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Exhibit 99.2
CITIGROUP—QUARTERLY FINANCIAL DATA SUPPLEMENT
| Page Number | ||||
---|---|---|---|---|---|
Citigroup Consolidated | |||||
Financial Summary | 1 | ||||
Segment Income from Continuing Operations: | |||||
Product View | 2 | ||||
Regional View | 3 | ||||
Segment Net Revenues: | |||||
Product View | 4 | ||||
Regional View | 5 | ||||
Segment Detail | |||||
Global Consumer: | |||||
Cards | |||||
Global Cards | 6 | ||||
North America Cards | 7 | ||||
International Cards | 8 | ||||
Consumer Finance | |||||
Global Consumer Finance | 9 | ||||
North America Consumer Finance | 10 | ||||
International Consumer Finance | 11 | ||||
Retail Banking | |||||
Global Retail Banking | 12 | ||||
North America Retail Banking | 13 | ||||
International Retail Banking | 14 | ||||
Global Corporate and Investment Bank: | |||||
Income Statement | 15 | ||||
Revenue Details | 16 | ||||
Capital Markets and Banking | 17 | ||||
Transaction Services | 18 | ||||
Private Client Services | 19 | ||||
Global Investment Management: | |||||
Life Insurance and Annuities | 20–21 | ||||
Private Bank | 22 | ||||
Asset Management | 23 | ||||
Insurance Investment Portfolio | 24 | ||||
Proprietary Investment Activities | 25 | ||||
Citigroup Supplemental Detail | |||||
Consolidated Statement of Income | 26 | ||||
Consolidated Statement of Financial Position | 27 | ||||
Consumer Loan Delinquency Amounts, Net Credit Losses and Ratios | 28 | ||||
Reserve for Loan Losses | 29 | ||||
Non-Performing Assets | 30 |
CITIGROUP—FINANCIAL SUMMARY
(In millions of dollars, except per share amounts)
Citigroup, the preeminent global financial services company with some 200 million
customer accounts in more than 100 countries, provides consumers, corporations,
governments and institutions a complete range of financial products and services.
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) | YTD 3Q 2002 | YTD 3Q 2003 | YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Income from Continuing Operations | 3,484 | 3,829 | 3,706 | 2,429 | 4,103 | 4,299 | 4,691 | 27 | % | 11,019 | 13,093 | 19 | % | |||||||||||||||||||
Discontinued Operations, After-tax | 1,406 | 255 | 214 | — | — | — | — | 1,875 | — | |||||||||||||||||||||||
Cumulative Effect of Accounting Change | (47 | ) | — | — | — | — | — | — | (47 | ) | — | |||||||||||||||||||||
Net Income | $ | 4,843 | $ | 4,084 | $ | 3,920 | $ | 2,429 | $ | 4,103 | $ | 4,299 | $ | 4,691 | 20 | % | $ | 12,847 | $ | 13,093 | 2 | % | ||||||||||
Basic Earnings Per Share: | ||||||||||||||||||||||||||||||||
Income from Continuing Operations | $ | 0.68 | $ | 0.75 | $ | 0.73 | $ | 0.48 | $ | 0.80 | $ | 0.84 | $ | 0.92 | 26 | % | $ | 2.16 | $ | 2.56 | 19 | % | ||||||||||
Net Income | $ | 0.94 | $ | 0.80 | $ | 0.77 | $ | 0.48 | $ | 0.80 | $ | 0.84 | $ | 0.92 | 19 | % | $ | 2.52 | $ | 2.56 | 2 | % | ||||||||||
Weighted average common shares applicable to Basic EPS | 5,110.5 | 5,096.7 | 5,036.6 | 5,068.0 | 5,094.9 | 5,085.5 | 5,096.8 | 5,081.3 | 5,092.4 | |||||||||||||||||||||||
Preferred Dividends—Basic | $ | 21 | $ | 21 | $ | 21 | $ | 20 | $ | 20 | $ | 17 | $ | 17 | $ | 63 | $ | 54 | ||||||||||||||
Diluted Earnings Per Share: | ||||||||||||||||||||||||||||||||
Income from Continuing Operations | $ | 0.66 | $ | 0.73 | $ | 0.72 | $ | 0.47 | $ | 0.79 | $ | 0.83 | $ | 0.90 | 25 | % | $ | 2.12 | $ | 2.51 | 18 | % | ||||||||||
Net Income | $ | 0.93 | $ | 0.78 | $ | 0.76 | $ | 0.47 | $ | 0.79 | $ | 0.83 | $ | 0.90 | 18 | % | $ | 2.47 | $ | 2.51 | 2 | % | ||||||||||
Adjusted weighted average common shares applicable to Diluted EPS | 5,209.8 | 5,185.8 | 5,110.5 | 5,158.6 | 5,168.7 | 5,184.0 | 5,206.5 | 5,168.7 | 5,186.4 | |||||||||||||||||||||||
Preferred Dividends—Diluted | $ | 21 | $ | 21 | $ | 21 | $ | 20 | $ | 20 | $ | 17 | $ | 17 | $ | 63 | $ | 54 | ||||||||||||||
Common Shares Outstanding, at period end | 5,165.4 | 5,118.1 | 5,062.0 | 5,140.7 | 5,148.0 | 5,150.8 | 5,158.7 | 5,062.0 | 5,158.7 | |||||||||||||||||||||||
Tier 1 Capital Ratio | 9.13 | % | 9.20 | % | 9.20 | % | 8.47 | % | 8.67 | % | 9.02 | % | 9.5 | %* | 9.20 | % | 9.5 | %* | ||||||||||||||
Total Capital Ratio | 11.59 | % | 11.75 | % | 12.02 | % | 11.25 | % | 11.57 | % | 11.94 | % | 12.6 | % * | 12.02 | % | 12.6 | % * | ||||||||||||||
Leverage Ratio | 5.89 | % | 5.93 | % | 5.58 | % | 5.67 | % | 5.46 | % | 5.61 | % | 5.7 | % * | 5.58 | % | 5.7 | % * | ||||||||||||||
Total Assets, at period end (in billions) | $ | 1,057.7 | $ | 1,083.3 | $ | 1,031.6 | $ | 1,097.2 | $ | 1,137.0 | $ | 1,187.0 | $ | 1,208.9 | * | $ | 1,031.6 | $ | 1,208.9 | * | ||||||||||||
Stockholders' Equity, at period end (in billions) | $ | 83.6 | $ | 85.7 | $ | 80.8 | $ | 86.7 | $ | 87.3 | $ | 93.3 | $ | 95.3 * | $ | 80.8 | $ | 95.3 * | ||||||||||||||
Equity and Trust Securities, at period end (in billions) | $ | 90.3 | $ | 92.5 | $ | 86.9 | $ | 92.9 | $ | 94.0 | $ | 100.0 | $ | 102.1 * | $ | 86.9 | $ | 102.1 * | ||||||||||||||
Book Value Per Share, at period end | $ | 15.92 | $ | 16.47 | $ | 15.68 | $ | 16.60 | $ | 16.75 | $ | 17.90 | $ | 18.25 * | $ | 15.68 | $ | 18.25 * | ||||||||||||||
Return on Common Equity (Net Income) | 24.0 | % | 19.5 | % | 19.1 | % | 11.7 | % | 19.3 | % | 19.2 | % | 20.2 | % * | 20.9 | % | 19.7 | % * | ||||||||||||||
- *
- Preliminary
1
CITIGROUP—INCOME FROM CONTINUING OPERATIONS
PRODUCT VIEW
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) | YTD 3Q 2002 | YTD 3Q 2003 | YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Global Consumer: | ||||||||||||||||||||||||||||||||||
Cards | $ | 579 | $ | 722 | $ | 849 | $ | 931 | $ | 735 | $ | 768 | $ | 985 | 16 | % | $ | 2,150 | $ | 2,488 | 16 | % | ||||||||||||
Consumer Finance | 530 | 568 | 539 | 562 | 485 | 508 | 467 | (13 | )% | 1,637 | 1,460 | (11) | % | |||||||||||||||||||||
Retail Banking | 662 | 645 | 864 | 860 | 974 | 1,049 | 1,086 | 26 | % | 2,171 | 3,109 | 43 | % | |||||||||||||||||||||
Other | (20 | ) | 11 | (32 | ) | (11 | ) | (16 | ) | (31 | ) | (17 | ) | 47 | % | (41 | ) | (64 | ) | (56) | % | |||||||||||||
Total Global Consumer | 1,751 | 1,946 | 2,220 | 2,342 | 2,178 | 2,294 | 2,521 | 14 | % | 5,917 | 6,993 | 18 | % | |||||||||||||||||||||
Global Corporate and Investment Bank: | ||||||||||||||||||||||||||||||||||
Capital Markets and Banking | 1,059 | 1,136 | 923 | 877 | 1,194 | 1,163 | 1,170 | 27 | % | 3,118 | 3,527 | 13 | % | |||||||||||||||||||||
Transaction Services | 89 | 216 | 129 | 124 | 197 | 187 | 203 | 57 | % | 434 | 587 | 35 | % | |||||||||||||||||||||
Other | (23 | ) | (34 | ) | (10 | ) | (1,327 | ) | 8 | (10 | ) | (5 | ) | 50 | % | (67 | ) | (7 | ) | 90 | % | |||||||||||||
Total Global Corporate and Investment Bank | 1,125 | 1,318 | 1,042 | (326 | ) | 1,399 | 1,340 | 1,368 | 31 | % | 3,485 | 4,107 | 18 | % | ||||||||||||||||||||
Private Client Services | 217 | 223 | 188 | 171 | 157 | 181 | 203 | 8 | % | 628 | 541 | (14) | % | |||||||||||||||||||||
Global Investment Management: | ||||||||||||||||||||||||||||||||||
Life Insurance and Annuities | 214 | 137 | 83 | 183 | 236 | 190 | 152 | 83 | % | 434 | 578 | 33 | % | |||||||||||||||||||||
Private Bank | 111 | 113 | 117 | 122 | 125 | 138 | 143 | 22 | % | 341 | 406 | 19 | % | |||||||||||||||||||||
Asset Management | 99 | 121 | 114 | 109 | 105 | 104 | 72 | (37 | )% | 334 | 281 | (16) | % | |||||||||||||||||||||
Total Global Investment Management | 424 | 371 | 314 | 414 | 466 | 432 | 367 | 17 | % | 1,109 | 1,265 | 14 | % | |||||||||||||||||||||
Proprietary Investment Activities | 35 | (70 | ) | (120 | ) | (74 | ) | — | 27 | 96 | NM | (155 | ) | 123 | NM | |||||||||||||||||||
Corporate/Other | (68 | ) | 41 | 62 | (98 | ) | (97 | ) | 25 | 136 | NM | 35 | 64 | 83 | % | |||||||||||||||||||
Income From Continuing Operations | 3,484 | 3,829 | 3,706 | 2,429 | 4,103 | 4,299 | 4,691 | 27 | % | 11,019 | 13,093 | 19 | % | |||||||||||||||||||||
Discontinued Operations | 1,406 | 255 | 214 | — | — | — | — | 1,875 | — | |||||||||||||||||||||||||
Cumulative Effect of Accounting Change | (47 | ) | — | — | — | — | — | — | (47 | ) | — | |||||||||||||||||||||||
Net Income | $ | 4,843 | $ | 4,084 | $ | 3,920 | $ | 2,429 | $ | 4,103 | $ | 4,299 | $ | 4,691 | 20 | % | $ | 12,847 | $ | 13,093 | 2 | % | ||||||||||||
- NM
- Not meaningful
Reclassified to conform to the current period's presentation.
2
CITIGROUP—INCOME FROM CONTINUING OPERATIONS
REGIONAL VIEW
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) | YTD 3Q 2002 | YTD 3Q 2003 | YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
North America (excluding Mexico) (1) | |||||||||||||||||||||||||||||||||||
Consumer | $ | 1,272 | $ | 1,297 | $ | 1,425 | $ | 1,513 | $ | 1,479 | $ | 1,520 | $ | 1,697 | 19 | % | $ | 3,994 | $ | 4,696 | 18 | % | |||||||||||||
Corporate | 674 | 602 | 698 | (1,000 | ) | 639 | 552 | 587 | (16 | )% | 1,974 | 1,778 | (10 | )% | |||||||||||||||||||||
Private Client Services | 217 | 223 | 188 | 171 | 157 | 181 | 203 | 8 | % | 628 | 541 | (14 | )% | ||||||||||||||||||||||
Investment Management | 352 | 218 | 202 | 313 | 351 | 299 | 360 | 78 | % | 772 | 1,010 | 31 | % | ||||||||||||||||||||||
Total North America (excluding Mexico) | 2,515 | 2,340 | 2,513 | 997 | 2,626 | 2,552 | 2,847 | 13 | % | 7,368 | 8,025 | 9 | % | ||||||||||||||||||||||
Mexico | |||||||||||||||||||||||||||||||||||
Consumer | 46 | 114 | 185 | 176 | 164 | 214 | 183 | (1 | )% | 345 | 561 | 63 | % | ||||||||||||||||||||||
Corporate | 194 | 110 | 58 | 88 | 120 | 84 | 121 | NM | 362 | 325 | (10 | )% | |||||||||||||||||||||||
Investment Management | 48 | 70 | 55 | 62 | 65 | 69 | 75 | 36 | % | 173 | 209 | 21 | % | ||||||||||||||||||||||
Total Mexico | 288 | 294 | 298 | 326 | 349 | 367 | 379 | 27 | % | 880 | 1,095 | 24 | % | ||||||||||||||||||||||
Europe, Middle East and Africa (EMEA) | |||||||||||||||||||||||||||||||||||
Consumer | 148 | 146 | 178 | 236 | 162 | 169 | 204 | 15 | % | 472 | 535 | 13 | % | ||||||||||||||||||||||
Corporate | 145 | 226 | 134 | 352 | 257 | 346 | 255 | 90 | % | 505 | 858 | 70 | % | ||||||||||||||||||||||
Investment Management | (4 | ) | 8 | 4 | 14 | (3 | ) | 2 | 7 | 75 | % | 8 | 6 | (25 | )% | ||||||||||||||||||||
Total EMEA | 289 | 380 | 316 | 602 | 416 | 517 | 466 | 47 | % | 985 | 1,399 | 42 | % | ||||||||||||||||||||||
Japan | |||||||||||||||||||||||||||||||||||
Consumer | 227 | 256 | 259 | 208 | 158 | 179 | 92 | (64 | )% | 742 | 429 | (42 | )% | ||||||||||||||||||||||
Corporate | 23 | (3 | ) | 87 | (11 | ) | 32 | 5 | 47 | (46 | )% | 107 | 84 | (21 | )% | ||||||||||||||||||||
Investment Management | 15 | 16 | 11 | 14 | 17 | 20 | 25 | NM | 42 | 62 | 48 | % | |||||||||||||||||||||||
Total Japan | 265 | 269 | 357 | 211 | 207 | 204 | 164 | (54 | )% | 891 | 575 | (35 | )% | ||||||||||||||||||||||
Asia (excluding Japan) | |||||||||||||||||||||||||||||||||||
Consumer | 158 | 163 | 195 | 202 | 193 | 204 | 220 | 13 | % | 516 | 617 | 20 | % | ||||||||||||||||||||||
Corporate | 193 | 200 | 169 | 160 | 179 | 188 | 196 | 16 | % | 562 | 563 | — | |||||||||||||||||||||||
Investment Management | 27 | 28 | 25 | 27 | 30 | 37 | 59 | NM | 80 | 126 | 58 | % | |||||||||||||||||||||||
Total Asia | 378 | 391 | 389 | 389 | 402 | 429 | 475 | 22 | % | 1,158 | 1,306 | 13 | % | ||||||||||||||||||||||
Latin America | |||||||||||||||||||||||||||||||||||
Consumer | (100 | ) | (30 | ) | (22 | ) | 7 | 22 | 8 | 125 | NM | (152 | ) | 155 | NM | ||||||||||||||||||||
Corporate | (104 | ) | 183 | (104 | ) | 85 | 172 | 165 | 162 | NM | (25 | ) | 499 | NM | |||||||||||||||||||||
Investment Management | (14 | ) | 31 | 17 | (16 | ) | 6 | 5 | (159 | ) | NM | 34 | (148 | ) | NM | ||||||||||||||||||||
Total Latin America | (218 | ) | 184 | (109 | ) | 76 | 200 | 178 | 128 | NM | (143 | ) | 506 | NM | |||||||||||||||||||||
Proprietary Investment Activities | 35 | (70 | ) | (120 | ) | (74 | ) | — | 27 | 96 | NM | (155 | ) | 123 | NM | ||||||||||||||||||||
Corporate/Other | (68 | ) | 41 | 62 | (98 | ) | (97 | ) | 25 | 136 | NM | 35 | 64 | 83 | % | ||||||||||||||||||||
Income From Continuing Operations | 3,484 | 3,829 | 3,706 | 2,429 | 4,103 | 4,299 | 4,691 | 27 | % | 11,019 | 13,093 | 19 | % | ||||||||||||||||||||||
Discontinued Operations | 1,406 | 255 | 214 | — | — | — | — | 1,875 | — | ||||||||||||||||||||||||||
Cumulative Effect of Accounting Change | (47 | ) | — | — | — | — | — | — | (47 | ) | — | ||||||||||||||||||||||||
Net Income | $ | 4,843 | $ | 4,084 | $ | 3,920 | $ | 2,429 | $ | 4,103 | $ | 4,299 | $ | 4,691 | 20 | % | $ | 12,847 | $ | 13,093 | 2 | % | |||||||||||||
- (1)
- Excludes Proprietary Investment Activities and Corporate/Other.
- NM
- Not meaningful
Reclassified to conform to the current period's presentation.
3
CITIGROUP—NET REVENUES
PRODUCT VIEW
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) | YTD 3Q 2002 | YTD 3Q 2003 | YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Global Consumer: | ||||||||||||||||||||||||||||||||||
Cards | $ | 3,121 | $ | 3,207 | $ | 3,714 | $ | 3,646 | $ | 3,333 | $ | 3,309 | $ | 3,542 | (5 | )% | $ | 10,042 | $ | 10,184 | 1 | % | ||||||||||||
Consumer Finance | 2,332 | 2,449 | 2,462 | 2,564 | 2,532 | 2,431 | 2,499 | 2 | % | 7,243 | 7,462 | 3 | % | |||||||||||||||||||||
Retail Banking | 3,523 | 3,409 | 3,549 | 3,700 | 3,961 | 4,243 | 4,135 | 17 | % | 10,481 | 12,339 | 18 | % | |||||||||||||||||||||
Other | 50 | 134 | 78 | 182 | 81 | 77 | 75 | (4 | )% | 262 | 233 | (11 | )% | |||||||||||||||||||||
Total Global Consumer | 9,026 | 9,199 | 9,803 | 10,092 | 9,907 | 10,060 | 10,251 | 5 | % | 28,028 | 30,218 | 8 | % | |||||||||||||||||||||
Global Corporate and Investment Bank: | ||||||||||||||||||||||||||||||||||
Capital Markets and Banking | 4,378 | 4,219 | 3,691 | 3,451 | 4,180 | 4,531 | 3,856 | 4 | % | 12,288 | 12,567 | 2 | % | |||||||||||||||||||||
Transaction Services | 857 | 962 | 911 | 890 | 913 | 908 | 893 | (2 | )% | 2,730 | 2,714 | (1 | )% | |||||||||||||||||||||
Other | (99 | ) | (104 | ) | (57 | ) | 44 | (10 | ) | (10 | ) | 2 | NM | (260 | ) | (18 | ) | 93 | % | |||||||||||||||
Total Global Corporate and Investment Bank | 5,136 | 5,077 | 4,545 | 4,385 | 5,083 | 5,429 | 4,751 | 5 | % | 14,758 | 15,263 | 3 | % | |||||||||||||||||||||
Private Client Services | 1,507 | 1,551 | 1,430 | 1,342 | 1,327 | 1,449 | 1,489 | 4 | % | 4,488 | 4,265 | (5 | )% | |||||||||||||||||||||
Global Investment Management: | ||||||||||||||||||||||||||||||||||
Life Insurance and Annuities | 1,018 | 1,034 | 925 | 1,099 | 1,133 | 1,164 | 1,372 | 48 | % | 2,977 | 3,669 | 23 | % | |||||||||||||||||||||
Private Bank | 423 | 428 | 414 | 439 | 461 | 519 | 510 | 23 | % | 1,265 | 1,490 | 18 | % | |||||||||||||||||||||
Asset Management | 470 | 475 | 451 | 445 | 400 | 411 | 444 | (2 | )% | 1,396 | 1,255 | (10 | )% | |||||||||||||||||||||
Total Global Investment Management | 1,911 | 1,937 | 1,790 | 1,983 | 1,994 | 2,094 | 2,326 | 30 | % | 5,638 | 6,414 | 14 | % | |||||||||||||||||||||
Proprietary Investment Activities | 111 | (49 | ) | (67 | ) | (30 | ) | 94 | 168 | 459 | NM | (5 | ) | 721 | NM | |||||||||||||||||||
Corporate/Other | 107 | 278 | 143 | 101 | 131 | 154 | 122 | (15 | )% | 528 | 407 | (23 | )% | |||||||||||||||||||||
Total Net Revenues | $ | 17,798 | $ | 17,993 | $ | 17,644 | $ | 17,873 | $ | 18,536 | $ | 19,354 | $ | 19,398 | 10 | % | $ | 53,435 | $ | 57,288 | 7 | % | ||||||||||||
Managed Basis Net Revenues(1) | $ | 18,819 | $ | 19,074 | $ | 18,604 | $ | 18,934 | $ | 19,638 | $ | 20,562 | $ | 20,608 | 11 | % | $ | 56,497 | $ | 60,808 | 8 | % | ||||||||||||
- (1)
- Segment net revenues disclosed above are prepared on an owned basis in accordance with Generally Accepted Accounting Principles (GAAP). The managed basis disclosures treat the receivables as if they had not been securitized and are still on our balance sheet, reflecting the interest revenue and expense associated with the portfolio, as well as the credit costs incurred. Although a managed basis presentation is not in conformity with GAAP, the Company believes it provides a representation of performance and key indicators of the credit card business that is consistent with the way the business is managed. For a reconciliation of managed basis revenue to GAAP revenues, see the Cards business on page 6.
- NM
- Not meaningful
Reclassified to conform to the current period's presentation.
4
CITIGROUP—NET REVENUES
REGIONAL VIEW
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) | YTD 3Q 2002 | YTD 3Q 2003 | YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
North America (excluding Mexico)(1) | ||||||||||||||||||||||||||||||||||
Consumer | $ | 5,917 | $ | 6,041 | $ | 6,422 | $ | 6,667 | $ | 6,566 | $ | 6,644 | $ | 6,803 | 6% | $ | 18,380 | $ | 20,013 | 9 | % | |||||||||||||
Corporate | 2,612 | 2,408 | 2,094 | 1,695 | 2,409 | 2,535 | 2,018 | (4 | )% | 7,114 | 6,962 | (2) | % | |||||||||||||||||||||
Private Client Services | 1,507 | 1,551 | 1,430 | 1,342 | 1,327 | 1,449 | 1,489 | 4% | 4,488 | 4,265 | (5) | % | ||||||||||||||||||||||
Investment Management | 1,385 | 1,320 | 1,271 | 1,448 | 1,403 | 1,434 | 1,785 | 40% | 3,976 | 4,622 | 16 | % | ||||||||||||||||||||||
Total North America (excluding Mexico) | 11,421 | 11,320 | 11,217 | 11,152 | 11,705 | 12,062 | 12,095 | 8% | 33,958 | 35,862 | 6 | % | ||||||||||||||||||||||
Mexico | ||||||||||||||||||||||||||||||||||
Consumer | 635 | 699 | 690 | 613 | 656 | 749 | 599 | (13 | )% | 2,024 | 2,004 | (1) | % | |||||||||||||||||||||
Corporate | 315 | 200 | 149 | 196 | 185 | 193 | 162 | 9% | 664 | 540 | (19) | % | ||||||||||||||||||||||
Investment Management | 185 | 212 | 161 | 169 | 175 | 178 | 175 | 9% | 558 | 528 | (5) | % | ||||||||||||||||||||||
Total Mexico | 1,135 | 1,111 | 1,000 | 978 | 1,016 | 1,120 | 936 | (6 | )% | 3,246 | 3,072 | (5) | % | |||||||||||||||||||||
Europe, Middle East and Africa (EMEA) | ||||||||||||||||||||||||||||||||||
Consumer | 740 | 805 | 856 | 986 | 924 | 962 | 1,044 | 22% | 2,401 | 2,930 | 22 | % | ||||||||||||||||||||||
Corporate | 1,154 | 1,351 | 1,224 | 1,422 | 1,414 | 1,504 | 1,371 | 12% | 3,729 | 4,289 | 15 | % | ||||||||||||||||||||||
Investment Management | 95 | 110 | 105 | 125 | 121 | 133 | 139 | 32% | 310 | 393 | 27 | % | ||||||||||||||||||||||
Total EMEA | 1,989 | 2,266 | 2,185 | 2,533 | 2,459 | 2,599 | 2,554 | 17% | 6,440 | 7,612 | 18 | % | ||||||||||||||||||||||
Japan | ||||||||||||||||||||||||||||||||||
Consumer | 796 | 933 | 1,027 | 967 | 887 | 789 | 801 | (22 | )% | 2,756 | 2,477 | (10) | % | |||||||||||||||||||||
Corporate | 63 | 27 | 170 | 30 | 60 | 91 | 143 | (16 | )% | 260 | 294 | 13 | % | |||||||||||||||||||||
Investment Management | 66 | 70 | 64 | 70 | 75 | 85 | 94 | 47% | 200 | 254 | 27 | % | ||||||||||||||||||||||
Total Japan | 925 | 1,030 | 1,261 | 1,067 | 1,022 | 965 | 1,038 | (18 | )% | 3,216 | 3,025 | (6) | % | |||||||||||||||||||||
Asia (excluding Japan) | ||||||||||||||||||||||||||||||||||
Consumer | 616 | 645 | 682 | 702 | 692 | 731 | 766 | 12% | 1,943 | 2,189 | 13 | % | ||||||||||||||||||||||
Corporate | 608 | 640 | 604 | 551 | 587 | 623 | 676 | 12% | 1,852 | 1,886 | 2 | % | ||||||||||||||||||||||
Investment Management | 101 | 106 | 95 | 121 | 130 | 159 | 162 | 71% | 302 | 451 | 49 | % | ||||||||||||||||||||||
Total Asia | 1,325 | 1,391 | 1,381 | 1,374 | 1,409 | 1,513 | 1,604 | 16% | 4,097 | 4,526 | 10 | % | ||||||||||||||||||||||
Latin America | ||||||||||||||||||||||||||||||||||
Consumer | 322 | 76 | 126 | 157 | 182 | 185 | 238 | 89% | 524 | 605 | 15 | % | ||||||||||||||||||||||
Corporate | 384 | 451 | 304 | 491 | 428 | 483 | 381 | 25% | 1,139 | 1,292 | 13 | % | ||||||||||||||||||||||
Investment Management | 79 | 119 | 94 | 50 | 90 | 105 | (29 | ) | NM | 292 | 166 | (43) | % | |||||||||||||||||||||
Total Latin America | 785 | 646 | 524 | 698 | 700 | 773 | 590 | 13% | 1,955 | 2,063 | 6 | % | ||||||||||||||||||||||
Proprietary Investment Activities | 111 | (49 | ) | (67 | ) | (30 | ) | 94 | 168 | 459 | NM | (5 | ) | 721 | NM | |||||||||||||||||||
Corporate/Other | 107 | 278 | 143 | 101 | 131 | 154 | 122 | (15 | )% | 528 | 407 | (23) | % | |||||||||||||||||||||
Total Net Revenues | $ | 17,798 | $ | 17,993 | $ | 17,644 | $ | 17,873 | $ | 18,536 | $ | 19,354 | $ | 19,398 | 10% | $ | 53,435 | $ | 57,288 | 7 | % | |||||||||||||
- (1)
- Excludes Proprietary Investment Activities and Corporate/Other.
NM Not meaningful
Reclassified to conform to the current period's presentation.
5
GLOBAL CONSUMER
CARDS
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) | YTD 3Q 2002 | YTD 3Q 2003 | YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 3,121 | $ | 3,207 | $ | 3,714 | $ | 3,646 | $ | 3,333 | $ | 3,309 | $ | 3,542 | (5) | % | $ | 10,042 | $ | 10,184 | 1 | % | ||||||||||||
Effect of Securitization Activities | 1,013 | 1,081 | 960 | 1,061 | 1,102 | 1,208 | 1,210 | 26 | % | 3,054 | 3,520 | 15 | % | |||||||||||||||||||||
Adjusted Revenues, Net of Interest Expense(1) | 4,134 | 4,288 | 4,674 | 4,707 | 4,435 | 4,517 | 4,752 | 2 | % | 13,096 | 13,704 | 5 | % | |||||||||||||||||||||
Total Operating Expenses | 1,327 | 1,381 | 1,418 | 1,409 | 1,446 | 1,463 | 1,508 | 6 | % | 4,126 | 4,417 | 7 | % | |||||||||||||||||||||
Provision for Credit Losses | 897 | 729 | 978 | 806 | 774 | 678 | 540 | (45) | % | 2,604 | 1,992 | (24) | % | |||||||||||||||||||||
Effect of Securitization Activities | 1,013 | 1,081 | 960 | 1,061 | 1,102 | 1,208 | 1,210 | 26 | % | 3,054 | 3,520 | 15 | % | |||||||||||||||||||||
Adjusted Provision for Credit Losses(1) | 1,910 | 1,810 | 1,938 | 1,867 | 1,876 | 1,886 | 1,750 | (10) | % | 5,658 | 5,512 | (3) | % | |||||||||||||||||||||
Income Before Taxes | 897 | 1,097 | 1,318 | 1,431 | 1,113 | 1,168 | 1,494 | 13 | % | 3,312 | 3,775 | 14 | % | |||||||||||||||||||||
Income Taxes | 318 | 375 | 469 | 500 | 378 | 400 | 509 | 9 | % | 1,162 | 1,287 | 11 | % | |||||||||||||||||||||
Income from Continuing Operations | $ | 579 | $ | 722 | $ | 849 | $ | 931 | $ | 735 | $ | 768 | $ | 985 | 16 | % | $ | 2,150 | $ | 2,488 | 16 | % | ||||||||||||
Average Assets (in billions of dollars) | $ | 57 | $ | 60 | $ | 66 | $ | 70 | $ | 68 | $ | 62 | $ | 64 | (3) | % | $ | 61 | $ | 65 | 7 | % | ||||||||||||
Return on Assets | 4.12 | % | 4.83 | % | 5.10 | % | 5.28 | % | 4.38 | % | 4.97 | % | 6.11 | % | 4.71 | % | 5.12 | % | ||||||||||||||||
Return on Managed Assets | 1.94 | % | 2.40 | % | 2.61 | % | 2.82 | % | 2.23 | % | 2.35 | % | 2.92 | % | 2.30 | % | 2.48 | % | ||||||||||||||||
KEY INDICATORS (in billions of dollars): | ||||||||||||||||||||||||||||||||||
End of Period Managed Receivables(2) | $ | 118.5 | $ | 122.3 | $ | 125.0 | $ | 131.8 | $ | 127.0 | $ | 125.5 | $ | 131.0 | 5 | % | ||||||||||||||||||
EOP Open Accounts (in millions) | 104.5 | 104.4 | 101.4 | 102.2 | 100.6 | 99.2 | 112.3 | 11 | % | |||||||||||||||||||||||||
Total Sales | $ | 62.3 | $ | 70.1 | $ | 71.1 | $ | 74.8 | $ | 65.7 | $ | 68.7 | $ | 72.6 | 2 | % | $ | 203.5 | $ | 207.0 | 2 | % | ||||||||||||
Managed Net Interest Revenue (in millions of dollars)(1) | $ | 3,218 | $ | 3,163 | $ | 3,317 | $ | 3,372 | $ | 3,232 | $ | 3,265 | $ | 3,500 | 6 | % | $ | 9,698 | $ | 9,997 | 3 | % | ||||||||||||
% of Average Managed Loans | 11.08 | % | 10.70 | % | 10.79 | % | 10.67 | % | 10.34 | % | 10.52 | % | 10.99 | % | ||||||||||||||||||||
Risk Adjusted Revenue (in millions of dollars)(3) | $ | 2,341 | $ | 2,448 | $ | 2,910 | $ | 2,935 | $ | 2,603 | $ | 2,630 | $ | 2,963 | 2 | % | $ | 7,699 | $ | 8,196 | 6 | % | ||||||||||||
% of Average Managed Loans | 8.06 | % | 8.29 | % | 9.47 | % | 9.29 | % | 8.33 | % | 8.47 | % | 9.30 | % | ||||||||||||||||||||
Average Managed Loans: | ||||||||||||||||||||||||||||||||||
Securitized | $ | 66.8 | $ | 65.2 | $ | 64.6 | $ | 64.3 | $ | 67.7 | $ | 71.1 | $ | 72.1 | 12 | % | $ | 65.5 | $ | 70.3 | 7 | % | ||||||||||||
Held for Sale | 6.5 | 6.5 | 6.5 | 6.5 | 5.1 | 3.0 | 4.1 | (37) | % | 6.5 | 4.1 | (37) | % | |||||||||||||||||||||
On Balance Sheet | 44.5 | 46.8 | 50.8 | 54.5 | 54.0 | 50.4 | 50.2 | (1) | % | 47.4 | 51.5 | 9 | % | |||||||||||||||||||||
Total Managed | $ | 117.8 | $ | 118.5 | $ | 121.9 | $ | 125.3 | $ | 126.8 | $ | 124.5 | $ | 126.4 | 4 | % | $ | 119.4 | $ | 125.9 | 5 | % | ||||||||||||
Coincident Managed Net Credit Loss Ratio | 6.17 | % | 6.23 | % | 5.74 | % | 5.61 | % | 5.86 | % | 6.08 | % | 5.62 | % | ||||||||||||||||||||
12 Month Lagged Managed Net Credit Loss Ratio | 6.50 | % | 6.58 | % | 6.02 | % | 5.96 | % | 6.31 | % | 6.39 | % | 5.82 | % | ||||||||||||||||||||
Loans 90+Days Past Due (in millions of dollars) | $ | 2,492 | $ | 2,260 | $ | 2,309 | $ | 2,397 | $ | 2,406 | $ | 2,313 | $ | 2,353 | 2 | % | ||||||||||||||||||
% of EOP Managed Loans | 2.12 | % | 1.86 | % | 1.86 | % | 1.84 | % | 1.92 | % | 1.88 | % | 1.83 | % |
- (1)
- The abbreviated income statement presented above is prepared on a managed basis (a non-GAAP measure), and includes the effect of securitizations in Adjusted Revenues, Net of Interest Expense and Adjusted Provision for Credit Losses. This income statement reconciles to Income from Continuing Operations which is a GAAP measure. Securitization changes Citigroup's role from that of a lender to that of a loan servicer and removes the receivables from Citigroup's balance sheet. For securitized receivables, amounts that would otherwise be reported as net interest revenue, fee and commission revenue, and credit losses are instead components of the servicing fees earned. However, Citigroup's exposure to credit losses on the securitized receivables is contractually limited to the cash flows from the receivables. The managed basis disclosures treat the receivables as if they had not been securitized and are still on the Company's balance sheet, with related income statement amounts reported as net interest revenue, fee and commission revenue, and credit losses. Although a managed basis presentation is not in conformity with GAAP, the Company believes it provides a representation of performance and key indicators of the credit card business that is consistent with the way management reviews operating performance and allocates resources. Furthermore, investors utilize information about the credit quality of the entire managed portfolio as the results of both the held and securitized portfolios impact the overall performance of the cards business.
- (2)
- Includes accrued interest receivable.
- (3)
- Risk adjusted revenue is total revenues less net credit losses.
Reclassified to conform to the current period's presentation.
6
GLOBAL CONSUMER
CARDS
NORTH AMERICA CARDS
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) | YTD 3Q 2002 | YTD 3Q 2003 | YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 2,583 | $ | 2,635 | $ | 3,137 | $ | 3,047 | $ | 2,732 | $ | 2,702 | $ | 2,866 | (9 | )% | $ | 8,355 | $ | 8,300 | (1 | )% | ||||||||||||
Effect of Securitization Activities | 1,013 | 1,081 | 960 | 1,061 | 1,102 | 1,208 | 1,210 | 26 | % | 3,054 | 3,520 | 15 | % | |||||||||||||||||||||
Adjusted Revenues, Net of Interest Expense(1) | 3,596 | 3,716 | 4,097 | 4,108 | 3,834 | 3,910 | 4,076 | (1 | )% | 11,409 | 11,820 | 4 | % | |||||||||||||||||||||
Total Operating Expenses | 1,045 | 1,079 | 1,143 | 1,121 | 1,134 | 1,160 | 1,179 | 3 | % | 3,267 | 3,473 | 6 | % | |||||||||||||||||||||
Provision for Credit Losses | 668 | 638 | 862 | 675 | 638 | 544 | 443 | (49 | )% | 2,168 | 1,625 | (25 | )% | |||||||||||||||||||||
Effect of Securitization Activities | 1,013 | 1,081 | 960 | 1,061 | 1,102 | 1,208 | 1,210 | 26 | % | 3,054 | 3,520 | 15 | % | |||||||||||||||||||||
Adjusted Provision for Credit Losses(1) | 1,681 | 1,719 | 1,822 | 1,736 | 1,740 | 1,752 | 1,653 | (9 | )% | 5,222 | 5,145 | (1 | )% | |||||||||||||||||||||
Income Before Taxes | 870 | 918 | 1,132 | 1,251 | 960 | 998 | 1,244 | 10 | % | 2,920 | 3,202 | 10 | % | |||||||||||||||||||||
Income Taxes | 313 | 313 | 404 | 438 | 325 | 339 | 425 | 5 | % | 1,030 | 1,089 | 6 | % | |||||||||||||||||||||
Income from Continuing Operations | $ | 557 | $ | 605 | $ | 728 | $ | 813 | $ | 635 | $ | 659 | $ | 819 | 13 | % | $ | 1,890 | $ | 2,113 | 12 | % | ||||||||||||
Average Assets (in billions of dollars) | $ | 46 | $ | 49 | $ | 54 | $ | 58 | $ | 55 | $ | 49 | $ | 51 | (6 | )% | $ | 50 | $ | 52 | 4 | % | ||||||||||||
Return on Assets | 4.91 | % | 4.95 | % | 5.35 | % | 5.56 | % | 4.68 | % | 5.39 | % | 6.37 | % | 5.05 | % | 5.43 | % | ||||||||||||||||
Return on Managed Assets | 2.03 | % | 2.23 | % | 2.47 | % | 2.70 | % | 2.13 | % | 2.22 | % | 2.69 | % | 2.22 | % | 2.33 | % | ||||||||||||||||
KEY INDICATORS (in billions of dollars) | ||||||||||||||||||||||||||||||||||
End of Period Managed Receivables(2) | $ | 108.5 | $ | 111.5 | $ | 114.1 | $ | 119.8 | $ | 115.5 | $ | 113.3 | $ | 117.4 | 3 | % | ||||||||||||||||||
EOP Open Accounts (in millions) | 91.7 | 91.3 | 88.1 | 88.7 | 86.7 | 85.2 | 96.7 | 10 | % | |||||||||||||||||||||||||
Total Sales | $ | 54.9 | $ | 61.9 | $ | 62.4 | $ | 65.7 | $ | 57.1 | $ | 59.7 | $ | 62.3 | — | $ | 179.2 | $ | 179.1 | — | ||||||||||||||
Managed Net Interest Revenue (in millions of dollars)(1) | $ | 2,883 | $ | 2,816 | $ | 2,952 | $ | 2,992 | $ | 2,838 | $ | 2,884 | $ | 3,095 | 5 | % | $ | 8,651 | $ | 8,817 | — | |||||||||||||
% of Average Managed Loans | 10.86 | % | 10.46 | % | 10.55 | % | 10.41 | % | 9.99 | % | 10.27 | % | 10.80 | % | ||||||||||||||||||||
Risk Adjusted Revenue (in millions of dollars)(3) | $ | 1,915 | $ | 1,997 | $ | 2,481 | $ | 2,455 | $ | 2,119 | $ | 2,159 | $ | 2,423 | (2 | )% | $ | 6,393 | $ | 6,701 | 5 | % | ||||||||||||
% of Average Managed Loans | 7.22 | % | 7.41 | % | 8.87 | % | 8.54 | % | 7.46 | % | 7.68 | % | 8.45 | % | ||||||||||||||||||||
Average Managed Loans: | ||||||||||||||||||||||||||||||||||
Securitized | $ | 66.8 | $ | 65.2 | $ | 64.6 | $ | 64.3 | $ | 67.7 | $ | 71.1 | $ | 72.1 | 12 | % | $ | 65.5 | $ | 70.3 | 7 | % | ||||||||||||
Held for Sale | 6.5 | 6.5 | 6.5 | 6.5 | 5.1 | 3.0 | 4.1 | (37 | )% | 6.5 | 4.1 | (37 | )% | |||||||||||||||||||||
On Balance Sheet | 34.3 | 36.3 | 40.0 | 43.2 | 42.4 | 38.6 | 37.5 | (6 | )% | 36.9 | 39.5 | 7 | % | |||||||||||||||||||||
Total Managed | $ | 107.6 | $ | 108.0 | $ | 111.1 | $ | 114.0 | $ | 115.2 | $ | 112.7 | $ | 113.7 | 2 | % | $ | 108.9 | $ | 113.9 | 5 | % | ||||||||||||
Managed Net Credit Losses (in millions of dollars): | ||||||||||||||||||||||||||||||||||
Securitized | $ | 935 | $ | 989 | $ | 874 | $ | 962 | $ | 1,024 | $ | 1,159 | $ | 1,127 | 29 | % | ||||||||||||||||||
Held for Sale | 78 | 92 | 86 | 99 | 78 | 49 | 83 | (3 | )% | |||||||||||||||||||||||||
On Balance Sheet | 668 | 638 | 656 | 592 | 613 | 543 | 443 | (32 | )% | |||||||||||||||||||||||||
Total Managed | $ | 1,681 | $ | 1,719 | $ | 1,616 | $ | 1,653 | $ | 1,715 | $ | 1,751 | $ | 1,653 | 2 | % | ||||||||||||||||||
Coincident Managed Net Credit Loss Ratio | 6.33 | % | 6.38 | % | 5.77 | % | 5.75 | % | 6.04 | % | 6.23 | % | 5.77 | % | ||||||||||||||||||||
12 Month Lagged Managed Net Credit Loss Ratio | 6.67 | % | 6.73 | % | 6.05 | % | 6.10 | % | 6.46 | % | 6.50 | % | 5.91 | % | ||||||||||||||||||||
Loans 90+Days Past Due (in millions of dollars) | $ | 2,293 | $ | 2,025 | $ | 2,107 | $ | 2,185 | $ | 2,180 | $ | 2,066 | $ | 2,098 | — | |||||||||||||||||||
% of EOP Managed Loans | 2.13 | % | 1.83 | % | 1.87 | % | 1.85 | % | 1.91 | % | 1.86 | % | 1.82 | % |
- (1)
- The abbreviated income statement presented above is prepared on a managed basis (a non-GAAP measure), and includes the effect of securitizations in Adjusted Revenues, Net of Interest Expense and Adjusted Provision for Credit Losses. This income statement reconciles to Income from Continuing Operations which is a GAAP measure. For a discussion of managed basis reporting see the Cards business on Page 6.
- (2)
- Includes accrued interest receivable.
- (3)
- Risk adjusted revenue is total revenues less net credit losses.
Reclassified to conform to the current period's presentation.
7
GLOBAL CONSUMER
CARDS
INTERNATIONAL CARDS
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) | YTD 3Q 2002 | YTD 3Q 2003 | YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 538 | $ | 572 | $ | 577 | $ | 599 | $ | 601 | $ | 607 | $ | 676 | 17 | % | $ | 1,687 | $ | 1,884 | 12 | % | ||||||||||||
Total Operating Expenses | 282 | 302 | 275 | 288 | 312 | 303 | 329 | 20 | % | 859 | 944 | 10 | % | |||||||||||||||||||||
Provision for Credit Losses | 229 | 91 | 116 | 131 | 136 | 134 | 97 | (16) | % | 436 | 367 | (16) | % | |||||||||||||||||||||
Income Before Taxes | 27 | 179 | 186 | 180 | 153 | 170 | 250 | 34 | % | 392 | 573 | 46 | % | |||||||||||||||||||||
Income Taxes | 5 | 62 | 65 | 62 | 53 | 61 | 84 | 29 | % | 132 | 198 | 50 | % | |||||||||||||||||||||
Income from Continuing Operations | $ | 22 | $ | 117 | $ | 121 | $ | 118 | $ | 100 | $ | 109 | $ | 166 | 37 | % | $ | 260 | $ | 375 | 44 | % | ||||||||||||
Average Assets (in billions of dollars) | $ | 11 | $ | 11 | $ | 12 | $ | 12 | $ | 13 | $ | 13 | $ | 13 | 8 | % | $ | 11 | $ | 13 | 18 | % | ||||||||||||
Return on Assets | 0.81 | % | 4.27 | % | 4.00 | % | 3.90 | % | 3.12 | % | 3.36 | % | 5.07 | % | 3.16 | % | 3.86 | % | ||||||||||||||||
KEY INDICATORS (in billions of dollars) | ||||||||||||||||||||||||||||||||||
End of Period Managed Receivables(1) | $ | 10.0 | $ | 10.8 | $ | 10.9 | $ | 12.0 | $ | 11.5 | $ | 12.2 | $ | 13.6 | 25 | % | ||||||||||||||||||
EOP Open Accounts (in millions) | 12.8 | 13.1 | 13.3 | 13.5 | 13.9 | 14.0 | 15.6 | 17 | % | |||||||||||||||||||||||||
Total Sales | $ | 7.4 | $ | 8.2 | $ | 8.7 | $ | 9.1 | $ | 8.6 | $ | 9.0 | $ | 10.3 | 18 | % | $ | 24.3 | $ | 27.9 | 15 | % | ||||||||||||
Net Interest Revenue (in millions of dollars) | $ | 335 | $ | 347 | $ | 365 | $ | 380 | $ | 394 | $ | 381 | $ | 405 | 11 | % | $ | 1,047 | $ | 1,180 | 13 | % | ||||||||||||
% of Average Loans | 13.38 | % | 13.24 | % | 13.33 | % | 13.39 | % | 13.82 | % | 12.90 | % | 12.71 | % | ||||||||||||||||||||
Risk Adjusted Revenue (in millions of dollars)(2) | $ | 426 | $ | 451 | $ | 429 | $ | 480 | $ | 484 | $ | 471 | $ | 540 | 26 | % | $ | 1,306 | $ | 1,495 | 14 | % | ||||||||||||
% of Average Loans | 17.07 | % | 17.28 | % | 15.67 | % | 16.91 | % | 17.02 | % | 15.97 | % | 16.97 | % | ||||||||||||||||||||
Average Loans: | ||||||||||||||||||||||||||||||||||
EMEA | $ | 2.9 | $ | 3.1 | $ | 3.3 | $ | 3.8 | $ | 4.0 | $ | 4.1 | $ | 4.6 | 39 | % | $ | 3.1 | $ | 4.2 | 35 | % | ||||||||||||
Japan | 1.0 | 1.1 | 1.1 | 1.1 | 1.0 | 1.0 | 1.1 | — | 1.1 | 1.0 | (9) | % | ||||||||||||||||||||||
Asia (excluding Japan) | 5.5 | 5.8 | 5.9 | 6.0 | 6.2 | 6.3 | 6.6 | 12 | % | 5.7 | 6.4 | 12 | % | |||||||||||||||||||||
Latin America | 0.8 | 0.5 | 0.5 | 0.4 | 0.4 | 0.4 | 0.4 | (20) | % | 0.6 | 0.4 | (33) | % | |||||||||||||||||||||
Total | $ | 10.2 | $ | 10.5 | $ | 10.8 | $ | 11.3 | $ | 11.6 | $ | 11.8 | $ | 12.7 | 18 | % | $ | 10.5 | $ | 12.0 | 14 | % | ||||||||||||
Net Credit Losses (in millions of dollars) | $ | 111 | $ | 122 | $ | 148 | $ | 119 | $ | 117 | $ | 136 | $ | 136 | (8) | % | ||||||||||||||||||
Coincident Net Credit Loss Ratio | 4.46 | % | 4.64 | % | 5.41 | % | 4.21 | % | 4.09 | % | 4.60 | % | 4.27 | % | ||||||||||||||||||||
12 Month Lagged Net Credit Loss Ratio | 4.76 | % | 4.99 | % | 5.71 | % | 4.57 | % | 4.67 | % | 5.21 | % | 4.96 | % | ||||||||||||||||||||
Loans 90+Days Past Due (in millions of dollars) | $ | 199 | $ | 235 | $ | 202 | $ | 212 | $ | 226 | $ | 247 | $ | 255 | 26 | % | ||||||||||||||||||
% of EOP Loans | 2.00 | % | 2.17 | % | 1.85 | % | 1.78 | % | 1.97 | % | 2.04 | % | 1.88 | % |
- (1)
- Includes accrued interest receivable.
- (2)
- Risk adjusted revenue is total revenues less net credit losses.
Reclassified to conform to the current period's presentation.
8
GLOBAL CONSUMER
CONSUMER FINANCE
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) | YTD 3Q 2002 | YTD 3Q 2003 | YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 2,332 | $ | 2,449 | $ | 2,462 | $ | 2,564 | $ | 2,532 | $ | 2,431 | $ | 2,499 | 2 | % | $ | 7,243 | $ | 7,462 | 3 | % | ||||||||||||
Total Operating Expenses | 755 | 789 | 776 | 794 | 865 | 835 | 867 | 12 | % | 2,320 | 2,567 | 11 | % | |||||||||||||||||||||
Provisions for Benefits, Claims and Credit Losses | 750 | 775 | 844 | 925 | 930 | 957 | 925 | 10 | % | 2,369 | 2,812 | 19 | % | |||||||||||||||||||||
Income Before Taxes | 827 | 885 | 842 | 845 | 737 | 639 | 707 | (16 | )% | 2,554 | 2,083 | (18 | )% | |||||||||||||||||||||
Income Taxes | 297 | 317 | 303 | 283 | 252 | 131 | 240 | (21 | )% | 917 | 623 | (32 | )% | |||||||||||||||||||||
Income from Continuing Operations | $ | 530 | $ | 568 | $ | 539 | $ | 562 | $ | 485 | $ | 508 | $ | 467 | (13 | )% | $ | 1,637 | $ | 1,460 | (11 | )% | ||||||||||||
Average Assets (in billions of dollars) | $ | 91 | $ | 94 | $ | 98 | $ | 100 | $ | 104 | $ | 105 | $ | 104 | 6 | % | $ | 94 | $ | 104 | 11 | % | ||||||||||||
Return on Assets | 2.36 | % | 2.42 | % | 2.18 | % | 2.23 | % | 1.89 | % | 1.94 | % | 1.78 | % | 2.33 | % | 1.88 | % | ||||||||||||||||
KEY INDICATORS: | ||||||||||||||||||||||||||||||||||
Average Loans(in billions of dollars): | ||||||||||||||||||||||||||||||||||
Real estate secured loans | $ | 46.4 | $ | 47.3 | $ | 48.2 | $ | 50.0 | $ | 51.0 | $ | 51.7 | $ | 52.2 | 8 | % | $ | 47.3 | $ | 51.6 | 9 | % | ||||||||||||
Personal loans | 20.1 | 21.4 | 22.7 | 22.2 | 22.5 | 22.2 | 22.1 | (3 | )% | 21.4 | 22.3 | 4 | % | |||||||||||||||||||||
Auto | 7.4 | 7.9 | 8.4 | 9.8 | 10.8 | 11.1 | 11.2 | 33 | % | 7.9 | 11.0 | 39 | % | |||||||||||||||||||||
Sales finance and other | 3.3 | 4.1 | 4.1 | 4.5 | 4.5 | 4.8 | 5.3 | 29 | % | 3.8 | 4.9 | 29 | % | |||||||||||||||||||||
Total | $ | 77.2 | $ | 80.7 | $ | 83.4 | $ | 86.5 | $ | 88.8 | $ | 89.8 | $ | 90.8 | 9 | % | $ | 80.4 | $ | 89.8 | 12 | % | ||||||||||||
Average Yield | 14.77 | % | 14.79 | % | 14.51 | % | 14.19 | % | 14.11 | % | 13.46 | % | 13.28 | % | ||||||||||||||||||||
Average Net Interest Margin | 10.58 | % | 10.82 | % | 10.62 | % | 10.48 | % | 10.55 | % | 9.99 | % | 9.96 | % | ||||||||||||||||||||
Net Credit Loss Ratio | 3.52 | % | 3.60 | % | 3.71 | % | 3.91 | % | 3.91 | % | 4.01 | % | 3.92 | % | ||||||||||||||||||||
Loans 90+ Days Past Due (in millions of dollars) | $ | 2,242 | $ | 2,166 | $ | 2,179 | $ | 2,197 | $ | 2,183 | $ | 2,182 | $ | 2,127 | (2 | )% | ||||||||||||||||||
% of EOP Loans | 2.86 | % | 2.62 | % | 2.60 | % | 2.48 | % | 2.45 | % | 2.41 | % | 2.30 | % | ||||||||||||||||||||
Number of Offices: | ||||||||||||||||||||||||||||||||||
North America | 2,394 | 2,410 | 2,420 | 2,411 | 2,394 | 2,394 | 2,390 | (1 | )% | |||||||||||||||||||||||||
International | 1,142 | 1,199 | 1,187 | 1,137 | 1,103 | 1,113 | 1,038 | (13 | )% | |||||||||||||||||||||||||
Total | 3,536 | 3,609 | 3,607 | 3,548 | 3,497 | 3,507 | 3,428 | (5 | )% | |||||||||||||||||||||||||
Reclassified to conform to the current period's presentation.
9
GLOBAL CONSUMER
CONSUMER FINANCE
NORTH AMERICA CONSUMER FINANCE
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) | YTD 3Q 2002 | YTD 3Q 2003 | YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 1,520 | $ | 1,512 | $ | 1,495 | $ | 1,585 | $ | 1,629 | $ | 1,619 | $ | 1,665 | 11 | % | $ | 4,527 | $ | 4,913 | 9 | % | ||||||||||||
Total Operating Expenses | 491 | 460 | 462 | 480 | 537 | 512 | 523 | 13 | % | 1,413 | 1,572 | 11 | % | |||||||||||||||||||||
Provisions for Benefits, Claims and Credit Losses | 508 | 520 | 496 | 550 | 559 | 566 | 552 | 11 | % | 1,524 | 1,677 | 10 | % | |||||||||||||||||||||
Income Before Taxes | 521 | 532 | 537 | 555 | 533 | 541 | 590 | 10 | % | 1,590 | 1,664 | 5 | % | |||||||||||||||||||||
Income Taxes | 190 | 195 | 196 | 197 | 197 | 200 | 218 | 11 | % | 581 | 615 | 6 | % | |||||||||||||||||||||
Income from Continuing Operations | $ | 331 | $ | 337 | $ | 341 | $ | 358 | $ | 336 | $ | 341 | $ | 372 | 9 | % | $ | 1,009 | $ | 1,049 | 4 | % | ||||||||||||
Average Assets (in billions of dollars) | $ | 69 | $ | 70 | $ | 72 | $ | 75 | $ | 78 | $ | 78 | $ | 79 | 10 | % | $ | 70 | $ | 78 | 11 | % | ||||||||||||
Return on Assets | 1.95 | % | 1.93 | % | 1.88 | % | 1.89 | % | 1.75 | % | 1.75 | % | 1.87 | % | 1.93 | % | 1.80 | % | ||||||||||||||||
KEY INDICATORS: | ||||||||||||||||||||||||||||||||||
Average Loans (in billions of dollars): | ||||||||||||||||||||||||||||||||||
Real estate secured loans | $ | 41.7 | $ | 42.1 | $ | 42.6 | $ | 44.3 | $ | 45.0 | $ | 45.6 | $ | 46.2 | 8 | % | $ | 42.1 | $ | 45.6 | 8 | % | ||||||||||||
Personal loans | 9.9 | 10.1 | 10.2 | 10.3 | 10.4 | 10.5 | 10.6 | 4 | % | 10.1 | 10.5 | 4 | % | |||||||||||||||||||||
Auto | 5.4 | 5.8 | 6.2 | 7.8 | 8.8 | 9.2 | 9.5 | 53 | % | 5.8 | 9.2 | 59 | % | |||||||||||||||||||||
Sales finance and other | 2.8 | 2.9 | 3.3 | 3.5 | 3.8 | 3.8 | 4.1 | 24 | % | 3.0 | 3.9 | 30 | % | |||||||||||||||||||||
Total | $ | 59.8 | $ | 60.9 | $ | 62.3 | $ | 65.9 | $ | 68.0 | $ | 69.1 | $ | 70.4 | 13 | % | $ | 61.0 | $ | 69.2 | 13 | % | ||||||||||||
Average Yield | 13.36 | % | 13.06 | % | 12.76 | % | 12.56 | % | 12.53 | % | 12.20 | % | 11.99 | % | ||||||||||||||||||||
Average Net Interest Margin | 8.64 | % | 8.45 | % | 8.29 | % | 8.33 | % | 8.56 | % | 8.36 | % | 8.34 | % | ||||||||||||||||||||
Net Credit Loss Ratio | 3.00 | % | 3.10 | % | 2.79 | % | 3.10 | % | 3.06 | % | 2.98 | % | 2.93 | % | ||||||||||||||||||||
Loans 90+ Days Past Due (in millions of dollars) | $ | 1,979 | $ | 1,828 | $ | 1,777 | $ | 1,786 | $ | 1,786 | $ | 1,681 | $ | 1,642 | (8 | )% | ||||||||||||||||||
% of EOP Loans | 3.28 | % | 2.97 | % | 2.82 | % | 2.64 | % | 2.60 | % | 2.40 | % | 2.29 | % | ||||||||||||||||||||
Number of Offices: | ||||||||||||||||||||||||||||||||||
North America (excluding Mexico) | 2,278 | 2,280 | 2,288 | 2,267 | 2,248 | 2,240 | 2,228 | (3 | )% | |||||||||||||||||||||||||
Mexico | 116 | 130 | 132 | 144 | 146 | 154 | 162 | 23 | % | |||||||||||||||||||||||||
Total | 2,394 | 2,410 | 2,420 | 2,411 | 2,394 | 2,394 | 2,390 | (1 | )% | |||||||||||||||||||||||||
Reclassified to conform to the current period's presentation.
10
GLOBAL CONSUMER
CONSUMER FINANCE
INTERNATIONAL CONSUMER FINANCE
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) | YTD 3Q 2002 | YTD 3Q 2003 | YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 812 | $ | 937 | $ | 967 | $ | 979 | $ | 903 | $ | 812 | $ | 834 | (14 | )% | $ | 2,716 | $ | 2,549 | (6 | )% | ||||||||||||
Total Operating Expenses | 264 | 329 | 314 | 314 | 328 | 323 | 344 | 10 | % | 907 | 995 | 10 | % | |||||||||||||||||||||
Provisions for Benefits, Claims and Credit Losses | 242 | 255 | 348 | 375 | 371 | 391 | 373 | 7 | % | 845 | 1,135 | 34 | % | |||||||||||||||||||||
Income Before Taxes | 306 | 353 | 305 | 290 | 204 | 98 | 117 | (62 | )% | 964 | 419 | (57 | )% | |||||||||||||||||||||
Income Taxes | 107 | 122 | 107 | 86 | 55 | (69 | ) | 22 | (79 | )% | 336 | 8 | (98 | )% | ||||||||||||||||||||
Income from Continuing Operations | $ | 199 | $ | 231 | $ | 198 | $ | 204 | $ | 149 | $ | 167 | $ | 95 | (52 | )% | $ | 628 | $ | 411 | (35 | )% | ||||||||||||
Average Assets (in billions of dollars) | $ | 22 | $ | 24 | $ | 26 | $ | 25 | $ | 26 | $ | 27 | $ | 25 | (4 | )% | $ | 24 | $ | 26 | 8 | % | ||||||||||||
Return on Assets | 3.67 | % | 3.86 | % | 3.02 | % | 3.24 | % | 2.32 | % | 2.48 | % | 1.51 | % | 3.50 | % | 2.11 | % | ||||||||||||||||
KEY INDICATORS: | ||||||||||||||||||||||||||||||||||
Average Loans (in billions of dollars): | ||||||||||||||||||||||||||||||||||
Real estate secured loans | $ | 4.7 | $ | 5.2 | $ | 5.6 | $ | 5.7 | $ | 6.0 | $ | 6.1 | $ | 6.0 | 7 | % | $ | 5.2 | $ | 6.0 | 15 | % | ||||||||||||
Personal loans | 10.2 | 11.3 | 12.5 | 11.9 | 12.1 | 11.7 | 11.5 | (8 | )% | 11.3 | 11.8 | 4 | % | |||||||||||||||||||||
Auto | 2.0 | 2.1 | 2.2 | 2.0 | 2.0 | 1.9 | 1.7 | (23 | )% | 2.1 | 1.8 | (14 | )% | |||||||||||||||||||||
Sales finance and other | 0.5 | 1.2 | 0.8 | 1.0 | 0.7 | 1.0 | 1.2 | 50 | % | 0.8 | 1.0 | 25 | % | |||||||||||||||||||||
Total | $ | 17.4 | $ | 19.8 | $ | 21.1 | $ | 20.6 | $ | 20.8 | $ | 20.7 | $ | 20.4 | (3 | )% | $ | 19.4 | $ | 20.6 | 6 | % | ||||||||||||
Average Yield | 19.54 | % | 20.17 | % | 19.68 | % | 19.42 | % | 19.20 | % | 17.66 | % | 17.72 | % | ||||||||||||||||||||
Average Net Interest Margin | 17.17 | % | 18.17 | % | 17.53 | % | 17.32 | % | 16.94 | % | 15.40 | % | 15.53 | % | ||||||||||||||||||||
Net Credit Loss Ratio | 5.32 | % | 5.16 | % | 6.42 | % | 6.48 | % | 6.69 | % | 7.43 | % | 7.34 | % | ||||||||||||||||||||
Loans 90+ Days Past Due (in millions of dollars) | $ | 263 | $ | 338 | $ | 402 | $ | 411 | $ | 397 | $ | 501 | $ | 485 | 21 | % | ||||||||||||||||||
% of EOP Loans | 1.46 | % | 1.61 | % | 1.94 | % | 1.98 | % | 1.93 | % | 2.45 | % | 2.32 | % | ||||||||||||||||||||
Number of Offices: | ||||||||||||||||||||||||||||||||||
EMEA | 129 | 130 | 129 | 133 | 135 | 168 | 176 | 36 | % | |||||||||||||||||||||||||
Japan | 879 | 940 | 940 | 884 | 840 | 813 | 739 | (21 | )% | |||||||||||||||||||||||||
Asia (excluding Japan) | 31 | 31 | 32 | 36 | 49 | 50 | 64 | 100 | % | |||||||||||||||||||||||||
Latin America | 103 | 98 | 86 | 84 | 79 | 82 | 59 | (31 | )% | |||||||||||||||||||||||||
Total | 1,142 | 1,199 | 1,187 | 1,137 | 1,103 | 1,113 | 1,038 | (13 | )% | |||||||||||||||||||||||||
NM Not meaningful
Reclassified to conform to the current period's presentation.
11
GLOBAL CONSUMER
RETAIL BANKING
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) | YTD 3Q 2002 | YTD 3Q 2003 | YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 3,523 | $ | 3,409 | $ | 3,549 | $ | 3,700 | $ | 3,961 | $ | 4,243 | $ | 4,135 | 17 | % | $ | 10,481 | $ | 12,339 | 18 | % | ||||||||||||
Total Operating Expenses | 1,942 | 1,910 | 1,826 | 2,024 | 2,102 | 2,241 | 2,226 | 22 | % | 5,678 | 6,569 | 16 | % | |||||||||||||||||||||
Provisions for Benefits, Claims and Credit Losses | 535 | 485 | 382 | 353 | 419 | 429 | 254 | (34 | )% | 1,402 | 1,102 | (21 | )% | |||||||||||||||||||||
Income Before Taxes and Minority Interest | 1,046 | 1,014 | 1,341 | 1,323 | 1,440 | 1,573 | 1,655 | 23 | % | 3,401 | 4,668 | 37 | % | |||||||||||||||||||||
Income Taxes | 374 | 360 | 469 | 452 | 448 | 513 | 561 | 20 | % | 1,203 | 1,522 | 27 | % | |||||||||||||||||||||
Minority Interest, Net of Tax | 10 | 9 | 8 | 11 | 18 | 11 | 8 | — | 27 | 37 | 37 | % | ||||||||||||||||||||||
Income from Continuing Operations | $ | 662 | $ | 645 | $ | 864 | $ | 860 | $ | 974 | $ | 1,049 | $ | 1,086 | 26 | % | $ | 2,171 | $ | 3,109 | 43 | % | ||||||||||||
Average Assets (in billions of dollars) | $ | 177 | $ | 179 | $ | 183 | $ | 209 | $ | 227 | $ | 230 | $ | 234 | 28 | % | $ | 180 | $ | 230 | 28 | % | ||||||||||||
Return on Assets | 1.52 | % | 1.45 | % | 1.87 | % | 1.63 | % | 1.74 | % | 1.83 | % | 1.84 | % | 1.61 | % | 1.81 | % | ||||||||||||||||
KEY INDICATORS: | ||||||||||||||||||||||||||||||||||
Average Customer Deposits (in billions of dollars): | ||||||||||||||||||||||||||||||||||
North America | $ | 89.4 | $ | 87.4 | $ | 84.7 | $ | 101.8 | $ | 111.9 | $ | 112.9 | $ | 113.3 | 34 | % | $ | 87.2 | $ | 112.7 | 29 | % | ||||||||||||
International | 77.0 | 79.1 | 79.5 | 79.6 | 81.4 | 84.3 | 87.0 | 9 | % | 78.5 | 84.2 | 7 | % | |||||||||||||||||||||
Total | $ | 166.4 | $ | 166.5 | $ | 164.2 | $ | 181.4 | $ | 193.3 | $ | 197.2 | $ | 200.3 | 22 | % | $ | 165.7 | $ | 196.9 | 19 | % | ||||||||||||
Average Loans (in billions of dollars): | ||||||||||||||||||||||||||||||||||
North America | $ | 91.9 | $ | 91.4 | $ | 93.1 | $ | 113.9 | $ | 124.7 | $ | 122.1 | $ | 121.3 | 30 | % | $ | 92.1 | $ | 122.7 | 33 | % | ||||||||||||
International | 33.7 | 34.8 | 35.2 | 33.4 | 34.7 | 35.6 | 35.8 | 2 | % | 34.6 | 35.4 | 2 | % | |||||||||||||||||||||
Total | $ | 125.6 | $ | 126.2 | $ | 128.3 | $ | 147.3 | $ | 159.4 | $ | 157.7 | $ | 157.1 | 22 | % | $ | 126.7 | $ | 158.1 | 25 | % | ||||||||||||
Net Credit Loss Ratio—excluding Commercial Markets | 0.86 | % | 0.79 | % | 0.74 | % | 0.48 | % | 0.42 | % | 0.58 | % | 0.72 | % | ||||||||||||||||||||
Net Credit Loss Ratio—Commercial Markets | 1.66 | % | 2.55 | % | 1.50 | % | 1.38 | % | 1.65 | % | 1.30 | % | 0.47 | % | ||||||||||||||||||||
Loans 90+Days Past Due—excl Commercial Markets (in millions of dollars) | $ | 2,828 | $ | 3,037 | $ | 2,969 | $ | 3,647 | $ | 3,644 | $ | 3,706 | $ | 3,707 | 25 | % | ||||||||||||||||||
% of EOP Loans | 3.40 | % | 3.46 | % | 3.39 | % | 3.18 | % | 3.18 | % | 3.29 | % | 3.19 | % | ||||||||||||||||||||
Cash Basis Loans—Commercial Markets (in millions of dollars) | $ | 1,321 | $ | 1,161 | $ | 1,234 | $ | 1,299 | $ | 1,250 | $ | 1,165 | $ | 1,283 | 4 | % | ||||||||||||||||||
% of EOP Loans | 3.29 | % | 2.95 | % | 3.23 | % | 2.90 | % | 2.88 | % | 2.76 | % | 3.17 | % | ||||||||||||||||||||
EOP Accounts (in millions): | ||||||||||||||||||||||||||||||||||
North America | 26.3 | 26.7 | 27.3 | 29.7 | 29.4 | 29.7 | 30.1 | 10 | % | |||||||||||||||||||||||||
International | 17.3 | 18.2 | 17.8 | 17.0 | 17.0 | 17.3 | 17.5 | (2 | )% | |||||||||||||||||||||||||
Total | 43.6 | 44.9 | 45.1 | 46.7 | 46.4 | 47.0 | 47.6 | 6 | % | |||||||||||||||||||||||||
Branches: | ||||||||||||||||||||||||||||||||||
Citibanking North America | 461 | 459 | 458 | 812 | 781 | 779 | 782 | 71 | % | |||||||||||||||||||||||||
Mexico | 1,489 | 1,429 | 1,423 | 1,422 | 1,413 | 1,409 | 1,408 | (1 | )% | |||||||||||||||||||||||||
International | 909 | 908 | 890 | 891 | 875 | 863 | 877 | (1 | )% | |||||||||||||||||||||||||
Total | 2,859 | 2,796 | 2,771 | 3,125 | 3,069 | 3,051 | 3,067 | 11 | % | |||||||||||||||||||||||||
Reclassified to conform to the current period's presentation.
12
GLOBAL CONSUMER
RETAIL BANKING
NORTH AMERICA RETAIL BANKING
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) | YTD 3Q 2002 | YTD 3Q 2003 | YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense: | ||||||||||||||||||||||||||||||||||
Citibanking North America, Consumer Assets and CitiCapital | $ | 1,432 | $ | 1,445 | $ | 1,415 | $ | 1,627 | $ | 1,797 | $ | 1,945 | $ | 1,891 | 34 | % | $ | 4,292 | $ | 5,633 | 31 | % | ||||||||||||
Primerica Financial Services | 519 | 513 | 496 | 530 | 523 | 523 | 535 | 8 | % | 1,528 | 1,581 | 3 | % | |||||||||||||||||||||
Mexico | 448 | 503 | 491 | 406 | 462 | 527 | 369 | (25 | )% | 1,442 | 1,358 | (6 | )% | |||||||||||||||||||||
Total Revenues, Net of Interest Expense | 2,399 | 2,461 | 2,402 | 2,563 | 2,782 | 2,995 | 2,795 | 16 | % | 7,262 | 8,572 | 18 | % | |||||||||||||||||||||
Total Operating Expenses | 1,347 | 1,308 | 1,213 | 1,378 | 1,435 | 1,551 | 1,541 | 27 | % | 3,868 | 4,527 | 17 | % | |||||||||||||||||||||
Provisions for Benefits, Claims and Credit Losses | 324 | 428 | 306 | 268 | 326 | 296 | 182 | (41 | )% | 1,058 | 804 | (24 | )% | |||||||||||||||||||||
Income Before Taxes and Minority Interest | 728 | 725 | 883 | 917 | 1,021 | 1,148 | 1,072 | 21 | % | 2,336 | 3,241 | 39 | % | |||||||||||||||||||||
Income Taxes | 267 | 258 | 303 | 312 | 316 | 372 | 359 | 18 | % | 828 | 1,047 | 26 | % | |||||||||||||||||||||
Minority Interest, Net of Tax | 10 | 9 | 8 | 11 | 18 | 11 | 8 | — | 27 | 37 | 37 | % | ||||||||||||||||||||||
Income from Continuing Operations | $ | 451 | $ | 458 | $ | 572 | $ | 594 | $ | 687 | $ | 765 | $ | 705 | 23 | % | $ | 1,481 | $ | 2,157 | 46 | % | ||||||||||||
Income from Continuing Operations by Business: | ||||||||||||||||||||||||||||||||||
Citibanking North America, Consumer Assets and CitiCapital | $ | 326 | $ | 292 | $ | 339 | $ | 356 | $ | 459 | $ | 507 | $ | 485 | 43 | % | $ | 957 | $ | 1,451 | 52 | % | ||||||||||||
Primerica Financial Services | 133 | 131 | 126 | 147 | 136 | 140 | 139 | 10 | % | 390 | 415 | 6 | % | |||||||||||||||||||||
Mexico | (8 | ) | 35 | 107 | 91 | 92 | 118 | 81 | (24 | )% | 134 | 291 | NM | |||||||||||||||||||||
Total | $ | 451 | $ | 458 | $ | 572 | $ | 594 | $ | 687 | $ | 765 | $ | 705 | 23 | % | $ | 1,481 | $ | 2,157 | 46 | % | ||||||||||||
KEY INDICATORS: | ||||||||||||||||||||||||||||||||||
Average Customer Deposits (in billions of dollars): | ||||||||||||||||||||||||||||||||||
North America (excluding Mexico) | $ | 62.6 | $ | 62.7 | $ | 62.4 | $ | 79.9 | $ | 90.6 | $ | 91.7 | $ | 93.2 | 49 | % | $ | 62.6 | $ | 91.8 | 47 | % | ||||||||||||
Mexico | 26.8 | 24.7 | 22.3 | 21.9 | 21.3 | 21.2 | 20.1 | (10 | )% | 24.6 | 20.9 | (15 | )% | |||||||||||||||||||||
Total | $ | 89.4 | $ | 87.4 | $ | 84.7 | $ | 101.8 | $ | 111.9 | $ | 112.9 | $ | 113.3 | 34 | % | $ | 87.2 | $ | 112.7 | 29 | % | ||||||||||||
Average Loans by Type (in billions of dollars): | ||||||||||||||||||||||||||||||||||
Mortgages | $ | 31.0 | $ | 32.7 | $ | 35.3 | $ | 51.3 | $ | 59.6 | $ | 58.1 | $ | 58.4 | 65 | % | $ | 33.1 | $ | 58.8 | 78 | % | ||||||||||||
Student Loans | 19.2 | 19.2 | 19.9 | 21.3 | 22.0 | 22.3 | 22.7 | 14 | % | 19.4 | 22.3 | 15 | % | |||||||||||||||||||||
Personal | 1.5 | 1.4 | 1.4 | 1.4 | 1.3 | 1.3 | 1.3 | (7 | )% | 1.4 | 1.3 | (7 | )% | |||||||||||||||||||||
Commercial Markets | 38.7 | 36.7 | 36.0 | 39.6 | 41.7 | 40.4 | 38.9 | 8 | % | 37.1 | 40.3 | 9 | % | |||||||||||||||||||||
Other | 1.5 | 1.4 | 0.5 | 0.3 | 0.1 | — | — | (100 | )% | 1.1 | — | (100 | )% | |||||||||||||||||||||
Total | $ | 91.9 | $ | 91.4 | $ | 93.1 | $ | 113.9 | $ | 124.7 | $ | 122.1 | $ | 121.3 | 30 | % | $ | 92.1 | $ | 122.7 | 33 | % | ||||||||||||
Net Credit Loss Ratio—excluding Commercial Markets | 0.58 | % | 0.69 | % | 0.41 | % | 0.20 | % | 0.17 | % | 0.29 | % | 0.10 | % | ||||||||||||||||||||
Net Credit Loss Ratio—Commercial Markets | 1.71 | % | 2.68 | % | 1.55 | % | 1.38 | % | 1.69 | % | 1.31 | % | 0.44 | % | ||||||||||||||||||||
Loans 90+ Days Past Due—excl Commercial Markets (in millions of dollars) | $ | 1,812 | $ | 1,890 | $ | 1,837 | $ | 2,419 | $ | 2,357 | $ | 2,385 | $ | 2,318 | 26 | % | ||||||||||||||||||
% of EOP Loans | 3.43 | % | 3.44 | % | 3.20 | % | 2.90 | % | 2.87 | % | 3.00 | % | 2.80 | % | ||||||||||||||||||||
Cash Basis Loans—Commercial Markets (in millions of dollars) | $ | 1,281 | $ | 1,109 | $ | 1,152 | $ | 1,219 | $ | 1,173 | $ | 1,090 | $ | 1,213 | 5 | % | ||||||||||||||||||
% of EOP Loans | 3.41 | % | 3.03 | % | 3.23 | % | 2.87 | % | 2.86 | % | 2.76 | % | 3.27 | % | ||||||||||||||||||||
Citibanking North America and Consumer Assets: | ||||||||||||||||||||||||||||||||||
Mutual Fund / UIT Sales at NAV (in millions of dollars) | $ | 841 | $ | 866 | $ | 783 | $ | 735 | $ | 831 | $ | 795 | $ | 675 | (14 | )% | ||||||||||||||||||
Variable Annuity Net Written Premiums & Deposits (in millions of dollars) | $ | 367 | $ | 327 | $ | 375 | $ | 329 | $ | 394 | $ | 332 | $ | 293 | (22 | )% | ||||||||||||||||||
EOP Mortgage Servicing Portfolio (in billions of dollars) | $ | 74.9 | $ | 80.6 | $ | 82.0 | $ | 162.9 | $ | 155.4 | $ | 140.3 | $ | 137.3 | 67 | % | ||||||||||||||||||
Mortgage Orginations (in billions of dollars) | $ | 10.7 | $ | 11.8 | $ | 12.7 | $ | 20.0 | $ | 21.3 | $ | 23.5 | $ | 36.9 | NM | |||||||||||||||||||
Student Loan Originations (in billions of dollars) | $ | 1.5 | $ | 0.7 | $ | 2.2 | $ | 1.6 | $ | 2.3 | $ | 0.7 | $ | 2.2 | — | |||||||||||||||||||
Primerica Financial Services: | ||||||||||||||||||||||||||||||||||
Life Insurance in Force (in billions of dollars) | $ | 441.3 | $ | 452.6 | $ | 459.1 | $ | 466.8 | $ | 474.4 | $ | 486.6 | $ | 494.2 | 8 | % | ||||||||||||||||||
Loan Volumes (in millions of dollars) (1) | $ | 1,253.8 | $ | 1,139.8 | $ | 1,105.4 | $ | 1,237.4 | $ | 1,259.6 | $ | 1,350.4 | $ | 1,460.0 | 32 | % | ||||||||||||||||||
Mutual Fund/UIT Sales at NAV (in millions of dollars) | $ | 937 | $ | 964 | $ | 718 | $ | 687 | $ | 706 | $ | 692 | $ | 712 | (1 | )% | ||||||||||||||||||
Variable Annuity Net Written Premiums & Deposits (in millions of dollars) | $ | 225 | $ | 250 | $ | 184 | $ | 156 | $ | 158 | $ | 171 | $ | 212 | 15 | % |
- (1)
- Represents loan products marketed by Primerica Financial Services; the receivables are primarily reflected in the assets of Consumer Finance.
- NM
- Not meaningful
Reclassified to conform to the current period's presentation.
13
GLOBAL CONSUMER
RETAIL BANKING
INTERNATIONAL RETAIL BANKING
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) | YTD 3Q 2002 | YTD 3Q 2003 | YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense: | ||||||||||||||||||||||||||||||||||
EMEA | $ | 444 | $ | 489 | $ | 526 | $ | 550 | $ | 560 | $ | 597 | $ | 632 | 20 | % | $ | 1,459 | $ | 1,789 | 23 | % | ||||||||||||
Japan | 102 | 111 | 167 | 111 | 107 | 112 | 117 | (30) | % | 380 | 336 | (12) | % | |||||||||||||||||||||
Asia (excluding Japan) | 354 | 356 | 394 | 382 | 398 | 423 | 430 | 9 | % | 1,104 | 1,251 | 13 | % | |||||||||||||||||||||
Latin America | 224 | (8 | ) | 60 | 94 | 114 | 116 | 161 | NM | 276 | 391 | 42 | % | |||||||||||||||||||||
Total Revenues, Net of Interest Expense | 1,124 | 948 | 1,147 | 1,137 | 1,179 | 1,248 | 1,340 | 17 | % | 3,219 | 3,767 | 17 | % | |||||||||||||||||||||
Total Operating Expenses | 595 | 602 | 613 | 646 | 667 | 690 | 685 | 12 | % | 1,810 | 2,042 | 13 | % | |||||||||||||||||||||
Provisions for Benefits, Claims and Credit Losses | 211 | 57 | 76 | 85 | 93 | 133 | 72 | (5) | % | 344 | 298 | (13) | % | |||||||||||||||||||||
Income Before Taxes | 318 | 289 | 458 | 406 | 419 | 425 | 583 | 27 | % | 1,065 | 1,427 | 34 | % | |||||||||||||||||||||
Income Taxes | 107 | 102 | 166 | 140 | 132 | 141 | 202 | 22 | % | 375 | 475 | 27 | % | |||||||||||||||||||||
Income from Continuing Operations | $ | 211 | $ | 187 | $ | 292 | $ | 266 | $ | 287 | $ | 284 | $ | 381 | 30 | % | $ | 690 | $ | 952 | 38 | % | ||||||||||||
Income (loss) from Continuing Operations by Region: | ||||||||||||||||||||||||||||||||||
EMEA | $ | 88 | $ | 101 | $ | 114 | $ | 102 | $ | 108 | $ | 106 | $ | 130 | 14 | % | $ | 303 | $ | 344 | 14 | % | ||||||||||||
Japan | 32 | 39 | 72 | 39 | 31 | 35 | 30 | (58) | % | 143 | 96 | (33) | % | |||||||||||||||||||||
Asia (excluding Japan) | 110 | 116 | 141 | 129 | 137 | 146 | 149 | 6 | % | 367 | 432 | 18 | % | |||||||||||||||||||||
Latin America | (19 | ) | (69 | ) | (35 | ) | (4 | ) | 11 | (3 | ) | 72 | NM | (123 | ) | 80 | NM | |||||||||||||||||
Total | $ | 211 | $ | 187 | $ | 292 | $ | 266 | $ | 287 | $ | 284 | $ | 381 | 30 | % | $ | 690 | $ | 952 | 38 | % | ||||||||||||
KEY INDICATORS: | ||||||||||||||||||||||||||||||||||
Average Customer Deposits(in billions of dollars): | ||||||||||||||||||||||||||||||||||
EMEA | $ | 16.2 | $ | 16.9 | $ | 17.0 | $ | 17.3 | $ | 18.4 | $ | 19.2 | $ | 20.0 | 18 | % | $ | 16.7 | $ | 19.2 | 15 | % | ||||||||||||
Japan | 15.8 | 17.2 | 18.4 | 18.7 | 18.9 | 19.1 | 20.3 | 10 | % | 17.1 | 19.4 | 13 | % | |||||||||||||||||||||
Asia (excluding Japan) | 36.7 | 37.6 | 36.9 | 36.6 | 37.1 | 38.9 | 39.9 | 8 | % | 37.1 | 38.6 | 4 | % | |||||||||||||||||||||
Latin America | 8.3 | 7.4 | 7.2 | 7.0 | 7.0 | 7.1 | 6.8 | (6) | % | 7.6 | 7.0 | (8) | % | |||||||||||||||||||||
Total | $ | 77.0 | $ | 79.1 | $ | 79.5 | $ | 79.6 | $ | 81.4 | $ | 84.3 | $ | 87.0 | 9 | % | $ | 78.5 | $ | 84.2 | 7 | % | ||||||||||||
Average Loans by Type(in billions of dollars): | ||||||||||||||||||||||||||||||||||
Mortgages | $ | 14.2 | $ | 14.5 | $ | 14.3 | $ | 12.1 | $ | 12.1 | $ | 12.2 | $ | 12.2 | (15) | % | $ | 14.4 | $ | 12.2 | (15) | % | ||||||||||||
Auto | 2.8 | 2.6 | 2.5 | 2.3 | 2.1 | 2.3 | 2.4 | (4) | % | 2.6 | 2.3 | (12) | % | |||||||||||||||||||||
Personal | 12.2 | 13.3 | 14.0 | 14.6 | 15.5 | 16.6 | 16.7 | 19 | % | 13.2 | 16.3 | 23 | % | |||||||||||||||||||||
Commercial Markets | 2.6 | 2.6 | 2.7 | 2.5 | 2.3 | 2.6 | 3.0 | 11 | % | 2.6 | 2.6 | — | ||||||||||||||||||||||
Other | 1.9 | 1.8 | 1.7 | 1.9 | 2.7 | 1.9 | 1.5 | (12) | % | 1.8 | 2.0 | 11 | % | |||||||||||||||||||||
Total | $ | 33.7 | $ | 34.8 | $ | 35.2 | $ | 33.4 | $ | 34.7 | $ | 35.6 | $ | 35.8 | 2 | % | $ | 34.6 | $ | 35.4 | 2 | % | ||||||||||||
Net Credit Loss Ratio—excluding Commercial Markets | 1.33 | % | 0.97 | % | 1.31 | % | 1.17 | % | 1.07 | % | 1.28 | % | 2.28 | % | ||||||||||||||||||||
Net Credit Loss Ratio—Commercial Markets | 0.90 | % | 0.68 | % | 0.84 | % | 1.28 | % | 0.84 | % | 1.08 | % | 0.94 | % | ||||||||||||||||||||
Loans 90+Days Past Due—excl Commercial Markets (in millions of dollars) | $ | 1,016 | $ | 1,147 | $ | 1,132 | $ | 1,228 | $ | 1,287 | $ | 1,321 | $ | 1,389 | 23 | % | ||||||||||||||||||
% of EOP Loans | 3.35 | % | 3.50 | % | 3.76 | % | 3.91 | % | 3.95 | % | 3.99 | % | 4.16 | % | ||||||||||||||||||||
Cash Basis Loans—Commercial Markets (in millions of dollars) | $ | 40 | $ | 52 | $ | 82 | $ | 80 | $ | 77 | $ | 75 | $ | 70 | (15) | % | ||||||||||||||||||
% of EOP Loans | 1.55 | % | 1.94 | % | 3.16 | % | 3.48 | % | 3.24 | % | 2.76 | % | 2.10 | % | ||||||||||||||||||||
Branches: | ||||||||||||||||||||||||||||||||||
EMEA | 603 | 599 | 605 | 606 | 592 | 583 | 597 | (1) | % | |||||||||||||||||||||||||
Japan | 20 | 20 | 20 | 23 | 24 | 24 | 25 | 25 | % | |||||||||||||||||||||||||
Asia (excluding Japan) | 91 | 94 | 96 | 98 | 98 | 98 | 103 | 7 | % | |||||||||||||||||||||||||
Latin America | 195 | 195 | 169 | 164 | 161 | 158 | 152 | (10) | % | |||||||||||||||||||||||||
Total | 909 | 908 | 890 | 891 | 875 | 863 | 877 | (1) | % | |||||||||||||||||||||||||
- NM
- Not meaningful
Reclassified to conform to the current period's presentation.
14
GLOBAL CORPORATE AND INVESTMENT BANK
INCOME STATEMENT
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) | YTD 3Q 2002 | YTD 3Q 2003 | YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenues: | |||||||||||||||||||||||||||||||||||
Commissions and Fees | $ | 562 | $ | 555 | $ | 555 | $ | 508 | $ | 409 | $ | 487 | $ | 489 | (12 | )% | $ | 1,672 | $ | 1,385 | (17 | )% | |||||||||||||
Asset Management and Administration Fees | 425 | 461 | 464 | 474 | 520 | 546 | 555 | 20 | % | 1,350 | 1,621 | 20 | % | ||||||||||||||||||||||
Investment Banking | 904 | 985 | 770 | 853 | 826 | 1,022 | 707 | (8 | )% | 2,659 | 2,555 | (4 | )% | ||||||||||||||||||||||
Principal Transactions | 1,296 | 1,071 | 924 | 438 | 1,258 | 988 | 847 | (8 | )% | 3,291 | 3,093 | (6 | )% | ||||||||||||||||||||||
Other | (106 | ) | 6 | 135 | 179 | 175 | 349 | 212 | 57 | % | 35 | 736 | NM | ||||||||||||||||||||||
Total Non-Interest Revenues | 3,081 | 3,078 | 2,848 | 2,452 | 3,188 | 3,392 | 2,810 | (1 | )% | 9,007 | 9,390 | 4 | % | ||||||||||||||||||||||
Net Interest and Dividends | 2,055 | 1,999 | 1,697 | 1,933 | 1,895 | 2,037 | 1,941 | 14 | % | 5,751 | 5,873 | 2 | % | ||||||||||||||||||||||
Total Revenues, Net of Interest Expense | 5,136 | 5,077 | 4,545 | 4,385 | 5,083 | 5,429 | 4,751 | 5 | % | 14,758 | 15,263 | 3 | % | ||||||||||||||||||||||
Non-Interest Expenses: | |||||||||||||||||||||||||||||||||||
Compensation and Benefits | 2,052 | 1,894 | 1,381 | 1,083 | 2,004 | 2,110 | 1,617 | 17 | % | 5,327 | 5,731 | 8 | % | ||||||||||||||||||||||
Other Operating and Administrative Expenses | 827 | 922 | 909 | 3,025 | 946 | 1,076 | 1,061 | 17 | % | 2,658 | 3,083 | 16 | % | ||||||||||||||||||||||
Total Non-Interest Expenses | 2,879 | 2,816 | 2,290 | 4,108 | 2,950 | 3,186 | 2,678 | 17 | % | 7,985 | 8,814 | 10 | % | ||||||||||||||||||||||
Provision for Credit Losses | 568 | 265 | 664 | 758 | 116 | 298 | 76 | (89 | )% | 1,497 | 490 | (67 | )% | ||||||||||||||||||||||
Income (Loss) Before Taxes and Minority Interest | 1,689 | 1,996 | 1,591 | (481 | ) | 2,017 | 1,945 | 1,997 | 26 | % | 5,276 | 5,959 | 13 | % | |||||||||||||||||||||
Income Taxes (Benefits) | 561 | 673 | 545 | (168 | ) | 613 | 593 | 621 | 14 | % | 1,779 | 1,827 | 3 | % | |||||||||||||||||||||
Minority Interest, Net of Tax | 3 | 5 | 4 | 13 | 5 | 12 | 8 | 100 | % | 12 | 25 | NM | |||||||||||||||||||||||
Income (Loss) from Continuing Operations | $ | 1,125 | $ | 1,318 | $ | 1,042 | $ | (326 | ) | $ | 1,399 | $ | 1,340 | $ | 1,368 | 31 | % | $ | 3,485 | $ | 4,107 | 18 | % | ||||||||||||
Pre-tax Profit Margin | 32.9 | % | 39.3 | % | 35.0 | % | (11.0 | )% | 39.7 | % | 35.8 | % | 42.0 | % | 35.8 | % | 39.0 | % | |||||||||||||||||
Non-Compensation Expenses as a Percent of Net Revenues | 16.1 | % | 18.2 | % | 20.0 | % | 69.0 | % | 18.6 | % | 19.8 | % | 22.3 | % | 18.0 | % | 20.2 | % | |||||||||||||||||
Compensation and Benefits Expenses as a Percent of Net Revenues | 40.0 | % | 37.3 | % | 30.4 | % | 24.7 | % | 39.4 | % | 38.9 | % | 34.0 | % | 36.1 | % | 37.5 | % | |||||||||||||||||
Compensation and Benefits Expenses as a Percent of Risk Adjusted Revenues(1) | 44.9 | % | 39.4 | % | 35.6 | % | 29.9 | % | 40.3 | % | 41.1 | % | 34.6 | % | 40.2 | % | 38.8 | % |
- (1)
- Risk Adjusted Revenues represent Revenues net of Interest Expense less Provision for Credit Losses.
- NM
- Not meaningful
Reclassified to conform to the current period's presentation.
15
GLOBAL CORPORATE AND INVESTMENT BANK
REVENUE DETAILS
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) | YTD 3Q 2002 | YTD 3Q 2003 | YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Investment Banking Revenue: | ||||||||||||||||||||||||||||||||||
Debt Underwriting | $ | 349 | $ | 359 | $ | 270 | $ | 296 | $ | 402 | $ | 507 | $ | 321 | 19 | % | $ | 978 | $ | 1,230 | 26 | % | ||||||||||||
Equity Underwriting | 342 | 308 | 195 | 177 | 155 | 307 | 201 | 3 | % | 845 | 663 | (22 | )% | |||||||||||||||||||||
Advisory and Other Fees | 352 | 450 | 434 | 482 | 375 | 366 | 303 | (30 | )% | 1,236 | 1,044 | (16 | )% | |||||||||||||||||||||
Revenue Recognized in Private Client Segment | (139 | ) | (132 | ) | (129 | ) | (102 | ) | (106 | ) | (158 | ) | (118 | ) | 9 | % | (400 | ) | (382 | ) | 5 | % | ||||||||||||
Total Investment Banking Revenues | $ | 904 | $ | 985 | $ | 770 | $ | 853 | $ | 826 | $ | 1,022 | $ | 707 | (8 | )% | $ | 2,659 | $ | 2,555 | (4 | )% | ||||||||||||
Trading Related Revenue by Product | ||||||||||||||||||||||||||||||||||
Fixed Income | $ | 1,506 | $ | 1,140 | $ | 1,069 | $ | 947 | $ | 1,444 | $ | 1,257 | $ | 1,028 | (4 | )% | $ | 3,715 | $ | 3,729 | — | |||||||||||||
Equities | 148 | 196 | 2 | (17 | ) | 111 | 183 | 140 | NM | 346 | 434 | 25 | % | |||||||||||||||||||||
Foreign Exchange | 435 | 522 | 412 | 357 | 418 | 390 | 478 | 16 | % | 1,369 | 1,286 | (6 | )% | |||||||||||||||||||||
Other | 84 | 33 | 68 | 29 | 45 | 64 | 64 | (6 | )% | 185 | 173 | (6 | )% | |||||||||||||||||||||
Revenue Recognized in Private Client Segment | (120 | ) | (112 | ) | (121 | ) | (114 | ) | (126 | ) | (121 | ) | (124 | ) | (2 | )% | (353 | ) | (371 | ) | (5 | )% | ||||||||||||
Total Trading Related Revenue | $ | 2,053 | $ | 1,779 | $ | 1,430 | $ | 1,202 | $ | 1,892 | $ | 1,773 | $ | 1,586 | 11 | % | $ | 5,262 | $ | 5,251 | — | |||||||||||||
Trading Related Revenue by Income Statement Line | ||||||||||||||||||||||||||||||||||
Principal Transactions | $ | 1,296 | $ | 1,071 | $ | 924 | $ | 438 | $ | 1,258 | $ | 988 | $ | 847 | (8 | )% | $ | 3,291 | $ | 3,093 | (6 | )% | ||||||||||||
Net Interest Revenue | 757 | 708 | 506 | 764 | 634 | 785 | 739 | 46 | % | 1,971 | 2,158 | 9 | % | |||||||||||||||||||||
Total Trading Related Revenue | $ | 2,053 | $ | 1,779 | $ | 1,430 | $ | 1,202 | $ | 1,892 | $ | 1,773 | $ | 1,586 | 11 | % | $ | 5,262 | $ | 5,251 | — | |||||||||||||
Reclassified to conform to the current period's presentation.
NM not meaningful
16
GLOBAL CORPORATE AND INVESTMENT BANK
CAPITAL MARKETS AND BANKING
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) | YTD 3Q 2002 | YTD 3Q 2003 | YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 4,378 | $ | 4,219 | $ | 3,691 | $ | 3,451 | $ | 4,180 | $ | 4,531 | $ | 3,856 | 4 | % | $ | 12,288 | $ | 12,567 | 2 | % | ||||||||||||
Total Operating Expenses | 2,275 | 2,222 | 1,695 | 1,479 | 2,354 | 2,546 | 2,053 | 21 | % | 6,192 | 6,953 | 12 | % | |||||||||||||||||||||
Provision for Credit Losses | 499 | 262 | 576 | 709 | 107 | 286 | 73 | (87 | )% | 1,337 | 466 | (65 | )% | |||||||||||||||||||||
Income Before Taxes and Minority Interest | 1,604 | 1,735 | 1,420 | 1,263 | 1,719 | 1,699 | 1,730 | 22 | % | 4,759 | 5,148 | 8 | % | |||||||||||||||||||||
Income Taxes | 543 | 596 | 492 | 372 | 520 | 524 | 552 | 12 | % | 1,631 | 1,596 | (2 | )% | |||||||||||||||||||||
Minority Interest, Net of Tax | 2 | 3 | 5 | 14 | 5 | 12 | 8 | 60 | % | 10 | 25 | NM | ||||||||||||||||||||||
Income from Continuing Operations | $ | 1,059 | $ | 1,136 | $ | 923 | $ | 877 | $ | 1,194 | $ | 1,163 | $ | 1,170 | 27 | % | $ | 3,118 | $ | 3,527 | 13 | % | ||||||||||||
Investment Banking | ||||||||||||||||||||||||||||||||||
Underwriting (full credit to book manager): | ||||||||||||||||||||||||||||||||||
Debt and equity: | ||||||||||||||||||||||||||||||||||
Global Volume(1) | $ | 142,010 | $ | 116,607 | $ | 89,912 | $ | 91,584 | $ | 145,134 | $ | 143,694 | $ | 115,467 | 28 | % | $ | 348,529 | $ | 404,295 | 16 | % | ||||||||||||
Global Market Share | 11.6 | % | 10.2 | % | 10.0 | % | 9.4 | % | 10.5 | % | 10.0 | % | 9.9 | % | 10.6 | % | 10.2 | % | ||||||||||||||||
Rank | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||||||||||
U.S. Volume(2) | $ | 114,651 | $ | 85,050 | $ | 73,115 | $ | 67,555 | $ | 115,484 | $ | 102,518 | $ | 91,165 | 25 | % | $ | 272,816 | $ | 309,167 | 13 | % | ||||||||||||
U.S. Market Share | 13.8 | % | 11.5 | % | 11.6 | % | 10.3 | % | 12.7 | % | 11.5 | % | 12.1 | % | 12.4 | % | 12.1 | % | ||||||||||||||||
Rank | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
- (1)
- Includes non-convertible debt, Rule 144A non-convertible debt, Rule 144A non-convertible preferred, non-convertible preferred, preferred, taxable municipal debt, mortgage and asset backed debt, all common stock, convertible debt and convertible preferred. Excludes all closed end funds.
- (2)
- Includes all U.S. mortgage and asset backed debt, U.S. non-convertible debt, U.S. Rule 144A non-convertible and U.S. taxable municipal debt, all U.S. common stock, U.S. convertible debt and U.S. convertible preferred. Excludes all closed end funds, 144A common stock, 144A convertible stock, and 144A convertible preferred.
- NM
- Not meaningful
Reclassified to conform to the current period's presentation.
17
GLOBAL CORPORATE AND INVESTMENT BANK
TRANSACTION SERVICES
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) | YTD 3Q 2002 | YTD 3Q 2003 | YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) | |||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 857 | $ | 962 | $ | 911 | $ | 890 | $ | 913 | $ | 908 | $ | 893 | (2 | )% | $ | 2,730 | $ | 2,714 | (1 | )% | ||||||||||
Total Operating Expenses | 653 | 630 | 633 | 667 | 625 | 634 | 618 | (2 | )% | 1,916 | 1,877 | (2 | )% | |||||||||||||||||||
Provision for Credit Losses | 69 | 3 | 88 | 49 | 9 | 12 | 3 | (97 | )% | 160 | 24 | (85 | )% | |||||||||||||||||||
Income Before Taxes | 135 | 329 | 190 | 174 | 279 | 262 | 272 | 43 | % | 654 | 813 | 24 | % | |||||||||||||||||||
Income Taxes | 46 | 113 | 61 | 50 | 82 | 75 | 69 | 13 | % | 220 | 226 | 3 | % | |||||||||||||||||||
Income from Continuing Operations | $ | 89 | $ | 216 | $ | 129 | $ | 124 | $ | 197 | $ | 187 | $ | 203 | 57 | % | $ | 434 | $ | 587 | 35 | % | ||||||||||
Liability Balances (Average in billions) | $ | 81 | $ | 84 | $ | 86 | $ | 89 | $ | 92 | $ | 96 | $ | 101 | 17 | % | ||||||||||||||||
Assets Under Custody (EOP in trillions) | $ | 5.2 | $ | 5.4 | $ | 5.3 | $ | 5.1 | $ | 5.2 | $ | 5.6 | $ | 5.7 | 8 | % |
Reclassified to conform to the current period's presentation.
18
PRIVATE CLIENT SERVICES
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) | YTD 3Q 2002 | YTD 3Q 2003 | YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenues: | ||||||||||||||||||||||||||||||||||
Fee-Based and Net Interest Revenue | $ | 770 | $ | 799 | $ | 728 | $ | 658 | $ | 687 | $ | 678 | $ | 741 | 2 | % | 2,297 | 2,106 | (8 | )% | ||||||||||||||
Commissions and Other Transactional Revenue | 737 | 752 | 702 | 684 | 640 | 771 | 748 | 7 | % | 2,191 | 2,159 | (1 | )% | |||||||||||||||||||||
Total Revenues, Net of Interest Expense | 1,507 | 1,551 | 1,430 | 1,342 | 1,327 | 1,449 | 1,489 | 4 | % | $ | 4,488 | $ | 4,265 | (5 | )% | |||||||||||||||||||
Total Operating Expenses | 1,165 | 1,198 | 1,133 | 1,059 | 1,072 | 1,156 | 1,162 | 3 | % | 3,496 | 3,390 | (3 | )% | |||||||||||||||||||||
Provision for Credit Losses | — | 2 | — | 4 | 1 | — | — | — | 2 | 1 | (50 | )% | ||||||||||||||||||||||
Income Before Taxes | 342 | 351 | 297 | 279 | 254 | 293 | 327 | 10 | % | 990 | 874 | (12 | )% | |||||||||||||||||||||
Income Taxes | 125 | 128 | 109 | 108 | 97 | 112 | 124 | 14 | % | 362 | 333 | (8 | )% | |||||||||||||||||||||
Income from Continuing Operations | $ | 217 | $ | 223 | $ | 188 | $ | 171 | $ | 157 | $ | 181 | $ | 203 | 8 | % | $ | 628 | $ | 541 | (14 | )% | ||||||||||||
Pretax Profit Margin | 23 | % | 23 | % | 21 | % | 21 | % | 19 | % | 20 | % | 22 | % | 22 | % | 20 | % | ||||||||||||||||
Financial Consultants | 12,767 | 12,808 | 12,744 | 12,690 | 12,471 | 12,317 | 12,254 | (4 | )% | |||||||||||||||||||||||||
Annualized Revenue per FC (000) | $ | 481 | $ | 482 | $ | 444 | $ | 418 | $ | 428 | $ | 467 | $ | 481 | 8 | % | ||||||||||||||||||
Branch offices | 534 | 536 | 536 | 534 | 532 | 531 | 531 | (1 | )% | |||||||||||||||||||||||||
Client Assets(in billions of dollars) | ||||||||||||||||||||||||||||||||||
Assets Under Fee-Based Management: | ||||||||||||||||||||||||||||||||||
Consulting Group and Internally Managed Accounts | $ | 130 | $ | 116 | $ | 103 | $ | 106 | $ | 107 | $ | 121 | $ | 128 | 24 | % | ||||||||||||||||||
Financial Consultant Managed Accounts | 60 | 55 | 49 | 52 | 53 | 61 | 64 | 31 | % | |||||||||||||||||||||||||
Total Private Client(1) | $ | 190 | $ | 171 | $ | 152 | $ | 158 | $ | 160 | $ | 182 | $ | 192 | 26 | % | ||||||||||||||||||
Total Client Assets: | ||||||||||||||||||||||||||||||||||
Private Client | $ | 858 | $ | 802 | $ | 734 | $ | 762 | $ | 763 | $ | 834 | $ | 851 | 16 | % | ||||||||||||||||||
Other Investor Assets within Citigroup Global Markets | 127 | 130 | 116 | 129 | 119 | 125 | 147 | 27 | % | |||||||||||||||||||||||||
Total(1) | $ | 985 | $ | 932 | $ | 850 | $ | 891 | $ | 882 | $ | 959 | $ | 998 | 17 | % | ||||||||||||||||||
Net Client Asset Flows | $ | 15 | $ | 9 | $ | 7 | $ | 3 | $ | 5 | $ | 9 | $ | 5 | (29 | )% | ||||||||||||||||||
Bank Deposit Program Balances | $ | 37 | $ | 37 | $ | 40 | $ | 41 | $ | 42 | $ | 42 | $ | 42 | 5 | % |
- (1)
- Includes some assets jointly managed with Citigroup Asset Management.
Reclassified to conform to the current period's presentation.
19
GLOBAL INVESTMENT MANAGEMENT
LIFE INSURANCE AND ANNUITIES—Page 1
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) | YTD 3Q 2002 | YTD 3Q 2003 | YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 1,018 | $ | 1,034 | $ | 925 | $ | 1,099 | $ | 1,133 | $ | 1,164 | $ | 1,372 | 48 | % | $ | 2,977 | $ | 3,669 | 23 | % | ||||||||||||
Total Operating Expenses | 92 | 112 | 124 | 173 | 179 | 184 | 208 | 68 | % | 328 | 571 | 74 | % | |||||||||||||||||||||
Provision for Benefits and Claims | 616 | 735 | 698 | 677 | 680 | 718 | 925 | 33 | % | 2,049 | 2,323 | 13 | % | |||||||||||||||||||||
Income Before Taxes | 310 | 187 | 103 | 249 | 274 | 262 | 239 | NM | 600 | 775 | 29 | % | ||||||||||||||||||||||
Income Taxes and Minority Interest, net of tax | 96 | 50 | 20 | 66 | 38 | 72 | 87 | NM | 166 | 197 | 19 | % | ||||||||||||||||||||||
Income from Continuing Operations | $ | 214 | $ | 137 | $ | 83 | $ | 183 | $ | 236 | $ | 190 | $ | 152 | 83 | % | $ | 434 | $ | 578 | 33 | % | ||||||||||||
Income from Continuing Operations(1) | ||||||||||||||||||||||||||||||||||
Travelers Life & Annuity | $ | 210 | $ | 89 | $ | 70 | $ | 193 | $ | 221 | $ | 173 | $ | 229 | NM | $ | 369 | $ | 623 | 69 | % | |||||||||||||
International Insurance Manufacturing | $ | 4 | $ | 48 | $ | 13 | $ | (10 | ) | $ | 15 | $ | 17 | $ | (77 | ) | NM | $ | 65 | $ | (45 | ) | NM | |||||||||||
Pre-tax Contribution by Source: | ||||||||||||||||||||||||||||||||||
Individual Annuities | $ | 123 | $ | 112 | $ | 89 | $ | 94 | $ | 92 | $ | 87 | $ | 106 | 19 | % | $ | 324 | $ | 285 | (12) | % | ||||||||||||
Group Annuities | 98 | 96 | 62 | 109 | 85 | 83 | 88 | 42 | % | 256 | 256 | — | ||||||||||||||||||||||
Life | 41 | 66 | 47 | 53 | 48 | 54 | 57 | 21 | % | 154 | 159 | 3 | % | |||||||||||||||||||||
Other | 27 | 25 | 37 | 29 | 33 | 17 | 35 | (5) | % | 89 | 85 | (4) | % | |||||||||||||||||||||
Realized Insurance Investment Portfolio Gains / (Losses) | 16 | (182 | ) | (148 | ) | (15 | ) | (3 | ) | (2 | ) | 43 | NM | (314 | ) | 38 | NM | |||||||||||||||||
Total Travelers Life & Annuity | 305 | 117 | 87 | 270 | 255 | 239 | 329 | NM | 509 | 823 | 62 | % | ||||||||||||||||||||||
International Insurance Manufacturing | 5 | 70 | 16 | (14 | ) | 19 | 23 | (38 | ) | NM | 91 | 4 | (96) | % | ||||||||||||||||||||
Realized Insurance Investment Portfolio Gains / (Losses) | — | — | — | (7 | ) | — | — | (52 | ) | — | — | (52 | ) | — | ||||||||||||||||||||
Total International Insurance Manufacturing | 5 | 70 | 16 | (21 | ) | 19 | 23 | (90 | ) | NM | 91 | (48 | ) | NM | ||||||||||||||||||||
Total Life Insurance and Annuities | $ | 310 | $ | 187 | $ | 103 | $ | 249 | $ | 274 | $ | 262 | $ | 239 | NM | $ | 600 | $ | 775 | 29 | % | |||||||||||||
- (1)
- Includes after-tax net realized insurance investment portfolio gains / (losses) of $10, ($118), ($100), and ($11) million, for the first, second, third and fourth quarters of 2002, respectively, and ($2), ($1) and ($25) million for the first, second and third quarters of 2003, respectively. Included within these numbers are net realized losses attributed to International Insurance Manufacturing of ($5) million in the fourth quarter of 2002 and ($53) million in the third quarter of 2003.
- NM
- Not meaningful
Reclassified to conform to the current period's presentation.
20
GLOBAL INVESTMENT MANAGEMENT
LIFE INSURANCE AND ANNUITIES—Page 2
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) | YTD 3Q 2002 | YTD 3Q 2003 | YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Travelers Life and Annuity: | |||||||||||||||||||||||||||||||||||
Individual annuities: | |||||||||||||||||||||||||||||||||||
Net written premiums and deposits: | |||||||||||||||||||||||||||||||||||
Fixed | $ | 376 | $ | 400 | $ | 325 | $ | 193 | $ | 141 | $ | 177 | $ | 115 | (65 | )% | $ | 1,101 | $ | 433 | (61 | )% | |||||||||||||
Variable | 1,136 | 1,119 | 962 | 864 | 811 | 960 | 1,099 | 14 | % | 3,217 | 2,870 | (11 | )% | ||||||||||||||||||||||
Individual Payout | 14 | 12 | 15 | 17 | 20 | 12 | 12 | (20 | )% | 41 | 44 | 7 | % | ||||||||||||||||||||||
Total | $ | 1,526 | $ | 1,531 | $ | 1,302 | $ | 1,074 | $ | 972 | $ | 1,149 | $ | 1,226 | (6 | )% | $ | 4,359 | $ | 3,347 | (23 | )% | |||||||||||||
Policyholder account balances and benefit reserves:(1) | |||||||||||||||||||||||||||||||||||
Fixed | $ | 7,889 | $ | 8,229 | $ | 8,515 | $ | 8,647 | $ | 8,755 | $ | 8,873 | $ | 8,925 | 5 | % | |||||||||||||||||||
Variable | 22,168 | 20,328 | 18,173 | 19,152 | 18,874 | 21,195 | 22,068 | 21 | % | ||||||||||||||||||||||||||
Individual Payout | 646 | 644 | 645 | 649 | 653 | 649 | 648 | — | |||||||||||||||||||||||||||
Total | $ | 30,703 | $ | 29,201 | $ | 27,333 | $ | 28,448 | $ | 28,282 | $ | 30,717 | $ | 31,641 | 16 | % | |||||||||||||||||||
Policyholder account balances and benefit reserves rollforward:(1) | |||||||||||||||||||||||||||||||||||
Beginning of Period | $ | 30,049 | $ | 30,703 | $ | 29,201 | $ | 27,333 | $ | 28,448 | $ | 28,282 | $ | 30,717 | 5 | % | |||||||||||||||||||
Net Sales | 796 | 661 | 464 | 262 | 186 | 382 | 409 | (12 | )% | ||||||||||||||||||||||||||
Change in Market Value | (116 | ) | (2,130 | ) | (2,318 | ) | 856 | (345 | ) | 2,065 | 538 | NM | |||||||||||||||||||||||
Interest Credited | 116 | 121 | 128 | 133 | 122 | 125 | 127 | (1 | )% | ||||||||||||||||||||||||||
Benefits, Fees and Other | (142 | ) | (154 | ) | (142 | ) | (136 | ) | (129 | ) | (137 | ) | (150 | ) | (6 | )% | |||||||||||||||||||
End of Period | $ | 30,703 | $ | 29,201 | $ | 27,333 | $ | 28,448 | $ | 28,282 | $ | 30,717 | $ | 31,641 | 16 | % | |||||||||||||||||||
Group annuities: | |||||||||||||||||||||||||||||||||||
Net Written Premiums and Deposits(2) | $ | 1,525 | $ | 2,350 | $ | 1,397 | $ | 1,020 | $ | 2,111 | $ | 1,361 | $ | 2,409 | 72 | % | $ | 5,272 | $ | 5,881 | 12 | % | |||||||||||||
Policyholder account balances and benefit reserves: | |||||||||||||||||||||||||||||||||||
Guaranteed Investment Contracts | $ | 9,745 | $ | 10,808 | $ | 10,970 | $ | 10,719 | $ | 11,624 | $ | 11,645 | $ | 12,466 | 14 | % | |||||||||||||||||||
Payout Group Annuities | 5,720 | 5,942 | 6,099 | 6,202 | 6,320 | 6,519 | 6,899 | 13 | % | ||||||||||||||||||||||||||
Other Group Investment Contracts | 5,819 | 5,759 | 5,581 | 5,380 | 5,433 | 5,480 | 5,485 | (2 | )% | ||||||||||||||||||||||||||
Total | $ | 21,284 | $ | 22,509 | $ | 22,650 | $ | 22,301 | $ | 23,377 | $ | 23,644 | $ | 24,850 | 10 | % | |||||||||||||||||||
Life insurance: | |||||||||||||||||||||||||||||||||||
Net written premiums and deposits: | |||||||||||||||||||||||||||||||||||
Direct periodic premiums and deposits | $ | 233 | $ | 177 | $ | 143 | $ | 218 | $ | 209 | $ | 185 | $ | 204 | 43 | % | $ | 553 | $ | 598 | 8 | % | |||||||||||||
Single premium deposits | 76 | 72 | 64 | 73 | 49 | 81 | 124 | 94 | % | 212 | 254 | 20 | % | ||||||||||||||||||||||
Reinsurance | (26 | ) | (28 | ) | (29 | ) | (30 | ) | (30 | ) | (34 | ) | (36 | ) | (24 | )% | (83 | ) | (100 | ) | (20 | )% | |||||||||||||
Total | $ | 283 | $ | 221 | $ | 178 | $ | 261 | $ | 228 | $ | 232 | $ | 292 | 64 | % | $ | 682 | $ | 752 | 10 | % | |||||||||||||
Policyholder account balances and benefit reserves: | $ | 3,592 | $ | 3,643 | $ | 3,635 | $ | 3,852 | $ | 3,971 | $ | 4,225 | $ | 4,459 | 23 | % | |||||||||||||||||||
Life insurance in force (in billions, face amt.) | $ | 77.8 | $ | 79.6 | $ | 80.7 | $ | 82.0 | $ | 83.2 | $ | 84.5 | $ | 86.9 | 8 | % | |||||||||||||||||||
Life insurance issued (in billions, face amt.) | $ | 4.5 | $ | 4.0 | $ | 3.2 | $ | 3.3 | $ | 3.3 | $ | 3.6 | $ | 4.3 | 34 | % | $ | 11.7 | $ | 11.2 | (4 | )% | |||||||||||||
Investment Data: | |||||||||||||||||||||||||||||||||||
Assets | $ | 35,179 | $ | 36,869 | $ | 38,075 | $ | 39,766 | $ | 42,316 | $ | 43,466 | $ | 44,706 | 17 | % | |||||||||||||||||||
Net Investment Income | $ | 619 | $ | 638 | $ | 620 | $ | 693 | $ | 661 | $ | 648 | $ | 680 | 10 | % | $ | 1,877 | $ | 1,989 | 6 | % | |||||||||||||
Annualized Effective Yield | 7.11 | % | 7.12 | % | 6.57 | % | 7.25 | % | 6.78 | % | 6.42 | % | 6.63 | % | 6.92 | % | 6.61 | % |
- (1)
- Includes general account, separate accounts and managed funds.
- (2)
- Excludes deposits related to Citigroup plans previously managed externally.
- NM
- Not meaningful
21
GLOBAL INVESTMENT MANAGEMENT
PRIVATE BANK
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) | YTD 3Q 2002 | YTD 3Q 2003 | YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 423 | $ | 428 | $ | 414 | $ | 439 | $ | 461 | $ | 519 | $ | 510 | 23 | % | $ | 1,265 | $ | 1,490 | 18 | % | |||||||||||||
Total Operating Expenses | 257 | 261 | 237 | 252 | 275 | 311 | 298 | 26 | % | 755 | 884 | 17 | % | ||||||||||||||||||||||
Provision for Credit Losses | 6 | — | 5 | 7 | 4 | 6 | 2 | (60 | )% | 11 | 12 | 9 | % | ||||||||||||||||||||||
Income Before Taxes | 160 | 167 | 172 | 180 | 182 | 202 | 210 | 22 | % | 499 | 594 | 19 | % | ||||||||||||||||||||||
Income Taxes | 49 | 54 | 55 | 58 | 57 | 64 | 67 | 22 | % | 158 | 188 | 19 | % | ||||||||||||||||||||||
Income from Continuing Operations | $ | 111 | $ | 113 | $ | 117 | $ | 122 | $ | 125 | $ | 138 | $ | 143 | 22 | % | $ | 341 | $ | 406 | 19 | % | |||||||||||||
Average Assets (in billions of dollars) | $ | 28 | $ | 29 | $ | 29 | $ | 30 | $ | 34 | $ | 38 | $ | 39 | 34 | % | $ | 29 | $ | 37 | 28 | % | |||||||||||||
Return on Assets | 1.61 | % | 1.56 | % | 1.60 | % | 1.61 | % | 1.49 | % | 1.46 | % | 1.45 | % | 1.57 | % | 1.47 | % | |||||||||||||||||
Client Business Volumes (in billions of dollars)(1) | $ | 166 | $ | 163 | $ | 163 | $ | 170 | $ | 172 | $ | 180 | $ | 186 | 14 | % | $ | 163 | $ | 186 | 14 | % | |||||||||||||
Client Business Volumes (in billions of dollars)(1): | |||||||||||||||||||||||||||||||||||
Proprietary Managed Assets | $ | 31 | $ | 29 | $ | 31 | $ | 32 | $ | 32 | $ | 33 | $ | 34 | 10 | % | |||||||||||||||||||
Other Assets under Fee-Based Management | 9 | 9 | 8 | 8 | 7 | 7 | 7 | (13 | )% | ||||||||||||||||||||||||||
Banking and Fiduciary Deposits | 35 | 36 | 36 | 38 | 39 | 41 | 42 | 17 | % | ||||||||||||||||||||||||||
Loans | 29 | 30 | 31 | 33 | 34 | 35 | 37 | 19 | % | ||||||||||||||||||||||||||
Other, Principally Custody Accounts | 62 | 59 | 57 | 59 | 60 | 64 | 66 | 16 | % | ||||||||||||||||||||||||||
Total Client Business Volumes | $ | 166 | $ | 163 | $ | 163 | $ | 170 | $ | 172 | $ | 180 | $ | 186 | 14 | % | |||||||||||||||||||
Revenues: | |||||||||||||||||||||||||||||||||||
Customer Revenues | |||||||||||||||||||||||||||||||||||
Net Interest Spread and Recurring Fee-Based Revenues | $ | 273 | $ | 270 | $ | 269 | $ | 283 | $ | 287 | $ | 316 | $ | 324 | 20 | % | $ | 812 | $ | 927 | 14 | % | |||||||||||||
Transaction Revenues | 91 | 96 | 74 | 90 | 115 | 148 | 141 | 91 | % | 261 | 404 | 55 | % | ||||||||||||||||||||||
Total Customer Revenues | 364 | 366 | 343 | 373 | 402 | 464 | 465 | 36 | % | 1,073 | 1,331 | 24 | % | ||||||||||||||||||||||
Other Revenues (Principally Allocated Equity and Treasury Revenues) | 59 | 62 | 71 | 66 | 59 | 55 | 45 | (37 | )% | 192 | 159 | (17 | )% | ||||||||||||||||||||||
Total Revenues | $ | 423 | $ | 428 | $ | 414 | $ | 439 | $ | 461 | $ | 519 | $ | 510 | 23 | % | $ | 1,265 | $ | 1,490 | 18 | % | |||||||||||||
North America | $ | 187 | $ | 184 | $ | 187 | $ | 197 | $ | 210 | $ | 221 | $ | 211 | 13 | % | $ | 558 | $ | 642 | 15 | % | |||||||||||||
International | 236 | 244 | 227 | 242 | 251 | 298 | 299 | 32 | % | 707 | 848 | 20 | % | ||||||||||||||||||||||
$ | 423 | $ | 428 | $ | 414 | $ | 439 | $ | 461 | $ | 519 | $ | 510 | 23 | % | $ | 1,265 | $ | 1,490 | 18 | % | ||||||||||||||
Net Credit Loss Ratio | 0.04 | % | 0.00 | % | 0.08 | % | 0.10 | % | 0.03 | % | 0.05 | % | 0.05 | % |
- (1)
- Client Business Volumes reflect the inclusion of Banamex beginning in the 2002 third quarter.
Reclassified to conform to the current period's presentation.
22
GLOBAL INVESTMENT MANAGEMENT
ASSET MANAGEMENT(1)
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) | YTD 3Q 2002 | YTD 3Q 2003 | YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 470 | $ | 475 | $ | 451 | $ | 445 | $ | 400 | $ | 411 | $ | 444 | (2) | % | $ | 1,396 | $ | 1,255 | (10) | % | |||||||||||
Total Operating Expenses | 318 | 298 | 280 | 293 | 254 | 264 | 322 | 15 | % | 896 | 840 | (6) | % | ||||||||||||||||||||
Income Before Taxes and Minority Interest | 152 | 177 | 171 | 152 | 146 | 147 | 122 | (29) | % | 500 | 415 | (17) | % | ||||||||||||||||||||
Income Taxes and Minority Interest, net of tax | 53 | 56 | 57 | 43 | 41 | 43 | 50 | (12) | % | 166 | 134 | (19) | % | ||||||||||||||||||||
Income from Continuing Operations | $ | 99 | $ | 121 | $ | 114 | $ | 109 | $ | 105 | $ | 104 | $ | 72 | (37) | % | $ | 334 | $ | 281 | (16) | % | |||||||||||
Pre-tax profit margin | 32.3 | % | 37.3 | % | 37.9 | % | 34.2 | % | 36.5 | % | 35.8 | % | 27.5 | % | |||||||||||||||||||
Asset Management (Excl. Retirement Services): | |||||||||||||||||||||||||||||||||
Total Revenues, Net of Interest Expense | $ | 385 | $ | 393 | $ | 361 | $ | 361 | $ | 328 | $ | 336 | $ | 361 | — | $ | 1,139 | $ | 1,025 | (10) | % | ||||||||||||
Total Operating Expenses | 257 | 260 | 243 | 246 | 219 | 226 | 240 | (1) | % | 760 | 685 | (10) | % | ||||||||||||||||||||
Income Before Taxes | 128 | 133 | 118 | 115 | 109 | 110 | 121 | 3 | % | 379 | 340 | (10) | % | ||||||||||||||||||||
Income Taxes | 50 | 49 | 45 | 43 | 39 | 40 | 43 | (4) | % | 144 | 122 | (15) | % | ||||||||||||||||||||
Income from Continuing Operations | $ | 78 | $ | 84 | $ | 73 | $ | 72 | $ | 70 | $ | 70 | $ | 78 | 7 | % | $ | 235 | $ | 218 | (7) | % | |||||||||||
Retirement Services: | |||||||||||||||||||||||||||||||||
Total Revenues, Net of Interest Expense | $ | 85 | $ | 82 | $ | 90 | $ | 84 | $ | 72 | $ | 75 | $ | 83 | (8) | % | $ | 257 | $ | 230 | (11) | % | |||||||||||
Total Operating Expenses | 61 | 38 | 37 | 47 | 35 | 38 | 82 | NM | 136 | 155 | 14 | % | |||||||||||||||||||||
Income Before Taxes and Minority Interest | 24 | 44 | 53 | 37 | 37 | 37 | 1 | (98) | % | 121 | 75 | (38) | % | ||||||||||||||||||||
Income Taxes and Minority Interest, net of tax | 3 | 7 | 12 | — | 2 | 3 | 7 | (42) | % | 22 | 12 | (45) | % | ||||||||||||||||||||
Income from Continuing Operations | $ | 21 | $ | 37 | $ | 41 | $ | 37 | $ | 35 | $ | 34 | $ | (6 | ) | NM | $ | 99 | $ | 63 | (36) | % | |||||||||||
Net Flows by Business (in billions of dollars): | |||||||||||||||||||||||||||||||||
Retail/Private Bank | $ | 6.0 | $ | 3.3 | $ | 0.5 | $ | 0.9 | $ | (1.4 | ) | $ | 3.1 | $ | 1.6 | NM | $ | 9.8 | $ | 3.3 | (66) | % | |||||||||||
Institutional | |||||||||||||||||||||||||||||||||
Long Term | 4.1 | 3.6 | 1.6 | 1.4 | 1.2 | 3.8 | 0.4 | (75) | % | 9.3 | 5.4 | (42) | % | ||||||||||||||||||||
Liquidity | 9.8 | 1.7 | (8.1 | ) | 10.1 | (2.4 | ) | 1.1 | (2.5 | ) | 69 | % | 3.4 | (3.8 | ) | NM | |||||||||||||||||
Total Institutional | 13.9 | 5.3 | (6.5 | ) | 11.5 | (1.2 | ) | 4.9 | (2.1 | ) | 68 | % | 12.7 | 1.6 | (87) | % | |||||||||||||||||
Net Flows Excluding US Retail Money Markets | $ | 19.9 | $ | 8.6 | $ | (6.0 | ) | $ | 12.4 | $ | (2.6 | ) | $ | 8.0 | $ | (0.5 | ) | 92 | % | $ | 22.5 | $ | 4.9 | (78) | % | ||||||||
US Retail Money Markets | $ | (1.6 | ) | $ | (4.5 | ) | $ | (3.0 | ) | $ | (3.5 | ) | $ | 0.1 | $ | (1.6 | ) | $ | (1.7 | ) | 43 | % | $ | (9.1 | ) | $ | (3.2 | ) | 65 | % | |||
Assets Under Management by Business (in billions of dollars): | |||||||||||||||||||||||||||||||||
Retail/Private Bank(2) | $ | 238.9 | $ | 220.6 | $ | 201.5 | $ | 205.1 | $ | 201.5 | $ | 217.0 | $ | 219.9 | 9 | % | |||||||||||||||||
Institutional | 156.6 | 161.7 | 150.2 | 163.9 | 162.6 | 172.7 | 174.0 | 16 | % | ||||||||||||||||||||||||
Retirement Services | 9.9 | 10.1 | 10.6 | 11.1 | 11.1 | 12.2 | 12.2 | 15 | % | ||||||||||||||||||||||||
Other(3) | 46.3 | 47.3 | 81.5 | 82.8 | 87.0 | 90.6 | 89.3 | 10 | % | ||||||||||||||||||||||||
Total Assets Under Management(2, 3) | $ | 451.7 | $ | 439.7 | $ | 443.8 | $ | 462.9 | $ | 462.2 | $ | 492.5 | $ | 495.4 | 12 | % | |||||||||||||||||
Assets Under Management by Product (in billions of dollars): | |||||||||||||||||||||||||||||||||
Equity/Balanced | $ | 165.5 | $ | 151.2 | $ | 129.4 | $ | 132.9 | $ | 125.9 | $ | 141.9 | $ | 145.5 | 12 | % | |||||||||||||||||
Fixed Income | 106.3 | 111.7 | 145.1 | 152.9 | 162.6 | 173.9 | 175.4 | 21 | % | ||||||||||||||||||||||||
Money Markets/Liquidity | 140.6 | 135.2 | 124.3 | 132.3 | 128.9 | 128.2 | 124.2 | — | |||||||||||||||||||||||||
Alternative Investments | 39.3 | 41.6 | 45.0 | 44.8 | 44.8 | 48.5 | 50.3 | 12 | % | ||||||||||||||||||||||||
Total Assets Under Management(2, 3) | $ | 451.7 | $ | 439.7 | $ | 443.8 | $ | 462.9 | $ | 462.2 | $ | 492.5 | $ | 495.4 | 12 | % | |||||||||||||||||
Number of Morningstar 4- and 5-star Mutual Fund share classes(4) | |||||||||||||||||||||||||||||||||
Equity | 11 | 12 | 13 | 14 | 16 | 16 | 17 | 31 | % | ||||||||||||||||||||||||
Fixed Income | 10 | 13 | 13 | 12 | 11 | 6 | 10 | (23) | % | ||||||||||||||||||||||||
CitiStreet Joint Venture—Assets Under Administration (in billions of dollars) | $ | 181 | $ | 176 | $ | 159 | $ | 163 | $ | 155 | $ | 170 | $ | 179 | 13 | % |
- (1)
- Includes Retirement Services Businesses.
- (2)
- Includes $29, $28, $29 and $31 billion for the first, second, third and fourth quarters of 2002, respectively, and $30, $31 and $32 billion for the first, second and third quarters of 2003, respectively, for Citigroup Private Bank clients.
- (3)
- Includes CAI Institutional alternative investments, Travelers Property Casualty Corp., and TAMIC AUMs. Travelers Property Casualty Corp. assets of $34 and $35 billion in the third and fourth quarters of 2002 and $39, $40 and $38 billion for the first, second and third quarters of 2003 are managed by Asset Management on a third-party basis following the spin-off.
- (4)
- Asset calculations are based on classes of such funds ranked by Morningstar. Number of funds reflects only one class per fund and are based on performance of non-money market retail funds.
- NM
- Not meaningful
Reclassified to conform to the current period's presentation.
23
GLOBAL INVESTMENT MANAGEMENT
INSURANCE INVESTMENT PORTFOLIO(1)
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) | ||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Fixed-income investments: | ||||||||||||||||||||||||||
Available for sale, at market: | ||||||||||||||||||||||||||
Mortgage-backed securities—principally obligations of U.S. Government agencies | $ | 8,160 | $ | 8,516 | $ | 9,113 | $ | 8,979 | $ | 10,528 | $ | 10,671 | $ | 10,187 | 12 | % | ||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | 2,093 | 2,068 | 2,254 | 2,819 | 2,422 | 2,481 | 2,325 | 3 | % | |||||||||||||||||
Corporates (including redeemable preferreds) | 24,730 | 25,840 | 26,810 | 27,106 | 28,042 | 29,430 | 31,327 | 17 | % | |||||||||||||||||
Obligations of states and political subdivisions | 148 | 241 | 318 | 370 | 380 | 450 | 502 | 58 | % | |||||||||||||||||
Debt securities issued by foreign governments | 749 | 643 | 537 | 398 | 510 | 640 | 755 | 41 | % | |||||||||||||||||
Held to maturity, at amortized cost | 13 | 12 | 12 | 11 | 9 | 9 | 8 | (33) | % | |||||||||||||||||
Total fixed income | 35,893 | 37,320 | 39,044 | 39,683 | 41,891 | 43,681 | 45,104 | 16 | % | |||||||||||||||||
Equity securities, at market | 548 | 539 | 470 | 356 | 362 | 432 | 407 | (13) | % | |||||||||||||||||
Short Term and Other | 4,140 | 4,230 | 3,836 | 6,364 | 5,890 | 6,255 | 6,519 | 70 | % | |||||||||||||||||
Total investments held by Insurance companies | $ | 40,581 | $ | 42,089 | $ | 43,350 | $ | 46,403 | $ | 48,143 | $ | 50,368 | $ | 52,030 | 20 | % | ||||||||||
After-tax unrealized gains/(losses) on invested assets | $ | (112 | ) | $ | 160 | $ | 600 | $ | 753 | $ | 1,122 | $ | 1,933 | $ | 1,672 | NM | ||||||||||
- (1)
- Includes investments held by insurance companies. Excludes Travelers Property Casualty Corp.
- NM
- Not meaningful
Reclassified to conform to the current period's presentation.
24
PROPRIETARY INVESTMENT ACTIVITIES(1)
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) | YTD 3Q 2002 | YTD 3Q 2003 | YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense(2) | $ | 111 | $ | (49 | ) | $ | (67 | ) | $ | (30 | ) | $ | 94 | $ | 168 | $ | 459 | NM | $ | (5 | ) | $ | 721 | NM | |||||||||
Total Operating Expenses | 52 | 48 | 76 | 62 | 78 | 91 | 84 | 11 | % | 176 | 253 | 44 | % | ||||||||||||||||||||
Income (Loss) from Continuing Operations(2) | $ | 35 | $ | (70 | ) | $ | (120 | ) | $ | (74 | ) | $ | — | $ | 27 | $ | 96 | NM | $ | (155 | ) | $ | 123 | NM | |||||||||
Total Revenues, Net of Interest Expense (by Type): | |||||||||||||||||||||||||||||||||
Private Equity | $ | 77 | $ | (89 | ) | $ | (651 | ) | $ | (91 | ) | $ | 10 | $ | 71 | $ | 393 | NM | $ | (663 | ) | $ | 474 | NM | |||||||||
Hedge Funds | 11 | 17 | 20 | 23 | 15 | 38 | 8 | (60) | % | 48 | 61 | 27 | % | ||||||||||||||||||||
Refinancing Portfolio | 4 | 3 | 2 | 5 | 4 | 3 | 2 | — | 9 | 9 | — | ||||||||||||||||||||||
Other(2) | 19 | 20 | 562 | 33 | 65 | 56 | 56 | (90) | % | 601 | 177 | (71) | % | ||||||||||||||||||||
Total | $ | 111 | $ | (49 | ) | $ | (67 | ) | $ | (30 | ) | $ | 94 | $ | 168 | $ | 459 | NM | $ | (5 | ) | $ | 721 | NM | |||||||||
Total Period End Assets (in billions) | $ | 9.6 | $ | 8.6 | $ | 9.1 | $ | 9.4 | $ | 9.1 | $ | 9.1 | $ | 9.1 | — |
- (1)
- Includes Venture Capital Activities and certain other corporate investments.
- (2)
- The 2002 third quarter includes $527 million ($323 million after-tax) related to the gain on sale of 399 Park Avenue.
NM Not meaningful
Reclassified to conform to the current period's presentation.
25
CITIGROUP CONSOLIDATED STATEMENT OF INCOME
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 3Q 2003 vs. 3Q 2002 Increase/ (Decrease) | YTD 3Q 2002 | YTD 3Q 2003 | YTD 3Q 2003 vs. YTD 3Q 2002 Increase/ (Decrease) | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenues | ||||||||||||||||||||||||||||||||||
Loan interest, including fees | $ | 9,159 | $ | 9,517 | $ | 9,686 | $ | 9,541 | $ | 9,470 | $ | 9,312 | $ | 9,098 | (6)% | $ | 28,362 | $ | 27,880 | (2) | % | |||||||||||||
Other interest and dividends | 4,944 | 5,483 | 5,398 | 5,211 | 4,875 | 4,776 | 4,755 | (12)% | 15,825 | 14,406 | (9) | % | ||||||||||||||||||||||
Insurance premiums | 780 | 931 | 855 | 844 | 825 | 839 | 1,071 | 25% | 2,566 | 2,735 | 7 | % | ||||||||||||||||||||||
Commissions and fees | 3,928 | 4,105 | 3,612 | 3,613 | 3,700 | 4,049 | 4,132 | 14% | 11,645 | 11,881 | 2 | % | ||||||||||||||||||||||
Principal transactions | 1,613 | 1,270 | 993 | 637 | 1,602 | 1,311 | 1,307 | 32% | 3,876 | 4,220 | 9 | % | ||||||||||||||||||||||
Asset management and administration fees | 1,320 | 1,377 | 1,263 | 1,186 | 1,251 | 1,354 | 1,426 | 13% | 3,960 | 4,031 | 2 | % | ||||||||||||||||||||||
Realized gains (losses) from sales of investments | 30 | (190 | ) | (165 | ) | (160 | ) | 162 | 188 | 115 | NM | (325 | ) | 465 | NM | |||||||||||||||||||
Other income | 880 | 1,108 | 1,863 | 1,924 | 1,314 | 2,011 | 1,430 | (23)% | 3,851 | 4,755 | 23 | % | ||||||||||||||||||||||
Total revenues | 22,654 | 23,601 | 23,505 | 22,796 | 23,199 | 23,840 | 23,334 | (1)% | 69,760 | 70,373 | 1 | % | ||||||||||||||||||||||
Interest expense | 4,856 | 5,608 | 5,861 | 4,923 | 4,663 | 4,486 | 3,936 | (33)% | 16,325 | 13,085 | (20) | % | ||||||||||||||||||||||
Total revenues, net of interest expense | 17,798 | 17,993 | 17,644 | 17,873 | 18,536 | 19,354 | 19,398 | 10% | 53,435 | 57,288 | 7 | % | ||||||||||||||||||||||
Benefits, Claims, and Credit Losses | ||||||||||||||||||||||||||||||||||
Policyholder benefits and claims | 803 | 925 | 887 | 863 | 871 | 901 | 1,107 | 25% | 2,615 | 2,879 | 10 | % | ||||||||||||||||||||||
Provision for credit losses | 2,559 | 2,057 | 2,689 | 2,690 | 2,053 | 2,186 | 1,614 | (40)% | 7,305 | 5,853 | (20) | % | ||||||||||||||||||||||
Total benefits, claims, and credit losses | 3,362 | 2,982 | 3,576 | 3,553 | 2,924 | 3,087 | 2,721 | (24)% | 9,920 | 8,732 | (12) | % | ||||||||||||||||||||||
Operating Expenses | ||||||||||||||||||||||||||||||||||
Non-insurance compensation and benefits | 5,090 | 4,979 | 4,387 | 4,194 | 5,306 | 5,544 | 5,228 | 19% | 14,456 | 16,078 | 11 | % | ||||||||||||||||||||||
Net occupancy expense | 960 | 988 | 1,001 | 1,056 | 1,041 | 1,064 | 1,045 | 4% | 2,949 | 3,150 | 7 | % | ||||||||||||||||||||||
Technology/communication expense | 778 | 780 | 762 | 819 | 798 | 793 | 899 | 18% | 2,320 | 2,490 | 7 | % | ||||||||||||||||||||||
Insurance underwriting, acquisition and operating | 269 | 233 | 230 | 260 | 264 | 265 | 262 | 14% | 732 | 791 | 8 | % | ||||||||||||||||||||||
Restructuring-related items | 46 | (40 | ) | (41 | ) | 20 | (13 | ) | (1 | ) | (11 | ) | 73% | (35 | ) | (25 | ) | 29 | % | |||||||||||||||
Other operating | 1,913 | 2,207 | 2,101 | 4,306 | 2,156 | 2,306 | 2,190 | 4% | 6,221 | 6,652 | 7 | % | ||||||||||||||||||||||
Total operating expenses | 9,056 | 9,147 | 8,440 | 10,655 | 9,552 | 9,971 | 9,613 | 14% | 26,643 | 29,136 | 9 | % | ||||||||||||||||||||||
Income from Continuing Operations before Income Taxes, Minority Interest and Cumulative Effect of Accounting Change | 5,380 | 5,864 | 5,628 | 3,665 | 6,060 | 6,296 | 7,064 | 26% | 16,872 | 19,420 | 15 | % | ||||||||||||||||||||||
Provision for income taxes | 1,879 | 2,017 | 1,898 | 1,204 | 1,919 | 1,956 | 2,208 | 16% | 5,794 | 6,083 | 5 | % | ||||||||||||||||||||||
Minority interest, net of income taxes | 17 | 18 | 24 | 32 | 38 | 41 | 165 | NM | 59 | 244 | NM | |||||||||||||||||||||||
Income from Continuing Operations before Cumulative Effect of Accounting Change | 3,484 | 3,829 | 3,706 | 2,429 | 4,103 | 4,299 | 4,691 | 27% | 11,019 | 13,093 | 19 | % | ||||||||||||||||||||||
Discontinued Operations(1) | ||||||||||||||||||||||||||||||||||
Income from Discontinued Operations | 455 | 359 | 151 | — | — | — | — | 965 | — | |||||||||||||||||||||||||
Gain on Sale of Stock by Subsidiary | 1,270 | — | — | — | — | — | — | 1,270 | — | |||||||||||||||||||||||||
Provision (benefit) for income taxes | 319 | 104 | (63 | ) | — | — | — | — | 360 | — | ||||||||||||||||||||||||
Income from Discontinued Operations | 1,406 | 255 | 214 | — | — | — | — | — | 1,875 | — | — | |||||||||||||||||||||||
Cumulative Effect of Accounting Change(2) | (47 | ) | — | — | — | — | — | — | — | (47 | ) | — | — | |||||||||||||||||||||
Net Income | $ | 4,843 | $ | 4,084 | $ | 3,920 | $ | 2,429 | $ | 4,103 | $ | 4,299 | $ | 4,691 | 20% | $ | 12,847 | $ | 13,093 | 2 | % | |||||||||||||
- (1)
- Travelers Property Casualty Corp. (TPC) (a wholly-owned subsidiary of Citigroup on December 31, 2001) sold 231,000,000 shares of its class A common stock at $18.50 per share in an initial public offering (IPO) on March 27, 2002. Citigroup made a tax-free distribution to its stockholders of a portion of its ownership interest in TPC on August 20, 2002. Discontinued Operations includes the operations of TPC, the $1.270 billion ($1.158 billion after-tax) gain on the IPO and income taxes on the operations and IPO gain. Citigroup remains a holder of approximately 9.9% of TPC's common equity.
- (2)
- Accounting Change refers to the 2002 first quarter adoption of the remaining provisions of Statement of Financial Accounting Standards No. 142, "Goodwill and Other Intangible Assets" (SFAS 142).
NM Not meaningful
26
CITIGROUP CONSOLIDATED STATEMENT OF FINANCIAL POSITION(1)
(In millions of dollars)
| March 31, 2002 | June 30, 2002 | September 30, 2002 | December 31, 2002 | March 31, 2003 | June 30, 2003 | September 30, 2003(2) | Sept. 30, 2003 vs. December 31, 2002 Inc (Decr) | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Assets | |||||||||||||||||||||||||||
Cash and due from banks (including segregated cash and other deposits) | $ | 15,984 | $ | 17,686 | $ | 15,886 | $ | 17,326 | $ | 19,731 | $ | 21,816 | $ | 24,688 | 42 | % | |||||||||||
Deposits at interest with banks | 17,189 | 16,768 | 15,183 | 16,382 | 19,173 | 18,785 | 21,504 | 31 | % | ||||||||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 150,605 | 148,384 | 157,482 | 139,946 | 158,052 | 167,260 | 175,458 | 25 | % | ||||||||||||||||||
Brokerage receivables | 26,848 | 21,050 | 21,208 | 25,358 | 25,606 | 43,955 | 35,372 | 39 | % | ||||||||||||||||||
Trading account assets | 145,059 | 163,867 | 161,803 | 155,208 | 173,099 | 174,324 | 190,851 | 23 | % | ||||||||||||||||||
Investments | 172,332 | 173,185 | 142,328 | 169,513 | 181,750 | 189,000 | 185,487 | 9 | % | ||||||||||||||||||
Loans, net of unearned income | |||||||||||||||||||||||||||
Consumer | 275,631 | 289,105 | 293,365 | 337,681 | 332,607 | 329,695 | 338,614 | — | |||||||||||||||||||
Corporate | 113,083 | 113,870 | 110,251 | 110,124 | 105,425 | 108,876 | 102,962 | (7 | )% | ||||||||||||||||||
Loans, net of unearned income | 388,714 | 402,975 | 403,616 | 447,805 | 438,032 | 438,571 | 441,576 | (1 | )% | ||||||||||||||||||
Allowance for credit losses | (10,520 | ) | (10,437 | ) | (10,720 | ) | (11,501 | ) | (11,449 | ) | (11,567 | ) | (11,243 | ) | 2 | % | |||||||||||
Total loans, net | 378,194 | 392,538 | 392,896 | 436,304 | 426,583 | 427,004 | 430,333 | (1 | )% | ||||||||||||||||||
Goodwill | 25,506 | 25,604 | 22,559 | 26,961 | 26,605 | 26,960 | 26,757 | (1 | )% | ||||||||||||||||||
Intangible assets | 8,885 | 8,844 | 7,776 | 8,509 | 8,233 | 7,792 | 8,674 | 2 | % | ||||||||||||||||||
Reinsurance recoverables | 12,531 | 12,481 | 4,328 | 4,356 | 4,361 | 4,431 | 4,511 | 4 | % | ||||||||||||||||||
Separate and variable accounts | 25,981 | 24,017 | 21,522 | 22,118 | 21,778 | 24,268 | 25,135 | 14 | % | ||||||||||||||||||
Other assets | 78,543 | 78,882 | 68,597 | 75,209 | 72,002 | 81,440 | 80,153 | 7 | % | ||||||||||||||||||
Total assets | $ | 1,057,657 | $ | 1,083,306 | $ | 1,031,568 | $ | 1,097,190 | $ | 1,136,973 | $ | 1,187,035 | $ | 1,208,923 | 10 | % | |||||||||||
Liabilities | |||||||||||||||||||||||||||
Non-interest-bearing deposits in U.S. offices | $ | 21,652 | $ | 21,475 | $ | 22,469 | $ | 29,545 | $ | 28,977 | $ | 26,579 | $ | 27,617 | (7 | )% | |||||||||||
Interest-bearing deposits in U.S. offices | 119,083 | 114,466 | 118,101 | 141,787 | 145,354 | 146,178 | 146,392 | 3 | % | ||||||||||||||||||
Non-interest-bearing deposits in offices outside the U.S. | 18,488 | 19,706 | 19,343 | 21,422 | 21,099 | 23,165 | 22,579 | 5 | % | ||||||||||||||||||
Interest-bearing deposits in offices outside the U.S. | 223,166 | 239,231 | 230,914 | 238,141 | 248,676 | 252,062 | 257,654 | 8 | % | ||||||||||||||||||
Total deposits | 382,389 | 394,878 | 390,827 | 430,895 | 444,106 | 447,984 | 454,242 | 5 | % | ||||||||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 165,120 | 171,619 | 164,946 | 162,643 | 178,459 | 172,864 | 168,125 | 3 | % | ||||||||||||||||||
Brokerage payables | 25,790 | 21,175 | 19,766 | 22,024 | 24,989 | 45,779 | 35,805 | 63 | % | ||||||||||||||||||
Trading account liabilities | 81,537 | 86,564 | 95,699 | 91,426 | 92,659 | 101,998 | 107,037 | 17 | % | ||||||||||||||||||
Contractholder funds and separate and variable accounts | 49,992 | 49,925 | 48,347 | 49,331 | 50,339 | 53,363 | 55,499 | 13 | % | ||||||||||||||||||
Insurance policy and claims reserves | 49,840 | 50,129 | 16,304 | 16,350 | 16,459 | 16,714 | 16,908 | 3 | % | ||||||||||||||||||
Investment banking and brokerage borrowings | 18,854 | 18,058 | 19,951 | 21,353 | 21,932 | 20,782 | 22,542 | 6 | % | ||||||||||||||||||
Short-term borrowings | 24,805 | 24,638 | 27,991 | 30,629 | 28,495 | 32,949 | 40,698 | 33 | % | ||||||||||||||||||
Long-term debt | 117,757 | 114,580 | 109,672 | 126,927 | 133,125 | 131,350 | 145,990 | 15 | % | ||||||||||||||||||
Other liabilities(3) | 51,229 | 59,257 | 51,211 | 52,742 | 52,411 | 63,233 | 59,930 | 14 | % | ||||||||||||||||||
Citigroup or subsidiary obligated mandatorily redeemable securities of subsidiary trusts holding solely junior subordinated debt securities of | |||||||||||||||||||||||||||
—Parent | 4,326 | 4,435 | 4,605 | 4,657 | 5,563 | 5,615 | 5,809 | 25 | % | ||||||||||||||||||
—Subsidiary | 2,380 | 2,333 | 1,483 | 1,495 | 1,095 | 1,103 | 1,079 | (28 | )% | ||||||||||||||||||
Total liabilities | 974,019 | 997,591 | 950,802 | 1,010,472 | 1,049,632 | 1,093,734 | 1,113,664 | 10 | % | ||||||||||||||||||
Stockholders' equity | |||||||||||||||||||||||||||
Preferred Stock | 1,400 | 1,400 | 1,400 | 1,400 | 1,126 | 1,125 | 1,125 | (20 | )% | ||||||||||||||||||
Common Stock | 55 | 55 | 55 | 55 | 55 | 55 | 55 | — | |||||||||||||||||||
Additional paid-in capital | 23,860 | 23,815 | 16,795 | 17,381 | 17,450 | 17,412 | 17,524 | 1 | % | ||||||||||||||||||
Retained earnings | 73,798 | 76,924 | 79,911 | 81,403 | 84,453 | 87,698 | 90,555 | 11 | % | ||||||||||||||||||
Treasury stock | (11,194 | ) | (12,624 | ) | (14,363 | ) | (11,637 | ) | (11,390 | ) | (11,384 | ) | (11,241 | ) | 3 | % | |||||||||||
Accumulated other changes in equity from nonowner sources | (1,770 | ) | (1,726 | ) | (1,095 | ) | (193 | ) | (1,055 | ) | 904 | (492 | ) | NM | |||||||||||||
Unearned compensation | (2,511 | ) | (2,129 | ) | (1,937 | ) | (1,691 | ) | (3,298 | ) | (2,509 | ) | (2,267 | ) | (34 | )% | |||||||||||
Total stockholders' equity | 83,638 | 85,715 | 80,766 | 86,718 | 87,341 | 93,301 | 95,259 | 10 | % | ||||||||||||||||||
Total liabilities and stockholders' equity | $ | 1,057,657 | $ | 1,083,306 | $ | 1,031,568 | $ | 1,097,190 | $ | 1,136,973 | $ | 1,187,035 | $ | 1,208,923 | 10 | % | |||||||||||
- (1)
- Periods prior to September 30, 2002 include balances for Travelers Property Casualty Corp.
- (2)
- Preliminary.
- (3)
- Includes allowance for credit losses for letters of credit of $50, $110, $110 and $167 million for the first, second, third and fourth quarters of 2002, respectively, and $167 million for the first and second quarters of 2003 and $126 million for the third quarter of 2003.
NM Not meaningful
27
CONSUMER LOAN DELINQUENCY AMOUNTS, NET CREDIT LOSSES AND RATIOS
(In millions of dollars, except loan amounts in billions)
| 90 Days Or More Past Due(1) | EOP Loans | Net Credit Losses(1) | Average Loans | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3Q02 | 2Q03 | 3Q03 | 3Q03 | 3Q02 | 2Q03 | 3Q03 | 3Q03 | ||||||||||||||||||||||
PRODUCT VIEW: | ||||||||||||||||||||||||||||||
Cards | $ | 2,309 | $ | 2,313 | $ | 2,353 | $ | 128.7 | $ | 1,764 | $ | 1,887 | $ | 1,789 | $ | 126.4 | ||||||||||||||
Ratio | 1.86 | % | 1.88 | % | 1.83 | % | 5.74 | % | 6.08 | % | 5.62 | % | ||||||||||||||||||
North America Cards | 2,107 | 2,066 | 2,098 | 115.1 | 1,616 | 1,751 | 1,653 | 113.7 | ||||||||||||||||||||||
Ratio | 1.87 | % | 1.86 | % | 1.82 | % | 5.77 | % | 6.23 | % | 5.77 | % | ||||||||||||||||||
International Cards | 202 | 247 | 255 | 13.6 | 148 | 136 | 136 | 12.7 | ||||||||||||||||||||||
Ratio | 1.85 | % | 2.04 | % | 1.88 | % | 5.41 | % | 4.60 | % | 4.27 | % | ||||||||||||||||||
Consumer Finance | 2,179 | 2,182 | 2,127 | 92.6 | 779 | 897 | 898 | 90.8 | ||||||||||||||||||||||
Ratio | 2.60 | % | 2.41 | % | 2.30 | % | 3.71 | % | 4.01 | % | 3.92 | % | ||||||||||||||||||
North America Consumer Finance | 1,777 | 1,681 | 1,642 | 71.7 | 438 | 514 | 520 | 70.4 | ||||||||||||||||||||||
Ratio | 2.82 | % | 2.40 | % | 2.29 | % | 2.79 | % | 2.98 | % | 2.93 | % | ||||||||||||||||||
International Consumer Finance | 402 | 501 | 485 | 20.9 | 341 | 383 | 378 | 20.4 | ||||||||||||||||||||||
Ratio | 1.94 | % | 2.45 | % | 2.32 | % | 6.42 | % | 7.43 | % | 7.34 | % | ||||||||||||||||||
Retail Banking (excluding Commercial Markets) | 2,969 | 3,706 | 3,707 | 116.3 | 166 | 165 | 210 | 115.2 | ||||||||||||||||||||||
Ratio | 3.39 | % | 3.29 | % | 3.19 | % | 0.74 | % | 0.58 | % | 0.72 | % | ||||||||||||||||||
North America Retail Banking | 1,837 | 2,385 | 2,318 | 82.9 | 59 | 60 | 21 | 82.4 | ||||||||||||||||||||||
Ratio | 3.20 | % | 3.00 | % | 2.80 | % | 0.41 | % | 0.29 | % | 0.10 | % | ||||||||||||||||||
International Retail Banking | 1,132 | 1,321 | 1,389 | 33.4 | 107 | 105 | 189 | 32.8 | ||||||||||||||||||||||
Ratio | 3.76 | % | 3.99 | % | 4.16 | % | 1.31 | % | 1.28 | % | 2.28 | % | ||||||||||||||||||
Private Bank | 201 | 140 | 124 | 34.6 | 5 | 4 | 4 | 33.6 | ||||||||||||||||||||||
Ratio | 0.70 | % | 0.42 | % | 0.36 | % | 0.08 | % | 0.05 | % | 0.05 | % | ||||||||||||||||||
Other | — | — | — | 1.1 | 1 | — | — | 1.1 | ||||||||||||||||||||||
Managed Loans (Excluding Commercial Markets)(2) | $ | 7,658 | $ | 8,341 | $ | 8,311 | $ | 373.3 | $ | 2,715 | $ | 2,953 | $ | 2,901 | $ | 367.1 | ||||||||||||||
Ratio | 2.36 | % | 2.31 | % | 2.23 | % | 3.32 | % | 3.26 | % | 3.14 | % | ||||||||||||||||||
Securitized Receivables (all in North America Cards) | (1,256 | ) | (1,385 | ) | (1,414 | ) | (73.6 | ) | (874 | ) | (1,159 | ) | (1,127 | ) | (72.1 | ) | ||||||||||||||
Loans Held-for-Sale | (135 | ) | (58 | ) | (120 | ) | (3.0 | ) | (86 | ) | (49 | ) | (83 | ) | (4.1 | ) | ||||||||||||||
On-Balance Sheet Loans (Excluding Commercial Markets) | $ | 6,267 | $ | 6,898 | $ | 6,777 | $ | 296.7 | $ | 1,755 | $ | 1,745 | $ | 1,691 | $ | 290.9 | ||||||||||||||
Ratio | 2.47 | % | 2.41 | % | 2.28 | % | 2.75 | % | 2.42 | % | 2.31 | % | ||||||||||||||||||
Cash-Basis Loans(1) | Net Credit Losses(1) | |||||||||||||||||||||||||||||
Commercial Markets Groups | $ | 1,234 | $ | 1,165 | $ | 1,283 | 40.4 | $ | 147 | $ | 139 | $ | 50 | 41.9 | ||||||||||||||||
Ratio | 3.23 | % | 2.76 | % | 3.17 | % | 1.50 | % | 1.30 | % | 0.47 | % | ||||||||||||||||||
Total Consumer Loans(2)(3) | $ | 337.1 | $ | 332.8 |
| 90 Days Or More Past Due(1) | EOP Loans | Net Credit Losses(1) | Average Loans | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 3Q02 | 2Q03 | 3Q03 | 3Q03 | 3Q02 | 2Q03 | 3Q03 | 3Q03 | ||||||||||||||||||||
REGIONAL VIEW (Excluding Commercial Markets): | ||||||||||||||||||||||||||||
North America (excluding Mexico) | $ | 5,447 | $ | 5,860 | $ | 5,752 | $ | 284.0 | $ | 2,073 | $ | 2,306 | $ | 2,190 | $ | 280.3 | ||||||||||||
Ratio | 2.23 | % | 2.14 | % | 2.02 | % | 3.41 | % | 3.34 | % | 3.10 | % | ||||||||||||||||
Mexico | 387 | 358 | 374 | 6.5 | 44 | 19 | 10 | 6.9 | ||||||||||||||||||||
Ratio | 6.16 | % | 5.39 | % | 5.77 | % | 2.74 | % | 1.12 | % | 0.58 | % | ||||||||||||||||
Europe, Middle East and Africa | 1,130 | 1,412 | 1,489 | 31.0 | 135 | 169 | 160 | 29.8 | ||||||||||||||||||||
Ratio | 4.34 | % | 4.67 | % | 4.80 | % | 2.07 | % | 2.26 | % | 2.13 | % | ||||||||||||||||
Japan | 260 | 333 | 343 | 17.0 | 309 | 349 | 343 | 16.3 | ||||||||||||||||||||
Ratio | 1.51 | % | 2.10 | % | 2.02 | % | 6.21 | % | 8.64 | % | 8.36 | % | ||||||||||||||||
Asia (excluding Japan) | 340 | 325 | 307 | 31.8 | 116 | 104 | 101 | 30.9 | ||||||||||||||||||||
Ratio | 1.22 | % | 1.06 | % | 0.96 | % | 1.64 | % | 1.40 | % | 1.29 | % | ||||||||||||||||
Latin America | 94 | 53 | 46 | 3.0 | 38 | 6 | 97 | 2.9 | ||||||||||||||||||||
Ratio | 3.00 | % | 1.80 | % | 1.56 | % | 4.68 | % | 0.83 | % | 13.13 | % | ||||||||||||||||
Managed Loans (Excluding Commercial Markets)(2) | $ | 7,658 | $ | 8,341 | $ | 8,311 | $ | 373.3 | $ | 2,715 | $ | 2,953 | $ | 2,901 | $ | 367.1 | ||||||||||||
Ratio | 2.36 | % | 2.31 | % | 2.23 | % | 3.32 | % | 3.26 | % | 3.14 | % | ||||||||||||||||
Securitized Receivables (all in North America Cards) | (1,256 | ) | (1,385 | ) | (1,414 | ) | (73.6 | ) | (874 | ) | (1,159 | ) | (1,127 | ) | (72.1 | ) | ||||||||||||
Loans Held-for-Sale | (135 | ) | (58 | ) | (120 | ) | (3.0 | ) | (86 | ) | (49 | ) | (83 | ) | (4.1 | ) | ||||||||||||
On-Balance Sheet Loans (Excluding Commercial Markets) | $ | 6,267 | $ | 6,898 | $ | 6,777 | $ | 296.7 | $ | 1,755 | $ | 1,745 | $ | 1,691 | $ | 290.9 | ||||||||||||
Ratio | 2.47 | % | 2.41 | % | 2.28 | % | 2.75 | % | 2.42 | % | 2.31 | % |
- (1)
- The ratios of 90 days or more past due, cash-basis loans and net credit losses are calculated based on end-of-period and average loans, respectively, both net of unearned income.
- (2)
- This table presents consumer credit information on a managed basis and shows the impact of securitizations to reconcile to a held basis. Only North America Cards from a product view and North America from a regional view are impacted. Managed basis reporting is a non-GAAP measure. Held basis reporting is the related GAAP measure. For a discussion of managed basis reporting see the Cards business on page 6.
- (3)
- Total Loans and Total Average Loans exclude certain interest and fees on credit cards of approximately $2 billion and $2 billion, respectively, which are included in Consumer Loans on the Consolidated Statement of Financial Position.
Reclassified to conform to the current period's presentation.
28
RESERVE FOR LOAN LOSSES
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Allowance for credit losses at beginning of period | $ | 10,088 | $ | 10,520 | $ | 10,437 | $ | 10,720 | $ | 11,501 | $ | 11,449 | $ | 11,567 | ||||||||||
Provision for credit losses: | ||||||||||||||||||||||||
Global Consumer(1) | 1,878 | 1,599 | 1,885 | 1,792 | 1,810 | 1,774 | 1,433 | |||||||||||||||||
CitiCapital | 112 | 193 | 136 | 119 | 129 | 114 | 105 | |||||||||||||||||
Global Corporate and Investment Bank | 569 | 265 | 668 | 779 | 114 | 298 | 76 | |||||||||||||||||
2,559 | 2,057 | 2,689 | 2,690 | 2,053 | 2,186 | 1,614 | ||||||||||||||||||
Gross credit losses: | ||||||||||||||||||||||||
Global Consumer(1) | 1,898 | 1,941 | 2,040 | 2,033 | 2,059 | 2,081 | 2,043 | |||||||||||||||||
CitiCapital | 187 | 258 | 172 | 162 | 163 | 134 | 112 | |||||||||||||||||
Global Corporate and Investment Bank | 370 | 368 | 533 | 604 | 230 | 333 | 412 | |||||||||||||||||
2,455 | 2,567 | 2,745 | 2,799 | 2,452 | 2,548 | 2,567 | ||||||||||||||||||
Credit recoveries: | ||||||||||||||||||||||||
Global Consumer(1) | 255 | 259 | 278 | 323 | 319 | 323 | 405 | |||||||||||||||||
CitiCapital | 30 | 35 | 32 | 27 | 17 | 8 | 9 | |||||||||||||||||
Global Corporate and Investment Bank | 42 | 106 | 72 | 104 | 31 | 76 | 81 | |||||||||||||||||
327 | 400 | 382 | 454 | 367 | 407 | 495 | ||||||||||||||||||
Net credit losses: | ||||||||||||||||||||||||
Global Consumer(1) | 1,643 | 1,682 | 1,762 | 1,710 | 1,740 | 1,758 | 1,638 | |||||||||||||||||
CitiCapital | 157 | 223 | 140 | 135 | 146 | 126 | 103 | |||||||||||||||||
Global Corporate and Investment Bank | 328 | 262 | 461 | 500 | 199 | 257 | 331 | |||||||||||||||||
2,128 | 2,167 | 2,363 | 2,345 | 2,085 | 2,141 | 2,072 | ||||||||||||||||||
Other—net(2) | 1 | 27 | (43 | ) | 436 | (20 | ) | 73 | 134 | |||||||||||||||
Allowance for credit losses at end of period | $ | 10,520 | $ | 10,437 | $ | 10,720 | $ | 11,501 | $ | 11,449 | $ | 11,567 | $ | 11,243 | ||||||||||
Net Consumer Credit Losses (excluding CitiCapital) | $ | 1,643 | $ | 1,682 | $ | 1,762 | $ | 1,710 | $ | 1,740 | $ | 1,758 | $ | 1,638 | ||||||||||
As a Percentage of Average Consumer Loans | 2.71 | % | 2.65 | % | 2.65 | % | 2.33 | % | 2.29 | % | 2.30 | % | 2.10 | % | ||||||||||
Net CitiCapital Credit Losses | $ | 157 | $ | 223 | $ | 140 | $ | 135 | $ | 146 | $ | 126 | $ | 103 | ||||||||||
As a Percentage of Average CitiCapital Loans | 2.15 | % | 3.09 | % | 1.97 | % | 1.96 | % | 2.24 | % | 2.01 | % | 1.69 | % | ||||||||||
Net Corporate Credit Losses | $ | 328 | $ | 262 | $ | 461 | $ | 500 | $ | 199 | $ | 257 | $ | 331 | ||||||||||
As a Percentage of Average Corporate Loans | 1.23 | % | 0.97 | % | 1.74 | % | 1.88 | % | 0.78 | % | 0.98 | % | 1.29 | % | ||||||||||
ALLOWANCE FOR CREDIT LOSSES | ||||||||||||||||||||||||
Consumer (excluding CitiCapital) | $ | 5,732 | $ | 5,756 | $ | 5,849 | $ | 6,410 | $ | 6,476 | $ | 6,551 | $ | 6,450 | ||||||||||
CitiCapital | 636 | 630 | 627 | 611 | 594 | 585 | 588 | |||||||||||||||||
Corporate | 4,152 | 4,051 | 4,244 | 4,480 | 4,379 | 4,431 | 4,205 | |||||||||||||||||
Allowance for Credit Losses | $ | 10,520 | $ | 10,437 | $ | 10,720 | $ | 11,501 | $ | 11,449 | $ | 11,567 | $ | 11,243 | ||||||||||
Allowance for Credit Losses on Letters of Credit(3) | $ | 50 | $ | 110 | $ | 110 | $ | 167 | $ | 167 | $ | 167 | $ | 126 | ||||||||||
Total Allowance for Loans, Leases, Lending Commitments and Letters of Credit | $ | 10,570 | $ | 10,547 | $ | 10,830 | $ | 11,668 | $ | 11,616 | $ | 11,734 | $ | 11,369 | ||||||||||
Allowance As a Percent of Total Loans | ||||||||||||||||||||||||
Consumer (excluding CitiCapital) | 2.33 | % | 2.21 | % | 2.20 | % | 2.06 | % | 2.11 | % | 2.16 | % | 2.04 | % | ||||||||||
CitiCapital | 2.18 | % | 2.18 | % | 2.26 | % | 2.26 | % | 2.32 | % | 2.37 | % | 2.63 | % | ||||||||||
Corporate | 3.67 | % | 3.56 | % | 3.85 | % | 4.07 | % | 4.15 | % | 4.07 | % | 4.08 | % | ||||||||||
Total | 2.71 | % | 2.59 | % | 2.66 | % | 2.57 | % | 2.61 | % | 2.64 | % | 2.55 | % |
- (1)
- Includes loans made to Private Bank clients.
- (2)
- The 2002 fourth quarter includes the addition of $452 million of credit loss reserves related to the acquisition of Golden State Bancorp.
- (3)
- Represents additional credit reserves recorded as Other Liabilities on the Consolidated Statement of Financial Condition.
29
NON-PERFORMING ASSETS
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | |||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CASH-BASIS AND RENEGOTIATED LOANS | ||||||||||||||||||||||||
Corporate Cash-Basis Loans | ||||||||||||||||||||||||
Collateral Dependent (at lower of cost or collateral value) | $ | 125 | $ | 87 | $ | 41 | $ | 64 | $ | 61 | $ | 62 | $ | 36 | ||||||||||
Other | 3,157 | 3,753 | 3,891 | 3,931 | 4,021 | 4,142 | 3,753 | |||||||||||||||||
Total Corporate Cash-Basis Loans | $ | 3,282 | $ | 3,840 | $ | 3,932 | $ | 3,995 | $ | 4,082 | $ | 4,204 | $ | 3,789 | ||||||||||
Corporate Cash-Basis Loans(1) | ||||||||||||||||||||||||
JENA(2) | $ | 924 | $ | 1,074 | $ | 1,096 | $ | 1,207 | $ | 1,077 | $ | 1,188 | $ | 1,121 | ||||||||||
Other International(3) | 2,358 | 2,766 | 2,836 | 2,788 | 3,005 | 3,016 | 2,668 | |||||||||||||||||
Total Corporate Cash-Basis Loans | $ | 3,282 | $ | 3,840 | $ | 3,932 | $ | 3,995 | $ | 4,082 | $ | 4,204 | $ | 3,789 | ||||||||||
Corporate Cash-Basis Loans as a % of Total Corporate Loans(4) | 2.98 | % | 3.46 | % | 3.66 | % | 3.72 | % | 3.90 | % | 3.88 | % | 3.70 | % | ||||||||||
Consumer Cash-Basis (excluding Commercial Markets) | $ | 4,212 | $ | 4,284 | $ | 4,365 | $ | 4,607 | $ | 4,710 | $ | 4,601 | $ | 4,493 | ||||||||||
Commercial Markets Cash-Basis Loans | 1,321 | 1,161 | 1,234 | 1,299 | 1,250 | 1,165 | 1,283 | |||||||||||||||||
Total Consumer Cash-Basis Loans | $ | 5,533 | $ | 5,445 | $ | 5,599 | $ | 5,906 | $ | 5,960 | $ | 5,766 | $ | 5,776 | ||||||||||
CitiCapital Collateral Dependent Loans (included in Commercial Markets Cash-Basis Loans) | $ | 330 | $ | 360 | $ | 389 | $ | 508 | $ | 462 | $ | 489 | $ | 413 | ||||||||||
Renegotiated Loans (includes Corporate and Commercial Markets Loans) | $ | 335 | $ | 317 | $ | 267 | $ | 170 | $ | 157 | $ | 178 | $ | 161 | ||||||||||
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS | ||||||||||||||||||||||||
Consumer(5) | $ | 384 | $ | 458 | $ | 473 | $ | 495 | $ | 509 | $ | 479 | $ | 460 | ||||||||||
Global Corporate and Investment Bank(5)(6) | 145 | 136 | 117 | 75 | 78 | 89 | 95 | |||||||||||||||||
TOTAL OTHER REAL ESTATE OWNED | $ | 529 | $ | 594 | $ | 590 | $ | 570 | $ | 587 | $ | 568 | $ | 555 | ||||||||||
OTHER REPOSSESSED ASSETS(7) | $ | 381 | $ | 320 | $ | 227 | $ | 230 | $ | 255 | $ | 228 | $ | 182 | ||||||||||
- (1)
- Cash-basis loans for the Insurance Subsidiaries and Investment Activities businesses for the first, second, third and fourth quarters of 2002 were $39, $89, $136 and $62 million, respectively, which are included in Other Assets on the Consolidated Statement of Financial Condition for 2003.
- (2)
- JENA includes Japan, Western Europe and North America.
- (3)
- Other International includes Asia (excluding Japan), Mexico, Latin America, Central and Eastern Europe, the Middle East and Africa.
- (4)
- Excluding Insurance Subsidiaries and Investment Activities.
- (5)
- Represents repossessed real estate, carried at lower of cost or fair value, less costs to sell.
- (6)
- Other Real Estate Owned for the Insurance Subsidiaries businesses for the first, second, third and fourth quarters of 2002 were $125, $123, $54 and $36 million, respectively, which is included in Other Assets on the Consolidated Statement of Financial Condition for 2003.
- (7)
- Primarily transportation equipment, carried at lower of cost or fair value, less costs to sell.
Reclassified to conform to the current period's presentation.
30
CITIGROUP—QUARTERLY FINANCIAL DATA SUPPLEMENT