Citigroup (C) 8-KFinancial statements and exhibits
Filed: 20 Jan 04, 12:00am
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 approximately 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 | 4Q 2003 | 4Q 2003 vs. 4Q 2002 Increase/ (Decrease) | YTD 4Q 2002 | YTD 4Q 2003 | YTD 4Q 2003 vs. YTD 4Q 2002 Increase/ (Decrease) | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Income from Continuing Operations | 3,484 | 3,829 | 3,706 | 2,429 | 4,103 | 4,299 | 4,691 | 4,760 | 96 | % | 13,448 | 17,853 | 33 | % | |||||||||||||||||||||
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 | $ | 4,760 | 96 | % | $ | 15,276 | $ | 17,853 | 17 | % | |||||||||||
Basic Earnings Per Share: | |||||||||||||||||||||||||||||||||||
Income from Continuing Operations | $ | 0.68 | $ | 0.75 | $ | 0.73 | $ | 0.48 | $ | 0.80 | $ | 0.84 | $ | 0.92 | $ | 0.93 | 94 | % | $ | 2.63 | $ | 3.49 | 33 | % | |||||||||||
Net Income | $ | 0.94 | $ | 0.80 | $ | 0.77 | $ | 0.48 | $ | 0.80 | $ | 0.84 | $ | 0.92 | $ | 0.93 | 94 | % | $ | 2.99 | $ | 3.49 | 17 | % | |||||||||||
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 | 5,096.1 | 5,078.0 | 5,093.3 | |||||||||||||||||||||||||
Preferred Dividends—Basic | $ | 21 | $ | 21 | $ | 21 | $ | 20 | $ | 20 | $ | 17 | $ | 17 | $ | 17 | $ | 83 | $ | 71 | |||||||||||||||
Diluted Earnings Per Share: | |||||||||||||||||||||||||||||||||||
Income from Continuing Operations | $ | 0.66 | $ | 0.73 | $ | 0.72 | $ | 0.47 | $ | 0.79 | $ | 0.83 | $ | 0.90 | $ | 0.91 | 94 | % | $ | 2.59 | $ | 3.42 | 32 | % | |||||||||||
Net Income | $ | 0.93 | $ | 0.78 | $ | 0.76 | $ | 0.47 | $ | 0.79 | $ | 0.83 | $ | 0.90 | $ | 0.91 | 94 | % | $ | 2.94 | $ | 3.42 | 16 | % | |||||||||||
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 | 5,215.2 | 5,166.2 | 5,193.6 | |||||||||||||||||||||||||
Preferred Dividends—Diluted | $ | 21 | $ | 21 | $ | 21 | $ | 20 | $ | 20 | $ | 17 | $ | 17 | $ | 17 | $ | 83 | $ | 71 | |||||||||||||||
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 | 5,156.9 | 5,140.7 | 5,156.9 | |||||||||||||||||||||||||
Tier 1 Capital Ratio | 9.13 | % | 9.20 | % | 9.20 | % | 8.47 | % | 8.67 | % | 9.02 | % | 9.49 | % | 8.9 | %* | 8.47 | % | 8.9 | %* | |||||||||||||||
Total Capital Ratio | 11.59 | % | 11.75 | % | 12.02 | % | 11.25 | % | 11.57 | % | 11.94 | % | 12.59 | % | 12.0 | %* | 11.25 | % | 12.0 | %* | |||||||||||||||
Leverage Ratio | 5.89 | % | 5.93 | % | 5.58 | % | 5.67 | % | 5.46 | % | 5.61 | % | 5.81 | % | 5.5 | %* | 5.67 | % | 5.5 | %* | |||||||||||||||
Total Assets, at period end (in billions) | $ | 1,058.1 | $ | 1,083.7 | $ | 1,032.0 | $ | 1,097.6 | $ | 1,137.4 | $ | 1,187.4 | $ | 1,209.3 | $ | 1,264.0 | * | $ | 1,097.6 | $ | 1,264.0 | * | |||||||||||||
Stockholders' Equity, at period end (in billions) | $ | 83.6 | $ | 85.7 | $ | 80.8 | $ | 86.7 | $ | 87.3 | $ | 93.3 | $ | 95.3 | $ | 98.0 | * | $ | 86.7 | $ | 98.0 | * | |||||||||||||
Equity and Trust Securities, at period end (in billions) | $ | 90.3 | $ | 92.5 | $ | 86.9 | $ | 92.9 | $ | 94.0 | $ | 100.0 | $ | 102.1 | $ | 104.1 | * | $ | 92.9 | $ | 104.1 | * | |||||||||||||
Book Value Per Share, at period end | $ | 15.92 | $ | 16.47 | $ | 15.68 | $ | 16.60 | $ | 16.75 | $ | 17.90 | $ | 18.25 | $ | 18.79 | * | $ | 16.60 | $ | 18.79 | * | |||||||||||||
Return on Common Equity (Net Income) | 24.0 | % | 19.5 | % | 19.1 | % | 11.7 | % | 19.3 | % | 19.2 | % | 20.2 | % | 19.9 | %* | 18.6 | % | 19.8 | %* | |||||||||||||||
Reclassified to conform to the current period's presentation.
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 | 4Q 2003 | 4Q 2003 vs. 4Q 2002 Increase/ (Decrease) | YTD 4Q 2002 | YTD 4Q 2003 | YTD 4Q 2003 vs. YTD 4Q 2002 Increase/ (Decrease) | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Global Consumer: | |||||||||||||||||||||||||||||||||||||
Cards | $ | 579 | $ | 722 | $ | 849 | $ | 931 | $ | 735 | $ | 768 | $ | 985 | $ | 1,143 | 23 | % | $ | 3,081 | $ | 3,631 | 18 | % | |||||||||||||
Consumer Finance | 530 | 568 | 539 | 562 | 485 | 508 | 467 | 468 | (17 | )% | 2,199 | 1,928 | (12 | )% | |||||||||||||||||||||||
Retail Banking | 662 | 645 | 864 | 860 | 974 | 1,049 | 1,086 | 1,067 | 24 | % | 3,031 | 4,176 | 38 | % | |||||||||||||||||||||||
Other | (21 | ) | 10 | (35 | ) | (13 | ) | (18 | ) | (33 | ) | (21 | ) | (15 | ) | (15 | )% | (59 | ) | (87 | ) | (47 | )% | ||||||||||||||
Total Global Consumer | 1,750 | 1,945 | 2,217 | 2,340 | 2,176 | 2,292 | 2,517 | 2,663 | 14 | % | 8,252 | 9,648 | 17 | % | |||||||||||||||||||||||
Global Corporate and Investment Bank: | |||||||||||||||||||||||||||||||||||||
Capital Markets and Banking | 1,059 | 1,136 | 923 | 877 | 1,194 | 1,163 | 1,170 | 1,105 | 26 | % | 3,995 | 4,632 | 16 | % | |||||||||||||||||||||||
Transaction Services | 89 | 216 | 129 | 124 | 197 | 187 | 203 | 183 | 48 | % | 558 | 770 | 38 | % | |||||||||||||||||||||||
Other | (23 | ) | (34 | ) | (10 | ) | (1,327 | ) | 8 | (10 | ) | (5 | ) | (8 | ) | 99 | % | (1,394 | ) | (15 | ) | 99 | % | ||||||||||||||
Total Global Corporate and Investment Bank | 1,125 | 1,318 | 1,042 | (326 | ) | 1,399 | 1,340 | 1,368 | 1,280 | NM | 3,159 | 5,387 | 71 | % | |||||||||||||||||||||||
Private Client Services | 217 | 223 | 188 | 171 | 157 | 181 | 203 | 237 | 39 | % | 799 | 778 | (3 | )% | |||||||||||||||||||||||
Global Investment Management: | |||||||||||||||||||||||||||||||||||||
Life Insurance and Annuities | 214 | 137 | 83 | 183 | 236 | 190 | 152 | 173 | (5 | )% | 617 | 751 | 22 | % | |||||||||||||||||||||||
Private Bank | 111 | 113 | 117 | 122 | 125 | 138 | 143 | 145 | 19 | % | 463 | 551 | 19 | % | |||||||||||||||||||||||
Asset Management | 99 | 121 | 114 | 109 | 105 | 104 | 72 | 113 | 4 | % | 443 | 394 | (11 | )% | |||||||||||||||||||||||
Total Global Investment Management | 424 | 371 | 314 | 414 | 466 | 432 | 367 | 431 | 4 | % | 1,523 | 1,696 | 11 | % | |||||||||||||||||||||||
Proprietary Investment Activities | 35 | (70 | ) | (120 | ) | (74 | ) | — | 27 | 96 | 107 | NM | (229 | ) | 230 | NM | |||||||||||||||||||||
Corporate/Other | (67 | ) | 42 | 65 | (96 | ) | (95 | ) | 27 | 140 | 42 | NM | (56 | ) | 114 | NM | |||||||||||||||||||||
Income From Continuing Operations | 3,484 | 3,829 | 3,706 | 2,429 | 4,103 | 4,299 | 4,691 | 4,760 | 96 | % | 13,448 | 17,853 | 33 | % | |||||||||||||||||||||||
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 | $ | 4,760 | 96 | % | $ | 15,276 | $ | 17,853 | 17 | % | |||||||||||||
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 | 4Q 2003 | 4Q 2003 vs. 4Q 2002 Increase/ (Decrease) | YTD 4Q 2002 | YTD 4Q 2003 | YTD 4Q 2003 vs. YTD 4Q 2002 Increase/ (Decrease) | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
North America (excluding Mexico)(1) | ||||||||||||||||||||||||||||||||||||||
Consumer | $ | 1,272 | $ | 1,296 | $ | 1,421 | $ | 1,511 | $ | 1,476 | $ | 1,518 | $ | 1,692 | $ | 1,927 | 28 | % | $ | 5,500 | $ | 6,613 | 20 | % | ||||||||||||||
Corporate | 674 | 602 | 698 | (1,000 | ) | 639 | 552 | 587 | 678 | NM | 974 | 2,456 | NM | |||||||||||||||||||||||||
Private Client Services | 217 | 223 | 188 | 171 | 157 | 181 | 203 | 237 | 39 | % | 799 | 778 | (3 | )% | ||||||||||||||||||||||||
Investment Management | 352 | 218 | 202 | 313 | 351 | 299 | 360 | 293 | (6 | )% | 1,085 | 1,303 | 20 | % | ||||||||||||||||||||||||
Total North America (excluding Mexico) | 2,515 | 2,339 | 2,509 | 995 | 2,623 | 2,550 | 2,842 | 3,135 | NM | 8,358 | 11,150 | 33 | % | |||||||||||||||||||||||||
Mexico | ||||||||||||||||||||||||||||||||||||||
Consumer | 46 | 114 | 185 | 176 | 164 | 214 | 183 | 176 | — | 521 | 737 | 41 | % | |||||||||||||||||||||||||
Corporate | 194 | 110 | 58 | 88 | 120 | 84 | 121 | 106 | 20 | % | 450 | 431 | (4 | )% | ||||||||||||||||||||||||
Investment Management | 48 | 70 | 55 | 62 | 65 | 69 | 75 | 75 | 21 | % | 235 | 284 | 21 | % | ||||||||||||||||||||||||
Total Mexico | 288 | 294 | 298 | 326 | 349 | 367 | 379 | 357 | 10 | % | 1,206 | 1,452 | 20 | % | ||||||||||||||||||||||||
Europe, Middle East and Africa (EMEA) | ||||||||||||||||||||||||||||||||||||||
Consumer | 147 | 146 | 179 | 236 | 163 | 169 | 205 | 212 | (10 | )% | 708 | 749 | 6 | % | ||||||||||||||||||||||||
Corporate | 145 | 226 | 134 | 352 | 257 | 346 | 255 | 140 | (60 | )% | 857 | 998 | 16 | % | ||||||||||||||||||||||||
Investment Management | (4 | ) | 8 | 4 | 14 | (3 | ) | 2 | 7 | — | (100 | )% | 22 | 6 | (73 | )% | ||||||||||||||||||||||
Total EMEA | 288 | 380 | 317 | 602 | 417 | 517 | 467 | 352 | (42 | )% | 1,587 | 1,753 | 10 | % | ||||||||||||||||||||||||
Japan | ||||||||||||||||||||||||||||||||||||||
Consumer | 227 | 256 | 259 | 208 | 158 | 179 | 92 | 92 | (56 | )% | 950 | 521 | (45 | )% | ||||||||||||||||||||||||
Corporate | 23 | (3 | ) | 87 | (11 | ) | 32 | 5 | 47 | 48 | NM | 96 | 132 | 38 | % | |||||||||||||||||||||||
Investment Management | 15 | 16 | 11 | 14 | 17 | 20 | 25 | 27 | 93 | % | 56 | 89 | 59 | % | ||||||||||||||||||||||||
Total Japan | 265 | 269 | 357 | 211 | 207 | 204 | 164 | 167 | (21 | )% | 1,102 | 742 | (33 | )% | ||||||||||||||||||||||||
Asia (excluding Japan) | ||||||||||||||||||||||||||||||||||||||
Consumer | 158 | 163 | 195 | 202 | 193 | 204 | 220 | 220 | 9 | % | 718 | 837 | 17 | % | ||||||||||||||||||||||||
Corporate | 193 | 200 | 169 | 160 | 179 | 188 | 196 | 204 | 28 | % | 722 | 767 | 6 | % | ||||||||||||||||||||||||
Investment Management | 27 | 28 | 25 | 27 | 30 | 37 | 59 | 37 | 37 | % | 107 | 163 | 52 | % | ||||||||||||||||||||||||
Total Asia | 378 | 391 | 389 | 389 | 402 | 429 | 475 | 461 | 19 | % | 1,547 | 1,767 | 14 | % | ||||||||||||||||||||||||
Latin America | ||||||||||||||||||||||||||||||||||||||
Consumer | (100 | ) | (30 | ) | (22 | ) | 7 | 22 | 8 | 125 | 36 | NM | (145 | ) | 191 | NM | ||||||||||||||||||||||
Corporate | (104 | ) | 183 | (104 | ) | 85 | 172 | 165 | 162 | 104 | 22 | % | 60 | 603 | NM | |||||||||||||||||||||||
Investment Management | (14 | ) | 31 | 17 | (16 | ) | 6 | 5 | (159 | ) | (1 | ) | 94 | % | 18 | (149 | ) | NM | ||||||||||||||||||||
Total Latin America | (218 | ) | 184 | (109 | ) | 76 | 200 | 178 | 128 | 139 | 83 | % | (67 | ) | 645 | NM | ||||||||||||||||||||||
Proprietary Investment Activities | 35 | (70 | ) | (120 | ) | (74 | ) | — | 27 | 96 | 107 | NM | (229 | ) | 230 | NM | ||||||||||||||||||||||
Corporate / Other | (67 | ) | 42 | 65 | (96 | ) | (95 | ) | 27 | 140 | 42 | NM | (56 | ) | 114 | NM | ||||||||||||||||||||||
Income From Continuing Operations | 3,484 | 3,829 | 3,706 | 2,429 | 4,103 | 4,299 | 4,691 | 4,760 | 96 | % | 13,448 | 17,853 | 33 | % | ||||||||||||||||||||||||
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 | $ | 4,760 | 96 | % | $ | 15,276 | $ | 17,853 | 17 | % |
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 | 4Q 2003 | 4Q 2003 vs. 4Q 2002 Increase/ (Decrease) | YTD 4Q 2002 | YTD 4Q 2003 | YTD 4Q 2003 vs. YTD 4Q 2002 Increase/ (Decrease) | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Global Consumer: | ||||||||||||||||||||||||||||||||||||
Cards | $ | 3,121 | $ | 3,207 | $ | 3,714 | $ | 3,646 | $ | 3,333 | $ | 3,309 | $ | 3,542 | $ | 4,485 | 23% | $ | 13,688 | $ | 14,669 | 7% | ||||||||||||||
Consumer Finance | 2,332 | 2,449 | 2,462 | 2,564 | 2,532 | 2,431 | 2,499 | 2,541 | (1)% | 9,807 | 10,003 | 2% | ||||||||||||||||||||||||
Retail Banking | 3,523 | 3,409 | 3,549 | 3,700 | 3,961 | 4,243 | 4,135 | 4,066 | 10% | 14,181 | 16,405 | 16% | ||||||||||||||||||||||||
Other | 14 | 96 | 37 | 141 | 37 | 31 | 23 | 27 | (81)% | 288 | 118 | (59)% | ||||||||||||||||||||||||
Total Global Consumer | 8,990 | 9,161 | 9,762 | 10,051 | 9,863 | 10,014 | 10,199 | 11,119 | 11% | 37,964 | 41,195 | 9% | ||||||||||||||||||||||||
Global Corporate and Investment Bank: | ||||||||||||||||||||||||||||||||||||
Capital Markets and Banking | 4,378 | 4,219 | 3,691 | 3,451 | 4,180 | 4,531 | 3,856 | 3,858 | 12% | 15,739 | 16,425 | 4% | ||||||||||||||||||||||||
Transaction Services | 857 | 962 | 911 | 890 | 913 | 908 | 893 | 913 | 3% | 3,620 | 3,627 | — | ||||||||||||||||||||||||
Other | (99 | ) | (104 | ) | (57 | ) | 44 | (10 | ) | (10 | ) | 2 | 6 | (86)% | (216 | ) | (12 | ) | 94% | |||||||||||||||||
Total Global Corporate and Investment Bank | 5,136 | 5,077 | 4,545 | 4,385 | 5,083 | 5,429 | 4,751 | 4,777 | 9% | 19,143 | 20,040 | 5% | ||||||||||||||||||||||||
Private Client Services | 1,507 | 1,551 | 1,430 | 1,342 | 1,327 | 1,449 | 1,489 | 1,562 | 16% | 5,830 | 5,827 | — | ||||||||||||||||||||||||
Global Investment Management: | ||||||||||||||||||||||||||||||||||||
Life Insurance and Annuities | 1,018 | 1,034 | 925 | 1,099 | 1,133 | 1,164 | 1,372 | 1,279 | 16% | 4,076 | 4,948 | 21% | ||||||||||||||||||||||||
Private Bank | 423 | 428 | 414 | 439 | 461 | 519 | 510 | 505 | 15% | 1,704 | 1,995 | 17% | ||||||||||||||||||||||||
Asset Management | 470 | 475 | 451 | 445 | 400 | 411 | 444 | 487 | 9% | 1,841 | 1,742 | (5)% | ||||||||||||||||||||||||
Total Global Investment Management | 1,911 | 1,937 | 1,790 | 1,983 | 1,994 | 2,094 | 2,326 | 2,271 | 15% | 7,621 | 8,685 | 14% | ||||||||||||||||||||||||
Proprietary Investment Activities | 111 | (49 | ) | (67 | ) | (30 | ) | 94 | 168 | 459 | 287 | NM | (35 | ) | 1,008 | NM | ||||||||||||||||||||
Corporate / Other | 143 | 316 | 184 | 142 | 175 | 200 | 174 | 138 | (3)% | 785 | 687 | (12)% | ||||||||||||||||||||||||
Total Net Revenues | $ | 17,798 | $ | 17,993 | $ | 17,644 | $ | 17,873 | $ | 18,536 | $ | 19,354 | $ | 19,398 | $ | 20,154 | 13% | $ | 71,308 | $ | 77,442 | 9% | ||||||||||||||
Managed Basis Net Revenues (1) | $ | 18,819 | $ | 19,074 | $ | 18,604 | $ | 18,934 | $ | 19,638 | $ | 20,562 | $ | 20,608 | $ | 21,384 | 13% | $ | 75,431 | $ | 82,192 | 9% | ||||||||||||||
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 | 4Q 2003 | 4Q 2003 vs. 4Q 2002 Increase/ (Decrease) | YTD 4Q 2002 | YTD 4Q 2003 | YTD 4Q 2003 vs. YTD 4Q 2002 Increase/ (Decrease) | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
North America (excluding Mexico)(1) | ||||||||||||||||||||||||||||||||||||
Consumer | $ | 5,881 | $ | 6,005 | $ | 6,381 | $ | 6,626 | $ | 6,524 | $ | 6,598 | $ | 6,750 | $ | 7,518 | 13% | $ | 24,893 | $ | 27,390 | 10% | ||||||||||||||
Corporate | 2,612 | 2,408 | 2,094 | 1,695 | 2,409 | 2,535 | 2,018 | 1,788 | 5% | 8,809 | 8,750 | (1)% | ||||||||||||||||||||||||
Private Client Services | 1,507 | 1,551 | 1,430 | 1,342 | 1,327 | 1,449 | 1,489 | 1,562 | 16% | 5,830 | 5,827 | — | ||||||||||||||||||||||||
Investment Management | 1,385 | 1,320 | 1,271 | 1,448 | 1,403 | 1,434 | 1,785 | 1,576 | 9% | 5,424 | 6,198 | 14% | ||||||||||||||||||||||||
Total North America (excluding Mexico) | 11,385 | 11,284 | 11,176 | 11,111 | 11,663 | 12,016 | 12,042 | 12,444 | 12% | 44,956 | 48,165 | 7% | ||||||||||||||||||||||||
Mexico | ||||||||||||||||||||||||||||||||||||
Consumer | 635 | 699 | 690 | 613 | 656 | 749 | 599 | 673 | 10% | 2,637 | 2,677 | 2% | ||||||||||||||||||||||||
Corporate | 315 | 200 | 149 | 196 | 185 | 193 | 162 | 202 | 3% | 860 | 742 | (14)% | ||||||||||||||||||||||||
Investment Management | 185 | 212 | 161 | 169 | 175 | 178 | 175 | 187 | 11% | 727 | 715 | (2)% | ||||||||||||||||||||||||
Total Mexico | 1,135 | 1,111 | 1,000 | 978 | 1,016 | 1,120 | 936 | 1,062 | 9% | 4,224 | 4,134 | (2)% | ||||||||||||||||||||||||
Europe, Middle East and Africa (EMEA) | ||||||||||||||||||||||||||||||||||||
Consumer | 740 | 803 | 856 | 986 | 922 | 962 | 1,045 | 1,129 | 15% | 3,385 | 4,058 | 20% | ||||||||||||||||||||||||
Corporate | 1,154 | 1,351 | 1,224 | 1,422 | 1,414 | 1,504 | 1,371 | 1,559 | 10% | 5,151 | 5,848 | 14% | ||||||||||||||||||||||||
Investment Management | 95 | 110 | 105 | 125 | 121 | 133 | 139 | 173 | 38% | 435 | 566 | 30% | ||||||||||||||||||||||||
Total EMEA | 1,989 | 2,264 | 2,185 | 2,533 | 2,457 | 2,599 | 2,555 | 2,861 | 13% | 8,971 | 10,472 | 17% | ||||||||||||||||||||||||
Japan | ||||||||||||||||||||||||||||||||||||
Consumer | 796 | 933 | 1,027 | 967 | 887 | 789 | 801 | 802 | (17)% | 3,723 | 3,279 | (12)% | ||||||||||||||||||||||||
Corporate | 63 | 27 | 170 | 30 | 60 | 91 | 143 | 180 | NM | 290 | 474 | 63% | ||||||||||||||||||||||||
Investment Management | 66 | 70 | 64 | 70 | 75 | 85 | 94 | 82 | 17% | 270 | 336 | 24% | ||||||||||||||||||||||||
Total Japan | 925 | 1,030 | 1,261 | 1,067 | 1,022 | 965 | 1,038 | 1,064 | — | 4,283 | 4,089 | (5)% | ||||||||||||||||||||||||
Asia (excluding Japan) | ||||||||||||||||||||||||||||||||||||
Consumer | 616 | 645 | 682 | 702 | 692 | 731 | 766 | 790 | 13% | 2,645 | 2,979 | 13% | ||||||||||||||||||||||||
Corporate | 608 | 640 | 604 | 551 | 587 | 623 | 676 | 694 | 26% | 2,403 | 2,580 | 7% | ||||||||||||||||||||||||
Investment Management | 101 | 106 | 95 | 121 | 130 | 159 | 162 | 163 | 35% | 423 | 614 | 45% | ||||||||||||||||||||||||
Total Asia | 1,325 | 1,391 | 1,381 | 1,374 | 1,409 | 1,513 | 1,604 | 1,647 | 20% | 5,471 | 6,173 | 13% | ||||||||||||||||||||||||
Latin America | ||||||||||||||||||||||||||||||||||||
Consumer | 322 | 76 | 126 | 157 | 182 | 185 | 238 | 207 | 32% | 681 | 812 | 19% | ||||||||||||||||||||||||
Corporate | 384 | 451 | 304 | 491 | 428 | 483 | 381 | 354 | (28)% | 1,630 | 1,646 | 1% | ||||||||||||||||||||||||
Investment Management | 79 | 119 | 94 | 50 | 90 | 105 | (29 | ) | 90 | 80% | 342 | 256 | (25)% | |||||||||||||||||||||||
Total Latin America | 785 | 646 | 524 | 698 | 700 | 773 | 590 | 651 | (7)% | 2,653 | 2,714 | 2% | ||||||||||||||||||||||||
Proprietary Investment Activities | 111 | (49 | ) | (67 | ) | (30 | ) | 94 | 168 | 459 | 287 | NM | (35 | ) | 1,008 | NM | ||||||||||||||||||||
Corporate / Other | 143 | 316 | 184 | 142 | 175 | 200 | 174 | 138 | (3)% | 785 | 687 | (12)% | ||||||||||||||||||||||||
Total Net Revenues | $ | 17,798 | $ | 17,993 | $ | 17,644 | $ | 17,873 | $ | 18,536 | $ | 19,354 | $ | 19,398 | $ | 20,154 | 13% | $ | 71,308 | $ | 77,442 | 9% | ||||||||||||||
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 | 4Q 2003 | 4Q 2003 vs. 4Q 2002 Increase/ (Decrease) | YTD 4Q 2002 | YTD 4Q 2003 | YTD 4Q 2003 vs. YTD 4Q 2002 Increase/ (Decrease) | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 3,121 | $ | 3,207 | $ | 3,714 | $ | 3,646 | $ | 3,333 | $ | 3,309 | $ | 3,542 | $ | 4,485 | 23 | % | $ | 13,688 | $ | 14,669 | 7 | % | |||||||||||||
Effect of Securitization Activities | 1,013 | 1,081 | 960 | 1,061 | 1,102 | 1,208 | 1,210 | 1,230 | 16 | % | 4,115 | 4,750 | 15 | % | |||||||||||||||||||||||
Adjusted Revenues, Net of Interest Expense (1) | 4,134 | 4,288 | 4,674 | 4,707 | 4,435 | 4,517 | 4,752 | 5,715 | 21 | % | 17,803 | 19,419 | 9 | % | |||||||||||||||||||||||
Total Operating Expenses | 1,327 | 1,381 | 1,418 | 1,409 | 1,446 | 1,463 | 1,508 | 1,810 | 28 | % | 5,535 | 6,227 | 13 | % | |||||||||||||||||||||||
Provision for Credit Losses | 897 | 729 | 978 | 806 | 774 | 678 | 540 | 943 | 17 | % | 3,410 | 2,935 | (14 | )% | |||||||||||||||||||||||
Effect of Securitization Activities | 1,013 | 1,081 | 960 | 1,061 | 1,102 | 1,208 | 1,210 | 1,230 | 16 | % | 4,115 | 4,750 | 15 | % | |||||||||||||||||||||||
Adjusted Provision for Credit Losses (1) | 1,910 | 1,810 | 1,938 | 1,867 | 1,876 | 1,886 | 1,750 | 2,173 | 16 | % | 7,525 | 7,685 | 2 | % | |||||||||||||||||||||||
Income Before Taxes | 897 | 1,097 | 1,318 | 1,431 | 1,113 | 1,168 | 1,494 | 1,732 | 21 | % | 4,743 | 5,507 | 16 | % | |||||||||||||||||||||||
Income Taxes | 318 | 375 | 469 | 500 | 378 | 400 | 509 | 589 | 18 | % | 1,662 | 1,876 | 13 | % | |||||||||||||||||||||||
Income from Continuing Operations | $ | 579 | $ | 722 | $ | 849 | $ | 931 | $ | 735 | $ | 768 | $ | 985 | $ | 1,143 | 23 | % | $ | 3,081 | $ | 3,631 | 18 | % | |||||||||||||
Average Assets (in billions of dollars) | $ | 57 | $ | 60 | $ | 66 | $ | 70 | $ | 68 | $ | 62 | $ | 64 | $ | 85 | 21 | % | $ | 63 | $ | 70 | 11 | % | |||||||||||||
Return on Assets | 4.12 | % | 4.83 | % | 5.10 | % | 5.28 | % | 4.38 | % | 4.97 | % | 6.11 | % | 5.33 | % | 4.89 | % | 5.19 | % | |||||||||||||||||
Return on Managed Assets | 1.94 | % | 2.40 | % | 2.61 | % | 2.82 | % | 2.23 | % | 2.35 | % | 2.92 | % | 2.87 | % | 2.50 | % | 2.73 | % | |||||||||||||||||
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 | $ | 163.5 | 24 | % | |||||||||||||||||||
EOP Open Accounts (in millions) | 104.5 | 104.4 | 101.4 | 102.2 | 100.6 | 99.2 | 112.3 | 145.0 | 42 | % | |||||||||||||||||||||||||||
Total Sales | $ | 62.3 | $ | 70.1 | $ | 71.1 | $ | 74.8 | $ | 65.7 | $ | 68.7 | $ | 72.6 | $ | 84.1 | 12 | % | $ | 278.3 | $ | 291.1 | 5 | % | |||||||||||||
Managed Net Interest Revenue (in millions of dollars)(1) | $ | 3,218 | $ | 3,163 | $ | 3,317 | $ | 3,372 | $ | 3,232 | $ | 3,265 | $ | 3,500 | $ | 4,334 | 29 | % | $ | 13,070 | $ | 14,331 | 10 | % | |||||||||||||
% of Average Managed Loans | 11.08 | % | 10.70 | % | 10.79 | % | 10.67 | % | 10.34 | % | 10.52 | % | 10.99 | % | 11.93 | % | |||||||||||||||||||||
Risk Adjusted Revenue (in millions of dollars)(3) | $ | 2,341 | $ | 2,448 | $ | 2,910 | $ | 2,935 | $ | 2,603 | $ | 2,630 | $ | 2,963 | $ | 3,528 | 20 | % | $ | 10,634 | $ | 11,724 | 10 | % | |||||||||||||
% of Average Managed Loans | 8.06 | % | 8.29 | % | 9.47 | % | 9.29 | % | 8.33 | % | 8.47 | % | 9.30 | % | 9.71 | % | |||||||||||||||||||||
Average Managed Loans: | |||||||||||||||||||||||||||||||||||||
Securitized | $ | 66.8 | $ | 65.2 | $ | 64.6 | $ | 64.3 | $ | 67.7 | $ | 71.1 | $ | 72.1 | $ | 74.5 | 16 | % | $ | 65.2 | $ | 71.4 | 10 | % | |||||||||||||
Held for Sale | 6.5 | 6.5 | 6.5 | 6.5 | 5.1 | 3.0 | 4.1 | 0.6 | (91 | )% | 6.5 | 3.2 | (51 | )% | |||||||||||||||||||||||
On Balance Sheet | 34.3 | 36.3 | 40.0 | 43.2 | 42.4 | 38.6 | 37.5 | 55.1 | 28 | % | 38.5 | 43.4 | 13 | % | |||||||||||||||||||||||
North America Managed | 107.6 | 108.0 | 111.1 | 114.0 | 115.2 | 112.7 | 113.7 | 130.2 | 14 | % | 110.2 | 118.0 | 7 | % | |||||||||||||||||||||||
International | 10.2 | 10.5 | 10.8 | 11.3 | 11.6 | 11.8 | 12.7 | 13.9 | 23 | % | 10.7 | 12.5 | 17 | % | |||||||||||||||||||||||
Total Managed | $ | 117.8 | $ | 118.5 | $ | 121.9 | $ | 125.3 | $ | 126.8 | $ | 124.5 | $ | 126.4 | $ | 144.1 | 15 | % | $ | 120.9 | $ | 130.5 | 8 | % | |||||||||||||
Managed Net Credit Losses (in millions of dollars): | |||||||||||||||||||||||||||||||||||||
Securitized | $ | 935 | $ | 989 | $ | 874 | $ | 962 | $ | 1,024 | $ | 1,159 | $ | 1,127 | $ | 1,219 | 27 | % | $ | 3,760 | $ | 4,529 | 20 | % | |||||||||||||
Held for Sale | 78 | 92 | 86 | 99 | 78 | 49 | 83 | 11 | (89 | )% | 355 | 221 | (38 | )% | |||||||||||||||||||||||
On Balance Sheet | 668 | 638 | 656 | 592 | 613 | 543 | 443 | 822 | 39 | % | 2,554 | 2,421 | (5 | )% | |||||||||||||||||||||||
North America Managed | 1,681 | 1,719 | 1,616 | 1,653 | 1,715 | 1,751 | 1,653 | 2,052 | 24 | % | 6,669 | 7,171 | 8 | % | |||||||||||||||||||||||
International | 111 | 122 | 148 | 119 | 117 | 136 | 136 | 134 | 13 | % | 500 | 523 | 5 | % | |||||||||||||||||||||||
Total Managed | $ | 1,792 | $ | 1,841 | $ | 1,764 | $ | 1,772 | $ | 1,832 | $ | 1,887 | $ | 1,789 | $ | 2,186 | 23 | % | $ | 7,169 | $ | 7,694 | 7 | % | |||||||||||||
Coincident Managed Net Credit Loss Ratio | 6.17 | % | 6.23 | % | 5.74 | % | 5.61 | % | 5.86 | % | 6.08 | % | 5.62 | % | 6.02 | % | |||||||||||||||||||||
12 Month Lagged Managed Net Credit Loss Ratio | 6.50 | % | 6.58 | % | 6.02 | % | 5.96 | % | 6.31 | % | 6.39 | % | 5.82 | % | 6.92 | % | |||||||||||||||||||||
Loans 90+Days Past Due (in millions of dollars) | $ | 2,492 | $ | 2,260 | $ | 2,309 | $ | 2,397 | $ | 2,406 | $ | 2,313 | $ | 2,353 | $ | 3,392 | 42 | % | |||||||||||||||||||
% of EOP Managed Loans | 2.12 | % | 1.86 | % | 1.86 | % | 1.84 | % | 1.92 | % | 1.88 | % | 1.83 | % | 2.14 | % |
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 | 4Q 2003 | 4Q 2003 vs. 4Q 2002 Increase/ (Decrease) | YTD 4Q 2002 | YTD 4Q 2003 | YTD 4Q 2003 vs. YTD 4Q 2002 Increase/ (Decrease) | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 2,583 | $ | 2,635 | $ | 3,137 | $ | 3,047 | $ | 2,732 | $ | 2,702 | $ | 2,866 | $ | 3,739 | 23 | % | $ | 11,402 | $ | 12,039 | 6 | % | ||||||||||||
Effect of Securitization Activities | 1,013 | 1,081 | 960 | 1,061 | 1,102 | 1,208 | 1,210 | 1,230 | 16 | % | 4,115 | 4,750 | 15 | % | ||||||||||||||||||||||
Adjusted Revenues, Net of Interest Expense (1) | 3,596 | 3,716 | 4,097 | 4,108 | 3,834 | 3,910 | 4,076 | 4,969 | 21 | % | 15,517 | 16,789 | 8 | % | ||||||||||||||||||||||
Total Operating Expenses | 1,045 | 1,079 | 1,143 | 1,121 | 1,134 | 1,160 | 1,179 | 1,387 | 24 | % | 4,388 | 4,860 | 11 | % | ||||||||||||||||||||||
Provision for Credit Losses | 668 | 638 | 862 | 675 | 638 | 544 | 443 | 809 | 20 | % | 2,843 | 2,434 | (14 | %) | ||||||||||||||||||||||
Effect of Securitization Activities | 1,013 | 1,081 | 960 | 1,061 | 1,102 | 1,208 | 1,210 | 1,230 | 16 | % | 4,115 | 4,750 | 15 | % | ||||||||||||||||||||||
Adjusted Provision for Credit Losses (1) | 1,681 | 1,719 | 1,822 | 1,736 | 1,740 | 1,752 | 1,653 | 2,039 | 17 | % | 6,958 | 7,184 | 3 | % | ||||||||||||||||||||||
Income Before Taxes | 870 | 918 | 1,132 | 1,251 | 960 | 998 | 1,244 | 1,543 | 23 | % | 4,171 | 4,745 | 14 | % | ||||||||||||||||||||||
Income Taxes | 313 | 313 | 404 | 438 | 325 | 339 | 425 | 526 | 20 | % | 1,468 | 1,615 | 10 | % | ||||||||||||||||||||||
Income from Continuing Operations | $ | 557 | $ | 605 | $ | 728 | $ | 813 | $ | 635 | $ | 659 | $ | 819 | $ | 1,017 | 25 | % | $ | 2,703 | $ | 3,130 | 16 | % | ||||||||||||
Average Assets (in billions of dollars) | $ | 46 | $ | 49 | $ | 54 | $ | 58 | $ | 55 | $ | 49 | $ | 51 | $ | 70 | 21 | % | $ | 52 | $ | 56 | 8 | % | ||||||||||||
Return on Assets | 4.91 | % | 4.95 | % | 5.35 | % | 5.56 | % | 4.68 | % | 5.39 | % | 6.37 | % | 5.76 | % | 5.20 | % | 5.59 | % | ||||||||||||||||
Return on Managed Assets | 2.03 | % | 2.23 | % | 2.47 | % | 2.70 | % | 2.13 | % | 2.22 | % | 2.69 | % | 2.82 | % | 2.41 | % | 2.61 | % | ||||||||||||||||
KEY INDICATORS (in billions of dollars) | ||||||||||||||||||||||||||||||||||||
EOP Open Accounts (in millions) | 91.7 | 91.3 | 88.1 | 88.7 | 86.7 | 85.2 | 96.7 | 129.2 | 46 | % | ||||||||||||||||||||||||||
Total Sales | $ | 54.9 | $ | 61.9 | $ | 62.4 | $ | 65.7 | $ | 57.1 | $ | 59.7 | $ | 62.3 | $ | 72.4 | 10 | % | $ | 244.9 | $ | 251.5 | 3 | % | ||||||||||||
Average Managed Loans | $ | 107.6 | $ | 108.0 | $ | 111.1 | $ | 114.0 | $ | 115.2 | $ | 112.7 | $ | 113.7 | $ | 130.2 | 14 | % | $ | 110.2 | $ | 118.0 | 7 | % | ||||||||||||
EOP Managed Receivables(2) | $ | 108.5 | $ | 111.5 | $ | 114.1 | $ | 119.8 | $ | 115.5 | $ | 113.3 | $ | 117.4 | $ | 148.8 | 24 | % | ||||||||||||||||||
Managed Net Interest Revenue (in millions of dollars)(1) | $ | 2,883 | $ | 2,816 | $ | 2,952 | $ | 2,992 | $ | 2,838 | $ | 2,884 | $ | 3,095 | $ | 3,880 | 30 | % | $ | 11,643 | $ | 12,697 | 9 | % | ||||||||||||
% of Average Managed Loans | 10.86 | % | 10.46 | % | 10.55 | % | 10.41 | % | 9.99 | % | 10.27 | % | 10.80 | % | 11.82 | % | ||||||||||||||||||||
Risk Adjusted Revenue (in millions of dollars)(3) | $ | 1,915 | $ | 1,997 | $ | 2,481 | $ | 2,455 | $ | 2,119 | $ | 2,159 | $ | 2,423 | $ | 2,917 | 19 | % | $ | 8,848 | $ | 9,618 | 9 | % | ||||||||||||
% of Average Managed Loans | 7.22 | % | 7.41 | % | 8.87 | % | 8.54 | % | 7.46 | % | 7.68 | % | 8.45 | % | 8.89 | % | ||||||||||||||||||||
Managed Net Credit Losses (in millions of dollars) | $ | 1,681 | $ | 1,719 | $ | 1,616 | $ | 1,653 | $ | 1,715 | $ | 1,751 | $ | 1,653 | $ | 2,052 | 24 | % | ||||||||||||||||||
Coincident Managed Net Credit Loss Ratio | 6.33 | % | 6.38 | % | 5.77 | % | 5.75 | % | 6.04 | % | 6.23 | % | 5.77 | % | 6.25 | % | ||||||||||||||||||||
12 Month Lagged Managed Net Credit Loss Ratio | 6.67 | % | 6.73 | % | 6.05 | % | 6.10 | % | 6.46 | % | 6.50 | % | 5.91 | % | 7.14 | % | ||||||||||||||||||||
Loans 90+ Days Past Due (in millions of dollars) | $ | 2,293 | $ | 2,025 | $ | 2,107 | $ | 2,185 | $ | 2,180 | $ | 2,066 | $ | 2,098 | $ | 3,133 | 43 | % | ||||||||||||||||||
% of EOP Managed Loans | 2.13 | % | 1.83 | % | 1.87 | % | 1.85 | % | 1.91 | % | 1.86 | % | 1.82 | % | 2.18 | % | ||||||||||||||||||||
SUPPLEMENTAL DISCLOSURE: | ||||||||||||||||||||||||||||||||||||
End of Period Managed Receivables:(2) | ||||||||||||||||||||||||||||||||||||
Bankcards | $ | 101.2 | $ | 104.2 | $ | 106.8 | $ | 112.4 | $ | 108.6 | $ | 106.8 | $ | 104.3 | $ | 119.8 | 7 | % | ||||||||||||||||||
Private Label | 7.3 | 7.3 | 7.3 | 7.4 | 6.9 | 6.5 | 13.1 | 29.0 | NM | |||||||||||||||||||||||||||
Managed Net Interest Revenue:(1) | ||||||||||||||||||||||||||||||||||||
Bankcards | $ | 2,523 | $ | 2,424 | $ | 2,584 | $ | 2,590 | $ | 2,489 | $ | 2,550 | $ | 2,572 | $ | 2,939 | 13 | % | ||||||||||||||||||
Private Label | 360 | 392 | 368 | 402 | 349 | 334 | 517 | 941 | NM | |||||||||||||||||||||||||||
% of Average Managed Loans: | ||||||||||||||||||||||||||||||||||||
Bankcards | 10.22 | % | 9.63 | % | 9.86 | % | 9.59 | % | 9.33 | % | 9.63 | % | 9.89 | % | 10.73 | % | �� | |||||||||||||||||||
Private Label | 19.19 | % | 21.40 | % | 19.99 | % | 22.11 | % | 19.79 | % | 19.99 | % | 19.96 | % | 17.35 | % | ||||||||||||||||||||
Managed Net Credit Losses (in millions of dollars): | ||||||||||||||||||||||||||||||||||||
Bankcards | $ | 1,486 | $ | 1,527 | $ | 1,429 | $ | 1,452 | $ | 1,530 | $ | 1,571 | $ | 1,500 | $ | 1,691 | 16 | % | ||||||||||||||||||
Private Label | 195 | 192 | 187 | 201 | 185 | 180 | 153 | 361 | 80 | % | ||||||||||||||||||||||||||
Coincident Managed Net Credit Loss Ratio: | ||||||||||||||||||||||||||||||||||||
Bankcards | 6.03 | % | 6.09 | % | 5.46 | % | 5.39 | % | 5.74 | % | 5.95 | % | 5.75 | % | 6.17 | % | ||||||||||||||||||||
Private Label(4) | 10.40 | % | 10.48 | % | 10.16 | % | 11.05 | % | 10.49 | % | 10.77 | % | 5.91 | % | 6.65 | % | ||||||||||||||||||||
Loans 90+ Days Past Due: | ||||||||||||||||||||||||||||||||||||
In Millions of Dollars: | ||||||||||||||||||||||||||||||||||||
Bankcards | $ | 2,069 | $ | 1,825 | $ | 1,882 | $ | 1,966 | $ | 1,963 | $ | 1,885 | $ | 1,890 | $ | 2,210 | 12 | % | ||||||||||||||||||
Private Label | 224 | 200 | 225 | 219 | 217 | 181 | 208 | 923 | NM | |||||||||||||||||||||||||||
% of EOP Managed Loans: | ||||||||||||||||||||||||||||||||||||
Bankcards | 2.06 | % | 1.76 | % | 1.78 | % | 1.77 | % | 1.83 | % | 1.79 | % | 1.84 | % | 1.88 | % | ||||||||||||||||||||
Private Label(4) | 3.06 | % | 2.75 | % | 3.13 | % | 3.00 | % | 3.16 | % | 3.00 | % | 1.67 | % | 3.55 | % |
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 | 4Q 2003 | 4Q 2003 vs. 4Q 2002 Increase/ (Decrease) | YTD 4Q 2002 | YTD 4Q 2003 | YTD 4Q 2003 vs. YTD 4Q 2002 Increase/ (Decrease) | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 538 | $ | 572 | $ | 577 | $ | 599 | $ | 601 | $ | 607 | $ | 676 | $ | 746 | 25 | % | $ | 2,286 | $ | 2,630 | 15 | % | ||||||||||||||
Total Operating Expenses | 282 | 302 | 275 | 288 | 312 | 303 | 329 | 423 | 47 | % | 1,147 | 1,367 | 19 | % | ||||||||||||||||||||||||
Provision for Credit Losses | 229 | 91 | 116 | 131 | 136 | 134 | 97 | 134 | 2 | % | 567 | 501 | (12 | )% | ||||||||||||||||||||||||
Income Before Taxes | 27 | 179 | 186 | 180 | 153 | 170 | 250 | 189 | 5 | % | 572 | 762 | 33 | % | ||||||||||||||||||||||||
Income Taxes | 5 | 62 | 65 | 62 | 53 | 61 | 84 | 63 | 2 | % | 194 | 261 | 35 | % | ||||||||||||||||||||||||
Income from Continuing Operations | $ | 22 | $ | 117 | $ | 121 | $ | 118 | $ | 100 | $ | 109 | $ | 166 | $ | 126 | 7 | % | $ | 378 | $ | 501 | 33 | % | ||||||||||||||
�� | ||||||||||||||||||||||||||||||||||||||
Average Assets (in billions of dollars) | $ | 11 | $ | 11 | $ | 12 | $ | 12 | $ | 13 | $ | 13 | $ | 13 | $ | 15 | 25 | % | $ | 11 | $ | 14 | 27 | % | ||||||||||||||
Return on Assets | 0.81 | % | 4.27 | % | 4.00 | % | 3.90 | % | 3.12 | % | 3.36 | % | 5.07 | % | 3.33 | % | 3.44 | % | 3.58 | % | ||||||||||||||||||
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 | $ | 14.7 | 23 | % | ||||||||||||||||||||
EOP Open Accounts (in millions) | 12.8 | 13.1 | 13.3 | 13.5 | 13.9 | 14.0 | 15.6 | 15.8 | 17 | % | ||||||||||||||||||||||||||||
Total Sales | $ | 7.4 | $ | 8.2 | $ | 8.7 | $ | 9.1 | $ | 8.6 | $ | 9.0 | $ | 10.3 | $ | 11.7 | 29 | % | $ | 33.4 | $ | 39.6 | 19 | % | ||||||||||||||
Net Interest Revenue (in millions of dollars) | $ | 335 | $ | 347 | $ | 365 | $ | 380 | $ | 394 | $ | 381 | $ | 405 | $ | 454 | 19 | % | $ | 1,427 | $ | 1,634 | 15 | % | ||||||||||||||
% of Average Loans | 13.38 | % | 13.24 | % | 13.33 | % | 13.39 | % | 13.82 | % | 12.90 | % | 12.71 | % | 12.98 | % | ||||||||||||||||||||||
Risk Adjusted Revenue (in millions of dollars)(2) | $ | 426 | $ | 451 | $ | 429 | $ | 480 | $ | 484 | $ | 471 | $ | 540 | $ | 611 | 27 | % | $ | 1,786 | $ | 2,106 | 18 | % | ||||||||||||||
% of Average Loans | 17.07 | % | 17.28 | % | 15.67 | % | 16.91 | % | 17.02 | % | 15.97 | % | 16.97 | % | 17.51 | % | ||||||||||||||||||||||
Average Loans: | ||||||||||||||||||||||||||||||||||||||
EMEA | $ | 2.9 | $ | 3.1 | $ | 3.3 | $ | 3.8 | $ | 4.0 | $ | 4.1 | $ | 4.6 | $ | 5.2 | 37 | % | $ | 3.3 | $ | 4.5 | 36 | % | ||||||||||||||
Japan | 1.0 | 1.1 | 1.1 | 1.1 | 1.0 | 1.0 | 1.1 | 1.2 | 9 | % | 1.1 | 1.1 | — | |||||||||||||||||||||||||
Asia (excluding Japan) | 5.5 | 5.8 | 5.9 | 6.0 | 6.2 | 6.3 | 6.6 | 7.0 | 17 | % | 5.8 | 6.5 | 12 | % | ||||||||||||||||||||||||
Latin America | 0.8 | 0.5 | 0.5 | 0.4 | 0.4 | 0.4 | 0.4 | 0.5 | 25 | % | 0.5 | 0.4 | (20 | )% | ||||||||||||||||||||||||
Total | $ | 10.2 | $ | 10.5 | $ | 10.8 | $ | 11.3 | $ | 11.6 | $ | 11.8 | $ | 12.7 | $ | 13.9 | 23 | % | $ | 10.7 | $ | 12.5 | 17 | % | ||||||||||||||
Net Credit Losses (in millions of dollars) | $ | 111 | $ | 122 | $ | 148 | $ | 119 | $ | 117 | $ | 136 | $ | 136 | $ | 134 | 13 | % | ||||||||||||||||||||
Coincident Net Credit Loss Ratio | 4.46 | % | 4.64 | % | 5.41 | % | 4.21 | % | 4.09 | % | 4.60 | % | 4.27 | % | 3.84 | % | ||||||||||||||||||||||
12 Month Lagged Net Credit Loss Ratio | 4.76 | % | 4.99 | % | 5.71 | % | 4.57 | % | 4.67 | % | 5.21 | % | 4.96 | % | 4.73 | % | ||||||||||||||||||||||
Loans 90+Days Past Due (in millions of dollars) | $ | 199 | $ | 235 | $ | 202 | $ | 212 | $ | 226 | $ | 247 | $ | 255 | $ | 259 | 22 | % | ||||||||||||||||||||
% of EOP Loans | 2.00 | % | 2.17 | % | 1.85 | % | 1.78 | % | 1.97 | % | 2.04 | % | 1.88 | % | 1.76 | % |
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 | 4Q 2003 | 4Q 2003 vs. 4Q 2002 Increase/ (Decrease) | YTD 4Q 2002 | YTD 4Q 2003 | YTD 4Q 2003 vs. YTD 4Q 2002 Increase/ (Decrease) | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 2,332 | $ | 2,449 | $ | 2,462 | $ | 2,564 | $ | 2,532 | $ | 2,431 | $ | 2,499 | $ | 2,541 | (1 | )% | $ | 9,807 | $ | 10,003 | 2 | % | ||||||||||||||
Total Operating Expenses | 755 | 789 | 776 | 794 | 865 | 835 | 867 | 921 | 16 | % | 3,114 | 3,488 | 12 | % | ||||||||||||||||||||||||
Provisions for Benefits, Claims and Credit Losses | 750 | 775 | 844 | 925 | 930 | 957 | 925 | 915 | (1 | )% | 3,294 | 3,727 | 13 | % | ||||||||||||||||||||||||
Income Before Taxes | 827 | 885 | 842 | 845 | 737 | 639 | 707 | 705 | (17 | )% | 3,399 | 2,788 | (18 | )% | ||||||||||||||||||||||||
Income Taxes | 297 | 317 | 303 | 283 | 252 | 131 | 240 | 237 | (16 | )% | 1,200 | 860 | (28 | )% | ||||||||||||||||||||||||
Income from Continuing Operations | $ | 530 | $ | 568 | $ | 539 | $ | 562 | $ | 485 | $ | 508 | $ | 467 | $ | 468 | (17 | )% | $ | 2,199 | $ | 1,928 | (12 | )% | ||||||||||||||
Average Assets (in billions of dollars) | $ | 91 | $ | 94 | $ | 98 | $ | 100 | $ | 104 | $ | 105 | $ | 104 | $ | 106 | 6 | % | $ | 96 | $ | 105 | 9 | % | ||||||||||||||
Return on Assets | 2.36 | % | 2.42 | % | 2.18 | % | 2.23 | % | 1.89 | % | 1.94 | % | 1.78 | % | 1.75 | % | 2.29 | % | 1.84 | % | ||||||||||||||||||
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 | $ | 53.3 | 7 | % | $ | 48.0 | $ | 52.1 | 9 | % | ||||||||||||||
Personal loans | 20.1 | 21.4 | 22.7 | 22.2 | 22.5 | 22.2 | 22.1 | 23.6 | 6 | % | 21.6 | 22.6 | 5 | % | ||||||||||||||||||||||||
Auto | 7.4 | 7.9 | 8.4 | 9.8 | 10.8 | 11.1 | 11.2 | 10.9 | 11 | % | 8.4 | 11.0 | 31 | % | ||||||||||||||||||||||||
Sales finance and other | 3.3 | 4.1 | 4.1 | 4.5 | 4.5 | 4.8 | 5.3 | 5.5 | 22 | % | 4.0 | 5.0 | 25 | % | ||||||||||||||||||||||||
Total | $ | 77.2 | $ | 80.7 | $ | 83.4 | $ | 86.5 | $ | 88.8 | $ | 89.8 | $ | 90.8 | $ | 93.3 | 8 | % | $ | 82.0 | $ | 90.7 | 11 | % | ||||||||||||||
Average Yield | 14.77 | % | 14.79 | % | 14.51 | % | 14.19 | % | 14.11 | % | 13.46 | % | 13.28 | % | 13.22 | % | ||||||||||||||||||||||
Average Net Interest Margin | 10.58 | % | 10.82 | % | 10.62 | % | 10.48 | % | 10.55 | % | 9.99 | % | 9.96 | % | 9.92 | % | ||||||||||||||||||||||
Net Credit Loss Ratio | 3.52 | % | 3.60 | % | 3.71 | % | 3.91 | % | 3.91 | % | 4.01 | % | 3.92 | % | 3.68 | % | ||||||||||||||||||||||
Loans 90+ Days Past Due (in millions of dollars) | $ | 2,242 | $ | 2,166 | $ | 2,179 | $ | 2,197 | $ | 2,183 | $ | 2,182 | $ | 2,127 | $ | 2,221 | 1 | % | ||||||||||||||||||||
% of EOP Loans | 2.86 | % | 2.62 | % | 2.60 | % | 2.48 | % | 2.45 | % | 2.41 | % | 2.30 | % | 2.36 | % | ||||||||||||||||||||||
Number of Offices: | ||||||||||||||||||||||||||||||||||||||
North America | 2,394 | 2,410 | 2,420 | 2,411 | 2,394 | 2,394 | 2,390 | 2,328 | (3 | )% | ||||||||||||||||||||||||||||
International | 1,142 | 1,199 | 1,187 | 1,137 | 1,103 | 1,113 | 1,038 | 875 | (23 | )% | ||||||||||||||||||||||||||||
Total | 3,536 | 3,609 | 3,607 | 3,548 | 3,497 | 3,507 | 3,428 | 3,203 | (10 | )% | ||||||||||||||||||||||||||||
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 | 4Q 2003 | 4Q 2003 vs. 4Q 2002 Increase/ (Decrease) | YTD 4Q 2002 | YTD 4Q 2003 | YTD 4Q 2003 vs. YTD 4Q 2002 Increase/ (Decrease) | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 1,520 | $ | 1,512 | $ | 1,495 | $ | 1,585 | $ | 1,629 | $ | 1,619 | $ | 1,665 | $ | 1,689 | 7 | % | $ | 6,112 | $ | 6,602 | 8 | % | |||||||||||||
Total Operating Expenses | 491 | 460 | 462 | 480 | 537 | 512 | 523 | 539 | 12 | % | 1,893 | 2,111 | 12 | % | |||||||||||||||||||||||
Provisions for Benefits, Claims and Credit Losses | 508 | 520 | 496 | 550 | 559 | 566 | 552 | 558 | 1 | % | 2,074 | 2,235 | 8 | % | |||||||||||||||||||||||
Income Before Taxes | 521 | 532 | 537 | 555 | 533 | 541 | 590 | 592 | 7 | % | 2,145 | 2,256 | 5 | % | |||||||||||||||||||||||
Income Taxes | 190 | 195 | 196 | 197 | 197 | 200 | 218 | 217 | 10 | % | 778 | 832 | 7 | % | |||||||||||||||||||||||
Income from Continuing Operations | $ | 331 | $ | 337 | $ | 341 | $ | 358 | $ | 336 | $ | 341 | $ | 372 | $ | 375 | 5 | % | $ | 1,367 | $ | 1,424 | 4 | % | |||||||||||||
Average Assets (in billions of dollars) | $ | 69 | $ | 70 | $ | 72 | $ | 75 | $ | 78 | $ | 78 | $ | 79 | $ | 81 | 8 | % | $ | 72 | $ | 79 | 10 | % | |||||||||||||
Return on Assets | 1.95 | % | 1.93 | % | 1.88 | % | 1.89 | % | 1.75 | % | 1.75 | % | 1.87 | % | 1.84 | % | 1.90 | % | 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 | $ | 47.5 | 7 | % | $ | 42.7 | $ | 46.0 | 8 | % | |||||||||||||
Personal loans | 9.9 | 10.1 | 10.2 | 10.3 | 10.4 | 10.5 | 10.6 | 10.7 | 4 | % | 10.1 | 10.6 | 5 | % | |||||||||||||||||||||||
Auto | 5.4 | 5.8 | 6.2 | 7.8 | 8.8 | 9.2 | 9.5 | 9.8 | 26 | % | 6.3 | 9.3 | 48 | % | |||||||||||||||||||||||
Sales finance and other | 2.8 | 2.9 | 3.3 | 3.5 | 3.8 | 3.8 | 4.1 | 4.2 | 20 | % | 3.1 | 4.0 | 29 | % | |||||||||||||||||||||||
Total | $ | 59.8 | $ | 60.9 | $ | 62.3 | $ | 65.9 | $ | 68.0 | $ | 69.1 | $ | 70.4 | $ | 72.2 | 10 | % | $ | 62.2 | $ | 69.9 | 12 | % | |||||||||||||
Average Yield | 13.36 | % | 13.06 | % | 12.76 | % | 12.56 | % | 12.53 | % | 12.20 | % | 11.99 | % | 11.81 | % | |||||||||||||||||||||
Average Net Interest Margin | 8.64 | % | 8.45 | % | 8.29 | % | 8.33 | % | 8.56 | % | 8.36 | % | 8.34 | % | 8.33 | % | |||||||||||||||||||||
Net Credit Loss Ratio | 3.00 | % | 3.10 | % | 2.79 | % | 3.10 | % | 3.06 | % | 2.98 | % | 2.93 | % | 2.81 | % | |||||||||||||||||||||
Loans 90+ Days Past Due (in millions of dollars) | $ | 1,979 | $ | 1,828 | $ | 1,777 | $ | 1,786 | $ | 1,786 | $ | 1,681 | $ | 1,642 | $ | 1,683 | (6 | )% | |||||||||||||||||||
% of EOP Loans | 3.28 | % | 2.97 | % | 2.82 | % | 2.64 | % | 2.60 | % | 2.40 | % | 2.29 | % | 2.32 | % | |||||||||||||||||||||
Number of Offices: | |||||||||||||||||||||||||||||||||||||
North America (excluding Mexico) | 2,278 | 2,280 | 2,288 | 2,267 | 2,248 | 2,240 | 2,228 | 2,166 | (4 | )% | |||||||||||||||||||||||||||
Mexico | 116 | 130 | 132 | 144 | 146 | 154 | 162 | 162 | 13 | % | |||||||||||||||||||||||||||
Total | 2,394 | 2,410 | 2,420 | 2,411 | 2,394 | 2,394 | 2,390 | 2,328 | (3 | )% | |||||||||||||||||||||||||||
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 | 4Q 2003 | 4Q 2003 vs. 4Q 2002 Increase/ (Decrease) | YTD 4Q 2002 | YTD 4Q 2003 | YTD 4Q 2003 vs. YTD 4Q 2002 Increase/ (Decrease) | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 812 | $ | 937 | $ | 967 | $ | 979 | $ | 903 | $ | 812 | $ | 834 | $ | 852 | (13 | )% | $ | 3,695 | $ | 3,401 | (8 | )% | |||||||||||||
Total Operating Expenses | 264 | 329 | 314 | 314 | 328 | 323 | 344 | 382 | 22 | % | 1,221 | 1,377 | 13 | % | |||||||||||||||||||||||
Provisions for Benefits, Claims and Credit Losses | 242 | 255 | 348 | 375 | 371 | 391 | 373 | 357 | (5 | )% | 1,220 | 1,492 | 22 | % | |||||||||||||||||||||||
Income Before Taxes | 306 | 353 | 305 | 290 | 204 | 98 | 117 | 113 | (61 | )% | 1,254 | 532 | (58 | )% | |||||||||||||||||||||||
Income Taxes | 107 | 122 | 107 | 86 | 55 | (69 | ) | 22 | 20 | (77 | )% | 422 | 28 | (93 | )% | ||||||||||||||||||||||
Income from Continuing Operations | $ | 199 | $ | 231 | $ | 198 | $ | 204 | $ | 149 | $ | 167 | $ | 95 | $ | 93 | (54 | )% | $ | 832 | $ | 504 | (39 | )% | |||||||||||||
Average Assets (in billions of dollars) | $ | 22 | $ | 24 | $ | 26 | $ | 25 | $ | 26 | $ | 27 | $ | 25 | $ | 25 | — | $ | 24 | $ | 26 | 8 | % | ||||||||||||||
Return on Assets | 3.67 | % | 3.86 | % | 3.02 | % | 3.24 | % | 2.32 | % | 2.48 | % | 1.51 | % | 1.48 | % | 3.47 | % | 1.94 | % | |||||||||||||||||
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 | $ | 5.8 | 2 | % | $ | 5.3 | $ | 6.1 | 15 | % | |||||||||||||
Personal loans | 10.2 | 11.3 | 12.5 | 11.9 | 12.1 | 11.7 | 11.5 | 12.9 | 8 | % | 11.5 | 12.0 | 4 | % | |||||||||||||||||||||||
Auto | 2.0 | 2.1 | 2.2 | 2.0 | 2.0 | 1.9 | 1.7 | 1.1 | (45 | )% | 2.1 | 1.7 | (19 | )% | |||||||||||||||||||||||
Sales finance and other | 0.5 | 1.2 | 0.8 | 1.0 | 0.7 | 1.0 | 1.2 | 1.3 | 30 | % | 0.9 | 1.0 | 11 | % | |||||||||||||||||||||||
Total | $ | 17.4 | $ | 19.8 | $ | 21.1 | $ | 20.6 | $ | 20.8 | $ | 20.7 | $ | 20.4 | $ | 21.1 | 2 | % | $ | 19.8 | $ | 20.8 | 5 | % | |||||||||||||
Average Yield | 19.54 | % | 20.17 | % | 19.68 | % | 19.42 | % | 19.20 | % | 17.66 | % | 17.72 | % | 18.04 | % | |||||||||||||||||||||
Average Net Interest Margin | 17.17 | % | 18.17 | % | 17.53 | % | 17.32 | % | 16.94 | % | 15.40 | % | 15.53 | % | 15.33 | % | |||||||||||||||||||||
Net Credit Loss Ratio | 5.32 | % | 5.16 | % | 6.42 | % | 6.48 | % | 6.69 | % | 7.43 | % | 7.34 | % | 6.65 | % | |||||||||||||||||||||
Loans 90+ Days Past Due (in millions of dollars) | $ | 263 | $ | 338 | $ | 402 | $ | 411 | $ | 397 | $ | 501 | $ | 485 | $ | 538 | 31 | % | |||||||||||||||||||
% of EOP Loans | 1.46 | % | 1.61 | % | 1.94 | % | 1.98 | % | 1.93 | % | 2.45 | % | 2.32 | % | 2.50 | % | |||||||||||||||||||||
Number of Offices: | |||||||||||||||||||||||||||||||||||||
EMEA | 129 | 130 | 129 | 133 | 135 | 168 | 176 | 187 | 41 | % | |||||||||||||||||||||||||||
Japan | 879 | 940 | 940 | 884 | 840 | 813 | 739 | 552 | (38 | )% | |||||||||||||||||||||||||||
Asia (excluding Japan) | 31 | 31 | 32 | 36 | 49 | 50 | 64 | 71 | 97 | % | |||||||||||||||||||||||||||
Latin America | 103 | 98 | 86 | 84 | 79 | 82 | 59 | 65 | (23 | )% | |||||||||||||||||||||||||||
Total | 1,142 | 1,199 | 1,187 | 1,137 | 1,103 | 1,113 | 1,038 | 875 | (23 | )% | |||||||||||||||||||||||||||
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 | 4Q 2003 | 4Q 2003 vs. 4Q 2002 Increase/ (Decrease) | YTD 4Q 2002 | YTD 4Q 2003 | YTD 4Q 2003 vs. YTD 4Q 2002 Increase/ (Decrease) | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 3,523 | $ | 3,409 | $ | 3,549 | $ | 3,700 | $ | 3,961 | $ | 4,243 | $ | 4,135 | $ | 4,066 | 10 | % | $ | 14,181 | $ | 16,405 | 16 | % | |||||||||||||
Total Operating Expenses | 1,942 | 1,910 | 1,826 | 2,024 | 2,102 | 2,241 | 2,226 | 2,296 | 13 | % | 7,702 | 8,865 | 15 | % | |||||||||||||||||||||||
Provisions for Benefits, Claims and Credit Losses | 535 | 485 | 382 | 353 | 419 | 429 | 254 | 274 | (22 | )% | 1,755 | 1,376 | (22 | )% | |||||||||||||||||||||||
Income Before Taxes and Minority Interest | 1,046 | 1,014 | 1,341 | 1,323 | 1,440 | 1,573 | 1,655 | 1,496 | 13 | % | 4,724 | 6,164 | 30 | % | |||||||||||||||||||||||
Income Taxes | 374 | 360 | 469 | 452 | 448 | 513 | 561 | 419 | (7 | )% | 1,655 | 1,941 | 17 | % | |||||||||||||||||||||||
Minority Interest, Net of Tax | 10 | 9 | 8 | 11 | 18 | 11 | 8 | 10 | (9 | )% | 38 | 47 | 24 | % | |||||||||||||||||||||||
Income from Continuing Operations | $ | 662 | $ | 645 | $ | 864 | $ | 860 | $ | 974 | $ | 1,049 | $ | 1,086 | $ | 1,067 | 24 | % | $ | 3,031 | $ | 4,176 | 38 | % | |||||||||||||
Average Assets (in billions of dollars) | $ | 177 | $ | 179 | $ | 183 | $ | 209 | $ | 227 | $ | 230 | $ | 234 | $ | 237 | 13 | % | $ | 187 | $ | 232 | 24 | % | |||||||||||||
Return on Assets | 1.52 | % | 1.45 | % | 1.87 | % | 1.63 | % | 1.74 | % | 1.83 | % | 1.84 | % | 1.79 | % | 1.62 | % | 1.80 | % | |||||||||||||||||
KEY INDICATORS: | |||||||||||||||||||||||||||||||||||||
Average Customer Deposits (in billions of dollars): | |||||||||||||||||||||||||||||||||||||
North America (1) | $ | 125.7 | $ | 124.1 | $ | 123.9 | $ | 141.7 | $ | 153.0 | $ | 154.1 | $ | 154.6 | $ | 151.8 | 7 | % | $ | 128.9 | $ | 153.4 | 19 | % | |||||||||||||
International | 77.0 | 79.1 | 79.5 | 79.6 | 81.4 | 84.3 | 87.0 | 92.0 | 16 | % | 78.8 | 86.2 | 9 | % | |||||||||||||||||||||||
Total | $ | 202.7 | $ | 203.2 | $ | 203.4 | $ | 221.3 | $ | 234.4 | $ | 238.4 | $ | 241.6 | $ | 243.8 | 10 | % | $ | 207.7 | $ | 239.6 | 15 | % | |||||||||||||
Average Loans (in billions of dollars): | |||||||||||||||||||||||||||||||||||||
North America | $ | 91.9 | $ | 91.4 | $ | 93.1 | $ | 113.9 | $ | 124.7 | $ | 122.1 | $ | 121.3 | $ | 123.8 | 9 | % | $ | 97.6 | $ | 122.9 | 26 | % | |||||||||||||
International | 33.7 | 34.8 | 35.2 | 33.4 | 34.7 | 35.6 | 35.8 | 37.7 | 13 | % | 34.3 | 36.0 | 5 | % | |||||||||||||||||||||||
Total | $ | 125.6 | $ | 126.2 | $ | 128.3 | $ | 147.3 | $ | 159.4 | $ | 157.7 | $ | 157.1 | $ | 161.5 | 10 | % | $ | 131.9 | $ | 158.9 | 20 | % | |||||||||||||
Net Credit Loss Ratio—excluding Commercial Markets | 0.86 | % | 0.79 | % | 0.74 | % | 0.48 | % | 0.42 | % | 0.58 | % | 0.72 | % | 0.39 | % | |||||||||||||||||||||
Net Credit Loss Ratio—Commercial Markets | 1.66 | % | 2.55 | % | 1.50 | % | 1.38 | % | 1.65 | % | 1.30 | % | 0.47 | % | 0.93 | % | |||||||||||||||||||||
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 | $ | 3,802 | 4 | % | |||||||||||||||||||
% of EOP Loans | 3.40 | % | 3.46 | % | 3.39 | % | 3.18 | % | 3.18 | % | 3.29 | % | 3.19 | % | 3.07 | % | |||||||||||||||||||||
Cash Basis Loans—Commercial Markets (in millions of dollars) | $ | 1,321 | $ | 1,161 | $ | 1,234 | $ | 1,299 | $ | 1,250 | $ | 1,165 | $ | 1,283 | $ | 1,350 | 4 | % | |||||||||||||||||||
% of EOP Loans | 3.29 | % | 2.95 | % | 3.23 | % | 2.90 | % | 2.88 | % | 2.76 | % | 3.17 | % | 3.38 | % | |||||||||||||||||||||
EOP Accounts (in millions): | |||||||||||||||||||||||||||||||||||||
North America | 26.3 | 26.7 | 27.3 | 29.7 | 29.4 | 29.7 | 30.1 | 30.4 | 2 | % | |||||||||||||||||||||||||||
International | 17.3 | 18.2 | 17.8 | 17.0 | 17.0 | 17.3 | 17.5 | 17.7 | 4 | % | |||||||||||||||||||||||||||
Total | 43.6 | 44.9 | 45.1 | 46.7 | 46.4 | 47.0 | 47.6 | 48.1 | 3 | % | |||||||||||||||||||||||||||
Branches: | |||||||||||||||||||||||||||||||||||||
Citibanking North America | 461 | 459 | 458 | 812 | 781 | 779 | 782 | 779 | (4 | )% | |||||||||||||||||||||||||||
Mexico | 1,489 | 1,429 | 1,423 | 1,422 | 1,413 | 1,409 | 1,408 | 1,401 | (1 | )% | |||||||||||||||||||||||||||
International | 909 | 908 | 890 | 891 | 875 | 863 | 877 | 870 | (2 | )% | |||||||||||||||||||||||||||
Total | 2,859 | 2,796 | 2,771 | 3,125 | 3,069 | 3,051 | 3,067 | 3,050 | (2 | )% | |||||||||||||||||||||||||||
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 | 4Q 2003 | 4Q 2003 vs. 4Q 2002 Increase/ (Decrease) | YTD 4Q 2002 | YTD 4Q 2003 | YTD 4Q 2003 vs. YTD 4Q 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 | $ | 1,718 | 6 | % | $ | 5,919 | $ | 7,351 | 24 | % | |||||||||||||
Primerica Financial Services | 519 | 513 | 496 | 530 | 523 | 523 | 535 | 540 | 2 | % | 2,058 | 2,121 | 3 | % | |||||||||||||||||||||||
Mexico | 448 | 503 | 491 | 406 | 462 | 527 | 369 | 478 | 18 | % | 1,848 | 1,836 | (1 | )% | |||||||||||||||||||||||
Total Revenues, Net of Interest Expense | 2,399 | 2,461 | 2,402 | 2,563 | 2,782 | 2,995 | 2,795 | 2,736 | 7 | % | 9,825 | 11,308 | 15 | % | |||||||||||||||||||||||
Total Operating Expenses | 1,347 | 1,308 | 1,213 | 1,378 | 1,435 | 1,551 | 1,541 | 1,529 | 11 | % | 5,246 | 6,056 | 15 | % | |||||||||||||||||||||||
Provisions for Benefits, Claims and Credit Losses | 324 | 428 | 306 | 268 | 326 | 296 | 182 | 171 | (36 | )% | 1,326 | 975 | (26 | )% | |||||||||||||||||||||||
Income Before Taxes and Minority Interest | 728 | 725 | 883 | 917 | 1,021 | 1,148 | 1,072 | 1,036 | 13 | % | 3,253 | 4,277 | 31 | % | |||||||||||||||||||||||
Income Taxes | 267 | 258 | 303 | 312 | 316 | 372 | 359 | 300 | (4 | )% | 1,140 | 1,347 | 18 | % | |||||||||||||||||||||||
Minority Interest, Net of Tax | 10 | 9 | 8 | 11 | 18 | 11 | 8 | 10 | (9 | )% | 38 | 47 | 24 | % | |||||||||||||||||||||||
Income from Continuing Operations | $ | 451 | $ | 458 | $ | 572 | $ | 594 | $ | 687 | $ | 765 | $ | 705 | $ | 726 | 22 | % | $ | 2,075 | $ | 2,883 | 39 | % | |||||||||||||
Income from Continuing Operations by Business: | |||||||||||||||||||||||||||||||||||||
Citibanking North America, Consumer Assets and CitiCapital | $ | 326 | $ | 292 | $ | 339 | $ | 356 | $ | 459 | $ | 507 | $ | 485 | $ | 477 | 34 | % | $ | 1,313 | $ | 1,928 | 47 | % | |||||||||||||
Primerica Financial Services | 133 | 131 | 126 | 147 | 136 | 140 | 139 | 152 | 3 | % | 537 | 567 | 6 | % | |||||||||||||||||||||||
Mexico | (8 | ) | 35 | 107 | 91 | 92 | 118 | 81 | 97 | 7 | % | 225 | 388 | 72 | % | ||||||||||||||||||||||
Total | $ | 451 | $ | 458 | $ | 572 | $ | 594 | $ | 687 | $ | 765 | $ | 705 | $ | 726 | 22 | % | $ | 2,075 | $ | 2,883 | 39 | % | |||||||||||||
KEY INDICATORS: | |||||||||||||||||||||||||||||||||||||
Average Customer Deposits (in billions of dollars): | |||||||||||||||||||||||||||||||||||||
North America (excluding Mexico) (1) | $ | 98.9 | $ | 99.4 | $ | 101.6 | $ | 119.8 | $ | 131.7 | $ | 132.9 | $ | 134.5 | $ | 131.3 | 10 | % | $ | 105.0 | $ | 132.6 | 26 | % | |||||||||||||
Mexico | 26.8 | 24.7 | 22.3 | 21.9 | 21.3 | 21.2 | 20.1 | 20.5 | (6 | )% | 23.9 | 20.8 | (13 | )% | |||||||||||||||||||||||
Total | $ | 125.7 | $ | 124.1 | $ | 123.9 | $ | 141.7 | $ | 153.0 | $ | 154.1 | $ | 154.6 | $ | 151.8 | 7 | % | $ | 128.9 | $ | 153.4 | 19 | % | |||||||||||||
Average Loans by Type (in billions of dollars): | |||||||||||||||||||||||||||||||||||||
Mortgages | $ | 31.0 | $ | 32.7 | $ | 35.3 | $ | 51.3 | $ | 59.6 | $ | 58.1 | $ | 58.4 | $ | 61.6 | 20 | % | $ | 37.6 | $ | 59.4 | 58 | % | |||||||||||||
Student Loans | 19.2 | 19.2 | 19.9 | 21.3 | 22.0 | 22.3 | 22.7 | 23.5 | 10 | % | 19.9 | 22.6 | 14 | % | |||||||||||||||||||||||
Personal | 1.5 | 1.4 | 1.4 | 1.4 | 1.3 | 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 | 37.4 | (6 | )% | 37.8 | 39.6 | 5 | % | |||||||||||||||||||||||
Other | 1.5 | 1.4 | 0.5 | 0.3 | 0.1 | — | — | — | (100 | )% | 0.9 | — | (100 | )% | |||||||||||||||||||||||
Total | $ | 91.9 | $ | 91.4 | $ | 93.1 | $ | 113.9 | $ | 124.7 | $ | 122.1 | $ | 121.3 | $ | 123.8 | 9 | % | $ | 97.6 | $ | 122.9 | 26 | % | |||||||||||||
Net Credit Loss Ratio—excluding Commercial Markets | 0.58 | % | 0.69 | % | 0.41 | % | 0.20 | % | 0.17 | % | 0.29 | % | 0.10 | % | 0.11 | % | |||||||||||||||||||||
Net Credit Loss Ratio—Commercial Markets | 1.71 | % | 2.68 | % | 1.55 | % | 1.38 | % | 1.69 | % | 1.31 | % | 0.44 | % | 0.93 | % | |||||||||||||||||||||
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 | $ | 2,299 | (5 | )% | |||||||||||||||||||
% of EOP Loans | 3.43 | % | 3.44 | % | 3.20 | % | 2.90 | % | 2.87 | % | 3.00 | % | 2.80 | % | 2.60 | % | |||||||||||||||||||||
Cash Basis Loans—Commercial Markets (in millions of dollars) | $ | 1,281 | $ | 1,109 | $ | 1,152 | $ | 1,219 | $ | 1,173 | $ | 1,090 | $ | 1,213 | $ | 1,266 | 4 | % | |||||||||||||||||||
% of EOP Loans | 3.41 | % | 3.03 | % | 3.23 | % | 2.87 | % | 2.86 | % | 2.76 | % | 3.27 | % | 3.43 | % | |||||||||||||||||||||
Citibanking North America and Consumer Assets: | |||||||||||||||||||||||||||||||||||||
Investment Product Sales (in millions of dollars) (2) | $ | 1,357 | $ | 1,333 | $ | 1,344 | $ | 1,272 | $ | 1,350 | $ | 1,314 | $ | 1,462 | $ | 1,309 | 3 | % | |||||||||||||||||||
EOP Mortgage Servicing Portfolio (in billions of dollars) | $ | 74.9 | $ | 80.6 | $ | 82.0 | $ | 162.9 | $ | 155.4 | $ | 140.3 | $ | 137.3 | $ | 158.3 | (3 | )% | |||||||||||||||||||
Mortgage Originations (in billions of dollars) | $ | 10.7 | $ | 11.8 | $ | 12.7 | $ | 20.0 | $ | 21.3 | $ | 23.5 | $ | 36.9 | $ | 22.9 | 15 | % | |||||||||||||||||||
Student Loan Originations (in billions of dollars) | $ | 1.5 | $ | 0.7 | $ | 2.2 | $ | 1.6 | $ | 2.3 | $ | 0.7 | $ | 2.2 | $ | 1.5 | (6 | )% | |||||||||||||||||||
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 | $ | 503.6 | 8 | % | |||||||||||||||||||
Loan Volumes (in millions of dollars) (3) | $ | 1,253.8 | $ | 1,139.8 | $ | 1,105.4 | $ | 1,237.4 | $ | 1,259.6 | $ | 1,350.4 | $ | 1,460.0 | $ | 857.9 | (31 | )% | |||||||||||||||||||
Mutual Fund / UIT Sales at NAV (in millions of dollars) | $ | 937 | $ | 964 | $ | 718 | $ | 687 | $ | 706 | $ | 692 | $ | 712 | $ | 730 | 6 | % | |||||||||||||||||||
Variable Annuity Net Written Premiums & Deposits (in millions of dollars) | $ | 225 | $ | 250 | $ | 184 | $ | 156 | $ | 158 | $ | 171 | $ | 212 | $ | 220 | 41 | % |
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 | 4Q 2003 | 4Q 2003 vs. 4Q 2002 Increase/ (Decrease) | YTD 4Q 2002 | YTD 4Q 2003 | YTD 4Q 2003 vs. YTD 4Q 2002 Increase/ (Decrease) | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense: | |||||||||||||||||||||||||||||||||||||
EMEA | $ | 444 | $ | 489 | $ | 526 | $ | 550 | $ | 560 | $ | 597 | $ | 632 | $ | 661 | 20 | % | $ | 2,009 | $ | 2,450 | 22 | % | |||||||||||||
Japan | 102 | 111 | 167 | 111 | 107 | 112 | 117 | 112 | 1 | % | 491 | 448 | (9 | )% | |||||||||||||||||||||||
Asia (excluding Japan) | 354 | 356 | 394 | 382 | 398 | 423 | 430 | 428 | 12 | % | 1,486 | 1,679 | 13 | % | |||||||||||||||||||||||
Latin America | 224 | (8 | ) | 60 | 94 | 114 | 116 | 161 | 129 | 37 | % | 370 | 520 | 41 | % | ||||||||||||||||||||||
Total Revenues, Net of Interest Expense | 1,124 | 948 | 1,147 | 1,137 | 1,179 | 1,248 | 1,340 | 1,330 | 17 | % | 4,356 | 5,097 | 17 | % | |||||||||||||||||||||||
Total Operating Expenses | 595 | 602 | 613 | 646 | 667 | 690 | 685 | 767 | 19 | % | 2,456 | 2,809 | 14 | % | |||||||||||||||||||||||
Provisions for Benefits, Claims and Credit Losses | 211 | 57 | 76 | 85 | 93 | 133 | 72 | 103 | 21 | % | 429 | 401 | (7 | )% | |||||||||||||||||||||||
Income Before Taxes | 318 | 289 | 458 | 406 | 419 | 425 | 583 | 460 | 13 | % | 1,471 | 1,887 | 28 | % | |||||||||||||||||||||||
Income Taxes | 107 | 102 | 166 | 140 | 132 | 141 | 202 | 119 | (15 | )% | 515 | 594 | 15 | % | |||||||||||||||||||||||
Income from Continuing Operations | $ | 211 | $ | 187 | $ | 292 | $ | 266 | $ | 287 | $ | 284 | $ | 381 | $ | 341 | 28 | % | $ | 956 | $ | 1,293 | 35 | % | |||||||||||||
Income (loss) from Continuing Operations by Region: | |||||||||||||||||||||||||||||||||||||
EMEA | $ | 88 | $ | 101 | $ | 114 | $ | 102 | $ | 108 | $ | 106 | $ | 130 | $ | 143 | 40 | % | $ | 405 | $ | 487 | 20 | % | |||||||||||||
Japan | 32 | 39 | 72 | 39 | 31 | 35 | 30 | 36 | (8 | )% | 182 | 132 | (27 | )% | |||||||||||||||||||||||
Asia (excluding Japan) | 110 | 116 | 141 | 129 | 137 | 146 | 149 | 144 | 12 | % | 496 | 576 | 16 | % | |||||||||||||||||||||||
Latin America | (19 | ) | (69 | ) | (35 | ) | (4 | ) | 11 | (3 | ) | 72 | 18 | NM | (127 | ) | 98 | NM | |||||||||||||||||||
Total | $ | 211 | $ | 187 | $ | 292 | $ | 266 | $ | 287 | $ | 284 | $ | 381 | $ | 341 | 28 | % | $ | 956 | $ | 1,293 | 35 | % | |||||||||||||
KEY INDICATORS: | |||||||||||||||||||||||||||||||||||||
Average Customer Deposits(in billions of dollars): | |||||||||||||||||||||||||||||||||||||
EMEA | $ | 16.2 | $ | 16.9 | $ | 17.0 | $ | 17.3 | $ | 18.4 | $ | 19.2 | $ | 20.0 | $ | 22.0 | 27 | % | $ | 16.8 | $ | 19.9 | 18 | % | |||||||||||||
Japan | 15.8 | 17.2 | 18.4 | 18.7 | 18.9 | 19.1 | 20.3 | 22.0 | 18 | % | 17.5 | 20.1 | 15 | % | |||||||||||||||||||||||
Asia (excluding Japan) | 36.7 | 37.6 | 36.9 | 36.6 | 37.1 | 38.9 | 39.9 | 41.3 | 13 | % | 37.0 | 39.3 | 6 | % | |||||||||||||||||||||||
Latin America | 8.3 | 7.4 | 7.2 | 7.0 | 7.0 | 7.1 | 6.8 | 6.7 | (4 | )% | 7.5 | 6.9 | (8 | )% | |||||||||||||||||||||||
Total | $ | 77.0 | $ | 79.1 | $ | 79.5 | $ | 79.6 | $ | 81.4 | $ | 84.3 | $ | 87.0 | $ | 92.0 | 16 | % | $ | 78.8 | $ | 86.2 | 9 | % | |||||||||||||
Average Loans by Type(in billions of dollars): | |||||||||||||||||||||||||||||||||||||
Mortgages | $ | 14.2 | $ | 14.5 | $ | 14.3 | $ | 12.1 | $ | 12.1 | $ | 12.2 | $ | 12.2 | $ | 12.5 | 3 | % | $ | 13.8 | $ | 12.3 | (11 | )% | |||||||||||||
Auto | 2.8 | 2.6 | 2.5 | 2.3 | 2.1 | 2.3 | 2.4 | 2.4 | 4 | % | 2.6 | 2.3 | (12 | )% | |||||||||||||||||||||||
Personal | 12.2 | 13.3 | 14.0 | 14.6 | 15.5 | 16.6 | 16.7 | 18.0 | 23 | % | 13.5 | 16.7 | 24 | % | |||||||||||||||||||||||
Commercial Markets | 2.6 | 2.6 | 2.7 | 2.5 | 2.3 | 2.6 | 3.0 | 2.8 | 12 | % | 2.6 | 2.7 | 4 | % | |||||||||||||||||||||||
Other | 1.9 | 1.8 | 1.7 | 1.9 | 2.7 | 1.9 | 1.5 | 2.0 | 5 | % | 1.8 | 2.0 | 11 | % | |||||||||||||||||||||||
Total | $ | 33.7 | $ | 34.8 | $ | 35.2 | $ | 33.4 | $ | 34.7 | $ | 35.6 | $ | 35.8 | $ | 37.7 | 13 | % | $ | 34.3 | $ | 36.0 | 5 | % | |||||||||||||
Net Credit Loss Ratio—excluding Commercial Markets | 1.33 | % | 0.97 | % | 1.31 | % | 1.17 | % | 1.07 | % | 1.28 | % | 2.28 | % | 1.09 | % | |||||||||||||||||||||
Net Credit Loss Ratio—Commercial Markets | 0.90 | % | 0.68 | % | 0.84 | % | 1.28 | % | 0.84 | % | 1.08 | % | 0.94 | % | 0.90 | % | |||||||||||||||||||||
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 | $ | 1,503 | 22 | % | |||||||||||||||||||
% of EOP Loans | 3.35 | % | 3.50 | % | 3.76 | % | 3.91 | % | 3.95 | % | 3.99 | % | 4.16 | % | 4.24 | % | |||||||||||||||||||||
Cash Basis Loans—Commercial Markets (in millions of dollars) | $ | 40 | $ | 52 | $ | 82 | $ | 80 | $ | 77 | $ | 75 | $ | 70 | $ | 84 | 5 | % | |||||||||||||||||||
% of EOP Loans | 1.55 | % | 1.94 | % | 3.16 | % | 3.48 | % | 3.24 | % | 2.76 | % | 2.10 | % | 2.74 | % | |||||||||||||||||||||
Branches: | |||||||||||||||||||||||||||||||||||||
EMEA | 603 | 599 | 605 | 606 | 592 | 583 | 597 | 599 | (1 | )% | |||||||||||||||||||||||||||
Japan | 20 | 20 | 20 | 23 | 24 | 24 | 25 | 25 | 9 | % | |||||||||||||||||||||||||||
Asia (excluding Japan) | 91 | 94 | 96 | 98 | 98 | 98 | 103 | 105 | 7 | % | |||||||||||||||||||||||||||
Latin America | 195 | 195 | 169 | 164 | 161 | 158 | 152 | 141 | (14 | )% | |||||||||||||||||||||||||||
Total | 909 | 908 | 890 | 891 | 875 | 863 | 877 | 870 | (2 | )% | |||||||||||||||||||||||||||
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 | 4Q 2003 | 4Q 2003 vs. 4Q 2002 Increase/ (Decrease) | YTD 4Q 2002 | YTD 4Q 2003 | YTD 4Q 2003 vs. YTD 4Q 2002 Increase/ (Decrease) | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenues: | ||||||||||||||||||||||||||||||||||||||
Commissions and Fees | $ | 562 | $ | 555 | $ | 555 | $ | 508 | $ | 409 | $ | 487 | $ | 489 | $ | 443 | (13 | )% | $ | 2,180 | $ | 1,828 | (16 | )% | ||||||||||||||
Asset Management and Administration Fees | 425 | 461 | 464 | 474 | 520 | 546 | 555 | 587 | 24 | % | 1,824 | 2,208 | 21 | % | ||||||||||||||||||||||||
Investment Banking | 904 | 985 | 770 | 853 | 826 | 1,022 | 707 | 922 | 8 | % | 3,512 | 3,477 | (1 | )% | ||||||||||||||||||||||||
Principal Transactions | 1,296 | 1,071 | 924 | 438 | 1,258 | 988 | 847 | 552 | 26 | % | 3,729 | 3,645 | (2 | )% | ||||||||||||||||||||||||
Other | (106 | ) | 6 | 135 | 179 | 175 | 349 | 212 | 171 | (4 | )% | 214 | 907 | NM | ||||||||||||||||||||||||
Total Non-Interest Revenues | 3,081 | 3,078 | 2,848 | 2,452 | 3,188 | 3,392 | 2,810 | 2,675 | 9 | % | 11,459 | 12,065 | 5 | % | ||||||||||||||||||||||||
Net Interest and Dividends | 2,055 | 1,999 | 1,697 | 1,933 | 1,895 | 2,037 | 1,941 | 2,102 | 9 | % | 7,684 | 7,975 | 4 | % | ||||||||||||||||||||||||
Total Revenues, Net of Interest Expense | 5,136 | 5,077 | 4,545 | 4,385 | 5,083 | 5,429 | 4,751 | 4,777 | 9 | % | 19,143 | 20,040 | 5 | % | ||||||||||||||||||||||||
Non-Interest Expenses: | ||||||||||||||||||||||||||||||||||||||
Compensation and Benefits | 2,052 | 1,894 | 1,381 | 1,083 | 2,004 | 2,110 | 1,617 | 1,449 | 34 | % | 6,410 | 7,180 | 12 | % | ||||||||||||||||||||||||
Other Operating and Administrative Expenses | 827 | 922 | 909 | 3,025 | 946 | 1,076 | 1,061 | 1,192 | (61 | )% | 5,683 | 4,275 | (25 | )% | ||||||||||||||||||||||||
Total Non-Interest Expenses | 2,879 | 2,816 | 2,290 | 4,108 | 2,950 | 3,186 | 2,678 | 2,641 | (36 | )% | 12,093 | 11,455 | (5 | )% | ||||||||||||||||||||||||
Provision for Credit Losses | 568 | 265 | 664 | 758 | 116 | 298 | 76 | 242 | (68 | )% | 2,255 | 732 | (68 | )% | ||||||||||||||||||||||||
Income (Loss) Before Taxes and Minority Interest | 1,689 | 1,996 | 1,591 | (481 | ) | 2,017 | 1,945 | 1,997 | 1,894 | NM | 4,795 | 7,853 | 64 | % | ||||||||||||||||||||||||
Income Taxes (Benefits) | 561 | 673 | 545 | (168 | ) | 613 | 593 | 621 | 602 | NM | 1,611 | 2,429 | 51 | % | ||||||||||||||||||||||||
Minority Interest, Net of Tax | 3 | 5 | 4 | 13 | 5 | 12 | 8 | 12 | (8 | )% | 25 | 37 | 48 | % | ||||||||||||||||||||||||
Income (Loss) from Continuing Operations | $ | 1,125 | $ | 1,318 | $ | 1,042 | $ | (326 | ) | $ | 1,399 | $ | 1,340 | $ | 1,368 | $ | 1,280 | NM | $ | 3,159 | $ | 5,387 | 71 | % | ||||||||||||||
Pre-tax Profit Margin | 32.9 | % | 39.3 | % | 35.0 | % | (11.0 | )% | 39.7 | % | 35.8 | % | 42.0 | % | 39.6 | % | 25.0 | % | 39.2 | % | ||||||||||||||||||
Non-Compensation Expenses as a Percent of Net Revenues | 16.1 | % | 18.2 | % | 20.0 | % | 69.0 | % | 18.6 | % | 19.8 | % | 22.3 | % | 25.0 | % | 29.7 | % | 21.3 | % | ||||||||||||||||||
Compensation and Benefits Expenses as a Percent of Net Revenues | 40.0 | % | 37.3 | % | 30.4 | % | 24.7 | % | 39.4 | % | 38.9 | % | 34.0 | % | 30.3 | % | 33.5 | % | 35.8 | % | ||||||||||||||||||
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 | % | 32.0 | % | 38.0 | % | 37.2 | % |
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 | 4Q 2003 | 4Q 2003 vs. 4Q 2002 Increase/ (Decrease) | YTD 4Q 2002 | YTD 4Q 2003 | YTD 4Q 2003 vs. YTD 4Q 2002 Increase/ (Decrease) | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Investment Banking Revenue: | |||||||||||||||||||||||||||||||||||||
Debt Underwriting | $ | 349 | $ | 359 | $ | 270 | $ | 296 | $ | 402 | $ | 507 | $ | 321 | $ | 343 | 16 | % | $ | 1,274 | $ | 1,573 | 23 | % | |||||||||||||
Equity Underwriting | 342 | 308 | 195 | 177 | 155 | 307 | 201 | 251 | 42 | % | 1,022 | 914 | (11 | )% | |||||||||||||||||||||||
Advisory and Other Fees | 352 | 450 | 434 | 482 | 375 | 366 | 303 | 441 | (9 | )% | 1,718 | 1,485 | (14 | )% | |||||||||||||||||||||||
Revenue Recognized in Private Client Segment | (139 | ) | (132 | ) | (129 | ) | (102 | ) | (106 | ) | (158 | ) | (118 | ) | (113 | ) | (11 | )% | (502 | ) | (495 | ) | 1 | % | |||||||||||||
Total Investment Banking Revenues | $ | 904 | $ | 985 | $ | 770 | $ | 853 | $ | 826 | $ | 1,022 | $ | 707 | $ | 922 | 8 | % | $ | 3,512 | $ | 3,477 | (1 | )% | |||||||||||||
Trading Related Revenue by Product: | |||||||||||||||||||||||||||||||||||||
Fixed Income | $ | 1,506 | $ | 1,140 | $ | 1,089 | $ | 875 | $ | 1,389 | $ | 1,257 | $ | 1,028 | $ | 1,035 | 18 | % | $ | 4,610 | $ | 4,709 | 2 | % | |||||||||||||
Equities | 148 | 188 | 2 | (20 | ) | 112 | 183 | 140 | 59 | NM | 318 | 494 | 55 | % | |||||||||||||||||||||||
Foreign Exchange | 435 | 530 | 392 | 433 | 472 | 390 | 478 | 442 | 2 | % | 1,790 | 1,782 | — | ||||||||||||||||||||||||
Other | 84 | 33 | 68 | 28 | 45 | 64 | 64 | 52 | 86 | % | 213 | 225 | 6 | % | |||||||||||||||||||||||
Revenue Recognized in Private Client Segment | (120 | ) | (112 | ) | (121 | ) | (114 | ) | (126 | ) | (121 | ) | (124 | ) | (105 | ) | 8 | % | (467 | ) | (476 | ) | (2 | )% | |||||||||||||
Total Trading Related Revenue | $ | 2,053 | $ | 1,779 | $ | 1,430 | $ | 1,202 | $ | 1,892 | $ | 1,773 | $ | 1,586 | $ | 1,483 | 23 | % | $ | 6,464 | $ | 6,734 | 4 | % | |||||||||||||
Trading Related Revenue by Income Statement Line: | |||||||||||||||||||||||||||||||||||||
Principal Transactions | $ | 1,296 | $ | 1,071 | $ | 924 | $ | 438 | $ | 1,258 | $ | 988 | $ | 847 | $ | 552 | 26 | % | $ | 3,729 | $ | 3,645 | (2 | )% | |||||||||||||
Net Interest Revenue | 757 | 708 | 506 | 764 | 634 | 785 | 739 | 931 | 22 | % | 2,735 | 3,089 | 13 | % | |||||||||||||||||||||||
Total Trading Related Revenue | $ | 2,053 | $ | 1,779 | $ | 1,430 | $ | 1,202 | $ | 1,892 | $ | 1,773 | $ | 1,586 | $ | 1,483 | 23 | % | $ | 6,464 | $ | 6,734 | 4 | % | |||||||||||||
NM not meaningful
Reclassified to conform to the current period's presentation.
16
GLOBAL CORPORATE AND INVESTMENT BANK
CAPITAL MRKETS AND BANKING
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 4Q 2003 vs. 4Q 2002 Increase/ (Decrease) | YTD 4Q 2002 | YTD 4Q 2003 | YTD 4Q 2003 vs. YTD 4Q 2002 Increase/ (Decrease) | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 4,378 | $ | 4,219 | $ | 3,691 | $ | 3,451 | $ | 4,180 | $ | 4,531 | $ | 3,856 | $ | 3,858 | 12 | % | $ | 15,739 | $ | 16,425 | 4 | % | |||||||||||||
Total Operating Expenses | 2,275 | 2,222 | 1,695 | 1,479 | 2,354 | 2,546 | 2,053 | 1,957 | 32 | % | 7,671 | 8,910 | 16 | % | |||||||||||||||||||||||
Provision for Credit Losses | 499 | 262 | 576 | 709 | 107 | 286 | 73 | 272 | (62 | )% | 2,046 | 738 | (64 | )% | |||||||||||||||||||||||
Income Before Taxes and Minority Interest | 1,604 | 1,735 | 1,420 | 1,263 | 1,719 | 1,699 | 1,730 | 1,629 | 29 | % | 6,022 | 6,777 | 13 | % | |||||||||||||||||||||||
Income Taxes | 543 | 596 | 492 | 372 | 520 | 524 | 552 | 512 | 38 | % | 2,003 | 2,108 | 5 | % | |||||||||||||||||||||||
Minority Interest, Net of Tax | 2 | 3 | 5 | 14 | 5 | 12 | 8 | 12 | (14 | )% | 24 | 37 | 54 | % | |||||||||||||||||||||||
Income from Continuing Operations | $ | 1,059 | $ | 1,136 | $ | 923 | $ | 877 | $ | 1,194 | $ | 1,163 | $ | 1,170 | $ | 1,105 | 26 | % | $ | 3,995 | $ | 4,632 | 16 | % | |||||||||||||
Investment Banking | |||||||||||||||||||||||||||||||||||||
Underwriting (full credit to book manager): | |||||||||||||||||||||||||||||||||||||
Debt and equity: | |||||||||||||||||||||||||||||||||||||
Global Volume(1) | $ | 142,001 | $ | 116,616 | $ | 89,912 | $ | 91,448 | $ | 144,203 | $ | 144,087 | $ | 121,756 | $ | 132,702 | 45 | % | $ | 439,977 | $ | 542,748 | 23 | % | |||||||||||||
Global Market Share | 11.6 | % | 10.2 | % | 9.9 | % | 9.4 | % | 10.4 | % | 10.0 | % | 9.6 | % | 10.7 | % | 10.3 | % | 10.2 | % | |||||||||||||||||
Rank | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | |||||||||||||||||||||||||||
U.S. Volume (2) | $ | 114,657 | $ | 85,050 | $ | 73,115 | $ | 67,556 | $ | 115,201 | $ | 102,875 | $ | 95,967 | $ | 94,766 | 40 | % | $ | 340,378 | $ | 408,809 | 20 | % | |||||||||||||
U.S. Market Share | 13.8 | % | 11.5 | % | 11.6 | % | 10.3 | % | 12.6 | % | 11.5 | % | 11.5 | % | 12.6 | % | 11.9 | % | 12.0 | % | |||||||||||||||||
Rank | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
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 | 4Q 2003 | 4Q 2003 vs. 4Q 2002 Increase/ (Decrease) | YTD 4Q 2002 | YTD 4Q 2003 | YTD 4Q 2003 vs. YTD 4Q 2002 Increase/ (Decrease) | ||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 857 | $ | 962 | $ | 911 | $ | 890 | $ | 913 | $ | 908 | $ | 893 | $ | 913 | 3% | $ | 3,620 | $ | 3,627 | — | ||||||||||||
Total Operating Expenses | 653 | 630 | 633 | 667 | 625 | 634 | 618 | 679 | 2% | 2,583 | 2,556 | (1)% | ||||||||||||||||||||||
Provision for Credit Losses | 69 | 3 | 88 | 49 | 9 | 12 | 3 | (30 | ) | NM | 209 | (6 | ) | NM | ||||||||||||||||||||
Income Before Taxes | 135 | 329 | 190 | 174 | 279 | 262 | 272 | 264 | 52% | 828 | 1,077 | 30% | ||||||||||||||||||||||
Income Taxes | 46 | 113 | 61 | 50 | 82 | 75 | 69 | 81 | 62% | 270 | 307 | 14% | ||||||||||||||||||||||
Income from Continuing Operations | $ | 89 | $ | 216 | $ | 129 | $ | 124 | $ | 197 | $ | 187 | $ | 203 | $ | 183 | 48% | $ | 558 | $ | 770 | 38% | ||||||||||||
Liability Balances (Average in billions) | $ | 81 | $ | 84 | $ | 86 | $ | 89 | $ | 92 | $ | 96 | $ | 101 | $ | 108 | 21% | |||||||||||||||||
Assets Under Custody (EOP in trillions) | $ | 5.2 | $ | 5.4 | $ | 5.3 | $ | 5.1 | $ | 5.2 | $ | 5.6 | $ | 5.7 | $ | 6.4 | 25% |
NM Not meaningful
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 | 4Q 2003 | 4Q 2003 vs. 4Q 2002 Increase/ (Decrease) | YTD 4Q 2002 | YTD 4Q 2003 | YTD 4Q 2003 vs. YTD 4Q 2002 Increase/ (Decrease) | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenues: | |||||||||||||||||||||||||||||||||||||
Fee-Based and Net Interest Revenue | $ | 770 | $ | 799 | $ | 728 | $ | 658 | $ | 687 | $ | 678 | $ | 741 | $ | 783 | 19 | % | $ | 2,955 | $ | 2,889 | (2 | )% | |||||||||||||
Commissions and Other Transactional Revenue | 737 | 752 | 702 | 684 | 640 | 771 | 748 | 779 | 14 | % | 2,875 | 2,938 | 2 | % | |||||||||||||||||||||||
Total Revenues, Net of Interest Expense | 1,507 | 1,551 | 1,430 | 1,342 | 1,327 | 1,449 | 1,489 | 1,562 | 16 | % | 5,830 | 5,827 | — | ||||||||||||||||||||||||
Total Operating Expenses | 1,165 | 1,198 | 1,133 | 1,059 | 1,072 | 1,156 | 1,162 | 1,177 | 11 | % | 4,555 | 4,567 | — | ||||||||||||||||||||||||
Provision for Credit Losses | — | 2 | — | 4 | 1 | — | — | — | (100 | )% | 6 | 1 | (83 | )% | |||||||||||||||||||||||
Income Before Taxes | 342 | 351 | 297 | 279 | 254 | 293 | 327 | 385 | 38 | % | 1,269 | 1,259 | (1 | )% | |||||||||||||||||||||||
Income Taxes | 125 | 128 | 109 | 108 | 97 | 112 | 124 | 148 | 37 | % | 470 | 481 | 2 | % | |||||||||||||||||||||||
Income from Continuing Operations | $ | 217 | $ | 223 | $ | 188 | $ | 171 | $ | 157 | $ | 181 | $ | 203 | $ | 237 | 39 | % | $ | 799 | $ | 778 | (3 | )% | |||||||||||||
Pretax Profit Margin | 23 | % | 23 | % | 21 | % | 21 | % | 19 | % | 20 | % | 22 | % | 25 | % | 22 | % | 22 | % | |||||||||||||||||
Financial Consultants | 12,767 | 12,808 | 12,744 | 12,690 | 12,471 | 12,317 | 12,254 | 12,207 | (4 | )% | |||||||||||||||||||||||||||
Annualized Revenue per FC (000) | $ | 481 | $ | 482 | $ | 444 | $ | 418 | $ | 428 | $ | 467 | $ | 481 | $ | 508 | 22 | % | |||||||||||||||||||
Branch offices | 534 | 536 | 536 | 534 | 532 | 531 | 531 | 529 | (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 | $ | 137 | 29 | % | |||||||||||||||||||
Financial Consultant Managed Accounts | 60 | 55 | 49 | 52 | 53 | 61 | 64 | 72 | 38 | % | |||||||||||||||||||||||||||
Total Total Private Client(1) | $ | 190 | $ | 171 | $ | 152 | $ | 158 | $ | 160 | $ | 182 | $ | 192 | $ | 209 | 32 | % | |||||||||||||||||||
Total Client Assets: | |||||||||||||||||||||||||||||||||||||
Private Client | $ | 858 | $ | 802 | $ | 734 | $ | 762 | $ | 763 | $ | 834 | $ | 851 | $ | 912 | 20 | % | |||||||||||||||||||
Other Investor Assets within Citigroup Global Markets | 127 | 130 | 116 | 129 | 119 | 125 | 147 | 156 | 21 | % | |||||||||||||||||||||||||||
Total(1) | $ | 985 | $ | 932 | $ | 850 | $ | 891 | $ | 882 | $ | 959 | $ | 998 | $ | 1,068 | 20 | % | |||||||||||||||||||
Net Client Asset Flows | $ | 15 | $ | 9 | $ | 7 | $ | 3 | $ | 5 | $ | 9 | $ | 5 | $ | 9 | NM | ||||||||||||||||||||
Bank Deposit Program Balances | $ | 37 | $ | 37 | $ | 40 | $ | 41 | $ | 42 | $ | 42 | $ | 42 | $ | 41 | — |
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 | 4Q 2003 | 4Q 2003 vs. 4Q 2002 Increase/ (Decrease) | YTD 4Q 2002 | YTD 4Q 2003 | YTD 4Q 2003 vs. YTD 4Q 2002 Increase/ (Decrease) | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 1,018 | $ | 1,034 | $ | 925 | $ | 1,099 | $ | 1,133 | $ | 1,164 | $ | 1,372 | $ | 1,279 | 16 | % | $ | 4,076 | $ | 4,948 | 21 | % | ||||||||||||
Total Operating Expenses | 92 | 112 | 124 | 173 | 179 | 184 | 208 | 217 | 25 | % | 501 | 788 | 57 | % | ||||||||||||||||||||||
Provision for Benefits and Claims | 616 | 735 | 698 | 677 | 680 | 718 | 925 | 839 | 24 | % | 2,726 | 3,162 | 16 | % | ||||||||||||||||||||||
Income Before Taxes | 310 | 187 | 103 | 249 | 274 | 262 | 239 | 223 | (10 | )% | 849 | 998 | 18 | % | ||||||||||||||||||||||
Income Taxes and Minority Interest, net of tax | 96 | 50 | 20 | 66 | 38 | 72 | 87 | 50 | (24 | )% | 232 | 247 | 6 | % | ||||||||||||||||||||||
Income from Continuing Operations | $ | 214 | $ | 137 | $ | 83 | $ | 183 | $ | 236 | $ | 190 | $ | 152 | $ | 173 | (5 | )% | $ | 617 | $ | 751 | 22 | % | ||||||||||||
Income from Continuing Operations(1) | ||||||||||||||||||||||||||||||||||||
Travelers Life & Annuity | $ | 210 | $ | 89 | $ | 70 | $ | 193 | $ | 221 | $ | 173 | $ | 229 | $ | 158 | (18 | )% | $ | 562 | $ | 781 | 39 | % | ||||||||||||
International Insurance Manufacturing | $ | 4 | $ | 48 | $ | 13 | $ | (10 | ) | $ | 15 | $ | 17 | $ | (77 | ) | $ | 15 | NM | $ | 55 | $ | (30 | ) | NM | |||||||||||
Pre-tax Contribution by Source: | ||||||||||||||||||||||||||||||||||||
Individual Annuities | $ | 123 | $ | 112 | $ | 89 | $ | 94 | $ | 92 | $ | 87 | $ | 106 | $ | 77 | (18 | )% | $ | 418 | $ | 362 | (13 | )% | ||||||||||||
Group Annuities | 98 | 96 | 62 | 109 | 85 | 83 | 88 | 78 | (28 | )% | 365 | 334 | (8 | )% | ||||||||||||||||||||||
Life | 41 | 66 | 47 | 53 | 48 | 54 | 57 | 32 | (40 | )% | 207 | 191 | (8 | )% | ||||||||||||||||||||||
Other | 27 | 25 | 37 | 29 | 33 | 17 | 35 | 23 | (21 | )% | 118 | 108 | (8 | )% | ||||||||||||||||||||||
Realized Insurance Investment Portfolio Gains/(Losses) | 16 | (182 | ) | (148 | ) | (15 | ) | (3 | ) | (2 | ) | 43 | (6 | ) | 60 | % | (329 | ) | 32 | NM | ||||||||||||||||
Total Travelers Life & Annuity | 305 | 117 | 87 | 270 | 255 | 239 | 329 | 204 | (24 | )% | 779 | 1,027 | 32 | % | ||||||||||||||||||||||
International Insurance Manufacturing | 5 | 70 | 16 | (14 | ) | 19 | 23 | (38 | ) | 19 | NM | 77 | 23 | (70 | )% | |||||||||||||||||||||
Realized Insurance Investment Portfolio Gains/(Losses) | — | — | — | (7 | ) | — | — | (52 | ) | — | 100 | % | (7 | ) | (52 | ) | NM | |||||||||||||||||||
Total International Insurance Manufacturing | 5 | 70 | 16 | (21 | ) | 19 | 23 | (90 | ) | 19 | NM | 70 | (29 | ) | NM | |||||||||||||||||||||
Total Life Insurance and Annuities | $ | 310 | $ | 187 | $ | 103 | $ | 249 | $ | 274 | $ | 262 | $ | 239 | $ | 223 | (10 | )% | $ | 849 | $ | 998 | 18 | % | ||||||||||||
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 | 4Q 2003 | 4Q 2003 vs. 4Q 2002 Increase/ (Decrease) | YTD 4Q 2002 | YTD 4Q 2003 | YTD 4Q 2003 vs. YTD 4Q 2002 Increase/ (Decrease) | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Travelers Life and Annuity: | ||||||||||||||||||||||||||||||||||||
Individual annuities: | ||||||||||||||||||||||||||||||||||||
Net written premiums and deposits: | ||||||||||||||||||||||||||||||||||||
Fixed | $ | 376 | $ | 400 | $ | 325 | $ | 193 | $ | 141 | $ | 177 | $ | 115 | $ | 111 | (42)% | $ | 1,294 | $ | 544 | (58)% | ||||||||||||||
Variable | 1,136 | 1,119 | 962 | 864 | 811 | 960 | 1,099 | 1,132 | 31% | 4,081 | 4,002 | (2)% | ||||||||||||||||||||||||
Individual Payout | 14 | 12 | 15 | 17 | 20 | 12 | 12 | 12 | (29)% | 58 | 56 | (3)% | ||||||||||||||||||||||||
Total | $ | 1,526 | $ | 1,531 | $ | 1,302 | $ | 1,074 | $ | 972 | $ | 1,149 | $ | 1,226 | $ | 1,255 | 17% | $ | 5,433 | $ | 4,602 | (15)% | ||||||||||||||
Policyholder account balances and benefit reserves(1): | ||||||||||||||||||||||||||||||||||||
Fixed | $ | 7,889 | $ | 8,229 | $ | 8,515 | $ | 8,647 | $ | 8,755 | $ | 8,873 | $ | 8,925 | $ | 8,968 | 4% | |||||||||||||||||||
Variable | 22,168 | 20,328 | 18,173 | 19,152 | 18,874 | 21,195 | 22,068 | 24,215 | 26% | |||||||||||||||||||||||||||
Individual Payout | 646 | 644 | 645 | 649 | 653 | 649 | 648 | 645 | (1)% | |||||||||||||||||||||||||||
Total | $ | 30,703 | $ | 29,201 | $ | 27,333 | $ | 28,448 | $ | 28,282 | $ | 30,717 | $ | 31,641 | $ | 33,828 | 19% | |||||||||||||||||||
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 | $ | 31,641 | 16% | |||||||||||||||||||
Net Sales | 796 | 661 | 464 | 262 | 186 | 382 | 409 | 344 | 31% | |||||||||||||||||||||||||||
Change in Market Value | (116 | ) | (2,130 | ) | (2,318 | ) | 856 | (345 | ) | 2,065 | 538 | 1,884 | NM | |||||||||||||||||||||||
Interest Credited | 116 | 121 | 128 | 133 | 122 | 125 | 127 | 128 | (4)% | |||||||||||||||||||||||||||
Benefits, Fees and Other | (142 | ) | (154 | ) | (142 | ) | (136 | ) | (129 | ) | (137 | ) | (150 | ) | (169 | ) | (24)% | |||||||||||||||||||
End of Period | $ | 30,703 | $ | 29,201 | $ | 27,333 | $ | 28,448 | $ | 28,282 | $ | 30,717 | $ | 31,641 | $ | 33,828 | 19% | |||||||||||||||||||
Group annuities: | ||||||||||||||||||||||||||||||||||||
Net Written Premiums and Deposits(2) | $ | 1,525 | $ | 2,350 | $ | 1,397 | $ | 1,020 | $ | 2,111 | $ | 1,361 | $ | 2,409 | $ | 1,521 | 49% | $ | 6,292 | $ | 7,402 | 18% | ||||||||||||||
Policyholder account balances and benefit reserves: | ||||||||||||||||||||||||||||||||||||
Guaranteed Investment Contracts | $ | 9,745 | $ | 10,808 | $ | 10,970 | $ | 10,719 | $ | 11,624 | $ | 11,645 | $ | 12,466 | $ | 12,551 | 17% | |||||||||||||||||||
Payout Group Annuities | 5,720 | 5,942 | 6,099 | 6,202 | 6,320 | 6,519 | 6,899 | 7,168 | 16% | |||||||||||||||||||||||||||
Other Group Investment Contracts | 5,819 | 5,759 | 5,581 | 5,380 | 5,433 | 5,480 | 5,485 | 5,451 | 1% | |||||||||||||||||||||||||||
Total | $ | 21,284 | $ | 22,509 | $ | 22,650 | $ | 22,301 | $ | 23,377 | $ | 23,644 | $ | 24,850 | $ | 25,170 | 13% | |||||||||||||||||||
Life insurance: | ||||||||||||||||||||||||||||||||||||
Net written premiums and deposits: | ||||||||||||||||||||||||||||||||||||
Direct periodic premiums and deposits | $ | 233 | $ | 177 | $ | 143 | $ | 218 | $ | 209 | $ | 185 | $ | 204 | $ | 228 | 5% | $ | 771 | $ | 826 | 7% | ||||||||||||||
Single premium deposits | 76 | 72 | 64 | 73 | 49 | 81 | 124 | 151 | NM | 285 | 405 | 42% | ||||||||||||||||||||||||
Reinsurance | (26 | ) | (28 | ) | (29 | ) | (30 | ) | (30 | ) | (34 | ) | (36 | ) | (39 | ) | (30)% | (113 | ) | (139 | ) | (23)% | ||||||||||||||
Total | $ | 283 | $ | 221 | $ | 178 | $ | 261 | $ | 228 | $ | 232 | $ | 292 | $ | 340 | 30% | $ | 943 | $ | 1,092 | 16% | ||||||||||||||
Policyholder account balances and benefit reserves: | $ | 3,592 | $ | 3,643 | $ | 3,635 | $ | 3,852 | $ | 3,971 | $ | 4,225 | $ | 4,459 | $ | 4,826 | 25% | |||||||||||||||||||
Life insurance in force (in billions, face amt.) | $ | 77.8 | $ | 79.6 | $ | 80.7 | $ | 82.0 | $ | 83.2 | $ | 84.5 | $ | 86.9 | $ | 89.3 | 9% | |||||||||||||||||||
Life insurance issued (in billions, face amt.) | $ | 4.5 | $ | 4.0 | $ | 3.2 | $ | 3.3 | $ | 3.3 | $ | 3.6 | $ | 4.3 | $ | 4.5 | 36% | $ | 15.0 | $ | 15.7 | 5% | ||||||||||||||
Investment Data: | ||||||||||||||||||||||||||||||||||||
Assets | $ | 35,179 | $ | 36,869 | $ | 38,075 | $ | 39,766 | $ | 42,316 | $ | 43,466 | $ | 44,706 | $ | 45,209 | 14% | |||||||||||||||||||
Net Investment Income | $ | 619 | $ | 638 | $ | 620 | $ | 693 | $ | 661 | $ | 648 | $ | 680 | $ | 648 | (6)% | $ | 2,570 | $ | 2,637 | 3% | ||||||||||||||
Annualized Effective Yield | 7.11 | % | 7.12 | % | 6.57 | % | 7.25 | % | 6.78 | % | 6.42 | % | 6.63 | % | 6.08 | % | 7.02 | % | 6.48 | % |
Reclassified to conform to the current period's presentation.
21
GLOBAL INVESTMENT MANAGEMENT
PRIVATE BANK
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 4Q 2003 vs. 4Q 2002 Increase/ (Decrease) | YTD 4Q 2002 | YTD 4Q 2003 | YTD 4Q 2003 vs. YTD 4Q 2002 Increase/ (Decrease) | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 423 | $ | 428 | $ | 414 | $ | 439 | $ | 461 | $ | 519 | $ | 510 | $ | 505 | 15 | % | $ | 1,704 | $ | 1,995 | 17 | % | ||||||||||||||
Total Operating Expenses | 257 | 261 | 237 | 252 | 275 | 311 | 298 | 299 | 19 | % | 1,007 | 1,183 | 17 | % | ||||||||||||||||||||||||
Provision for Credit Losses | 6 | — | 5 | 7 | 4 | 6 | 2 | (1 | ) | NM | 18 | 11 | (39 | )% | ||||||||||||||||||||||||
Income Before Taxes | 160 | 167 | 172 | 180 | 182 | 202 | 210 | 207 | 15 | % | 679 | 801 | 18 | % | ||||||||||||||||||||||||
Income Taxes | 49 | 54 | 55 | 58 | 57 | 64 | 67 | 62 | 7 | % | 216 | 250 | 16 | % | ||||||||||||||||||||||||
Income from Continuing Operations | $ | 111 | $ | 113 | $ | 117 | $ | 122 | $ | 125 | $ | 138 | $ | 143 | $ | 145 | 19 | % | $ | 463 | $ | 551 | 19 | % | ||||||||||||||
Average Assets (in billions of dollars) | $ | 28 | $ | 29 | $ | 29 | $ | 30 | $ | 34 | $ | 38 | $ | 39 | $ | 40 | 33 | % | $ | 29 | $ | 38 | 31 | % | ||||||||||||||
Return on Assets | 1.61 | % | 1.56 | % | 1.60 | % | 1.61 | % | 1.49 | % | 1.46 | % | 1.45 | % | 1.44 | % | 1.60 | % | 1.45 | % | ||||||||||||||||||
Client Business Volumes (in billions of dollars)(1) | $ | 166 | $ | 163 | $ | 163 | $ | 170 | $ | 172 | $ | 180 | $ | 186 | $ | 195 | 15 | % | $ | 170 | $ | 195 | 15 | % | ||||||||||||||
Client Business Volumes (in billions of dollars)(1): | ||||||||||||||||||||||||||||||||||||||
Proprietary Managed Assets | $ | 31 | $ | 29 | $ | 31 | $ | 32 | $ | 32 | $ | 33 | $ | 34 | $ | 35 | 9 | % | ||||||||||||||||||||
Other Assets under Fee-Based Management | 9 | 9 | 8 | 8 | 7 | 7 | 7 | 7 | (13 | )% | ||||||||||||||||||||||||||||
Banking and Fiduciary Deposits | 35 | 36 | 36 | 38 | 39 | 41 | 42 | 45 | 18 | % | ||||||||||||||||||||||||||||
Loans | 29 | 30 | 31 | 33 | 34 | 35 | 37 | 37 | 12 | % | ||||||||||||||||||||||||||||
Other, Principally Custody Accounts | 62 | 59 | 57 | 59 | 60 | 64 | 66 | 71 | 20 | % | ||||||||||||||||||||||||||||
Total Client Business Volumes | $ | 166 | $ | 163 | $ | 163 | $ | 170 | $ | 172 | $ | 180 | $ | 186 | $ | 195 | 15 | % | ||||||||||||||||||||
Revenues: | ||||||||||||||||||||||||||||||||||||||
Customer Revenues | ||||||||||||||||||||||||||||||||||||||
Net Interest Spread and Recurring Fee-Based Revenues | $ | 273 | $ | 270 | $ | 269 | $ | 283 | $ | 287 | $ | 316 | $ | 324 | $ | 332 | 17 | % | $ | 1,095 | $ | 1,259 | 15 | % | ||||||||||||||
Transaction Revenues | 91 | 96 | 74 | 90 | 115 | 148 | 141 | 135 | 50 | % | 351 | 539 | 54 | % | ||||||||||||||||||||||||
Total Customer Revenues | 364 | 366 | 343 | 373 | 402 | 464 | 465 | 467 | 25 | % | 1,446 | 1,798 | 24 | % | ||||||||||||||||||||||||
Other Revenues (Principally Allocated Equity and Treasury Revenues) | 59 | 62 | 71 | 66 | 59 | 55 | 45 | 38 | (42 | )% | 258 | 197 | (24 | )% | ||||||||||||||||||||||||
Total Revenues | $ | 423 | $ | 428 | $ | 414 | $ | 439 | $ | 461 | $ | 519 | $ | 510 | $ | 505 | 15 | % | $ | 1,704 | $ | 1,995 | 17 | % | ||||||||||||||
North America | $ | 187 | $ | 184 | $ | 187 | $ | 197 | $ | 210 | $ | 221 | $ | 211 | $ | 216 | 10 | % | $ | 755 | $ | 858 | 14 | % | ||||||||||||||
International | 236 | 244 | 227 | 242 | 251 | 298 | 299 | 289 | 19 | % | 949 | 1,137 | 20 | % | ||||||||||||||||||||||||
$ | 423 | $ | 428 | $ | 414 | $ | 439 | $ | 461 | $ | 519 | $ | 510 | $ | 505 | 15 | % | $ | 1,704 | $ | 1,995 | 17 | % | |||||||||||||||
Net Credit Loss Ratio | 0.04 | % | 0.00 | % | 0.08 | % | 0.10 | % | 0.03 | % | 0.05 | % | 0.05 | % | 0.09 | % |
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 | 4Q 2003 | 4Q 2003 vs. 4Q 2002 Increase/ (Decrease) | YTD 4Q 2002 | YTD 4Q 2003 | YTD 4Q 2003 vs. YTD 4Q 2002 Increase/ (Decrease) | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 470 | $ | 475 | $ | 451 | $ | 445 | $ | 400 | $ | 411 | $ | 444 | $ | 487 | 9 | % | $ | 1,841 | $ | 1,742 | (5 | )% | ||||||||||||
Total Operating Expenses | 318 | 298 | 280 | 293 | 254 | 264 | 322 | 308 | 5 | % | 1,189 | 1,148 | (3 | )% | ||||||||||||||||||||||
Income Before Taxes and Minority Interest | 152 | 177 | 171 | 152 | 146 | 147 | 122 | 179 | 18 | % | 652 | 594 | (9 | )% | ||||||||||||||||||||||
Income Taxes | 53 | 55 | 57 | 43 | 41 | 42 | 50 | 55 | 28 | % | 208 | 188 | (10 | )% | ||||||||||||||||||||||
Minority Interest, Net of Tax | — | 1 | — | — | — | 1 | — | 11 | — | 1 | 12 | NM | ||||||||||||||||||||||||
Income from Continuing Operations | $ | 99 | $ | 121 | $ | 114 | $ | 109 | $ | 105 | $ | 104 | $ | 72 | $ | 113 | 4 | % | $ | 443 | $ | 394 | (11 | )% | ||||||||||||
Pre-tax profit margin | 32.3 | % | 37.3 | % | 37.9 | % | 34.2 | % | 36.5 | % | 35.8 | % | 27.5 | % | 36.8 | % | ||||||||||||||||||||
Asset Management (Excl. Retirement Services): | ||||||||||||||||||||||||||||||||||||
Total Revenues, Net of Interest Expense | $ | 385 | $ | 393 | $ | 361 | $ | 361 | $ | 328 | $ | 336 | $ | 361 | $ | 405 | 12 | % | $ | 1,500 | $ | 1,430 | (5 | )% | ||||||||||||
Total Operating Expenses | 257 | 260 | 243 | 246 | 219 | 226 | 240 | 270 | 10 | % | 1,006 | 955 | (5 | )% | ||||||||||||||||||||||
Income Before Taxes and Minority Interest | 128 | 133 | 118 | 115 | 109 | 110 | 121 | 135 | 17 | % | 494 | 475 | (4 | )% | ||||||||||||||||||||||
Income Taxes | 50 | 49 | 45 | 43 | 39 | 40 | 43 | 48 | 12 | % | 187 | 170 | (9 | )% | ||||||||||||||||||||||
Minority Interest, Net of Tax | — | — | — | — | — | — | — | 11 | — | — | 11 | — | ||||||||||||||||||||||||
Income from Continuing Operations | $ | 78 | $ | 84 | $ | 73 | $ | 72 | $ | 70 | $ | 70 | $ | 78 | $ | 76 | 6 | % | $ | 307 | $ | 294 | (4 | )% | ||||||||||||
Retirement Services: | ||||||||||||||||||||||||||||||||||||
Total Revenues, Net of Interest Expense | $ | 85 | $ | 82 | $ | 90 | $ | 84 | $ | 72 | $ | 75 | $ | 83 | $ | 82 | (2 | )% | $ | 341 | $ | 312 | (9 | )% | ||||||||||||
Total Operating Expenses | 61 | 38 | 37 | 47 | 35 | 38 | 82 | 38 | (19 | )% | 183 | 193 | 5 | % | ||||||||||||||||||||||
Income Before Taxes and Minority Interest | 24 | 44 | 53 | 37 | 37 | 37 | 1 | 44 | 19 | % | 158 | 119 | (25 | )% | ||||||||||||||||||||||
Income Taxes | 3 | 6 | 12 | — | 2 | 2 | 7 | 7 | — | 21 | 18 | (14 | )% | |||||||||||||||||||||||
Minority Interest, Net of Tax | — | 1 | — | — | — | 1 | — | — | — | 1 | 1 | — | ||||||||||||||||||||||||
Income from Continuing Operations | $ | 21 | $ | 37 | $ | 41 | $ | 37 | $ | 35 | $ | 34 | $ | (6 | ) | $ | 37 | — | $ | 136 | $ | 100 | (26 | )% | ||||||||||||
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 | $ | 1.3 | 44 | % | $ | 10.7 | $ | 4.6 | (57 | )% | |||||||||||
Institutional | ||||||||||||||||||||||||||||||||||||
Long Term | 4.1 | 3.6 | 1.6 | 1.4 | 1.2 | 3.8 | 0.4 | 4.2 | NM | 10.7 | 9.6 | (10 | )% | |||||||||||||||||||||||
Liquidity | 9.8 | 1.7 | (8.1 | ) | 10.1 | (2.4 | ) | 1.1 | (2.5 | ) | 1.9 | (81 | )% | 13.5 | (1.9 | ) | NM | |||||||||||||||||||
Total Institutional | 13.9 | 5.3 | (6.5 | ) | 11.5 | �� | (1.2 | ) | 4.9 | (2.1 | ) | 6.1 | (47 | )% | 24.2 | 7.7 | (68 | )% | ||||||||||||||||||
Net Flows Excluding US Retail Money Markets | $ | 19.9 | $ | 8.6 | $ | (6.0 | ) | $ | 12.4 | $ | (2.6 | ) | $ | 8.0 | $ | (0.5 | ) | $ | 7.4 | (40 | )% | $ | 34.9 | $ | 12.3 | (65 | )% | |||||||||
US Retail Money Markets | $ | (1.6 | ) | $ | (4.5 | ) | $ | (3.0 | ) | $ | (3.5 | ) | $ | 0.1 | $ | (1.6 | ) | $ | (1.7 | ) | $ | (0.8 | ) | 77 | % | $ | (12.6 | ) | $ | (4.0 | ) | 68 | % | |||
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 | $ | 230.9 | 13 | % | ||||||||||||||||||
Institutional | 156.6 | 161.7 | 150.2 | 163.9 | 162.6 | 172.7 | 174.0 | 185.4 | 13 | % | ||||||||||||||||||||||||||
Retirement Services | 9.9 | 10.1 | 10.6 | 11.1 | 11.1 | 12.2 | 12.2 | 11.9 | 7 | % | ||||||||||||||||||||||||||
Other(3) | 46.3 | 47.3 | 81.5 | 82.8 | 87.0 | 90.6 | 89.3 | 93.3 | 13 | % | ||||||||||||||||||||||||||
Total Assets Under Management(2,3) | $ | 451.7 | $ | 439.7 | $ | 443.8 | $ | 462.9 | $ | 462.2 | $ | 492.5 | $ | 495.4 | $ | 521.5 | 13 | % | ||||||||||||||||||
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 | $ | 161.4 | 21 | % | ||||||||||||||||||
Fixed Income | 106.3 | 111.7 | 145.1 | 152.9 | 162.6 | 173.9 | 175.4 | 184.2 | 20 | % | ||||||||||||||||||||||||||
Money Markets/Liquidity | 140.6 | 135.2 | 124.3 | 132.3 | 128.9 | 128.2 | 124.2 | 123.0 | (7 | )% | ||||||||||||||||||||||||||
Alternative Investments | 39.3 | 41.6 | 45.0 | 44.8 | 44.8 | 48.5 | 50.3 | 52.9 | 18 | % | ||||||||||||||||||||||||||
Total Assets Under Management(2,3) | $ | 451.7 | $ | 439.7 | $ | 443.8 | $ | 462.9 | $ | 462.2 | $ | 492.5 | $ | 495.4 | $ | 521.5 | 13 | % | ||||||||||||||||||
Number of Morningstar 4- and 5-star Mutual Fund share classes(4) | ||||||||||||||||||||||||||||||||||||
Equity | 11 | 12 | 13 | 14 | 16 | 16 | 17 | 18 | 29 | % | ||||||||||||||||||||||||||
Fixed Income | 10 | 13 | 13 | 12 | 11 | 6 | 10 | 14 | 17 | % | ||||||||||||||||||||||||||
CitiStreet Joint Venture—Assets Under Administration (in billions of dollars) | $ | 181 | $ | 176 | $ | 159 | $ | 163 | $ | 155 | $ | 170 | $ | 179 | $ | 193 | 18 | % |
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 | 4Q 2002 | 4Q 2003 vs. 4Q 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 | $ | 9,839 | 10 | % | |||||||||||
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 | 2,527 | (10) | % | |||||||||||||||||||
Corporates (including redeemable preferreds) | 24,730 | 25,840 | 26,810 | 27,106 | 28,042 | 29,430 | 31,327 | 32,579 | 20 | % | |||||||||||||||||||
Obligations of states and political subdivisions | 148 | 241 | 318 | 370 | 380 | 450 | 502 | 552 | 49 | % | |||||||||||||||||||
Debt securities issued by foreign governments | 749 | 643 | 537 | 398 | 510 | 640 | 755 | 802 | NM | ||||||||||||||||||||
Held to maturity, at amortized cost | 13 | 12 | 12 | 11 | 9 | 9 | 8 | 7 | (36) | % | |||||||||||||||||||
Total fixed income | 35,893 | 37,320 | 39,044 | 39,683 | 41,891 | 43,681 | 45,104 | 46,306 | 17 | % | |||||||||||||||||||
Equity securities, at market | 548 | 539 | 470 | 356 | 362 | 432 | 407 | 399 | 12 | % | |||||||||||||||||||
Short Term and Other | 4,140 | 4,230 | 3,836 | 6,364 | 5,890 | 6,255 | 6,519 | 5,673 | (11) | % | |||||||||||||||||||
Total investments held by Insurance companies | $ | 40,581 | $ | 42,089 | $ | 43,350 | $ | 46,403 | $ | 48,143 | $ | 50,368 | $ | 52,030 | $ | 52,378 | 13 | % | |||||||||||
After-tax unrealized gains/(losses) on invested assets | $ | (112 | ) | $ | 160 | $ | 600 | $ | 753 | $ | 1,122 | $ | 1,933 | $ | 1,672 | $ | 1,598 | NM | |||||||||||
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 | 4Q 2003 | 4Q 2003 vs. 4Q 2002 Increase/ (Decrease) | YTD 4Q 2002 | YTD 4Q 2003 | YTD 4Q 2003 vs. YTD 4Q 2002 Increase/ (Decrease) | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense (2) | $ | 111 | $ | (49 | ) | $ | (67 | ) | $ | (30 | ) | $ | 94 | $ | 168 | $ | 459 | $ | 287 | NM | $ | (35 | ) | $ | 1,008 | NM | ||||||||||
Total Operating Expenses | 52 | 48 | 76 | 62 | 78 | 91 | 84 | 140 | NM | 238 | 393 | 65 | % | |||||||||||||||||||||||
Provision for Credit Losses | — | — | 9 | 22 | — | 1 | — | (1 | ) | NM | 31 | — | (100 | )% | ||||||||||||||||||||||
Income (Loss) Before Taxes and Minority Interest | 59 | (97 | ) | (152 | ) | (114 | ) | 16 | 76 | 375 | 148 | NM | (304 | ) | 615 | NM | ||||||||||||||||||||
Income Taxes (Benefits) | 25 | (36 | ) | (46 | ) | (41 | ) | 8 | 32 | 134 | 36 | NM | (98 | ) | 210 | NM | ||||||||||||||||||||
Minority Interest, Net of Tax | (1 | ) | 9 | 14 | 1 | 8 | 17 | 145 | 5 | NM | 23 | 175 | NM | |||||||||||||||||||||||
Income (Loss) from Continuing Operations(2) | $ | 35 | $ | (70 | ) | $ | (120 | ) | $ | (74 | ) | $ | — | $ | 27 | $ | 96 | $ | 107 | NM | $ | (229 | ) | $ | 230 | NM | ||||||||||
Total Revenues, Net of Interest Expense (by Type): | ||||||||||||||||||||||||||||||||||||
Private Equity | $ | 77 | $ | (89 | ) | $ | (651 | ) | $ | (91 | ) | $ | 10 | $ | 71 | $ | 393 | $ | 192 | NM | $ | (754 | ) | $ | 666 | NM | ||||||||||
Hedge Funds | 11 | 17 | 20 | 23 | 15 | 38 | 8 | 19 | (17 | )% | 71 | 80 | 13 | % | ||||||||||||||||||||||
Refinancing Portfolio | 4 | 3 | 2 | 5 | 4 | 3 | 2 | 1 | (80 | )% | 14 | 10 | (29 | )% | ||||||||||||||||||||||
Other(2) | 19 | 20 | 562 | 33 | 65 | 56 | 56 | 75 | NM | 634 | 252 | (60 | )% | |||||||||||||||||||||||
Total | $ | 111 | $ | (49 | ) | $ | (67 | ) | $ | (30 | ) | $ | 94 | $ | 168 | $ | 459 | $ | 287 | NM | $ | (35 | ) | $ | 1,008 | NM | ||||||||||
Total Period End Assets (in billions) | $ | 9.6 | $ | 8.6 | $ | 9.1 | $ | 9.4 | $ | 9.1 | $ | 9.1 | $ | 9.1 | $ | 8.5 | (10 | )% |
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 | 4Q 2003 | 4Q 2003 vs. 4Q 2002 Increase/ (Decrease) | YTD 4Q 2002 | YTD 4Q 2003 | YTD 4Q 2003 vs. YTD 4Q 2002 Increase/ (Decrease) | |||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenues | |||||||||||||||||||||||||||||||||||||
Loan interest, including fees | $ | 9,159 | $ | 9,517 | $ | 9,686 | $ | 9,541 | $ | 9,470 | $ | 9,312 | $ | 9,098 | $ | 10,230 | 7 | % | $ | 37,903 | $ | 38,110 | 1 | % | |||||||||||||
Other interest and dividends | 4,944 | 5,483 | 5,398 | 5,211 | 4,875 | 4,776 | 4,755 | 4,531 | (13 | )% | 21,036 | 18,937 | (10 | )% | |||||||||||||||||||||||
Insurance premiums | 780 | 931 | 855 | 844 | 825 | 839 | 1,071 | 1,014 | 20 | % | 3,410 | 3,749 | 10 | % | |||||||||||||||||||||||
Commissions and fees | 3,928 | 4,105 | 3,612 | 3,613 | 3,700 | 4,049 | 4,132 | 4,433 | 23 | % | 15,258 | 16,314 | 7 | % | |||||||||||||||||||||||
Principal transactions | 1,613 | 1,270 | 993 | 637 | 1,602 | 1,311 | 1,307 | 900 | 41 | % | 4,513 | 5,120 | 13 | % | |||||||||||||||||||||||
Asset management and administration fees | 1,320 | 1,377 | 1,263 | 1,186 | 1,251 | 1,354 | 1,426 | 1,634 | 38 | % | 5,146 | 5,665 | 10 | % | |||||||||||||||||||||||
Realized gains (losses) from sales of investments | 30 | (190 | ) | (165 | ) | (160 | ) | 162 | 188 | 115 | 45 | NM | (485 | ) | 510 | NM | |||||||||||||||||||||
Other income | 880 | 1,108 | 1,863 | 1,924 | 1,314 | 2,011 | 1,430 | 1,553 | (19 | )% | 5,775 | 6,308 | 9 | % | |||||||||||||||||||||||
Total revenues | 22,654 | 23,601 | 23,505 | 22,796 | 23,199 | 23,840 | 23,334 | 24,340 | 7 | % | 92,556 | 94,713 | 2 | % | |||||||||||||||||||||||
Interest expense | 4,856 | 5,608 | 5,861 | 4,923 | 4,663 | 4,486 | 3,936 | 4,186 | (15 | )% | 21,248 | 17,271 | (19 | )% | |||||||||||||||||||||||
Total revenues, net of interest expense | 17,798 | 17,993 | 17,644 | 17,873 | 18,536 | 19,354 | 19,398 | 20,154 | 13 | % | 71,308 | 77,442 | 9 | % | |||||||||||||||||||||||
Benefits, Claims, and Credit Losses | |||||||||||||||||||||||||||||||||||||
Policyholder benefits and claims | 803 | 925 | 887 | 863 | 871 | 901 | 1,107 | 1,016 | 18 | % | 3,478 | 3,895 | 12 | % | |||||||||||||||||||||||
Provision for credit losses | 2,559 | 2,057 | 2,689 | 2,690 | 2,053 | 2,186 | 1,614 | 2,193 | (18 | )% | 9,995 | 8,046 | (19 | )% | |||||||||||||||||||||||
Total benefits, claims, and credit losses | 3,362 | 2,982 | 3,576 | 3,553 | 2,924 | 3,087 | 2,721 | 3,209 | (10 | )% | 13,473 | 11,941 | (11 | )% | |||||||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||||||||||||||
Non-insurance compensation and benefits | 5,090 | 4,979 | 4,387 | 4,194 | 5,306 | 5,544 | 5,228 | 5,210 | 24 | % | 18,650 | 21,288 | 14 | % | |||||||||||||||||||||||
Net occupancy expense | 960 | 988 | 1,001 | 1,056 | 1,041 | 1,064 | 1,045 | 1,130 | 7 | % | 4,005 | 4,280 | 7 | % | |||||||||||||||||||||||
Technology/communication expense | 778 | 780 | 762 | 819 | 798 | 793 | 899 | 924 | 13 | % | 3,139 | 3,414 | 9 | % | |||||||||||||||||||||||
Insurance underwriting, acquisition and operating | 269 | 233 | 230 | 260 | 264 | 265 | 262 | 272 | 5 | % | 992 | 1,063 | 7 | % | |||||||||||||||||||||||
Restructuring-related items | 46 | (40 | ) | (41 | ) | 20 | (13 | ) | (1 | ) | (11 | ) | (21 | ) | NM | (15 | ) | (46 | ) | NM | |||||||||||||||||
Other operating | 1,913 | 2,207 | 2,101 | 4,306 | 2,156 | 2,306 | 2,190 | 2,517 | (42 | )% | 10,527 | 9,169 | (13 | )% | |||||||||||||||||||||||
Total operating expenses | 9,056 | 9,147 | 8,440 | 10,655 | 9,552 | 9,971 | 9,613 | 10,032 | (6 | )% | 37,298 | 39,168 | 5 | % | |||||||||||||||||||||||
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 | 6,913 | 89 | % | 20,537 | 26,333 | 28 | % | |||||||||||||||||||||||
Provision for income taxes | 1,879 | 2,017 | 1,898 | 1,204 | 1,919 | 1,956 | 2,208 | 2,112 | 75 | % | 6,998 | 8,195 | 17 | % | |||||||||||||||||||||||
Minority interest, net of income taxes | 17 | 18 | 24 | 32 | 38 | 41 | 165 | 41 | 28 | % | 91 | 285 | 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 | 4,760 | 96 | % | 13,448 | 17,853 | 33 | % | |||||||||||||||||||||||
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 | $ | 4,760 | 96 | % | $ | 15,276 | $ | 17,853 | 17 | % | |||||||||||||
Reclassified to conform to the current period's presentation.
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 | December 31, 2003(2) | December 31, 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 | $ | 21,149 | 22 | % | ||||||||||||
Deposits at interest with banks | 17,189 | 16,768 | 15,183 | 16,382 | 19,173 | 18,785 | 21,504 | 19,777 | 21 | % | ||||||||||||||||||||
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 | 172,174 | 23 | % | ||||||||||||||||||||
Brokerage receivables | 26,848 | 21,050 | 21,208 | 25,358 | 25,606 | 43,955 | 35,372 | 26,476 | 4 | % | ||||||||||||||||||||
Trading account assets | 145,059 | 163,867 | 161,803 | 155,208 | 173,099 | 174,324 | 190,851 | 230,856 | 49 | % | ||||||||||||||||||||
Investments | 172,332 | 173,185 | 142,328 | 169,513 | 181,750 | 189,000 | 185,487 | 182,892 | 8 | % | ||||||||||||||||||||
Loans, net of unearned income | ||||||||||||||||||||||||||||||
Consumer | 275,631 | 289,105 | 293,365 | 337,681 | 332,607 | 329,695 | 338,614 | 379,932 | 13 | % | ||||||||||||||||||||
Corporate | 113,083 | 113,870 | 110,251 | 110,124 | 105,425 | 108,876 | 102,962 | 98,074 | (11 | )% | ||||||||||||||||||||
Loans, net of unearned income | 388,714 | 402,975 | 403,616 | 447,805 | 438,032 | 438,571 | 441,576 | 478,006 | 7 | % | ||||||||||||||||||||
Allowance for credit losses | (10,120 | ) | (10,037 | ) | (10,320 | ) | (11,101 | ) | (11,049 | ) | (11,167 | ) | (10,843 | ) | (12,643 | ) | (14 | )% | ||||||||||||
Total loans, net | 378,594 | 392,938 | 393,296 | 436,704 | 426,983 | 427,404 | 430,733 | 465,363 | 7 | % | ||||||||||||||||||||
Goodwill | 25,506 | 25,604 | 22,559 | 26,961 | 26,605 | 26,960 | 26,757 | 27,581 | 2 | % | ||||||||||||||||||||
Intangible assets | 8,885 | 8,844 | 7,776 | 8,509 | 8,233 | 7,792 | 8,674 | 13,881 | 63 | % | ||||||||||||||||||||
Reinsurance recoverables | 12,531 | 12,481 | 4,328 | 4,356 | 4,361 | 4,431 | 4,511 | 4,577 | 5 | % | ||||||||||||||||||||
Separate and variable accounts | 25,981 | 24,017 | 21,522 | 22,118 | 21,778 | 24,268 | 25,135 | 27,473 | 24 | % | ||||||||||||||||||||
Other assets | 78,543 | 78,882 | 68,597 | 75,209 | 72,002 | 81,440 | 80,153 | 71,833 | (4 | )% | ||||||||||||||||||||
Total assets | $ | 1,058,057 | $ | 1,083,706 | $ | 1,031,968 | $ | 1,097,590 | $ | 1,137,373 | $ | 1,187,435 | $ | 1,209,323 | $ | 1,264,032 | 15 | % | ||||||||||||
Liabilities | ||||||||||||||||||||||||||||||
Non-interest-bearing deposits in U.S. offices | $ | 21,652 | $ | 21,475 | $ | 22,469 | $ | 29,545 | $ | 28,977 | $ | 26,579 | $ | 27,617 | $ | 30,074 | 2 | % | ||||||||||||
Interest-bearing deposits in U.S. offices | 119,083 | 114,466 | 118,101 | 141,787 | 145,354 | 146,178 | 146,392 | 146,675 | 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 | 22,458 | 5 | % | ||||||||||||||||||||
Interest-bearing deposits in offices outside the U.S. | 223,166 | 239,231 | 230,914 | 238,141 | 248,676 | 252,062 | 257,654 | 274,326 | 15 | % | ||||||||||||||||||||
Total deposits | 382,389 | 394,878 | 390,827 | 430,895 | 444,106 | 447,984 | 454,242 | 473,533 | 10 | % | ||||||||||||||||||||
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 | 181,156 | 11 | % | ||||||||||||||||||||
Brokerage payables | 25,790 | 21,175 | 19,766 | 22,024 | 24,989 | 45,779 | 35,805 | 37,330 | 69 | % | ||||||||||||||||||||
Trading account liabilities | 81,537 | 86,564 | 95,699 | 91,426 | 92,659 | 101,998 | 107,037 | 114,015 | 25 | % | ||||||||||||||||||||
Contractholder funds and separate and variable accounts | 49,992 | 49,925 | 48,347 | 49,331 | 50,339 | 53,363 | 55,499 | 58,402 | 18 | % | ||||||||||||||||||||
Insurance policy and claims reserves | 49,840 | 50,129 | 16,304 | 16,350 | 16,459 | 16,714 | 16,908 | 17,478 | 7 | % | ||||||||||||||||||||
Investment banking and brokerage borrowings | 18,854 | 18,058 | 19,951 | 21,353 | 21,932 | 20,782 | 22,542 | 22,442 | 5 | % | ||||||||||||||||||||
Short-term borrowings | 24,805 | 24,638 | 27,991 | 30,629 | 28,495 | 32,949 | 40,698 | 36,670 | 20 | % | ||||||||||||||||||||
Long-term debt | 117,757 | 114,580 | 109,672 | 126,927 | 133,125 | 131,350 | 145,990 | 162,702 | 28 | % | ||||||||||||||||||||
Other liabilities(3) | 51,629 | 59,657 | 51,611 | 53,142 | 52,811 | 63,633 | 60,330 | 56,233 | 6 | % | ||||||||||||||||||||
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 | 5,217 | 12 | % | ||||||||||||||||||||
—Subsidiary | 2,380 | 2,333 | 1,483 | 1,495 | 1,095 | 1,103 | 1,079 | 840 | (44 | )% | ||||||||||||||||||||
Total liabilities | 974,419 | 997,991 | 951,202 | 1,010,872 | 1,050,032 | 1,094,134 | 1,114,064 | 1,166,018 | 15 | % | ||||||||||||||||||||
Stockholders' equity | ||||||||||||||||||||||||||||||
Preferred Stock | 1,400 | 1,400 | 1,400 | 1,400 | 1,126 | 1,125 | 1,125 | 1,125 | (20 | )% | ||||||||||||||||||||
Common Stock | 55 | 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 | 17,531 | 1 | % | ||||||||||||||||||||
Retained earnings | 73,798 | 76,924 | 79,911 | 81,403 | 84,453 | 87,698 | 90,555 | 93,483 | 15 | % | ||||||||||||||||||||
Treasury stock | (11,194 | ) | (12,624 | ) | (14,363 | ) | (11,637 | ) | (11,390 | ) | (11,384 | ) | (11,241 | ) | (11,524 | ) | 1 | % | ||||||||||||
Accumulated other changes in equity from nonowner sources | (1,770 | ) | (1,726 | ) | (1,095 | ) | (193 | ) | (1,055 | ) | 904 | (492 | ) | (806 | ) | NM | ||||||||||||||
Unearned compensation | (2,511 | ) | (2,129 | ) | (1,937 | ) | (1,691 | ) | (3,298 | ) | (2,509 | ) | (2,267 | ) | (1,850 | ) | (9 | )% | ||||||||||||
Total stockholders' equity | 83,638 | 85,715 | 80,766 | 86,718 | 87,341 | 93,301 | 95,259 | 98,014 | 13 | % | ||||||||||||||||||||
Total liabilities and stockholders' equity | $ | 1,058,057 | $ | 1,083,706 | $ | 1,031,968 | $ | 1,097,590 | $ | 1,137,373 | $ | 1,187,435 | $ | 1,209,323 | $ | 1,264,032 | 15 | % | ||||||||||||
NM Not meaningful
Reclassified to conform to the current period's presentation.
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 | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 4Q02 | 3Q03 | 4Q03 | 4Q03 | 4Q02 | 3Q03 | 4Q03 | 4Q03 | ||||||||||||||||||||||
PRODUCT VIEW: | ||||||||||||||||||||||||||||||
Cards | $ | 2,397 | $ | 2,353 | $ | 3,392 | $ | 158.4 | $ | 1,772 | $ | 1,789 | $ | 2,186 | $ | 144.1 | ||||||||||||||
Ratio | 1.84 | % | 1.83 | % | 2.14 | % | 5.61 | % | 5.62 | % | 6.02 | % | ||||||||||||||||||
North America Cards | 2,185 | 2,098 | 3,133 | 143.7 | 1,653 | 1,653 | 2,052 | 130.2 | ||||||||||||||||||||||
Ratio | 1.85 | % | 1.82 | % | 2.18 | % | 5.75 | % | 5.77 | % | 6.25 | % | ||||||||||||||||||
International Cards | 212 | 255 | 259 | 14.7 | 119 | 136 | 134 | 13.9 | ||||||||||||||||||||||
Ratio | 1.78 | % | 1.88 | % | 1.76 | % | 4.21 | % | 4.27 | % | 3.84 | % | ||||||||||||||||||
Consumer Finance | 2,197 | 2,127 | 2,221 | 94.1 | 852 | 898 | 867 | 93.3 | ||||||||||||||||||||||
Ratio | 2.48 | % | 2.30 | % | 2.36 | % | 3.91 | % | 3.92 | % | 3.68 | % | ||||||||||||||||||
North America Consumer Finance | 1,786 | 1,642 | 1,683 | 72.6 | 515 | 520 | 512 | 72.2 | ||||||||||||||||||||||
Ratio | 2.64 | % | 2.29 | % | 2.32 | % | 3.10 | % | 2.93 | % | 2.81 | % | ||||||||||||||||||
International Consumer Finance | 411 | 485 | 538 | 21.5 | 337 | 378 | 355 | 21.1 | ||||||||||||||||||||||
Ratio | 1.98 | % | 2.32 | % | 2.50 | % | 6.48 | % | 7.34 | % | 6.65 | % | ||||||||||||||||||
Retail Banking (excluding Commercial Markets) | 3,647 | 3,707 | 3,802 | 123.9 | 128 | 210 | 119 | 121.3 | ||||||||||||||||||||||
Ratio | 3.18 | % | 3.19 | % | 3.07 | % | 0.48 | % | 0.72 | % | 0.39 | % | ||||||||||||||||||
North America Retail Banking | 2,419 | 2,318 | 2,299 | 88.5 | 37 | 21 | 24 | 86.4 | ||||||||||||||||||||||
Ratio | 2.90 | % | 2.80 | % | 2.60 | % | 0.20 | % | 0.10 | % | 0.11 | % | ||||||||||||||||||
International Retail Banking | 1,228 | 1,389 | 1,503 | 35.4 | 91 | 189 | 95 | 34.9 | ||||||||||||||||||||||
Ratio | 3.91 | % | 4.16 | % | 4.24 | % | 1.17 | % | 2.28 | % | 1.09 | % | ||||||||||||||||||
Private Bank | 174 | 124 | 121 | 34.8 | 7 | 4 | 8 | 34.7 | ||||||||||||||||||||||
Ratio | 0.56 | % | 0.36 | % | 0.35 | % | 0.10 | % | 0.05 | % | 0.09 | % | ||||||||||||||||||
Other | 1 | — | — | 0.9 | 1 | — | — | 0.9 | ||||||||||||||||||||||
Managed Loans (Excluding Commercial Markets) (2) | $ | 8,416 | $ | 8,311 | $ | 9,536 | $ | 412.1 | $ | 2,760 | $ | 2,901 | $ | 3,180 | $ | 394.3 | ||||||||||||||
Ratio | 2.30 | % | 2.23 | % | 2.31 | % | 3.15 | % | 3.14 | % | 3.20 | % | ||||||||||||||||||
Securitized Receivables (all in North America Cards) | (1,285 | ) | (1,414 | ) | (1,421 | ) | (76.1 | ) | (962 | ) | (1,127 | ) | (1,219 | ) | (74.5 | ) | ||||||||||||||
Loans Held-for-Sale | (121 | ) | (120 | ) | — | — | (99 | ) | (83 | ) | (11 | ) | (0.6 | ) | ||||||||||||||||
On-Balance Sheet Loans (Excluding Commercial Markets) | $ | 7,010 | $ | 6,777 | $ | 8,115 | $ | 336.0 | $ | 1,699 | $ | 1,691 | $ | 1,950 | $ | 319.2 | ||||||||||||||
Ratio | 2.40 | % | 2.28 | % | 2.42 | % | 2.44 | % | 2.31 | % | 2.42 | % | ||||||||||||||||||
Cash-Basis Loans(1) | Net Credit Losses(1) | |||||||||||||||||||||||||||||
Commercial Markets Groups | $ | 1,299 | $ | 1,283 | $ | 1,350 | $ | 39.9 | $ | 146 | $ | 50 | $ | 94 | $ | 40.2 | ||||||||||||||
Ratio | 2.90 | % | 3.17 | % | 3.38 | % | 1.38 | % | 0.47 | % | 0.93 | % | ||||||||||||||||||
Total Consumer Loans(2)(3) | $ | 375.9 | $ | 359.4 |
| 90 Days Or More Past Due(1) | EOP Loans | Net Credit Losses(1) | Average Loans | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 4Q02 | 3Q03 | 4Q03 | 4Q03 | 4Q02 | 3Q03 | 4Q03 | 4Q03 | ||||||||||||||||||||
REGIONAL VIEW (Excluding Commercial Markets): | ||||||||||||||||||||||||||||
North America (excluding Mexico) | $ | 6,135 | $ | 5,752 | $ | 6,794 | $ | 317.8 | $ | 2,188 | $ | 2,190 | $ | 2,573 | $ | 301.9 | ||||||||||||
Ratio | 2.18 | % | 2.02 | % | 2.14 | % | 3.27 | % | 3.10 | % | 3.38 | % | ||||||||||||||||
Mexico | 355 | 374 | 388 | 6.9 | 21 | 10 | 14 | 7.1 | ||||||||||||||||||||
Ratio | 5.43 | % | 5.77 | % | 5.65 | % | 1.30 | % | 0.58 | % | 0.80 | % | ||||||||||||||||
Europe, Middle East and Africa | 1,253 | 1,489 | 1,669 | 34.0 | 109 | 160 | 174 | 32.6 | ||||||||||||||||||||
Ratio | 4.47 | % | 4.80 | % | 4.90 | % | 1.61 | % | 2.13 | % | 2.11 | % | ||||||||||||||||
Japan | 258 | 343 | 355 | 17.4 | 306 | 343 | 323 | 17.3 | ||||||||||||||||||||
Ratio | 1.46 | % | 2.02 | % | 2.04 | % | 6.97 | % | 8.36 | % | 7.43 | % | ||||||||||||||||
Asia (excluding Japan) | 340 | 307 | 286 | 33.1 | 96 | 101 | 94 | 32.5 | ||||||||||||||||||||
Ratio | 1.19 | % | 0.96 | % | 0.86 | % | 1.36 | % | 1.29 | % | 1.15 | % | ||||||||||||||||
Latin America | 75 | 46 | 44 | 2.9 | 40 | 97 | 2 | 2.9 | ||||||||||||||||||||
Ratio | 2.48 | % | 1.56 | % | 1.50 | % | 5.10 | % | 13.13 | % | 0.22 | % | ||||||||||||||||
Managed Loans (Excluding Commercial Markets)(2) | $ | 8,416 | $ | 8,311 | $ | 9,536 | $ | 412.1 | $ | 2,760 | $ | 2,901 | $ | 3,180 | $ | 394.3 | ||||||||||||
Ratio | 2.30 | % | 2.23 | % | 2.31 | % | 3.15 | % | 3.14 | % | 3.20 | % | ||||||||||||||||
Securitized Receivables (all in North America Cards) | (1,285 | ) | (1,414 | ) | (1,421 | ) | (76.1 | ) | (962 | ) | (1,127 | ) | (1,219 | ) | (74.5 | ) | ||||||||||||
Loans Held-for-Sale | (121 | ) | (120 | ) | — | — | (99 | ) | (83 | ) | (11 | ) | (0.6 | ) | ||||||||||||||
On-Balance Sheet Loans (Excluding Commercial Markets) | $ | 7,010 | $ | 6,777 | $ | 8,115 | $ | 336.0 | $ | 1,699 | $ | 1,691 | $ | 1,950 | $ | 319.2 | ||||||||||||
Ratio | 2.40 | % | 2.28 | % | 2.42 | % | 2.44 | % | 2.31 | % | 2.42 | % |
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 | 4Q 2003 | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Allowance for credit losses at beginning of period | $ | 9,688 | $ | 10,120 | $ | 10,037 | $ | 10,320 | $ | 11,101 | $ | 11,049 | $ | 11,167 | $ | 10,843 | |||||||||||
Provision for credit losses: | |||||||||||||||||||||||||||
Global Consumer(1) | 1,878 | 1,599 | 1,885 | 1,792 | 1,810 | 1,774 | 1,433 | 1,897 | |||||||||||||||||||
CitiCapital | 112 | 193 | 136 | 119 | 129 | 114 | 105 | 54 | |||||||||||||||||||
Global Corporate and Investment Bank | 569 | 265 | 668 | 779 | 114 | 298 | 76 | 242 | |||||||||||||||||||
2,559 | 2,057 | 2,689 | 2,690 | 2,053 | 2,186 | 1,614 | 2,193 | ||||||||||||||||||||
Gross credit losses: | |||||||||||||||||||||||||||
Global Consumer(1) | 1,898 | 1,941 | 2,040 | 2,033 | 2,059 | 2,081 | 2,043 | 2,365 | |||||||||||||||||||
CitiCapital | 187 | 258 | 172 | 162 | 163 | 134 | 112 | 96 | |||||||||||||||||||
Global Corporate and Investment Bank | 370 | 368 | 533 | 604 | 230 | 333 | 412 | 498 | |||||||||||||||||||
2,455 | 2,567 | 2,745 | 2,799 | 2,452 | 2,548 | 2,567 | 2,959 | ||||||||||||||||||||
Credit recoveries: | |||||||||||||||||||||||||||
Global Consumer(1) | 255 | 259 | 278 | 323 | 319 | 323 | 405 | 405 | |||||||||||||||||||
CitiCapital | 30 | 35 | 32 | 27 | 17 | 8 | 9 | 12 | |||||||||||||||||||
Global Corporate and Investment Bank | 42 | 106 | 72 | 104 | 31 | 76 | 81 | 74 | |||||||||||||||||||
327 | 400 | 382 | 454 | 367 | 407 | 495 | 491 | ||||||||||||||||||||
Net credit losses: | |||||||||||||||||||||||||||
Global Consumer(1) | 1,643 | 1,682 | 1,762 | 1,710 | 1,740 | 1,758 | 1,638 | 1,960 | |||||||||||||||||||
CitiCapital | 157 | 223 | 140 | 135 | 146 | 126 | 103 | 84 | |||||||||||||||||||
Global Corporate and Investment Bank | 328 | 262 | 461 | 500 | 199 | 257 | 331 | 424 | |||||||||||||||||||
2,128 | 2,167 | 2,363 | 2,345 | 2,085 | 2,141 | 2,072 | 2,468 | ||||||||||||||||||||
Other—net(2) | 1 | 27 | (43 | ) | 436 | (20 | ) | 73 | 134 | 2,075 | |||||||||||||||||
Allowance for credit losses at end of period | $ | 10,120 | $ | 10,037 | $ | 10,320 | $ | 11,101 | $ | 11,049 | $ | 11,167 | $ | 10,843 | $ | 12,643 | |||||||||||
Net Consumer Credit Losses (excluding CitiCapital) | $ | 1,643 | $ | 1,682 | $ | 1,762 | $ | 1,710 | $ | 1,740 | $ | 1,758 | $ | 1,638 | $ | 1,960 | |||||||||||
As a Percentage of Average Consumer Loans | 2.71 | % | 2.65 | % | 2.65 | % | 2.33 | % | 2.29 | % | 2.30 | % | 2.10 | % | 2.30 | % | |||||||||||
Net CitiCapital Credit Losses | $ | 157 | $ | 223 | $ | 140 | $ | 135 | $ | 146 | $ | 126 | $ | 103 | $ | 84 | |||||||||||
As a Percentage of Average CitiCapital Loans | 2.15 | % | 3.09 | % | 1.97 | % | 1.96 | % | 2.24 | % | 2.01 | % | 1.69 | % | 1.51 | % | |||||||||||
Net Corporate Credit Losses | $ | 328 | $ | 262 | $ | 461 | $ | 500 | $ | 199 | $ | 257 | $ | 331 | $ | 424 | |||||||||||
As a Percentage of Average Corporate Loans | 1.23 | % | 0.97 | % | 1.74 | % | 1.88 | % | 0.78 | % | 0.98 | % | 1.29 | % | 1.72 | % | |||||||||||
Allowance for Credit Losses | |||||||||||||||||||||||||||
Consumer (excluding CitiCapital) | $ | 5,732 | $ | 5,756 | $ | 5,849 | $ | 6,410 | $ | 6,476 | $ | 6,551 | $ | 6,450 | $ | 8,530 | |||||||||||
CitiCapital | 636 | 630 | 627 | 611 | 594 | 585 | 588 | 558 | |||||||||||||||||||
Corporate | 3,752 | 3,651 | 3,844 | 4,080 | 3,979 | 4,031 | 3,805 | 3,555 | |||||||||||||||||||
Allowance for Credit Losses | $ | 10,120 | $ | 10,037 | $ | 10,320 | $ | 11,101 | $ | 11,049 | $ | 11,167 | $ | 10,843 | $ | 12,643 | |||||||||||
Allowance for Credit Losses on Lending Commitments(3) | $ | 450 | $ | 510 | $ | 510 | $ | 567 | $ | 567 | $ | 567 | $ | 526 | $ | 600 | |||||||||||
Total Allowance for Loans, Leases and Corproate Lending Commitments | $ | 10,570 | $ | 10,547 | $ | 10,830 | $ | 11,668 | $ | 11,616 | $ | 11,734 | $ | 11,369 | $ | 13,243 | |||||||||||
Total Allowance for Loans, Leases and Lending Commitments as a Percent of Total Loans | |||||||||||||||||||||||||||
Consumer (excluding CitiCapital) | 2.33 | % | 2.21 | % | 2.20 | % | 2.06 | % | 2.11 | % | 2.16 | % | 2.04 | % | 2.38 | % | |||||||||||
CitiCapital | 2.18 | % | 2.18 | % | 2.26 | % | 2.26 | % | 2.32 | % | 2.37 | % | 2.63 | % | 2.53 | % | |||||||||||
Corporate | 3.72 | % | 3.65 | % | 3.95 | % | 4.22 | % | 4.31 | % | 4.22 | % | 4.21 | % | 4.24 | % | |||||||||||
Total | 2.72 | % | 2.62 | % | 2.68 | % | 2.61 | % | 2.65 | % | 2.68 | % | 2.57 | % | 2.77 | % | |||||||||||
Total Allowance for Loans and Leases As a Percent of Total Loans(4) | |||||||||||||||||||||||||||
Corporate | 3.32 | % | 3.21 | % | 3.49 | % | 3.70 | % | 3.77 | % | 3.70 | % | 3.70 | % | 3.62 | % |
Reclassified to conform to the current period's presentation.
29
NON-PERFORMING ASSETS
(In millions of dollars)
| 1Q 2002 | 2Q 2002 | 3Q 2002 | 4Q 2002 | 1Q 2003 | 2Q 2003 | 3Q 2003 | 4Q 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 | $ | 8 | |||||||||||
Other | 3,157 | 3,753 | 3,891 | 3,931 | 4,021 | 4,142 | 3,753 | 3,411 | |||||||||||||||||||
Total Corporate Cash-Basis Loans | $ | 3,282 | $ | 3,840 | $ | 3,932 | $ | 3,995 | $ | 4,082 | $ | 4,204 | $ | 3,789 | $ | 3,419 | |||||||||||
Corporate Cash-Basis Loans(1) | |||||||||||||||||||||||||||
JENA(2) | $ | 924 | $ | 1,074 | $ | 1,096 | $ | 1,207 | $ | 1,077 | $ | 1,188 | $ | 1,121 | $ | 1,032 | |||||||||||
Other International(3) | 2,358 | 2,766 | 2,836 | 2,788 | 3,005 | 3,016 | 2,668 | 2,387 | |||||||||||||||||||
Total Corporate Cash-Basis Loans | $ | 3,282 | $ | 3,840 | $ | 3,932 | $ | 3,995 | $ | 4,082 | $ | 4,204 | $ | 3,789 | $ | 3,419 | |||||||||||
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 | % | 3.50 | % | |||||||||||
Consumer Cash-Basis (excluding Commercial Markets) | $ | 4,212 | $ | 4,284 | $ | 4,365 | $ | 4,607 | $ | 4,710 | $ | 4,601 | $ | 4,493 | $ | 4,735 | |||||||||||
Commercial Markets Cash-Basis Loans | 1,321 | 1,161 | 1,234 | 1,299 | 1,250 | 1,165 | 1,283 | 1,350 | |||||||||||||||||||
Total Consumer Cash-Basis Loans | $ | 5,533 | $ | 5,445 | $ | 5,599 | $ | 5,906 | $ | 5,960 | $ | 5,766 | $ | 5,776 | $ | 6,085 | |||||||||||
CitiCapital Collateral Dependent Loans (included in Commercial Markets Cash-Basis Loans) | $ | 330 | $ | 360 | $ | 389 | $ | 508 | $ | 462 | $ | 489 | $ | 413 | $ | 424 | |||||||||||
Renegotiated Loans (includes Corporate and Commercial Markets Loans) | $ | 335 | $ | 317 | $ | 267 | $ | 170 | $ | 157 | $ | 178 | $ | 161 | $ | 140 | |||||||||||
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS | |||||||||||||||||||||||||||
Consumer(5) | $ | 384 | $ | 458 | $ | 473 | $ | 495 | $ | 509 | $ | 479 | $ | 460 | $ | 437 | |||||||||||
Global Corporate and Investment Bank(5)(6) | 145 | 136 | 117 | 75 | 78 | 89 | 95 | 105 | |||||||||||||||||||
TOTAL OTHER REAL ESTATE OWNED | $ | 529 | $ | 594 | $ | 590 | $ | 570 | $ | 587 | $ | 568 | $ | 555 | $ | 542 | |||||||||||
OTHER REPOSSESSED ASSETS(7) | $ | 381 | $ | 320 | $ | 227 | $ | 230 | $ | 255 | $ | 228 | $ | 182 | $ | 151 | |||||||||||
Reclassified to conform to the current period's presentation.
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