CITIGROUP—FINANCIAL SUMMARY
(In millions of dollars, except per share amounts)
| | 1Q 2004 | 2Q 2004 | 3Q 2004 | 4Q 2004 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income from Continuing Operations | $ | 5,024 | 980 | $ | 5,063 | $ | 5,078 | ||||||
| Discontinued Operations, After-tax | 249 | 164 | 245 | 243 | |||||||||
| Net Income | $ | 5,273 | $ | 1,144 | $ | 5,308 | $ | 5,321 | |||||
Basic Earnings Per Share: | |||||||||||||
| Income from Continuing Operations | $ | 0.98 | $ | 0.19 | $ | 0.99 | $ | 0.99 | |||||
| Net Income | $ | 1.03 | $ | 0.22 | $ | 1.03 | $ | 1.04 | |||||
| Weighted average common shares applicable to Basic EPS | 5,095.6 | 5,100.5 | 5,112.3 | 5,120.3 | |||||||||
| Preferred Dividends—Basic | $ | 17 | $ | 17 | $ | 17 | $ | 17 | |||||
| Diluted Earnings Per Share: | |||||||||||||
| Income from Continuing Operations | $ | 0.96 | $ | 0.19 | $ | 0.97 | $ | 0.97 | |||||
| Net Income | $ | 1.01 | $ | 0.22 | $ | 1.02 | $ | 1.02 | |||||
| Adjusted weighted average common shares applicable to Diluted EPS | 5,203.1 | 5,201.3 | 5,205.6 | 5,219.5 | |||||||||
| Preferred Dividends—Diluted | $ | 17 | $ | 17 | $ | 17 | $ | 17 | |||||
Common Shares Outstanding, at period end | 5,171.5 | 5,180.3 | 5,189.8 | 5,194.6 | |||||||||
Tier 1 Capital Ratio | 8.96 | % | 8.16 | % | 8.37 | % | 8.74 | % | |||||
| Total Capital Ratio | 12.25 | % | 11.31 | % | 11.49 | % | 11.85 | % | |||||
| Leverage Ratio | 5.40 | % | 4.88 | % | 5.01 | % | 5.20 | % | |||||
Total Assets, at period end (in billions) | $ | 1,317.6 | $ | 1,396.6 | $ | 1,436.6 | $ | 1,484.1 | |||||
| Stockholders' Equity, at period end (in billions) | $ | 101.9 | $ | 98.3 | $ | 103.4 | $ | 109.3 | |||||
| Equity and Trust Securities, at period end (in billions) | $ | 108.2 | $ | 104.5 | $ | 110.2 | $ | 115.5 | |||||
Book Value Per Share, at period end | $ | 19.48 | $ | 18.76 | $ | 19.70 | $ | 20.82 | |||||
Return on Common Equity (Net Income) | 21.3 | % | 4.6 | % | 21.3 | % | 20.1 | % | |||||
| Return on Risk Capital (Net Income) | 45 | % | 9 | % | 42 | % | 41 | % | |||||
1
CITIGROUP—NET INCOME
PRODUCT VIEW
(In millions of dollars)
| | 1Q 2004 | 2Q 2004 | 3Q 2004 | 4Q 2004 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Global Consumer: | |||||||||||||||
| Cards | $ | 980 | $ | 1,012 | $ | 1,267 | $ | 1,441 | |||||||
| Consumer Finance | 567 | 594 | 643 | 584 | |||||||||||
| Retail Banking | 1,135 | 1,167 | 1,240 | 1,142 | |||||||||||
| Other (1) | (94 | ) | 304 | (62 | ) | (53 | ) | ||||||||
| Total Global Consumer | 2,588 | 3,077 | 3,088 | 3,114 | |||||||||||
Corporate and Investment Banking: | |||||||||||||||
| Capital Markets and Banking | 1,477 | 1,502 | 1,159 | 1,257 | |||||||||||
| Transaction Services | 234 | 261 | 285 | 261 | |||||||||||
| Other (1) (2) | (4 | ) | (4,569 | ) | 7 | 168 | |||||||||
| Total Corporate and Investment Banking | 1,707 | (2,806 | ) | 1,451 | 1,686 | ||||||||||
Global Wealth Management: | |||||||||||||||
| Smith Barney | 251 | 209 | 195 | 226 | |||||||||||
| Private Bank (3) | 159 | 152 | 136 | (129 | ) | ||||||||||
| Total Global Wealth Management | 410 | 361 | 331 | 97 | |||||||||||
| Asset Management | 105 | 99 | 79 | (25 | ) | ||||||||||
| Alternative Investments | 26 | 273 | 111 | 333 | |||||||||||
| Corporate/Other | 188 | (24 | ) | 3 | (127 | ) | |||||||||
| Income From Continuing Operations | 5,024 | 980 | 5,063 | 5,078 | |||||||||||
| Discontinued Operations(4) | 249 | 164 | 245 | 243 | |||||||||||
| Net Income | $ | 5,273 | $ | 1,144 | $ | 5,308 | $ | 5,321 | |||||||
- (1)
- The 2004 second quarter includes a $756 million after-tax gain ($378 million in Consumer Other and $378 million in GCIB Other) related to the sale of The Samba Financial Group (Samba).
- (2)
- The 2004 second quarter includes a $4.95 billion after-tax charge related to the WorldCom Settlement and increase in Litigation Reserves.
- (3)
- The 2004 fourth quarter includes a $244 million after-tax charge related to the exit plan implementation for the Company's Private Bank operations in Japan.
- (4)
- Discontinued Operations represents the operations from the Company's January 31, 2005 announced agreement for the sale of Citigroup's Travelers Life & Annuity, and substantially all of Citigroup's international insurance business, to MetLife, Inc. The transaction is subject to certain domestic and international regulatory approvals, as well as other customary conditions to closing and is expected to close during the 2005 second or third quarter.
Reclassified to conform to the current period's presentation.
2
| CITIGROUP—NET INCOME REGIONAL VIEW (In millions of dollars) | |
| | 1Q 2004 | 2Q 2004 | 3Q 2004 | 4Q 2004 | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| North America (excluding Mexico)(1) | ||||||||||||||||
| Consumer | $ | 1,748 | $ | 1,785 | $ | 2,123 | $ | 2,071 | ||||||||
| Corporate | 746 | (4,244 | ) | 501 | 807 | |||||||||||
| Wealth Management | 314 | 280 | 269 | 306 | ||||||||||||
| Asset Management | 65 | 64 | 39 | (64 | ) | |||||||||||
| Total North America (excluding Mexico) | 2,873 | (2,115 | ) | 2,932 | 3,120 | |||||||||||
Mexico | ||||||||||||||||
| Consumer | 203 | 214 | 223 | 242 | ||||||||||||
| Corporate | 94 | 184 | 198 | 183 | ||||||||||||
| Wealth Management | 16 | 12 | 13 | 11 | ||||||||||||
| Asset Management | 26 | 21 | 26 | 26 | ||||||||||||
| Total Mexico | 339 | 431 | 460 | 462 | ||||||||||||
Europe, Middle East and Africa (EMEA) | ||||||||||||||||
| Consumer | 204 | 601 | 154 | 224 | ||||||||||||
| Corporate | 264 | 661 | 123 | 84 | ||||||||||||
| Wealth Management | 9 | 4 | 4 | (2 | ) | |||||||||||
| Asset Management | (1 | ) | 1 | — | (2 | ) | ||||||||||
| Total EMEA | 476 | 1,267 | 281 | 304 | ||||||||||||
Japan | ||||||||||||||||
| Consumer | 142 | 147 | 164 | 163 | ||||||||||||
| Corporate | 93 | 87 | 91 | 63 | ||||||||||||
| Wealth Management | 26 | 19 | 3 | (253 | ) | |||||||||||
| Asset Management | 2 | 3 | 3 | 1 | ||||||||||||
| Total Japan | 263 | 256 | 261 | (26 | ) | |||||||||||
Asia (excluding Japan) | ||||||||||||||||
| Consumer | 247 | 280 | 332 | 328 | ||||||||||||
| Corporate | 308 | 321 | 309 | 352 | ||||||||||||
| Wealth Management | 35 | 34 | 33 | 23 | ||||||||||||
| Asset Management | 2 | 1 | 2 | 3 | ||||||||||||
| Total Asia | 592 | 636 | 676 | 706 | ||||||||||||
Latin America | ||||||||||||||||
| Consumer | 44 | 50 | 92 | 86 | ||||||||||||
| Corporate | 202 | 185 | 229 | 197 | ||||||||||||
| Wealth Management | 10 | 12 | 9 | 12 | ||||||||||||
| Asset Management | 11 | 9 | 9 | 11 | ||||||||||||
| Total Latin America | 267 | 256 | 339 | 306 | ||||||||||||
Alternative Investments | 26 | 273 | 111 | 333 | ||||||||||||
Corporate / Other | 188 | (24 | ) | 3 | (127 | ) | ||||||||||
| Income From Continuing Operations | 5,024 | 980 | 5,063 | 5,078 | ||||||||||||
Discontinued Operations | 249 | 164 | 245 | 243 | ||||||||||||
| Net Income | $ | 5,273 | $ | 1,144 | $ | 5,308 | $ | 5,321 | ||||||||
- (1)
- Excludes Alternative investments and Corporate / Other which are predominantly related to North America.
Reclassified to conform to the current period's presentation.
3
CITIGROUP—NET REVENUES
PRODUCT VIEW
(In millions of dollars)
| | 1Q 2004 | 2Q 2004 | 3Q 2004 | 4Q 2004 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Global Consumer: | |||||||||||||||
| Cards | $ | 4,598 | $ | 4,467 | $ | 4,602 | $ | 4,654 | |||||||
| Consumer Finance | 2,688 | 2,677 | 2,631 | 2,765 | |||||||||||
| Retail Banking | 4,303 | 4,452 | 4,587 | 4,654 | |||||||||||
| Other | (16 | ) | 557 | (24 | ) | (1 | ) | ||||||||
| Total Global Consumer | 11,573 | 12,153 | 11,796 | 12,072 | |||||||||||
Corporate and Investment Banking: | |||||||||||||||
| Capital Markets and Banking | 4,531 | 4,495 | 3,733 | 4,347 | |||||||||||
| Transaction Services | 939 | 984 | 1,042 | 1,101 | |||||||||||
| Other | 1 | 585 | 2 | 14 | |||||||||||
| Total Corporate and Investment Banking | 5,471 | 6,064 | 4,777 | 5,462 | |||||||||||
Global Wealth Management: | |||||||||||||||
| Smith Barney | 1,729 | 1,578 | 1,523 | 1,637 | |||||||||||
| Private Bank | 573 | 505 | 482 | 484 | |||||||||||
| Total Global Wealth Management | 2,302 | 2,083 | 2,005 | 2,121 | |||||||||||
| Asset Management | 461 | 427 | 442 | 460 | |||||||||||
| Alternative Investments | 180 | 537 | 287 | 659 | |||||||||||
| Corporate/Other | 295 | (69 | ) | (227 | ) | (313 | ) | ||||||||
| Total Net Revenues | $ | 20,282 | $ | 21,195 | $ | 19,080 | $ | 20,461 | |||||||
| Managed Basis Net Revenues(1) | $ | 21,607 | $ | 22,485 | $ | 20,330 | $ | 21,675 | |||||||
- (1)
- Segment net revenues disclosed above are prepared on an owned basis in accordance with Generally Accepted Accounting Principles (GAAP). The managed basis disclosures treat the receivables as if they had not been securitized and are still on our balance sheet, reflecting the interest revenue and expense associated with the portfolio, as well as the credit costs incurred. Although a managed basis presentation is not in conformity with GAAP, the Company believes it provides a representation of performance and key indicators of the credit card business that is consistent with the way the business is managed.
Reclassified to conform to the current period's presentation.
4
CITIGROUP—NET REVENUES
REGIONAL VIEW
(In millions of dollars)
| | 1Q 2004 | 2Q 2004 | 3Q 2004 | 4Q 2004 | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| North America (excluding Mexico)(1) | |||||||||||||||
| Consumer | $ | 7,778 | $ | 7,618 | $ | 7,776 | $ | 7,704 | |||||||
| Corporate | 2,302 | 2,560 | 1,848 | 2,251 | |||||||||||
| Wealth Management | 1,912 | 1,761 | 1,713 | 1,837 | |||||||||||
| Asset Management | 297 | 291 | 292 | 293 | |||||||||||
| Total North America (excluding Mexico) | 12,289 | 12,230 | 11,629 | 12,085 | |||||||||||
| Mexico | |||||||||||||||
| Consumer | 798 | 794 | 849 | 948 | |||||||||||
| Corporate | 204 | 137 | 199 | 230 | |||||||||||
| Wealth Management | 38 | 34 | 35 | 31 | |||||||||||
| Asset Management | 56 | 48 | 57 | 59 | |||||||||||
| Total Mexico | 1,096 | 1,013 | 1,140 | 1,268 | |||||||||||
| Europe, Middle East and Africa (EMEA) | |||||||||||||||
| Consumer | 1,151 | 1,776 | 1,142 | 1,251 | |||||||||||
| Corporate | 1,559 | 2,064 | 1,349 | 1,528 | |||||||||||
| Wealth Management | 80 | 72 | 68 | 71 | |||||||||||
| Asset Management | 36 | 23 | 25 | 34 | |||||||||||
| Total EMEA | 2,826 | 3,935 | 2,584 | 2,884 | |||||||||||
| Japan | |||||||||||||||
| Consumer | 815 | 812 | 822 | 841 | |||||||||||
| Corporate | 227 | 204 | 226 | 160 | |||||||||||
| Wealth Management | 83 | 58 | 33 | 26 | |||||||||||
| Asset Management | 19 | 19 | 20 | 19 | |||||||||||
| Total Japan | 1,144 | 1,093 | 1,101 | 1,046 | |||||||||||
| Asia (excluding Japan) | |||||||||||||||
| Consumer | 824 | 944 | 998 | 1,046 | |||||||||||
| Corporate | 857 | 770 | 823 | 958 | |||||||||||
| Wealth Management | 131 | 102 | 102 | 97 | |||||||||||
| Asset Management | 15 | 15 | 16 | 18 | |||||||||||
| Total Asia | 1,827 | 1,831 | 1,939 | 2,119 | |||||||||||
| Latin America | |||||||||||||||
| Consumer | 207 | 209 | 209 | 282 | |||||||||||
| Corporate | 322 | 329 | 332 | 335 | |||||||||||
| Wealth Management | 58 | 56 | 54 | 59 | |||||||||||
| Asset Management | 38 | 31 | 32 | 37 | |||||||||||
| Total Latin America | 625 | 625 | 627 | 713 | |||||||||||
| Alternative Investments | 180 | 537 | 287 | 659 | |||||||||||
| Corporate/Other | 295 | (69 | ) | (227 | ) | (313 | ) | ||||||||
| Total Net Revenues | $ | 20,282 | $ | 21,195 | $ | 19,080 | $ | 20,461 | |||||||
- (1)
- Excludes Alternative investments and Corporate/Other which are predominantly related to North America.
Reclassified to conform to the current period's presentation.
5