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EXHIBIT 99.1
CITIGROUP FIRST QUARTER INCOME FROM CONTINUING OPERATIONS UP 18% TO A
RECORD $4.10 BILLION, FROM $3.48 BILLION IN THE PRIOR YEAR
EPS FROM CONTINUING OPERATIONS OF $0.79, UP 20% FROM $0.66
NET INCOME OF $4.10 BILLION DECLINED 15% FROM PRIOR YEAR, WHICH
INCLUDED TRAVELERS PROPERTY CASUALTY OPERATING RESULTS AND IPO GAIN
New York, NY, April 14, 2003 -- Citigroup Inc. (NYSE:C) today reported record
income from continuing operations for the three months ended March 31, 2003 of
$4.10 billion, representing an 18% increase over first quarter 2002 results. Net
income per share, diluted, from continuing operations was $0.79, rising 20%.
"Citigroup entered 2003 in an exceptionally strong competitive position which
enabled us to deliver outstanding first quarter results despite an
environment of significant political and economic uncertainties," said
Sanford I. Weill, Chairman and Chief Executive Officer. "Our company earned
more than $4.1 billion in income from continuing operations, a record, and
the majority of our businesses produced double digit income growth. Global
Consumer generated 26% income growth, increasing its leadership position in
Cards and Retail Banking. The Global Corporate and Investment Bank rebounded
from a difficult 2002, even as it continued to focus on establishing new,
higher standards for its businesses. Global Investment Management also
delivered solid results in spite of the difficult conditions in global equity
markets, while our Private Client Services business continues to deliver
industry-leading profit margins in an exceptionally difficult environment.
"We are particularly pleased with the smooth progress of our integration of
Golden State Bancorp into our retail banking franchise and expect this
acquisition to become a meaningful contributor to our growth in North America
retail banking. We also see enormous opportunity in our international consumer
businesses where we currently serve 36 million accounts around the world. The
strong results for our consumer business in Asia this quarter, which earned
nearly $200 million, exemplify the power of our international franchise.
"With an equity base of $94 billion and credit reserves of $11.6 billion, we
believe that we have the strongest balance sheet in our industry. Our results
this quarter underscore the success of our business model, which together with
the quality of our management team and diversity of our businesses, enable us to
continue to produce superior results," concluded Weill.
Highlights of the quarter included:
- - Revenues increased 4% over the first quarter of 2002, to $18.54 billion,
reflecting strong growth in a number of businesses: a 7% increase in Cards,
15% in Retail Banking, including the impact of Golden State Bancorp, 7% in
Transactions Services, 11% in Life Insurance and Annuities and 9% in the
Private Bank, which offset the negative impact of continued weakness in the
global equity markets on several businesses.
- - Expenses increased 5%, or $496 million, over the prior year, reflecting
spending to support growth in a number of the company's businesses and the
incremental expenses associated with Golden State Bancorp, as well as
$172 million in the quarter in severance costs, the cost of expensing
options, and higher pension expense.
- - The integration of Golden State Bancorp, acquired in November, 2002,
continues to be on track, with branch branding and systems conversions
successfully completed during the quarter and more than 30 branches
consolidated. Citigroup has increased the number of salespeople in the
branches and is currently selling a full range of Citigroup products. The
merger of the mortgage companies is expected to be completed in the second
quarter.
- - Citigroup's Global Corporate and Investment Bank once again was the
top-ranked underwriter of global debt and equity securities with market share
of 10.8% for the first three months of 2003, and also retained its position
as the number one ranked firm for disclosed fees. Citigroup demonstrated
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leadership in global and U.S. fixed income markets, ranking number one in
global fixed income, investment grade debt and asset-backed securities, and
was also the number one municipal bond underwriter in the U.S.
- - The Citigroup Private Bank delivered record quarterly earnings of $125
million, up 13%, as the world's wealthiest families continued to turn to
Citigroup for investment ideas, tailored solutions and security of assets.
- - Citigroup's provision for loan losses declined $506 million from the prior
year period, largely as a result of the absence of $644 million in writedowns
and additional reserves taken in the first quarter of 2002 related to
Argentina. The provision for loan losses also declined $637 million from the
prior quarter. Credit quality in Citigroup's managed consumer loan portfolio
remained relatively stable, with global loss rates improving 2 basis points
from the fourth quarter of 2002, to 3.02%. Higher bankruptcy filings in the
U.S. contributed to a 29 basis point increase in the North America card
managed loss ratio from the prior quarter, to 6.04%. Global Consumer managed
delinquencies were relatively unchanged from the fourth quarter. In
Citigroup's Global Corporate and Investment Bank, net credit losses decreased
from the prior quarter, when the company increased reserves and incurred
higher losses related to the merchant energy and telecom industries. Cash
basis loans remained essentially flat, at $4.86 billion at the end of the
quarter. Citigroup's total reserves for credit losses were $11.62 billion,
and declined by $52 million from the prior quarter as the company used
specific reserves established for Argentina and particular telecom and
merchant energy credits.
- - Citigroup's return on common equity was 19.3% for the first quarter, and the
company's total equity, including trust preferred securities, totaled $94.0
billion at March 31, 2003. In the first quarter, Citigroup repurchased 34.3
million common shares, at a total cost of $1.17 billion. The company
continues to have $3.98 billion available for future share repurchases under
existing authorizations.
GLOBAL CONSUMER
Income of $2.15 billion for the first quarter, up 26%. Highlights included:
- - CARDS income of $735 million increased 27%. In North America, income growth
of 14% was driven by 7% revenue growth. Receivables grew 6%, reflecting
continued marketing efforts. In addition, the managed net credit loss ratio
declined 29 basis points from the prior year to 6.04%. International cards
income increased $78 million from the first quarter of 2002, largely due to
credit reserves taken in the prior year period related to Argentina.
International Cards generated 12% revenue growth, driven by a 15% increase in
receivables, while the net credit loss rate improved 37 basis points, which
were partially offset by an 11% increase in expenses, reflecting investments
to support business growth.
- - CONSUMER FINANCE income fell 8% to $485 million. In North America, income
growth of 2% resulted from revenue growth of 7% (including the addition of
the auto finance business of Golden State Bancorp) partially offset by higher
expenses and a modest increase in the net credit loss rate. Receivables grew
by 14%. Delinquency rates on 90+ days past due loans have improved from both
the prior year and the prior quarter. International income declined 25% as
strong results for Europe were offset by difficult business conditions in
Japan, as loss rates continued to deteriorate, driven primarily by higher
bankruptcies. The business in Japan has tightened underwriting standards and
is restructuring the business to reduce costs.
- - RETAIL BANKING income of $942 million, jumped 54%. In North America, income
increased 63% to $651 million, including Golden State Bancorp, which
contributed 319 branches, $25 billion in deposits and $9 billion in mortgage
originations to Citibanking North America and Consumer Assets. Consumer
Assets also benefited from continued high demand for mortgage refinancings,
and 53% growth in student loan originations. Income for international retail
banking rose 37% to $291 million, rebounding from the year ago period, which
included increased reserves and other charges related to Argentina. Strong
results also reflected double digit income growth in EMEA, largely due to the
continued strength of the installment loan business in Germany and in Asia,
driven by strong investment products sales and account growth.
GLOBAL CORPORATE AND INVESTMENT BANK
Income of $1.43 billion for the first quarter, up 22%. Highlights included:
- - CAPITAL MARKETS AND BANKING income of $1.23 billion increased 10%. Revenues
declined 5% as
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record results in fixed income were offset by lower equities and investment
banking revenues. Expenses increased 3% from the prior year period as higher
severance and legal expenses were largely offset by lower compensation and
benefits expense. The provision for loan losses, at $235 million, was $376
million lower than the prior year period, which included $289 million in
higher provisions related to Argentina as well as higher telecom-related
write-offs.
- - TRANSACTION SERVICES income, which includes Cash, Trade and Treasury Services
(CTTS) as well as Global Securities Services (GSS), was $197 million,
representing more than a two-fold increase from the prior year period.
Revenue growth of 7% was driven by higher business volumes in CTTS, offset by
the negative impact in GSS of lower global market capitalizations and
volumes. Expenses declined 4% due to headcount reductions and operations and
technology savings, and the provision for credit losses was 87%, or $60
million, lower than the first quarter of 2002.
PRIVATE CLIENT SERVICES
Income of $157 million for the first quarter, down 28%. Highlights included:
- - Income for Private Client Services declined from the first quarter of 2002,
reflecting a continuation of difficult equity market fundamentals.
Revenue/Financial Consultant declined 11%, reflecting lower asset values, as
fee-based revenues were down 11%, as well as lower transactional activity,
which led to a 13% drop in commission revenues. Continued expense discipline
resulted in a 19% pre-tax margin. Total client assets were $882 billion. Net
flows were $5 billion for the first quarter and balances in Smith Barney's
bank deposit program totaled $42 billion at quarter-end.
GLOBAL INVESTMENT MANAGEMENT
Income of $466 million for the first quarter, up 10%. Highlights included:
- - LIFE INSURANCE AND ANNUITIES income rose 17% to $238 million. Income from
Travelers Life and Annuity rose 12%, resulting from favorable business
volumes, partly offset by higher amortization of deferred acquisition costs
totaling $28 million after-tax, and lower investment yields. In addition, a
favorable tax ruling resulted in a $39 million tax benefit related to an
adjustment to the dividends received deduction. Income from International
Insurance Manufacturing rose to $15 million on the strength of favorable
results in Mexico and Australia and the absence of prior year losses in
Argentina.
- - THE PRIVATE BANK income increased 13% to a record $125 million. Increased
client trading and capital market activity, particularly in Latin America and
Japan, as well as higher lending volumes, drove revenue growth of 9%.
Expenses increased 7%, resulting from higher personnel and technology costs
related to higher business volumes. Client business volumes increased 4% to
$172 billion.
- - Income for ASSET MANAGEMENT, which includes Retirement Services, rose 6% to
$105 million. Revenues fell 15%, impacted by the decline in equity markets
globally. The business continued to offset revenue weakness with tight
expense controls, as expenses were reduced by 20% in the quarter, resulting
in a pre-tax profit margin of 37%. Assets under management increased 2% to
$462 billion, as negative market action was offset by net flows of $12
billion over the previous 12 months and the inclusion of the investment
portfolio of Travelers Property Casualty which Citigroup manages on a third
party basis following the spin-off. Citigroup Asset Management's share of
proprietary channels was 73% in Primerica Financial Services, 32% in the
Smith Barney Private Client division, and 47% in Citibanking North America.
CITIGROUP INTERNATIONAL
Income for Citigroup's international operations increased 72% to $1.22 billion
from the first quarter of 2002. Results for the quarter, which are fully
reflected in the product disclosures above, included:
- - Income for the EUROPE, MIDDLE EAST AND AFRICA (EMEA) region (which includes
the results of Western Europe and Central and Eastern Europe, Middle East and
Africa, formerly reported separately) rose 44% to $416 million. Corporate and
investment banking income of $252 million represented a 75% increase, on the
strength of 22% revenue growth, driven by growth in fixed income and strong
sales and trading results, as well as continued expense reductions. Consumer
income rose 13% driven by higher retail banking results in Western Europe.
3
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- - ASIA'S income of $402 million increased 6%, led by record consumer results.
Consumer income in the region rose 22%, on the strength of 12% revenue
growth, led by account and volume increases in cards and retail banking.
Income for the corporate and investment bank declined 7% as lower fixed
income and investment banking revenues were partly offset by improvements in
lending and transaction services.
- - JAPAN'S income of $207 million represented a 22% decline from the prior year
period, largely resulting from higher credit losses and a contraction of the
loan portfolio in the company's consumer finance business there. Income
increased in all other businesses, including cards, retail banking and
corporate and investment banking.
- - LATIN AMERICA generated income of $200 million, compared to a loss of $213
million in the prior year period, when Citigroup took $858 million in pre-tax
provisions, writedowns, redenomination and restructuring charges related to
Argentina.
PROPRIETARY INVESTMENT ACTIVITIES AND CORPORATE/OTHER
For the first quarter of 2003, Citigroup's Proprietary Investment Activities
recorded breakeven results, as writedowns were offset by gains on the sale of
investments in the company's public equity portfolio. Corporate/Other expense of
$97 million increased from the prior year as higher employee-related expenses
were partly offset by lower funding costs.
Citigroup (NYSE: C), the preeminent global financial services company with some
200 million customer accounts in more than 100 countries, provides consumers,
corporations, governments and institutions with a broad range of financial
products and services, including consumer banking and credit, corporate and
investment banking, insurance, securities brokerage, and asset management. Major
brand names under Citigroup's trademark red umbrella include Citibank,
CitiFinancial, Primerica, Smith Barney, Banamex, and Travelers Life and Annuity.
Additional information may be found at: www.citigroup.com.
A financial summary follows. Additional financial, statistical and
business-related information, as well as business and segment trends, is
included in a Financial Supplement. Both the earnings release and the Financial
Supplement are available on Citigroup's web site (http://www.citigroup.com).
This document can also be obtained by calling 1-800-853-1754 within the United
States or 732-935-2771 outside the United States.
Certain statements in this document are "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act. These statements are
based on management's current expectations and are subject to uncertainty and
changes in circumstances. Actual results may differ materially from those
included in these statements due to a variety of factors. More information about
these factors is contained in Citigroup's filings with the Securities and
Exchange Commission.
CONTACTS:
PRESS: LEAH JOHNSON (212) 559-9446
CHRISTINA PRETTO (212) 793-8217
INVESTORS: SHERI PTASHEK (212) 559-2718
FIXED INCOME INVESTORS: JOHN RANDEL (212) 559-5091
4
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CITIGROUP NET INCOME - PRODUCT VIEW
<Table>
<Caption>
FIRST QUARTER
------------------- %
(In Millions of Dollars, except per share data) 2003 2002 Change
- -------------------------------------------------------------------------------------------
GLOBAL CONSUMER
Cards.....................................................$ 735 $ 579 27
Consumer Finance.......................................... 485 530 (8)
Retail Banking............................................ 942 611 54
Other..................................................... (16) (20) 20
-------------------
TOTAL GLOBAL CONSUMER........................................ 2,146 1,700 26
-------------------
GLOBAL CORPORATE AND INVESTMENT BANK
Capital Markets and Banking............................... 1,226 1,110 10
Transaction Services...................................... 197 89 NM
Other..................................................... 8 (23) NM
-------------------
TOTAL GLOBAL CORPORATE AND INVESTMENT BANK................... 1,431 1,176 22
-------------------
PRIVATE CLIENT SERVICES...................................... 157 217 (28)
GLOBAL INVESTMENT MANAGEMENT
Life Insurance and Annuities (LIA)........................ 238 204 17
LIA Realized Insurance Investment Portfolio
Gains / (Losses)........................................ (2) 10 NM
Private Bank.............................................. 125 111 13
Asset Management.......................................... 105 99 6
-------------------
TOTAL GLOBAL INVESTMENT MANAGEMENT........................... 466 424 10
-------------------
PROPRIETARY INVESTMENT ACTIVITIES............................ - 35 (100)
CORPORATE / OTHER............................................ (97) (68) (43)
-------------------
INCOME FROM CONTINUING OPERATIONS............................ 4,103 3,484 18
-------------------
Discontinued Operations, After-tax (A)....................... - 1,406 -
Cumulative Effect of Accounting Change (B)................... - (47) -
-------------------
NET INCOME...................................................$ 4,103 $ 4,843 (15)
===================
DILUTED EARNINGS PER SHARE:
INCOME FROM CONTINUING OPERATIONS............................$ 0.79 $ 0.66 20
NET INCOME...................................................$ 0.79 $ 0.93 (15)
</Table>
(A) Travelers Property Casualty Corp. (TPC) (a wholly-owned subsidiary of
Citigroup on December 31, 2001) sold 231,000,000 shares of its class A
common stock at $18.50 per share in an initial public offering (IPO) on
March 27, 2002. Citigroup made a tax-free distribution to its stockholders
of a portion of its ownership interest in TPC on August 20, 2002.
Discontinued Operations includes the operations of TPC, the $1.270 billion
gain on the IPO ($1.061 billion after-tax recognized in the 2002 first
quarter and $97 million after-tax recognized in the 2002 third quarter) and
income taxes on the operations and IPO gain. Citigroup remains a holder of
approximately 9.9% of TPC's common equity.
(B) Accounting Change refers to the 2002 first quarter adoption of the remaining
provisions of SFAS No. 142, "Goodwill and Other Intangible Assets" (SFAS
142).
NM Not meaningful
Reclassified to conform to the current period's presentation.
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CITIGROUP NET INCOME - REGIONAL VIEW
<Table>
<Caption>
FIRST QUARTER
------------------- %
(In Millions of Dollars) 2003 2002 Change
- -------------------------------------------------------------------------------------------
NORTH AMERICA (EXCLUDING MEXICO) (1)
Consumer..................................................$ 1,442 $ 1,221 18
Corporate................................................. 676 721 (6)
Private Client Services................................... 157 217 (28)
Investment Management..................................... 351 352 -
-------------------
TOTAL NORTH AMERICA (EXCLUDING MEXICO)....................... 2,626 2,511 5
-------------------
MEXICO
Consumer.................................................. 164 46 NM
Corporate................................................. 120 194 (38)
Investment Management..................................... 65 48 35
-------------------
TOTAL MEXICO................................................. 349 288 21
-------------------
EUROPE, MIDDLE EAST AND AFRICA (EMEA)
Consumer.................................................. 167 148 13
Corporate................................................. 252 144 75
Investment Management..................................... (3) (4) 25
-------------------
TOTAL EMEA................................................... 416 288 44
-------------------
JAPAN
Consumer.................................................. 158 227 (30)
Corporate................................................. 32 23 39
Investment Management..................................... 17 15 13
-------------------
TOTAL JAPAN.................................................. 207 265 (22)
-------------------
ASIA (EXCLUDING JAPAN)
Consumer.................................................. 193 158 22
Corporate................................................. 179 193 (7)
Investment Management..................................... 30 27 11
-------------------
TOTAL ASIA (EXCLUDING JAPAN)................................. 402 378 6
-------------------
LATIN AMERICA
Consumer.................................................. 22 (100) NM
Corporate................................................. 172 (99) NM
Investment Management..................................... 6 (14) NM
-------------------
TOTAL LATIN AMERICA.......................................... 200 (213) NM
-------------------
PROPRIETARY INVESTMENT ACTIVITIES............................ - 35 (100)
CORPORATE / OTHER............................................ (97) (68) (43)
-------------------
INCOME FROM CONTINUING OPERATIONS............................$ 4,103 $ 3,484 18
Discontinued Operations, After-tax (A)....................... - 1,406 -
Cumulative Effect of Accounting Changes (B).................. - (47) -
-------------------
NET INCOME...................................................$ 4,103 $ 4,843 (15)
===================
</Table>
(1) Excludes Proprietary Investment Activities and Corporate / Other.
NM Not meaningful
Reclassified to conform to the current period's presentation.
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CITIGROUP SEGMENT REVENUE - PRODUCT VIEW
<Table>
<Caption>
FIRST QUARTER
------------------- %
(In Millions of Dollars) 2003 2002 Change
- -------------------------------------------------------------------------------------------
GLOBAL CONSUMER
Cards.....................................................$ 3,333 $ 3,121 7
Consumer Finance.......................................... 2,532 2,332 9
Retail Banking............................................ 3,642 3,172 15
Other..................................................... 81 50 62
-------------------
TOTAL GLOBAL CONSUMER........................................ 9,588 8,675 11
-------------------
GLOBAL CORPORATE AND INVESTMENT BANK
Capital Markets and Banking............................... 4,499 4,729 (5)
Transaction Services...................................... 913 857 7
Other..................................................... (10) (99) 90
-------------------
TOTAL GLOBAL CORPORATE AND INVESTMENT BANK................... 5,402 5,487 (2)
-------------------
PRIVATE CLIENT SERVICES...................................... 1,327 1,507 (12)
GLOBAL INVESTMENT MANAGEMENT
Life Insurance and Annuities (LIA)........................ 1,133 1,018 11
Private Bank.............................................. 461 423 9
Asset Management.......................................... 400 470 (15)
-------------------
TOTAL GLOBAL INVESTMENT MANAGEMENT........................... 1,994 1,911 4
-------------------
PROPRIETARY INVESTMENT ACTIVITIES............................ 94 111 (15)
CORPORATE / OTHER............................................ 131 107 22
-------------------
TOTAL REVENUES, NET OF INTEREST EXPENSE......................$ 18,536 $ 17,798 4
===================
</Table>
Reclassified to conform to the current period's presentation.