Exhibit 99.2
| | ||
CITIGROUP -- QUARTERLY FINANCIAL DATA SUPPLEMENT |
| 3Q23 | |
| | ||
| | | |
| Page | | |
Citigroup | | | |
Financial Summary | | 1 | |
Consolidated Statement of Income | | 2 | |
Consolidated Balance Sheet | | 3 | |
Operating Segment and Reporting Unit - Net Revenues and Income | | 4 | |
| | ||
Institutional Clients Group (ICG) | | 5 | |
Reporting Unit Revenues | | 6 | |
Personal Banking and Wealth Management (PBWM) | | 7 | |
Metrics | | 8 | |
Legacy Franchises | | 9 | |
Corporate / Other | | 10 | |
| | ||
Citigroup Supplemental Detail | | | |
Average Balances and Interest Rates | | 11 | |
Loans | | 12 | |
Deposits | | 13 | |
Allowance for Credit Losses (ACL) Rollforward | | 14 | |
Allowance for Credit Losses on Loans and Unfunded Lending Commitments | | 15 - 16 | |
Non-Accrual Assets | | 17 | |
CET1 Capital and Supplementary Leverage Ratios, Tangible Common Equity, Book Value Per Share and Tangible Book Value Per Share | | 18 | |
| | | |
| | | |
CITIGROUP FINANCIAL SUMMARY
(In millions of dollars, except per share amounts and as otherwise noted)
|
| | |
| | |
| | |
| | |
| | |
| 3Q23 Increase/ | |
| Nine |
| Nine |
| YTD 2023 vs. | ||||
| | 3Q | | 4Q | | 1Q | | 2Q | | 3Q | | (Decrease) from | | | Months | | Months | | YTD 2022 Increase/ | |||||||||
|
| 2022 |
| 2022 |
| 2023 |
| 2023 |
| 2023 |
| 2Q23 |
| 3Q22 |
|
| 2022 |
| 2023 |
| (Decrease) | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total revenues, net of interest expense(1)(2)(3) | | $ | 18,508 | | $ | 18,006 | | $ | 21,447 | | $ | 19,436 | | $ | 20,139 |
| 4% |
| 9% | | | $ | 57,332 | | $ | 61,022 |
| 6% |
Total operating expenses | |
| 12,749 | |
| 12,985 | |
| 13,289 | |
| 13,570 | |
| 13,511 |
| - | | 6% | | |
| 38,307 | |
| 40,370 |
| 5% |
Net credit losses (NCLs) | |
| 887 | |
| 1,180 | |
| 1,302 | |
| 1,504 | |
| 1,637 |
| 9% | | 85% | | |
| 2,609 | |
| 4,443 |
| 70% |
Credit reserve build / (release) for loans | |
| 441 | |
| 593 | |
| 435 | |
| 257 | |
| 179 |
| (30%) |
| (59%) | | |
| 363 | |
| 871 |
| NM |
Provision / (release) for unfunded lending commitments | |
| (71) | |
| 47 | |
| (194) | |
| (96) | |
| (54) |
| 44% | | 24% | | |
| 244 | |
| (344) |
| NM |
Provisions for benefits and claims, HTM debt securities and other assets | |
| 108 | |
| 25 | |
| 432 | |
| 159 | |
| 78 |
| (51%) |
| (28%) | | |
| 178 | |
| 669 |
| NM |
Provisions for credit losses and for benefits and claims | |
| 1,365 | |
| 1,845 | |
| 1,975 | |
| 1,824 | |
| 1,840 |
| 1% |
| 35% | | |
| 3,394 | |
| 5,639 |
| 66% |
Income from continuing operations before income taxes | |
| 4,394 | |
| 3,176 | |
| 6,183 | |
| 4,042 | |
| 4,788 |
| 18% |
| 9% | | |
| 15,631 | |
| 15,013 |
| (4%) |
Income taxes | |
| 879 | |
| 640 | |
| 1,531 | |
| 1,090 | |
| 1,203 |
| 10% |
| 37% | | |
| 3,002 | |
| 3,824 |
| 27% |
Income from continuing operations | |
| 3,515 | |
| 2,536 | |
| 4,652 | |
| 2,952 | |
| 3,585 |
| 21% |
| 2% | | |
| 12,629 | |
| 11,189 |
| (11%) |
Income (loss) from discontinued operations, net of taxes(4) | |
| (6) | |
| (2) | |
| (1) | |
| (1) | |
| 2 |
| NM |
| NM | | |
| (229) | |
| - |
| 100% |
Net income before noncontrolling interests | |
| 3,509 | |
| 2,534 | |
| 4,651 | |
| 2,951 | |
| 3,587 |
| 22% |
| 2% | | |
| 12,400 | |
| 11,189 |
| (10%) |
Net income (loss) attributable to noncontrolling interests | |
| 30 | |
| 21 | |
| 45 | |
| 36 | |
| 41 |
| 14% |
| 37% | | |
| 68 | |
| 122 |
| 79% |
Citigroup's net income | | $ | 3,479 | | $ | 2,513 | | $ | 4,606 | | $ | 2,915 | | $ | 3,546 |
| 22% |
| 2% | | | $ | 12,332 | | $ | 11,067 |
| (10%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Diluted earnings per share: | |
|
| |
|
| |
|
| |
|
| |
| |
| |
| | | |
| | |
| |
| |
Income from continuing operations | | $ | 1.63 | | $ | 1.16 | | $ | 2.19 | | $ | 1.33 | | $ | 1.63 |
| 23% |
| - | | | $ | 5.95 | | $ | 5.14 |
| (14%) |
Citigroup's net income | | $ | 1.63 | | $ | 1.16 | | $ | 2.19 | | $ | 1.33 | | $ | 1.63 |
| 23% |
| - | | | $ | 5.84 | | $ | 5.14 |
| (12%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred dividends | | $ | 277 | | $ | 238 | | $ | 277 | | $ | 288 | | $ | 333 |
| 16% | | 20% | | | $ | 794 | | $ | 898 |
| 13% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income allocated to unrestricted common shareholders - basic | |
|
| |
|
| |
|
| |
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| |
| |
| | | |
| | |
| |
| |
Income from continuing operations | | $ | 3,180 | | $ | 2,253 | | $ | 4,296 | | $ | 2,595 | | $ | 3,158 |
| 22% |
| (1%) | | | $ | 11,678 | | $ | 10,048 |
| (14%) |
Citigroup's net income | | $ | 3,174 | | $ | 2,251 | | $ | 4,295 | | $ | 2,594 | | $ | 3,160 |
| 22% |
| - | | | $ | 11,449 | | $ | 10,048 |
| (12%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income allocated to unrestricted common shareholders - diluted | |
|
| |
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| |
|
| |
|
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| |
| |
| | | |
| | |
| |
| |
Income from continuing operations | | $ | 3,191 | | $ | 2,264 | | $ | 4,307 | | $ | 2,610 | | $ | 3,174 |
| 22% |
| (1%) | | | $ | 11,708 | | $ | 10,090 |
| (14%) |
Citigroup's net income | | $ | 3,185 | | $ | 2,262 | | $ | 4,306 | | $ | 2,609 | | $ | 3,176 |
| 22% |
| - | | | $ | 11,479 | | $ | 10,090 |
| (12%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Shares (in millions): | |
|
| |
|
| |
|
| |
|
| |
| |
| |
| | | |
| | |
| |
| |
Average basic | |
| 1,936.8 | |
| 1,936.9 | |
| 1,943.5 | |
| 1,942.8 | |
| 1,924.4 |
| (1%) |
| (1%) | | |
| 1,950.0 | |
| 1,936.9 |
| (1%) |
Average diluted | |
| 1,955.1 | |
| 1,955.9 | |
| 1,964.1 | |
| 1,968.6 | |
| 1,951.7 |
| (1%) |
| - | | |
| 1,967.1 | |
| 1,961.5 |
| - |
Common shares outstanding, at period end | |
| 1,936.9 | |
| 1,937.0 | |
| 1,946.8 | |
| 1,925.7 | |
| 1,913.9 |
| (1%) |
| (1%) | | |
|
| |
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Regulatory capital ratios and performance metrics: | |
|
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|
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|
Common Equity Tier 1 (CET1) Capital ratio(5)(6)(7) | |
| 12.26% | |
| 12.97% | |
| 13.44% | |
| 13.37% | |
| 13.5% | |
|
|
| | |
|
| |
|
|
|
|
Tier 1 Capital ratio(5)(6)(7) | |
| 13.97% | |
| 14.73% | |
| 15.31% | |
| 15.24% | |
| 15.3% | |
|
|
| | |
|
| |
|
|
|
|
Total Capital ratio(5)(6)(7) | |
| 14.99% | |
| 15.32% | |
| 15.57% | |
| 16.04% | |
| 15.7% | |
|
|
| | |
|
| |
|
|
|
|
Supplementary Leverage ratio (SLR)(5)(7)(8) | |
| 5.71% | |
| 5.82% | |
| 5.96% | |
| 5.97% | |
| 6.0% | |
|
|
| | |
|
| |
|
|
|
|
Return on average assets | |
| 0.58% | |
| 0.41% | |
| 0.76% | |
| 0.47% | |
| 0.58% | | | | | | |
| 0.69% | | | 0.60% | |
|
Return on average common equity | |
| 7.1% | |
| 5.0% | |
| 9.5% | |
| 5.6% | |
| 6.7% | | | | | | |
| 8.6% | | | 7.3% | |
|
Average tangible common equity (TCE) (in billions of dollars) | | $ | 155.5 | | $ | 156.9 | | $ | 161.1 | | $ | 164.1 | | $ | 165.3 | | 1% | | 6% | | | $ | 155.4 | | $ | 163.2 | | 5% |
Return on average tangible common equity (RoTCE) | |
| 8.2% | |
| 5.8% | |
| 10.9% | |
| 6.4% | |
| 7.7% | | | | | | |
| 9.9% | | | 8.3% | | |
Efficiency ratio (total operating expenses/total revenues, net) | |
| 68.9% | |
| 72.1% | |
| 62.0% | |
| 69.8% | |
| 67.1% | | (270) bps |
| (180) bps | | |
| 66.8% | |
| 66.2% | | (60) bps |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance sheet data (in billions of dollars, except per share amounts)(5): | |
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| | | |
Total assets | | $ | 2,381.1 | | $ | 2,416.7 | | $ | 2,455.1 | | $ | 2,423.7 | | $ | 2,368.5 |
| (2%) |
| (1%) | | |
| | |
| |
| |
Total average assets | |
| 2,399.4 | |
| 2,430.6 | |
| 2,462.2 | |
| 2,465.6 | |
| 2,413.8 |
| (2%) |
| 1% | | |
| 2,384.5 | |
| 2,447.2 |
| 3% |
Total loans | |
| 646.0 | |
| 657.2 | |
| 652.0 | |
| 660.6 | |
| 666.3 |
| 1% | | 3% | | |
|
| |
|
|
|
|
Total deposits | |
| 1,306.5 | |
| 1,366.0 | |
| 1,330.5 | |
| 1,319.9 | |
| 1,273.5 |
| (4%) |
| (3%) | | |
|
| |
|
|
|
|
Citigroup's stockholders' equity | |
| 198.6 | |
| 201.2 | |
| 208.3 | |
| 208.7 | |
| 209.5 |
| - |
| 5% | | |
|
| |
|
|
|
|
Book value per share | |
| 92.71 | |
| 94.06 | |
| 96.59 | |
| 97.87 | |
| 99.28 |
| 1% | | 7% | | |
|
| |
|
|
|
|
Tangible book value per share | |
| 80.34 | |
| 81.65 | |
| 84.21 | |
| 85.34 | |
| 86.90 |
| 2% | | 8% | | |
|
| |
|
|
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| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Direct staff (in thousands) | |
| 238 | |
| 240 | |
| 240 | |
| 240 | |
| 240 |
| - |
| 1% | | |
|
| |
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) 3Q23 includes an approximate $403 million gain on sale recorded in Other revenue (approximately $284 million after various taxes) related to Citi's sale of the Taiwan consumer banking business. (2) 1Q23 includes an approximate $1.059 billion gain on sale recorded in Other revenue (approximately $727 million after various taxes) related to Citi's sale of the India consumer banking business. (3) 3Q22 includes an approximate $616 million gain on sale recorded in Other revenue (approximately $290 million after various taxes) related to Citi's sale of the Philippines consumer banking business. (4) 2022 YTD discontinued operations reflects the release of a currency translation adjustment (CTA) loss (net of hedges) recorded in Accumulated Other Comprehensive Income (AOCI) related to the substantial liquidation of a legal entity (with a non-U.S. dollar functional currency), that had previously divested a legacy business. (5) 3Q23 is preliminary. (6) Citi's binding CET1 Capital and Tier 1 Capital ratios were derived under the Basel III Standardized Approach, whereas Citi's binding Total Capital ratios were derived under the Basel III Advanced Approaches framework for all periods presented. For the composition of Citi's CET1 Capital and ratio, see page 18. (7) Citi's regulatory capital ratios and components reflect certain deferrals based on the modified regulatory capital transition provision related to the Current Expected Credit Losses (CECL) standard. For additional information, see "Capital Resources-Regulatory Capital Treatment-Modified Transition of the Current Expected Credit Losses Methodology" in Citigroup's 2022 Annual Report on Form 10-K. (8) For the composition of Citi's SLR, see page 18. Note: Ratios and variance percentages are calculated based on the displayed amounts. NM Not meaningful. Reclassified to conform to the current period's presentation. | | | |
Page 1
CITIGROUP CONSOLIDATED STATEMENT OF INCOME
(In millions of dollars)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | |
| 3Q23 Increase/ | |
| Nine |
| Nine |
| YTD 2023 vs. | ||||
|
| 3Q |
| 4Q |
| 1Q |
| 2Q |
| 3Q | | (Decrease) from | | | Months | | Months | | YTD 2022 Increase/ | |||||||||
| | 2022 | | 2022 | | 2023 | | 2023 | | 2023 | | 2Q23 |
| 3Q22 |
|
| 2022 | | 2023 | | (Decrease) | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenues |
| |
|
| |
|
| |
|
| |
|
| |
|
|
|
|
| |
| |
|
| |
|
|
|
Interest revenue | | $ | 19,919 | | $ | 25,708 | | $ | 29,395 | | $ | 32,647 | | $ | 34,837 |
| 7% | | 75% | | | $ | 48,700 | | $ | 96,879 |
| 99% |
Interest expense | |
| 7,356 | |
| 12,438 | |
| 16,047 | |
| 18,747 | |
| 21,009 |
| 12% | | NM | | |
| 13,302 | |
| 55,803 |
| NM |
Net interest income (NII) | |
| 12,563 | |
| 13,270 | |
| 13,348 | |
| 13,900 | |
| 13,828 |
| (1%) | | 10% | | |
| 35,398 | |
| 41,076 |
| 16% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commissions and fees | |
| 2,139 | |
| 2,016 | |
| 2,366 | |
| 2,132 | |
| 2,195 |
| 3% | | 3% | | |
| 7,159 | |
| 6,693 |
| (7%) |
Principal transactions | |
| 2,625 | |
| 2,419 | |
| 3,939 | |
| 2,528 | |
| 3,008 |
| 19% | | 15% | | |
| 11,740 | |
| 9,475 |
| (19%) |
Administrative and other fiduciary fees | |
| 915 | |
| 880 | |
| 896 | |
| 989 | |
| 971 |
| (2%) | | 6% | | |
| 2,904 | |
| 2,856 |
| (2%) |
Realized gains (losses) on investments | |
| 52 | |
| (7) | |
| 72 | |
| 49 | |
| 30 |
| (39%) | | (42%) | | |
| 74 | |
| 151 |
| NM |
Impairment losses on investments and other assets | |
| (91) | |
| (222) | |
| (86) | |
| (71) | |
| (70) |
| 1% | | 23% | | |
| (277) | |
| (227) |
| 18% |
Provision for credit losses on Available-for-sale (AFS) debt securities(1) | |
| 5 | |
| (2) | |
| (1) | |
| 1 | |
| (1) |
| NM | | NM | | |
| 7 | |
| (1) |
| NM |
Other revenue (loss) | |
| 300 | |
| (348) | |
| 913 | |
| (92) | |
| 178 |
| NM | | (41%) | | |
| 327 | |
| 999 |
| NM |
Total non-interest revenues (NIR) | |
| 5,945 | |
| 4,736 | |
| 8,099 | |
| 5,536 | |
| 6,311 |
| 14% | | 6% | | |
| 21,934 | |
| 19,946 |
| (9%) |
Total revenues, net of interest expense | | $ | 18,508 | | $ | 18,006 | | $ | 21,447 | | $ | 19,436 | | $ | 20,139 |
| 4% | | 9% | | |
| 57,332 | |
| 61,022 |
| 6% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Provisions for credit losses and for benefits and claims | |
| | |
| | |
| | |
|
| |
| |
| | |
| | |
|
| |
|
|
| |
Net credit losses | |
| 887 | |
| 1,180 | |
| 1,302 | |
| 1,504 | |
| 1,637 |
| 9% | | 85% | | |
| 2,609 | |
| 4,443 |
| 70% |
Credit reserve build / (release) for loans | |
| 441 | |
| 593 | |
| 435 | |
| 257 | |
| 179 |
| (30%) | | (59%) | | |
| 363 | |
| 871 |
| NM |
Provision for credit losses on loans | |
| 1,328 | |
| 1,773 | |
| 1,737 | |
| 1,761 | |
| 1,816 |
| 3% | | 37% | | |
| 2,972 | |
| 5,314 |
| 79% |
Provision for credit losses on held-to-maturity (HTM) debt securities | |
| 10 | |
| 5 | |
| (17) | |
| (4) | |
| (3) |
| 25% | | NM | | |
| 28 | |
| (24) |
| NM |
Provision for credit losses on other assets | |
| 73 | |
| - | |
| 425 | |
| 149 | |
| 56 |
| (62%) | | (23%) | | |
| 76 | |
| 630 |
| NM |
Policyholder benefits and claims | |
| 25 | |
| 20 | |
| 24 | |
| 14 | |
| 25 |
| 79% | | - | | |
| 74 | |
| 63 |
| (15%) |
Provision for credit losses on unfunded lending commitments | |
| (71) | |
| 47 | |
| (194) | |
| (96) | |
| (54) |
| 44% | | 24% | | |
| 244 | |
| (344) |
| NM |
Total provisions for credit losses and for benefits and claims(2) | |
| 1,365 | |
| 1,845 | |
| 1,975 | |
| 1,824 | |
| 1,840 |
| 1% | | 35% | | |
| 3,394 | |
| 5,639 |
| 66% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Operating expenses | |
| | |
| | |
| | |
|
| |
| |
|
| | | | |
|
| |
|
|
| |
Compensation and benefits | |
| 6,745 | |
| 6,618 | |
| 7,538 | |
| 7,388 | |
| 7,424 |
| - | | 10% | | |
| 20,037 | |
| 22,350 |
| 12% |
Premises and equipment | |
| 557 | |
| 601 | |
| 598 | |
| 595 | |
| 620 |
| 4% | | 11% | | |
| 1,719 | |
| 1,813 |
| 5% |
Technology / communication | |
| 2,145 | |
| 2,358 | |
| 2,127 | |
| 2,309 | |
| 2,256 |
| (2%) | | 5% | | |
| 6,229 | |
| 6,692 |
| 7% |
Advertising and marketing | |
| 407 | |
| 424 | |
| 331 | |
| 361 | |
| 324 |
| (10%) | | (20%) | | |
| 1,132 | |
| 1,016 |
| (10%) |
Other operating | |
| 2,895 | |
| 2,984 | |
| 2,695 | |
| 2,917 | |
| 2,887 |
| (1%) | | - | | |
| 9,190 | |
| 8,499 |
| (8%) |
Total operating expenses | |
| 12,749 | |
| 12,985 | |
| 13,289 | |
| 13,570 | |
| 13,511 |
| - | | 6% | | |
| 38,307 | |
| 40,370 |
| 5% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income from continuing operations before income taxes | |
| 4,394 | |
| 3,176 | |
| 6,183 | |
| 4,042 | |
| 4,788 |
| 18% | | 9% | | |
| 15,631 | |
| 15,013 |
| (4%) |
Provision for income taxes | |
| 879 | |
| 640 | |
| 1,531 | |
| 1,090 | |
| 1,203 |
| 10% | | 37% | | |
| 3,002 | |
| 3,824 |
| 27% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations | |
| 3,515 | |
| 2,536 | |
| 4,652 | |
| 2,952 | |
| 3,585 |
| 21% | | 2% | | |
| 12,629 | |
| 11,189 |
| (11%) |
Discontinued operations(3) | |
|
| |
|
| |
| | |
|
| |
| |
|
| | | | |
|
| |
|
|
| |
Income (loss) from discontinued operations | |
| (6) | |
| (2) | |
| (1) | |
| (1) | |
| 2 |
| NM | | NM | | |
| (270) | |
| - |
| 100% |
Provision (benefit) for income taxes | |
| - | |
| - | |
| - | |
| - | |
| - |
| - | | - | | |
| (41) | |
| - |
| 100% |
Income (loss) from discontinued operations, net of taxes | |
| (6) | |
| (2) | |
| (1) | |
| (1) | |
| 2 |
| NM | | NM | | |
| (229) | |
| - |
| 100% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income before noncontrolling interests | |
| 3,509 | |
| 2,534 | |
| 4,651 | |
| 2,951 | |
| 3,587 |
| 22% | | 2% | | |
| 12,400 | |
| 11,189 |
| (10%) |
Net income (loss) attributable to noncontrolling interests | |
| 30 | |
| 21 | |
| 45 | |
| 36 | |
| 41 |
| 14% | | 37% | | |
| 68 | |
| 122 |
| 79% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Citigroup's net income | | $ | 3,479 | | $ | 2,513 | | $ | 4,606 | | $ | 2,915 | | $ | 3,546 |
| 22% | | 2% | | | $ | 12,332 | | $ | 11,067 |
| (10%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) | This presentation is in accordance with ASC 326, which requires the provision for credit losses on AFS securities to be included in revenue. |
(2) | This total excludes the provision for credit losses on AFS securities, which is disclosed separately above. |
(3) | See footnote 3 on page 1. |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 2
CITIGROUP CONSOLIDATED BALANCE SHEET
(In millions of dollars)
| | | | | | | | | | | | | | | | | | | |
|
|
| |
|
| |
|
| |
|
| |
|
| |
| 3Q23 Increase/ | ||
| | September 30, | | December 31, | | March 31, | | June 30, | | September 30, | | (Decrease) from | |||||||
| | 2022 | | 2022 | | 2023 | | 2023 | | 2023(1) | | 2Q23 | | 3Q22 | |||||
Assets |
| |
|
| |
|
| |
|
| |
|
| |
|
|
|
|
|
Cash and due from banks (including segregated cash and other deposits) | | $ | 26,502 | | $ | 30,577 | | $ | 26,224 | | $ | 25,763 | | $ | 26,548 |
| 3% | | - |
Deposits with banks, net of allowance | |
| 273,105 | |
| 311,448 | |
| 302,735 | |
| 271,145 | |
| 227,439 |
| (16%) | | (17%) |
Securities borrowed and purchased under agreements to resell, net of allowance | |
| 349,214 | |
| 365,401 | |
| 384,198 | |
| 337,103 | |
| 335,059 |
| (1%) | | (4%) |
Brokerage receivables, net of allowance | |
| 79,696 | |
| 54,192 | |
| 55,491 | |
| 60,850 | |
| 66,194 |
| 9% | | (17%) |
Trading account assets | |
| 358,260 | |
| 334,114 | |
| 383,906 | |
| 423,189 | |
| 406,368 |
| (4%) | | 13% |
Investments | |
|
| |
|
| |
|
| |
|
| |
| |
|
| |
|
Available-for-sale debt securities | |
| 232,143 | |
| 249,679 | |
| 240,487 | |
| 237,334 | |
| 241,783 |
| 2% | | 4% |
Held-to-maturity debt securities, net of allowance | |
| 267,864 | |
| 268,863 | |
| 264,342 | |
| 262,066 | |
| 259,456 |
| (1%) | | (3%) |
Equity securities | |
| 8,009 | |
| 8,040 | |
| 7,749 | |
| 7,745 | |
| 7,759 |
| - | | (3%) |
Total investments | |
| 508,016 | |
| 526,582 | |
| 512,578 | |
| 507,145 | |
| 508,998 |
| - | | - |
Loans, net of unearned income | |
| | |
|
| |
|
| |
|
| |
| |
|
| |
|
Consumer(2) | |
| 357,583 | |
| 368,067 | |
| 363,696 | |
| 374,591 | |
| 377,714 |
| 1% | | 6% |
Corporate(3) | |
| 288,377 | |
| 289,154 | |
| 288,299 | |
| 286,021 | |
| 288,634 |
| 1% | | - |
Loans, net of unearned income | |
| 645,960 | |
| 657,221 | |
| 651,995 | |
| 660,612 | |
| 666,348 |
| 1% | | 3% |
Allowance for credit losses on loans (ACLL) | |
| (16,309) | |
| (16,974) | |
| (17,169) | |
| (17,496) | |
| (17,629) |
| (1%) | | (8%) |
Total loans, net | |
| 629,651 | |
| 640,247 | |
| 634,826 | |
| 643,116 | |
| 648,719 |
| 1% | | 3% |
Goodwill | |
| 19,326 | |
| 19,691 | |
| 19,882 | |
| 19,998 | |
| 19,829 |
| (1%) | | 3% |
Intangible assets (including mortgage servicing rights (MSRs)) | |
| 4,485 | |
| 4,428 | |
| 4,632 | |
| 4,576 | |
| 4,540 |
| (1%) | | 1% |
Property, plant and equipment, net | |
| 25,157 | |
| 26,253 | |
| 27,119 | |
| 27,818 | |
| 27,959 |
| 1% | | 11% |
Other assets, net of allowance | |
| 107,652 | |
| 103,743 | |
| 103,522 | |
| 102,972 | |
| 96,824 |
| (6%) | | (10%) |
Total assets | | $ | 2,381,064 | | $ | 2,416,676 | | $ | 2,455,113 | | $ | 2,423,675 | | $ | 2,368,477 |
| (2%) | | (1%) |
| | | | | | | | | | | | | | | | | | | |
Liabilities | |
|
| |
|
| |
|
| |
|
| |
|
|
|
| |
|
Non-interest-bearing deposits in U.S. offices | | $ | 135,514 | | $ | 122,655 | | $ | 123,969 | | $ | 109,844 | | $ | 104,061 |
| (5%) | | (23%) |
Interest-bearing deposits in U.S. offices | |
| 570,920 | |
| 607,470 | |
| 587,477 | |
| 590,700 | |
| 569,428 |
| (4%) | | - |
Total U.S. deposits | |
| 706,434 | |
| 730,125 | |
| 711,446 | |
| 700,544 | |
| 673,489 |
| (4%) | | (5%) |
Non-interest-bearing deposits in offices outside the U.S. | |
| 98,904 | |
| 95,182 | |
| 90,404 | |
| 91,899 | |
| 84,663 |
| (8%) | | (14%) |
Interest-bearing deposits in offices outside the U.S. | |
| 501,148 | |
| 540,647 | |
| 528,609 | |
| 527,424 | |
| 515,354 |
| (2%) | | 3% |
Total international deposits | |
| 600,052 | |
| 635,829 | |
| 619,013 | |
| 619,323 | |
| 600,017 |
| (3%) | | - |
| | | | | | | | | | | | | | | | | | | |
Total deposits | |
| 1,306,486 | |
| 1,365,954 | |
| 1,330,459 | |
| 1,319,867 | |
| 1,273,506 |
| (4%) | | (3%) |
Securities loaned and sold under agreements to resell | |
| 203,429 | |
| 202,444 | |
| 257,681 | |
| 260,035 | |
| 256,770 |
| (1%) | | 26% |
Brokerage payables | |
| 87,841 | |
| 69,218 | |
| 76,708 | |
| 69,433 | |
| 75,076 |
| 8% | | (15%) |
Trading account liabilities | |
| 196,479 | |
| 170,647 | |
| 185,010 | |
| 170,664 | |
| 164,624 |
| (4%) | | (16%) |
Short-term borrowings | |
| 47,368 | |
| 47,096 | |
| 40,187 | |
| 40,430 | |
| 43,166 |
| 7% | | (9%) |
Long-term debt | |
| 253,068 | |
| 271,606 | |
| 279,684 | |
| 274,510 | |
| 275,760 |
| - | | 9% |
Other liabilities(4) | |
| 87,276 | |
| 87,873 | |
| 76,365 | |
| 79,314 | |
| 69,380 |
| (13%) | | (21%) |
Total liabilities | | $ | 2,181,947 | | $ | 2,214,838 | | $ | 2,246,094 | | $ | 2,214,253 | | $ | 2,158,282 |
| (3%) | | (1%) |
| | | | | | | | | | | | | | | | | | | |
Equity | |
|
| |
|
| |
|
| |
|
| |
|
|
|
| |
|
Stockholders' equity | |
|
| |
|
| |
|
| |
|
| |
|
|
|
| |
|
Preferred stock | | $ | 18,995 | | $ | 18,995 | | $ | 20,245 | | $ | 20,245 | | $ | 19,495 |
| (4%) | | 3% |
Common stock | |
| 31 | |
| 31 | |
| 31 | |
| 31 | |
| 31 |
| - | | - |
Additional paid-in capital | |
| 108,347 | |
| 108,458 | |
| 108,369 | |
| 108,579 | |
| 108,757 |
| - | | - |
Retained earnings | |
| 193,462 | |
| 194,734 | |
| 198,353 | |
| 199,976 | |
| 202,135 |
| 1% | | 4% |
Treasury stock, at cost | |
| (73,977) | |
| (73,967) | |
| (73,262) | |
| (74,247) | |
| (74,738) |
| (1%) | | (1%) |
Accumulated other comprehensive income (loss) (AOCI) | |
| (48,298) | |
| (47,062) | |
| (45,441) | |
| (45,865) | |
| (46,177) |
| (1%) | | 4% |
Total common equity | | $ | 179,565 | | $ | 182,194 | | $ | 188,050 | | $ | 188,474 | | $ | 190,008 |
| 1% | | 6% |
| | | | | | | | | | | | | | | | | | | |
Total Citigroup stockholders' equity | | $ | 198,560 | | $ | 201,189 | | $ | 208,295 | | $ | 208,719 | | $ | 209,503 |
| - | | 6% |
Noncontrolling interests | |
| 557 | |
| 649 | |
| 724 | |
| 703 | |
| 692 |
| (2%) | | 24% |
Total equity | |
| 199,117 | |
| 201,838 | |
| 209,019 | |
| 209,422 | |
| 210,195 |
| - | | 6% |
Total liabilities and equity | | $ | 2,381,064 | | $ | 2,416,676 | | $ | 2,455,113 | | $ | 2,423,675 | | $ | 2,368,477 |
| (2%) | | (1%) |
| | | | | | | | | | | | | | | | | | | |
(1) | Preliminary. |
(2) | Consumer loans include loans managed by PBWM and Legacy Franchises (other than Mexico Small Business and Middle-Market Banking (Mexico SBMM) loans). |
(3) | Corporate loans include loans managed by ICG and Legacy Franchises-Mexico SBMM. |
(4) | Includes allowance for credit losses for unfunded lending commitments. See page 15. |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 3
OPERATING SEGMENT AND REPORTING UNIT DETAILS
(In millions of dollars)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | |
| | | | | | | | | | 3Q23 Increase/ |
|
| Nine | | Nine | | YTD 2023 vs. | ||||
| | 3Q | | 4Q | | 1Q | | 2Q | | 3Q | | (Decrease) from | | | Months | | Months | | YTD 2022 Increase/ | |||||||||
| | 2022 | | 2022 | | 2023 | | 2023 | | 2023 | | 2Q23 | | 3Q22 | | | 2022 | | 2023 | | (Decrease) | |||||||
Net revenues |
| |
|
| |
| |
|
|
| |
|
| |
|
|
|
|
| | | |
|
| |
|
|
|
Institutional Clients Group | | $ | 9,468 | | $ | 9,159 | | $ | 11,233 | | $ | 10,441 | | $ | 10,644 |
| 2% | | 12% | | | $ | 32,047 | | $ | 32,318 |
| 1% |
Personal Banking and Wealth Management | |
| 6,187 | |
| 6,096 | |
| 6,448 | |
| 6,395 | |
| 6,778 |
| 6% | | 10% | | |
| 18,121 | |
| 19,621 |
| 8% |
Legacy Franchises | |
| 2,554 | |
| 2,052 | |
| 2,852 | |
| 1,923 | |
| 2,217 |
| 15% | | (13%) | | |
| 6,420 | |
| 6,992 |
| 9% |
Corporate/Other | |
| 299 | |
| 699 | |
| 914 | |
| 677 | |
| 500 |
| (26%) | | 67% | | |
| 744 | |
| 2,091 |
| NM |
Total net revenues | | $ | 18,508 | | $ | 18,006 | | $ | 21,447 | | $ | 19,436 | | $ | 20,139 |
| 4% | | 9% | | | $ | 57,332 | | $ | 61,022 |
| 6% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations | |
|
| |
|
| |
|
| |
|
| |
|
|
| | | | | |
|
| |
|
|
| |
Institutional Clients Group | | $ | 2,186 | | $ | 1,916 | | $ | 3,298 | | $ | 2,219 | | $ | 2,465 |
| 11% | | 13% | | | $ | 8,822 | | $ | 7,982 |
| (10%) |
Personal Banking and Wealth Management | |
| 792 | |
| 114 | |
| 489 | |
| 494 | |
| 803 |
| 63% | | 1% | | |
| 3,205 | |
| 1,786 |
| (44%) |
Legacy Franchises | |
| 316 | |
| 75 | |
| 606 | |
| (122) | |
| 127 |
| NM | | (60%) | | |
| (84) | |
| 611 |
| NM |
Corporate/Other | |
| 221 | |
| 431 | |
| 259 | |
| 361 | |
| 190 | | (47%) | | (14%) | | |
| 686 | |
| 810 |
| 18% |
Income from continuing operations | | $ | 3,515 | | $ | 2,536 | | $ | 4,652 | | $ | 2,952 | | $ | 3,585 |
| 21% | | 2% | | | $ | 12,629 | | $ | 11,189 |
| (11%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Discontinued operations | | $ | (6) | | $ | (2) | | $ | (1) | | $ | (1) | | $ | 2 |
| NM | | NM | | | $ | (229) | | $ | - |
| 100% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to noncontrolling interests | |
| 30 | |
| 21 | |
| 45 | |
| 36 | |
| 41 |
| 14% | | 37% | | |
| 68 | |
| 122 |
| 79% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income | | $ | 3,479 | | $ | 2,513 | | $ | 4,606 | | $ | 2,915 | | $ | 3,546 |
| 22% | | 2% | | | $ | 12,332 | | $ | 11,067 |
| (10%) |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 4
INSTITUTIONAL CLIENTS GROUP
(In millions of dollars, except as otherwise noted)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 3Q23 Increase/ | | | Nine | | Nine | | YTD 2023 vs. | ||||
| | 3Q | | 4Q | | 1Q | | 2Q | | 3Q | | (Decrease) from | | | Months | | Months | | YTD 2022 Increase/ | |||||||||
| | 2022 | | 2022 | | 2023 | | 2023 | | 2023 | | 2Q23 | | 3Q22 | | | 2022 | | 2023 | | (Decrease) | |||||||
Commissions and fees | | $ | 1,082 | | $ | 1,067 | | $ | 1,150 | | $ | 1,126 | | $ | 1,138 |
| 1% |
| 5% | | | | 3,337 |
| | 3,414 |
| 2% |
Administration and other fiduciary fees |
|
| 651 |
|
| 629 |
|
| 654 |
|
| 709 |
|
| 673 |
| (5%) | | 3% | | | | 2,055 |
| | 2,036 |
| (1%) |
Investment banking fees(1) | |
| 816 | |
| 728 | |
| 834 | |
| 686 | |
| 805 |
| 17% |
| (1%) | | | | 2,845 |
| | 2,325 |
| (18%) |
Principal transactions | |
| 2,776 | |
| 2,057 | |
| 3,709 | |
| 2,463 | |
| 2,899 |
| 18% |
| 4% | | | | 11,576 |
| | 9,071 |
| (22%) |
Other | |
| (427) | |
| (359) | |
| (142) | |
| (166) | |
| (365) |
| NM |
| 15% | | | | (640) |
| | (673) |
| (5%) |
Total non-interest revenue | |
| 4,898 | |
| 4,122 | |
| 6,205 | |
| 4,818 | |
| 5,150 |
| 7% |
| 5% | | | | 19,173 |
| | 16,173 |
| (16%) |
Net interest income (including dividends) | |
| 4,570 | |
| 5,037 | |
| 5,028 | |
| 5,623 | |
| 5,494 |
| (2%) | | 20% | | | | 12,874 |
| | 16,145 |
| 25% |
Total revenues, net of interest expense | |
| 9,468 | |
| 9,159 | |
| 11,233 | |
| 10,441 | |
| 10,644 |
| 2% |
| 12% | | | | 32,047 |
| | 32,318 |
| 1% |
Total operating expenses | |
| 6,541 | |
| 6,601 | |
| 6,973 | |
| 7,286 | |
| 7,179 |
| (1%) | | 10% | | | | 19,698 |
| | 21,438 |
| 9% |
Net credit losses on loans | |
| - | |
| 104 | |
| 22 | |
| 73 | |
| 51 |
| (30%) |
| NM | | | | 48 |
| | 146 |
| NM |
Credit reserve build / (release) for loans | |
| 75 | |
| (117) | |
| (75) | |
| (150) | |
| 101 |
| NM |
| 35% | | | | 595 |
| | (124) |
| NM |
Provision for credit losses on unfunded lending commitments | |
| (59) | |
| 63 | |
| (170) | |
| (88) | |
| (40) |
| 55% | | 32% | | | | 124 |
| | (298) |
| NM |
Provisions for credit losses for HTM debt securities and other assets | |
| 70 | |
| 6 | |
| 151 | |
| 223 | |
| 84 |
| (62%) | | 20% | | | | 88 |
| | 458 |
| NM |
Provision for credit losses | |
| 86 | |
| 56 | |
| (72) | |
| 58 | |
| 196 |
| NM |
| NM | | | | 855 |
| | 182 |
| (79%) |
Income from continuing operations before taxes | |
| 2,841 | |
| 2,502 | |
| 4,332 | |
| 3,097 | |
| 3,269 |
| 6% |
| 15% | | | | 11,494 |
| | 10,698 |
| (7%) |
Income taxes | |
| 655 | |
| 586 | |
| 1,034 | |
| 878 | |
| 804 |
| (8%) |
| 23% | | | | 2,672 |
| | 2,716 |
| 2% |
Income from continuing operations | |
| 2,186 | |
| 1,916 | |
| 3,298 | |
| 2,219 | |
| 2,465 |
| 11% |
| 13% | | | | 8,822 |
| | 7,982 |
| (10%) |
Noncontrolling interests | |
| 24 | |
| 20 | |
| 40 | |
| 29 | |
| 36 |
| 24% |
| 50% | | | | 59 |
| | 105 |
| 78% |
Net income | | $ | 2,162 | | $ | 1,896 | | $ | 3,258 | | $ | 2,190 | | $ | 2,429 |
| 11% |
| 12% | | | $ | 8,763 | | $ | 7,877 |
| (10%) |
EOP assets (in billions) | | $ | 1,706 | | $ | 1,730 | | $ | 1,769 | | $ | 1,765 | | $ | 1,722 |
| (2%) |
| 1% | | |
|
| |
| |
| |
Average assets (in billions) | |
| 1,729 | |
| 1,753 | |
| 1,774 | |
| 1,795 | |
| 1,757 |
| (2%) | | 2% | | |
| 1,704 | |
| 1,775 |
| 4% |
Efficiency ratio | |
| 69% | |
| 72% | |
| 62% | |
| 70% | |
| 67% | | (300) bps |
| (200) bps | | |
| 61% | |
| 66% | | 500 bps |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue by reporting unit | |
|
| |
|
| |
|
| |
|
| |
|
|
|
|
| | | |
|
| |
|
|
| |
Services | | $ | 4,177 | | $ | 4,326 | | $ | 4,467 | | $ | 4,655 | | $ | 4,715 |
| 1% | | 13% | | | $ | 11,692 | | $ | 13,837 |
| 18% |
Markets | |
| 4,068 | |
| 3,944 | |
| 5,601 | |
| 4,619 | |
| 4,480 |
| (3%) |
| 10% | | |
| 15,169 | |
| 14,700 |
| (3%) |
Banking | |
| 1,223 | |
| 889 | |
| 1,165 | |
| 1,167 | |
| 1,449 |
| 24% |
| 18% | | |
| 5,186 | |
| 3,781 |
| (27%) |
Total revenues, net of interest expense | | $ | 9,468 | | $ | 9,159 | | $ | 11,233 | | $ | 10,441 | | $ | 10,644 |
| 2% |
| 12% | | | $ | 32,047 | | $ | 32,318 |
| 1% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue by region | |
|
| |
|
| |
|
| |
|
| |
|
|
|
|
| | | |
|
| |
|
|
| |
North America | | $ | 3,091 | | $ | 2,444 | | $ | 3,503 | | $ | 3,277 | | $ | 3,726 |
| 14% |
| 21% | | | $ | 11,223 | | $ | 10,506 |
| (6%) |
EMEA | |
| 3,099 | |
| 3,293 | |
| 4,059 | |
| 3,461 | |
| 3,324 |
| (4%) |
| 7% | | |
| 10,695 | |
| 10,844 |
| 1% |
Latin America | |
| 1,202 | |
| 1,320 | |
| 1,272 | |
| 1,527 | |
| 1,385 |
| (9%) | | 15% | | |
| 3,609 | |
| 4,184 |
| 16% |
Asia | |
| 2,076 | |
| 2,102 | |
| 2,399 | |
| 2,176 | |
| 2,209 |
| 2% |
| 6% | | |
| 6,520 | |
| 6,784 |
| 4% |
Total revenues, net of interest expense | | $ | 9,468 | | $ | 9,159 | | $ | 11,233 | | $ | 10,441 | | $ | 10,644 |
| 2% |
| 12% | | | $ | 32,047 | | $ | 32,318 |
| 1% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations by region | |
|
| |
|
| |
|
| |
|
| |
|
|
|
|
| | | |
|
| |
|
|
| |
North America | | $ | 97 | | $ | (90) | | $ | 575 | | $ | 127 | | $ | 504 |
| NM |
| NM | | | $ | 2,187 | | $ | 1,206 |
| (45%) |
EMEA | |
| 1,003 | |
| 857 | |
| 1,380 | |
| 759 | |
| 754 |
| (1%) |
| (25%) | | |
| 3,103 | |
| 2,893 |
| (7%) |
Latin America | |
| 426 | |
| 508 | |
| 501 | |
| 636 | |
| 477 |
| (25%) | | 12% | | |
| 1,329 | |
| 1,614 |
| 21% |
Asia | |
| 660 | |
| 641 | |
| 842 | |
| 697 | |
| 730 |
| 5% |
| 11% | | |
| 2,203 | |
| 2,269 |
| 3% |
Income (loss) from continuing operations | | $ | 2,186 | | $ | 1,916 | | $ | 3,298 | | $ | 2,219 | | $ | 2,465 |
| 11% |
| 13% | | | $ | 8,822 | | $ | 7,982 |
| (10%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average loans by reporting unit (in billions) | |
|
| |
|
| |
|
| |
|
| |
|
|
|
|
| | | |
|
| |
|
|
| |
Services | | $ | 82 | | $ | 79 | | $ | 79 | | $ | 80 | | $ | 83 |
| 4% | | 1% | | | $ | 82 | | $ | 81 |
| (1%) |
Banking | |
| 197 | |
| 194 | |
| 191 | |
| 185 | |
| 181 |
| (2%) |
| (8%) | | |
| 197 | |
| 186 |
| (6%) |
Markets | |
| 12 | |
| 12 | |
| 13 | |
| 13 | |
| 14 |
| 8% |
| 17% | | |
| 13 | |
| 13 |
| - |
Total | | $ | 291 | | $ | 285 | | $ | 283 | | $ | 278 | | $ | 278 |
| - |
| (4%) | | | $ | 292 | | $ | 280 |
| (4%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average deposits by reporting unit and selected component (in billions) | |
|
| |
|
| |
|
| |
|
| |
|
|
|
|
| | | |
|
| |
|
|
| |
Treasury and trade solutions | | $ | 664 | | $ | 694 | | $ | 704 | | $ | 688 | | $ | 676 |
| (2%) |
| 2% | | | $ | 669 | | $ | 690 |
| 3% |
Securities services | |
| 131 | |
| 129 | |
| 125 | |
| 125 | |
| 120 |
| (4%) |
| (8%) | | |
| 134 | |
| 123 |
| (8%) |
Services | |
| 795 | |
| 823 | |
| 829 | |
| 813 | |
| 796 |
| (2%) |
| - | | |
| 803 | |
| 813 |
| 1% |
Markets and Banking | |
| 22 | |
| 25 | |
| 24 | |
| 24 | |
| 25 |
| 4% |
| 14% | | |
| 21 | |
| 24 |
| 14% |
Total | | $ | 817 | | $ | 848 | | $ | 853 | | $ | 837 | | $ | 821 |
| (2%) |
| - | | | $ | 824 | | $ | 837 |
| 2% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Services Key Drivers (in billions of dollars, except as otherwise noted) | |
|
| |
|
| |
|
| |
|
| |
|
|
|
|
| | | |
|
| |
|
|
| |
AUC/AUA (in trillions of dollars) | | $ | 20.9 | | $ | 22.2 | | $ | 23.0 | | $ | 23.6 | | $ | 23.0 |
| (3%) | | 10% | | |
|
| |
|
|
| |
Cross border transaction value | | $ | 75.6 | | $ | 81.1 | | $ | 83.0 | | $ | 87.8 | | $ | 87.8 |
| - | | 16% | | | $ | 230.5 | | $ | 258.6 |
| 12% |
U.S. dollar clearing volume (in millions) | |
| 37.6 | |
| 38.2 | |
| 38.3 | |
| 38.8 | |
| 40.0 |
| 3% | | 6% | | |
| 110.4 | |
| 117.1 |
| 6% |
Commercial card spend volume | | $ | 15.6 | | $ | 15.4 | | $ | 16.0 | | $ | 17.3 | | $ | 16.9 |
| (2%) | | 8% | | | $ | 42.0 | |
| 50.2 |
| 20% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1)Investment banking fees are substantially composed of underwriting and advisory revenues.
AUC: Assets Under Custody.
AUA: Assets Under Administration.
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 5
INSTITUTIONAL CLIENTS GROUP
REPORTING UNIT REVENUES
(In millions of dollars, except as otherwise noted)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 3Q23 Increase/ | | | Nine | | Nine | | YTD 2023 vs. | ||||
| | 3Q | | 4Q | | 1Q | | 2Q | | 3Q | | (Decrease) from | | | Months | | Months | | YTD 2022 Increase/ | |||||||||
|
| 2022 |
| 2022 |
| 2023 |
| 2023 |
| 2023 |
| 2Q23 |
| 3Q22 | | | 2022 |
| 2023 |
| (Decrease) | |||||||
Services |
| |
|
| |
|
| |
|
| |
|
| |
|
|
|
|
| | |
|
|
| |
|
|
|
Net interest income | | $ | 2,619 | | $ | 2,821 | | $ | 2,839 | | $ | 2,914 | | $ | 3,133 |
| 8% |
| 20% | | | $ | 6,897 | | $ | 8,886 |
| 29% |
Non-interest revenue | |
| 1,558 | |
| 1,505 | |
| 1,628 | |
| 1,741 | |
| 1,582 |
| (9%) |
| 2% | | |
| 4,795 | |
| 4,951 |
| 3% |
Total Services revenues | | $ | 4,177 | | $ | 4,326 | | $ | 4,467 | | $ | 4,655 | | $ | 4,715 |
| 1% |
| 13% | | | $ | 11,692 | | $ | 13,837 |
| 18% |
| |
|
| |
|
| |
|
| |
|
| |
|
|
|
|
|
| | |
|
| |
|
|
|
|
Net interest income | | $ | 2,231 | | $ | 2,340 | | $ | 2,358 | | $ | 2,425 | | $ | 2,607 |
| 8% |
| 17% | | | $ | 5,960 | | $ | 7,390 |
| 24% |
Non-interest revenue | |
| 977 | |
| 946 | |
| 1,053 | |
| 1,085 | |
| 984 |
| (9%) |
| 1% | | |
| 2,911 | |
| 3,122 |
| 7% |
Treasury and trade solutions | | $ | 3,208 | | $ | 3,286 | | $ | 3,411 | | $ | 3,510 | | $ | 3,591 |
| 2% |
| 12% | | | $ | 8,871 | | $ | 10,512 |
| 18% |
| |
|
| |
|
| |
|
| |
|
| |
|
|
|
|
|
| | |
|
| |
|
|
|
|
Net interest income | | $ | 388 | | $ | 481 | | $ | 481 | | $ | 489 | | $ | 526 |
| 8% |
| 36% | | | $ | 937 | | $ | 1,496 |
| 60% |
Non-interest revenue | |
| 581 | |
| 559 | |
| 575 | |
| 656 | |
| 598 |
| (9%) |
| 3% | | |
| 1,884 | |
| 1,829 |
| (3%) |
Securities services | | $ | 969 | | $ | 1,040 | | $ | 1,056 | | $ | 1,145 | | $ | 1,124 |
| (2%) |
| 16% | | | $ | 2,821 | | $ | 3,325 |
| 18% |
| |
|
| |
|
| |
|
| |
|
| |
|
|
|
|
|
| | |
|
| |
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Markets | |
|
| |
|
| |
|
| |
|
| |
|
|
|
|
|
| | |
|
| |
|
|
|
|
Net interest income | | $ | 1,228 | | $ | 1,489 | | $ | 1,470 | | $ | 1,982 | | $ | 1,578 |
| (20%) |
| 29% | | | $ | 3,675 | | $ | 5,030 |
| 37% |
Non-interest revenue | |
| 2,840 | |
| 2,455 | |
| 4,131 | |
| 2,637 | |
| 2,902 |
| 10% |
| 2% | | |
| 11,494 | |
| 9,670 |
| (16%) |
Total Markets revenues | | $ | 4,068 | | $ | 3,944 | | $ | 5,601 | | $ | 4,619 | | $ | 4,480 |
| (3%) |
| 10% | | | $ | 15,169 | | $ | 14,700 |
| (3%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fixed income markets | | $ | 3,122 | | $ | 3,211 | | $ | 4,454 | | $ | 3,529 | | $ | 3,562 |
| 1% |
| 14% | | | $ | 11,489 | | $ | 11,545 |
| - |
Equity markets | |
| 946 | |
| 733 | |
| 1,147 | |
| 1,090 | |
| 918 |
| (16%) |
| (3%) | | |
| 3,680 | |
| 3,155 |
| (14%) |
Total | | $ | 4,068 | | $ | 3,944 | | $ | 5,601 | | $ | 4,619 | | $ | 4,480 |
| (3%) |
| 10% | | | $ | 15,169 | | $ | 14,700 |
| (3%) |
Rates and currencies | | $ | 2,492 | | $ | 2,787 | | $ | 3,640 | | $ | 2,844 | | $ | 2,801 |
| (2%) |
| 12% | | | $ | 8,955 | | $ | 9,285 |
| 4% |
Spread products / other fixed income | |
| 630 | |
| 424 | |
| 814 | |
| 685 | |
| 761 |
| 11% |
| 21% | | |
| 2,534 | |
| 2,260 |
| (11%) |
Total fixed income markets revenues | | $ | 3,122 | | $ | 3,211 | | $ | 4,454 | | $ | 3,529 | | $ | 3,562 |
| 1% |
| 14% | | | $ | 11,489 | | $ | 11,545 |
| - |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Banking | |
|
| |
|
| |
|
| |
|
| |
|
|
|
|
|
| | |
|
| |
|
|
|
|
Net interest income | | $ | 723 | | $ | 727 | | $ | 719 | | $ | 727 | | $ | 783 |
| 8% |
| 8% | | | $ | 2,302 | | $ | 2,229 |
| (3%) |
Non-interest revenue | |
| 500 | |
| 162 | |
| 446 | |
| 440 | |
| 666 |
| 51% |
| 33% | | |
| 2,884 | |
| 1,552 |
| (46%) |
Total Banking revenues, including gain/(loss) on loan hedges | | $ | 1,223 | | $ | 889 | | $ | 1,165 | | $ | 1,167 | | $ | 1,449 |
| 24% |
| 18% | | | $ | 5,186 | | $ | 3,781 |
| (27%) |
Investment banking | |
|
| |
|
| |
|
| |
|
| |
|
|
|
|
|
| | |
|
| |
|
|
|
|
Advisory | | $ | 392 | | $ | 269 | | $ | 289 | | $ | 162 | | $ | 309 |
| 91% |
| (21%) | | | $ | 1,096 | | $ | 760 |
| (31%) |
Equity underwriting | |
| 100 | |
| 149 | |
| 109 | |
| 162 | |
| 132 |
| (19%) |
| 32% | | |
| 462 | |
| 403 |
| (13%) |
Debt underwriting | |
| 139 | |
| 227 | |
| 376 | |
| 288 | |
| 403 |
| 40% |
| NM | | |
| 906 | |
| 1,067 |
| 18% |
Total investment banking | |
| 631 | |
| 645 | |
| 774 | |
| 612 | |
| 844 |
| 38% |
| 34% | | |
| 2,464 | |
| 2,230 |
| (9%) |
Corporate lending - excluding gain/(loss) on loan hedges(1) | |
| 648 | |
| 544 | |
| 590 | |
| 621 | |
| 652 |
| 5% |
| 1% | | |
| 2,115 | |
| 1,863 |
| (12%) |
Total Banking revenues (ex-gain/(loss) on loan hedges)(1) | | $ | 1,279 | | $ | 1,189 | | $ | 1,364 | | $ | 1,233 | | $ | 1,496 |
| 21% |
| 17% | | | $ | 4,579 | | $ | 4,093 |
| (11%) |
Gain/(loss) on loan hedges(1) | |
| (56) | |
| (300) | |
| (199) | |
| (66) | |
| (47) |
| 29% |
| 16% | | |
| 607 | |
| (312) |
| NM |
Total Banking revenues including gain/(loss) on loan hedges(1) | | $ | 1,223 | | $ | 889 | | $ | 1,165 | | $ | 1,167 | | $ | 1,449 |
| 24% |
| 18% | | | $ | 5,186 | | $ | 3,781 |
| (27%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total ICG revenues, net of interest expense | | $ | 9,468 | | $ | 9,159 | | $ | 11,233 | | $ | 10,441 | | $ | 10,644 |
| 2% |
| 12% | | | $ | 32,047 | | $ | 32,318 |
| 1% |
Taxable-equivalent adjustments(2) | |
| 115 | |
| 103 | |
| 122 | |
| 85 | |
| 98 |
| 15% |
| (15%) | | |
| 331 | |
| 305 |
| (8%) |
Total ICG revenues - including taxable-equivalent adjustments(2) | | $ | 9,583 | | $ | 9,262 | | $ | 11,355 | | $ | 10,526 | | $ | 10,742 |
| 2% |
| 12% | | | $ | 32,378 | | $ | 32,623 |
| 1% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) | Credit derivatives are used to economically hedge a portion of the corporate loan portfolio that includes both accrual loans and loans at fair value. Gain/(loss) on loan hedges includes the mark-to-market on the credit derivatives partially offset by the mark-to-market on the loans in the portfolio that are at fair value. Hedges on accrual loans reflect the mark-to-market on credit derivatives used to economically hedge the corporate loan accrual portfolio. The fixed premium costs of these hedges are netted against the corporate lending revenues to reflect the cost of credit protection. Citigroup’s results of operations excluding the impact of gain/(loss) on loan hedges are non-GAAP financial measures. |
(2) | Primarily relates to income tax credits related to affordable housing and alternative energy investments as well as tax exempt income from municipal bond investments. |
NM Not meaningful.
Reclassified to conform to the current period’s presentation.
Page 6
PERSONAL BANKING AND WEALTH MANAGEMENT
(In millions of dollars, except as otherwise noted)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 3Q23 Increase/ | | | Nine | | Nine | | YTD 2023 vs. | ||||
| | 3Q | | 4Q | | 1Q | | 2Q | | 3Q | | (Decrease) from | | | Months | | Months | | YTD 2022 Increase/ | |||||||||
|
| 2022 |
| 2022 |
| 2023 |
| 2023 |
| 2023 |
| 2Q23 |
| 3Q22 |
|
| 2022 |
| 2023 |
| (Decrease) | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest income | | $ | 5,836 | | $ | 5,866 | | $ | 5,934 | | $ | 5,963 | | $ | 6,356 | | 7% | | 9% | | | $ | 16,790 | | $ | 18,253 | | 9% |
Non-interest revenue | |
| 351 | |
| 230 | |
| 514 | |
| 432 | |
| 422 |
| (2%) | | 20% | | |
| 1,331 | |
| 1,368 |
| 3% |
Total revenues, net of interest expense | |
| 6,187 | |
| 6,096 | |
| 6,448 | |
| 6,395 | |
| 6,778 |
| 6% | | 10% | | |
| 18,121 | |
| 19,621 |
| 8% |
Total operating expenses | |
| 4,077 | |
| 4,307 | |
| 4,254 | |
| 4,204 | |
| 4,301 |
| 2% | | 5% | | |
| 11,951 | |
| 12,759 |
| 7% |
Net credit losses on loans | |
| 723 | |
| 908 | |
| 1,094 | |
| 1,241 | |
| 1,367 |
| 10% | | 89% | | |
| 2,113 | |
| 3,702 |
| 75% |
Credit reserve build / (release) for loans | |
| 360 | |
| 771 | |
| 507 | |
| 333 | |
| 95 |
| (71%) | | (74%) | | |
| (64) | |
| 935 |
| NM |
Provision for credit losses on unfunded lending commitments | |
| 19 | |
| (19) | |
| (6) | |
| 2 | |
| (9) |
| NM | | NM | | |
| 30 | |
| (13) |
| NM |
Provisions for benefits and claims, and other assets | |
| 7 | |
| 6 | |
| (4) | |
| 3 | |
| 4 |
| 33% | | (43%) | | |
| 9 | |
| 3 |
| (67%) |
Provisions for credit losses and for benefits and claims | |
| 1,109 | |
| 1,666 | |
| 1,591 | |
| 1,579 | |
| 1,457 |
| (8%) | | 31% | | |
| 2,088 | |
| 4,627 |
| NM |
Income (loss) from continuing operations before taxes | |
| 1,001 | |
| 123 | |
| 603 | |
| 612 | |
| 1,020 |
| 67% | | 2% | | |
| 4,082 | |
| 2,235 |
| (45%) |
Income taxes (benefits) | |
| 209 | |
| 9 | |
| 114 | |
| 118 | |
| 217 |
| 84% | | 4% | | |
| 877 | |
| 449 |
| (49%) |
Income (loss) from continuing operations | |
| 792 | |
| 114 | |
| 489 | |
| 494 | |
| 803 |
| 63% | | 1% | | |
| 3,205 | |
| 1,786 |
| (44%) |
Noncontrolling interests | |
| - | |
| - | |
| - | |
| - | |
| - |
| - | | - | | |
| - | |
| - |
| - |
Net income (loss) | | $ | 792 | | $ | 114 | | $ | 489 | | $ | 494 | | $ | 803 |
| 63% | | 1% | | | $ | 3,205 | | $ | 1,786 |
| (44%) |
EOP assets (in billions) | | $ | 479 | | $ | 494 | | $ | 490 | | $ | 473 | | $ | 471 |
| - | | (2%) | | |
|
| |
|
|
| |
Average assets (in billions) | |
| 473 | |
| 484 | |
| 495 | |
| 484 | |
| 474 |
| (2%) | | - | | |
| 474 | |
| 484 |
| 2% |
Efficiency ratio | |
| 66% | |
| 71% | |
| 66% | |
| 66% | |
| 63% | | (300) bps | | (300) bps | | |
| 66% | |
| 65% | | -100 bps |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue by reporting unit and component | |
|
| |
|
| |
|
| |
|
| |
|
|
| | | | | |
|
| |
|
|
| |
Branded cards | | $ | 2,258 | | $ | 2,376 | | $ | 2,466 | | $ | 2,352 | | $ | 2,538 |
| 8% | | 12% | | | $ | 6,516 | | $ | 7,356 |
| 13% |
Retail services | |
| 1,431 | |
| 1,420 | |
| 1,613 | |
| 1,646 | |
| 1,731 |
| 5% | | 21% | | |
| 4,030 | |
| 4,990 |
| 24% |
Retail banking | |
| 642 | |
| 608 | |
| 613 | |
| 594 | |
| 624 |
| 5% | | (3%) | | |
| 1,893 | |
| 1,831 |
| (3%) |
U.S. Personal Banking | |
| 4,331 | |
| 4,404 | |
| 4,692 | |
| 4,592 | |
| 4,893 |
| 7% | | 13% | | |
| 12,439 | |
| 14,177 |
| 14% |
Private bank | |
| 649 | |
| 589 | |
| 567 | |
| 605 | |
| 640 |
| 6% | | (1%) | | |
| 2,173 | |
| 1,812 |
| (17%) |
Wealth at Work | |
| 182 | |
| 195 | |
| 193 | |
| 224 | |
| 234 |
| 4% | | 29% | | |
| 535 | |
| 651 |
| 22% |
Citigold | |
| 1,025 | |
| 908 | |
| 996 | |
| 974 | |
| 1,011 |
| 4% | | (1%) | | |
| 2,974 | |
| 2,981 |
| - |
Global Wealth Management | |
| 1,856 | |
| 1,692 | |
| 1,756 | |
| 1,803 | |
| 1,885 |
| 5% | | 2% | | |
| 5,682 | |
| 5,444 |
| (4%) |
Total | | $ | 6,187 | | $ | 6,096 | | $ | 6,448 | | $ | 6,395 | | $ | 6,778 |
| 6% | | 10% | | | $ | 18,121 | | $ | 19,621 |
| 8% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average loans by reporting unit (in billions) | |
|
| |
|
| |
|
| |
|
| |
|
|
| | | | | |
|
| |
|
|
| |
U.S. Personal Banking | | $ | 174 | | $ | 180 | | $ | 183 | | $ | 189 | | $ | 196 |
| 4% | | 13% | | | $ | 167 | | $ | 190 |
| 14% |
Global Wealth Management | |
| 151 | |
| 150 | |
| 150 | |
| 150 | |
| 151 |
| 1% | | - | | |
| 151 | |
| 150 |
| (1%) |
Total | | $ | 325 | | $ | 330 | | $ | 333 | | $ | 339 | | $ | 347 |
| 2% | | 7% | | | $ | 318 | | $ | 340 |
| 7% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average deposits by reporting unit (in billions) | |
|
| |
|
| |
|
| |
|
| |
|
|
| | | | | |
|
| |
|
|
| |
U.S. Personal Banking | | $ | 115 | | $ | 111 | | $ | 111 | | $ | 113 | | $ | 110 |
| (3%) | | (4%) | | | $ | 117 | | $ | 112 |
| (4%) |
Global Wealth Management | |
| 313 | |
| 320 | |
| 323 | |
| 318 | |
| 311 |
| (2%) | | (1%) | | |
| 320 | |
| 317 |
| (1%) |
Total | | $ | 428 | | $ | 431 | | $ | 434 | | $ | 431 | | $ | 421 |
| (2%) | | (2%) | | | $ | 437 | | $ | 429 |
| (2%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 7
PERSONAL BANKING AND WEALTH MANAGEMENT
Metrics
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 3Q23 Increase/ | ||
| | 3Q | | 4Q | | 1Q | | 2Q | | 3Q | | (Decrease) from | |||||||
| | 2022 | | 2022 | | 2023 | | 2023 | | 2023 | | 2Q23 | | 3Q22 | |||||
| | | | | | | | | | | | | | | | | | | |
U.S. Personal Banking Key Indicators (in billions of dollars, except as otherwise noted) |
| |
|
| |
|
| |
|
| |
|
| |
|
|
| | |
| | | | | | | | | | | | | | | | | | | |
New account acquisitions (in thousands) |
| |
|
| |
|
| |
|
| |
|
| |
| | | | |
Branded cards |
| | 1,090 |
| | 1,023 |
| | 1,164 |
| | 1,131 |
| | 1,146 |
| 1% | | 5% |
Retail services |
| | 2,339 |
| | 2,806 |
| | 1,976 |
| | 2,393 |
| | 2,152 |
| (10%) | | (8%) |
Credit card spend volume |
| |
|
| |
|
| |
|
| |
|
| |
| | | | |
Branded cards | | $ | 120.7 | | $ | 125.3 | | $ | 115.9 | | $ | 126.8 | | $ | 125.2 |
| (1%) | | 4% |
Retail services | |
| 24.5 | |
| 27.1 | |
| 20.8 | |
| 24.8 | |
| 23.3 |
| (6%) | | (5%) |
Average loans(1) | |
|
| |
|
| |
|
| |
|
| |
|
| | | | |
Branded cards | | $ | 91.8 | | $ | 95.4 | | $ | 96.8 | | $ | 99.8 | | $ | 103.2 |
| 3% | | 12% |
Retail services | |
| 46.1 | |
| 48.0 | |
| 48.8 | |
| 49.0 | |
| 50.2 |
| 2% | | 9% |
EOP loans(1) | |
|
| |
|
| |
|
| |
|
| |
|
| | | | |
Branded cards | | $ | 93.7 | | $ | 100.2 | | $ | 97.1 | | $ | 103.0 | | $ | 105.2 |
| 2% | | 12% |
Retail services | |
| 46.7 | |
| 50.5 | |
| 48.4 | |
| 50.0 | |
| 50.5 |
| 1% | | 8% |
NII as a % of average loans(2) | |
|
| |
|
| |
|
| |
|
| |
|
| | | | |
Branded cards | |
| 8.98% | |
| 8.97% | |
| 9.34% | |
| 8.99% | |
| 9.12% | | | | |
Retail services | |
| 17.45% | |
| 16.92% | |
| 17.57% | |
| 17.45% | |
| 17.80% | | | | |
NCLs as a % of average loans | |
|
| |
|
| |
|
| |
|
| |
|
| | | | |
Branded cards | |
| 1.50% | |
| 1.68% | |
| 2.18% | |
| 2.47% | |
| 2.72% | | | | |
Retail services | |
| 2.71% | |
| 3.30% | |
| 4.08% | |
| 4.46% | |
| 4.53% | | | | |
Loans 90+ days past due as a % of EOP loans | |
|
| |
|
| |
|
| |
|
| |
|
| | | | |
Branded cards | |
| 0.51% | |
| 0.63% | |
| 0.78% | |
| 0.81% | |
| 0.92% | | | | |
Retail services | |
| 1.35% | |
| 1.56% | |
| 1.76% | |
| 1.77% | |
| 2.12% | | | | |
Loans 30-89 days past due as a % of EOP loans | |
|
| |
|
| |
|
| |
|
| |
|
| | | | |
Branded cards | |
| 0.59% | |
| 0.69% | |
| 0.76% | |
| 0.81% | |
| 0.97% | | | | |
Retail services | |
| 1.53% | |
| 1.62% | |
| 1.66% | |
| 1.81% | |
| 2.13% | | | | |
| | | | | | | | | | | | | | | | | | | |
Average deposits | | $ | 115 | | $ | 111 | | $ | 111 | | $ | 113 | | $ | 110 |
| (3%) | | (4%) |
Branches (actual) | |
| 653 | |
| 654 | |
| 653 | |
| 653 | |
| 652 |
| - | | - |
Mortgage originations | | $ | 4.2 | | $ | 2.7 | | $ | 3.3 | | $ | 4.5 | | $ | 3.9 |
| (13%) | | (7%) |
| | | | | | | | | | | | | | | | | | | |
Global Wealth Management Key Indicators (in billions of dollars) | |
|
| |
|
| |
|
| |
|
| |
|
| | | | |
Client assets | | $ | 708 | | $ | 746 | | $ | 759 | | $ | 764 | | $ | 756 |
| (1%) | | 7% |
Average loans | |
| 151 | |
| 150 | |
| 150 | |
| 150 | |
| 151 |
| 1% | | - |
Average deposits | |
| 313 | |
| 320 | |
| 323 | |
| 318 | |
| 311 |
| (2%) | | (1%) |
U.S. mortgage originations | |
| 4.4 | |
| 2.5 | |
| 1.8 | |
| 2.9 | |
| 3.2 |
| 10% | | (27%) |
| | | | | | | | | | | | | | | | | | | |
(1) | Average loans, EOP loans and the related consumer delinquency amounts and ratios include interest and fees receivables balances. |
(2) | Net interest income includes certain fees that are recorded as interest revenue. |
Reclassified to conform to the current period’s presentation.
Page 8
LEGACY FRANCHISES(1)
(In millions of dollars, except as otherwise noted)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 3Q23 Increase/ | | | Nine | | Nine | | YTD 2023 vs. | ||||
| | 3Q | | 4Q | | 1Q | | 2Q | | 3Q | | (Decrease) from | | | Months | | Months | | YTD 2022 Increase/ | |||||||||
| | 2022 | | 2022 | | 2023 | | 2023 | | 2023 | | 2Q23 | | 3Q22 | | | 2022 | | 2023 | | (Decrease) | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest income |
| $ | 1,385 |
| $ | 1,324 |
| $ | 1,290 |
| $ | 1,345 |
| $ | 1,279 |
| (5%) | | (8%) | | | $ | 4,367 |
| $ | 3,914 |
| (10%) |
Non-interest revenue(2)(3)(4) | |
| 1,169 | |
| 728 | |
| 1,562 | |
| 578 | |
| 938 |
| 62% | | (20%) | | |
| 2,053 | |
| 3,078 |
| 50% |
Total revenues, net of interest expense | |
| 2,554 | |
| 2,052 | |
| 2,852 | |
| 1,923 | |
| 2,217 |
| 15% | | (13%) | | |
| 6,420 | |
| 6,992 |
| 9% |
Total operating expenses | |
| 1,845 | |
| 1,830 | |
| 1,752 | |
| 1,778 | |
| 1,794 |
| 1% | | (3%) | | |
| 5,952 | |
| 5,324 |
| (11%) |
Net credit losses on loans | |
| 164 | |
| 168 | |
| 186 | |
| 190 | |
| 219 |
| 15% | | 34% | | |
| 448 | |
| 595 |
| 33% |
Credit reserve build / (release) for loans | |
| 6 | |
| (61) | |
| 3 | |
| 74 | |
| (17) |
| NM | | NM | | |
| (168) | |
| 60 |
| NM |
Provision for credit losses on unfunded lending commitments | |
| (31) | |
| 3 | |
| (18) | |
| (10) | |
| (5) |
| 50% | | 84% | | |
| 90 | |
| (33) |
| NM |
Provisions for benefits and claims, HTM debt securities and other assets | |
| 28 | |
| 13 | |
| 174 | |
| 46 | |
| (9) |
| NM | | NM | | |
| 78 | |
| 211 |
| NM |
Provisions for credit losses and for benefits and claims | |
| 167 | |
| 123 | |
| 345 | |
| 300 | |
| 188 |
| (37%) | | 13% | | |
| 448 | |
| 833 |
| 86% |
Income (loss) from continuing operations before taxes | |
| 542 | |
| 99 | |
| 755 | |
| (155) | |
| 235 |
| NM | | (57%) | | |
| 20 | |
| 835 |
| NM |
Income taxes (benefits) | |
| 226 | |
| 24 | |
| 149 | |
| (33) | |
| 108 |
| NM | | (52%) | | |
| 104 | |
| 224 |
| NM |
Income (loss) from continuing operations | |
| 316 | |
| 75 | |
| 606 | |
| (122) | |
| 127 |
| NM | | (60%) | | |
| (84) | |
| 611 |
| NM |
Noncontrolling interests | |
| - | |
| 3 | |
| 2 | |
| 3 | |
| 2 |
| (33%) | | NM | | |
| - | |
| 7 |
| NM |
Net income (loss) | | $ | 316 | | $ | 72 | | $ | 604 | | $ | (125) | | $ | 125 | | NM | | (60%) | | | $ | (84) | | $ | 604 |
| NM |
EOP assets (in billions) | | $ | 100 | | $ | 97 | | $ | 94 | | $ | 92 | | $ | 80 | | (13%) | | (20%) | | |
|
| |
|
|
| |
Average assets (in billions) | |
| 103 | |
| 99 | |
| 97 | |
| 92 | |
| 87 | | (5%) | | (16%) | | |
| 114 | |
| 92 |
| (19%) |
Efficiency ratio | |
| 72% | |
| 89% | |
| 61% | |
| 92% | |
| 81% | | (1,100) bps | | 900 bps | | |
| 93% | |
| 76% | | -1700 bps |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue by reporting unit and component | |
|
| |
|
| |
|
| |
|
| |
|
| | | | | | |
|
| |
|
|
| |
Asia Consumer | | $ | 1,372 | | $ | 772 | | $ | 1,509 | | $ | 454 | | $ | 672 | | 48% | | (51%) | | | $ | 3,039 | | $ | 2,635 |
| (13%) |
Mexico Consumer/SBMM | |
| 1,173 | |
| 1,255 | |
| 1,322 | |
| 1,449 | |
| 1,552 | | 7% | | 32% | | |
| 3,496 | |
| 4,323 |
| 24% |
Legacy Holdings Assets | |
| 9 | |
| 25 | |
| 21 | |
| 20 | |
| (7) | | NM | | NM | | |
| (115) | |
| 34 |
| NM |
Total | | $ | 2,554 | | $ | 2,052 | | $ | 2,852 | | $ | 1,923 | | $ | 2,217 | | 15% | | (13%) | | | $ | 6,420 | | $ | 6,992 |
| 9% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Asia Consumer - Key Indicators (in billions of dollars) | |
|
| |
|
| |
|
| |
|
| |
|
| | | | | | |
|
| |
|
|
|
|
EOP loans | | $ | 13.4 | | $ | 13.3 | | $ | 10.0 | | $ | 9.1 | | $ | 8.0 | | (12%) | | (40%) | | |
|
| |
|
|
|
|
EOP deposits | |
| 14.6 | |
| 14.5 | |
| 14.4 | |
| 12.2 | |
| 10.8 | | (11%) | | (26%) | | |
|
| |
|
|
|
|
Average loans | |
| 15.2 | |
| 13.2 | |
| 12.1 | |
| 9.5 | |
| 8.6 | | (9%) | | (43%) | | |
|
| |
|
|
|
|
NCLs as a % of average loans | |
| 1.02% | |
| 1.23% | |
| 1.47% | |
| 1.73% | |
| 1.43% | | | | | | |
|
| |
|
|
|
|
Loans 90+ days past due as a % of EOP loans | |
| 0.35% | |
| 0.37% | |
| 0.55% | |
| 0.55% | |
| 0.61% | | | | | | |
|
| |
|
|
|
|
Loans 30-89 days past due as a % of EOP loans | |
| 0.47% | |
| 0.53% | |
| 0.65% | |
| 0.66% | |
| 0.73% | | | | | | |
|
| |
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Mexico Consumer/SBMM - Key Indicators (in billions of dollars) | |
|
| |
|
| |
|
| |
|
| |
|
| | | | | | |
|
| |
|
|
|
|
EOP loans | | $ | 20.7 | | $ | 21.9 | | $ | 24.0 | | $ | 26.0 | | $ | 26.0 | | - | | 26% | | |
|
| |
|
|
|
|
EOP deposits | |
| 35.8 | |
| 36.5 | |
| 38.3 | |
| 40.8 | |
| 40.0 | | (2%) | | 12% | | |
|
| |
|
|
|
|
Average loans | |
| 20.4 | |
| 21.3 | |
| 22.8 | |
| 24.7 | |
| 26.0 | | 5% | | 27% | | |
|
| |
|
|
|
|
NCLs as a % of average loans | |
| 2.64% | |
| 2.48% | |
| 2.63% | |
| 2.52% | |
| 2.95% | | | | | | |
|
| |
|
|
|
|
Loans 90+ days past due as a % of EOP loans (Mexico Consumer only) | |
| 1.26% | |
| 1.28% | |
| 1.24% | |
| 1.37% | |
| 1.32% | | | | | | |
|
| |
|
|
|
|
Loans 30-89 days past due as a % of EOP loans (Mexico Consumer only) | |
| 1.23% | |
| 1.26% | |
| 1.26% | |
| 1.28% | |
| 1.33% | | | | | | |
|
| |
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Legacy Holdings Assets - Key Indicators (in billions of dollars) | |
|
| |
|
| |
|
| |
|
| |
|
|
| | | | | |
|
| |
|
|
|
|
EOP loans | | $ | 3.2 | | $ | 3.0 | | $ | 2.8 | | $ | 2.7 | | $ | 2.5 |
| (7%) | | (22%) | | |
|
| |
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) | Legacy Franchises consists of the consumer franchises in 13 markets across Asia and EMEA that Citi intends to exit or has exited (Asia Consumer); the consumer, small business and middle-market banking (Mexico SBMM) operations in Mexico (collectively Mexico Consumer/SBMM); and Legacy Holdings Assets (primarily North America consumer mortgage loans and other legacy assets). |
(2) | See footnote 1 on page 1. |
(3) | See footnote 2 on page 1. |
(4) | See footnote 3 on page 1. |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 9
CORPORATE / OTHER(1)
(In millions of dollars, except as otherwise noted)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 3Q23 Increase/ | | | Nine | | Nine | | YTD 2023 vs. | ||||
| | 3Q | | 4Q | | 1Q | | 2Q | | 3Q | | (Decrease) from | | | Months | | Months | | YTD 2022 Increase/ | |||||||||
| | 2022 | | 2022 | | 2023 | | 2023 | | 2023 | | 2Q23 | | 3Q22 | | | 2022 | | 2023 | | (Decrease) | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest income |
| $ | 772 |
| $ | 1,043 |
| $ | 1,096 |
| $ | 969 |
| $ | 699 |
| (28%) |
| (9%) |
|
| $ | 1,367 |
| $ | 2,764 |
| NM |
Non-interest revenue | |
| (473) | |
| (344) | |
| (182) | |
| (292) | |
| (199) |
| 32% |
| 58% | | |
| (623) | |
| (673) |
| (8%) |
Total revenues, net of interest expense | |
| 299 | |
| 699 | |
| 914 | |
| 677 | |
| 500 |
| (26%) |
| 67% | | |
| 744 | |
| 2,091 |
| NM |
Total operating expenses | |
| 286 | |
| 247 | |
| 310 | |
| 302 | |
| 237 |
| (22%) |
| (17%) | | |
| 706 | |
| 849 |
| 20% |
Provisions for HTM debt securities and other assets | |
| 3 | |
| - | |
| 111 | |
| (113) | |
| (1) |
| 99% |
| NM | | |
| 3 | |
| (3) |
| NM |
Income (loss) from continuing operations before taxes | |
| 10 | |
| 452 | |
| 493 | |
| 488 | |
| 264 |
| (46%) |
| NM | | |
| 35 | |
| 1,245 |
| NM |
Income taxes (benefits) | |
| (211) | |
| 21 | |
| 234 | |
| 127 | |
| 74 |
| (42%) | | NM | | |
| (651) | |
| 435 |
| NM |
Income (loss) from continuing operations | |
| 221 | |
| 431 | |
| 259 | |
| 361 | |
| 190 |
| (47%) | | (14%) | | |
| 686 | |
| 810 |
| 18% |
Income (loss) from discontinued operations, net of taxes(2) | |
| (6) | |
| (2) | |
| (1) | |
| (1) | |
| 2 |
| NM | | NM | | |
| (229) | |
| - |
| 100% |
Noncontrolling interests | |
| 6 | |
| (2) | |
| 3 | |
| 4 | |
| 3 |
| (25%) | | (50%) | | |
| 9 | |
| 10 |
| 11% |
Net income (loss) | | $ | 209 | | $ | 431 | | $ | 255 | | $ | 356 | | $ | 189 |
| (47%) | | (10%) | | | $ | 448 | | $ | 800 |
| 79% |
EOP assets (in billions) | | $ | 96 | | $ | 96 | | $ | 102 | | $ | 94 | | $ | 95 |
| 1% | | (1%) | | |
|
| |
|
|
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) | Includes certain unallocated costs of global staff functions (including finance, risk, human resources, legal and compliance-related costs), other corporate expenses and unallocated global operations and technology expenses and income taxes, as well as Corporate Treasury investment activities and discontinued operations. |
(2) | See footnote 4 on page 1. |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 10
AVERAGE BALANCES AND INTEREST RATES(1)(2)(3)(4)(5)
Taxable Equivalent Basis
| | | | | | | | | | | | | | | | | | | | | | | | | |
| | Average Volumes | | Interest | | % Average Rate (4) |
| ||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | |
|
In millions of dollars, except as otherwise noted | | 3Q22 | | 2Q23 | | 3Q23(5) | | 3Q22 | | 2Q23 | | 3Q23(5) | | 3Q22 | | 2Q23 | | 3Q23(5) |
| ||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | | |
Deposits with banks | | $ | 256,444 | | $ | 310,047 | | $ | 260,159 | | $ | 1,218 | | $ | 3,049 | | $ | 2,645 |
| 1.88% | | 3.94% | | 4.03% | |
Securities borrowed and purchased under resale agreements(6) | |
| 361,719 | |
| 365,704 | |
| 352,608 | |
| 2,176 | |
| 6,254 | |
| 7,363 |
| 2.39% | | 6.86% | | 8.28% | |
Trading account assets(7) | |
| 272,996 | |
| 329,229 | |
| 345,864 | |
| 1,991 | |
| 3,752 | |
| 3,893 |
| 2.89% | | 4.57% | | 4.47% | |
Investments | |
| 513,414 | |
| 507,949 | |
| 508,854 | |
| 3,010 | |
| 4,456 | |
| 4,727 |
| 2.33% | | 3.52% | | 3.69% | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer loans | |
| 356,347 | |
| 367,852 | |
| 375,632 | |
| 7,380 | |
| 8,962 | |
| 9,609 |
| 8.22% | | 9.77% | | 10.15% | |
Corporate loans | |
| 298,371 | |
| 285,739 | |
| 286,654 | |
| 3,430 | |
| 5,102 | |
| 5,447 |
| 4.56% | | 7.16% | | 7.54% | |
Total loans (net of unearned income)(8) |
|
| 654,718 |
|
| 653,591 |
|
| 662,286 |
|
| 10,810 |
|
| 14,064 |
|
| 15,056 |
| 6.55% | | 8.63% | | 9.02% | |
Other interest-earning assets | |
| 110,619 | |
| 85,083 | |
| 76,400 | |
| 760 | |
| 1,085 | |
| 1,176 |
| 2.73% | | 5.11% | | 6.11% | |
Total average interest-earning assets | | $ | 2,169,910 | | $ | 2,251,603 | | $ | 2,206,171 | | $ | 19,965 | | $ | 32,660 | | $ | 34,860 |
| 3.65% | | 5.82% | | 6.27% | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Liabilities | |
| | |
| | |
| | |
| | |
| | |
| |
| | | | | | |
Deposits | | $ | 1,075,359 | | $ | 1,132,211 | | $ | 1,121,163 | | $ | 3,270 | | $ | 8,727 | | $ | 9,630 |
| 1.21% | | 3.09% | | 3.41% | |
Securities loaned and sold under repurchase agreements(6) | |
| 207,190 | |
| 262,147 | |
| 275,123 | |
| 1,251 | |
| 4,953 | |
| 6,090 |
| 2.40% | | 7.58% | | 8.78% | |
Trading account liabilities(7) | |
| 128,525 | |
| 128,354 | |
| 111,367 | |
| 472 | |
| 870 | |
| 892 |
| 1.46% | | 2.72% | | 3.18% | |
Short-term borrowings and other interest-bearing liabilities | |
| 154,322 | |
| 126,734 | |
| 117,435 | |
| 745 | |
| 1,777 | |
| 1,956 |
| 1.92% | | 5.62% | | 6.61% | |
Long-term debt(9) | |
| 169,329 | |
| 162,327 | |
| 158,485 | |
| 1,618 | |
| 2,420 | |
| 2,441 |
| 3.79% | | 5.98% | | 6.11% | |
Total average interest-bearing liabilities | | $ | 1,734,725 | | $ | 1,811,773 | | $ | 1,783,573 | | $ | 7,356 | | $ | 18,747 | | $ | 21,009 |
| 1.68% | | 4.15% | | 4.67% | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest income as a % of average interest-earning assets (NIM)(9) | |
|
| |
|
| |
|
| | $ | 12,609 | | $ | 13,913 | | $ | 13,851 |
| 2.31% | | 2.48% | | 2.49% | |
| | | | | | | | | | | | | | | | | | | | | | | | | |
3Q23 increase (decrease) from: | |
|
| |
|
| |
|
| |
|
| |
|
| |
|
|
| 18 | bps | 1 | bps |
| |
(1) | Interest revenue and Net interest income include the taxable equivalent adjustments (based on the U.S. federal statutory tax rate of 21%) of $46 million for 3Q22, $13 million for 2Q23 and $23 million for 3Q23. |
(2) | Citigroup average balances and interest rates include both domestic and international operations. |
(3) | Monthly averages have been used by certain subsidiaries where daily averages are unavailable. |
(4) | Average rate percentage is calculated as annualized interest over average volumes. |
(5) | 3Q23 is preliminary. |
(6) | Average volumes of securities borrowed or purchased under agreements to resell and securities loaned or sold under agreements to repurchase are reported net pursuant to FIN 41; the related interest excludes the impact of ASU 2013-01 (Topic 210). |
(7) | Interest expense on Trading account liabilities of ICG is reported as a reduction of Interest revenue. Interest revenue and Interest expense on cash collateral positions are reported in Trading account assets and Trading account liabilities, respectively. |
(8) | Nonperforming loans are included in the average loan balances. |
(9) | Excludes hybrid financial instruments with changes in fair value recorded in Principal transactions revenue. |
Reclassified to conform to the current period's presentation.
Page 11
EOP LOANS(1)(2)
(In billions of dollars)
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 3Q23 Increase/ | ||
| | 3Q | | 4Q | | 1Q | | 2Q | | 3Q | | (Decrease) from | |||||||
| | 2022 | | 2022 | | 2023 | | 2023 | | 2023 | | 2Q23 | | 3Q22 | |||||
| | | | | | | | | | | | | | | | | | | |
Corporate loans by region |
| |
|
| |
|
| |
|
| |
|
| |
|
|
|
|
|
North America | | $ | 125.9 | | $ | 127.8 | | $ | 125.1 | | $ | 121.7 | | $ | 123.0 |
| 1% |
| (2%) |
EMEA | |
| 71.6 | |
| 71.0 | |
| 70.0 | |
| 70.9 | |
| 71.5 |
| 1% | | - |
Latin America | |
| 35.4 | |
| 36.2 | |
| 38.6 | |
| 38.9 | |
| 39.5 |
| 2% | | 12% |
Asia | |
| 55.5 | |
| 54.2 | |
| 54.6 | |
| 54.5 | |
| 54.6 |
| - | | (2%) |
Total corporate loans | | $ | 288.4 | | $ | 289.2 | | $ | 288.3 | | $ | 286.0 | | $ | 288.6 |
| 1% | | - |
| | | | | | | | | | | | | | | | | | | |
Corporate loans by reporting unit | |
|
| |
|
| |
|
| |
|
| |
|
|
|
| |
|
Services | | $ | 80.4 | | $ | 76.6 | | $ | 80.1 | | $ | 83.5 | | $ | 83.4 |
| - | | 4% |
Markets | |
| 11.7 | |
| 13.6 | |
| 13.5 | |
| 14.0 | |
| 17.2 |
| 23% | | 47% |
Banking | |
| 189.3 | |
| 191.9 | |
| 187.0 | |
| 180.3 | |
| 179.8 |
| - | | (5%) |
Legacy Franchises - Mexico SBMM | |
| 7.0 | |
| 7.1 | |
| 7.7 | |
| 8.2 | |
| 8.2 |
| - | | 17% |
Total corporate loans | | $ | 288.4 | | $ | 289.2 | | $ | 288.3 | | $ | 286.0 | | $ | 288.6 |
| 1% | | - |
| | | | | | | | | | | | | | | | | | | |
Personal Banking and Wealth Management | |
|
| |
|
| |
|
| |
|
| |
|
|
|
| |
|
Branded cards | | $ | 93.7 | | $ | 100.2 | | $ | 97.1 | | $ | 103.0 | | $ | 105.2 |
| 2% | | 12% |
Retail services | |
| 46.7 | |
| 50.5 | |
| 48.4 | |
| 50.0 | |
| 50.5 |
| 1% | | 8% |
Retail banking | |
| 35.8 | |
| 37.1 | |
| 39.2 | |
| 41.5 | |
| 43.1 |
| 4% | | 20% |
U.S. Personal Banking | | $ | 176.2 | | $ | 187.8 | | $ | 184.7 | | $ | 194.5 | | $ | 198.8 |
| 2% | | 13% |
Global Wealth Management | |
| 151.1 | |
| 149.2 | |
| 149.9 | |
| 150.5 | |
| 150.6 |
| - | | - |
Total | | $ | 327.3 | | $ | 337.0 | | $ | 334.6 | | $ | 345.0 | | $ | 349.4 |
| 1% | | 7% |
| | | | | | | | | | | | | | | | | | | |
Legacy Franchises - Consumer | |
|
| |
|
| |
|
| |
|
| |
|
|
|
| |
|
Asia Consumer(3) | | $ | 13.4 | | $ | 13.3 | | $ | 10.0 | | $ | 9.1 | | $ | 8.0 |
| (12%) | | (40%) |
Mexico Consumer | |
| 13.7 | |
| 14.8 | |
| 16.3 | |
| 17.8 | |
| 17.8 |
| - | | 30% |
Legacy Holdings Assets | |
| 3.2 | |
| 3.0 | |
| 2.8 | |
| 2.7 | |
| 2.5 |
| (7%) | | (22%) |
Total | | $ | 30.3 | | $ | 31.1 | | $ | 29.1 | | $ | 29.6 | | $ | 28.3 |
| (4%) | | (7%) |
| | | | | | | | | | | | | | | | | | | |
Total consumer loans | | $ | 357.6 | | $ | 368.1 | | $ | 363.7 | | $ | 374.6 | | $ | 377.7 |
| 1% | | 6% |
| | | | | | | | | | | | | | | | | | | |
Total loans - EOP | | $ | 646.0 | | $ | 657.2 | | $ | 652.0 | | $ | 660.6 | | $ | 666.3 |
| 1% | | 3% |
| | | | | | | | | | | | | | | | | | | |
Total loans – average | | $ | 654.7 | | $ | 652.5 | | $ | 653.7 | | $ | 653.6 | | $ | 662.3 |
| 1% |
| 1% |
| | | | | | | | | | | | | | | | | | | |
(1) | Corporate loans include loans managed by ICG and Legacy Franchises-Mexico SBMM. |
(2) | Consumer loans include loans managed by PBWM and Legacy Franchises (other than Mexico Small Business and Middle-Market Banking (Mexico SBMM) loans). |
(3) | Asia Consumer includes loans of certain EMEA countries for all periods presented. |
NMNot meaningful.
Reclassified to conform to the current period's presentation.
Page 12
EOP DEPOSITS
(In billions of dollars)
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 3Q23 Increase/ | ||
| | 3Q | | 4Q | | 1Q | | 2Q | | 3Q | | (Decrease) from | |||||||
|
| 2022 |
| 2022 |
| 2023 |
| 2023 |
| 2023 |
| 2Q23 |
| 3Q22 | |||||
ICG by region | | | | | | | | | | | | | | | | | | | |
North America | | $ | 391.0 | | $ | 405.5 | | $ | 394.7 | | $ | 393.2 | | $ | 371.5 |
| (6%) |
| (5%) |
EMEA | |
| 197.7 | |
| 215.6 | |
| 208.8 | |
| 206.6 | |
| 195.3 |
| (5%) |
| (1%) |
Latin America | |
| 35.5 | |
| 40.9 | |
| 41.8 | |
| 41.9 | |
| 43.2 |
| 3% |
| 22% |
Asia | |
| 172.7 | |
| 183.4 | |
| 174.1 | |
| 176.5 | |
| 172.3 |
| (2%) |
| - |
Total | | $ | 796.9 | | $ | 845.4 | | $ | 819.4 | | $ | 818.2 | | $ | 782.3 |
| (4%) |
| (2%) |
| | | | | | | | | | | | | | | | | | | |
ICG by reporting unit | |
|
| |
|
| |
|
| |
|
| |
|
| | | | |
Treasury and trade solutions | | $ | 647.1 | | $ | 701.3 | | $ | 670.9 | | $ | 671.4 | | $ | 643.0 |
| (4%) |
| (1%) |
Securities services | |
| 127.8 | |
| 119.8 | |
| 124.2 | |
| 124.4 | |
| 113.7 |
| (9%) |
| (11%) |
Services | | $ | 774.9 | | $ | 821.1 | | $ | 795.1 | | $ | 795.8 | | $ | 756.7 |
| (5%) |
| (2%) |
Markets | |
| 20.5 | |
| 22.6 | |
| 23.0 | |
| 21.5 | |
| 24.7 |
| 15% |
| 20% |
Banking | |
| 1.5 | |
| 1.7 | |
| 1.3 | |
| 0.9 | |
| 0.9 |
| - |
| (40%) |
Total | | $ | 796.9 | | $ | 845.4 | | $ | 819.4 | | $ | 818.2 | | $ | 782.3 |
| (4%) |
| (2%) |
| | | | | | | | | | | | | | | | | | | |
Personal Banking and Wealth Management | |
|
| |
|
| |
|
| |
|
| |
|
| | | | |
U.S. Personal Banking | | $ | 115.2 | | $ | 112.5 | | $ | 114.7 | | $ | 112.3 | | $ | 108.9 |
| (3%) |
| (5%) |
Global Wealth Management | |
| 312.1 | |
| 325.3 | |
| 322.2 | |
| 314.5 | |
| 307.4 |
| (2%) |
| (2%) |
Total | | $ | 427.3 | | $ | 437.8 | | $ | 436.9 | | $ | 426.8 | | $ | 416.3 |
| (2%) |
| (3%) |
| | | | | | | | | | | | | | | | | | | |
Legacy Franchises | |
|
| |
|
| |
|
| |
|
| |
|
| | | | |
Asia Consumer(1) | | $ | 14.6 | | $ | 14.5 | | $ | 14.4 | | $ | 12.2 | | $ | 10.8 |
| (11%) |
| (26%) |
Mexico Consumer/SBMM | |
| 35.8 | |
| 36.5 | |
| 38.3 | |
| 40.8 | |
| 40.0 |
| (2%) |
| 12% |
Legacy Holdings Assets | |
| - | |
| - | |
| - | |
| - | |
| - |
| - |
| - |
Total | | $ | 50.4 | | $ | 51.0 | | $ | 52.7 | | $ | 53.0 | | $ | 50.8 |
| (4%) |
| 1% |
| | | | | | | | | | | | | | | | | | | |
Corporate/Other | | $ | 31.9 | | $ | 31.8 | | $ | 21.5 | | | 21.9 | |
| 24.1 |
| 10% |
| (24%) |
| | | | | | | | | | | | | | | | | | | |
Total deposits - EOP | | $ | 1,306.5 | | $ | 1,366.0 | | $ | 1,330.5 | | $ | 1,319.9 | | $ | 1,273.5 |
| (4%) |
| (3%) |
| | | | | | | | | | | | | | | | | | | |
Total deposits - average | | $ | 1,315.9 | | $ | 1,361.1 | | $ | 1,363.2 | | $ | 1,338.2 | | $ | 1,315.1 |
| (2%) |
| - |
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
(1) | Asia Consumer includes deposits of certain EMEA countries for all periods presented. |
NMNot meaningful.
Reclassified to conform to the current period's presentation.
Page 13
ALLOWANCE FOR CREDIT LOSSES (ACL) ROLLFORWARD
(In millions of dollars, except ratios)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
| | | | | | | | | | | | |
| | | | | | | | | | |
| | | | | | | | | |
| | | | | | |
| | | | ACLL/EOP |
| | Balance | | | | Builds (releases) | | FY 2022 | | | Balance | | | | Builds (Releases) | | YTD 2023 | | | Balance | | Loans | ||||||||||||||||||||||||||||
|
| 12/31/21 |
| | 1Q22 |
| 2Q22 |
| 3Q22 |
| 4Q22 |
| | FY 2022 |
| FX/Other |
|
| 12/31/22 |
| | 1Q23 |
| 2Q23 |
| 3Q23 |
| | YTD 2023 |
| FX/Other(1) |
| | 9/30/23 |
| 9/30/23 | ||||||||||||||
Allowance for credit losses on loans (ACLL) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
ICG | | $ | 2,241 | | | $ | 596 | | $ | (76) | | $ | 75 | | $ | (117) | | | $ | 478 | | $ | (4) | | | $ | 2,715 | | | $ | (75) | | $ | (150) | | $ | 101 | | | $ | (124) | | $ | (13) | | | $ | 2,578 |
|
|
Legacy Franchises corporate (Mexico SBMM) | |
| 174 | | |
| 5 | |
| (3) | |
| (34) | |
| (7) | | |
| (39) | |
| 5 | | |
| 140 | | |
| (10) | |
| (2) | |
| 1 | | |
| (11) | |
| 10 | | |
| 139 |
|
|
Total corporate ACLL | | $ | 2,415 | | | $ | 601 | | $ | (79) | | $ | 41 | | $ | (124) | | | $ | 439 | | $ | 1 | | | $ | 2,855 | | | $ | (85) | | $ | (152) | | $ | 102 | | | $ | (135) | | $ | (3) | | | $ | 2,717 |
| 0.97% |
U.S. Cards | | $ | 10,840 | | | $ | (1,009) | | $ | 447 | | $ | 303 | | $ | 814 | | | $ | 555 | | $ | (2) | | | $ | 11,393 | | | $ | 536 | | $ | 276 | | $ | 128 | | | $ | 940 | | $ | (173) | | | $ | 12,160 |
| 7.81% |
Retail banking and Global Wealth Management | |
| 1,181 | | |
| (53) | |
| 191 | |
| 57 | |
| (43) | | |
| 152 | |
| (3) | | |
| 1,330 | | |
| (29) | |
| 57 | |
| (33) | | |
| (5) | |
| (60) | | |
| 1,265 |
|
|
Total PBWM | | $ | 12,021 | | | $ | (1,062) | | $ | 638 | | $ | 360 | | $ | 771 | | | $ | 707 | | $ | (5) | | | $ | 12,723 | | | $ | 507 | | $ | 333 | | $ | 95 | | | $ | 935 | | $ | (233) | | | $ | 13,425 |
|
|
Legacy Franchises consumer | |
| 2,019 | | |
| (151) | |
| (25) | |
| 40 | |
| (54) | | |
| (190) | |
| (433) | | |
| 1,396 | | |
| 13 | |
| 76 | |
| (18) | | |
| 71 | |
| 20 | | |
| 1,487 |
|
|
Total consumer ACLL | | $ | 14,040 | | | $ | (1,213) | | $ | 613 | | $ | 400 | | $ | 717 | | | $ | 517 | | $ | (438) | | | $ | 14,119 | | | $ | 520 | | $ | 409 | | $ | 77 | | | $ | 1,006 | | $ | (213) | | | $ | 14,912 |
| 3.95% |
Total ACLL | | $ | 16,455 | | | $ | (612) | | $ | 534 | | $ | 441 | | $ | 593 | | | $ | 956 | | $ | (437) | | | $ | 16,974 | | | $ | 435 | | $ | 257 | | $ | 179 | | | $ | 871 | | $ | (216) | | | $ | 17,629 |
| 2.68% |
Allowance for credit losses on unfunded lending commitments (ACLUC) | | $ | 1,871 | | | $ | 474 | | $ | (159) | | $ | (71) | | $ | 47 | | | $ | 291 | | $ | (11) | | | $ | 2,151 | | | $ | (194) | | $ | (96) | | $ | (54) | | | $ | (344) | | $ | (1) | | | $ | 1,806 |
|
|
Total ACLL and ACLUC (EOP) | |
| 18,326 | | |
|
| |
|
| |
|
| |
|
| | |
|
| |
|
| | |
| 19,125 | | |
|
| |
|
| |
|
| | |
| | |
|
| | |
| 19,435 |
|
|
Other(2) | |
| 148 | | |
| (6) | |
| 27 | |
| 83 | |
| 5 | | |
| 109 | |
| (14) | | |
| 243 | | |
| 408 | |
| 145 | |
| 53 | | |
| 606 | |
| (56) | | |
| 793 |
|
|
Total allowance for credit losses (ACL) | | $ | 18,474 | | | $ | (144) | | $ | 402 | | $ | 453 | | $ | 645 | | | $ | 1,356 | | $ | (462) | | | $ | 19,368 | | | $ | 649 | | $ | 306 | | $ | 178 | | | $ | 1,133 | | $ | (273) | | | $ | 20,228 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) | Includes the January 1, 2023 opening adjustment related to the adoption of ASU No. 2022-02 Financial Instruments - Credit Losses (Topic 326) TDRs and Vintage Disclosures. See page 15. |
(2) | Includes ACL activity on HTM securities and Other assets. |
Reclassified to conform to the current period's presentation.
Page 14
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND UNFUNDED LENDING COMMITMENTS
Page 1
(In millions of dollars)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 3Q23 Increase/ | | | Nine | | Nine | | YTD 2023 vs. | ||||
| | 3Q | | 4Q | | 1Q | | 2Q | | 3Q | | (Decrease) from | | | Months | | Months | | YTD 2022 Increase/ | |||||||||
|
| 2022 |
| 2022 |
| 2023 |
| 2023 |
| 2023 |
| 2Q23 |
| 3Q22 |
|
| 2022 |
| 2023 |
| (Decrease) | |||||||
Total Citigroup | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for credit losses on loans (ACLL) at beginning of period | | $ | 15,952 | | $ | 16,309 | | $ | 16,974 | | $ | 17,169 | | $ | 17,496 |
| 2% |
| 10% | | | $ | 16,455 | | $ | 16,974 | | |
Adjustment to opening balance | |
|
| |
|
| |
|
| |
|
| |
|
| | | | | | |
|
| |
|
| | |
Financial instruments—TDRs and Vintage Disclosures(1) | |
| - | |
| - | |
| (352) | |
| - | |
| - | | | | | | |
| - | |
| (352) | | |
Adjusted ACLL at beginning of period | |
| 15,952 | |
| 16,309 | |
| 16,622 | |
| 17,169 | |
| 17,496 |
| 2% |
| 10% | | |
| 16,455 | |
| 16,622 |
| 1% |
Gross credit (losses) on loans | |
| (1,237) | |
| (1,467) | |
| (1,634) | |
| (1,879) | |
| (2,000) |
| (6%) |
| (62%) | | |
| (3,689) | |
| (5,513) |
| (49%) |
Gross recoveries on loans | |
| 350 | |
| 287 | |
| 332 | |
| 375 | |
| 363 |
| (3%) |
| 4% | | |
| 1,080 | |
| 1,070 |
| (1%) |
Net credit (losses) / recoveries on loans (NCLs) | |
| (887) | |
| (1,180) | |
| (1,302) | |
| (1,504) | |
| (1,637) |
| 9% |
| 85% | | |
| (2,609) | |
| (4,443) |
| 70% |
Replenishment of NCLs | |
| 887 | |
| 1,180 | |
| 1,302 | |
| 1,504 | |
| 1,637 |
| 9% |
| 85% | | |
| 2,609 | |
| 4,443 |
| 70% |
Net reserve builds / (releases) for loans | |
| 441 | |
| 593 | |
| 435 | |
| 257 | |
| 179 |
| (30%) |
| (59%) | | |
| 363 | |
| 871 |
| NM |
Provision for credit losses on loans (PCLL) | |
| 1,328 | |
| 1,773 | |
| 1,737 | |
| 1,761 | |
| 1,816 |
| 3% |
| 37% | | |
| 2,972 | |
| 5,314 |
| 79% |
Other, net(2)(3)(4)(5)(6)(7) | |
| (84) | |
| 72 | |
| 112 | |
| 70 | |
| (46) |
| NM |
| 45% | | |
| (509) | |
| 136 | | |
ACLL at end of period (a) | | $ | 16,309 | | $ | 16,974 | | $ | 17,169 | | $ | 17,496 | | $ | 17,629 |
| 1% |
| 8% | | | $ | 16,309 | | $ | 17,629 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Allowance for credit losses on unfunded lending commitments (ACLUC)(8) (a) | | $ | 2,089 | | $ | 2,151 | | $ | 1,959 | | $ | 1,862 | | $ | 1,806 |
| (3%) |
| (14%) | | | $ | 2,089 | | $ | 1,806 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Provision (release) for credit losses on unfunded lending commitments | | $ | (71) | | $ | 47 | | $ | (194) | | $ | (96) | | $ | (54) |
| 44% |
| 24% | | | $ | 244 | | $ | (344) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (a)] | | $ | 18,398 | | $ | 19,125 | | $ | 19,128 | | $ | 19,358 | | $ | 19,435 |
| - |
| 6% | | | $ | 18,398 | | $ | 19,435 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total ACLL as a percentage of total loans(9) | |
| 2.54% | |
| 2.60% | |
| 2.65% | |
| 2.67% | |
| 2.68% | | | | | | |
|
| |
|
| | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer | |
|
| |
|
| |
|
| |
|
| |
|
| | | | | | |
|
| |
|
| | |
ACLL at beginning of period | | $ | 12,983 | | $ | 13,361 | | $ | 14,119 | | $ | 14,389 | | $ | 14,866 |
| 3% |
| 15% | | | $ | 14,040 | | $ | 14,119 | | |
Adjustments to opening balance | |
|
| |
|
| |
|
| |
|
| |
|
| | | | | | |
|
| |
|
| | |
Financial instruments—TDRs and Vintage Disclosures(1) | |
| - | |
| - | |
| (352) | |
| - | |
| - | | | | | | |
| - | |
| (352) | | |
Adjusted ACLL at beginning of period | |
| 12,983 | |
| 13,361 | |
| 13,767 | |
| 14,389 | |
| 14,866 |
| 3% |
| 15% | | |
| 14,040 | |
| 13,767 |
| (2%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NCLs | |
| (881) | |
| (1,062) | |
| (1,280) | |
| (1,429) | |
| (1,579) |
| 10% |
| 79% | | |
| (2,549) | |
| (4,288) |
| 68% |
Replenishment of NCLs | |
| 881 | |
| 1,062 | |
| 1,280 | |
| 1,429 | |
| 1,579 |
| 10% |
| 79% | | |
| 2,549 | |
| 4,288 |
| 68% |
Net reserve builds/ (releases) for loans | |
| 400 | |
| 717 | |
| 520 | |
| 409 | |
| 77 |
| (81%) |
| (81%) | | |
| (200) | |
| 1,006 |
| NM |
Provision for credit losses on loans (PCLL) | |
| 1,281 | |
| 1,779 | |
| 1,800 | |
| 1,838 | |
| 1,656 |
| (10%) |
| 29% | | |
| 2,349 | |
| 5,294 |
| NM |
Other, net(2)(3)(4)(5)(6)(7) | |
| (22) | |
| 41 | |
| 102 | |
| 68 | |
| (31) |
| NM |
| (41%) | | |
| (479) | |
| 139 |
| NM |
ACLL at end of period (b) | | $ | 13,361 | | $ | 14,119 | | $ | 14,389 | | $ | 14,866 | | $ | 14,912 |
| - |
| 12% | | | $ | 13,361 | | $ | 14,912 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer ACLUC(8) (b) | | $ | 143 | | $ | 120 | | $ | 101 | | $ | 88 | | $ | 65 |
| (26%) |
| (55%) | | | $ | 143 | | $ | 65 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Provision (release) for credit losses on unfunded lending commitments | | $ | (8) | | $ | (20) | | $ | (17) | | $ | (4) | | $ | (20) |
| NM |
| NM | | | $ | 120 | | $ | (41) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (b)] | | $ | 13,504 | | $ | 14,239 | | $ | 14,490 | | $ | 14,954 | | $ | 14,977 |
| - |
| 11% | | | $ | 13,504 | | $ | 14,977 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Consumer ACLL as a percentage of total consumer loans | |
| 3.74% | |
| 3.84% | |
| 3.96% | |
| 3.97% | |
| 3.95% | | | | | | |
|
| |
|
| | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporate | |
|
| |
|
| |
|
| |
|
| |
|
| | | | | | |
|
| |
|
| | |
ACLL at beginning of period | | $ | 2,969 | | $ | 2,948 | | $ | 2,855 | | $ | 2,780 | | $ | 2,630 |
| (5%) |
| (11%) | | | $ | 2,415 | | $ | 2,855 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
NCLs | |
| (6) | |
| (118) | |
| (22) | |
| (75) | |
| (58) |
| (23%) |
| NM | | |
| (60) | |
| (155) |
| NM |
Replenishment of NCLs | |
| 6 | |
| 118 | |
| 22 | |
| 75 | |
| 58 |
| (23%) |
| NM | | |
| 60 | |
| 155 |
| NM |
Net reserve builds / (releases) for loans | |
| 41 | |
| (124) | |
| (85) | |
| (152) | |
| 102 |
| NM |
| NM | | |
| 563 | |
| (135) |
| NM |
Provision for credit losses on loans (PCLL) | |
| 47 | |
| (6) | |
| (63) | |
| (77) | |
| 160 |
| NM |
| NM | | |
| 623 | |
| 20 |
| (97%) |
Other, net(2) | |
| (62) | |
| 31 | |
| 10 | |
| 2 | |
| (15) |
| NM |
| 76% | | |
| (30) | |
| (3) | | |
ACLL at end of period (c) | | $ | 2,948 | | $ | 2,855 | | $ | 2,780 | | $ | 2,630 | | $ | 2,717 |
| 3% |
| (8%) | | | $ | 2,948 | | $ | 2,717 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporate ACLUC(8) (c) | | $ | 1,946 | | $ | 2,031 | | $ | 1,858 | | $ | 1,774 | | $ | 1,741 |
| (2%) |
| (11%) | | | $ | 1,946 | | $ | 1,741 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Provision (release) for credit losses on unfunded lending commitments | | $ | (63) | | $ | 67 | | $ | (177) | | $ | (92) | | $ | (34) |
| 63% |
| 46% | | | $ | 124 | | $ | (303) | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (c)] | | $ | 4,894 | | $ | 4,886 | | $ | 4,638 | | $ | 4,404 | | $ | 4,458 |
| 1% |
| (9%) | | | $ | 4,894 | | $ | 4,458 | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporate ACLL as a percentage of total corporate loans(9) | |
| 1.04% | |
| 1.01% | |
| 0.98% | |
| 0.94% | |
| 0.97% | | | | | | |
|
| |
|
| | |
Footnotes to this table are on the following page (page 16).
Page 15
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND UNFUNDED LENDING COMMITMENTS
Page 2
The following footnotes relate to the table on the preceding page (page 15):
(1) | Includes the January 1, 2023 opening adjustment related to the adoption of ASU No. 2022-02 Financial Instruments - Credit Losses (Topic 326) TDRs and Vintage Disclosures. |
(2) | Includes all adjustments to the allowance for credit losses, such as changes in the allowance from acquisitions, dispositions, securitizations, foreign currency translation (FX translation), purchase accounting adjustments, etc. |
(3) | 3Q22 primarily relates to FX translation. |
(4) | 4Q22 primarily relates to FX translation. |
(5) | 1Q23 primarily relates to FX translation. |
(6) | 2Q23 primarily relates to FX translation. |
(7) | 3Q23 primarily relates to FX translation. |
(8) | Represents additional credit reserves recorded as other liabilities on the Consolidated Balance Sheet. |
(9) | September 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023 and September 30, 2023 exclude $3.9 billion, $5.4 billion, $5.1 billion, $5.8 billion and $7.4 billion, respectively, of loans that are carried at fair value. |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 16
NON-ACCRUAL ASSETS
(In millions of dollars)
| | | | | | | | | | | | | | | | | | | |
|
| | |
|
| |
|
| |
|
| |
|
| |
| 3Q23 Increase/ | ||
| | 3Q | | 4Q | | 1Q | | 2Q | | 3Q | | (Decrease) from | |||||||
|
| 2022 |
| 2022 |
| 2023 |
| 2023 |
| 2023 |
| 2Q23 |
| 3Q22 | |||||
| | | | | | | | | | | | | | | | | | | |
Corporate non-accrual loans by region(1) |
| |
|
| |
|
| |
|
| |
|
| |
|
|
|
|
|
North America | | $ | 276 | | $ | 138 | | $ | 285 | | $ | 358 | | $ | 934 |
| NM | | NM |
EMEA | |
| 598 | |
| 502 | |
| 383 | |
| 350 | |
| 507 |
| 45% | | (15%) |
Latin America | |
| 555 | |
| 429 | |
| 462 | |
| 428 | |
| 407 |
| (5%) | | (27%) |
Asia | |
| 56 | |
| 53 | |
| 83 | |
| 125 | |
| 127 |
| 2% | | NM |
Total | | $ | 1,485 | | $ | 1,122 | | $ | 1,213 | | $ | 1,261 | | $ | 1,975 |
| 57% | | 33% |
| | | | | | | | | | | | | | | | | | | |
Corporate non-accrual loans by reporting unit(1) | |
|
| |
|
| |
|
| |
|
| |
|
|
|
|
|
|
Banking | | $ | 1,085 | | $ | 767 | | $ | 868 | | $ | 931 | | $ | 1,689 |
| 81% | | 56% |
Services | |
| 185 | |
| 153 | |
| 133 | |
| 123 | |
| 94 |
| (24%) | | (49%) |
Markets | |
| - | |
| 3 | |
| 3 | |
| 1 | |
| - |
| (100%) | | - |
Mexico SBMM | |
| 215 | |
| 199 | |
| 209 | |
| 206 | |
| 192 |
| (7%) | | (11%) |
Total | | $ | 1,485 | | $ | 1,122 | | $ | 1,213 | | $ | 1,261 | | $ | 1,975 |
| 57% | | 33% |
| | | | | | | | | | | | | | | | | | | |
Consumer non-accrual loans(1) | |
|
| |
|
| |
|
| |
|
| |
|
|
|
| |
|
U.S. Personal Banking and Global Wealth Management | | $ | 585 | | $ | 541 | | $ | 608 | | $ | 536 | | $ | 567 |
| 6% | | (3%) |
Asia Consumer(2) | |
| 30 | |
| 30 | |
| 29 | |
| 24 | |
| 25 |
| 4% | | (17%) |
Mexico Consumer | |
| 486 | |
| 457 | |
| 480 | |
| 498 | |
| 463 |
| (7%) | | (5%) |
Legacy Holdings Assets - Consumer | |
| 300 | |
| 289 | |
| 278 | |
| 263 | |
| 247 |
| (6%) | | (18%) |
Total | | $ | 1,401 | | $ | 1,317 | | $ | 1,395 | | $ | 1,321 | | $ | 1,302 |
| (1%) | | (7%) |
| | | | | | | | | | | | | | | | | | | |
Total non-accrual loans (NAL) | | $ | 2,886 | | $ | 2,439 | | $ | 2,608 | | $ | 2,582 | | $ | 3,277 |
| 27% | | 14% |
| | | | | | | | | | | | | | | | | | | |
Other real estate owned (OREO)(3) | | $ | 16 | | $ | 15 | | $ | 21 | | $ | 31 | | $ | 37 |
| 19% | | NM |
| | | | | | | | | | | | | | | | | | | |
NAL as a percentage of total loans | |
| 0.45% | |
| 0.37% | |
| 0.40% | |
| 0.39% | |
| 0.49% | |
|
|
|
| | | | | | | | | | | | | | | | | | | |
ACLL as a percentage of NAL | |
| 565% | |
| 696% | |
| 658% | |
| 678% | |
| 538% | |
|
|
|
| | | | | | | | | | | | | | | | | | | |
(1) | Corporate loans are placed on non-accrual status based upon a review by Citigroup's risk officers. Corporate non-accrual loans may still be current on interest payments. With limited exceptions, the following practices are applied for consumer loans: consumer loans, excluding credit cards and mortgages, are placed on non-accrual status at 90 days past due, and are charged off at 120 days past due; residential mortgage loans are placed on non-accrual status at 90 days past due and written down to net realizable value at 180 days past due. Consistent with industry conventions, Citigroup generally accrues interest on credit card loans until such loans are charged off, which typically occurs at 180 days contractual delinquency. As such, the non-accrual loan disclosures do not include credit card loans. The balances above represent non-accrual loans within Consumer loans and Corporate loans on the Consolidated Balance Sheet. |
(2) | Asia Consumer includes balances for certain EMEA countries for all periods presented. |
(3) | Represents the carrying value of all property acquired by foreclosure or other legal proceedings when Citigroup has taken possession of the collateral. Also includes former premises and property for use that is no longer contemplated. |
NMNot meaningful.
Reclassified to conform to the current period's presentation.
Page 17
CITIGROUP
CET1 CAPITAL AND SUPPLEMENTARY LEVERAGE RATIOS, TANGIBLE COMMON EQUITY, BOOK VALUE
PER SHARE AND TANGIBLE BOOK VALUE PER SHARE
(In millions of dollars or shares, except per share amounts and ratios)
| | | | | | | | | | | | | | | |
|
| September 30, |
| December 31, |
| March 31, |
| June 30, |
| September 30, | |||||
Common Equity Tier 1 Capital Ratio and Components (1) | | 2022 | | 2022 | | 2023 | | 2023 | | 2023(2) | |||||
| | | | | | | | | | | | | | | |
Citigroup common stockholders' equity (3) | | $ | 179,696 | | $ | 182,325 | | $ | 188,186 | | $ | 188,610 | | $ | 190,134 |
Add: qualifying noncontrolling interests | |
| 113 | |
| 128 | |
| 207 | |
| 209 | |
| 193 |
Regulatory capital adjustments and deductions: | |
|
| |
|
| |
|
| |
|
| |
|
|
Add: | |
|
| |
|
| |
|
| |
|
| |
|
|
CECL transition provision (4) | |
| 2,271 | |
| 2,271 | |
| 1,514 | |
| 1,514 | |
| 1,514 |
Less: | |
|
| |
|
| |
|
| |
|
| |
|
|
Accumulated net unrealized gains (losses) on cash flow hedges, net of tax | |
| (2,869) | |
| (2,522) | |
| (2,161) | |
| (1,990) | |
| (1,259) |
Cumulative unrealized net gain (loss) related to changes in fair value of financial | |
|
| |
|
| |
|
| |
|
| |
|
|
liabilities attributable to own creditworthiness, net of tax | |
| 3,211 | |
| 1,441 | |
| 1,037 | |
| 307 | |
| 625 |
Intangible assets: | |
|
| |
|
| |
|
| |
|
| |
|
|
Goodwill, net of related deferred tax liabilities (DTLs)(5) | |
| 18,796 | |
| 19,007 | |
| 18,844 | |
| 18,933 | |
| 18,552 |
Identifiable intangible assets other than mortgage servicing rights | |
|
| |
|
| |
|
| |
|
| |
|
|
(MSRs), net of related DTLs | |
| 3,492 | |
| 3,411 | |
| 3,607 | |
| 3,531 | |
| 3,444 |
Defined benefit pension plan net assets; other | |
| 1,932 | |
| 1,935 | |
| 1,999 | |
| 2,020 | |
| 1,340 |
Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit | |
|
| |
|
| |
|
| |
|
| |
|
|
and general business credit carry-forwards(7) | |
| 11,690 | |
| 12,197 | |
| 11,783 | |
| 11,461 | |
| 11,219 |
Excess over 10% / 15% limitations for other DTAs, certain | |
|
| |
|
| |
|
| |
|
| |
|
|
common stock investments and MSRs(7)(8) | |
| 1,261 | |
| 325 | |
| 1,045 | |
| 1,828 | |
| 1,786 |
Common Equity Tier 1 Capital (CET1) | | $ | 144,567 | | $ | 148,930 | | $ | 153,753 | | $ | 154,243 | | $ | 156,134 |
Risk-Weighted Assets (RWA)(4) | | $ | 1,179,657 | | $ | 1,148,678 | | $ | 1,144,359 | | $ | 1,153,450 | | $ | 1,152,735 |
Common Equity Tier 1 Capital ratio (CET1/RWA) | |
| 12.26% | |
| 12.97% | |
| 13.44% | |
| 13.37% | |
| 13.5% |
| | | | | | | | | | | | | | | |
Supplementary Leverage Ratio and Components | |
|
| |
|
| |
|
| |
|
| |
|
|
Common Equity Tier 1 Capital (CET1)(4) | | $ | 144,567 | | $ | 148,930 | | $ | 153,753 | | $ | 154,243 | | $ | 156,134 |
Additional Tier 1 Capital (AT1)(6) | |
| 20,263 | |
| 20,215 | |
| 21,496 | |
| 21,500 | |
| 20,744 |
Total Tier 1 Capital (T1C) (CET1 + AT1) | | $ | 164,830 | | $ | 169,145 | | $ | 175,249 | | $ | 175,743 | | $ | 176,878 |
Total Leverage Exposure (TLE)(4) | | $ | 2,888,535 | | $ | 2,906,773 | | $ | 2,939,744 | | $ | 2,943,546 | | $ | 2,928,295 |
Supplementary Leverage ratio (T1C/TLE) | |
| 5.71% | |
| 5.82% | |
| 5.96% | |
| 5.97% | |
| 6.0% |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
Tangible Common Equity, Book Value and Tangible Book Value Per Share | |
|
| |
|
| |
|
| |
|
| |
|
|
Common stockholders' equity | | $ | 179,565 | | $ | 182,194 | | $ | 188,050 | | $ | 188,474 | | $ | 190,008 |
Less: | |
|
| |
|
| |
|
| |
|
| |
|
|
Goodwill | |
| 19,326 | |
| 19,691 | |
| 19,882 | |
| 19,998 | |
| 19,829 |
Intangible assets (other than MSRs) | |
| 3,838 | |
| 3,763 | |
| 3,974 | |
| 3,895 | |
| 3,811 |
Goodwill and identifiable intangible assets (other than MSRs) related to assets HFS | |
| 794 | |
| 589 | |
| 246 | |
| 246 | |
| 49 |
Tangible common equity (TCE) | | $ | 155,607 | | $ | 158,151 | | $ | 163,948 | | $ | 164,335 | | $ | 166,319 |
Common shares outstanding (CSO) | |
| 1,936.9 | |
| 1,937.0 | |
| 1,946.8 | |
| 1,925.7 | |
| 1,913.9 |
Book value per share (common equity/CSO) | | $ | 92.71 | | $ | 94.06 | | $ | 96.59 | | $ | 97.87 | | $ | 99.28 |
Tangible book value per share (TCE/CSO) | | $ | 80.34 | | $ | 81.65 | | $ | 84.21 | | $ | 85.34 | | $ | 86.90 |
| | | | | | | | | | | | | | | |
(1)See footnote 6 on page 1.
(2)3Q23 is preliminary.
(3)Excludes issuance costs related to outstanding preferred stock in accordance with Federal Reserve Board regulatory reporting requirements.
(4)See footnote 7 on page 1.
(5)Includes goodwill “embedded” in the valuation of significant common stock investments in unconsolidated financial institutions.
(6)Additional Tier 1 Capital primarily includes qualifying noncumulative perpetual preferred stock and qualifying trust preferred securities.
(7) | Represents deferred tax excludable from Basel III CET1 Capital, which includes net DTAs arising from net operating loss, foreign tax credit and general business credit tax carry-forwards and DTAs arising from timing differences (future deductions) that are deducted from CET1 capital exceeding the 10% limitation. |
(8)Assets subject to 10% / 15% limitations include MSRs, DTAs arising from temporary differences and significant common stock investments in unconsolidated
financial institutions. For all periods presented, the deduction related only to DTAs arising from temporary differences that exceeded the 10% limitation.
Reclassified to conform to the current period's presentation.
Page 18