 5.8% | | | 5.6% | | | ||
Return on average common equity | | | 9.5% | | | 5.0% | | | 9.0% | | | ||
Return on average tangible common equity (RoTCE)(1) | | | 10.9% | | | 5.8% | | | 10.5% | | |
Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.
(a) Includes credit reserve build / (release) for loans and provision for credit losses on unfunded lending commitments.
(b) Includes provisions for policyholder benefits and claims, HTM debt securities and other assets.
Citigroup
Citigroup revenues of $21.4 billion in the first quarter 2023 increased 12%. Excluding the divestiture-related impacts, primarily driven by the gain on the sale of the India consumer business in the current quarter, revenues were up 6%. The higher revenues reflected strength across Services and Fixed Income Markets, as well as strong average loan growth in US Personal Banking. The higher revenues were partially offset by a decline in Investment Banking and Equity Markets and lower investment product revenues in Global Wealth Management, as well as impacts from the closed exit markets and wind-downs.
Citigroup operating expenses of $13.3 billion in the first quarter 2023 increased 1%. Operating expenses included approximately $73 million of divestiture-related costs in the current quarter, compared to approximately $559 million in the prior-year period. Excluding these costs in both periods, expenses increased 5%, largely driven by transformation investments and other risk and control investments, resulting in an increase in direct staff, driving higher compensation and benefits. This increase in expenses was also driven by the impact of inflation and severance costs. The increase in expenses was partially offset by the benefit of productivity savings and foreign exchange translation as well as expense reduction from the closed exit markets and wind-downs.
Citigroup cost of credit was approximately $2.0 billion in the first quarter 2023, compared to $0.8 billion in the prior-year period, reflecting a net build in the allowance for credit losses (ACL) for loans and unfunded commitments of $241 million
2
and other provisions of $432 million, primarily driven by macroeconomic deterioration and growth in card revolving balances in PBWM. This compared to a net ACL release for loans and unfunded commitments of $(138) million in the prior-year period. The higher cost of credit also reflected higher net credit losses, primarily driven by ongoing normalization in Branded Cards and Retail Services.
Citigroup net income of $4.6 billion in the first quarter 2023 increased 7% from the prior-year period, primarily driven by the higher revenue, partially offset by the higher expenses and the higher cost of credit. Citigroup’s effective tax rate was approximately 25% in the current quarter, including the impact of divestitures, versus 18% in the first quarter 2022, which had higher discrete tax benefits.
Citigroup’s total allowance for credit losses on loans was approximately $17.2 billion at quarter end, with a reserve-to-funded loans ratio of 2.65%, compared to $15.4 billion, or 2.35% of funded loans, at the end of the prior-year period. Total non-accrual loans decreased 23% from the prior-year period to $2.6 billion. Consumer non-accrual loans decreased 8% to $1.4 billion and corporate non-accrual loans decreased 35% to $1.2 billion.
Citigroup’s end-of-period loans were $652 billion at quarter end, down 1% versus the prior-year period, as growth in PBWM was more than offset by a decline in ICG and Legacy Franchises.
Citigroup’s end-of-period deposits were approximately $1.3 trillion at quarter end, largely unchanged versus the prior-year period, as a decrease in PBWM, largely reflecting Wealth clients putting cash to work in fixed income investments on the businesses’ platform, was offset by an increase in institutional certificates of deposit in Corporate/Other.
Citigroup’s book value per share of $96.59 and tangible book value per share of $84.21 at quarter end increased 5% and 7%, respectively, versus the prior-year period, largely driven by net income, partially offset by adverse movements in the accumulated other comprehensive income (AOCI) component of equity and the payment of common dividends. At quarter end, Citigroup’s CET1 capital ratio was 13.4% versus 13.0% in the prior quarter, largely driven by the benefits of net income, closing of exit markets, and positive AOCI impact through Citigroup’s investment portfolio. The increase in the CET1 capital ratio was partially offset by the payment of common dividends. Citigroup’s Supplementary Leverage ratio for the first quarter 2023 was 5.9% versus 5.8% in the prior quarter. During the quarter, Citigroup returned a total of $1 billion to common shareholders in the form of dividends.
Institutional Clients Group |
| 1Q'23 |
| 4Q'22 |
| 1Q'22 |
| QoQ% |
| YoY% | |||
Securities Services | | $ | 1,056 | | $ | 1,040 | | $ | 858 | | 2% | | 23% |
Treasury and Trade Solutions | | | 3,411 | | | 3,286 | | | 2,607 | | 4% | | 31% |
Total Services revenues | | | 4,467 | | | 4,326 | | | 3,465 | | 3% | | 29% |
Fixed Income Markets | | | 4,454 | | | 3,211 | | | 4,289 | | 39% | | 4% |
Equity Markets | | | 1,147 | | | 733 | | | 1,520 | | 56% | | (25)% |
Total Markets revenues | | | 5,601 | | | 3,944 | | | 5,809 | | 42% | | (4)% |
Investment Banking | | | 774 | | | 645 | | | 1,028 | | 20% | | (25)% |
Corporate Lending(a) | | | 590 | | | 544 | | | 689 | | 8% | | (14)% |
Total Banking revenues(a) | | | 1,364 | | | 1,189 | | | 1,717 | | 15% | | (21)% |
Product revenues, net of interest expense(a) | | | 11,432 | | | 9,459 | | | 10,991 | | 21% | | 4% |
Gain / (loss) on loan hedges | | | (199) | | | (300) | | | 169 | | 34% | | NM |
Total revenues, net of interest expense | | | 11,233 | | | 9,159 | | | 11,160 | | 23% | | 1% |
| | | | | | | | | | ||||
Total operating expenses | | | 6,973 | | | 6,601 | | | 6,723 | | 6% | | 4% |
| | | | | | | | | | ||||
Net credit losses | | | 22 | | | 104 | | | 30 | | (79)% | | (27)% |
Net ACL build / (release)(b) | | | (245) | | | (54) | | | 948 | | NM | | NM |
Other provisions(c) | | | 151 | | | 6 | | | (7) | | NM | | NM |
Total cost of credit | | | (72) | | | 56 | | | 971 | | NM | | NM |
| | | | | | | | | | ||||
Net income | | $ | 3,258 | | $ | 1,896 | | $ | 2,640 | | 72% | | 23% |
| | | | | | | | | |||||
Services Key Drivers | | | | | | | | | | ||||
Cross border transaction value ($B) | | | 83 | | | 81 | | | 76 | | 2% | | 10% |
Commercial card spend volume ($B) | | | 16 | | | 15 | | | 11 | | 4% | | 40% |
US dollar clearing volume (#MM) | | | 38 | | | 38 | | | 36 | | - | | 6% |
Assets under custody and/or administration (AUC/AUA) ($T) | | | 23 | | | 22 | | | 23 | | 4% | | - |
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 6.
(b) Includes credit reserve build / (release) for loans and provision for credit losses on unfunded lending commitments.
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(c) Includes provisions for HTM debt securities and other assets.
Institutional Clients Group
ICG revenues of $11.2 billion were up 1% (including gain/(loss) on loan hedges)(6), as strength in Treasury and Trade Solutions (TTS), Securities Services, and Fixed Income Markets was partially offset by declines in Banking and Equity Markets.
Services revenues of $4.5 billion increased 29%. TTS revenues of $3.4 billion increased 31%, driven by 41% growth in net interest income and 13% growth in non-interest revenue. Strong performance in TTS was driven by higher interest rates and business actions, which included growing deposits, managing repricing, and driving fee growth. Securities Services revenues of $1.1 billion increased 23%, as net interest income increased 94%, driven by higher interest rates across currencies, partially offset by a 6% decrease in non-interest revenue due to the impact of lower market valuations on assets under custody and administration.
Markets revenues of $5.6 billion decreased 4%, as growth in Fixed Income Markets was more than offset by a decline in Equity Markets. Fixed Income Markets revenues of $4.5 billion increased 4%, largely driven by strength in rates and currencies, partially offset by lower revenues in spread products / other fixed income. Equity Markets revenues of $1.1 billion were down 25%, primarily reflecting reduced client activity in cash and equity derivatives relative to a very strong quarter last year.
Banking revenues of $1.2 billion decreased 38%, including gain/loss on loan hedges in the current quarter and the prior-year period. Excluding gain/loss on loan hedges(6), Banking revenues of $1.4 billion decreased 21%, driven by lower revenues in Investment Banking and Corporate Lending. Investment Banking revenues of $774 million decreased 25%, as continued geopolitical uncertainty, heightened macroeconomic uncertainty and volatility continued to impact client activity. Excluding gain/loss on loan hedges(6), Corporate Lending revenues decreased 14% versus the prior-year period, driven by lower volumes and higher credit default swap premiums.
ICG operating expenses of $7.0 billion increased 4%, driven by transformation investments, other risk and control investments, and volume-related expenses, partially offset by the impacts of foreign exchange translation and productivity savings.
ICG cost of credit of $(72) million, compared to $971 million in the prior-year period, included a net ACL release for loans and unfunded commitments of $(245) million, other provisions of $151 million, and net credit losses of $22 million.
ICG net income of $3.3 billion increased 23%, largely driven by the lower cost of credit and the higher revenues, partially offset by the higher expenses.
4
Personal Banking and Wealth Management |
| 1Q'23 |
| 4Q'22 |
| 1Q'22 |
| QoQ% |
| YoY% | |||
Branded Cards | | $ | 2,466 | | $ | 2,376 | | $ | 2,090 | | 4% | | 18% |
Retail Services | | | 1,613 | | | 1,420 | | | 1,299 | | 14% | | 24% |
Retail Banking | | | 613 | | | 608 | | | 595 | | 1% | | 3% |
Total US Personal Banking revenues | | | 4,692 | | | 4,404 | | | 3,984 | | 7% | | 18% |
Private Bank | | | 567 | | | 589 | | | 779 | | (4)% | | (27)% |
Wealth at Work | | | 193 | | | 195 | | | 183 | | (1)% | | 5% |
Citigold | | | 996 | | | 908 | | | 959 | | 10% | | 4% |
Total Global Wealth Management revenues | | | 1,756 | | | 1,692 | | | 1,921 | | 4% | | (9)% |
Total revenues, net of interest expense | | | 6,448 | | | 6,096 | | | 5,905 | | 6% | | 9% |
| | | | | | | | | | ||||
Total operating expenses | | | 4,254 | | | 4,307 | | | 3,889 | | (1)% | | 9% |
| | | | | | | | | | ||||
Net credit losses | | | 1,094 | | | 908 | | | 691 | | 20% | | 58% |
Net ACL build / (release)(a) | | | 501 | | | 752 | | | (1,064) | | (33)% | | NM |
Other provisions(b) | | | (4) | | | 6 | | | (3) | | NM | | (33)% |
Total cost of credit | | | 1,591 | | | 1,666 | | | (376) | | (5)% | | NM |
| | | | | | | | | | ||||
Net income | | $ | 489 | | $ | 114 | | $ | 1,860 | | NM | | (74)% |
| | | | | | | | ||||||
Key Indicators ($B) | | | | | | | | | |||||
US Personal Banking average loans | | | 183 | | | 180 | | | 161 | | 2% | | 14% |
US Personal Banking average deposits | | | 111 | | | 111 | | | 118 | | - | | (6)% |
US cards average loans | | | 146 | | | 143 | | | 128 | | 2% | | 14% |
US credit card spend volume(c) | | | 137 | | | 152 | | | 128 | | (10)% | | 7% |
Global Wealth Management client assets | | | 759 | | | 746 | | | 788 | | 2% | | (4)% |
Global Wealth Management average loans | | | 150 | | | 150 | | | 151 | | - | | (1)% |
Global Wealth Management average deposits | | | 323 | | | 320 | | | 329 | | 1% | | (2)% |
Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.
(a) Includes credit reserve build / (release) for loans and provision for credit losses on unfunded lending commitments.
(b) Includes provisions for policyholder benefits and claims, HTM debt securities and other assets.
(c) Credit card spend volume was previously referred to as card purchase sales
Personal Banking and Wealth Management
PBWM revenues of $6.4 billion increased 9%, as net interest income growth, driven by strong loan growth across US Personal Banking, was partially offset by a decline in non-interest revenue, driven by the lower investment product revenues in Global Wealth Management.
US Personal Banking revenues of $4.7 billion increased 18%. Branded Cards revenues of $2.5 billion increased 18%, primarily driven by the higher net interest income as card spend volumes increased 9% and average loans increased 15%. Retail Services revenues of $1.6 billion increased 24%, primarily driven by the higher net interest income. Retail Banking revenues of $613 million increased 3%, primarily driven by higher mortgage revenue and strong growth in installment lending, partially offset by the impact of the transfer of relationships and the associated deposit balances to Global Wealth Management.
Global Wealth Management revenues of $1.8 billion decreased 9%, driven by investment product revenue headwinds and higher interest rates paid on deposits, particularly in the Private Bank.
PBWM operating expenses of $4.3 billion increased 9%, primarily driven by investments in transformation and other risk and control investments.
PBWM cost of credit was $1.6 billion, compared to $(376) million in the prior-year period. The increase was largely driven by a net build in the ACL for loans and unfunded commitments of $501 million in the current quarter, primarily driven by a deterioration in macroeconomic assumptions and growth in card revolving balances, compared to a net ACL release of $1.1 billion in the prior-year period. Net credit losses of $1.1 billion increased 58% from near historically low levels, reflecting ongoing normalization in Branded Cards and Retail Services.
PBWM net income of $489 million decreased 74%, driven by the higher cost of credit and the higher expenses, partially offset by the higher revenues.
5
Legacy Franchises |
| 1Q'23 |
| 4Q'22 |
| 1Q'22 |
| QoQ% |
| YoY% | |||
Asia Consumer | | $ | 1,509 | | $ | 772 | | $ | 787 | | 95% | | 92% |
Mexico Consumer/SBMM(a) | | | 1,322 | | | 1,255 | | | 1,139 | | 5% | | 16% |
Legacy Holdings Assets | | | 21 | | | 25 | | | 5 | | (16)% | | NM |
Total Legacy revenues, net of interest expense | | | 2,852 | | | 2,052 | | | 1,931 | | 39% | | 48% |
| | | | | | | | | | ||||
Total operating expenses | | | 1,752 | | | 1,830 | | | 2,293 | | (4)% | | (24)% |
| | | | | | | | | | ||||
Net credit losses | | | 186 | | | 168 | | | 151 | | 11% | | 23% |
Net ACL build / (release)(b) | | | (15) | | | (58) | | | (22) | | 74% | | 32% |
Other provisions(c) | | | 174 | | | 13 | | | 31 | | NM | | NM |
Total cost of credit | | | 345 | | | 123 | | | 160 | | NM | | NM |
| | | | | | | | | | ||||
Net income (loss) | | $ | 604 | | $ | 72 | | $ | (383) | | NM | | NM |
| | | | | | | | | |||||
Key Indicators ($B) | | | | | | | | | | ||||
Asia Consumer EOP loans | | | 10 | | | 13 | | | 20 | | (25)% | | (49)% |
Asia Consumer EOP deposits | | | 14 | | | 15 | | | 18 | | (1)% | | (18)% |
Mexico Consumer/SBMM EOP loans(a) | | | 24 | | | 22 | | | 21 | | 10% | | 16% |
Mexico Consumer/SBMM EOP deposits(a) | | | 38 | | | 37 | | | 34 | | 5% | | 13% |
Legacy Holdings EOP loans | | | 3 | | | 3 | | | 4 | | (7)% | | (24)% |
Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.
(a) SBMM refers to Small Business & Middle Market Banking.
(b) Includes credit reserve build / (release) for loans and provision for credit losses on unfunded lending commitments.
(c) Includes provisions for policyholder benefits and claims, HTM debt securities and other assets.
Legacy Franchises
Legacy Franchises revenues of $2.9 billion increased 48%, primarily driven by the gain on the sale of the India consumer business, partially offset by the absence of closed exit markets and wind-downs.
Legacy Franchises expenses of $1.8 billion decreased 24%, largely driven by the absence of the goodwill impairment in Asia recorded in the prior-year period and the benefit of the closed exit markets and wind-downs.
Legacy Franchises cost of credit was $345 million, compared to $160 million in the prior-year period, and included net credit losses of $186 million, other provisions of $174 million driven by macroeconomic deterioration, and a net ACL release of $15 million.
Legacy Franchises net income was $604 million, compared to a net loss of $(383) million in the prior-year period, primarily reflecting the higher revenues and the lower expenses, partially offset by the higher cost of credit.
6
Corporate / Other |
| 1Q'23 |
| 4Q'22 |
| 1Q'22 |
| QoQ% |
| YoY% | |||
Revenues, net of interest expense | | $ | 914 | | $ | 699 | | $ | 190 | | 31% | | NM |
| | | | | | | | ||||||
Total operating expenses | | | 310 | | | 247 | | | 260 | | 26% | | 19% |
| | | | | | | | ||||||
Total cost of credit(a) | | | 111 | | | - | | | - | | NM | | NM |
| | | | | | | | ||||||
Income (loss) from continuing operations | | | 259 | | | 431 | | | 192 | | (40)% | | 35% |
| | | | | | | | ||||||
Net income (loss) | | $ | 255 | | $ | 431 | | $ | 189 | | (41)% | | 35% |
(a) Includes provisions for HTM debt securities and other assets.
Corporate / Other
Corporate / Other revenues increased to $914 million from $190 million in the prior-year period, largely driven by higher net revenue from the investment portfolio, primarily due to higher interest rates.
Corporate / Other expenses of $310 million increased 19%, driven by increases in transformation and other risk and control investments, partially offset by lower consulting expenses.
Corporate / Other cost of credit of $111 million was driven by a reserve build.
Corporate / Other income from continuing operations was $259 million, compared to $192 million in the prior-year period, largely reflecting the higher net revenue from the investment portfolio.
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Citigroup will host a conference call today at 11:00 AM (ET). A live webcast of the presentation, as well as financial results and presentation materials, will be available at www.citigroup.com/citi/investor. Dial-in numbers for the conference call are as follows: (800) 343-1703 (for U.S. and Canada callers) or (785) 424-1226 (for international callers).
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 Citigroup’s First Quarter 2023 Quarterly Financial Data Supplement are available on Citigroup’s website at www.citigroup.com.
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
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 Private Securities Litigation Reform Act of 1995. These statements are based on management’s 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. These factors include, among others: continued elevated levels of inflation and its impacts; elevated interest rates and the impacts on macroeconomic conditions, customer and client behavior, as well as Citi’s funding costs; potential recessions in the U.S., Europe and other countries; Citi’s ability to execute against its transformation and other strategic initiatives, including consummation of its remaining exits and wind-downs and any loss on sale and temporary capital impacts related to currency translation adjustment (CTA) losses and other impacts; the impacts related to or resulting from recent bank failures and other volatility, including potential increased regulatory requirements and costs and potential impacts to macroeconomic conditions; the impacts related to or resulting from Russia’s war in Ukraine; and the precautionary statements included in this release. These factors also consist of those contained in Citigroup’s filings with the U.S. Securities Exchange and Commission, including without limitation the “Risk Factors” section of Citigroup’s 2022 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: | | | |
Investors: Jennifer Landis (212) 559-2718 | | ||
Press: Danielle Romero-Apsilos (212) 816-2264 | | | |
| | | |
8
Appendix A
Citigroup |
| | |
Net Income | | $ | 4,606 |
Less: Preferred Dividends | | | 277 |
Net Income to Common Shareholders | | $ | 4,329 |
| | | |
Common Share Repurchases | | | - |
Common Dividends | | | 1,000 |
Total Capital Returned to Common Shareholders | | $ | 1,000 |
| | | |
Payout Ratio | | | 23% |
| | | |
Average TCE | | $ | 161,050 |
| | | |
RoTCE | | | 10.9% |
Appendix B
Citigroup |
| 1Q'23 |
| 1Q'22 |
| YoY | ||
Total Citigroup Revenues - As Reported | | $ | 21,447 | | $ | 19,186 | | 12% |
Less: | | | | | | | | |
Total Divestiture Impact on Revenue(5) | | $ | 1,018 | | $ | (47) | | |
Total Citigroup Revenues, Excluding Divestiture Impacts | | $ | 20,429 | | $ | 19,233 | | 6% |
Total Citigroup Operating Expenses - As Reported | | $ | 13,289 | | $ | 13,165 | | 1% |
Less: | | | | | | | | |
Total Divestiture Impact on Operating Expenses(5) | | $ | 73 | | $ | 559 | | |
Total Citigroup Operating Expenses, Excluding Divestiture Impacts | | $ | 13,216 | | $ | 12,606 | | 5% |
| | | | | | | | |
Total Citigroup Cost of Credit - As Reported | | $ | 1,975 | | $ | 755 | | NM |
Less: | | | | | | | | |
Total Divestiture Impact on Cost of Credit(5) | | | (8) | | | 71 | | |
Total Citigroup Cost of Credit, Excluding Divestiture Impacts | | $ | 1,983 | | $ | 684 | | NM |
| | | | | | | | |
Total Citigroup Net Income - As Reported | | $ | 4,606 | | $ | 4,306 | | 7% |
Less: | | | | | | | | |
Total Divestiture Impact on Revenue(5) | | | 1,018 | | | (47) | | |
Total Divestiture Impact on Operating Expenses(5) | | | 73 | | | 559 | | |
Total Divestiture Impact on Cost of Credit(5) | | | (8) | | | 71 | | |
Total Divestiture Impact on Taxes(5) | | | 305 | | | (89) | | |
Total Citigroup Net Income, Excluding Divestiture Impacts | | $ | 3,958 | | $ | 4,894 | | (19%) |
| | | | | | | | |
Citigroup Diluted EPS - As Reported | | $ | 2.19 | | | | | |
Less: | | | | | | | | |
Total Divestiture Impact on Citigroup Diluted EPS(5) | | $ | 0.33 | | | | | |
Citigroup Diluted EPS, Excluding Divestiture Impacts | | $ | 1.86 | | | | | |
9
Appendix C
($in millions) |
| | 1Q'23(1) |
| | 4Q'22 |
| | 1Q'22 |
| | | | | | | | | |
| | | | | | | | | |
Citigroup Common Stockholders' Equity(2) | | $ | 188,186 | | $ | 182,325 | | $ | 178,845 |
Add: Qualifying noncontrolling interests | | | 137 | | | 128 | | | 126 |
Regulatory Capital Adjustments and Deductions: | | | | | | | | | |
Add: CECL transition provision(3) | | | 1,514 | | | 2,271 | | | 2,271 |
Less: | | | | | | | | | |
Accumulated net unrealized gains (losses) on cash flow hedges, net of tax | | | (2,161) | | | (2,522) | | | (1,440) |
Cumulative unrealized net gain (loss) related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax | | | 1,037 | | | 1,441 | | | 27 |
Intangible Assets: | | | | | | | | | |
Goodwill, net of related deferred tax liabilities (DTLs)(4) | | | 18,844 | | | 19,007 | | | 20,120 |
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs | | | 3,607 | | | 3,411 | | | 3,698 |
Defined benefit pension plan net assets; other | | | 1,999 | | | 1,935 | | | 2,230 |
Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards(5) | | | 11,783 | | | 12,197 | | | 11,701 |
Excess over 10% / 15% limitations for other DTAs, certain common stock investments, and MSRs(5)(6) | | | 1,052 | | | 325 | | | 1,157 |
| | | | | | | | | |
Common Equity Tier 1 Capital (CET1) | | $ | 153,676 | | $ | 148,930 | | $ | 143,749 |
| | | | | | | | | |
Risk-Weighted Assets (RWA)(3) | | $ | 1,144,592 | | $ | 1,142,985 | | $ | 1,257,293 |
| | | | | | | | | |
Common Equity Tier 1 Capital Ratio (CET1 / RWA) | | | 13.4% | | | 13.0% | | | 11.4% |
Note: | Citi’s binding CET1 Capital ratios were derived under the Basel III Standardized Approach for all periods reflected. |
(1) | Preliminary. |
(2) | Excludes issuance costs related to outstanding preferred stock in accordance with Federal Reserve Board regulatory reporting requirements. |
(3) | Please refer to Footnote 2 at the end of this press release for additional information. |
(4) | Includes goodwill “embedded” in the valuation of significant common stock investments in unconsolidated financial institutions. |
(5) | Represents deferred tax excludable from Basel III CET1 Capital, which includes net DTAs arising from net operating loss, foreign tax credit and general business credit tax carry-forwards and DTAs arising from timing differences (future deductions) that are deducted from CET1 capital exceeding the 10% limitation. |
(6) | Assets subject to 10% / 15% limitations include MSRs, DTAs arising from temporary differences and significant common stock investments in unconsolidated financial institutions. For all periods presented, the deduction related only to DTAs arising from temporary differences that exceeded the 10% limitation. |
Appendix D
($in millions) |
| | 1Q'23(1) |
| | 4Q'22 |
| | 1Q'22 |
| | | | | | | | | |
Common Equity Tier 1 Capital (CET1)(2) | | $ | 153,676 | | $ | 148,930 | | $ | 143,749 |
| | | | | | | | | |
Additional Tier 1 Capital (AT1)(3) | | | 21,499 | | | 20,215 | | | 20,266 |
| | | | | | | | | |
Total Tier 1 Capital (T1C) (CET1 + AT1) | | $ | 175,175 | | $ | 169,145 | | $ | 164,015 |
| | | | | | | | | |
Total Leverage Exposure (TLE)(2) | | $ | 2,944,452 | | $ | 2,906,773 | | $ | 2,939,533 |
| | | | | | | | | |
Supplementary Leverage Ratio (T1C / TLE) | | | 5.9% | | | 5.8% | | | 5.6% |
(1)Preliminary.
(2)Please refer to Footnote 2 at the end of this press release for additional information.
(3)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) |
| | 1Q'23(1) |
| | 4Q'22 |
| | 1Q'22 |
| | | | | | | | | |
Common Stockholders' Equity | | $ | 188,050 | | $ | 182,194 | | $ | 178,714 |
Less: | | | | | | | | | |
Goodwill | | | 19,882 | | | 19,691 | | | 19,865 |
Intangible Assets (other than MSRs) | | | 3,974 | | | 3,763 | | | 4,002 |
Goodwill and Identifiable Intangible Assets (other than MSRs) Related to Assets Held-for-Sale | | | 246 | | | 589 | | | 1,384 |
Tangible Common Equity (TCE) | | $ | 163,948 | | $ | 158,151 | | $ | 153,463 |
| | | | | | | | | |
Common Shares Outstanding (CSO) | | | 1,947 | | | 1,937 | | | 1,942 |
| | | | | | | | | |
Tangible Book Value Per Share | | $ | 84.21 | | $ | 81.65 | | $ | 79.03 |
(1) | Preliminary. |
10
Appendix F
($ and shares in millions, except per share amounts) |
| | 1Q'23(1) |
| | 4Q'22 |
| | 1Q'22 |
| % Δ QoQ |
| % Δ YoY | |
| | | | | | | | | | | | | | |
Total Banking Revenues – As Reported | | $ | 1,165 | | $ | 889 | | $ | 1,886 | | 31 | % | (38) | % |
Less: | | | | | | | | | | | | | | |
Gain/(loss) on loan hedges(6) | | $ | (199) | | $ | (300) | | $ | 169 | | | | | |
Total Banking Revenues – Excluding Gain/(loss) on loan hedges | | $ | 1,364 | | $ | 1,189 | | $ | 1,717 | | 15 | % | (21) | % |
Appendix G
($ and shares in millions, except per share amounts) |
| | 1Q'23(1) |
| | 4Q'22 |
| | 1Q'22 |
| % Δ QoQ |
| % Δ YoY | |
| | | | | | | | | | | | | | |
Banking Corporate Lending Revenues – As Reported | | $ | 391 | | $ | 224 | | $ | 858 | | 60 | % | (54) | % |
Less: | | | | | | | | | | | | | | |
Gain/(loss) on loan hedges(6) | | $ | (199) | | $ | (300) | | $ | 169 | | | | | |
Banking Corporate Lending Revenues – Excluding Gain/(loss) on loan hedges | | $ | 590 | | $ | 544 | | $ | 689 | | 8 | % | (14) | % |
11
(1) Preliminary. Citigroup’s 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. See Appendix E for a reconciliation of common equity to tangible common equity.
(2) Ratios as of March 31, 2023 are preliminary. Citigroup’s Common Equity Tier 1 (CET1) Capital ratio and Supplementary Leverage ratio (SLR) reflect certain deferrals based on the modified regulatory capital transition provision related to the Current Expected Credit Losses (CECL) standard. Excluding these deferrals, Citigroup’s CET1 Capital ratio and SLR as of March 31, 2023 would be 13.3% and 5.9%, respectively, on a fully reflected basis. For additional information, see “Capital Resources—Regulatory Capital Treatment—Modified Transition of the current expected” in Citigroup’s 2022 Annual Report on Form 10-K.
For the composition of Citigroup’s CET1 Capital and ratio, see Appendix C. For the composition of Citigroup’s SLR, see Appendix D.
(3) Citigroup’s 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.
(4) Citigroup’s tangible book value per share is a non-GAAP financial measure. See Appendix E for a reconciliation of common equity to tangible common equity and resulting calculation of tangible book value per share.
(5) First quarter 2023 results included divestiture-related impacts of $953 million in earnings before taxes ($648 million after-tax), primarily recorded in Legacy Franchises. This amount included (i) $1 billion primarily related to the gain on sale of the India consumer business, recorded in Other revenue; (ii) $73 million of aggregate divestiture-related costs, recorded in Operating expenses; (iii) a $8 million benefit of divestiture-related credit costs; and (iv) and related taxes of $305 million.
First quarter 2022 results included Asia Consumer Banking divestiture-related impacts of $(677) million in earnings before taxes ($(588) million after-tax), recorded in Legacy Franchises, reflecting (i) the revenue impact from a pretax loss due to the sale of the Australia consumer business of $(118) million; this pretax loss included an ACL release of $(104) million and a net revenue impact of $(14) million due to contractual adjustments of the divestiture recorded in Other revenue; (ii) revenues and credit costs also exclude a cost of credit reclass of approximately $71 million, as once a divestiture is classified as held for sale, credit costs, including ACL builds/releases and NCL’s are reclassified to Other Revenue; (iii) the operating expense impact related to a goodwill write-down of approximately $535 million due to the re-segmentation and sequencing of divestitures, as well as costs related to the Korea Voluntary Early Retirement Program (VERP) of $24 million ; and (iv) related taxes of $(89) million.
Results of operations excluding these divestiture-related impacts are non-GAAP financial measures. For a reconciliation to reported results, please refer to Appendix B.
(6) Credit derivatives are used to economically hedge a portion of the Corporate Lending 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 and the mark-to-market on the loans in the portfolio that are at fair value. In the first quarter 2023, gain / (loss) on loan hedges included $(199) million related to Corporate Lending, compared to $169 million in the prior-year period. The fixed premium costs of these hedges are netted against the Corporate Lending revenues to reflect the cost of credit protection. Citigroup’s results of operations excluding the impact of gain / (loss) on loan hedges are non-GAAP financial measures. For a reconciliation to reported results, please refer to Appendix F and G.
12
Exhibit 99.2
CITIGROUP -- QUARTERLY FINANCIAL DATA SUPPLEMENT | 1Q23 |
| | Page | |
| Citigroup | | |
| Financial Summary | 1 | |
| Consolidated Statement of Income | 2 | |
| Consolidated Balance Sheet | 3 | |
| Operating Segment and Reporting Unit - Net Revenues and Income | 4 | |
| | | |
| Institutional Clients Group (ICG) | 5 | |
| Reporting Unit Revenues | 6 | |
| Personal Banking and Wealth Management (PBWM) | 7 | |
| Metrics | 8 | |
| Legacy Franchises | 9 | |
| Corporate / Other | 10 | |
| | | |
| Citigroup Supplemental Detail | | |
| Average Balances and Interest Rates | 11 | |
| EOP Loans | 12 | |
| Deposits | 13 | |
| Allowance for Credit Losses (ACL) Rollforward | 14 | |
| Allowance for Credit Losses on Loans and Unfunded Lending Commitments | 15 - 16 | |
| Non-Accrual Assets | 17 | |
| CET1 Capital and Supplementary Leverage Ratios, Tangible Common Equity, | 18 | |
| Book Value Per Share and Tangible Book Value Per Share | | |
| | | |
(In millions of dollars, except per share amounts and as otherwise noted)
| |
| |
| |
| |
| |
| |
| 1Q23 Increase/ | ||||||||
| | | 1Q | | 2Q | | 3Q | | 4Q | | 1Q | | (Decrease) from | | |||||||
| | | 2022 | | 2022 | | 2022 | | 2022 | | 2023 | | 4Q22 |
| 1Q22 | | |||||
| | | | | | | | | | | | | | | | ||||||
| Total revenues, net of interest expense(1)(2) | | $ | 19,186 | | $ | 19,638 | | $ | 18,508 | | $ | 18,006 | | $ | 21,447 | | 19% | | 12% | |
| Total operating expenses | | | 13,165 | | | 12,393 | | | 12,749 | | | 12,985 | | | 13,289 | | 2% | | 1% | |
| Net credit losses (NCLs) | | | 872 | | | 850 | | | 887 | | | 1,180 | | | 1,302 | | 10% | | 49% | |
| Credit reserve build / (release) for loans | | | (612) | | | 534 | | | 441 | | | 593 | | | 435 | | (27%) | | NM | |
| Provision / (release) for unfunded lending commitments | | | 474 | | | (159) | | | (71) | | | 47 | | | (194) | | NM | | NM | |
| Provisions for benefits and claims, HTM debt securities and other assets | | | 21 | | | 49 | | | 108 | | | 25 | | | 432 | | NM | | NM | |
| Provisions for credit losses and for benefits and claims | | | 755 | | | 1,274 | | | 1,365 | | | 1,845 | | | 1,975 | | 7% | | NM | |
| Income from continuing operations before income taxes | | | 5,266 | | | 5,971 | | | 4,394 | | | 3,176 | | | 6,183 | | 95% | | 17% | |
| Income taxes | | | 941 | | | 1,182 | | | 879 | | | 640 | | | 1,531 | | NM | | 63% | |
| Income from continuing operations | | | 4,325 | | | 4,789 | | | 3,515 | | | 2,536 | | | 4,652 | | 83% | | 8% | |
| Income (loss) from discontinued operations, net of taxes(3) | | | (2) | | | (221) | | | (6) | | | (2) | | | (1) | | 50% | | 50% | |
| Net income before noncontrolling interests | | | 4,323 | | | 4,568 | | | 3,509 | | | 2,534 | | | 4,651 | | 84% | | 8% | |
| Net income (loss) attributable to noncontrolling interests | | | 17 | | | 21 | | | 30 | | | 21 | | | 45 | | NM | | NM | |
| Citigroup's net income | | $ | 4,306 | | $ | 4,547 | | $ | 3,479 | | $ | 2,513 | | $ | 4,606 | | 83% | | 7% | |
| | | | | | | | | | | | | | | | | | | | | |
| Diluted earnings per share: | | | | | | | | | | | | | | | | | | | | |
| Income from continuing operations | | $ | 2.02 | | $ | 2.30 | | $ | 1.63 | | $ | 1.16 | | $ | 2.19 | | 89% | | 8% | |
| Citigroup's net income | | $ | 2.02 | | $ | 2.19 | | $ | 1.63 | | $ | 1.16 | | $ | 2.19 | | 89% | | 8% | |
| | | | | | | | | | | | | | | | | | | | | |
| Preferred dividends | | $ | 279 | | $ | 238 | | $ | 277 | | $ | 238 | | $ | 277 | | 16% | | (1%) | |
| | | | | | | | | | | | | | | | | | | | | |
| Income allocated to unrestricted common shareholders - basic | | | | | | | | | | | | | | | | | | | | |
| Income from continuing operations | | $ | 4,004 | | $ | 4,495 | | $ | 3,180 | | $ | 2,253 | | $ | 4,296 | | 91% | | 7% | |
| Citigroup's net income | | $ | 4,002 | | 4,274 | | $ | 3,174 | | $ | 2,251 | | $ | 4,295 | | 91% | | 7% | ||
| | | | | | | | | | | | | | | | | | | | | |
| Income allocated to unrestricted common shareholders - diluted | | | | | | | | | | | | | | | | | | | | |
| Income from continuing operations | | $ | 4,012 | | $ | 4,506 | | $ | 3,191 | | $ | 2,264 | | $ | 4,307 | | 90% | | 7% | |
| Citigroup's net income | | $ | 4,010 | | $ | 4,285 | | $ | 3,185 | | $ | 2,262 | | $ | 4,306 | | 90% | | 7% | |
| | | | | | | | | | | | | | | | | | | | | |
| Shares (in millions): | | | | | | | | | | | | | | | | | | | | |
| Average basic | | | 1,971.7 | | | 1,941.5 | | | 1,936.8 | | | 1,936.9 | | | 1,943.5 | | - | | (1%) | |
| Average diluted | | | 1,988.2 | | | 1,958.1 | | | 1,955.1 | | | 1,955.9 | | | 1,964.1 | | - | | (1%) | |
| Common shares outstanding, at period end | | | 1,941.9 | | | 1,936.7 | | | 1,936.9 | | | 1,937.0 | | | 1,946.8 | | 1% | | - | |
| | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | |
| Regulatory capital ratios and performance metrics: | | | | | | | | | | | | | | | | | | | | |
| Common Equity Tier 1 (CET1) Capital ratio(4)(5)(6) | | | 11.43% | | | 11.95% | | | 12.29% | | | 13.03% | | | 13.4% | | | | | |
| Tier 1 Capital ratio(4)(5)(6) | | | 13.05% | | | 13.62% | | | 14.01% | | | 14.80% | | | 15.3% | | | | | |
| Total Capital ratio(4)(5)(6) | | | 14.84% | | | 15.20% | | | 15.09% | | | 15.46% | | | 15.6% | | | | | |
| Supplementary Leverage ratio (SLR)(4)(6)(7) | | | 5.58% | | | 5.66% | | | 5.71% | | | 5.82% | | | 5.9% | | | | | |
| Return on average assets | | | 0.74% | | | 0.77% | | | 0.58% | | | 0.41% | | | 0.76% | | | | | |
| Return on average common equity | | | 9.0% | | | 9.7% | | | 7.1% | | | 5.0% | | | 9.5% | | | | | |
| Average tangible common equity (TCE) (in billions of dollars) | | $ | 155.3 | | $ | 154.4 | | $ | 155.5 | | $ | 156.9 | | $ | 161.1 | | 3% | | 4% | |
| Return on average tangible common equity (RoTCE) | | | 10.5% | | | 11.2% | | | 8.2% | | | 5.8% | | | 10.9% | | | | | |
| Efficiency ratio (total operating expenses/total revenues, net) | | | 68.6% | | | 63.1% | | | 68.9% | | | 72.1% | | | 62.0% | | (1,010) bps | | (660) bps | |
| | | | | | | | | | | | | | | | | | | | | |
| Balance sheet data (in billions of dollars, except per share amounts): | | | | | | | | | | | | | | | | | | | | |
| Total assets | | $ | 2,394.1 | | $ | 2,380.9 | | $ | 2,381.1 | | $ | 2,416.7 | | $ | 2,455.1 | | 2% | | 3% | |
| Total average assets | | | 2,374.0 | | | 2,380.1 | | | 2,399.4 | | | 2,430.6 | | | 2,462.2 | | 1% | | 4% | |
| Total loans | | | 659.7 | | | 657.3 | | | 646.0 | | | 657.2 | | | 652.0 | | (1%) | | (1%) | |
| Total deposits | | | 1,333.7 | | | 1,321.8 | | | 1,306.5 | | | 1,366.0 | | | 1,330.5 | | (3%) | | - | |
| Citigroup's stockholders' equity | | | 197.7 | | | 199.0 | | | 198.6 | | | 201.2 | | | 208.3 | | 4% | | 5% | |
| Book value per share | | | 92.03 | | | 92.95 | | | 92.71 | | | 94.06 | | | 96.59 | | 3% | | 5% | |
| Tangible book value per share | | | 79.03 | | | 80.25 | | | 80.34 | | | 81.65 | | | 84.21 | | 3% | | 7% | |
| | | | | | | | | | | | | | | | | | | | | |
| Direct staff (in thousands) | | | 228 | | | 231 | | | 238 | | | 240 | | | 240 | | - | | 5% | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||
| (1) 1Q23 includes an approximate $1.059 billion gain on sale recorded in Other revenue (approximately $727 million after various taxes) related to Citi's sale of the India consumer banking business. (2) 3Q22 includes an approximate $616 million gain on sale recorded in Other revenue (approximately $290 million after various taxes) related to Citi's sale of the Philippines consumer banking business. (3) 2Q22 discontinued operations reflects the release of a currency translation adjustment (CTA) loss (net of hedges) recorded in Accumulated Other Comprehensive Income (AOCI) related to the substantial liquidation of a legal entity (with a non-U.S. dollar functional currency), that had previously divested a legacy business. (4) 1Q23 is preliminary. (5) Citi's binding CET1 Capital and Tier 1 Capital ratios were derived under the Basel III Standardized Approach, whereas Citi's binding Total Capital ratios were derived under the Basel III Advanced Approaches framework for all periods presented. For the composition of Citi's CET1 Capital and ratio, see page 18. (6) Citi's regulatory capital ratios and components reflect certain deferrals based on the modified regulatory capital transition provision related to the Current Expected Credit Losses (CECL) standard. For additional information, see "Capital Resources-Regulatory Capital Treatment-Modified Transition of the Current Expected Credit Losses Methodology" in Citigroup's 2022 Annual Report on Form 10-K. (7) For the composition of Citi's SLR, see page 18. Note: Ratios and variance percentages are calculated based on the displayed amounts. NM Not meaningful. Reclassified to conform to the current period's presentation. | | | |
Page 1
CITIGROUP CONSOLIDATED STATEMENT OF INCOME
(In millions of dollars)
|
| |
|
|
|
|
|
|
|
|
| 1Q23 Increase/ | |||||||
| | 1Q | | 2Q | | 3Q | | 4Q | | 1Q | | (Decrease) from | |||||||
| | 2022 | | 2022 | | 2022 | | 2022 | | 2023 | | 4Q22 | | 1Q22 | |||||
Revenues | | | | | | | | | | | | | | | | | | | |
Interest revenue | | $ | 13,151 | | $ | 15,630 | | $ | 19,919 | | $ | 25,708 | | $ | 29,395 | | 14% | | NM |
Interest expense | | | 2,280 | | | 3,666 | | | 7,356 | | | 12,438 | | | 16,047 | | 29% | | NM |
Net interest income (NII) | | | 10,871 | | | 11,964 | | | 12,563 | | | 13,270 | | | 13,348 | | 1% | | 23% |
| | | | | | | | | | | | | | | | | | | |
Commissions and fees | | | 2,568 | | | 2,452 | | | 2,139 | | | 2,016 | | | 2,366 | | 17% | | (8%) |
Principal transactions | | | 4,590 | | | 4,525 | | | 2,625 | | | 2,419 | | | 3,939 | | 63% | | (14%) |
Administrative and other fiduciary fees | | | 966 | | | 1,023 | | | 915 | | | 880 | | | 896 | | 2% | | (7%) |
Realized gains (losses) on investments | | | 80 | | | (58) | | | 52 | | | (7) | | | 72 | | NM | | (10%) |
Impairment losses on investments and other assets | | | (90) | | | (96) | | | (91) | | | (222) | | | (86) | | 61% | | 4% |
Provision for credit losses on AFS debt securities(1) | | | - | | | 2 | | | 5 | | | (2) | | | (1) | | 50% | | (100%) |
Other revenue (loss) | | | 201 | | | (174) | | | 300 | | | (348) | | | 913 | | NM | | NM |
Total non-interest revenues (NIR) | | | 8,315 | | | 7,674 | | | 5,945 | | | 4,736 | | | 8,099 | | 71% | | (3%) |
Total revenues, net of interest expense | | $ | 19,186 | | $ | 19,638 | | $ | 18,508 | | $ | 18,006 | | $ | 21,447 | | 19% | | 12% |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Provisions for credit losses and for benefits and claims | | | | | | | | | | | | | | | | | | | |
Net credit losses | | | 872 | | | 850 | | | 887 | | | 1,180 | | | 1,302 | | 10% | | 49% |
Credit reserve build / (release) for loans | | | (612) | | | 534 | | | 441 | | | 593 | | | 435 | | (27%) | | NM |
Provision for credit losses on loans | | | 260 | | | 1,384 | | | 1,328 | | | 1,773 | | | 1,737 | | (2%) | | NM |
Provision for credit losses on held-to-maturity (HTM) debt securities | | | (2) | | | 20 | | | 10 | | | 5 | | | (17) | | NM | | NM |
Provision for credit losses on other assets | | | (4) | | | 7 | | | 73 | | | - | | | 425 | | NM | | NM |
Policyholder benefits and claims | | | 27 | | | 22 | | | 25 | | | 20 | | | 24 | | 20% | | (11%) |
Provision for credit losses on unfunded lending commitments | | | 474 | | | (159) | | | (71) | | | 47 | | | (194) | | NM | | NM |
Total provisions for credit losses and for benefits and claims(2) | | | 755 | | | 1,274 | | | 1,365 | | | 1,845 | | | 1,975 | | 7% | | NM |
| | | | | | | | | | | | | | | | | | | |
Operating expenses | | | | | | | | | | | | | | | | | | | |
Compensation and benefits | | | 6,820 | | | 6,472 | | | 6,745 | | | 6,618 | | | 7,538 | | 14% | | 11% |
Premises and equipment | | | 543 | | | 619 | | | 557 | | | 601 | | | 598 | | - | | 10% |
Technology / communication | | | 2,016 | | | 2,068 | | | 2,145 | | | 2,358 | | | 2,127 | | (10%) | | 6% |
Advertising and marketing | | | 311 | | | 414 | | | 407 | | | 424 | | | 331 | | (22%) | | 6% |
Other operating | | | 3,475 | | | 2,820 | | | 2,895 | | | 2,984 | | | 2,695 | | (10%) | | (22%) |
Total operating expenses | | | 13,165 | | | 12,393 | | | 12,749 | | | 12,985 | | | 13,289 | | 2% | | 1% |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Income from continuing operations before income taxes | | | 5,266 | | | 5,971 | | | 4,394 | | | 3,176 | | | 6,183 | | 95% | | 17% |
Provision for income taxes | | | 941 | | | 1,182 | | | 879 | | | 640 | | | 1,531 | | NM | | 63% |
| | | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations | | | 4,325 | | | 4,789 | | | 3,515 | | | 2,536 | | | 4,652 | | 83% | | 8% |
Discontinued operations(3) | | | | | | | | | | | | | | | | | | | |
Income (loss) from discontinued operations | | | (2) | | | (262) | | | (6) | | | (2) | | | (1) | | 50% | | 50% |
Provision (benefit) for income taxes | | | - | | | (41) | | | - | | | - | | | - | | - | | - |
Income (loss) from discontinued operations, net of taxes | | | (2) | | | (221) | | | (6) | | | (2) | | | (1) | | 50% | | 50% |
| | | | | | | | | | | | | | | | | | | |
Net income before noncontrolling interests | | | 4,323 | | | 4,568 | | | 3,509 | | | 2,534 | | | 4,651 | | 84% | | 8% |
Net income (loss) attributable to noncontrolling interests | | | 17 | | | 21 | | | 30 | | | 21 | | | 45 | | NM | | NM |
| | | | | | | | | | | | | | | | | | | |
Citigroup's net income | | $ | 4,306 | | $ | 4,547 | | $ | 3,479 | | $ | 2,513 | | $ | 4,606 | | 83% | | 7% |
| | | | | | | | | | | | | | | | | | | |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 2
CITIGROUP CONSOLIDATED BALANCE SHEET
(In millions of dollars)
|
| |
|
|
|
|
|
|
|
|
| 1Q23 Increase/ | |||||||
| | March 31, | | June 30, | | September 30, | | December 31, | | March 31, | | (Decrease) from | |||||||
| | 2022 | | 2022 | | 2022 | | 2022 | | 2023(1) | | 4Q22 | | 1Q22 | |||||
Assets | | | | | | | | | | | | | | | | | | | |
Cash and due from banks (including segregated cash and other deposits) | | $ | 27,768 | | $ | 24,902 | | $ | 26,502 | | $ | 30,577 | | $ | 26,224 | | (14%) | | (6%) |
Deposits with banks, net of allowance | | | 244,319 | | | 259,128 | | | 273,105 | | | 311,448 | | | 302,735 | | (3%) | | 24% |
Securities borrowed and purchased under agreements to resell, net of allowance | | | 345,410 | | | 361,334 | | | 349,214 | | | 365,401 | | | 384,198 | | 5% | | 11% |
Brokerage receivables, net of allowance | | | 89,218 | | | 80,486 | | | 79,696 | | | 54,192 | | | 55,491 | | 2% | | (38%) |
Trading account assets | | | 357,997 | | | 340,875 | | | 358,260 | | | 334,114 | | | 383,906 | | 15% | | 7% |
Investments | | | | | | | | | | | | | | | | | | | |
Available-for-sale debt securities | | | 264,774 | | | 238,499 | | | 232,143 | | | 249,679 | | | 240,487 | | (4%) | | (9%) |
Held-to-maturity debt securities, net of allowance | | | 242,547 | | | 267,592 | | | 267,864 | | | 268,863 | | | 264,342 | | (2%) | | 9% |
Equity securities | | | 7,281 | | | 7,787 | | | 8,009 | | | 8,040 | | | 7,749 | | (4%) | | 6% |
Total investments | | | 514,602 | | | 513,878 | | | 508,016 | | | 526,582 | | | 512,578 | | (3%) | | - |
Loans, net of unearned income | | | | | | | | | | | | | | | | | | | |
Consumer(2) | | | 350,328 | | | 355,605 | | | 357,583 | | | 368,067 | | | 363,696 | | (1%) | | 4% |
Corporate(3) | | | 309,341 | | | 301,728 | | | 288,377 | | | 289,154 | | | 288,299 | | - | | (7%) |
Loans, net of unearned income | | | 659,669 | | | 657,333 | | | 645,960 | | | 657,221 | | | 651,995 | | (1%) | | (1%) |
Allowance for credit losses on loans (ACLL) | | | (15,393) | | | (15,952) | | | (16,309) | | | (16,974) | | | (17,169) | | (1%) | | (12%) |
Total loans, net | | | 644,276 | | | 641,381 | | | 629,651 | | | 640,247 | | | 634,826 | | (1%) | | (1%) |
Goodwill | | | 19,865 | | | 19,597 | | | 19,326 | | | 19,691 | | | 19,882 | | 1% | | - |
Intangible assets (including MSRs) | | | 4,522 | | | 4,526 | | | 4,485 | | | 4,428 | | | 4,632 | | 5% | | 2% |
Property, plant and equipment, net | | | 24,624 | | | 24,788 | | | 25,157 | | | 26,253 | | | 27,119 | | 3% | | 10% |
Other assets, net of allowance | | | 121,504 | | | 110,009 | | | 107,652 | | | 103,743 | | | 103,522 | | - | | (15%) |
Total assets | | $ | 2,394,105 | | $ | 2,380,904 | | $ | 2,381,064 | | $ | 2,416,676 | | $ | 2,455,113 | | 2% | | 3% |
| | | | | | | | | | | | | | | | | | | |
Liabilities | | | | | | | | | | | | | | | | | | | |
Non-interest-bearing deposits in U.S. offices | | $ | 153,666 | | $ | 147,214 | | $ | 135,514 | | $ | 122,655 | | $ | 123,969 | | 1% | | (19%) |
Interest-bearing deposits in U.S. offices | | | 557,327 | | | 565,785 | | | 570,920 | | | 607,470 | | | 587,477 | | (3%) | | 5% |
Total U.S. deposits | | | 710,993 | | | 712,999 | | | 706,434 | | | 730,125 | | | 711,446 | | (3%) | | - |
Non-interest-bearing deposits in offices outside the U.S. | | | 98,579 | | | 100,266 | | | 98,904 | | | 95,182 | | | 90,404 | | (5%) | | (8%) |
Interest-bearing deposits in offices outside the U.S. | | | 524,139 | | | 508,583 | | | 501,148 | | | 540,647 | | | 528,609 | | (2%) | | 1% |
Total international deposits | | | 622,718 | | | 608,849 | | | 600,052 | | | 635,829 | | | 619,013 | | (3%) | | (1%) |
| | | | | | | | | | | | | | | | | | | |
Total deposits | | | 1,333,711 | | | 1,321,848 | | | 1,306,486 | | | 1,365,954 | | | 1,330,459 | | (3%) | | - |
Securities loaned and sold under agreements to resell | | | 204,494 | | | 198,472 | | | 203,429 | | | 202,444 | | | 257,681 | | 27% | | 26% |
Brokerage payables | | | 91,324 | | | 96,474 | | | 87,841 | | | 69,218 | | | 76,708 | | 11% | | (16%) |
Trading account liabilities | | | 188,059 | | | 180,453 | | | 196,479 | | | 170,647 | | | 185,010 | | 8% | | (2%) |
Short-term borrowings | | | 30,144 | | | 40,054 | | | 47,368 | | | 47,096 | | | 40,187 | | (15%) | | 33% |
Long-term debt | | | 253,954 | | | 257,425 | | | 253,068 | | | 271,606 | | | 279,684 | | 3% | | 10% |
Other liabilities(4) | | | 94,066 | | | 86,552 | | | 87,276 | | | 87,873 | | | 76,365 | | (13%) | | (19%) |
Total liabilities | | $ | 2,195,752 | | $ | 2,181,278 | | $ | 2,181,947 | | $ | 2,214,838 | | $ | 2,246,094 | | 1% | | 2% |
| | | | | | | | | | | | | | | | | | | |
Equity | | | | | | | | | | | | | | | | | | | |
Stockholders' equity | | | | | | | | | | | | | | | | | | | |
Preferred stock | | $ | 18,995 | | $ | 18,995 | | $ | 18,995 | | $ | 18,995 | | $ | 20,245 | | 7% | | 7% |
Common stock | | | 31 | | | 31 | | | 31 | | | 31 | | | 31 | | - | | - |
Additional paid-in capital | | | 108,050 | | | 108,210 | | | 108,347 | | | 108,458 | | | 108,369 | | - | | - |
Retained earnings | | | 187,962 | | | 191,261 | | | 193,462 | | | 194,734 | | | 198,353 | | 2% | | 6% |
Treasury stock, at cost | | | (73,744) | | | (73,988) | | | (73,977) | | | (73,967) | | | (73,262) | | 1% | | 1% |
Accumulated other comprehensive income (loss) (AOCI)(5) | | | (43,585) | | | (45,495) | | | (48,298) | | | (47,062) | | | (45,441) | | 3% | | (4%) |
Total common equity | | $ | 178,714 | | $ | 180,019 | | $ | 179,565 | | $ | 182,194 | | $ | 188,050 | | 3% | | 5% |
| | | | | | | | | | | | | | | | | | | |
Total Citigroup stockholders' equity | | $ | 197,709 | | $ | 199,014 | | $ | 198,560 | | $ | 201,189 | | $ | 208,295 | | 4% | | 5% |
Noncontrolling interests | | | 644 | | | 612 | | | 557 | | | 649 | | | 724 | | 12% | | 12% |
Total equity | | | 198,353 | | | 199,626 | | | 199,117 | | | 201,838 | | | 209,019 | | 4% | | 5% |
Total liabilities and equity | | $ | 2,394,105 | | $ | 2,380,904 | | $ | 2,381,064 | | $ | 2,416,676 | | $ | 2,455,113 | | 2% | | 3% |
| | | | | | | | | | | | | | | | | | | |
(1) | Preliminary. |
(2) | Consumer loans include loans managed by PBWM and Legacy Franchises (other than Mexico Small Business and Middle-Market Banking (Mexico SBMM) loans). |
(3) | Corporate loans include loans managed by ICG and Legacy Franchises-Mexico SBMM. |
(4) | Includes allowance for credit losses for unfunded lending commitments. See page 15. |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 3
OPERATING SEGMENT AND REPORTING UNIT DETAILS
(In millions of dollars)
| | | | | | | | | | | | 1Q23 Increase/ | |||||||
|
| 1Q |
| 2Q |
| 3Q |
| 4Q |
| 1Q |
| (Decrease) from | |||||||
| | 2022 | | 2022 | | 2022 | | 2022 | | 2023 | | 4Q22 | | 1Q22 | |||||
Net revenues | | | | | | | | | | | | | | | | | | | |
Institutional Clients Group | | $ | 11,160 | | $ | 11,419 | | $ | 9,468 | | $ | 9,159 | | $ | 11,233 | | 23% | | 1% |
Personal Banking and Wealth Management | | | 5,905 | | | 6,029 | | | 6,187 | | | 6,096 | | | 6,448 | | 6% | | 9% |
Legacy Franchises | | | 1,931 | | | 1,935 | | | 2,554 | | | 2,052 | | | 2,852 | | 39% | | 48% |
Corporate/Other | | | 190 | | | 255 | | | 299 | | | 699 | | | 914 | | 31% | | NM |
| | | | | | | | | | | | | | | | | | | |
Total net revenues | | $ | 19,186 | | $ | 19,638 | | $ | 18,508 | | $ | 18,006 | | $ | 21,447 | | 19% | | 12% |
| | | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations | | | | | | | | | | | | | | | | | | | |
Institutional Clients Group | | $ | 2,658 | | $ | 3,978 | | $ | 2,186 | | $ | 1,916 | | $ | 3,298 | | 72% | | 24% |
Personal Banking and Wealth Management | | | 1,860 | | | 553 | | | 792 | | | 114 | | | 489 | | NM | | (74%) |
Legacy Franchises | | | (385) | | | (15) | | | 316 | | | 75 | | | 606 | | NM | | NM |
Corporate/Other | | | 192 | | | 273 | | | 221 | | | 431 | | | 259 | | (40%) | | 35% |
| | | | | | | | | | | | | | | | | | | |
Income from continuing operations | | $ | 4,325 | | $ | 4,789 | | $ | 3,515 | | $ | 2,536 | | $ | 4,652 | | 83% | | 8% |
| | | | | | | | | | | | | | | | | | | |
Discontinued operations | | $ | (2) | | $ | (221) | | $ | (6) | | $ | (2) | | $ | (1) | | 50% | | 50% |
| | | | | | | | | | | | | | | | | | | |
Net income attributable to noncontrolling interests | | | 17 | | | 21 | | | 30 | | | 21 | | | 45 | | NM | | NM |
| | | | | | | | | | | | | | | | | | | |
Net income | | $ | 4,306 | | $ | 4,547 | | $ | 3,479 | | $ | 2,513 | | $ | 4,606 | | 83% | | 7% |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 4
INSTITUTIONAL CLIENTS GROUP
(In millions of dollars, except as otherwise noted)
| | | |
|
| |
|
| |
|
| |
|
| |
| 1Q23 Increase/ | ||
|
| 1Q |
| 2Q |
| 3Q |
| 4Q |
| 1Q |
| (Decrease) from | |||||||
| | 2022 | | 2022 | | 2022 | | 2022 | | 2023 | | 4Q22 | | 1Q22 | |||||
Commissions and fees | | $ | 1,130 | | $ | 1,125 | | $ | 1,082 | | $ | 1,067 | | $ | 1,150 |
| 8% | | 2% |
Administration and other fiduciary fees | |
| 672 | |
| 732 | |
| 651 | |
| 629 | |
| 654 |
| 4% | | (3%) |
Investment banking fees(1) | |
| 1,039 | |
| 990 | |
| 816 | |
| 728 | |
| 834 |
| 15% | | (20%) |
Principal transactions | |
| 4,442 | |
| 4,358 | |
| 2,776 | |
| 2,057 | |
| 3,709 |
| 80% | | (17%) |
Other | |
| 93 | |
| (306) | |
| (427) | |
| (359) | |
| (142) |
| 60% | | NM |
Total non-interest revenue | |
| 7,376 | |
| 6,899 | |
| 4,898 | |
| 4,122 | |
| 6,205 |
| 51% | | (16%) |
Net interest income (including dividends) | |
| 3,784 | |
| 4,520 | |
| 4,570 | |
| 5,037 | |
| 5,028 |
| - | | 33% |
Total revenues, net of interest expense | |
| 11,160 | |
| 11,419 | |
| 9,468 | |
| 9,159 | |
| 11,233 |
| 23% | | 1% |
Total operating expenses | |
| 6,723 | |
| 6,434 | |
| 6,541 | |
| 6,601 | |
| 6,973 |
| 6% | | 4% |
Net credit losses on loans | |
| 30 | |
| 18 | |
| - | |
| 104 | |
| 22 |
| (79%) | | (27%) |
Credit reserve build / (release) for loans | |
| 596 | |
| (76) | |
| 75 | |
| (117) | |
| (75) |
| 36% | | NM |
Provision for credit losses on unfunded lending commitments | |
| 352 | |
| (169) | |
| (59) | |
| 63 | |
| (170) |
| NM | | NM |
Provisions for credit losses for HTM debt securities and other assets | |
| (7) | |
| 25 | |
| 70 | |
| 6 | |
| 151 |
| NM | | NM |
Provision for credit losses | |
| 971 | |
| (202) | |
| 86 | |
| 56 | |
| (72) |
| NM | | NM |
Income from continuing operations before taxes | |
| 3,466 | |
| 5,187 | |
| 2,841 | |
| 2,502 | |
| 4,332 |
| 73% | | 25% |
Income taxes | |
| 808 | |
| 1,209 | |
| 655 | |
| 586 | |
| 1,034 |
| 76% | | 28% |
Income from continuing operations | |
| 2,658 | |
| 3,978 | |
| 2,186 | |
| 1,916 | |
| 3,298 |
| 72% | | 24% |
Noncontrolling interests | |
| 18 | |
| 17 | |
| 24 | |
| 20 | |
| 40 |
| 100% | | NM |
Net income | | $ | 2,640 | | $ | 3,961 | | $ | 2,162 | | $ | 1,896 | | $ | 3,258 |
| 72% | | 23% |
EOP assets (in billions) | | $ | 1,704 | | $ | 1,700 | | $ | 1,706 | | $ | 1,730 | | $ | 1,769 |
| 2% | | 4% |
Average assets (in billions) | |
| 1,685 | |
| 1,698 | |
| 1,729 | |
| 1,753 | |
| 1,774 |
| 1% | | 5% |
Efficiency ratio | |
| 60% | |
| 56% |
|
| 69% | |
| 72% | |
| 62% | | (1,000) bps | | 200 bps |
| | | | | | | | | | | | | | | | | | | |
Revenue by reporting unit | | | | | | | | | | | | | | | | | | | |
Services | | $ | 3,465 | | $ | 4,050 | | $ | 4,177 | | $ | 4,326 | | $ | 4,467 |
| 3% | | 29% |
Markets | |
| 5,809 | |
| 5,292 | |
| 4,068 | |
| 3,944 | |
| 5,601 |
| 42% | | (4%) |
Banking | |
| 1,886 | |
| 2,077 | |
| 1,223 | |
| 889 | |
| 1,165 |
| 31% | | (38%) |
Total revenues, net of interest expense | | $ | 11,160 | | $ | 11,419 | | $ | 9,468 | | $ | 9,159 | | $ | 11,233 |
| 23% | | 1% |
| | | | | | | | | | | | | | | | | | | |
Revenue by region | | | | | | | | | | | | | | | | | | | |
North America | | $ | 3,722 | | $ | 4,410 | | $ | 3,091 | | $ | 2,444 | | $ | 3,503 |
| 43% | | (6%) |
EMEA | |
| 4,030 | |
| 3,566 | |
| 3,099 | |
| 3,293 | |
| 4,059 |
| 23% | | 1% |
Latin America | |
| 1,141 | |
| 1,266 | |
| 1,202 | |
| 1,320 | |
| 1,272 |
| (4%) | | 11% |
Asia | |
| 2,267 | |
| 2,177 | |
| 2,076 | |
| 2,102 | |
| 2,399 |
| 14% | | 6% |
Total revenues, net of interest expense | | $ | 11,160 | | $ | 11,419 | | $ | 9,468 | | $ | 9,159 | | $ | 11,233 |
| 23% | | 1% |
| | | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations by region | | | | | | | | | | | | | | | | | | | |
North America | | $ | 589 | | $ | 1,501 | | $ | 97 | | $ | (90) | | $ | 575 |
| NM | | (2%) |
EMEA | |
| 928 | |
| 1,172 | |
| 1,003 | |
| 857 | |
| 1,380 |
| 61% | | 49% |
Latin America | |
| 359 | |
| 544 | |
| 426 | |
| 508 | |
| 501 |
| (1%) | | 40% |
Asia | |
| 782 | |
| 761 | |
| 660 | |
| 641 | |
| 842 |
| 31% | | 8% |
Income (loss) from continuing operations | | $ | 2,658 | | $ | 3,978 | | $ | 2,186 | | $ | 1,916 | | $ | 3,298 |
| 72% | | 24% |
| | | | | | | | | | | | | | | | | | | |
Average loans by reporting unit (in billions) | | | | | | | | | | | | | | | | | | | |
Services | | $ | 81 | | $ | 85 | | $ | 82 | | $ | 79 | | $ | 79 |
| - | | (2%) |
Banking | |
| 194 | |
| 199 | |
| 197 | |
| 194 | |
| 191 |
| (2%) | | (2%) |
Markets | |
| 14 | |
| 13 | |
| 12 | |
| 12 | |
| 13 |
| 8% | | (7%) |
Total | | $ | 289 | | $ | 297 | | $ | 291 | | $ | 285 | | $ | 283 |
| (1%) | | (2%) |
| | | | | | | | | | | | | | | | | | | |
Average deposits by reporting unit and selected component (in billions) | |
|
| |
| | |
| | |
| | |
| |
| | | |
Treasury and trade solutions (TTS) | | $ | 670 | | $ | 672 | | $ | 664 | | $ | 694 | | $ | 704 |
| 1% | | 5% |
Securities services | |
| 135 | |
| 137 | |
| 131 | |
| 129 | |
| 125 |
| (3%) | | (7%) |
Services | |
| 805 | |
| 809 | |
| 795 | |
| 823 | |
| 829 |
| 1% | | 3% |
Markets and Banking | |
| 21 | |
| 21 | |
| 22 | |
| 25 | |
| 24 |
| (4%) | | 14% |
Total | | $ | 826 | | $ | 830 | | $ | 817 | | $ | 848 | | $ | 853 |
| 1% | | 3% |
| | | | | | | | | | | | | | | | | | | |
Services Key Drivers (in billions of dollars, except as otherwise noted) | |
|
| |
| | |
| | |
| | |
| |
| | | |
AUC/AUA (in trillions of dollars) | | $ | 23.0 | | $ | 21.2 | | $ | 20.9 | | $ | 22.2 | | $ | 23.0 |
| 4% | | - |
Cross border transaction value | | $ | 75.6 | | $ | 79.3 | | $ | 75.6 | | $ | 81.1 | | $ | 83.0 |
| 2% | | 10% |
U.S.dollar clearing volume (in millions) | |
| 36.1 | |
| 36.7 | |
| 37.6 | |
| 38.2 | |
| 38.3 |
| - | | 6% |
Commercial card spend volume | | $ | 11.4 | | $ | 15.0 | | $ | 15.6 | | $ | 15.4 | | $ | 16.0 |
| 4% | | 40% |
(1) | Investment banking fees are substantially composed of underwriting and advisory revenues. |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 5
INSTITUTIONAL CLIENTS GROUP
REPORTING UNIT REVENUES
(In millions of dollars, except as otherwise noted)
| | | |
|
| |
|
| |
|
| |
|
| |
| 1Q23 Increase/ | ||
|
| 1Q |
| 2Q |
| 3Q |
| 4Q |
| 1Q |
| (Decrease) from | |||||||
| | 2022 | | 2022 | | 2022 | | 2022 | | 2023 | | 4Q22 | | 1Q22 | |||||
Services |
| |
| | |
| | |
| | |
| | |
| |
|
|
|
Net interest income | | $ | 1,924 | | $ | 2,354 | | $ | 2,619 | | $ | 2,821 | | $ | 2,839 | | 1% | | 48% |
Non-interest revenue | |
| 1,541 | |
| 1,696 | |
| 1,558 | |
| 1,505 | |
| 1,628 | | 8% | | 6% |
Total Services revenues | | $ | 3,465 | | $ | 4,050 | | $ | 4,177 | | $ | 4,326 | | $ | 4,467 | | 3% | | 29% |
| | | | | | | | | | | | | | | | | | | |
Net interest income | | $ | 1,676 | | $ | 2,053 | | $ | 2,231 | | $ | 2,340 | | $ | 2,358 | | 1% | | 41% |
Non-interest revenue | |
| 931 | |
| 1,003 | |
| 977 | |
| 946 | |
| 1,053 | | 11% | | 13% |
Treasury and trade solutions | | $ | 2,607 | | $ | 3,056 | | $ | 3,208 | | $ | 3,286 | | $ | 3,411 | | 4% | | 31% |
| | | | | | | | | | | | | | | | | | | |
Net interest income | | $ | 248 | | $ | 301 | | $ | 388 | | $ | 481 | | $ | 481 | | - | | 94% |
Non-interest revenue | |
| 610 | |
| 693 | |
| 581 | |
| 559 | |
| 575 | | 3% | | (6%) |
Securities services | | $ | 858 | | $ | 994 | | $ | 969 | | $ | 1,040 | | $ | 1,056 | | 2% | | 23% |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Markets | |
|
| |
|
| |
|
| |
|
| |
|
| | | | |
Net interest income | | $ | 1,092 | | $ | 1,355 | | $ | 1,228 | | $ | 1,489 | | $ | 1,470 | | (1%) | | 35% |
Non-interest revenue | |
| 4,717 | |
| 3,937 | |
| 2,840 | |
| 2,455 | |
| 4,131 | | 68% | | (12%) |
Total Markets revenues | | $ | 5,809 | | $ | 5,292 | | $ | 4,068 | | $ | 3,944 | | $ | 5,601 | | 42% | | (4%) |
| | | | | | | | | | | | | | | | | | | |
Fixed income markets | | $ | 4,289 | | $ | 4,078 | | $ | 3,122 | | $ | 3,211 | | $ | 4,454 | | 39% | | 4% |
Equity markets | |
| 1,520 | |
| 1,214 | |
| 946 | |
| 733 | |
| 1,147 | | 56% | | (25%) |
Total | | $ | 5,809 | | $ | 5,292 | | $ | 4,068 | | $ | 3,944 | | $ | 5,601 | | 42% | | (4%) |
| | | | | | | | | | | | | | | | | | | |
Rates and currencies | | $ | 3,214 | | $ | 3,249 | | $ | 2,492 | | $ | 2,787 | | $ | 3,640 | | 31% | | 13% |
Spread products / other fixed income | |
| 1,075 | |
| 829 | |
| 630 | |
| 424 | |
| 814 | | 92% | | (24%) |
Total fixed income markets revenues | | $ | 4,289 | | $ | 4,078 | | $ | 3,122 | | $ | 3,211 | | $ | 4,454 | | 39% | | 4% |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Banking | |
|
| |
|
| |
|
| |
|
| |
|
| | | | |
Net interest income | | $ | 768 | | $ | 811 | | $ | 723 | | $ | 727 | | $ | 719 | | (1%) | | (6%) |
Non-interest revenue | |
| 1,118 | |
| 1,266 | |
| 500 | |
| 162 | |
| 446 | | NM | | (60%) |
Total Banking revenues, including gain/(loss) on loan hedges | | $ | 1,886 | | $ | 2,077 | | $ | 1,223 | | $ | 889 | | $ | 1,165 | | 31% | | (38%) |
Investment banking | |
|
| |
|
| |
|
| |
|
| |
|
| | | | |
Advisory | | $ | 347 | | $ | 357 | | $ | 392 | | $ | 269 | | $ | 289 | | 7% | | (17%) |
Equity underwriting | |
| 185 | |
| 177 | |
| 100 | |
| 149 | |
| 109 | | (27%) | | (41%) |
Debt underwriting | |
| 496 | |
| 271 | |
| 139 | |
| 227 | |
| 376 | | 66% | | (24%) |
Total investment banking | |
| 1,028 | |
| 805 | |
| 631 | |
| 645 | |
| 774 | | 20% | | (25%) |
Corporate lending - excluding gain/(loss) on loan hedges(1) | |
| 689 | |
| 778 | |
| 648 | |
| 544 | |
| 590 | | 8% | | (14%) |
Total Banking revenues (ex-gain/(loss) on loan hedges)(1) | | $ | 1,717 | | $ | 1,583 | | $ | 1,279 | | $ | 1,189 | | $ | 1,364 | | 15% | | (21%) |
Gain/(loss) on loan hedges(1) | |
| 169 | |
| 494 | |
| (56) | |
| (300) | |
| (199) | | 34% | | NM |
Total Banking revenues including gain/(loss) on loan hedges(1) | | $ | 1,886 | | $ | 2,077 | | $ | 1,223 | | $ | 889 | | $ | 1,165 | | 31% | | (38%) |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Total ICG revenues, net of interest expense | | $ | 11,160 | | $ | 11,419 | | $ | 9,468 | | $ | 9,159 | | $ | 11,233 | | 23% | | 1% |
Taxable-equivalent adjustments(2) | |
| 100 | |
| 116 | |
| 115 | |
| 103 | |
| 122 | | 18% | | 22% |
| | | | | | | | | | | | | | | | | | | |
Total ICG revenues - including taxable-equivalent adjustments(2) | | $ | 11,260 | | $ | 11,535 | | $ | 9,583 | | $ | 9,262 | | $ | 11,355 | | 23% | | 1% |
(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. Citigroup’s results of operations excluding the impact of gain/(loss) on loan hedges are non-GAAP financial measures. |
(2) | Primarily relates to income tax credits related to affordable housing and alternative energy investments as well as tax exempt income from municipal bond investments. |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 6
PERSONAL BANKING AND WEALTH MANAGEMENT
(In millions of dollars, except as otherwise noted)
| | | |
|
| |
|
| |
|
| |
|
| |
| 1Q23 Increase/ | ||
|
| 1Q |
| 2Q |
| 3Q |
| 4Q |
| 1Q |
| (Decrease) from | |||||||
| | 2022 | | 2022 | | 2022 | | 2022 | | 2023 | | 4Q22 | | 1Q22 | |||||
Net interest income | | $ | 5,385 | | $ | 5,569 | | $ | 5,836 | | $ | 5,866 | | $ | 5,934 |
| 1% | | 10% |
Non-interest revenue | |
| 520 | |
| 460 | |
| 351 | |
| 230 | |
| 514 |
| NM | | (1%) |
Total revenues, net of interest expense | |
| 5,905 | |
| 6,029 | |
| 6,187 | |
| 6,096 | |
| 6,448 |
| 6% | | 9% |
Total operating expenses | |
| 3,889 | |
| 3,985 | |
| 4,077 | |
| 4,307 | |
| 4,254 |
| (1%) | | 9% |
Net credit losses on loans | |
| 691 | |
| 699 | |
| 723 | |
| 908 | |
| 1,094 |
| 20% | | 58% |
Credit reserve build / (release) for loans | |
| (1,062) | |
| 638 | |
| 360 | |
| 771 | |
| 507 |
| (34%) | | NM |
Provision for credit losses on unfunded lending commitments | |
| (2) | |
| 13 | |
| 19 | |
| (19) | |
| (6) |
| 68% | | NM |
Provisions for benefits and claims, and other assets | |
| (3) | |
| 5 | |
| 7 | |
| 6 | |
| (4) |
| NM | | (33%) |
Provisions for credit losses and for benefits and claims (PBC) | |
| (376) | |
| 1,355 | |
| 1,109 | |
| 1,666 | |
| 1,591 |
| (5%) | | NM |
Income (loss) from continuing operations before taxes | |
| 2,392 | |
| 689 | |
| 1,001 | |
| 123 | |
| 603 |
| NM | | (75%) |
Income taxes (benefits) | |
| 532 | |
| 136 | |
| 209 | |
| 9 | |
| 114 |
| NM | | (79%) |
Income (loss) from continuing operations | |
| 1,860 | |
| 553 | |
| 792 | |
| 114 | |
| 489 |
| NM | | (74%) |
Noncontrolling interests | |
| - | |
| - | |
| - | |
| - | |
| - |
| - | | - |
Net income (loss) | | $ | 1,860 | | $ | 553 | | $ | 792 | | $ | 114 | | $ | 489 |
| NM | | (74%) |
EOP assets (in billions) | | $ | 476 | | $ | 479 | | $ | 479 | | $ | 494 | | $ | 490 |
| (1%) | | 3% |
Average assets (in billions) | |
| 474 | |
| 474 | |
| 473 | |
| 484 | |
| 495 |
| 2% | | 4% |
Efficiency ratio | |
| 66% |
|
| 66% | |
| 66% | |
| 71% |
|
| 66% |
| (500) bps | | 0 bps |
Revenue by reporting unit and component | | | | | | | | | | | | | | | | | | | |
Branded cards | | $ | 2,090 | | $ | 2,168 | | $ | 2,258 | | $ | 2,376 | | $ | 2,466 |
| 4% | | 18% |
Retail services | |
| 1,299 | |
| 1,300 | |
| 1,431 | |
| 1,420 | |
| 1,613 |
| 14% | | 24% |
Retail banking | |
| 595 | |
| 656 | |
| 642 | |
| 608 | |
| 613 |
| 1% | | 3% |
U.S. Personal Banking | |
| 3,984 | |
| 4,124 | |
| 4,331 | |
| 4,404 | |
| 4,692 |
| 7% | | 18% |
Private bank | |
| 779 | |
| 745 | |
| 649 | |
| 589 | |
| 567 |
| (4%) | | (27%) |
Wealth at Work | |
| 183 | |
| 170 | |
| 182 | |
| 195 | |
| 193 |
| (1%) | | 5% |
Citigold | |
| 959 | |
| 990 | |
| 1,025 | |
| 908 | |
| 996 |
| 10% | | 4% |
Global Wealth Management | |
| 1,921 | |
| 1,905 | |
| 1,856 | |
| 1,692 | |
| 1,756 |
| 4% | | (9%) |
Total | | $ | 5,905 | | $ | 6,029 | | $ | 6,187 | | $ | 6,096 | | $ | 6,448 |
| 6% | | 9% |
| | | | | | | | | | | | | | | | | | | |
Average loans by reporting unit (in billions) | |
|
| |
| | |
| | |
| | |
| |
| | | |
U.S. Personal Banking | | $ | 161 | | $ | 167 | | $ | 174 | | $ | 180 | | $ | 183 |
| 2% | | 14% |
Global Wealth Management | |
| 151 | |
| 150 | |
| 151 | |
| 150 | |
| 150 |
| - | | (1%) |
Total | | $ | 312 | | $ | 317 | | $ | 325 | | $ | 330 | | $ | 333 |
| 1% | | 7% |
| | | | | | | | | | | | | | | | | | | |
Average deposits by reporting unit (in billions) | |
|
| |
| | |
| | |
| | |
| |
| | | |
U.S. Personal Banking | | $ | 118 | | $ | 116 | | $ | 115 | | $ | 111 | | $ | 111 |
| - | | (6%) |
Global Wealth Management | |
| 329 | |
| 319 | |
| 313 | |
| 320 | |
| 323 |
| 1% | | (2%) |
Total | | $ | 447 | | $ | 435 | | $ | 428 | | $ | 431 | | $ | 434 |
| 1% | | (3%) |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 7
PERSONAL BANKING AND WEALTH MANAGEMENT
Metrics
| | | | | | | | | | | | | | | | | 1Q23 Increase/ | ||
| | 1Q | | 2Q | | 3Q | | 4Q | | 1Q | | (Decrease) from | |||||||
| | 2022 | | 2022 | | 2022 | | 2022 | | 2023 | | 4Q22 | | 1Q22 | |||||
U.S. Personal Banking Key Indicators (in billions of dollars, except as otherwise noted) | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
New account acquisitions (in thousands) | | | | | | | | | | | | | | | | | | | |
Branded cards | | | 991 | | | 1,069 | | | 1,090 | | | 1,023 | | | 1,164 | | 14% | | 17% |
Retail services | | | 2,178 | | | 2,634 | | | 2,339 | | | 2,806 | | | 1,976 | | (30%) | | (9%) |
Credit card spend volume | | | | | | | | | | | | | | | | | | | |
Branded cards | | $ | 106.8 | | $ | 121.8 | | $ | 120.7 | | $ | 125.3 | | $ | 115.9 | | (8%) | | 9% |
Retail services | | | 21.4 | | | 26.1 | | | 24.5 | | | 27.1 | | | 20.8 | | (23%) | | (3%) |
Average loans(1) | | | | | | | | | | | | | | | | | | | |
Branded cards | | $ | 84.0 | | $ | 87.9 | | $ | 91.8 | | $ | 95.4 | | $ | 96.8 | | 1% | | 15% |
Retail services | | | 44.2 | | | 44.8 | | | 46.1 | | | 48.0 | | | 48.8 | | 2% | | 10% |
EOP loans(1) | | | | | | | | | | | | | | | | | | | |
Branded cards | | $ | 85.9 | | $ | 91.6 | | $ | 93.7 | | $ | 100.2 | | $ | 97.1 | | (3%) | | 13% |
Retail services | | | 44.1 | | | 45.8 | | | 46.7 | | | 50.5 | | | 48.4 | | (4%) | | 10% |
NII as a % of average loans(2) | | | | | | | | | | | | | | | | | | | |
Branded cards | | | 9.16% | | | 8.86% | | | 8.98% | | | 8.97% | | | 9.34% | | | | |
Retail services | | | 16.93% | | | 17.32% | | | 17.45% | | | 16.92% | | | 17.57% | | | | |
NCLs as a % of average loans | | | | | | | | | | | | | | | | | | | |
Branded cards | | | 1.46% | | | 1.50% | | | 1.50% | | | 1.68% | | | 2.18% | | | | |
Retail services | | | 2.31% | | | 2.60% | | | 2.71% | | | 3.30% | | | 4.08% | | | | |
Loans 90+ days past due as a % of EOP loans | | | | | | | | | | | | | | | | | | | |
Branded cards | | | 0.47% | | | 0.46% | | | 0.51% | | | 0.63% | | | 0.78% | | | | |
Retail services | | | 1.15% | | | 1.16% | | | 1.35% | | | 1.56% | | | 1.76% | | | | |
Loans 30-89 days past due as a % of EOP loans | | | | | | | | | | | | | | | | | | | |
Branded cards | | | 0.49% | | | 0.47% | | | 0.59% | | | 0.69% | | | 0.76% | | | | |
Retail services | | | 1.27% | | | 1.27% | | | 1.53% | | | 1.62% | | | 1.66% | | | | |
| | | | | | | | | | | | | | | | | | | |
Average deposits | | $ | 118 | | $ | 116 | | $ | 115 | | $ | 111 | | $ | 111 | | - | | (6%) |
Branches (actual) | | | 658 | | | 658 | | | 653 | | | 654 | | | 653 | | - | | (1%) |
Mortgage originations | | $ | 3.1 | | $ | 4.1 | | $ | 4.2 | | $ | 2.7 | | $ | 3.3 | | 22% | | 6% |
| | | | | | | | | | | | | | | | | | | |
Global Wealth Management Key Indicators (in billions of dollars) | | | | | | | | | | | | | | | | | | | |
Client assets | | $ | 788 | | $ | 730 | | $ | 708 | | $ | 746 | | $ | 759 | | 2% | | (4%) |
Average loans | | | 151 | | | 150 | | | 151 | | | 150 | | | 150 | | - | | (1%) |
Average deposits | | | 329 | | | 319 | | | 313 | | | 320 | | | 323 | | 1% | | (2%) |
U.S. mortgage originations | | | 3.7 | | | 5.3 | | | 4.4 | | | 2.5 | | | 1.8 | | (28%) | | (51%) |
(1) | Average loans, EOP loans and the related consumer delinquency amounts and ratios include interest and fees receivables balances. |
(2) | Net interest income includes certain fees that are recorded as interest revenue. |
Reclassified to conform to the current period's presentation.
Page 8
LEGACY FRANCHISES(1)
(In millions of dollars, except as otherwise noted)
| | | | | | | | | | | | | | | | | 1Q23 Increase/ | ||
| | 1Q | | 2Q | | 3Q | | 4Q | | 1Q | | (Decrease) from | |||||||
|
| 2022 |
| 2022 |
| 2022 |
| 2022 |
| 2023 |
| 4Q22 |
| 1Q22 | |||||
| | | | | | | | | | | | | | | | | | | |
Net interest income | | $ | 1,508 | | $ | 1,474 | | $ | 1,385 | | $ | 1,324 | | $ | 1,290 |
| (3%) | | (14%) |
Non-interest revenue(2)(3) | |
| 423 | |
| 461 | |
| 1,169 | |
| 728 | |
| 1,562 |
| NM | | NM |
Total revenues, net of interest expense | |
| 1,931 | |
| 1,935 | |
| 2,554 | |
| 2,052 | |
| 2,852 |
| 39% | | 48% |
Total operating expenses | |
| 2,293 | |
| 1,814 | |
| 1,845 | |
| 1,830 | |
| 1,752 |
| (4%) | | (24%) |
Net credit losses on loans | |
| 151 | |
| 133 | |
| 164 | |
| 168 | |
| 186 |
| 11% | | 23% |
Credit reserve build / (release) for loans | |
| (146) | |
| (28) | |
| 6 | |
| (61) | |
| 3 |
| NM | | NM |
Provision for credit losses on unfunded lending commitments | |
| 124 | |
| (3) | |
| (31) | |
| 3 | |
| (18) |
| NM | | NM |
Provisions for benefits and claims, HTM debt securities and other assets | |
| 31 | |
| 19 | |
| 28 | |
| 13 | |
| 174 |
| NM | | NM |
Provisions for credit losses and for benefits and claims (PBC) | |
| 160 | |
| 121 | |
| 167 | |
| 123 | |
| 345 |
| NM | | NM |
Income (loss) from continuing operations before taxes | |
| (522) | |
| - | |
| 542 | |
| 99 | |
| 755 |
| NM | | NM |
Income taxes (benefits) | |
| (137) | |
| 15 | |
| 226 | |
| 24 | |
| 149 |
| NM | | NM |
Income (loss) from continuing operations | |
| (385) | |
| (15) | |
| 316 | |
| 75 | |
| 606 |
| NM | | NM |
Noncontrolling interests | |
| (2) | |
| 2 | |
| - | |
| 3 | |
| 2 |
| (33%) | | NM |
Net income (loss) | | $ | (383) | | $ | (17) | | $ | 316 | | $ | 72 | | $ | 604 |
| NM | | NM |
EOP assets (in billions) | | $ | 122 | | $ | 108 | | $ | 100 | | $ | 97 | | $ | 94 |
| (3%) | | (23%) |
Average assets (in billions) | |
| 124 | |
| 115 | |
| 103 | |
| 99 | |
| 97 |
| (2%) | | (22%) |
Efficiency ratio | |
| 119% | |
| 94% | |
| 72% | |
| 89% | |
| 61% | | (2,800) bps | | (5,800) bps |
| | | | | | | | | | | | | | | | | | | |
Revenue by reporting unit and component | |
|
| |
|
| |
|
| |
|
| |
|
|
| | | |
Asia Consumer | | $ | 787 | | $ | 880 | | $ | 1,372 | | $ | 772 | | $ | 1,509 |
| 95% | | 92% |
Mexico Consumer/SBMM | |
| 1,139 | |
| 1,184 | |
| 1,173 | |
| 1,255 | |
| 1,322 |
| 5% | | 16% |
Legacy Holdings Assets | |
| 5 | |
| (129) | |
| 9 | |
| 25 | |
| 21 |
| (16%) | | NM |
Total | | $ | 1,931 | | $ | 1,935 | | $ | 2,554 | | $ | 2,052 | | $ | 2,852 |
| 39% | | 48% |
| | | | | | | | | | | | | | | | | | | |
Asia Consumer - Key Indicators (in billions of dollars) | |
|
| |
|
| |
|
| |
|
| |
|
|
| | | |
EOP loans | | $ | 19.5 | | $ | 17.3 | | $ | 13.4 | | $ | 13.3 | | $ | 10.0 |
| (25%) | | (49%) |
EOP deposits | |
| 17.5 | |
| 17.2 | |
| 14.6 | |
| 14.5 | |
| 14.4 |
| (1%) | | (18%) |
Average loans | |
| 23.1 | |
| 18.2 | |
| 15.2 | |
| 13.2 | |
| 12.1 |
| (8%) | | (48%) |
NCLs as a % of average loans | |
| 0.79% | |
| 0.77% | | | 1.02% | |
| 1.23% | |
| 1.47% | | | | |
Loans 90+ days past due as a % of EOP loans | |
| 0.28% | |
| 0.29% | | | 0.35% | |
| 0.37% | |
| 0.55% | | | | |
Loans 30-89 days past due as a % of EOP loans | |
| 0.32% | |
| 0.40% | | | 0.47% | |
| 0.53% | |
| 0.65% | | | | |
| | | | | | | | | | | | | | | | | | | |
Mexico Consumer/SBMM - Key Indicators (in billions of dollars) | |
|
| |
|
| |
|
| |
|
| |
|
|
| | | |
EOP loans | | $ | 20.7 | | $ | 20.6 | | $ | 20.7 | | $ | 21.9 | | $ | 24.0 |
| 10% | | 16% |
EOP deposits | |
| 33.9 | |
| 35.5 | |
| 35.8 | |
| 36.5 | |
| 38.3 |
| 5% | | 13% |
Average loans | |
| 19.6 | |
| 20.5 | |
| 20.4 | |
| 21.3 | |
| 22.8 |
| 7% | | 16% |
NCLs as a % of average loans | |
| 2.55% | |
| 2.15% | |
| 2.64% | |
| 2.48% | |
| 2.63% | | | | |
Loans 90+ days past due as a % of EOP loans (Mexico Consumer only) | |
| 1.32% | |
| 1.29% | |
| 1.26% | |
| 1.28% | |
| 1.24% | | | | |
Loans 30-89 days past due as a % of EOP loans (Mexico Consumer only) | |
| 1.30% | |
| 1.18% | |
| 1.23% | |
| 1.26% | |
| 1.26% | | | | |
| | | | | | | | | | | | | | | | | | | |
Legacy Holdings Assets - Key Indicators (in billions of dollars) | |
|
| |
|
| |
|
| |
|
| |
|
|
| | | |
EOP loans | | $ | 3.7 | | $ | 3.2 | | $ | 3.2 | | $ | 3.0 | | $ | 2.8 |
| (7%) | | (24%) |
(1) | Legacy Franchises consists of the consumer franchises in 13 markets across Asia and EMEA that Citi intends to exit or has exited (Asia Consumer); the consumer, small business and middle-market banking (Mexico SBMM) operations in Mexico (collectively Mexico Consumer/SBMM); and Legacy Holdings Assets (primarily North America consumer mortgage loans and other legacy assets). |
(2) | See footnote 1 on page 1. |
(3) | See footnote 2 on page 1. |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 9
CORPORATE / OTHER(1)
(In millions of dollars, except as otherwise noted)
| | | | | | | | | | | | | | | | | 1Q23 Increase/ | ||
| | 1Q | | 2Q | | 3Q | | 4Q | | 1Q | | (Decrease) from | |||||||
|
| 2022 |
| 2022 |
| 2022 |
| 2022 |
| 2023 |
| 4Q22 |
| 1Q22 | |||||
| | | | | | | | | | | | | | | | | | | |
Net interest income | | $ | 194 | | $ | 401 | | $ | 772 | | $ | 1,043 | | $ | 1,096 |
| 5% | | NM |
Non-interest revenue | |
| (4) | |
| (146) | |
| (473) | |
| (344) | |
| (182) |
| 47% | | NM |
Total revenues, net of interest expense | |
| 190 | |
| 255 | |
| 299 | |
| 699 | |
| 914 |
| 31% | | NM |
Total operating expenses | |
| 260 | |
| 160 | |
| 286 | |
| 247 | |
| 310 |
| 26% | | 19% |
Provisions for HTM debt securities and other assets | |
| - | |
| - | |
| 3 | |
| - | |
| 111 |
| NM | | NM |
Income (loss) from continuing operations before taxes | |
| (70) | |
| 95 | |
| 10 | |
| 452 | |
| 493 |
| 9% | | NM |
Income taxes (benefits) | |
| (262) | |
| (178) | |
| (211) | |
| 21 | |
| 234 |
| NM | | NM |
Income (loss) from continuing operations | |
| 192 | |
| 273 | |
| 221 | |
| 431 | |
| 259 |
| (40%) | | 35% |
Income (loss) from discontinued operations, net of taxes(2) | |
| (2) | |
| (221) | |
| (6) | |
| (2) | |
| (1) |
| 50% | | 50% |
Noncontrolling interests | |
| 1 | |
| 2 | |
| 6 | |
| (2) | |
| 3 |
| NM | | NM |
Net income (loss) | | $ | 189 | | $ | 50 | | $ | 209 | | $ | 431 | | $ | 255 |
| (41%) | | 35% |
EOP assets (in billions) | | $ | 92 | | $ | 94 | | $ | 96 | | $ | 96 | | $ | 102 |
| 6% | | 11% |
(1) | Includes certain unallocated costs of global staff functions (including finance, risk, human resources, legal and compliance-related costs), other corporate expenses and unallocated global operations and technology expenses and income taxes, as well as Corporate Treasury investment activities and discontinued operations. |
(2) | See footnote 3 on page 1. |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 10
AVERAGE BALANCES AND INTEREST RATES(1)(2)(3)(4)(5)
Taxable Equivalent Basis
| | Average Volumes | | Interest | | % Average Rate (4) |
| | ||||||||||||||||||
| | | | | | | | | | | | | | | | | | |
| | ||||||
| | | | | | | | | | | | | | | | | | |
| | ||||||
In millions of dollars, except as otherwise noted |
| 1Q22 | | 4Q22 | | 1Q23(5) | | 1Q22 | | 4Q22 | | 1Q23(5) | | 1Q22 | | 4Q22 | | 1Q23(5) |
| | ||||||
Assets |
| |
|
| |
|
| |
|
| |
|
| |
|
| |
|
|
|
|
|
|
| | |
Deposits with banks | | $ | 260,536 | | $ | 305,658 | | $ | 328,141 | | $ | 296 | | $ | 2,343 | | $ | 3,031 |
| 0.46% | | 3.04% | | 3.75% | | |
Securities borrowed and purchased under resale agreements(6) | |
| 343,636 | |
| 358,513 | |
| 368,049 | | | 394 | | | 3,779 | | | 5,174 | | 0.46% | | 4.18% | | 5.70% | | |
Trading account assets(7) | |
| 270,460 | |
| 277,374 | |
| 298,824 | | | 1,148 | | | 2,626 | | | 2,748 | | 1.72% | | 3.76% | | 3.73% | | |
Investments | |
| 518,820 | |
| 519,072 | |
| 516,524 | | | 2,067 | | | 3,812 | | | 4,159 | | 1.62% | | 2.91% | | 3.27% | | |
Consumer loans | |
| 352,230 | |
| 360,518 | |
| 363,669 | | | 6,262 | | | 8,148 | | | 8,624 | | 7.21% | | 8.97% | | 9.62% | | |
Corporate loans | |
| 296,346 | |
| 291,984 | |
| 290,068 | | | 2,477 | | | 4,121 | | | 4,687 | | 3.39% | | 5.60% | | 6.55% | | |
Total loans (net of unearned income)(8) | |
| 648,576 | |
| 652,502 | |
| 653,737 | | | 8,739 | | | 12,269 | | | 13,311 | | 5.46% | | 7.46% | | 8.26% | | |
Other interest-earning assets | |
| 119,815 | |
| 98,131 | |
| 87,758 | | | 549 | | | 912 | | | 1,016 | | 1.86% | | 3.69% | | 4.70% | | |
Total average interest-earning assets | | $ | 2,161,843 | | $ | 2,211,250 | | $ | 2,253,033 | | $ | 13,193 | | $ | 25,741 | | $ | 29,439 | | 2.47% | | 4.62% | | 5.30% | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities | |
|
| |
|
| |
| | | | | | | | | | | | | | | | | | |
Deposits | | $ | 1,080,105 | | $ | 1,131,425 | | $ | 1,147,176 | | $ | 871 | | $ | 5,998 | | $ | 7,708 | | 0.33% | | 2.10% | | 2.72% | | |
Securities loaned and sold under repurchase agreements(6) | |
| 210,101 | |
| 205,138 | |
| 223,708 | | | 282 | | | 2,267 | | | 3,566 | | 0.54% | | 4.38% | | 6.46% | | |
Trading account liabilities(7) | |
| 114,313 | |
| 121,423 | |
| 129,361 | | | 147 | | | 681 | | | 787 | | 0.52% | | 2.23% | | 2.47% | | |
Short-term borrowings and other interest-bearing liabilities | |
| 138,861 | |
| 153,326 | |
| 144,022 | | | 55 | | | 1,420 | | | 1,649 | | 0.16% | | 3.67% | | 4.64% | | |
Long-term debt(9) | |
| 170,927 | |
| 169,642 | |
| 170,533 | | | 925 | | | 2,072 | | | 2,337 | | 2.19% | | 4.85% | | 5.56% | | |
Total average interest-bearing liabilities | | $ | 1,714,307 | | $ | 1,780,954 | | $ | 1,814,800 | | $ | 2,280 | | $ | 12,438 | | $ | 16,047 | | 0.54% | | 2.77% | | 3.59% | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest income as a % of average interest-earning assets (NIM)(9) | |
|
| |
|
| |
| | | $ | 10,913 | | $ | 13,303 | | $ | 13,392 | | 2.05% | | 2.39% | | 2.41% | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
1Q23 increase (decrease) from: | |
|
| |
|
| |
|
| |
|
| |
|
| |
| |
| 36 | bps | 2 | bps | | | |
(1) | Interest revenue and Net interest income include the taxable equivalent adjustments (based on the U.S. federal statutory tax rate of 21%) of $42 million for 1Q22, $33 million for 4Q22 and $44 million for 1Q23. |
(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 percentage is calculated as annualized interest over average volumes. |
(5) | 1Q23 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 in fair value recorded in Principal transactions revenue. |
Reclassified to conform to the current period's presentation.
Page 11
EOP LOANS(1)(2)
(In billions of dollars)
| | | | | | | | | | | | | | | | | 1Q23 Increase/ | ||
| | 1Q | | 2Q | | 3Q | | 4Q | | 1Q | | (Decrease) from | |||||||
| | 2022 | | 2022 | | 2022 | | 2022 | | 2023 | | 4Q22 | | 1Q22 | |||||
| | | | | | | | | | | | | | | | | | | |
Corporate loans by region |
| |
|
| |
|
| |
|
| |
|
| |
|
|
| |
|
North America | | $ | 129.2 | | $ | 129.9 | | $ | 125.9 | | $ | 127.8 | | $ | 125.1 |
| (2%) | | (3%) |
EMEA | |
| 81.2 | |
| 76.8 | |
| 71.6 | |
| 71.0 | |
| 70.0 |
| (1%) | | (14%) |
Latin America | |
| 35.9 | |
| 36.2 | |
| 35.4 | |
| 36.2 | |
| 38.6 |
| 7% | | 8% |
Asia | |
| 63.0 | |
| 58.8 | |
| 55.5 | |
| 54.2 | |
| 54.6 |
| 1% | | (13%) |
Total corporate loans | | $ | 309.3 | | $ | 301.7 | | $ | 288.4 | | $ | 289.2 | | $ | 288.3 |
| - | | (7%) |
| | | | | | | | | | | | | | | | | | | |
Corporate loans by reporting unit | |
|
| |
|
| |
| | |
| | |
| |
|
| |
|
Services | | $ | 86.6 | | $ | 85.9 | | $ | 80.4 | | $ | 76.6 | | $ | 80.1 |
| 5% | | (8%) |
Markets | |
| 14.6 | |
| 12.6 | |
| 11.7 | |
| 13.6 | |
| 13.5 |
| (1%) | | (8%) |
Banking | |
| 201.0 | |
| 196.1 | |
| 189.3 | |
| 191.9 | |
| 187.0 |
| (3%) | | (7%) |
Legacy Franchises - Mexico SBMM | |
| 7.1 | |
| 7.1 | |
| 7.0 | |
| 7.1 | |
| 7.7 |
| 8% | | 8% |
Total corporate loans | | $ | 309.3 | | $ | 301.7 | | $ | 288.4 | | $ | 289.2 | | $ | 288.3 |
| - | | (7%) |
| | | | | | | | | | | | | | | | | | | |
Personal Banking and Wealth Management | |
|
| |
|
| |
| | |
| | |
| |
|
| |
|
Branded cards | | $ | 85.9 | | $ | 91.6 | | $ | 93.7 | | $ | 100.2 | | $ | 97.1 |
| (3%) | | 13% |
Retail services | |
| 44.1 | |
| 45.8 | |
| 46.7 | |
| 50.5 | |
| 48.4 |
| (4%) | | 10% |
Retail banking | |
| 33.3 | |
| 35.4 | |
| 35.8 | |
| 37.1 | |
| 39.2 |
| 6% | | 18% |
U.S. Personal Banking | | $ | 163.3 | | $ | 172.8 | | $ | 176.2 | | $ | 187.8 | | $ | 184.7 |
| (2%) | | 13% |
Global Wealth Management | |
| 150.2 | |
| 148.8 | |
| 151.1 | |
| 149.2 | |
| 149.9 |
| - | | - |
Total | | $ | 313.5 | | $ | 321.6 | | $ | 327.3 | | $ | 337.0 | | $ | 334.6 |
| (1%) | | 7% |
| | | | | | | | | | | | | | | | | | | |
Legacy Franchises - Consumer | |
|
| |
|
| |
| | |
| | |
| |
|
| |
|
Asia Consumer(3) | | $ | 19.5 | | $ | 17.3 | | $ | 13.4 | | $ | 13.3 | | $ | 10.0 |
| (25%) | | (49%) |
Mexico Consumer | |
| 13.6 | |
| 13.5 | |
| 13.7 | |
| 14.8 | |
| 16.3 |
| 10% | | 20% |
Legacy Holdings Assets | |
| 3.7 | |
| 3.2 | |
| 3.2 | |
| 3.0 | |
| 2.8 |
| (7%) | | (24%) |
Total | | $ | 36.8 | | $ | 34.0 | | $ | 30.3 | | $ | 31.1 | | $ | 29.1 |
| (6%) | | (21%) |
| | | | | | | | | | | | | | | | | | | |
Total consumer loans | | $ | 350.3 | | $ | 355.6 | | $ | 357.6 | | $ | 368.1 | | $ | 363.7 |
| (1%) | | 4% |
| | | | | | | | | | | | | | | | | | | |
Total loans | | $ | 659.7 | | $ | 657.3 | | $ | 646.0 | | $ | 657.2 | | $ | 652.0 |
| (1%) | | (1%) |
| | | | | | | | | | | | | | | | | | | |
(1) | Corporate loans include loans managed by ICG and Legacy Franchises-Mexico SBMM. |
(2) | Consumer loans include loans managed by PBWM and Legacy Franchises (other than Mexico Small Business and Middle-Market Banking (Mexico SBMM) loans). |
(3) | Asia Consumer includes loans of certain EMEA countries for all periods presented. |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 12
DEPOSITS
(In billions of dollars)
| | | | | | | | | | | | | | | | | 1Q23 Increase/ | ||
| | 1Q | | 2Q | | 3Q | | 4Q | | 1Q | | (Decrease) from | |||||||
| | 2022 | | 2022 | | 2022 | | 2022 | | 2023 | | 4Q22 |
| 1Q22 | |||||
| | | | | | | | | | | | | | | | | | | |
ICG by region |
| |
|
| |
|
| |
|
| |
|
| |
|
|
| |
|
North America | | $ | 390.5 | | $ | 404.3 | | $ | 391.0 | | $ | 405.5 | | $ | 394.7 |
| (3%) | | 1% |
EMEA | |
| 208.6 | |
| 210.7 | |
| 197.7 | |
| 215.6 | |
| 208.8 |
| (3%) | | - |
Latin America | |
| 38.9 | |
| 37.7 | |
| 35.5 | |
| 40.9 | |
| 41.8 |
| 2% | | 7% |
Asia | |
| 187.5 | |
| 176.0 | |
| 172.7 | |
| 183.4 | |
| 174.1 |
| (5%) | | (7%) |
Total | | $ | 825.5 | | $ | 828.7 | | $ | 796.9 | | $ | 845.4 | | $ | 819.4 |
| (3%) | | (1%) |
| | | | | | | | | | | | | | | | | | | |
ICG by reporting unit | |
| | |
| | |
| | |
| | |
| |
| | | |
Treasury and trade solutions | | $ | 664.2 | | $ | 670.3 | | $ | 647.1 | | $ | 701.3 | | $ | 670.9 |
| (4%) | | 1% |
Securities services | |
| 138.7 | |
| 136.3 | |
| 127.8 | |
| 119.8 | |
| 124.2 |
| 4% | | (10%) |
Services | | $ | 802.9 | | $ | 806.6 | | $ | 774.9 | | $ | 821.1 | | $ | 795.1 |
| (3%) | | (1%) |
Markets | |
| 21.5 | |
| 20.9 | |
| 20.5 | |
| 22.6 | |
| 23.0 |
| 2% | | 7% |
Banking | |
| 1.1 | |
| 1.2 | |
| 1.5 | |
| 1.7 | |
| 1.3 |
| (24%) | | 18% |
Total | | $ | 825.5 | | $ | 828.7 | | $ | 796.9 | | $ | 845.4 | | $ | 819.4 |
| (3%) | | (1%) |
| | | | | | | | | | | | | | | | | | | |
Personal Banking and Wealth Management | |
| | |
| | |
| | |
| | |
| |
| | | |
U.S. Personal Banking | | $ | 119.5 | | $ | 115.7 | | $ | 115.2 | | $ | 112.5 | | $ | 114.7 |
| 2% | | (4%) |
Global Wealth Management | |
| 332.1 | |
| 311.9 | |
| 312.1 | |
| 325.3 | |
| 322.2 |
| (1%) | | (3%) |
Total | | $ | 451.6 | | $ | 427.6 | | $ | 427.3 | | $ | 437.8 | | $ | 436.9 |
| - | | (3%) |
| | | | | | | | | | | | | | | | | | | |
Legacy Franchises | |
| | |
| | |
| | |
| | |
| |
| | | |
Asia Consumer(1) | | $ | 17.5 | | $ | 17.2 | | $ | 14.6 | | $ | 14.5 | | $ | 14.4 |
| (1%) | | (18%) |
Mexico Consumer/SBMM | |
| 33.9 | |
| 35.5 | |
| 35.8 | |
| 36.5 | |
| 38.3 |
| 5% | | 13% |
Legacy Holdings Assets | |
| - | |
| - | |
| - | |
| - | |
| - |
| - | | - |
Total | | $ | 51.4 | | $ | 52.7 | | $ | 50.4 | | $ | 51.0 | | $ | 52.7 |
| 3% | | 3% |
| | | | | | | | | | | | | | | | | | | |
Corporate/Other | | $ | 5.2 | | $ | 12.8 | | $ | 31.9 | | $ | 31.8 | | $ | 21.5 |
| (32%) | | NM |
| | | | | | | | | | | | | | | | | | | |
Total deposits - EOP | | $ | 1,333.7 | | $ | 1,321.8 | | $ | 1,306.5 | | $ | 1,366.0 | | $ | 1,330.5 |
| (3%) | | - |
| | | | | | | | | | | | | | | | | | | |
Total deposits - average | | $ | 1,334.3 | | $ | 1,322.5 | | $ | 1,315.9 | | $ | 1,361.1 | | $ | 1,363.2 |
| - | | 2% |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
(1) | Asia Consumer includes deposits of certain EMEA countries for all periods presented. |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 13
ALLOWANCE FOR CREDIT LOSSES (ACL) ROLLFORWARD
(In millions of dollars, except ratios)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | Builds | | | | | | | | | ACLL/EOP | |
| | Balance | | | Builds (releases) | | FY 2022 | | | Balance | | (Releases) | | 1Q23 | | | Balance | | Loans | ||||||||||||||||||||
| | 12/31/21 | | | 1Q22 | | 2Q22 | | 3Q22 | | 4Q22 | | | FY 2022 | | FX/Other | | | 12/31/22 | | 1Q23 | | FX/Other(1) | | | 3/31/23 | | 3/31/23 | |||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for credit losses on loans (ACLL) |
| | |
|
| | |
| | |
| | |
| | |
|
| | |
| | |
|
| | |
| | |
| | |
|
| | |
| |
ICG | | $ | 2,241 | | | $ | 596 | | $ | (76) | | $ | 75 | | $ | (117) | | | $ | 478 | | $ | (4) | | | $ | 2,715 | | $ | (75) | | $ | 3 | | | $ | 2,643 | | |
Legacy Franchises corporate (Mexico SBMM) | | | 174 | | | | 5 | | | (3) | | | (34) | | | (7) | | | | (39) | | | 5 | | | | 140 | | | (10) | | | 7 | | | | 137 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total corporate ACLL | | $ | 2,415 | | | $ | 601 | | $ | (79) | | $ | 41 | | $ | (124) | | | $ | 439 | | $ | 1 | | | $ | 2,855 | | $ | (85) | | $ | 10 | | | $ | 2,780 | | 0.98% |
U.S. Cards | | $ | 10,840 | | | $ | (1,009) | | $ | 447 | | $ | 303 | | $ | 814 | | | $ | 555 | | $ | (2) | | | $ | 11,393 | | $ | 536 | | $ | (173) | | | $ | 11,756 | | 8.08% |
Retail banking and Global Wealth Management | | | 1,181 | | | | (53) | | | 191 | | | 57 | | | (43) | | | | 152 | | | (3) | | | | 1,330 | | | (29) | | | (60) | | | | 1,241 | | |
Total PBWM | | $ | 12,021 | | | $ | (1,062) | | $ | 638 | | $ | 360 | | $ | 771 | | | $ | 707 | | $ | (5) | | | $ | 12,723 | | $ | 507 | | $ | (233) | | | $ | 12,997 | | |
Legacy Franchises consumer | | | 2,019 | | | | (151) | | | (25) | | | 40 | | | (54) | | | | (190) | | | (433) | | | | 1,396 | | | 13 | | | (17) | | | | 1,392 | | |
Total consumer ACLL | | $ | 14,040 | | | $ | (1,213) | | $ | 613 | | $ | 400 | | $ | 717 | | | $ | 517 | | $ | (438) | | | $ | 14,119 | | $ | 520 | | $ | (250) | | | $ | 14,389 | | 3.96% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total ACLL | | $ | 16,455 | | | $ | (612) | | $ | 534 | | $ | 441 | | $ | 593 | | | $ | 956 | | $ | (437) | | | $ | 16,974 | | $ | 435 | | $ | (240) | | | $ | 17,169 | | 2.65% |
Allowance for credit losses on unfunded lending commitments (ACLUC) | | $ | 1,871 | | | $ | 474 | | $ | (159) | | $ | (71) | | $ | 47 | | | $ | 291 | | $ | (11) | | | $ | 2,151 | | $ | (194) | | $ | 2 | | | $ | 1,959 | | |
Total ACLL and ACLUC (EOP) | | | 18,326 | | | | | | | | | | | | | | | | | | | | | | | | 19,125 | | | | | | | | | | 19,128 | | |
Other(2) | | | 148 | | | | (6) | | | 27 | | | 83 | | | 5 | | | | 109 | | | (14) | | | | 243 | | | 408 | | | (19) | | | | 632 | | |
Total allowance for credit losses (ACL) | | $ | 18,474 | | | $ | (144) | | $ | 402 | | $ | 453 | | $ | 645 | | | $ | 1,356 | | $ | (462) | | | $ | 19,368 | | $ | 649 | | $ | (257) | | | $ | 19,760 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) | Includes the January 1, 2023 opening adjustment related to the adoption of ASU No. 2022-02 Financial Instruments - Credit Losses (Topic 326) TDRs and Vintage Disclosures. See page 15. |
(2) | Includes ACL on HTM securities and Other assets. |
Reclassified to conform to the current period's presentation.
Page 14
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND UNFUNDED LENDING COMMITMENTS
Page 1
(In millions of dollars)
| | | | | | | | | | | | | | | | | 1Q23 Increase/ | ||
| | 1Q | | 2Q | | 3Q | | 4Q | | 1Q | | (Decrease) from | |||||||
|
| 2022 |
| 2022 |
| 2022 |
| 2022 |
| 2023 |
| 4Q22 |
| 1Q22 | |||||
| | | | | | | | | | | | | | | | | | | |
Total Citigroup | | | | | | | | | | | | | | | | | | | |
Allowance for credit losses on loans (ACLL) at beginning of period |
| $ | 16,455 |
| $ | 15,393 |
| $ | 15,952 |
| $ | 16,309 |
| $ | 16,974 |
| 4% | | 3% |
Adjustment to opening balance | | | | | | | | | | | | | | | | | | | |
Financial instruments—TDRs and Vintage Disclosures(1) | | | - | | | - | | | - | | | - | | | (352) | | | | |
Adjusted ACLL at beginning of period | | | 16,455 | | | 15,393 | | | 15,952 | | | 16,309 | | | 16,622 | | 2% | | 1% |
Gross credit (losses) on loans | | | (1,240) | | | (1,212) | | | (1,237) | | | (1,467) | | | (1,634) |
| (11%) | | (32%) |
Gross recoveries on loans | | | 368 | | | 362 | | | 350 | | | 287 | | | 332 |
| 16% | | (10%) |
Net credit (losses) / recoveries on loans (NCLs) | | | (872) | | | (850) | | | (887) | | | (1,180) | | | (1,302) |
| 10% | | 49% |
Replenishment of NCLs | | | 872 | | | 850 | | | 887 | | | 1,180 | | | 1,302 |
| 10% | | 49% |
Net reserve builds / (releases) for loans | | | (612) | | | 534 | | | 441 | | | 593 | | | 435 |
| (27%) | | NM |
Provision for credit losses on loans (PCLL) | | | 260 | | | 1,384 | | | 1,328 | | | 1,773 | | | 1,737 |
| (2%) | | NM |
Other, net(2)(3)(4)(5)(6)(7) | | | (450) | | | 25 | | | (84) | | | 72 | | | 112 |
| 56% | | NM |
ACLL at end of period (a) |
| $ | 15,393 |
| $ | 15,952 |
| $ | 16,309 |
| $ | 16,974 |
| $ | 17,169 |
| 1% | | 12% |
| | | | | | | | | | | | | | | | | | | |
Allowance for credit losses on unfunded lending commitments (ACLUC)(8) (a) |
| $ | 2,343 |
| $ | 2,193 |
| $ | 2,089 |
| $ | 2,151 |
| $ | 1,959 |
| (9%) | | (16%) |
| | | | | | | | | | | | | | | | | | | |
Provision (release) for credit losses on unfunded lending commitments |
| $ | 474 |
| $ | (159) |
| $ | (71) |
| $ | 47 |
| $ | (194) |
| NM | | NM |
| | | | | | | | | | | | | | | | | | | |
Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (a)] |
| $ | 17,736 |
| $ | 18,145 |
| $ | 18,398 |
| $ | 19,125 |
| $ | 19,128 |
| - | | 8% |
| | | | | | | | | | | | | | | | | | | |
Total ACLL as a percentage of total loans(9) | | | 2.35% | | | 2.44% | | | 2.54% | | | 2.60% | | | 2.65% | | | | |
| | | | | | | | | | | | | | | | | | | |
Consumer | | | | | | | | | | | | | | | | | | | |
ACLL at beginning of period |
| $ | 14,040 |
| $ | 12,368 |
| $ | 12,983 |
| $ | 13,361 |
| $ | 14,119 |
| 6% | | 1% |
Adjustment to opening balance | | | | | | | | | | | | | | | | | | | |
Financial instruments—TDRs and Vintage Disclosures(1) | | | - | | | - | | | - | | | - | | | (352) | | | | |
Adjusted ACLL at beginning of period | | | 14,040 | | | 12,368 | | | 12,983 | | | 13,361 | | | 13,767 | | 3% | | (2%) |
| | | | | | | | | | | | | | | | | | | |
NCLs | | | (841) | | | (827) | | | (881) | | | (1,062) | | | (1,280) |
| 21% | | 52% |
Replenishment of NCLs | | | 841 | | | 827 | | | 881 | | | 1,062 | | | 1,280 |
| 21% | | 52% |
Net reserve builds / (releases) for loans | | | (1,213) | | | 613 | | | 400 | | | 717 | | | 520 |
| (27%) | | NM |
Provision for credit losses on loans (PCLL) | | | (372) | | | 1,440 | | | 1,281 | | | 1,779 | | | 1,800 |
| 1% | | NM |
Other, net(2)(3)(4)(5)(6)(7) | | | (459) | | | 2 | | | (22) | | | 41 | | | 102 |
| NM | | NM |
ACLL at end of period (b) |
| $ | 12,368 |
| $ | 12,983 |
| $ | 13,361 |
| $ | 14,119 |
| $ | 14,389 |
| 2% | | 16% |
| | | | | | | | | | | | | | | | | | | |
Consumer ACLUC(8) (b) |
| $ | 139 |
| $ | 165 |
| $ | 143 |
| $ | 120 |
| $ | 101 |
| (16%) | | (27%) |
| | | | | | | | | | | | | | | | | | | |
Provision (release) for credit losses on unfunded lending commitments |
| $ | 109 |
| $ | 19 |
| $ | (8) |
| $ | (20) |
| $ | (17) |
| 15% | | NM |
| | | | | | | | | | | | | | | | | | | |
Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (b)] |
| $ | 12,507 |
| $ | 13,148 |
| $ | 13,504 |
| $ | 14,239 |
| $ | 14,490 |
| 2% | | 16% |
| | | | | | | | | | | | | | | | | | | |
Consumer ACLL as a percentage of total consumer loans | | | 3.53% | | | 3.65% | | | 3.74% | | | 3.84% | | | 3.96% | | | | |
| | | | | | | | | | | | | | | | | | | |
Corporate | | | | | | | | | | | | | | | | | | | |
ACLL at beginning of period |
| $ | 2,415 |
| $ | 3,025 |
| $ | 2,969 |
| $ | 2,948 |
| $ | 2,855 |
| (3%) | | 18% |
| | | | | | | | | | | | | | | | | | | |
NCLs | | | (31) | | | (23) | | | (6) | | | (118) | | | (22) |
| (81%) | | (29%) |
Replenishment of NCLs | | | 31 | | | 23 | | | 6 | | | 118 | | | 22 |
| (81%) | | (29%) |
Net reserve builds / (releases) for loans | | | 601 | | | (79) | | | 41 | | | (124) | | | (85) |
| 31% | | NM |
Provision for credit losses on loans (PCLL) | | | 632 | | | (56) | | | 47 | | | (6) | | | (63) |
| NM | | NM |
Other, net(2) | | | 9 | | | 23 | | | (62) | | | 31 | | | 10 |
| (68%) | | 11% |
ACLL at end of period (c) |
| $ | 3,025 |
| $ | 2,969 |
| $ | 2,948 |
| $ | 2,855 |
| $ | 2,780 |
| (3%) | | (8%) |
| | | | | | | | | | | | | | | | | | | |
Corporate ACLUC(8) (c) |
| $ | 2,204 |
| $ | 2,028 |
| $ | 1,946 |
| $ | 2,031 |
| $ | 1,858 |
| (9%) | | (16%) |
| | | | | | | | | | | | | | | | | | | |
Provision (release) for credit losses on unfunded lending commitments |
| $ | 365 |
| $ | (178) |
| $ | (63) |
| $ | 67 |
| $ | (177) |
| NM | | NM |
| | | | | | | | | | | | | | | | | | | |
Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (c)] |
| $ | 5,229 |
| $ | 4,997 |
| $ | 4,894 |
| $ | 4,886 |
| $ | 4,638 |
| (5%) | | (11%) |
Corporate ACLL as a percentage of total corporate loans(9) | | | 1.00% | | | 1.00% | | | 1.04% | | | 1.01% | | | 0.98% | | | | |
Footnotes to this table are on the following page (page 16).
Page 15
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND UNFUNDED LENDING COMMITMENTS
Page 2
The following footnotes relate to the table on the preceding page (page 15):
(1) | Includes the January 1, 2023 opening adjustment related to the adoption of ASU No. 2022-02 Financial Instruments - Credit Losses (Topic 326) TDRs and Vintage Disclosures. |
(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) | 1Q22 includes an approximate $350 million reclass related to the announced sales of Citi's consumer banking businesses in Thailand, India, Malaysia, Taiwan, Indonesia, Bahrain and Vietnam. The ACLL was reclassified to Other assets during 1Q22. 1Q22 consumer also includes a decrease of approximately $100 million related to FX translation. |
(4) | 2Q22 primarily relates to FX translation. |
(5) | 3Q22 primarily relates to FX translation. |
(6) | 4Q22 primarily relates to FX translation. |
(7) | 1Q23 primarily relates to FX translation. |
(8) | Represents additional credit reserves recorded as other liabilities on the Consolidated Balance Sheet. |
(9) | March 31, 2022, June 30, 2022, September 30, 2022, December 31, 2022 and March 31, 2023 exclude $5.7 billion, $4.5 billion, $3.9 billion, $5.4 billion and $5.1 billion, respectively, of loans that are carried at fair value. |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 16
NON-ACCRUAL ASSETS
(In millions of dollars)
| | | | | | | | | | | | | | | | | 1Q23 Increase/ | ||
| | 1Q | | 2Q | | 3Q | | 4Q | | 1Q | | (Decrease) from | |||||||
|
| 2022 |
| 2022 |
| 2022 |
| 2022 |
| 2023 |
| 4Q22 |
| 1Q22 | |||||
| | | | | | | | | | | | | | | | | | | |
Corporate non-accrual loans by region(1) | | | | | | | | | | | | | | | | | | | |
North America |
| $ | 462 |
| $ | 304 |
| $ | 276 |
| $ | 138 |
| $ | 285 |
| NM |
| (38%) |
EMEA | | | 688 | | | 712 | | | 598 | | | 502 | | | 383 |
| (24%) |
| (44%) |
Latin America | | | 631 | | | 563 | | | 555 | | | 429 | | | 462 |
| 8% |
| (27%) |
Asia | | | 85 | | | 76 | | | 56 | | | 53 | | | 83 |
| 57% |
| (2%) |
Total |
| $ | 1,866 |
| $ | 1,655 |
| $ | 1,485 |
| $ | 1,122 |
| $ | 1,213 |
| 8% |
| (35%) |
| | | | | | | | | | | | | | | | | | | |
Corporate non-accrual loans by reporting unit(1) | | | | | | | | | | | | | | | | | | | |
Banking |
| $ | 1,323 |
| $ | 1,015 |
| $ | 1,085 |
| $ | 767 |
| $ | 868 |
| 13% |
| (34%) |
Services | | | 297 | | | 353 | | | 185 | | | 153 | | | 133 |
| (13%) |
| (55%) |
Markets | | | 13 | | | 11 | | | - | | | 3 | | | 3 |
| - |
| (77%) |
Mexico SBMM | | | 233 | | | 276 | | | 215 | | | 199 | | | 209 |
| 5% |
| (10%) |
Total |
| $ | 1,866 |
| $ | 1,655 |
| $ | 1,485 |
| $ | 1,122 |
| $ | 1,213 |
| 8% |
| (35%) |
| | | | | | | | | | | | | | | | | | | |
Consumer non-accrual loans(1) | | | | | | | | | | | | | | | | | | | |
U.S. Personal Banking and Global Wealth Management |
| $ | 586 |
| $ | 536 |
| $ | 585 |
| $ | 541 |
| $ | 608 |
| 12% |
| 4% |
Asia Consumer(2) | | | 38 | | | 34 | | | 30 | | | 30 | | | 29 |
| (3%) |
| (24%) |
Mexico Consumer | | | 512 | | | 493 | | | 486 | | | 457 | | | 480 |
| 5% |
| (6%) |
Legacy Holdings Assets - Consumer | | | 381 | | | 317 | | | 300 | | | 289 | | | 278 |
| (4%) |
| (27%) |
Total |
| $ | 1,517 |
| $ | 1,380 |
| $ | 1,401 |
| $ | 1,317 |
| $ | 1,395 |
| 6% |
| (8%) |
| | | | | | | | | | | | | | | | | | | |
Total non-accrual loans (NAL) |
| $ | 3,383 |
| $ | 3,035 |
| $ | 2,886 |
| $ | 2,439 |
| $ | 2,608 |
| 7% |
| (23%) |
| | | | | | | | | | | | | | | | | | | |
Other real estate owned (OREO)(3) |
| $ | 26 |
| $ | 13 |
| $ | 16 |
| $ | 15 |
| $ | 21 |
| 40% |
| (19%) |
| | | | | | | | | | | | | | | | | | | |
NAL as a percentage of total loans | | | 0.51% | | | 0.46% | | | 0.45% | | | 0.37% | | | 0.40% | | | | |
| | | | | | | | | | | | | | | | | | | |
ACLL as a percentage of NAL | | | 455% | | | 526% | | | 565% | | | 696% | | | 658% | | | | |
(1) | Corporate loans are placed on non-accrual status based upon a review by Citigroup's 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. The balances above represent non-accrual loans within Consumer loans and Corporate loans on the Consolidated Balance Sheet. |
(2) | Asia Consumer includes balances for certain EMEA countries for all periods presented. |
(3) | 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. |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 17
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)
|
| March 31, |
| June 30, |
| September 30, |
| December 31, |
| March 31, | |||||
Common Equity Tier 1 Capital Ratio and Components(1) | | 2022 | | 2022 | | 2022 | | 2022 | | 2023(2) | |||||
Citigroup common stockholders' equity(3) |
| $ | 178,845 |
| $ | 180,150 |
| $ | 179,696 |
| $ | 182,325 | | $ | 188,186 |
Add: qualifying noncontrolling interests | | | 126 | | | 129 | | | 113 | | | 128 | | | 137 |
Regulatory capital adjustments and deductions: | | | | | | | | | | | | | | | |
Add: | | | | | | | | | | | | | | | |
CECL transition provision(4) | | | 2,271 | | | 2,271 | | | 2,271 | | | 2,271 | | | 1,514 |
Less: | | | | | | | | | | | | | | | |
Accumulated net unrealized gains (losses) on cash flow hedges, net of tax | | | (1,440) | | | (2,106) | | | (2,869) | | | (2,522) | | | (2,161) |
Cumulative unrealized net gain (loss) related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax | | | 27 | | | 2,145 | | | 3,211 | | | 1,441 | | | 1,037 |
Intangible assets: | | | | | | | | | | | | | | | |
Goodwill, net of related deferred tax liabilities (DTLs)(5) | | | 20,120 | | | 19,504 | | | 18,796 | | | 19,007 | | | 18,844 |
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs | | | 3,698 | | | 3,599 | | | 3,492 | | | 3,411 | | | 3,607 |
Defined benefit pension plan net assets; other | | | 2,230 | | | 2,038 | | | 1,932 | | | 1,935 | | | 1,999 |
Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards(7) | | | 11,701 | | | 11,679 | | | 11,690 | | | 12,197 | | | 11,783 |
Excess over 10% / 15% limitations for other DTAs, certain common stock investments and MSRs(7)(8) | | | 1,157 | | | 798 | | | 1,261 | | | 325 | | | 1,052 |
Common Equity Tier 1 Capital (CET1) |
| $ | 143,749 |
| $ | 144,893 |
| $ | 144,567 |
| $ | 148,930 |
| $ | 153,676 |
Risk-Weighted Assets (RWA)(4) | | $ | 1,257,293 |
| $ | 1,212,386 |
| $ | 1,176,749 |
| $ | 1,142,985 |
| $ | 1,144,592 |
Common Equity Tier 1 Capital ratio (CET1/RWA) | | | 11.43% | | | 11.95% | | | 12.29% | | | 13.03% | | | 13.4% |
| | | | | | | | | | | | | | | |
Supplementary Leverage Ratio and Components | | | | | | | | | | | | | | | |
Common Equity Tier 1 Capital (CET1)(4) |
| $ | 143,749 | | $ | 144,893 | | $ | 144,567 | | $ | 148,930 | | $ | 153,676 |
Additional Tier 1 Capital (AT1)(6) | | | 20,266 | | | 20,266 | | | 20,263 | | | 20,215 | | | 21,499 |
Total Tier 1 Capital (T1C) (CET1 + AT1) |
| $ | 164,015 | | $ | 165,159 | | $ | 164,830 | | $ | 169,145 | | $ | 175,175 |
Total Leverage Exposure (TLE)(4) | | $ | 2,939,533 | | $ | 2,918,273 | | $ | 2,888,535 | | $ | 2,906,773 | | $ | 2,944,452 |
Supplementary Leverage ratio (T1C/TLE) | | | 5.58% | | | 5.66% | | | 5.71% | | | 5.82% | | | 5.9% |
| | | | | | | | | | | | | | | |
Tangible Common Equity, Book Value and Tangible Book Value Per Share | | | | | | | | | | | | | | | |
Common stockholders' equity |
| $ | 178,714 |
| $ | 180,019 |
| $ | 179,565 |
| $ | 182,194 | | $ | 188,050 |
Less: | | | | | | | | | | | | | | | |
Goodwill | | | 19,865 | | | 19,597 | | | 19,326 | | | 19,691 | | | 19,882 |
Intangible assets (other than MSRs) | | | 4,002 | | | 3,926 | | | 3,838 | | | 3,763 | | | 3,974 |
Goodwill and identifiable intangible assets (other than MSRs) related to assets HFS | | | 1,384 | | | 1,081 | | | 794 | | | 589 | | | 246 |
Tangible common equity (TCE) |
| $ | 153,463 |
| $ | 155,415 |
| $ | 155,607 |
| $ | 158,151 |
| $ | 163,948 |
Common shares outstanding (CSO) | | | 1,941.9 | | | 1,936.7 | | | 1,936.9 | | | 1,937.0 | | | 1,946.8 |
Book value per share (common equity/CSO) |
| $ | 92.03 |
| $ | 92.95 |
| $ | 92.71 |
| $ | 94.06 |
| $ | 96.59 |
Tangible book value per share (TCE/CSO) |
| $ | 79.03 |
| $ | 80.25 |
| $ | 80.34 |
| $ | 81.65 |
| $ | 84.21 |
(1) | See footnote 5 on page 1. |
(2) | 1Q23 is preliminary. |
(3) | Excludes issuance costs related to outstanding preferred stock in accordance with Federal Reserve Board regulatory reporting requirements. |
(4) | See footnote 6 on page 1. |
(5) | Includes goodwill “embedded” in the valuation of significant common stock investments in unconsolidated financial institutions. |
(6) | Additional Tier 1 Capital primarily includes qualifying noncumulative perpetual preferred stock and qualifying trust preferred securities. |
(7) | Represents deferred tax excludable from Basel III CET1 Capital, which includes net DTAs arising from net operating loss, foreign tax credit and general business credit tax carry-forwards and DTAs arising from timing differences (future deductions) that are deducted from CET1 capital exceeding the 10% limitation. |
(8) | Assets subject to 10% / 15% limitations include MSRs, DTAs arising from temporary differences and significant common stock investments in unconsolidated financial institutions. For all periods presented, the deduction related only to DTAs arising from temporary differences that exceeded the 10% limitation. |
Reclassified to conform to the current period's presentation.
Page 18
Exhibit 99.3 | |||
Citigroup Inc. securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934: | |||
Title of each class | Ticker | Title for iXBRL | Name of each |
Common Stock, par value $.01 per share | |||
Depositary Shares, each representing 1/1,000th interest in a share of 7.125% Fixed/Floating Rate Noncumulative Preferred Stock, Series J | |||
Depositary Shares, each representing 1/1,000th interest in a share of 6.875% Fixed/Floating Rate Noncumulative Preferred Stock, Series K | |||
7.625% Trust Preferred Securities of Citigroup Capital III (and registrant’s guaranty with respect thereto) | |||
7.875% Fixed Rate / Floating Rate Trust Preferred Securities (TruPS®) of Citigroup Capital XIII (and registrant’s guaranty with respect thereto) | |||
Medium-Term Senior Notes, Series N, Callable Step-Up Coupon Notes Due March 31, 2036 of CGMHI (and registrant’s guaranty with respect thereto) | |||
Medium-Term Senior Notes, Series N, Callable Step-Up Coupon Notes Due February 26, 2036 of CGMHI (and registrant's guaranty with respect thereto) | |||
Medium-Term Senior Notes, Series N, Callable Fixed Rate Notes Due December 18, 2035 of CGMHI (and registrant's guaranty with respect thereto) | |||
Medium-Term Senior Notes, Series N, Callable Fixed Rate Notes Due April 26, 2028 of CGMHI (and registrant’s guaranty with respect thereto) | |||
Medium-Term Senior Notes, Series N, Floating Rate Notes Due September 17, 2026 of CGMHI (and registrant’s guaranty with respect thereto) |
Medium-Term Senior Notes, Series N, Floating Rate Notes Due September 15, 2028 of CGMHI (and registrant’s guaranty with respect thereto) | |||
Medium-Term Senior Notes, Series N, Floating Rate Notes Due October 6, 2028 of CGMHI (and registrant’s guaranty with respect thereto) | |||
Medium-Term Senior Notes, Series N, Floating Rate Notes Due March 21, 2029 of CGMHI (and registrant’s guaranty with respect thereto) |
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