Citigroup (C) 8-KFinancial statements and exhibits
Filed: 15 Apr 04, 12:00am
CITIGROUP—QUARTERLY FINANCIAL DATA SUPPLEMENT
| Page Number | ||||
---|---|---|---|---|---|
Citigroup Consolidated | |||||
Financial Summary | 1 | ||||
Segment Net Income: | |||||
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 | ||||
Life Insurance and Annuities Insurance Investment Portfolio | 22 | ||||
Private Bank | 23 | ||||
Asset Management | 24 | ||||
Proprietary Investment Activities | 25 | ||||
Citigroup Supplemental Detail | |||||
Consolidated Statement of Income | 26 | ||||
Consolidated Balance Sheet | 27 | ||||
Return on Capital | 28 | ||||
Consumer Loan Delinquency Amounts, Net Credit Losses and Ratios | 29 | ||||
Reserve for Loan Losses | 30 | ||||
Non-Performing Assets | 31 |
CITIGROUP—FINANCIAL SUMMARY
(In millions of dollars, except per share amounts)]
Citigroup, the preeminent global financial services company which has 200 million
customer accounts and does business in more than 100 countries, provides consumers, corporations,
governments and institutions a complete range of financial products and services.
| 1Q 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 1Q 2004 | 1Q 2004 vs. 1Q 2003 Increase/ (Decrease) | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Income | $ | 4,103 | $ | 4,299 | $ | 4,691 | $ | 4,760 | $ | 5,273 | 29% | ||||||
Basic Earnings Per Share | $ | 0.80 | $ | 0.84 | $ | 0.92 | $ | 0.93 | $ | 1.03 | 29% | ||||||
Weighted average common shares applicable to Basic EPS | 5,094.9 | 5,085.5 | 5,096.8 | 5,096.1 | 5,095.6 | ||||||||||||
Preferred Dividends—Basic | $ | 20 | $ | 17 | $ | 17 | $ | 17 | $ | 17 | |||||||
Diluted Earnings Per Share | $ | 0.79 | $ | 0.83 | $ | 0.90 | $ | 0.91 | $ | 1.01 | 28% | ||||||
Adjusted weighted average common shares applicable to Diluted EPS | 5,168.7 | 5,184.0 | 5,206.5 | 5,215.2 | 5,203.1 | ||||||||||||
Preferred Dividends—Diluted | $ | 20 | $ | 17 | $ | 17 | $ | 17 | $ | 17 | |||||||
Common Shares Outstanding, at period end | 5,148.0 | 5,150.8 | 5,158.7 | 5,156.9 | 5,171.5 | ||||||||||||
Tier 1 Capital Ratio | 8.67 | % | 9.02 | % | 9.49 | % | 8.91 | % | 9.0 | %* | |||||||
Total Capital Ratio | 11.57 | % | 11.94 | % | 12.59 | % | 12.04 | % | 12.3 | %* | |||||||
Leverage Ratio | 5.46 | % | 5.61 | % | 5.81 | % | 5.56 | % | 5.4 | %* | |||||||
Total Assets, at period end (in billions) | $ | 1,137.4 | $ | 1,187.4 | $ | 1,209.3 | $ | 1,264.0 | $ | 1,317.9 | * | ||||||
Stockholders' Equity, at period end (in billions) | $ | 87.3 | $ | 93.3 | $ | 95.3 | $ | 98.0 | $ | 101.9 | * | ||||||
Equity and Trust Securities, at period end (in billions) | $ | 94.0 | $ | 100.0 | $ | 102.1 | $ | 104.1 | $ | 108.2 | * | ||||||
Book Value Per Share, at period end | $ | 16.75 | $ | 17.90 | $ | 18.25 | $ | 18.79 | $ | 19.48 | * | ||||||
Return on Common Equity (Net Income) | 19.3 | % | 19.2 | % | 20.2 | % | 19.9 | % | 21.3 | % | |||||||
Return on Risk Capital | 45 | % | |||||||||||||||
Reclassified to conform to the current period's presentation.
1
CITIGROUP—NET INCOME
PRODUCT VIEW
(In millions of dollars)
| 1Q 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 1Q 2004 | 1Q 2004 vs. 1Q 2003 Increase/ (Decrease) | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Global Consumer: | |||||||||||||||||||
Cards | $ | 717 | $ | 758 | $ | 980 | $ | 1,135 | $ | 980 | 37% | ||||||||
Consumer Finance | 503 | 521 | 476 | 479 | 567 | 13% | |||||||||||||
Retail Banking | 930 | 1,005 | 1,063 | 1,048 | 1,122 | 21% | |||||||||||||
Other | (28 | ) | (43 | ) | (30 | ) | (23 | ) | (94 | ) | NM | ||||||||
Total Global Consumer | 2,122 | 2,241 | 2,489 | 2,639 | 2,575 | 21% | |||||||||||||
Global Corporate and Investment Bank: | |||||||||||||||||||
Capital Markets and Banking | 1,203 | 1,174 | 1,162 | 1,103 | 1,477 | 23% | |||||||||||||
Transaction Services | 191 | 180 | 196 | 178 | 234 | 23% | |||||||||||||
Other | 7 | (10 | ) | (5 | ) | (8 | ) | (4 | ) | NM | |||||||||
Total Global Corporate and Investment Bank | 1,401 | 1,344 | 1,353 | 1,273 | 1,707 | 22% | |||||||||||||
Private Client Services | 162 | 185 | 206 | 239 | 251 | 55% | |||||||||||||
Global Investment Management: | |||||||||||||||||||
Life Insurance and Annuities | 244 | 200 | 163 | 185 | 287 | 18% | |||||||||||||
Private Bank | 125 | 139 | 143 | 144 | 159 | 27% | |||||||||||||
Asset Management | 83 | 82 | 57 | 102 | 105 | 27% | |||||||||||||
Total Global Investment Management | 452 | 421 | 363 | 431 | 551 | 22% | |||||||||||||
Proprietary Investment Activities | 38 | 63 | 128 | 137 | 26 | (32)% | |||||||||||||
Corporate / Other | (72 | ) | 45 | 152 | 41 | 163 | NM | ||||||||||||
Net Income | $ | 4,103 | $ | 4,299 | $ | 4,691 | $ | 4,760 | $ | 5,273 | 29% | ||||||||
Reclassified to conform to the current period's presentation.
2
CITIGROUP—NET INCOME
REGIONAL VIEW
(In millions of dollars)
| 1Q 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 1Q 2004 | 1Q 2004 vs. 1Q 2003 Increase/ (Decrease) | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
North America (excluding Mexico)(1) | |||||||||||||||||||
Consumer | $ | 1,473 | $ | 1,515 | $ | 1,691 | $ | 1,926 | $ | 1,748 | 19% | ||||||||
Corporate | 661 | 579 | 604 | 698 | 746 | 13% | |||||||||||||
Private Client Services | 162 | 185 | 206 | 239 | 251 | 55% | |||||||||||||
Investment Management | 356 | 307 | 368 | 301 | 386 | 8% | |||||||||||||
Total North America (excluding Mexico) | 2,652 | 2,586 | 2,869 | 3,164 | 3,131 | 18% | |||||||||||||
Mexico | |||||||||||||||||||
Consumer | 118 | 172 | 168 | 166 | 190 | 61% | |||||||||||||
Corporate | 107 | 74 | 120 | 106 | 94 | (12)% | |||||||||||||
Investment Management | 39 | 44 | 59 | 61 | 54 | 38% | |||||||||||||
Total Mexico | 264 | 290 | 347 | 333 | 338 | 28% | |||||||||||||
Europe, Middle East and Africa (EMEA) | |||||||||||||||||||
Consumer | 149 | 155 | 189 | 191 | 204 | 37% | |||||||||||||
Corporate | 239 | 329 | 233 | 118 | 264 | 10% | |||||||||||||
Investment Management | (3 | ) | 2 | 6 | (1 | ) | 9 | NM | |||||||||||
Total EMEA | 385 | 486 | 428 | 308 | 477 | 24% | |||||||||||||
Japan | |||||||||||||||||||
Consumer | 176 | 195 | 106 | 106 | 142 | (19)% | |||||||||||||
Corporate | 40 | 14 | 54 | 54 | 93 | NM | |||||||||||||
Investment Management | 17 | 20 | 25 | 27 | 30 | 76% | |||||||||||||
Total Japan | 233 | 229 | 185 | 187 | 265 | 14% | |||||||||||||
Asia (excluding Japan) | |||||||||||||||||||
Consumer | 186 | 198 | 212 | 215 | 247 | 33% | |||||||||||||
Corporate | 183 | 193 | 196 | 203 | 308 | 68% | |||||||||||||
Investment Management | 32 | 38 | 60 | 38 | 44 | 38% | |||||||||||||
Total Asia | 401 | 429 | 468 | 456 | 599 | 49% | |||||||||||||
Latin America | |||||||||||||||||||
Consumer | 20 | 6 | 123 | 35 | 44 | NM | |||||||||||||
Corporate | 171 | 155 | 146 | 94 | 202 | 18% | |||||||||||||
Investment Management | 11 | 10 | (155 | ) | 5 | 28 | NM | ||||||||||||
Total Latin America | 202 | 171 | 114 | 134 | 274 | 36% | |||||||||||||
Proprietary Investment Activities | 38 | 63 | 128 | 137 | 26 | (32)% | |||||||||||||
Corporate / Other | (72 | ) | 45 | 152 | 41 | 163 | NM | ||||||||||||
Net Income | $ | 4,103 | $ | 4,299 | $ | 4,691 | $ | 4,760 | $ | 5,273 | 29% | ||||||||
Reclassified to conform to the current period's presentation.
3
CITIGROUP—NET REVENUES
PRODUCT VIEW
(In millions of dollars)
| 1Q 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 1Q 2004 | 1Q 2004 vs. 1Q 2003 Increase/ (Decrease) | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Global Consumer: | |||||||||||||||||||
Cards | $ | 3,306 | $ | 3,296 | $ | 3,535 | $ | 4,473 | $ | 4,598 | 39% | ||||||||
Consumer Finance | 2,560 | 2,452 | 2,513 | 2,558 | 2,688 | 5% | |||||||||||||
Retail Banking | 3,898 | 4,179 | 4,103 | 4,038 | 4,229 | 8% | |||||||||||||
Other | 21 | 12 | 9 | 17 | (16 | ) | NM | ||||||||||||
Total Global Consumer | 9,785 | 9,939 | 10,160 | 11,086 | 11,499 | 18% | |||||||||||||
Global Corporate and Investment Bank: | |||||||||||||||||||
Capital Markets and Banking | 4,193 | 4,550 | 3,846 | 3,856 | 4,531 | 8% | |||||||||||||
Transaction Services | 904 | 896 | 882 | 906 | 939 | 4% | |||||||||||||
Other | (11 | ) | (9 | ) | 2 | 6 | 1 | NM | |||||||||||
Total Global Corporate and Investment Bank | 5,086 | 5,437 | 4,730 | 4,768 | 5,471 | 8% | |||||||||||||
Private Client Services | 1,333 | 1,454 | 1,493 | 1,564 | 1,729 | 30% | |||||||||||||
Global Investment Management: | |||||||||||||||||||
Life Insurance and Annuities | 1,146 | 1,179 | 1,389 | 1,298 | 1,303 | 14% | |||||||||||||
Private Bank | 460 | 521 | 510 | 505 | 573 | 25% | |||||||||||||
Asset Management | 367 | 378 | 421 | 467 | 471 | 28% | |||||||||||||
Total Global Investment Management | 1,973 | 2,078 | 2,320 | 2,270 | 2,347 | 19% | |||||||||||||
Proprietary Investment Activities | 153 | 225 | 510 | 334 | 180 | 18% | |||||||||||||
Corporate / Other | 206 | 221 | 185 | 132 | 262 | 27% | |||||||||||||
Total Net Revenues | $ | 18,536 | $ | 19,354 | $ | 19,398 | $ | 20,154 | $ | 21,488 | 16% | ||||||||
Managed Basis Net Revenues(1) | $ | 19,638 | $ | 20,562 | $ | 20,608 | $ | 21,384 | $ | 22,813 | 16% | ||||||||
Reclassified to conform to the current period's presentation.
4
CITIGROUP—NET REVENUES
REGIONAL VIEW
(In millions of dollars)
| 1Q 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 1Q 2004 | 1Q 2004 vs. 1Q 2003 Increase/ (Decrease) | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
North America (excluding Mexico)(1) | ||||||||||||||||||
Consumer | $ | 6,520 | $ | 6,594 | $ | 6,755 | $ | 7,524 | $ | 7,778 | 19% | |||||||
Corporate | 2,440 | 2,576 | 2,047 | 1,815 | 2,302 | (6)% | ||||||||||||
Private Client Services | 1,333 | 1,454 | 1,493 | 1,564 | 1,729 | 30% | ||||||||||||
Investment Management | 1,413 | 1,449 | 1,798 | 1,587 | 1,576 | 12% | ||||||||||||
Total North America (excluding Mexico) | 11,706 | 12,073 | 12,093 | 12,490 | 13,385 | 14% | ||||||||||||
Mexico | ||||||||||||||||||
Consumer | 585 | 686 | 575 | 658 | 724 | 24% | ||||||||||||
Corporate | 166 | 179 | 161 | 202 | 204 | 23% | ||||||||||||
Investment Management | 135 | 139 | 150 | 165 | 167 | 24% | ||||||||||||
Total Mexico | 886 | 1,004 | 886 | 1,025 | 1,095 | 24% | ||||||||||||
Europe, Middle East and Africa (EMEA) | ||||||||||||||||||
Consumer | 904 | 942 | 1,017 | 1,094 | 1,151 | 27% | ||||||||||||
Corporate | 1,387 | 1,478 | 1,337 | 1,528 | 1,559 | 12% | ||||||||||||
Investment Management | 120 | 132 | 138 | 172 | 165 | 38% | ||||||||||||
Total EMEA | 2,411 | 2,552 | 2,492 | 2,794 | 2,875 | 19% | ||||||||||||
Japan | ||||||||||||||||||
Consumer | 915 | 813 | 823 | 823 | 815 | (11)% | ||||||||||||
Corporate | 73 | 105 | 153 | 189 | 227 | NM | ||||||||||||
Investment Management | 75 | 85 | 94 | 82 | 105 | 40% | ||||||||||||
Total Japan | 1,063 | 1,003 | 1,070 | 1,094 | 1,147 | 8% | ||||||||||||
Asia (excluding Japan) | ||||||||||||||||||
Consumer | 682 | 723 | 755 | 781 | 824 | 21% | ||||||||||||
Corporate | 593 | 631 | 676 | 694 | 857 | 45% | ||||||||||||
Investment Management | 132 | 161 | 163 | 165 | 199 | 51% | ||||||||||||
Total Asia | 1,407 | 1,515 | 1,594 | 1,640 | 1,880 | 34% | ||||||||||||
Latin America | ||||||||||||||||||
Consumer | 179 | 181 | 235 | 206 | 207 | 16% | ||||||||||||
Corporate | 427 | 468 | 356 | 340 | 322 | (25)% | ||||||||||||
Investment Management | 98 | 112 | (23 | ) | 99 | 135 | 38% | |||||||||||
Total Latin America | 704 | 761 | 568 | 645 | 664 | (6)% | ||||||||||||
Proprietary Investment Activities | 153 | 225 | 510 | 334 | 180 | 18% | ||||||||||||
Corporate / Other | 206 | 221 | 185 | 132 | 262 | 27% | ||||||||||||
Total Net Revenues | $ | 18,536 | $ | 19,354 | $ | 19,398 | $ | 20,154 | $ | 21,488 | 16% | |||||||
NM Not meaningful
Reclassified to conform to the current period's presentation.
5
GLOBAL CONSUMER
CARDS
(In millions of dollars)
| 1Q 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 1Q 2004 | 1Q 2004 vs. 1Q 2003 Increase/ (Decrease) | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 3,306 | $ | 3,296 | $ | 3,535 | $ | 4,473 | $ | 4,598 | 39% | ||||||||
Effect of Securitization Activities | 1,102 | 1,208 | 1,210 | 1,230 | 1,325 | 20% | |||||||||||||
Adjusted Revenues, Net of Interest Expense(1) | 4,408 | 4,504 | 4,745 | 5,703 | 5,923 | 34% | |||||||||||||
Total Operating Expenses | 1,446 | 1,463 | 1,508 | 1,810 | 1,938 | 34% | |||||||||||||
Provision for Credit Losses | 774 | 678 | 540 | 943 | 1,228 | 59% | |||||||||||||
Effect of Securitization Activities | 1,102 | 1,208 | 1,210 | 1,230 | 1,325 | 20% | |||||||||||||
Adjusted Provision for Credit Losses(1) | 1,876 | 1,886 | 1,750 | 2,173 | 2,553 | 36% | |||||||||||||
Income Before Taxes | 1,086 | 1,155 | 1,487 | 1,720 | 1,432 | 32% | |||||||||||||
Income Taxes | 369 | 397 | 507 | 585 | 452 | 22% | |||||||||||||
Net Income | $ | 717 | $ | 758 | $ | 980 | $ | 1,135 | $ | 980 | 37% | ||||||||
Average Assets (in billions of dollars) | $ | 68 | $ | 62 | $ | 64 | $ | 85 | $ | 95 | 40% | ||||||||
Return on Assets | 4.28 | % | 4.90 | % | 6.08 | % | 5.30 | % | 4.15 | % | |||||||||
Return on Managed Assets | 2.17 | % | 2.32 | % | 2.90 | % | 2.85 | % | 2.32 | % | |||||||||
Average Risk Capital | $ | 5,513 | |||||||||||||||||
Return on Risk Capital | 71 | % | |||||||||||||||||
KEY INDICATORS (in billions of dollars): | |||||||||||||||||||
End of Period Managed Receivables(2) | $ | 127.0 | $ | 125.5 | $ | 131.0 | $ | 163.5 | $ | 156.8 | 23% | ||||||||
EOP Open Accounts (in millions) | 100.6 | 99.2 | 112.3 | 145.0 | 141.5 | 41% | |||||||||||||
Total Sales | $ | 65.7 | $ | 68.7 | $ | 72.6 | $ | 84.1 | $ | 79.1 | 20% | ||||||||
Managed Net Interest Revenue (in millions of dollars)(1) | $ | 3,223 | $ | 3,267 | $ | 3,555 | $ | 4,477 | $ | 4,793 | 49% | ||||||||
% of Average Managed Loans | 10.31 | % | 10.52 | % | 11.16 | % | 12.33 | % | 12.56 | % | |||||||||
Risk Adjusted Revenue (in millions of dollars)(3) | $ | 2,576 | $ | 2,616 | $ | 2,956 | $ | 3,517 | $ | 3,370 | 31% | ||||||||
% of Average Managed Loans | 8.24 | % | 8.42 | % | 9.28 | % | 9.68 | % | 8.83 | % | |||||||||
Average Managed Loans: | |||||||||||||||||||
Securitized | $ | 67.7 | $ | 71.1 | $ | 72.1 | $ | 74.5 | $ | 75.9 | 12% | ||||||||
Held for Sale | 5.1 | 3.0 | 4.1 | 0.6 | — | (100%) | |||||||||||||
On Balance Sheet | 42.4 | 38.6 | 37.5 | 55.1 | 63.1 | 49% | |||||||||||||
North America Managed | 115.2 | 112.7 | 113.7 | 130.2 | 139.0 | 21% | |||||||||||||
International | 11.6 | 11.8 | 12.7 | 13.9 | 14.5 | 25% | |||||||||||||
Total Managed | $ | 126.8 | $ | 124.5 | $ | 126.4 | $ | 144.1 | $ | 153.5 | 21% | ||||||||
Managed Net Credit Losses(in millions of dollars): | |||||||||||||||||||
Securitized | $ | 1,024 | $ | 1,159 | $ | 1,127 | $ | 1,219 | $ | 1,325 | 29% | ||||||||
Held for Sale | 78 | 49 | 83 | 11 | — | (100%) | |||||||||||||
On Balance Sheet | 613 | 543 | 443 | 822 | 1,089 | 78% | |||||||||||||
North America Managed | 1,715 | 1,751 | 1,653 | 2,052 | 2,414 | 41% | |||||||||||||
International | 117 | 136 | 136 | 134 | 140 | 20% | |||||||||||||
Total Managed | $ | 1,832 | $ | 1,887 | $ | 1,789 | $ | 2,186 | $ | 2,554 | 39% | ||||||||
Coincident Managed Net Credit Loss Ratio | 5.86 | % | 6.08 | % | 5.62 | % | 6.02 | % | 6.69 | % | |||||||||
12 Month Lagged Managed Net Credit Loss Ratio | 6.31 | % | 6.39 | % | 5.82 | % | 6.92 | % | 8.10 | % | |||||||||
Loans 90+ Days Past Due (in millions of dollars) | $ | 2,406 | $ | 2,313 | $ | 2,353 | $ | 3,392 | $ | 3,152 | 31% | ||||||||
% of EOP Managed Loans | 1.92 | % | 1.88 | % | 1.83 | % | 2.14 | % | 2.08 | % |
Reclassified to conform to the current period's presentation.
6
GLOBAL CONSUMER
CARDS
NORTH AMERICA CARDS
(In millions of dollars)
| 1Q 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 1Q 2004 | 1Q 2004 vs. 1Q 2003 Increase/ (Decrease) | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 2,707 | $ | 2,689 | $ | 2,861 | $ | 3,731 | $ | 3,859 | 43% | |||||||
Effect of Securitization Activities | 1,102 | 1,208 | 1,210 | 1,230 | 1,325 | 20% | ||||||||||||
Adjusted Revenues, Net of Interest Expense(1) | 3,809 | 3,897 | 4,071 | 4,961 | 5,184 | 36% | ||||||||||||
Total Operating Expenses | 1,134 | 1,160 | 1,179 | 1,387 | 1,533 | 35% | ||||||||||||
Provision for Credit Losses | 638 | 544 | 443 | 809 | 1,089 | 71% | ||||||||||||
Effect of Securitization Activities | 1,102 | 1,208 | 1,210 | 1,230 | 1,325 | 20% | ||||||||||||
Adjusted Provision for Credit Losses(1) | 1,740 | 1,752 | 1,653 | 2,039 | 2,414 | 39% | ||||||||||||
Income Before Taxes | 935 | 985 | 1,239 | 1,535 | 1,237 | 32% | ||||||||||||
Income Taxes | 317 | 336 | 424 | 525 | 405 | 28% | ||||||||||||
Net Income | $ | 618 | $ | 649 | $ | 815 | $ | 1,010 | $ | 832 | 35% | |||||||
Average Assets (in billions of dollars) | $ | 55 | $ | 49 | $ | 51 | $ | 70 | $ | 80 | 45% | |||||||
Return on Assets | 4.56 | % | 5.31 | % | 6.34 | % | 5.72 | % | 4.18 | % | ||||||||
Return on Managed Assets | 2.07 | % | 2.21 | % | 2.67 | % | 2.80 | % | 2.17 | % | ||||||||
KEY INDICATORS(in billions of dollars) | ||||||||||||||||||
EOP Open Accounts (in millions) | 86.7 | 85.2 | 96.7 | 129.2 | 125.6 | 45% | ||||||||||||
Total Sales | $ | 57.1 | $ | 59.7 | $ | 62.3 | $ | 72.4 | $ | 67.8 | 19% | |||||||
Average Managed Loans | $ | 115.2 | $ | 112.7 | $ | 113.7 | $ | 130.2 | $ | 139.0 | 21% | |||||||
EOP Managed Receivables(2) | $ | 115.5 | $ | 113.3 | $ | 117.4 | $ | 148.8 | $ | 142.3 | 23% | |||||||
Managed Net Interest Revenue (in millions of dollars)(1) | $ | 2,830 | $ | 2,884 | $ | 3,152 | $ | 4,027 | $ | 4,338 | 53% | |||||||
% of Average Managed Loans | 9.96 | % | 10.26 | % | 10.99 | % | 12.27 | % | 12.56 | % | ||||||||
Risk Adjusted Revenue (in millions of dollars)(3) | $ | 2,094 | $ | 2,146 | $ | 2,418 | $ | 2,909 | $ | 2,770 | 32% | |||||||
% of Average Managed Loans | 7.37 | % | 7.63 | % | 8.43 | % | 8.86 | % | 8.02 | % | ||||||||
Managed Net Credit Losses (in millions of dollars) | $ | 1,715 | $ | 1,751 | $ | 1,653 | $ | 2,052 | $ | 2,414 | 41% | |||||||
Coincident Managed Net Credit Loss Ratio | 6.04 | % | 6.23 | % | 5.77 | % | 6.25 | % | 6.99 | % | ||||||||
12 Month Lagged Managed Net Credit Loss Ratio | 6.46 | % | 6.50 | % | 5.91 | % | 7.14 | % | 8.43 | % | ||||||||
Loans 90+Days Past Due (in millions of dollars) | $ | 2,180 | $ | 2,066 | $ | 2,098 | $ | 3,133 | $ | 2,891 | 33% | |||||||
% of EOP Managed Loans | 1.91 | % | 1.86 | % | 1.82 | % | 2.18 | % | 2.10 | % | ||||||||
SUPPLEMENTAL DISCLOSURE: | ||||||||||||||||||
End of Period Managed Receivables:(2) | ||||||||||||||||||
Bankcards | $ | 108.6 | $ | 106.8 | $ | 104.3 | $ | 119.8 | $ | 114.2 | 5% | |||||||
Private Label | 6.9 | 6.5 | 13.1 | 29.0 | 28.1 | NM | ||||||||||||
Managed Net Interest Revenue:(1) | ||||||||||||||||||
Bankcards | $ | 2,461 | $ | 2,532 | $ | 2,572 | $ | 2,959 | $ | 3,108 | 26% | |||||||
Private Label | 369 | 352 | 580 | 1,068 | 1,230 | NM | ||||||||||||
% of Average Managed Loans: | ||||||||||||||||||
Bankcards | 9.24 | % | 9.58 | % | 9.86 | % | 10.80 | % | 11.01 | % | ||||||||
Private Label | 20.92 | % | 21.06 | % | 22.40 | % | 19.69 | % | 19.46 | % | ||||||||
Managed Net Credit Losses (in millions of dollars): | ||||||||||||||||||
Bankcards | $ | 1,530 | $ | 1,571 | $ | 1,500 | $ | 1,691 | $ | 1,864 | 22% | |||||||
Private Label | 185 | 180 | 153 | 361 | 550 | NM | ||||||||||||
Coincident Managed Net Credit Loss Ratio: | ||||||||||||||||||
Bankcards | 5.74 | % | 5.95 | % | 5.75 | % | 6.17 | % | 6.60 | % | ||||||||
Private Label(4) | 10.49 | % | 10.77 | % | 5.91 | % | 6.65 | % | 8.70 | % | ||||||||
Loans 90+Days Past Due: In Millions of Dollars: | ||||||||||||||||||
Bankcards | $ | 1,963 | $ | 1,885 | $ | 1,890 | $ | 2,210 | $ | 2,048 | 4% | |||||||
Private Label | 217 | 181 | 208 | 923 | 843 | NM | ||||||||||||
% of EOP Managed Loans: | ||||||||||||||||||
Bankcards | 1.83 | % | 1.79 | % | 1.84 | % | 1.88 | % | 1.83 | % | ||||||||
Private Label(4) | 3.16 | % | 3.00 | % | 1.67 | % | 3.55 | % | 3.35 | % |
Reclassified to conform to the current period's presentation.
7
GLOBAL CONSUMER
CARDS
INTERNATIONAL CARDS
(In millions of dollars)
| 1Q 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 1Q 2004 | 1Q 2004 vs. 1Q 2003 Increase/ (Decrease) | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 599 | $ | 607 | $ | 674 | $ | 742 | $ | 739 | 23% | |||||||||
Total Operating Expenses | 312 | 303 | 329 | 423 | 405 | 30% | ||||||||||||||
Provision for Credit Losses | 136 | 134 | 97 | 134 | 139 | 2% | ||||||||||||||
Income Before Taxes | 151 | 170 | 248 | 185 | 195 | 29% | ||||||||||||||
Income Taxes | 52 | 61 | 83 | 60 | 47 | (10)% | ||||||||||||||
Net Income | $ | 99 | $ | 109 | $ | 165 | $ | 125 | $ | 148 | 49% | |||||||||
Average Assets (in billions of dollars) | $ | 13 | $ | 13 | $ | 13 | $ | 15 | $ | 15 | 15% | |||||||||
Return on Assets | 3.09 | % | 3.36 | % | 5.04 | % | 3.31 | % | 3.97 | % | ||||||||||
KEY INDICATORS(in billions of dollars) | ||||||||||||||||||||
End of Period Managed Receivables(1) | $ | 11.5 | $ | 12.2 | $ | 13.6 | $ | 14.7 | $ | 14.5 | 26% | |||||||||
EOP Open Accounts (in millions) | 13.9 | 14.0 | 15.6 | 15.8 | 15.9 | 14% | ||||||||||||||
Total Sales | $ | 8.6 | $ | 9.0 | $ | 10.3 | $ | 11.7 | $ | 11.3 | 31% | |||||||||
Net Interest Revenue (in millions of dollars) | $ | 393 | $ | 383 | $ | 403 | $ | 450 | $ | 455 | 16% | |||||||||
% of Average Loans | 13.79 | % | 12.97 | % | 12.67 | % | 12.87 | % | 12.57 | % | ||||||||||
Risk Adjusted Revenue (in millions of dollars)(2) | $ | 482 | $ | 470 | $ | 538 | $ | 608 | $ | 600 | 24% | |||||||||
% of Average Loans | 16.94 | % | 15.95 | % | 16.90 | % | 17.42 | % | 16.56 | % | ||||||||||
Average Loans: | ||||||||||||||||||||
EMEA | $ | 4.0 | $ | 4.1 | $ | 4.6 | $ | 5.2 | $ | 5.5 | 38% | |||||||||
Japan | 1.0 | 1.0 | 1.1 | 1.2 | 1.2 | 20% | ||||||||||||||
Asia (excluding Japan) | 6.2 | 6.3 | 6.6 | 7.0 | 7.3 | 18% | ||||||||||||||
Latin America | 0.4 | 0.4 | 0.4 | 0.5 | 0.5 | 25% | ||||||||||||||
Total | $ | 11.6 | $ | 11.8 | $ | 12.7 | $ | 13.9 | $ | 14.5 | 25% | |||||||||
Net Credit Losses (in millions of dollars) | $ | 117 | $ | 136 | $ | 136 | $ | 134 | $ | 140 | 20% | |||||||||
Coincident Net Credit Loss Ratio | 4.09 | % | 4.60 | % | 4.27 | % | 3.84 | % | 3.85 | % | ||||||||||
12 Month Lagged Net Credit Loss Ratio | 4.67 | % | 5.21 | % | 4.96 | % | 4.73 | % | 4.85 | % | ||||||||||
Loans 90+Days Past Due (in millions of dollars) | $ | 226 | $ | 247 | $ | 255 | $ | 259 | $ | 261 | 15% | |||||||||
% of EOP Loans | 1.97 | % | 2.04 | % | 1.88 | % | 1.76 | % | 1.80 | % |
Reclassified to conform to the current period's presentation.
8
GLOBAL CONSUMER
CONSUMER FINANCE
(In millions of dollars)
| 1Q 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 1Q 2004 | 1Q 2004 vs. 1Q 2003 Increase/ (Decrease) | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 2,560 | $ | 2,452 | $ | 2,513 | $ | 2,558 | $ | 2,688 | 5% | |||||||||
Total Operating Expenses | 865 | 835 | 867 | 921 | 923 | 7% | ||||||||||||||
Provisions for Benefits, Claims and Credit Losses | 930 | 957 | 925 | 915 | 916 | (2)% | ||||||||||||||
Income Before Taxes | 765 | 660 | 721 | 722 | 849 | 11% | ||||||||||||||
Income Taxes | 262 | 139 | 245 | 243 | 282 | 8% | ||||||||||||||
Net Income | $ | 503 | $ | 521 | $ | 476 | $ | 479 | $ | 567 | 13% | |||||||||
Average Assets (in billions of dollars) | $ | 104 | $ | 105 | $ | 104 | $ | 106 | $ | 111 | 7% | |||||||||
Return on Assets | 1.96 | % | 1.99 | % | 1.82 | % | 1.79 | % | 2.05 | % | ||||||||||
Average Risk Capital | $ | 3,710 | ||||||||||||||||||
Return on Risk Capital | 61 | % | ||||||||||||||||||
KEY INDICATORS: | ||||||||||||||||||||
Average Loans (in billions of dollars): | ||||||||||||||||||||
Real estate secured loans | $ | 51.0 | $ | 51.7 | $ | 52.2 | $ | 53.3 | $ | 56.4 | 11% | |||||||||
Personal loans | 22.5 | 22.2 | 22.1 | 23.2 | 24.5 | 9% | ||||||||||||||
Auto | 10.8 | 11.1 | 11.2 | 11.3 | 11.4 | 6% | ||||||||||||||
Sales finance and other | 4.5 | 4.8 | 5.3 | 5.5 | 5.8 | 29% | ||||||||||||||
Total | $ | 88.8 | $ | 89.8 | $ | 90.8 | $ | 93.3 | $ | 98.1 | 10% | |||||||||
Average Yield | 14.11 | % | 13.46 | % | 13.28 | % | 13.22 | % | 13.14 | % | ||||||||||
Average Net Interest Margin | 10.68 | % | 10.08 | % | 10.02 | % | 9.96 | % | 10.16 | % | ||||||||||
Net Credit Loss Ratio | 3.91 | % | 4.01 | % | 3.92 | % | 3.68 | % | 3.57 | % | ||||||||||
Loans 90+ Days Past Due (in millions of dollars) | $ | 2,183 | $ | 2,182 | $ | 2,127 | $ | 2,221 | $ | 2,127 | (3)% | |||||||||
% of EOP Loans | 2.45 | % | 2.41 | % | 2.30 | % | 2.36 | % | 2.15 | % | ||||||||||
Number of Offices: | ||||||||||||||||||||
North America | 2,394 | 2,394 | 2,390 | 2,328 | 2,759 | 15% | ||||||||||||||
International | 1,103 | 1,113 | 1,038 | 875 | 915 | (17)% | ||||||||||||||
Total | 3,497 | 3,507 | 3,428 | 3,203 | 3,674 | 5% | ||||||||||||||
Reclassified to conform to the current period's presentation.
9
GLOBAL CONSUMER
CONSUMER FINANCE
NORTH AMERICA CONSUMER FINANCE
(In millions of dollars)
| 1Q 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 1Q 2004 | 1Q 2004 vs. 1Q 2003 Increase/ (Decrease) | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 1,635 | $ | 1,625 | $ | 1,667 | $ | 1,695 | $ | 1,835 | 12% | ||||||
Total Operating Expenses | 537 | 512 | 523 | 539 | 587 | 9% | |||||||||||
Provisions for Benefits, Claims and Credit Losses | 559 | 566 | 552 | 558 | 574 | 3% | |||||||||||
Income Before Taxes | 539 | 547 | 592 | 598 | 674 | 25% | |||||||||||
Income Taxes | 199 | 203 | 220 | 219 | 230 | 16% | |||||||||||
Net Income | $ | 340 | $ | 344 | $ | 372 | $ | 379 | $ | 444 | 31% | ||||||
Average Assets (in billions of dollars) | $ | 78 | $ | 78 | $ | 79 | $ | 81 | $ | 85 | 9% | ||||||
Return on Assets | 1.77 | % | 1.77 | % | 1.87 | % | 1.86 | % | 2.10 | % | |||||||
KEY INDICATORS: | |||||||||||||||||
Average Loans (in billions of dollars): | |||||||||||||||||
Real estate secured loans | $ | 45.0 | $ | 45.6 | $ | 46.2 | $ | 47.5 | $ | 49.6 | 10% | ||||||
Personal loans | 10.4 | 10.5 | 10.6 | 10.7 | 12.2 | 17% | |||||||||||
Auto | 8.8 | 9.2 | 9.5 | 9.8 | 10.0 | 14% | |||||||||||
Sales finance and other | 3.8 | 3.8 | 4.1 | 4.2 | 4.5 | 18% | |||||||||||
Total | $ | 68.0 | $ | 69.1 | $ | 70.4 | $ | 72.2 | $ | 76.3 | 12% | ||||||
Average Yield | 12.53 | % | 12.20 | % | 11.99 | % | 11.81 | % | 11.93 | % | |||||||
Average Net Interest Margin | 8.60 | % | 8.40 | % | 8.35 | % | 8.36 | % | 8.69 | % | |||||||
Net Credit Loss Ratio | 3.06 | % | 2.98 | % | 2.93 | % | 2.81 | % | 2.79 | % | |||||||
Loans 90+ Days Past Due (in millions of dollars) | $ | 1,786 | $ | 1,681 | $ | 1,642 | $ | 1,683 | $ | 1,589 | (11)% | ||||||
% of EOP Loans | 2.60 | % | 2.40 | % | 2.29 | % | 2.32 | % | 2.06 | % | |||||||
Number of Offices: | |||||||||||||||||
North America (excluding Mexico) | 2,248 | 2,240 | 2,228 | 2,166 | 2,597 | 16% | |||||||||||
Mexico | 146 | 154 | 162 | 162 | 162 | 11% | |||||||||||
Total | 2,394 | 2,394 | 2,390 | 2,328 | 2,759 | 15% | |||||||||||
Reclassified to conform to the current period's presentation.
10
GLOBAL CONSUMER
CONSUMER FINANCE
INTERNATIONAL CONSUMER FINANCE
(In millions of dollars)
| 1Q 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 1Q 2004 | 1Q 2004 vs. 1Q 2003 Increase/ (Decrease) | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 925 | $ | 827 | $ | 846 | $ | 863 | $ | 853 | (8)% | ||||||
Total Operating Expenses | 328 | 323 | 344 | 382 | 336 | 2% | |||||||||||
Provisions for Benefits, Claims and Credit Losses | 371 | 391 | 373 | 357 | 342 | (8)% | |||||||||||
Income Before Taxes | 226 | 113 | 129 | 124 | 175 | (23)% | |||||||||||
Income Taxes | 63 | (64 | ) | 25 | 24 | 52 | (17)% | ||||||||||
Net Income | $ | 163 | $ | 177 | $ | 104 | $ | 100 | $ | 123 | (25)% | ||||||
Average Assets (in billions of dollars) | $ | 26 | $ | 27 | $ | 25 | $ | 25 | $ | 26 | — | ||||||
Return on Assets | 2.54 | % | 2.63 | % | 1.65 | % | 1.59 | % | 1.90 | % | |||||||
KEY INDICATORS: | |||||||||||||||||
Average Loans (in billions of dollars): | |||||||||||||||||
Real estate secured loans | $ | 6.0 | $ | 6.1 | $ | 6.0 | $ | 5.8 | $ | 6.8 | 13% | ||||||
Personal loans | 12.1 | 11.7 | 11.5 | 12.5 | 12.3 | 2% | |||||||||||
Auto | 2.0 | 1.9 | 1.7 | 1.5 | 1.4 | (30)% | |||||||||||
Sales finance and other | 0.7 | 1.0 | 1.2 | 1.3 | 1.3 | 86% | |||||||||||
Total | $ | 20.8 | $ | 20.7 | $ | 20.4 | $ | 21.1 | $ | 21.8 | 5% | ||||||
Average Yield | 19.20 | % | 17.66 | % | 17.72 | % | 18.04 | % | 17.42 | % | |||||||
Average Net Interest Margin | 17.37 | % | 15.69 | % | 15.77 | % | 15.40 | % | 15.35 | % | |||||||
Net Credit Loss Ratio | 6.69 | % | 7.43 | % | 7.34 | % | 6.65 | % | 6.31 | % | |||||||
Loans 90+ Days Past Due (in millions of dollars) | $ | 397 | $ | 501 | $ | 485 | $ | 538 | $ | 538 | 36% | ||||||
% of EOP Loans | 1.93 | % | 2.45 | % | 2.32 | % | 2.50 | % | 2.47 | % | |||||||
Number of Offices: | |||||||||||||||||
EMEA | 135 | 168 | 176 | 187 | 199 | 47% | |||||||||||
Japan | 840 | 813 | 739 | 552 | 530 | (37)% | |||||||||||
Asia (excluding Japan) | 49 | 50 | 64 | 71 | 119 | NM | |||||||||||
Latin America | 79 | 82 | 59 | 65 | 67 | (15)% | |||||||||||
Total | 1,103 | 1,113 | 1,038 | 875 | 915 | (17)% | |||||||||||
Reclassified to conform to the current period's presentation.
11
GLOBAL CONSUMER
RETAIL BANKING
(In millions of dollars)
| 1Q 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 1Q 2004 | 1Q 2004 vs. 1Q 2003 Increase/ (Decrease) | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 3,898 | $ | 4,179 | $ | 4,103 | $ | 4,038 | $ | 4,229 | 8% | ||||||
Total Operating Expenses | 2,102 | 2,241 | 2,226 | 2,296 | 2,272 | 8% | |||||||||||
Provisions for Benefits, Claims and Credit Losses | 419 | 429 | 254 | 274 | 330 | (21)% | |||||||||||
Income Before Taxes and Minority Interest | 1,377 | 1,509 | 1,623 | 1,468 | 1,627 | 18% | |||||||||||
Income Taxes | 429 | 493 | 552 | 410 | 491 | 14% | |||||||||||
Minority Interest, Net of Tax | 18 | 11 | 8 | 10 | 14 | (22)% | |||||||||||
Net Income | $ | 930 | $ | 1,005 | $ | 1,063 | $ | 1,048 | $ | 1,122 | 21% | ||||||
Average Assets (in billions of dollars) | $ | 227 | $ | 230 | $ | 234 | $ | 237 | $ | 239 | 5% | ||||||
Return on Assets | 1.66 | % | 1.75 | % | 1.80 | % | 1.75 | % | 1.89 | % | |||||||
Average Risk Capital | $ | 12,514 | |||||||||||||||
Return on Risk Capital | 36 | % | |||||||||||||||
KEY INDICATORS: | |||||||||||||||||
Average Customer Deposits (in billions of dollars): | |||||||||||||||||
North America(1) | $ | 153.0 | $ | 154.1 | $ | 154.6 | $ | 151.8 | $ | 154.0 | 1% | ||||||
International | 81.4 | 84.3 | 87.0 | 92.0 | 96.3 | 18% | |||||||||||
Total | $ | 234.4 | $ | 238.4 | $ | 241.6 | $ | 243.8 | $ | 250.3 | 7% | ||||||
Average Loans (in billions of dollars): | |||||||||||||||||
North America | $ | 124.7 | $ | 122.1 | $ | 121.3 | $ | 123.8 | $ | 128.2 | 3% | ||||||
International | 34.7 | 35.6 | 35.8 | 37.7 | 38.2 | 10% | |||||||||||
Total | $ | 159.4 | $ | 157.7 | $ | 157.1 | $ | 161.5 | $ | 166.4 | 4% | ||||||
Net Credit Loss Ratio—excluding Commercial Markets | 0.42 | % | 0.58 | % | 0.72 | % | 0.39 | % | 0.49 | % | |||||||
Net Credit Loss Ratio—Commercial Markets | 1.65 | % | 1.30 | % | 0.47 | % | 0.93 | % | 0.51 | % | |||||||
Loans 90+Days Past Due—excl Commercial Markets (in millions of dollars) | $ | 3,644 | $ | 3,706 | $ | 3,707 | $ | 3,802 | $ | 3,698 | 1% | ||||||
% of EOP Loans | 3.18 | % | 3.29 | % | 3.19 | % | 3.07 | % | 2.86 | % | |||||||
Cash Basis Loans—Commercial Markets (in millions of dollars) | $ | 1,250 | $ | 1,165 | $ | 1,283 | $ | 1,350 | $ | 1,213 | (3)% | ||||||
% of EOP Loans | 2.88 | % | 2.76 | % | 3.17 | % | 3.38 | % | 3.11 | % | |||||||
EOP Accounts (in millions): | |||||||||||||||||
North America | 29.4 | 29.7 | 30.1 | 30.4 | 30.8 | 5% | |||||||||||
International | 17.0 | 17.3 | 17.5 | 17.7 | 18.1 | 6% | |||||||||||
Total | 46.4 | 47.0 | 47.6 | 48.1 | 48.9 | 5% | |||||||||||
Branches: | |||||||||||||||||
Citibanking North America | 781 | 779 | 782 | 779 | 779 | — | |||||||||||
Mexico | 1,413 | 1,409 | 1,408 | 1,401 | 1,357 | (4)% | |||||||||||
International | 875 | 863 | 877 | 870 | 868 | (1)% | |||||||||||
Total | 3,069 | 3,051 | 3,067 | 3,050 | 3,004 | (2)% | |||||||||||
Reclassified to conform to the current period's presentation.
12
GLOBAL CONSUMER
RETAIL BANKING
NORTH AMERICA RETAIL BANKING
(In millions of dollars)
| 1Q 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 1Q 2004 | 1Q 2004 vs. 1Q 2003 Increase/ (Decrease) | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense: | ||||||||||||||||||||
Citibanking North America, Consumer Assets and CitiCapital | $ | 1,795 | $ | 1,937 | $ | 1,895 | $ | 1,721 | $ | 1,816 | 1% | |||||||||
Primerica Financial Services | 515 | 515 | 527 | 531 | 531 | 3% | ||||||||||||||
Mexico | 432 | 502 | 371 | 487 | 477 | 10% | ||||||||||||||
Total Revenues, Net of Interest Expense | 2,742 | 2,954 | 2,793 | 2,739 | 2,824 | 3% | ||||||||||||||
Total Operating Expenses | 1,435 | 1,551 | 1,541 | 1,529 | 1,523 | 6% | ||||||||||||||
Provisions for Benefits, Claims and Credit Losses | 326 | 296 | 182 | 171 | 196 | (40)% | ||||||||||||||
Income Before Taxes and Minority Interest | 981 | 1,107 | 1,070 | 1,039 | 1,105 | 13% | ||||||||||||||
Income Taxes | 302 | 359 | 360 | 303 | 335 | 11% | ||||||||||||||
Minority Interest, Net of Tax | 18 | 11 | 8 | 10 | 14 | (22)% | ||||||||||||||
Net Income | $ | 661 | $ | 737 | $ | 702 | $ | 726 | $ | 756 | 14% | |||||||||
Net Income by Business: | ||||||||||||||||||||
Citibanking North America, Consumer Assets and CitiCapital | $ | 458 | $ | 500 | $ | 485 | $ | 478 | $ | 535 | 17% | |||||||||
Primerica Financial Services | 131 | 135 | 134 | 146 | 137 | 5% | ||||||||||||||
Mexico | 72 | 102 | 83 | 102 | 84 | 17% | ||||||||||||||
Total | $ | 661 | $ | 737 | $ | 702 | $ | 726 | $ | 756 | 14% | |||||||||
KEY INDICATORS: | ||||||||||||||||||||
Average Customer Deposits (in billions of dollars): | ||||||||||||||||||||
North America (excluding Mexico)(1) | $ | 131.7 | $ | 132.9 | $ | 134.5 | $ | 131.3 | $ | 132.7 | 1% | |||||||||
Mexico | 21.3 | 21.2 | 20.1 | 20.5 | 21.3 | — | ||||||||||||||
Total | $ | 153.0 | $ | 154.1 | $ | 154.6 | $ | 151.8 | $ | 154.0 | 1% | |||||||||
Average Loans by Type (in billions of dollars): | ||||||||||||||||||||
Mortgages | $ | 59.6 | $ | 58.1 | $ | 58.4 | $ | 61.6 | $ | 66.0 | 11% | |||||||||
Student Loans | 22.0 | 22.3 | 22.7 | 23.5 | 24.5 | 11% | ||||||||||||||
Personal | 1.3 | 1.3 | 1.3 | 1.3 | 1.2 | (8)% | ||||||||||||||
Commercial Markets | 41.7 | 40.4 | 38.9 | 37.4 | 36.5 | (12)% | ||||||||||||||
Other | 0.1 | — | — | — | — | (100)% | ||||||||||||||
Total | $ | 124.7 | $ | 122.1 | $ | 121.3 | $ | 123.8 | $ | 128.2 | 3% | |||||||||
Net Credit Loss Ratio—excluding Commercial Markets | 0.17 | % | 0.29 | % | 0.10 | % | 0.11 | % | 0.11 | % | ||||||||||
Net Credit Loss Ratio—Commercial Markets | 1.69 | % | 1.31 | % | 0.44 | % | 0.93 | % | 0.51 | % | ||||||||||
Loans 90+Days Past Due—excl Commercial Markets (in millions of dollars) | $ | 2,357 | $ | 2,385 | $ | 2,318 | $ | 2,299 | $ | 2,163 | (8)% | |||||||||
% of EOP Loans | 2.87 | % | 3.00 | % | 2.80 | % | 2.60 | % | 2.30 | % | ||||||||||
Cash Basis Loans—Commercial Markets (in millions of dollars) | $ | 1,173 | $ | 1,090 | $ | 1,213 | $ | 1,266 | $ | 1,135 | (3)% | |||||||||
% of EOP Loans | 2.86 | % | 2.76 | % | 3.27 | % | 3.43 | % | 3.15 | % | ||||||||||
Citibanking North America and Consumer Assets: | ||||||||||||||||||||
Investment Product Sales (in millions of dollars)(2) | $ | 1,350 | $ | 1,314 | $ | 1,462 | $ | 1,309 | $ | 1,510 | 12% | |||||||||
EOP Mortgage Servicing Portfolio (in billions of dollars) | $ | 155.4 | $ | 140.3 | $ | 137.3 | $ | 158.3 | $ | 174.5 | 12% | |||||||||
Mortgage Originations (in billions of dollars) | $ | 21.3 | $ | 23.5 | $ | 36.9 | $ | 22.9 | $ | 22.0 | 3% | |||||||||
Student Loan Originations (in billions of dollars) | $ | 2.3 | $ | 0.7 | $ | 2.2 | $ | 1.5 | $ | 2.2 | (4)% | |||||||||
Primerica Financial Services: | ||||||||||||||||||||
Life Insurance in Force (in billions of dollars) | $ | 474.4 | $ | 486.6 | $ | 494.2 | $ | 503.6 | $ | 510.7 | 8% | |||||||||
Loan Volumes (in millions of dollars)(3) | $ | 1,259.6 | $ | 1,350.4 | $ | 1,460.0 | $ | 857.9 | $ | 749.3 | (41)% | |||||||||
Mutual Fund/UIT Sales at NAV (in millions of dollars) | $ | 706 | $ | 692 | $ | 712 | $ | 730 | $ | 927 | 31% | |||||||||
Variable Annuity Net Written Premiums & Deposits (in millions of dollars) | $ | 158 | $ | 171 | $ | 212 | $ | 220 | $ | 296 | 87% |
Reclassified to conform to the current period's presentation.
13
GLOBAL CONSUMER
RETAIL BANKING
INTERNATIONAL RETAIL BANKING
(In millions of dollars)
| 1Q 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 1Q 2004 | 1Q 2004 vs. 1Q 2003 Increase/ (Decrease) | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense: | |||||||||||||||||||||
EMEA | $ | 548 | $ | 585 | $ | 615 | $ | 639 | $ | 685 | 25% | ||||||||||
Japan | 108 | 113 | 117 | 113 | 125 | 16% | |||||||||||||||
Asia (excluding Japan) | 391 | 418 | 422 | 421 | 467 | 19% | |||||||||||||||
Latin America | 109 | 109 | 156 | 126 | 128 | 17% | |||||||||||||||
Total Revenues, Net of Interest Expense | 1,156 | 1,225 | 1,310 | 1,299 | 1,405 | 22% | |||||||||||||||
Total Operating Expenses | 667 | 690 | 685 | 767 | 749 | 12% | |||||||||||||||
Provisions for Benefits, Claims and Credit Losses | 93 | 133 | 72 | 103 | 134 | 44% | |||||||||||||||
Income Before Taxes and Minority Interest | 396 | 402 | 553 | 429 | �� | 522 | 32% | ||||||||||||||
Income Taxes and Minority Interest, net of tax | 127 | 134 | 192 | 107 | 156 | 23% | |||||||||||||||
Net Income | $ | 269 | $ | 268 | $ | 361 | $ | 322 | $ | 366 | 36% | ||||||||||
Net Income (loss) by Region: | |||||||||||||||||||||
EMEA | $ | 99 | $ | 97 | $ | 118 | $ | 130 | $ | 132 | 33% | ||||||||||
Japan | 31 | 35 | 30 | 36 | 40 | 29% | |||||||||||||||
Asia (excluding Japan) | 132 | 143 | 144 | 140 | 171 | 30% | |||||||||||||||
Latin America | 7 | (7 | ) | 69 | 16 | 23 | NM | ||||||||||||||
Total | $ | 269 | $ | 268 | $ | 361 | $ | 322 | $ | 366 | 36% | ||||||||||
KEY INDICATORS: | |||||||||||||||||||||
Average Customer Deposits (in billions of dollars): | |||||||||||||||||||||
EMEA | $ | 18.4 | $ | 19.2 | $ | 20.0 | $ | 22.0 | $ | 23.9 | 30% | ||||||||||
Japan | 18.9 | 19.1 | 20.3 | 22.0 | 22.6 | 20% | |||||||||||||||
Asia (excluding Japan) | 37.1 | 38.9 | 39.9 | 41.3 | 43.2 | 16% | |||||||||||||||
Latin America | 7.0 | 7.1 | 6.8 | 6.7 | 6.6 | (6)% | |||||||||||||||
Total | $ | 81.4 | $ | 84.3 | $ | 87.0 | $ | 92.0 | $ | 96.3 | 18% | ||||||||||
Average Loans by Type (in billions of dollars): | |||||||||||||||||||||
Mortgages | $ | 12.1 | $ | 12.2 | $ | 12.2 | $ | 12.5 | $ | 12.5 | 3% | ||||||||||
Auto | 2.1 | 2.3 | 2.4 | 2.4 | 2.4 | 14% | |||||||||||||||
Personal | 15.5 | 16.6 | 16.7 | 18.0 | 18.8 | 21% | |||||||||||||||
Commercial Markets | 2.3 | 2.6 | 3.0 | 2.8 | 3.0 | 30% | |||||||||||||||
Other | 2.7 | 1.9 | 1.5 | 2.0 | 1.5 | (44)% | |||||||||||||||
Total | $ | 34.7 | $ | 35.6 | $ | 35.8 | $ | 37.7 | $ | 38.2 | 10% | ||||||||||
Net Credit Loss Ratio — excluding Commercial Markets | 1.07 | % | 1.28 | % | 2.28 | % | 1.09 | % | 1.48 | % | |||||||||||
Net Credit Loss Ratio — Commercial Markets | 0.84 | % | 1.08 | % | 0.94 | % | 0.90 | % | 0.45 | % | |||||||||||
Loans 90+Days Past Due — excl Commercial Markets (in millions of dollars) | $ | 1,287 | $ | 1,321 | $ | 1,389 | $ | 1,503 | $ | 1,535 | 19% | ||||||||||
% of EOP Loans | 3.95 | % | 3.99 | % | 4.16 | % | 4.24 | % | 4.35 | % | |||||||||||
Cash Basis Loans — Commercial Markets (in millions of dollars) | $ | 77 | $ | 75 | $ | 70 | $ | 84 | $ | 78 | 1% | ||||||||||
% of EOP Loans | 3.24 | % | 2.76 | % | 2.10 | % | 2.74 | % | 2.60 | % | |||||||||||
Branches: | |||||||||||||||||||||
EMEA | 592 | 583 | 597 | 599 | 596 | 1% | |||||||||||||||
Japan | 24 | 24 | 25 | 25 | 25 | 4% | |||||||||||||||
Asia (excluding Japan) | 98 | 98 | 103 | 105 | 106 | 8% | |||||||||||||||
Latin America | 161 | 158 | 152 | 141 | 141 | (12)% | |||||||||||||||
Total | 875 | 863 | 877 | 870 | 868 | (1)% | |||||||||||||||
Reclassified to conform to the current period's presentation.
14
GLOBAL CORPORATE AND INVESTMENT BANK
INCOME STATEMENT
(In millions of dollars)
| 1Q 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 1Q 2004 | 1Q 2004 vs. 1Q 2003 Increase/ (Decrease) | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenues: | ||||||||||||||||||||
Commissions and Fees | $ | 409 | $ | 487 | $ | 489 | $ | 443 | $ | 586 | 43% | |||||||||
Asset Management and Administration Fees | 520 | 546 | 555 | 587 | 610 | 17% | ||||||||||||||
Investment Banking | 826 | 1,022 | 707 | 922 | 830 | — | ||||||||||||||
Principal Transactions | 1,258 | 988 | 847 | 552 | 963 | (23)% | ||||||||||||||
Other | 174 | 350 | 212 | 171 | 254 | 46% | ||||||||||||||
Total Non-Interest Revenues | 3,187 | 3,393 | 2,810 | 2,675 | 3,243 | 2% | ||||||||||||||
Net Interest and Dividends | 1,899 | 2,044 | 1,920 | 2,093 | 2,228 | 17% | ||||||||||||||
Total Revenues, Net of Interest Expense | 5,086 | 5,437 | 4,730 | 4,768 | 5,471 | 8% | ||||||||||||||
Non-Interest Expenses: | ||||||||||||||||||||
Compensation and Benefits | 2,004 | 2,110 | 1,617 | 1,449 | 1,905 | (5)% | ||||||||||||||
Other Operating and Administrative Expenses | 946 | 1,076 | 1,061 | 1,192 | 1,114 | 18% | ||||||||||||||
Total Non-Interest Expenses | 2,950 | 3,186 | 2,678 | 2,641 | 3,019 | 2% | ||||||||||||||
Provision for Credit Losses | 116 | 298 | 76 | 242 | (60 | ) | NM | |||||||||||||
Income Before Taxes and Minority Interest | 2,020 | 1,953 | 1,976 | 1,885 | 2,512 | 24% | ||||||||||||||
Income Taxes | 614 | 597 | 615 | 600 | 789 | 29% | ||||||||||||||
Minority Interest, Net of Tax | 5 | 12 | 8 | 12 | 16 | NM | ||||||||||||||
Net Income | $ | 1,401 | $ | 1,344 | $ | 1,353 | $ | 1,273 | $ | 1,707 | 22% | |||||||||
Pre-tax Profit Margin | 39.7 | % | 35.9 | % | 41.8 | % | 39.5 | % | 45.9 | % | ||||||||||
Non-Compensation Expenses as a Percent of Net Revenues | 18.6 | % | 19.8 | % | 22.4 | % | 25.0 | % | 20.4 | % | ||||||||||
Compensation and Benefits Expenses as a Percent of Net Revenues | 39.4 | % | 38.8 | % | 34.2 | % | 30.4 | % | 34.8 | % | ||||||||||
Compensation and Benefits Expenses as a Percent of Risk Adjusted Revenues(1) | 40.3 | % | 41.1 | % | 34.7 | % | 32.0 | % | 34.4 | % |
Reclassified to conform to the current period's presentation.
15
GLOBAL CORPORATE AND INVESTMENT BANK
GCIB REVENUE DETAILS
(In millions of dollars)
| 1Q 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 1Q 2004 | 1Q 2004 vs. 1Q 2003 Increase/ (Decrease) | |||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenue Details: | |||||||||||||||||||||
Investment Banking Revenue: | |||||||||||||||||||||
Advisory and Other Fees | $ | 193 | $ | 162 | $ | 211 | $ | 290 | $ | 203 | 5% | ||||||||||
Equity Underwriting | 153 | 317 | 204 | 288 | 302 | 97% | |||||||||||||||
Debt Underwriting | 656 | 845 | 492 | 542 | 498 | (24)% | |||||||||||||||
Revenue Allocated to Private Client Segment: | |||||||||||||||||||||
Equity Underwriting | (46 | ) | (97 | ) | (61 | ) | (67 | ) | (115 | ) | NM | ||||||||||
Debt Underwriting | (59 | ) | (61 | ) | (56 | ) | (46 | ) | (32 | ) | 46% | ||||||||||
Total Investment Banking Revenue | 897 | 1,166 | 790 | 1,007 | 856 | (5)% | |||||||||||||||
Lending | 382 | 414 | 424 | 392 | 439 | 15% | |||||||||||||||
Equity Markets | 515 | 598 | 567 | 431 | 747 | 45% | |||||||||||||||
Fixed Income Markets | 2,390 | 2,374 | 2,070 | 1,999 | 2,504 | 5% | |||||||||||||||
Other Capital Markets and Banking | 9 | (2 | ) | (5 | ) | 27 | (15 | ) | NM | ||||||||||||
Total Capital Markets and Banking Revenues(1) | 4,193 | 4,550 | 3,846 | 3,856 | 4,531 | 8% | |||||||||||||||
Transaction Services | 904 | 896 | 882 | 906 | 939 | 4% | |||||||||||||||
Other | (11 | ) | (9 | ) | 2 | 6 | 1 | NM | |||||||||||||
Total GCIB Revenues | $ | 5,086 | $ | 5,437 | $ | 4,730 | $ | 4,768 | $ | 5,471 | 8% | ||||||||||
-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Trading Related Revenue by Product: | ||||||||||||||||||||
Fixed Income | $ | 1,389 | $ | 1,257 | $ | 1,028 | $ | 1,035 | $ | 1,511 | 9% | |||||||||
Equities | 112 | 183 | 140 | 59 | 217 | 94% | ||||||||||||||
Foreign Exchange | 472 | 390 | 478 | 442 | 559 | 18% | ||||||||||||||
Other | 45 | 64 | 64 | 52 | (17 | ) | NM | |||||||||||||
Revenue Recognized in Private Client Segment | (126 | ) | (121 | ) | (124 | ) | (105 | ) | (98 | ) | 22% | |||||||||
Total Trading Related Revenue | $ | 1,892 | $ | 1,773 | $ | 1,586 | $ | 1,483 | $ | 2,172 | 15% | |||||||||
Trading Related Revenue by Income Statement Line: | ||||||||||||||||||||
Principal Transactions | $ | 1,258 | $ | 988 | $ | 847 | $ | 552 | $ | 963 | (23)% | |||||||||
Net Interest Revenue | 634 | 785 | 739 | 931 | 1,209 | 91% | ||||||||||||||
Total Trading Related Revenue | $ | 1,892 | $ | 1,773 | $ | 1,586 | $ | 1,483 | $ | 2,172 | 15% | |||||||||
Reclassified to conform to the current period's presentation.
16
GLOBAL CORPORATE AND INVESTMENT BANK
CAPITAL MARKETS AND BANKING
(In millions of dollars)
| 1Q 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 1Q 2004 | 1Q 2004 vs. 1Q 2003 Increase/ (Decrease) | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 4,193 | $ | 4,550 | $ | 3,846 | $ | 3,856 | $ | 4,531 | 8% | ||||||||
Total Operating Expenses | 2,354 | 2,546 | 2,053 | 1,957 | 2,354 | — | |||||||||||||
Provision for Credit Losses | 107 | 286 | 73 | 272 | (26 | ) | NM | ||||||||||||
Income Before Taxes and Minority Interest | 1,732 | 1,718 | 1,720 | 1,627 | 2,203 | 27% | |||||||||||||
Income Taxes | 524 | 532 | 550 | 512 | 711 | 36% | |||||||||||||
Minority Interest, Net of Tax | 5 | 12 | 8 | 12 | 15 | NM | |||||||||||||
Net Income | $ | 1,203 | $ | 1,174 | $ | 1,162 | $ | 1,103 | $ | 1,477 | 23% | ||||||||
Average Risk Capital | $ | 15,019 | |||||||||||||||||
Return on Risk Capital | 40 | % | |||||||||||||||||
Investment Banking | |||||||||||||||||||
Underwriting (full credit to book manager): | |||||||||||||||||||
Debt and equity: | |||||||||||||||||||
Global Volume(1) | $ | 145,036 | $ | 144,380 | $ | 123,120 | $ | 138,354 | $ | 162,662 | 12% | ||||||||
Global Market Share | 10.4 | % | 10.0 | % | 9.8 | % | 10.9 | % | 10.2 | % | |||||||||
Rank | 1 | 1 | 1 | 1 | 1 | ||||||||||||||
U.S. Volume(2) | $ | 115,826 | $ | 103,030 | $ | 96,434 | $ | 98,702 | $ | 114,132 | (1)% | ||||||||
U.S. Market Share | 12.7 | % | 11.5 | % | 11.6 | % | 12.6 | % | 12.6 | % | |||||||||
Rank | 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 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 1Q 2004 | 1Q 2004 vs. 1Q 2003 Increase/ (Decrease) | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 904 | $ | 896 | $ | 882 | $ | 906 | $ | 939 | 4% | ||||||
Total Operating Expenses | 625 | 634 | 618 | 679 | 658 | 5% | |||||||||||
Provision for Credit Losses | 9 | 12 | 3 | (30 | ) | (34 | ) | NM | |||||||||
Income Before Taxes and Minority Interest | 270 | 250 | 261 | 257 | 315 | 17% | |||||||||||
Income Taxes and Minority Interest, net of tax | 79 | 70 | 65 | 79 | 81 | 3% | |||||||||||
Net Income | $ | 191 | $ | 180 | $ | 196 | $ | 178 | $ | 234 | 23% | ||||||
Average Risk Capital | $ | 1,263 | |||||||||||||||
Return on Risk Capital | 75 | % | |||||||||||||||
Revenue Details: | |||||||||||||||||
Cash Management | $ | 524 | $ | 512 | $ | 490 | $ | 510 | $ | 522 | — | ||||||
Security Services | 230 | 230 | 243 | 251 | 277 | 20% | |||||||||||
Trade | 150 | 154 | 149 | 145 | 140 | (7)% | |||||||||||
Total Revenues, Net of Interest Expense | $ | 904 | $ | 896 | $ | 882 | $ | 906 | $ | 939 | 4% | ||||||
Liability Balances (Average in billions) | $ | 92 | $ | 96 | $ | 101 | $ | 108 | $ | 111 | 21% | ||||||
Assets Under Custody (EOP in trillions) | $ | 5.2 | $ | 5.6 | $ | 5.7 | $ | 6.4 | $ | 6.6 | 27% |
Reclassified to conform to the current period's presentation.
18
PRIVATE CLIENT SERVICES
(In millions of dollars)
| 1Q 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 1Q 2004 | 1Q 2004 vs. 1Q 2003 Increase/ (Decrease) | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenues: | |||||||||||||||||
Fee-Based and Net Interest Revenue | $ | 677 | $ | 667 | $ | 730 | $ | 770 | $ | 848 | 25% | ||||||
Commissions and Other Transactional Revenue | 656 | 787 | 763 | 794 | 881 | 34% | |||||||||||
Total Revenues, Net of Interest Expense | 1,333 | 1,454 | 1,493 | 1,564 | 1,729 | 30% | |||||||||||
Total Operating Expenses | 1,072 | 1,156 | 1,162 | 1,177 | 1,320 | 23% | |||||||||||
Provision for Credit Losses | 1 | — | — | — | — | (100)% | |||||||||||
Income Before Taxes | 260 | 298 | 331 | 387 | 409 | 57% | |||||||||||
Income Taxes | 98 | 113 | 125 | 148 | 158 | 61% | |||||||||||
Net Income | $ | 162 | $ | 185 | $ | 206 | $ | 239 | $ | 251 | 55% | ||||||
Pretax Profit Margin | 20 | % | 20 | % | 22 | % | 25 | % | 24 | % | |||||||
Average Risk Capital | $ | 1,258 | |||||||||||||||
Return on Risk Capital | 80 | % | |||||||||||||||
Financial Consultants | 12,471 | 12,317 | 12,254 | 12,207 | 12,037 | (3)% | |||||||||||
Annualized Revenue per FC (000) | $ | 431 | $ | 469 | $ | 482 | $ | 509 | $ | 577 | 34% | ||||||
Branch offices | 532 | 531 | 531 | 529 | 528 | (1)% | |||||||||||
Assets (in billions of dollars): | |||||||||||||||||
Client Assets Under Fee-Based Management: | |||||||||||||||||
Consulting Group and Internally Managed Accounts | $ | 107 | $ | 121 | $ | 128 | $ | 137 | $ | 144 | 35% | ||||||
Financial Consultant Managed Accounts | 53 | 61 | 64 | 72 | 76 | 43% | |||||||||||
Total Private Client(1) | $ | 160 | $ | 182 | $ | 192 | $ | 209 | $ | 220 | 38% | ||||||
Total Client Assets: | |||||||||||||||||
Private Client | $ | 763 | $ | 834 | $ | 851 | $ | 912 | $ | 925 | 21% | ||||||
Other Investor Assets within Citigroup Global Markets | 119 | 125 | 147 | 156 | 162 | 36% | |||||||||||
Total(1) | $ | 882 | $ | 959 | $ | 998 | $ | 1,068 | $ | 1,087 | 23% | ||||||
Net Client Asset Flows | $ | 5 | $ | 9 | $ | 5 | $ | 9 | $ | 6 | 20% | ||||||
Bank Deposit Program Balances | $ | 42 | $ | 42 | $ | 42 | $ | 41 | $ | 43 | 2% | ||||||
Lending(2) | $ | 13 | $ | 13 | $ | 13 | $ | 14 | $ | 14 | 8% |
Reclassified to conform to the current period's presentation.
19
GLOBAL INVESTMENT MANAGEMENT
LIFE INSURANCE AND ANNUITIES—Page 1
(In millions of dollars)
| 1Q 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 1Q 2004 | 1Q 2004 vs. 1Q 2003 Increase/ (Decrease) | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 1,146 | $ | 1,179 | $ | 1,389 | $ | 1,298 | $ | 1,303 | 14% | ||||||
Provision for Benefits and Claims | 680 | 718 | 925 | 839 | 687 | 1% | |||||||||||
Revenues, net of Interest Expense and Provision for Benefits and Claims (1) | 466 | 461 | 464 | 459 | 616 | 32% | |||||||||||
Total Operating Expenses | 179 | 184 | 208 | 217 | 231 | 29% | |||||||||||
Income Before Taxes | 287 | 277 | 256 | 242 | 385 | 34% | |||||||||||
Income Taxes and Minority Interest, net of tax | 43 | 77 | 93 | 57 | 98 | NM | |||||||||||
Net Income | $ | 244 | $ | 200 | $ | 163 | $ | 185 | $ | 287 | 18% | ||||||
Average Risk Capital | $ | 4,072 | |||||||||||||||
Return on Risk Capital | 28 | % | |||||||||||||||
Net Income by Source: | |||||||||||||||||
Retail Annuities | $ | 108 | $ | 64 | $ | 78 | $ | 70 | $ | 111 | �� 3% | ||||||
Institutional Annuities | 56 | 52 | 58 | 54 | 72 | 29% | |||||||||||
Life | 35 | 39 | 40 | 22 | 36 | 3% | |||||||||||
Other | 30 | 27 | 33 | 26 | 32 | 7% | |||||||||||
Realized Insurance Investment Portfolio Gains/(Losses) | (2 | ) | (1 | ) | 28 | (4 | ) | 6 | NM | ||||||||
Total Travelers Life & Annuity | 227 | 181 | 237 | 168 | 257 | 13% | |||||||||||
International Insurance Manufacturing | 17 | 19 | (22 | ) | 17 | 31 | 82% | ||||||||||
Realized Insurance Investment Portfolio Gains/(Losses) | — | — | (52 | ) | — | (1 | ) | — | |||||||||
Total International Insurance Manufacturing | 17 | 19 | (74 | ) | 17 | 30 | 76% | ||||||||||
Total Life Insurance and Annuities | $ | 244 | $ | 200 | $ | 163 | $ | 185 | $ | 287 | 18% | ||||||
Business Volumes: | |||||||||||||||||
Travelers Life & Annuity: | |||||||||||||||||
Retail annuities account balances and benefit reserves | $ | 28,282 | $ | 30,717 | $ | 31,641 | $ | 33,828 | $ | 34,844 | 23% | ||||||
Institutional annuities account balances and benefit reserves | 23,377 | 23,644 | 24,850 | 25,170 | 25,723 | 10% | |||||||||||
Individual life account balances and benefits reserves | 3,971 | 4,225 | 4,459 | 4,826 | 5,189 | 31% | |||||||||||
Total Travelers Life & Annuity | $ | 55,630 | $ | 58,586 | $ | 60,950 | $ | 63,824 | $ | 65,756 | 18% | ||||||
International Insurance Manufacturing: | |||||||||||||||||
Annuity products account balances and benefit reserves(2) | $ | 2,145 | $ | 2,681 | $ | 3,734 | $ | 5,156 | $ | 6,854 | NM | ||||||
Life products account balances and benefit reserves | 343 | 410 | 524 | 638 | 856 | NM | |||||||||||
Total International Insurance Manufacturing | $ | 2,488 | $ | 3,091 | $ | 4,258 | $ | 5,794 | $ | 7,710 | NM | ||||||
Total Life Insurance and Annuities | $ | 58,118 | $ | 61,677 | $ | 65,208 | $ | 69,618 | $ | 73,466 | 26% | ||||||
Travelers Life & Annuity: | |||||||||||||||||
Retail Annuities: | |||||||||||||||||
Net written premiums and deposits: | |||||||||||||||||
Fixed | $ | 141 | $ | 177 | $ | 115 | $ | 111 | $ | 148 | 5% | ||||||
Variable | 811 | 960 | 1,099 | 1,132 | 1,218 | 50% | |||||||||||
Individual payout | 20 | 12 | 12 | 12 | 14 | (30)% | |||||||||||
Total(3) | $ | 972 | $ | 1,149 | $ | 1,226 | $ | 1,255 | $ | 1,380 | 42% | ||||||
Policyholder account balances and benefit reserves:(4) | |||||||||||||||||
Fixed | $ | 8,755 | $ | 8,873 | $ | 8,925 | $ | 8,968 | $ | 9,120 | 4% | ||||||
Variable | 18,874 | 21,195 | 22,068 | 24,215 | 25,080 | 33% | |||||||||||
Individual payout | 653 | 649 | 648 | 645 | 644 | (1)% | |||||||||||
Total | $ | 28,282 | $ | 30,717 | $ | 31,641 | $ | 33,828 | $ | 34,844 | 23% | ||||||
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 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 1Q 2004 | 1Q 2004 vs. 1Q 2003 Increase/ (Decrease) | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Policyholder account balances and benefit reserves rollforward:(1) | |||||||||||||||||
Beginning of period | $ | 28,448 | $ | 28,282 | $ | 30,717 | $ | 31,641 | $ | 33,828 | 19% | ||||||
Net sales | 186 | 382 | 409 | 344 | 485 | NM | |||||||||||
Change in market value | (345 | ) | 2,065 | 538 | 1,884 | 548 | NM | ||||||||||
Interest credited | 122 | 125 | 127 | 128 | 119 | (2)% | |||||||||||
Benefits, fees and other | (129 | ) | (137 | ) | (150 | ) | (169 | ) | (136 | ) | (5)% | ||||||
End of period | $ | 28,282 | $ | 30,717 | $ | 31,641 | $ | 33,828 | $ | 34,844 | 23% | ||||||
Total retail annuity DAC asset | $ | 1,355 | $ | 1,375 | $ | 1,403 | $ | 1,437 | $ | 1,467 | 8% | ||||||
DAC to account balance | 4.79 | % | 4.48 | % | 4.43 | % | 4.25 | % | 4.21 | % | |||||||
Retail annuity DAC amortization | $ | 50 | $ | 52 | $ | 57 | $ | 60 | $ | 67 | 34% | ||||||
Travelers Life & Annuity: | |||||||||||||||||
Institutional Annuities: | |||||||||||||||||
Net written premiums and deposits(2) | $ | 2,111 | $ | 1,361 | $ | 2,409 | $ | 1,521 | $ | 1,578 | (25)% | ||||||
Policyholder account balances and benefit reserves: | |||||||||||||||||
Guaranteed investment contracts | $ | 11,624 | $ | 11,645 | $ | 12,466 | $ | 12,551 | $ | 12,750 | 10% | ||||||
Payout institutional annuities | 6,320 | 6,519 | 6,899 | 7,168 | 7,307 | 16% | |||||||||||
Other group investment contracts | 5,433 | 5,480 | 5,485 | 5,451 | 5,666 | 4% | |||||||||||
Total | $ | 23,377 | $ | 23,644 | $ | 24,850 | $ | 25,170 | $ | 25,723 | 10% | ||||||
Individual Life Insurance: | |||||||||||||||||
Net written premiums and deposits: | |||||||||||||||||
New direct periodic premiums and deposits | $ | 70 | $ | 42 | $ | 62 | $ | 54 | $ | 55 | (21)% | ||||||
Renewal direct periodic premiums and deposits | 139 | 143 | 142 | 174 | 233 | 68% | |||||||||||
Single premium deposits | 49 | 81 | 124 | 151 | 169 | NM | |||||||||||
Reinsurance | (30 | ) | (34 | ) | (36 | ) | (39 | ) | (37 | ) | (23)% | ||||||
Total(3) | $ | 228 | $ | 232 | $ | 292 | $ | 340 | $ | 420 | 84% | ||||||
Policyholder account balances and benefit reserves | $ | 3,971 | $ | 4,225 | $ | 4,459 | $ | 4,826 | $ | 5,189 | 31% | ||||||
Life insurance in force (in billions, face amt.) | $ | 83.2 | $ | 84.5 | $ | 86.9 | $ | 89.3 | $ | 91.9 | 10% | ||||||
International Insurance Manufacturing: | |||||||||||||||||
Annuity product net written premiums and deposits: | |||||||||||||||||
Japan deposits(4) | $ | 203 | $ | 286 | $ | 999 | $ | 1,154 | $ | 1,415 | NM | ||||||
All other premiums and deposits | 162 | 200 | 174 | 200 | 207 | 28% | |||||||||||
Total annuity product net written premiums and deposits | $ | 365 | $ | 486 | $ | 1,173 | $ | 1,354 | $ | 1,622 | NM | ||||||
Life product net written premiums and deposits | $ | 98 | $ | 116 | $ | 212 | $ | 195 | $ | 336 | NM | ||||||
Total International Investment Manufacturing net written premiums and deposits(5) | $ | 463 | $ | 602 | $ | 1,385 | $ | 1,549 | $ | 1,958 | NM | ||||||
Policyholder account balances and benefit reserves: | |||||||||||||||||
Annuity products account balances and benefit reserves(4) | $ | 2,145 | $ | 2,681 | $ | 3,734 | $ | 5,156 | $ | 6,854 | NM | ||||||
Life products account balances and benefit reserves | $ | 343 | $ | 410 | $ | 524 | $ | 638 | $ | 856 | NM |
Reclassified to conform to the current period's presentation.
21
GLOBAL INVESTMENT MANAGEMENT
LIFE INSURANCE AND ANNUITIES
INSURANCE INVESTMENT PORTFOLIO(1)
(In millions of dollars)
| 1Q 2003 | Percent of Total Investments | 2Q 2003 | Percent of Total Investments | 3Q 2003 | Percent of Total Investments | 4Q 2003 | Percent of Total Investments | 1Q 2004 | Percent of Total Investments | ||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Fixed-Income Investments: | ||||||||||||||||||||||||||
Available for sale, at market: | ||||||||||||||||||||||||||
Mortgage-backed securities—principally obligations of U.S. Government agencies | $ | 7,454 | $ | 7,604 | $ | 7,220 | $ | 6,903 | $ | 6,978 | ||||||||||||||||
U.S. Treasury securities and obligations of U.S. Government corporations and agencies | 1,758 | 1,797 | 1,626 | 1,842 | 1,913 | |||||||||||||||||||||
Corporates (including redeemable preferreds) | 25,423 | 26,536 | 27,956 | 29,057 | 30,476 | |||||||||||||||||||||
Obligations of states and political subdivisions | 325 | 379 | 385 | 398 | 426 | |||||||||||||||||||||
Debt securities issued by foreign governments | 314 | 425 | 467 | 508 | 544 | |||||||||||||||||||||
Short-term Investments | 3,822 | 4,242 | 3,978 | 3,268 | 4,363 | |||||||||||||||||||||
Total Fixed Income | 39,096 | 82.1 | % | 40,983 | 81.9 | % | 41,632 | 81.8 | % | 41,976 | 81.5 | % | 44,700 | 82.2 | % | |||||||||||
Equity securities, at market | 259 | 0.5 | % | 311 | 0.6 | % | 300 | 0.6 | % | 293 | 0.6 | % | 236 | 0.4 | % | |||||||||||
Trading Securities | 1,577 | 3.3 | % | 1,754 | 3.5 | % | 1,788 | 3.5 | % | 1,750 | 3.4 | % | 1,969 | 3.6 | % | |||||||||||
Mortgage loans | 1,920 | 4.0 | % | 1,962 | 3.9 | % | 1,886 | 3.7 | % | 1,886 | 3.7 | % | 1,940 | 3.6 | % | |||||||||||
Real estate | 39 | 0.1 | % | 42 | 0.1 | % | 97 | 0.2 | % | 96 | 0.2 | % | 90 | 0.2 | % | |||||||||||
Other invested assets(2) | 1,642 | 3.5 | % | 1,602 | 3.2 | % | 1,795 | 3.5 | % | 1,711 | 3.3 | % | 1,698 | 3.1 | % | |||||||||||
Total Travelers Life & Annuity invested assets | 44,533 | 93.5 | % | 46,654 | 93.2 | % | 47,498 | 93.3 | % | 47,712 | 92.7 | % | 50,633 | 93.1 | % | |||||||||||
Total International Insurance Manufacturing invested assets | 3,090 | 6.5 | % | 3,394 | 6.8 | % | 3,388 | 6.7 | % | 3,763 | 7.3 | % | 3,780 | 6.9 | % | |||||||||||
Total Life Insurance & Annuities invested assets | $ | 47,623 | 100.0 | % | $ | 50,048 | 100.0 | % | $ | 50,886 | 100.0 | % | $ | 51,475 | 100.0 | % | $ | 54,413 | 100.0 | % | ||||||
After-tax unrealized gains/(losses) on TLA invested assets | $ | 904 | $ | 1,594 | $ | 1,378 | $ | 1,327 | $ | 1,760 | ||||||||||||||||
Investment Data: | ||||||||||||||||||||||||||
Travelers Life & Annuity: | ||||||||||||||||||||||||||
Net investment income | $ | 661 | $ | 648 | $ | 680 | $ | 648 | $ | 725 | ||||||||||||||||
Annualized effective yield | 6.78 | % | 6.42 | % | 6.63 | % | 6.08 | % | 6.73 | % | ||||||||||||||||
International Insurance Manufacturing: | ||||||||||||||||||||||||||
Net investment income | $ | 42 | $ | 39 | $ | 56 | $ | 57 | $ | 57 | ||||||||||||||||
Annualized effective yield | 5.79 | % | 4.93 | % | 6.91 | % | 6.60 | % | 6.38 | % | ||||||||||||||||
TLA fixed income credit quality: | ||||||||||||||||||||||||||
AAA | $ | 10,627 | 27.2 | % | $ | 11,049 | 27.0 | % | $ | 10,321 | 24.8 | % | $ | 9,837 | 23.4 | % | $ | 10,106 | 22.6 | % | ||||||
AA | 3,816 | 9.8 | % | 4,202 | 10.3 | % | 4,289 | 10.3 | % | 4,226 | 10.1 | % | 4,809 | 10.8 | % | |||||||||||
A | 8,169 | 20.9 | % | 8,259 | 20.2 | % | 8,840 | 21.2 | % | 9,501 | 22.6 | % | 10,436 | 23.3 | % | |||||||||||
BAA | 12,697 | 32.4 | % | 13,035 | 31.7 | % | 13,306 | 32.0 | % | 13,622 | 32.5 | % | 14,666 | 32.8 | % | |||||||||||
Total Investment Grade | 35,309 | 90.3 | % | 36,545 | 89.2 | % | 36,756 | 88.3 | % | 37,186 | 88.6 | % | 40,017 | 89.5 | % | |||||||||||
BA | 2,113 | 5.4 | % | 2,520 | 6.1 | % | 2,856 | 6.9 | % | 2,714 | 6.5 | % | 2,753 | 6.2 | % | |||||||||||
B | 1,049 | 2.7 | % | 1,105 | 2.7 | % | 1,243 | 3.0 | % | 1,361 | 3.2 | % | 1,276 | 2.9 | % | |||||||||||
CAA and below | 625 | 1.6 | % | 813 | 2.0 | % | 777 | 1.8 | % | 715 | 1.7 | % | 654 | 1.4 | % | |||||||||||
Total Below Investment Grade | 3,787 | 9.7 | % | 4,438 | 10.8 | % | 4,876 | 11.7 | % | 4,790 | 11.4 | % | 4,683 | 10.5 | % | |||||||||||
Total TLA fixed income | $ | 39,096 | 100.0 | % | $ | 40,983 | 100.0 | % | $ | 41,632 | 100.0 | % | $ | 41,976 | 100.0 | % | $ | 44,700 | 100.0 | % | ||||||
Reclassified to conform to the current period's presentation.
22
GLOBAL INVESTMENT MANAGEMENT
PRIVATE BANK
(In millions of dollars)
| 1Q 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 1Q 2004 | 1Q 2004 vs. 1Q 2003 Increase/ (Decrease) | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 460 | $ | 521 | $ | 510 | $ | 505 | $ | 573 | 25% | ||||||
Total Operating Expenses | 275 | 311 | 298 | 299 | 339 | 23% | |||||||||||
Provision for Credit Losses | 4 | 6 | 2 | (1 | ) | 4 | — | ||||||||||
Income Before Taxes | 181 | 204 | 210 | 207 | 230 | 27% | |||||||||||
Income Taxes | 56 | 65 | 67 | 63 | 71 | 27% | |||||||||||
Net Income | $ | 125 | $ | 139 | $ | 143 | $ | 144 | $ | 159 | 27% | ||||||
Average Assets (in billions of dollars) | $ | 34 | $ | 38 | $ | 39 | $ | 40 | $ | 41 | 21% | ||||||
Return on Assets | 1.49 | % | 1.47 | % | 1.45 | % | 1.43 | % | 1.56 | % | |||||||
Client Business Volumes (in billions of dollars) | $ | 172 | $ | 180 | $ | 186 | $ | 195 | $ | 202 | 17% | ||||||
Average Risk Capital | $ | 688 | |||||||||||||||
Return on Risk Capital | 93 | % | |||||||||||||||
Client Business Volumes (in billions of dollars): | |||||||||||||||||
Proprietary Managed Assets | $ | 32 | $ | 33 | $ | 34 | $ | 35 | $ | 36 | 13% | ||||||
Other Assets under Fee-Based Management | 7 | 7 | 7 | 7 | 8 | 14% | |||||||||||
Banking and Fiduciary Deposits | 39 | 41 | 42 | 45 | 45 | 15% | |||||||||||
Loans | 34 | 35 | 37 | 37 | 38 | 12% | |||||||||||
Other, Principally Custody Accounts | 60 | 64 | 66 | 71 | 75 | 25% | |||||||||||
Total Client Business Volumes | $ | 172 | $ | 180 | $ | 186 | $ | 195 | $ | 202 | 17% | ||||||
Revenues: | |||||||||||||||||
Customer Revenues | |||||||||||||||||
Net Interest Spread and Recurring Fee-Based Revenues | $ | 287 | $ | 316 | $ | 324 | $ | 332 | $ | 357 | 24% | ||||||
Transaction Revenues | 115 | 148 | 141 | 135 | 177 | 54% | |||||||||||
Total Customer Revenues | 402 | 464 | 465 | 467 | 534 | 33% | |||||||||||
Other Revenues (Principally Allocated Equity and Treasury Revenues) | 58 | 57 | 45 | 38 | 39 | (33)% | |||||||||||
Total Revenues | $ | 460 | $ | 521 | $ | 510 | $ | 505 | $ | 573 | 25% | ||||||
North America | $ | 210 | $ | 222 | $ | 212 | $ | 216 | $ | 221 | 5% | ||||||
International | 250 | 299 | 298 | 289 | 352 | 41% | |||||||||||
$ | 460 | $ | 521 | $ | 510 | $ | 505 | $ | 573 | 25% | |||||||
Net Credit Loss Ratio | 0.03 | % | 0.05 | % | 0.05 | % | 0.09 | % | 0.04 | % |
Reclassified to conform to the current period's presentation.
23
GLOBAL INVESTMENT MANAGEMENT
ASSET MANAGEMENT (1)
(In millions of dollars)
| 1Q 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 1Q 2004 | 1Q 2004 vs. 1Q 2003 Increase/ (Decrease) | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 367 | $ | 378 | $ | 421 | $ | 467 | $ | 471 | 28% | |||||||
Total Operating Expenses | 254 | 264 | 322 | 308 | 303 | 19% | ||||||||||||
Income Before Taxes and Minority Interest | 113 | 114 | 99 | 159 | 168 | 49% | ||||||||||||
Income Taxes | 30 | 31 | 42 | 46 | 57 | 90% | ||||||||||||
Minority Interest, Net of Tax | — | 1 | — | 11 | 6 | — | ||||||||||||
Net Income | $ | 83 | $ | 82 | $ | 57 | $ | 102 | $ | 105 | 27% | |||||||
Pre-tax profit margin | 30.8 | % | 30.2 | % | 23.5 | % | 34.0 | % | 35.7 | % | ||||||||
Average Risk Capital | $ | 717 | ||||||||||||||||
Return on Risk Capital | 59 | % | ||||||||||||||||
Asset Management (Excl. Retirement Services): | ||||||||||||||||||
Total Revenues, Net of Interest Expense | $ | 320 | $ | 328 | $ | 355 | $ | 400 | $ | 386 | 21% | |||||||
Total Operating Expenses | 219 | 226 | 240 | 270 | 263 | 20% | ||||||||||||
Income Before Taxes and Minority Interest | 101 | 102 | 115 | 130 | 123 | 22% | ||||||||||||
Income Taxes | 36 | 37 | 41 | 46 | 46 | 28% | ||||||||||||
Minority Interest, Net of Tax | — | — | — | 11 | 6 | — | ||||||||||||
Net Income | $ | 65 | $ | 65 | $ | 74 | $ | 73 | $ | 71 | 9% | |||||||
Retirement Services: | ||||||||||||||||||
Total Revenues, Net of Interest Expense | $ | 47 | $ | 50 | $ | 66 | $ | 67 | $ | 85 | 81% | |||||||
Total Operating Expenses | 35 | 38 | 82 | 38 | 40 | 14% | ||||||||||||
Income (Loss) Before Taxes and Minority Interest | 12 | 12 | (16 | ) | 29 | 45 | NM | |||||||||||
Income Taxes (Benefits) | (6 | ) | (6 | ) | 1 | — | 11 | NM | ||||||||||
Minority Interest, Net of Tax | — | 1 | — | — | — | — | ||||||||||||
Net Income (Loss) | $ | 18 | $ | 17 | $ | (17 | ) | $ | 29 | $ | 34 | 89% | ||||||
Net Flows by Business (in billions of dollars): | ||||||||||||||||||
Retail/Private Bank | $ | (1.4 | ) | $ | 3.1 | $ | 1.6 | $ | 1.3 | $ | 3.9 | NM | ||||||
Institutional | ||||||||||||||||||
Long Term | 1.2 | 3.8 | 0.4 | 4.2 | 4.1 | NM | ||||||||||||
Liquidity | (2.4 | ) | 1.1 | (2.5 | ) | 1.9 | (4.6 | ) | (92)% | |||||||||
Total Institutional | (1.2 | ) | 4.9 | (2.1 | ) | 6.1 | (0.5 | ) | 58% | |||||||||
Net Flows Excluding US Retail Money Markets | $ | (2.6 | ) | $ | 8.0 | $ | (0.5 | ) | $ | 7.4 | $ | 3.4 | NM | |||||
US Retail Money Markets | $ | 0.1 | $ | (1.6 | ) | $ | (1.7 | ) | $ | (0.8 | ) | $ | — | (100)% | ||||
Assets Under Management by Business (in billions of dollars): | ||||||||||||||||||
Retail/Private Bank (2) | $ | 201.5 | $ | 217.0 | $ | 219.9 | $ | 230.9 | $ | 238.1 | 18% | |||||||
Institutional | 162.6 | 172.7 | 174.0 | 185.4 | 187.5 | 15% | ||||||||||||
Retirement Services | 11.1 | 12.2 | 12.2 | 11.9 | 12.6 | 14% | ||||||||||||
Other (3) | 87.0 | 90.6 | 89.3 | 93.3 | 91.9 | 6% | ||||||||||||
Total Assets Under Management (2, 3) | $ | 462.2 | $ | 492.5 | $ | 495.4 | $ | 521.5 | $ | 530.1 | 15% | |||||||
Assets Under Management by Product (in billions of dollars): | ||||||||||||||||||
Equity/Balanced | $ | 125.9 | $ | 141.9 | $ | 145.5 | $ | 161.4 | $ | 165.4 | 31% | |||||||
Fixed Income | 162.6 | 173.9 | 175.4 | 184.2 | 189.3 | 16% | ||||||||||||
Money Markets/Liquidity | 128.9 | 128.2 | 124.2 | 123.0 | 122.6 | (5)% | ||||||||||||
Alternative Investments | 44.8 | 48.5 | 50.3 | 52.9 | 52.8 | 18% | ||||||||||||
Total Assets Under Management (2, 3) | $ | 462.2 | $ | 492.5 | $ | 495.4 | $ | 521.5 | $ | 530.1 | 15% | |||||||
Number of Morningstar 4-and 5-star Mutual Fund share classes (4) | ||||||||||||||||||
Equity | 16 | 16 | 17 | 18 | 15 | (6)% | ||||||||||||
Fixed Income | 11 | 6 | 10 | 14 | 11 | — | ||||||||||||
CitiStreet Joint Venture — Assets Under Administration (in billions of dollars) | $ | 155 | $ | 170 | $ | 179 | $ | 193 | $ | 208 | 34% |
NM Not meaningful
Reclassified to conform to the current period's presentation.
24
PROPRIETARY INVESTMENT ACTIVITIES(1)
(In millions of dollars)
| 1Q 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 1Q 2004 | 1Q 2004 vs. 1Q 2003 Increase/ (Decrease) | |||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Total Revenues, Net of Interest Expense | $ | 153 | $ | 225 | $ | 510 | $ | 334 | $ | 180 | 18% | ||||||
Total Operating Expenses | 78 | 91 | 84 | 140 | 87 | 12% | |||||||||||
Provision for Credit Losses | — | 1 | — | (1 | ) | 1 | — | ||||||||||
Income Before Taxes and Minority Interest | 75 | 133 | 426 | 195 | 92 | 23% | |||||||||||
Income Taxes | 29 | 53 | 153 | 53 | 30 | 3% | |||||||||||
Minority Interest, Net of Tax | 8 | 17 | 145 | 5 | 36 | NM | |||||||||||
Net Income | $ | 38 | $ | 63 | $ | 128 | $ | 137 | $ | 26 | (32)% | ||||||
Total Revenues, Net of Interest Expense (by Type): | |||||||||||||||||
Private Equity | $ | 76 | $ | 135 | $ | 450 | $ | 246 | $ | 76 | — | ||||||
Hedge Funds | 15 | 38 | 8 | 19 | 50 | NM | |||||||||||
Refinancing Portfolio | 3 | 2 | 1 | — | 1 | (67)% | |||||||||||
Other | 59 | 50 | 51 | 69 | 53 | (10)% | |||||||||||
Total | $ | 153 | $ | 225 | $ | 510 | $ | 334 | $ | 180 | 18% | ||||||
Selected Balance Sheet Information (in billions): | |||||||||||||||||
Assets | $ | 9.1 | $ | 9.1 | $ | 9.1 | $ | 8.5 | $ | 8.6 | (5)% | ||||||
Average Risk Capital | $ | 3.6 | |||||||||||||||
Return on Risk Capital | 3 | % |
NM Not meaningful
Reclassified to conform to the current period's presentation.
25
CITIGROUP CONSOLIDATED STATEMENT OF INCOME
(In millions of dollars)
| 1Q 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 1Q 2004 | 1Q 2004 vs. 1Q 2003 Increase/ (Decrease) | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Revenues | ||||||||||||||||||||
Loan interest, including fees | $ | 9,470 | $ | 9,312 | $ | 9,098 | $ | 10,230 | $ | 10,812 | 14% | |||||||||
Other interest and dividends | 4,875 | 4,776 | 4,755 | 4,531 | 5,010 | 3% | ||||||||||||||
Insurance premiums | 825 | 839 | 1,071 | 1,014 | 879 | 7% | ||||||||||||||
Commissions and fees | 3,700 | 4,049 | 4,132 | 4,433 | 4,330 | 17% | ||||||||||||||
Principal transactions | 1,602 | 1,311 | 1,307 | 900 | 1,350 | (16)% | ||||||||||||||
Asset management and administration fees | 1,251 | 1,354 | 1,426 | 1,634 | 1,717 | 37% | ||||||||||||||
Realized gains (losses) from sales of investments | 162 | 188 | 115 | 45 | 138 | (15)% | ||||||||||||||
Other income | 1,314 | 2,011 | 1,430 | 1,553 | 1,740 | 32% | ||||||||||||||
Total revenues | 23,199 | 23,840 | 23,334 | 24,340 | 25,976 | 12% | ||||||||||||||
Interest expense | 4,663 | 4,486 | 3,936 | 4,186 | 4,488 | (4)% | ||||||||||||||
Total revenues, net of interest expense | 18,536 | 19,354 | 19,398 | 20,154 | 21,488 | 16% | ||||||||||||||
Benefits, Claims, and Credit Losses | ||||||||||||||||||||
Policyholder benefits and claims | 871 | 901 | 1,107 | 1,016 | 876 | 1% | ||||||||||||||
Provision for credit losses | 2,053 | 2,186 | 1,614 | 2,193 | 2,230 | 9% | ||||||||||||||
Total benefits, claims, and credit losses | 2,924 | 3,087 | 2,721 | 3,209 | 3,106 | 6% | ||||||||||||||
Operating Expenses | ||||||||||||||||||||
Non-insurance compensation and benefits | 5,306 | 5,544 | 5,228 | 5,210 | 5,892 | 11% | ||||||||||||||
Net occupancy expense | 1,041 | 1,064 | 1,045 | 1,130 | 1,068 | 3% | ||||||||||||||
Technology / communication expense | 798 | 793 | 899 | 924 | 867 | 9% | ||||||||||||||
Insurance underwriting, acquisition and operating | 264 | 265 | 262 | 272 | 296 | 12% | ||||||||||||||
Restructuring-related items | (13 | ) | (1 | ) | (11 | ) | (21 | ) | (3 | ) | 77% | |||||||||
Other operating | 2,156 | 2,306 | 2,190 | 2,517 | 2,522 | 17% | ||||||||||||||
Total operating expenses | 9,552 | 9,971 | 9,613 | 10,032 | 10,642 | 11% | ||||||||||||||
Income before Income Taxes and Minority Interest | 6,060 | 6,296 | 7,064 | 6,913 | 7,740 | 28% | ||||||||||||||
Provision for income taxes | 1,919 | 1,956 | 2,208 | 2,112 | 2,398 | 25% | ||||||||||||||
Minority interest, net of income taxes | 38 | 41 | 165 | 41 | 69 | 82% | ||||||||||||||
Net Income | $ | 4,103 | $ | 4,299 | $ | 4,691 | $ | 4,760 | $ | 5,273 | 29% | |||||||||
Reclassified to conform to the current period's presentation.
26
CITIGROUP CONSOLIDATED BALANCE SHEET
(In millions of dollars)
| March 31, 2003 | June 30, 2003 | September 30, 2003 | December 31, 2003 | March 31, 2004 (1) | March 31, 2004 vs. December 31, 2003 Inc (Decr) | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Assets | ||||||||||||||||||
Cash and due from banks (including segregated cash and other deposits) | $ | 19,731 | $ | 21,816 | $ | 24,688 | $ | 21,149 | $ | 23,104 | 9% | |||||||
Deposits at interest with banks | 19,173 | 18,785 | 21,504 | 19,777 | 23,104 | 17% | ||||||||||||
Federal funds sold and securities borrowed or purchased under agreements to resell | 158,052 | 167,260 | 175,458 | 172,174 | 184,089 | 7% | ||||||||||||
Brokerage receivables | 25,606 | 43,955 | 35,372 | 26,476 | 34,581 | 31% | ||||||||||||
Trading account assets | 173,099 | 174,324 | 190,851 | 235,319 | 232,227 | (1)% | ||||||||||||
Investments | 181,750 | 189,000 | 185,487 | 182,892 | 203,311 | 11% | ||||||||||||
Loans, net of unearned income | ||||||||||||||||||
Consumer | 332,607 | 329,695 | 338,614 | 379,932 | 383,678 | 1% | ||||||||||||
Corporate | 105,425 | 108,876 | 102,962 | 98,074 | 100,438 | 2% | ||||||||||||
Loans, net of unearned income | 438,032 | 438,571 | 441,576 | 478,006 | 484,116 | 1% | ||||||||||||
Allowance for credit losses | (11,049 | ) | (11,167 | ) | (10,843 | ) | (12,643 | ) | (12,506 | ) | 1% | |||||||
Total loans, net | 426,983 | 427,404 | 430,733 | 465,363 | 471,610 | 1% | ||||||||||||
Goodwill | 26,605 | 26,960 | 26,757 | 27,581 | 28,549 | 4% | ||||||||||||
Intangible assets | 8,233 | 7,792 | 8,674 | 13,881 | 13,953 | 1% | ||||||||||||
Reinsurance recoverables | 4,361 | 4,431 | 4,511 | 4,577 | 4,598 | — | ||||||||||||
Separate and variable accounts | 21,778 | 24,268 | 25,135 | 27,473 | 28,841 | 5% | ||||||||||||
Other assets | 72,002 | 81,440 | 80,153 | 67,370 | 69,910 | 4% | ||||||||||||
Total assets | $ | 1,137,373 | $ | 1,187,435 | $ | 1,209,323 | $ | 1,264,032 | $ | 1,317,877 | 4% | |||||||
Liabilities | ||||||||||||||||||
Non-interest-bearing deposits in U.S. offices | $ | 28,977 | $ | 26,579 | $ | 27,617 | $ | 30,074 | $ | 30,078 | — | |||||||
Interest-bearing deposits in U.S. offices | 145,354 | 146,178 | 146,392 | 146,675 | 151,124 | 3% | ||||||||||||
Non-interest-bearing deposits in offices outside the U.S. | 21,099 | 23,165 | 22,579 | 22,940 | 25,730 | 12% | ||||||||||||
Interest-bearing deposits in offices outside the U.S. | 248,676 | 252,062 | 257,654 | 274,326 | 292,257 | 7% | ||||||||||||
Total deposits | 444,106 | 447,984 | 454,242 | 474,015 | 499,189 | 5% | ||||||||||||
Federal funds purchased and securities loaned or sold under agreements to repurchase | 178,459 | 172,864 | 168,125 | 181,156 | 179,743 | (1)% | ||||||||||||
Brokerage payables | 24,989 | 45,779 | 35,805 | 37,330 | 37,849 | 1% | ||||||||||||
Trading account liabilities | 92,659 | 101,998 | 107,037 | 121,869 | 127,076 | 4% | ||||||||||||
Contractholder funds and separate and variable accounts | 50,339 | 53,363 | 55,499 | 58,402 | 60,618 | 4% | ||||||||||||
Insurance policy and claims reserves | 16,459 | 16,714 | 16,908 | 17,478 | 17,871 | 2% | ||||||||||||
Investment banking and brokerage borrowings | 21,932 | 20,782 | 22,542 | 22,442 | 26,159 | 17% | ||||||||||||
Short-term borrowings | 28,495 | 32,949 | 40,698 | 36,187 | 40,705 | 12% | ||||||||||||
Long-term debt | 133,125 | 131,350 | 145,990 | 162,702 | 178,588 | 10% | ||||||||||||
Other liabilities (2) | 52,811 | 63,633 | 60,330 | 48,380 | 48,195 | — | ||||||||||||
Citigroup or subsidiary obligated mandatorily redeemable securities of subsidiary trusts holding solely junior subordinated debt securities of | ||||||||||||||||||
—Parent (3) | 5,563 | 5,615 | 5,809 | 5,217 | — | (100)% | ||||||||||||
—Subsidiary (3) | 1,095 | 1,103 | 1,079 | 840 | — | (100)% | ||||||||||||
Total liabilities | 1,050,032 | 1,094,134 | 1,114,064 | 1,166,018 | 1,215,993 | 4% | ||||||||||||
Stockholders' equity | ||||||||||||||||||
Preferred Stock | 1,126 | 1,125 | 1,125 | 1,125 | 1,125 | — | ||||||||||||
Common Stock | 55 | 55 | 55 | 55 | 55 | — | ||||||||||||
Additional paid-in capital | 17,450 | 17,412 | 17,524 | 17,531 | 18,407 | 5% | ||||||||||||
Retained earnings | 84,453 | 87,698 | 90,555 | 93,483 | 96,659 | 3% | ||||||||||||
Treasury stock | (11,390 | ) | (11,384 | ) | (11,241 | ) | (11,524 | ) | (11,442 | ) | 1% | |||||||
Accumulated other changes in equity from nonowner sources | (1,055 | ) | 904 | (492 | ) | (806 | ) | (122 | ) | 85% | ||||||||
Unearned compensation | (3,298 | ) | (2,509 | ) | (2,267 | ) | (1,850 | ) | (2,798 | ) | (51)% | |||||||
Total stockholders' equity | 87,341 | 93,301 | 95,259 | 98,014 | 101,884 | 4% | ||||||||||||
Total liabilities and stockholders' equity | $ | 1,137,373 | $ | 1,187,435 | $ | 1,209,323 | $ | 1,264,032 | $ | 1,317,877 | 4% | |||||||
Reclassified to conform to the current period's presentation.
27
CITIGROUP—RETURN ON CAPITAL (A)
| Average Risk Capital ($M) | Return on Risk Capital | Return on Invested Capital | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Full Year 2003 | First Quarter 2004 | Full Year 2003 | First Quarter 2004 | Full Year 2003 | First Quarter 2004 | ||||||||||
Global Consumer: | ||||||||||||||||
Cards | $ | 4,375 | $ | 5,513 | 82 | % | 71 | % | 35 | % | 24 | % | ||||
Consumer Finance | 3,183 | 3,710 | 62 | % | 61 | % | 21 | % | 22 | % | ||||||
Retail Banking | 12,883 | 12,514 | 31 | % | 36 | % | 16 | % | 18 | % | ||||||
Other | — | — | NM | NM | NM | NM | ||||||||||
Total Global Consumer | 20,441 | 21,737 | 46 | % | 48 | % | 21 | % | 20 | % | ||||||
Global Corporate and Investment Bank: | ||||||||||||||||
Capital Markets and Banking | 14,785 | 15,019 | 31 | % | 40 | % | 24 | % | 31 | % | ||||||
Transaction Services | 1,479 | 1,263 | 50 | % | 75 | % | 34 | % | 47 | % | ||||||
Other | — | — | NM | NM | NM | NM | ||||||||||
Total Global Corporate and Investment Bank | 16,264 | 16,282 | 33 | % | 42 | % | 25 | % | 33 | % | ||||||
Private Client Services | 1,239 | 1,258 | 64 | % | 80 | % | 48 | % | 61 | % | ||||||
Global Investment Management: | ||||||||||||||||
Life Insurance and Annuities | 3,743 | 4,072 | 21 | % | 28 | % | 16 | % | 22 | % | ||||||
Private Bank | 627 | 688 | 88 | % | 93 | % | 85 | % | 91 | % | ||||||
Asset Management | 737 | 717 | 44 | % | 59 | % | 11 | % | 14 | % | ||||||
Total Global Investment Management | 5,107 | 5,477 | 33 | % | 40 | % | 19 | % | 24 | % | ||||||
Proprietary Investment Activities | 3,945 | 3,647 | 9 | % | 3 | % | 7 | % | 1 | % | ||||||
Corporate/Other(B) | (672 | ) | (1,320 | ) | NM | NM | NM | NM | ||||||||
Total Citigroup | $ | 46,324 | $ | 47,081 | 39 | % | 45 | % | 20 | % | 21 | % | ||||
28
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 | ||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1Q03 | 4Q03 | 1Q04 | 1Q04 | 1Q03 | 4Q03 | 1Q04 | 1Q04 | ||||||||||||||||||||
PRODUCT VIEW: | ||||||||||||||||||||||||||||
Cards | $ | 2,406 | $ | 3,392 | $ | 3,152 | $ | 151.9 | $ | 1,832 | $ | 2,186 | $ | 2,554 | $ | 153.5 | ||||||||||||
Ratio | 1.92 | % | 2.14 | % | 2.08 | % | 5.86 | % | 6.02 | % | 6.69 | % | ||||||||||||||||
North America Cards | 2,180 | 3,133 | 2,891 | 137.3 | 1,715 | 2,052 | 2,414 | 139.0 | ||||||||||||||||||||
Ratio | 1.91 | % | 2.18 | % | 2.10 | % | 6.04 | % | 6.25 | % | 6.99 | % | ||||||||||||||||
International Cards | 226 | 259 | 261 | 14.6 | 117 | 134 | 140 | 14.5 | ||||||||||||||||||||
Ratio | 1.97 | % | 1.76 | % | 1.80 | % | 4.09 | % | 3.84 | % | 3.85 | % | ||||||||||||||||
Consumer Finance | 2,183 | 2,221 | 2,127 | 98.8 | 855 | 867 | 870 | 98.1 | ||||||||||||||||||||
Ratio | 2.45 | % | 2.36 | % | 2.15 | % | 3.91 | % | 3.68 | % | 3.57 | % | ||||||||||||||||
North America Consumer Finance | 1,786 | 1,683 | 1,589 | 77.0 | 513 | 512 | 529 | 76.3 | ||||||||||||||||||||
Ratio | 2.60 | % | 2.32 | % | 2.06 | % | 3.06 | % | 2.81 | % | 2.79 | % | ||||||||||||||||
International Consumer Finance | 397 | 538 | 538 | 21.8 | 342 | 355 | 341 | 21.8 | ||||||||||||||||||||
Ratio | 1.93 | % | 2.50 | % | 2.47 | % | 6.69 | % | 6.65 | % | 6.31 | % | ||||||||||||||||
Retail Banking (excluding Commercial Markets) | 3,644 | 3,802 | 3,698 | 129.2 | 120 | 119 | 155 | 126.9 | ||||||||||||||||||||
Ratio | 3.18 | % | 3.07 | % | 2.86 | % | 0.42 | % | 0.39 | % | 0.49 | % | ||||||||||||||||
North America Retail Banking | 2,357 | 2,299 | 2,163 | 93.9 | 34 | 24 | 26 | 91.7 | ||||||||||||||||||||
Ratio | 2.87 | % | 2.60 | % | 2.30 | % | 0.17 | % | 0.11 | % | 0.11 | % | ||||||||||||||||
International Retail Banking | 1,287 | 1,503 | 1,535 | 35.3 | 86 | 95 | 129 | 35.2 | ||||||||||||||||||||
Ratio | 3.95 | % | 4.24 | % | 4.35 | % | 1.07 | % | 1.09 | % | 1.48 | % | ||||||||||||||||
Private Bank | 157 | 121 | 155 | 36.2 | 2 | 8 | 4 | 35.3 | ||||||||||||||||||||
Ratio | 0.49 | % | 0.35 | % | 0.43 | % | 0.03 | % | 0.09 | % | 0.04 | % | ||||||||||||||||
Other | — | — | — | 0.9 | — | — | (1 | ) | 0.9 | |||||||||||||||||||
Managed Loans (Excluding Commercial Markets)(2) | $ | 8,390 | $ | 9,536 | $ | 9,132 | $ | 417.0 | $ | 2,809 | $ | 3,180 | $ | 3,582 | $ | 414.7 | ||||||||||||
Ratio | 2.31 | % | 2.31 | % | 2.19 | % | 3.14 | % | 3.20 | % | 3.47 | % | ||||||||||||||||
Securitized Receivables (all in North America Cards) | (1,413 | ) | (1,421 | ) | (1,399 | ) | (76.2 | ) | (1,024 | ) | (1,219 | ) | (1,325 | ) | (75.9 | ) | ||||||||||||
Loans Held-for-Sale | (61 | ) | — | — | (78 | ) | (11 | ) | — | — | ||||||||||||||||||
On-Balance Sheet Loans (Excluding Commercial Markets) | $ | 6,916 | $ | 8,115 | $ | 7,733 | $ | 340.8 | $ | 1,707 | $ | 1,950 | $ | 2,257 | $ | 338.8 | ||||||||||||
Ratio | 2.40 | % | 2.42 | % | 2.27 | % | 2.38 | % | 2.42 | % | 2.68 | % | ||||||||||||||||
| Cash-Basis Loans (1) | | Net Credit Losses (1) | | ||||||||||||||||||||||||
Commercial Markets Groups | $ | 1,250 | $ | 1,350 | $ | 1,213 | 39.0 | $ | 179 | $ | 94 | $ | 50 | $ | 39.5 | |||||||||||||
Ratio | 2.88 | % | 3.38 | % | 3.11 | % | 1.65 | % | 0.93 | % | 0.51 | % | ||||||||||||||||
Total Consumer Loans(2)(3) | $ | 379.8 | $ | 378.3 | ||||||||||||||||||||||||
REGIONAL VIEW (Excluding Commercial Markets): |
| 90 Days Or More Past Due (1) | EOP Loans | Net Credit Losses (1) | Average Loans | |||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1Q03 | 4Q03 | 1Q04 | 1Q04 | 1Q03 | 4Q03 | 1Q04 | 1Q04 | |||||||||||||||||||
North America (excluding Mexico) | $ | 6,085 | $ | 6,794 | $ | 6,316 | $ | 321.5 | $ | 2,253 | $ | 2,573 | $ | 2,959 | $ | 319.6 | |||||||||||
Ratio | 2.19 | % | 2.14 | % | 1.96 | % | 3.27 | % | 3.38 | % | 3.72 | % | |||||||||||||||
Mexico | 323 | 388 | 395 | 7.3 | 12 | 14 | 14 | 7.4 | |||||||||||||||||||
Ratio | 5.03 | % | 5.65 | % | 5.43 | % | 0.81 | % | 0.80 | % | 0.77 | % | |||||||||||||||
Europe, Middle East and Africa | 1,304 | 1,669 | 1,722 | 33.9 | 114 | 174 | 207 | 33.8 | |||||||||||||||||||
Ratio | 4.52 | % | 4.90 | % | 5.08 | % | 1.61 | % | 2.11 | % | 2.46 | % | |||||||||||||||
Japan | 284 | 355 | 382 | 17.8 | 315 | 323 | 305 | 17.4 | |||||||||||||||||||
Ratio | 1.63 | % | 2.04 | % | 2.14 | % | 7.28 | % | 7.43 | % | 7.07 | % | |||||||||||||||
Asia (excluding Japan) | 329 | 286 | 281 | 33.7 | 99 | 94 | 91 | 33.6 | |||||||||||||||||||
Ratio | 1.13 | % | 0.86 | % | 0.83 | % | 1.40 | % | 1.15 | % | 1.09 | % | |||||||||||||||
Latin America | 65 | 44 | 36 | 2.8 | 16 | 2 | 6 | 2.9 | |||||||||||||||||||
Ratio | 2.19 | % | 1.50 | % | 1.27 | % | 2.19 | % | 0.22 | % | 0.76 | % | |||||||||||||||
Managed Loans (Excluding Commercial Markets)(2) | $ | 8,390 | $ | 9,536 | $ | 9,132 | $ | 417.0 | $ | 2,809 | $ | 3,180 | $ | 3,582 | $ | 414.7 | |||||||||||
Ratio | 2.31 | % | 2.31 | % | 2.19 | % | 3.14 | % | 3.20 | % | 3.47 | % | |||||||||||||||
Securitized Receivables (all in North America Cards) | (1,413 | ) | (1,421 | ) | (1,399 | ) | (76.2 | ) | (1,024 | ) | (1,219 | ) | (1,325 | ) | (75.9 | ) | |||||||||||
Loans Held-for-Sale | (61 | ) | — | — | — | (78 | ) | (11 | ) | — | — | ||||||||||||||||
On-Balance Sheet Loans (Excluding Commercial Markets) | $ | 6,916 | $ | 8,115 | $ | 7,733 | $ | 340.8 | $ | 1,707 | $ | 1,950 | $ | 2,257 | $ | 338.8 | |||||||||||
Ratio | 2.40 | % | 2.42 | % | 2.27 | % | 2.38 | % | 2.42 | % | 2.68 | % |
29
RESERVE FOR LOAN LOSSES
(In millions of dollars)
| 1Q 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 1Q 2004 | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Allowance for credit losses at beginning of period | $ | 11,101 | $ | 11,049 | $ | 11,167 | $ | 10,843 | $ | 12,643 | ||||||||
Provision for credit losses: | ||||||||||||||||||
Global Consumer(1) | 1,810 | 1,774 | 1,433 | 1,897 | 2,238 | |||||||||||||
CitiCapital | 129 | 114 | 105 | 54 | 52 | |||||||||||||
Global Corporate and Investment Bank | 114 | 298 | 76 | 242 | (60 | ) | ||||||||||||
2,053 | 2,186 | 1,614 | 2,193 | 2,230 | ||||||||||||||
Gross credit losses: | ||||||||||||||||||
Global Consumer(1) | 2,059 | 2,081 | 2,043 | 2,365 | 2,687 | |||||||||||||
CitiCapital | 163 | 134 | 112 | 96 | 59 | |||||||||||||
Global Corporate and Investment Bank | 230 | 333 | 412 | 498 | 266 | |||||||||||||
2,452 | 2,548 | 2,567 | 2,959 | 3,012 | ||||||||||||||
Credit recoveries: | ||||||||||||||||||
Global Consumer(1) | 319 | 323 | 405 | 405 | 428 | |||||||||||||
CitiCapital | 17 | 8 | 9 | 12 | 11 | |||||||||||||
Global Corporate and Investment Bank | 31 | 76 | 81 | 74 | 88 | |||||||||||||
367 | 407 | 495 | 491 | 527 | ||||||||||||||
Net credit losses: | ||||||||||||||||||
Global Consumer(1) | 1,740 | 1,758 | 1,638 | 1,960 | 2,259 | |||||||||||||
CitiCapital | 146 | 126 | 103 | 84 | 48 | |||||||||||||
Global Corporate and Investment Bank | 199 | 257 | 331 | 424 | 178 | |||||||||||||
2,085 | 2,141 | 2,072 | 2,468 | 2,485 | ||||||||||||||
Other—net (2) | (20 | ) | 73 | 134 | 2,075 | 118 | ||||||||||||
Allowance for credit losses at end of period | $ | 11,049 | $ | 11,167 | $ | 10,843 | $ | 12,643 | $ | 12,506 | ||||||||
Net Consumer Credit Losses (excluding CitiCapital) | $ | 1,740 | $ | 1,758 | $ | 1,638 | $ | 1,960 | $ | 2,259 | ||||||||
As a Percentage of Average Consumer Loans | 2.29 | % | 2.30 | % | 2.10 | % | 2.30 | % | 2.54 | % | ||||||||
Net CitiCapital Credit Losses | $ | 146 | $ | 126 | $ | 103 | $ | 84 | $ | 48 | ||||||||
As a Percentage of Average CitiCapital Loans | 2.24 | % | 2.01 | % | 1.69 | % | 1.51 | % | 0.90 | % | ||||||||
Net Corporate Credit Losses | $ | 199 | $ | 257 | $ | 331 | $ | 424 | $ | 178 | ||||||||
As a Percentage of Average Corporate Loans | 0.78 | % | 0.98 | % | 1.29 | % | 1.72 | % | 0.73 | % | ||||||||
ALLOWANCE FOR CREDIT LOSSES | ||||||||||||||||||
Consumer (excluding CitiCapital) | $ | 6,476 | $ | 6,551 | $ | 6,450 | $ | 8,530 | $ | 8,675 | ||||||||
CitiCapital | 594 | 585 | 588 | 558 | 543 | |||||||||||||
Corporate | 3,979 | 4,031 | 3,805 | 3,555 | 3,288 | |||||||||||||
Allowance for Credit Losses | $ | 11,049 | $ | 11,167 | $ | 10,843 | $ | 12,643 | $ | 12,506 | ||||||||
Allowance for Unfunded Lending Commitments(3) | $ | 567 | $ | 567 | $ | 526 | $ | 600 | $ | 600 | ||||||||
Total Allowance for Loans, Leases and Unfunded Lending Commitments(3) | $ | 11,616 | $ | 11,734 | $ | 11,369 | $ | 13,243 | $ | 13,106 | ||||||||
Total Allowance for Loans, Leases and Unfunded Lending Commitments as a Percent of Total Loans | ||||||||||||||||||
Consumer (excluding CitiCapital) | 2.11 | % | 2.16 | % | 2.04 | % | 2.38 | % | 2.39 | % | ||||||||
CitiCapital | 2.32 | % | 2.37 | % | 2.63 | % | 2.59 | % | 2.64 | % | ||||||||
Corporate | 4.31 | % | 4.22 | % | 4.21 | % | 4.24 | % | 3.87 | % | ||||||||
Total | 2.65 | % | 2.68 | % | 2.57 | % | 2.77 | % | 2.71 | % | ||||||||
Total Allowance for Loans and Leases As a Percent of Total Loans(4) | ||||||||||||||||||
Corporate | 3.77 | % | 3.70 | % | 3.70 | % | 3.62 | % | 3.27 | % |
Reclassified to conform to the current period's presentation.
30
NON-PERFORMING ASSETS
(In millions of dollars)
| 1Q 2003 | 2Q 2003 | 3Q 2003 | 4Q 2003 | 1Q 2004 | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
CASH-BASIS AND RENEGOTIATED LOANS | ||||||||||||||||||
Corporate Cash-Basis Loans | ||||||||||||||||||
Collateral Dependent (at lower of cost or collateral value) | $ | 61 | $ | 62 | $ | 36 | $ | 8 | $ | 71 | ||||||||
Other | 4,021 | 4,142 | 3,753 | 3,411 | 2,842 | |||||||||||||
Total Corporate Cash-Basis Loans | $ | 4,082 | $ | 4,204 | $ | 3,789 | $ | 3,419 | $ | 2,913 | ||||||||
Corporate Cash-Basis Loans | ||||||||||||||||||
JENA(1) | $ | 1,077 | $ | 1,188 | $ | 1,121 | $ | 1,032 | $ | 805 | ||||||||
Other International(2) | 3,005 | 3,016 | 2,668 | 2,387 | 2,108 | |||||||||||||
Total Corporate Cash-Basis Loans | $ | 4,082 | $ | 4,204 | $ | 3,789 | $ | 3,419 | $ | 2,913 | ||||||||
Corporate Cash-Basis Loans as a % of Total Corporate Loans(3) | 3.90 | % | 3.88 | % | 3.70 | % | 3.50 | % | 2.91 | % | ||||||||
Consumer Cash-Basis (excluding Commercial Markets) | $ | 4,710 | $ | 4,601 | $ | 4,493 | $ | 4,735 | $ | 4,693 | ||||||||
Commercial Markets Cash-Basis Loans | 1,250 | 1,165 | 1,283 | 1,350 | 1,213 | |||||||||||||
Total Consumer Cash-Basis Loans | $ | 5,960 | $ | 5,766 | $ | 5,776 | $ | 6,085 | $ | 5,906 | ||||||||
CitiCapital Collateral Dependent Loans (included in Commercial Markets Cash-Basis Loans) | $ | 462 | $ | 489 | $ | 413 | $ | 424 | $ | 474 | ||||||||
Renegotiated Loans (includes Corporate and Commercial Markets Loans) | $ | 157 | $ | 178 | $ | 161 | $ | 140 | $ | 124 | ||||||||
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS | ||||||||||||||||||
Consumer (4) | $ | 509 | $ | 479 | $ | 460 | $ | 437 | $ | 396 | ||||||||
Global Corporate and Investment Bank(4) | 78 | 89 | 95 | 105 | 94 | |||||||||||||
TOTAL OTHER REAL ESTATE OWNED | $ | 587 | $ | 568 | $ | 555 | $ | 542 | $ | 490 | ||||||||
OTHER REPOSSESSED ASSETS(5) | $ | 255 | $ | 228 | $ | 182 | $ | 151 | $ | 123 | ||||||||
Reclassified to conform to the current period's presentation.
31