UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) October 13, 2023
Citigroup Inc.
(Exact name of registrant as specified in its charter)
Delaware |
1-9924 |
52-1568099 |
(State or other jurisdiction |
(Commission |
(IRS Employer |
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388 Greenwich Street, New York, (Address of principal executive offices) |
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10013 |
(212) 559-1000
(Registrant's telephone number,
including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 formatted in Inline XBRL: See Exhibit 99.3
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
CITIGROUP INC.
Current Report on Form 8-K
Item 2.02 Results of Operations and Financial Condition.
On October 13, 2023, Citigroup Inc. announced its results for the quarter ended September 30, 2023. A copy of the related press release, filed as Exhibit 99.1 to this Form 8-K, is incorporated herein by reference in its entirety and shall be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, as amended (the Act).
In addition, a copy of the Citigroup Inc. Quarterly Financial Data Supplement for the quarter ended September 30, 2023 is being furnished as Exhibit 99.2 to this Form 8-K and shall not be deemed to be “filed” for purposes of Section 18 of the Act or otherwise subject to the liabilities of that section.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number |
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99.1 |
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99.2 |
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Citigroup Inc. Quarterly Financial Data Supplement for the quarter ended September 30, 2023. |
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99.3 |
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104.1 |
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See the cover page of this Current Report on Form 8-K, formatted in Inline XBRL. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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CITIGROUP INC. |
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Dated: October 13, 2023 |
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By: |
/s/ Johnbull E. Okpara |
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Johnbull E. Okpara |
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Controller and Chief Accounting Officer |
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(Principal Accounting Officer) |
Exhibit 99.1
For Immediate Release Citigroup Inc. (NYSE: C) October 13, 2023 |
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THIRD QUARTER 2023 RESULTS AND KEY METRICS |
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Citi CEO Jane Fraser said, “Despite the headwinds, our five core, interconnected businesses each posted revenue growth resulting in overall growth of 9%. Services, our fastest growing business, grew by 13% with Treasury and Trade Solutions having its best quarter in a decade. Markets was up 10% driven by strength in Fixed Income. Banking activity played to our mix and grew 17%, bolstered by a rebound in debt issuance and some signs of life in the equity capital markets. U.S. Personal Banking also had double-digit revenue growth while a continued deceleration in spending indicates an increasingly cautious consumer. And Wealth revenues grew as the business continues to win new mandates and acquire new clients. “Our CET1 ratio grew to 13.5% which is $14 billion above our current regulatory minimum after returning $1.5 billion to our shareholders through common dividends and share repurchases. Our discipline of growing operating deposits has enabled us to maintain a stable deposit base. Taken with our high-quality asset portfolio, strong reserve levels, ample liquidity and diversified earnings base, we are proving to our clients that we truly are a bank for all seasons. “Last month we announced consequential changes that align our organizational structure with our strategy and changes how we run the bank. When completed, we will have a simpler firm that can operate faster, better serve our clients and unlock value for our shareholders,” Ms. Fraser concluded. |
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RETURNED $1.5 BILLION IN THE FORM OF DIVIDENDS AND REPURCHASES PAYOUT RATIO OF 48%(3) BOOK VALUE PER SHARE OF $99.28 TANGIBLE BOOK VALUE PER SHARE OF $86.90(4) New York, October 13, 2023 – Citigroup Inc. today reported net income for the third quarter 2023 of $3.5 billion, or $1.63 per diluted share, on revenues of $20.1 billion. This compares to net income of $3.5 billion, or $1.63 per diluted share, on revenues of $18.5 billion for the third quarter 2022. Revenues increased 9% from the prior-year period, largely driven by strength across Services and Markets in Institutional Clients Group (ICG) and US Personal Banking within Personal Banking and Wealth Management (PBWM), as well as modest growth in Banking in ICG. This increase was partially offset by a revenue reduction from the closed exits and wind-downs within Legacy Franchises. Third quarter results included divestiture-related impacts of $299 million(5) in earnings before taxes ($214 million after-tax), primarily driven by a gain on the sale of the Taiwan consumer business, recorded in Legacy Franchises. Excluding these divestiture-related impacts, earnings per share was $1.52(5). This compares to divestiture-related impacts in the third quarter 2022 of $519 million(5) in earnings before taxes ($256 million after-tax), also recorded in Legacy Franchises, and earnings per share of $1.50, excluding divestiture-related impacts(5). Net income of $3.5 billion increased 2% from the prior-year period. Excluding divestiture-related impacts(5), net income increased 3%. The increase in net income was primarily driven by the higher revenue, partially offset by higher expenses and higher cost of credit. |
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1
Percentage comparisons throughout this press release are calculated for the third quarter 2023 versus the third quarter 2022, unless otherwise specified.
Third Quarter Financial Results
Citigroup |
|
3Q’23 |
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2Q'23 |
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3Q'22 |
|
QoQ% |
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YoY% |
|||
Institutional Clients Group |
|
$ |
10,644 |
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$ |
10,441 |
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$ |
9,468 |
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2% |
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12% |
Personal Banking and Wealth Management |
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6,778 |
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6,395 |
|
|
6,187 |
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6% |
|
10% |
Legacy Franchises |
|
|
2,217 |
|
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1,923 |
|
|
2,554 |
|
15% |
|
(13)% |
Corporate / Other |
|
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500 |
|
|
677 |
|
|
299 |
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(26)% |
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67% |
Total revenues, net of interest expense |
|
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20,139 |
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19,436 |
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18,508 |
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4% |
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9% |
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Total operating expenses |
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13,511 |
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13,570 |
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12,749 |
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- |
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6% |
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Net credit losses |
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1,637 |
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1,504 |
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887 |
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9% |
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85% |
Net ACL build / (release)(a) |
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125 |
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161 |
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370 |
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(22)% |
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(66)% |
Other provisions(b) |
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78 |
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159 |
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108 |
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(51)% |
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(28)% |
Total cost of credit |
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1,840 |
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1,824 |
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1,365 |
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1% |
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35% |
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Income from continuing operations before income taxes |
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4,788 |
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4,042 |
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4,394 |
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18% |
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9% |
Provision for income taxes |
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1,203 |
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1,090 |
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879 |
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10% |
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37% |
Income from continuing operations |
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3,585 |
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2,952 |
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3,515 |
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21% |
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2% |
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Income (loss) from discontinued operations, net of taxes |
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2 |
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(1) |
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(6) |
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NM |
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NM |
Net income attributable to non-controlling interest |
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41 |
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36 |
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30 |
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14% |
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37% |
Citigroup's net income |
|
$ |
3,546 |
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$ |
2,915 |
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$ |
3,479 |
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22% |
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2% |
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Income (loss) from continuing operations, net of taxes |
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Institutional Clients Group |
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2,465 |
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2,219 |
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2,186 |
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11% |
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13% |
Personal Banking and Wealth Management |
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803 |
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494 |
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792 |
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63% |
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1% |
Legacy Franchises |
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127 |
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(122) |
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316 |
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NM |
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(60)% |
Corporate / Other |
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190 |
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361 |
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221 |
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(47)% |
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(14)% |
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EOP loans ($B) |
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666 |
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661 |
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646 |
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1% |
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3% |
EOP assets ($B) |
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2,368 |
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2,424 |
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2,381 |
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(2)% |
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(1)% |
EOP deposits ($B) |
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1,274 |
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1,320 |
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1,307 |
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(4)% |
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(3)% |
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Book value per share |
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$ |
99.28 |
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$ |
97.87 |
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$ |
92.71 |
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1% |
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7% |
Tangible book value per share(4) |
|
$ |
86.90 |
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$ |
85.34 |
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$ |
80.34 |
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2% |
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8% |
Common Equity Tier 1 (CET1) Capital ratio(2) |
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13.5% |
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13.4% |
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12.3% |
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Supplementary Leverage ratio (SLR)(2) |
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6.0% |
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6.0% |
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5.7% |
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Return on average common equity |
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6.7% |
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5.6% |
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7.1% |
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Return on average tangible common equity (RoTCE)(1) |
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7.7% |
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6.4% |
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8.2% |
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|
Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.
(a) Includes credit reserve build / (release) for loans and provision for credit losses on unfunded lending commitments.
(b) Includes provisions for policyholder benefits and claims, HTM debt securities and other assets.
Citigroup
Citigroup revenues of $20.1 billion in the third quarter 2023 increased 9%. The higher revenues reflected strength across Services, US Personal Banking and Markets, as well as modest growth in Banking, which was offset by the revenue reduction from the closed exits and wind-downs.
Citigroup operating expenses of $13.5 billion in the third quarter 2023 increased 6%, largely driven by investments in risk and controls, severance and the impact of inflation. The expense increase was partially offset by productivity savings and expense reductions from the closed exits and wind-downs.
Citigroup cost of credit was approximately $1.8 billion in the third quarter 2023, compared to $1.4 billion in the prior-year period, primarily driven by the continued normalization in net credit losses and volume growth in cards in PBWM. A net build in the allowance for credit losses (ACL) for loans and unfunded commitments of $125 million was primarily driven by Branded Cards and Retail Services, largely related to growth in card balances.
2
Citigroup net income of $3.5 billion in the third quarter 2023 increased 2% from the prior-year period, primarily driven by the higher revenues, partially offset by the higher expenses and the higher cost of credit. Citigroup’s effective tax rate increased to approximately 25% in the current quarter versus 20% in the third quarter 2022, primarily driven by a different geographic mix of pre-tax earnings in the current quarter.
Citigroup’s total allowance for credit losses on loans was approximately $17.6 billion at quarter end, compared to $16.3 billion at the end of the prior-year period, with a reserve-to-funded loans ratio of 2.68%, compared to 2.54% at the end of the prior-year period. Total non-accrual loans increased 14% from the prior-year period to $3.3 billion. Corporate non-accrual loans increased 33% to $2.0 billion. Consumer non-accrual loans decreased (7)% to $1.3 billion.
Citigroup’s end-of-period loans were $666 billion at quarter end, up 3% versus the prior-year period, largely reflecting growth in US Personal Banking.
Citigroup’s end-of-period deposits were approximately $1.3 trillion at quarter end, down (3)% versus the prior-year period. The decline in deposits was largely due to a reduction in Services, reflecting quantitative tightening, a shift of deposits to higher-yielding investments in Global Wealth Management and a reduction of institutional certificates of deposit in Corporate/Other.
Citigroup’s book value per share of $99.28 and tangible book value per share of $86.90 at quarter end increased 7% and 8%, respectively, versus the prior-year period. The increases were largely driven by net income to common, common share repurchases, and beneficial movements in the accumulated other comprehensive income (AOCI) component of equity, partially offset by payment of common dividends. At quarter end, Citigroup’s CET1 Capital ratio was 13.5% versus 13.4% in the prior quarter, as net income to common, a benefit from the Taiwan consumer exit and a lower deferred tax assets deduction were partially offset by the impacts of growth in risk-weighted assets, common dividends and share repurchases. Citigroup’s Supplementary Leverage ratio for the third quarter 2023 was 6.0%, which was largely unchanged from the prior quarter. During the quarter, Citigroup returned a total of $1.5 billion to common shareholders in the form of dividends and repurchases.
3
Institutional Clients Group |
|
3Q'23 |
|
2Q'23 |
|
3Q'22 |
|
QoQ% |
|
YoY% |
|||
Treasury and Trade Solutions |
|
|
3,591 |
|
|
3,510 |
|
|
3,208 |
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2% |
|
12% |
Securities Services |
|
|
1,124 |
|
|
1,145 |
|
|
969 |
|
(2)% |
|
16% |
Total Services revenues |
|
|
4,715 |
|
|
4,655 |
|
|
4,177 |
|
1% |
|
13% |
Fixed Income Markets |
|
|
3,562 |
|
|
3,529 |
|
|
3,122 |
|
1% |
|
14% |
Equity Markets |
|
|
918 |
|
|
1,090 |
|
|
946 |
|
(16)% |
|
(3)% |
Total Markets revenues |
|
|
4,480 |
|
|
4,619 |
|
|
4,068 |
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(3)% |
|
10% |
Investment Banking |
|
|
844 |
|
|
612 |
|
|
631 |
|
38% |
|
34% |
Corporate Lending(a) |
|
|
652 |
|
|
621 |
|
|
648 |
|
5% |
|
1% |
Total Banking revenues(a) |
|
|
1,496 |
|
|
1,233 |
|
|
1,279 |
|
21% |
|
17% |
Product revenues, net of interest expense(a) |
|
|
10,691 |
|
|
10,507 |
|
|
9,524 |
|
2% |
|
12% |
Gain / (loss) on loan hedges(6) |
|
|
(47) |
|
|
(66) |
|
|
(56) |
|
29% |
|
16% |
Total revenues, net of interest expense |
|
|
10,644 |
|
|
10,441 |
|
|
9,468 |
|
2% |
|
12% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
7,179 |
|
|
7,286 |
|
|
6,541 |
|
(1)% |
|
10% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net credit losses |
|
|
51 |
|
|
73 |
|
|
- |
|
(30)% |
|
NM |
Net ACL build / (release)(b) |
|
|
61 |
|
|
(238) |
|
|
16 |
|
NM |
|
NM |
Other provisions(c) |
|
|
84 |
|
|
223 |
|
|
70 |
|
(62)% |
|
20% |
Total cost of credit |
|
|
196 |
|
|
58 |
|
|
86 |
|
NM |
|
NM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
2,429 |
|
$ |
2,190 |
|
$ |
2,162 |
|
11% |
|
12% |
|
|
|
|
|
|
|
|
|
|
|
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Services Key Drivers |
|
|
|
|
|
|
|
|
|
|
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Cross border transaction value ($B) |
|
|
88 |
|
|
88 |
|
|
76 |
|
- |
|
16% |
Commercial card spend volume ($B) |
|
|
17 |
|
|
17 |
|
|
16 |
|
(2)% |
|
8% |
US dollar clearing volume (#MM) |
|
|
40 |
|
|
39 |
|
|
38 |
|
3% |
|
6% |
Assets under custody and/or administration (AUC/AUA) ($T) |
|
|
23 |
|
|
24 |
|
|
21 |
|
(3)% |
|
10% |
Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.
(a) Excludes gain / (loss) on credit derivatives as well as the mark-to-market on loans at fair value. For additional information, please refer to Footnote 6.
(b) Includes credit reserve build / (release) for loans and provision for credit losses on unfunded lending commitments.
(c) Includes provisions for HTM debt securities and other assets.
Institutional Clients Group
ICG revenues of $10.6 billion were up 12% (including gain/(loss) on loan hedges(6)), driven by growth across Services, Markets and Banking, partially offset by an approximately $180 million impact from a currency devaluation in Argentina on Citi’s net investment in the country.
Services revenues of $4.7 billion increased 13%. TTS revenues of $3.6 billion increased 12%, driven by 17% growth in net interest income, as well as 1% growth in non-interest revenue. The increase in net interest income was primarily driven by higher interest rates and deposit volume growth. The increase in non-interest revenue was driven by continued growth in underlying drivers, largely offset by the impact from the currency devaluation in Argentina on our net investment in the country. Securities Services revenues of $1.1 billion increased 16%, driven by higher net interest income across currencies.
Markets revenues of $4.5 billion increased 10%, driven by Fixed Income. Fixed Income revenues of $3.6 billion increased 14%, largely driven by strength in rates and currencies. Equity revenues of $918 million were down (3)%, driven by a decline in equity derivatives, partially offset by growth in cash and prime.
Banking revenues of $1.4 billion increased 18%, including gain/(loss) on loan hedges in the current quarter and the prior-year period. Excluding gain/(loss) on loan hedges(6), Banking revenues of $1.5 billion increased 17%, driven by higher revenues in Investment Banking. Investment Banking revenues of $844 million increased 34%, reflecting increased client activity in debt underwriting and the absence of realized and unrealized losses. Excluding the impact of these marks(7), Investment Banking revenues increased 12% versus the prior-year period. Excluding gain/(loss) on loan hedges(6), Corporate Lending revenues were up 1% versus the prior-year period.
ICG operating expenses of $7.2 billion increased 10%, primarily driven by continued investments in risk and controls, volume related expenses, partially offset by productivity savings.
4
ICG cost of credit of $196 million, compared to $86 million in the prior-year period, included net credit losses of $51 million, an ACL build for loans and unfunded commitments of $61 million and other provisions of $84 million.
ICG net income of $2.4 billion increased 12%, driven by the higher revenues, partially offset by the higher expenses and the
higher cost of credit.
Personal Banking and Wealth Management |
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3Q'23 |
|
2Q'23 |
|
3Q'22 |
|
QoQ% |
|
YoY% |
|||
Branded Cards |
|
$ |
2,538 |
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$ |
2,352 |
|
$ |
2,258 |
|
8% |
|
12% |
Retail Services |
|
|
1,731 |
|
|
1,646 |
|
|
1,431 |
|
5% |
|
21% |
Retail Banking |
|
|
624 |
|
|
594 |
|
|
642 |
|
5% |
|
(3)% |
Total US Personal Banking revenues |
|
|
4,893 |
|
|
4,592 |
|
|
4,331 |
|
7% |
|
13% |
Private Bank |
|
|
640 |
|
|
605 |
|
|
649 |
|
6% |
|
(1)% |
Wealth at Work |
|
|
234 |
|
|
224 |
|
|
182 |
|
4% |
|
29% |
Citigold |
|
|
1,011 |
|
|
974 |
|
|
1,025 |
|
4% |
|
(1)% |
Total Global Wealth Management revenues |
|
|
1,885 |
|
|
1,803 |
|
|
1,856 |
|
5% |
|
2% |
Total revenues, net of interest expense |
|
|
6,778 |
|
|
6,395 |
|
|
6,187 |
|
6% |
|
10% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
4,301 |
|
|
4,204 |
|
|
4,077 |
|
2% |
|
5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net credit losses |
|
|
1,367 |
|
|
1,241 |
|
|
723 |
|
10% |
|
89% |
Net ACL build / (release)(a) |
|
|
86 |
|
|
335 |
|
|
379 |
|
(74)% |
|
(77)% |
Other provisions(b) |
|
|
4 |
|
|
3 |
|
|
7 |
|
33% |
|
(43)% |
Total cost of credit |
|
|
1,457 |
|
|
1,579 |
|
|
1,109 |
|
(8)% |
|
31% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
803 |
|
$ |
494 |
|
$ |
792 |
|
63% |
|
1% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Key Indicators ($B) |
|
|
|
|
|
|
|
|
|
|
|
|
|
US Personal Banking average loans |
|
|
196 |
|
|
189 |
|
|
174 |
|
4% |
|
13% |
US Personal Banking average deposits |
|
|
110 |
|
|
113 |
|
|
115 |
|
(3)% |
|
(4)% |
US cards average loans |
|
|
153 |
|
|
149 |
|
|
138 |
|
3% |
|
11% |
US credit card spend volume(c) |
|
|
149 |
|
|
152 |
|
|
145 |
|
(2)% |
|
2% |
Global Wealth Management client assets |
|
|
756 |
|
|
764 |
|
|
708 |
|
(1)% |
|
7% |
Global Wealth Management average loans |
|
|
151 |
|
|
150 |
|
|
151 |
|
1% |
|
- |
Global Wealth Management average deposits |
|
|
311 |
|
|
318 |
|
|
313 |
|
(2)% |
|
(1)% |
Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.
(a) Includes credit reserve build / (release) for loans and provision for credit losses on unfunded lending commitments.
(b) Includes provisions for policyholder benefits and claims and other assets.
(c) Credit card spend volume was previously referred to as card purchase sales.
Personal Banking and Wealth Management
PBWM revenues of $6.8 billion increased 10%, driven by growth in net interest income, reflecting strong loan growth in US Personal Banking, as well as higher non-interest revenue, primarily due to lower partner payments in Retail Services and higher investment product revenues in Global Wealth Management.
US Personal Banking revenues of $4.9 billion increased 13%. Branded Cards revenues of $2.5 billion increased 12%, primarily driven by the higher net interest income, reflecting the strong loan growth. Retail Services revenues of $1.7 billion increased 21%, primarily driven by the higher net interest income from loan growth, as well as the lower partner payments. Retail Banking revenues of $624 million decreased (3)%, largely driven by the transfer of relationships and the associated deposits to Global Wealth Management, partially offset by the strength in deposit spreads.
Global Wealth Management revenues of $1.9 billion increased 2%, largely driven by the transfer of relationships from Retail Banking, higher investment fees and higher lending revenue.
PBWM operating expenses of $4.3 billion increased 5%, largely driven by investments in risk and controls and severance, partially offset by productivity savings.
5
PBWM cost of credit was $1.5 billion, compared to $1.1 billion in the prior-year period. The increase was largely driven by higher net credit losses of $1.4 billion, reflecting continued normalization in Branded Cards and Retail Services.
PBWM net income of $803 million increased 1%, driven by the higher revenue, largely offset by the higher cost of credit and the higher expenses.
Legacy Franchises |
|
3Q'23 |
|
2Q'23 |
|
3Q'22 |
|
QoQ% |
|
YoY% |
|||
Asia Consumer |
|
$ |
672 |
|
$ |
454 |
|
$ |
1,372 |
|
48% |
|
(51)% |
Mexico Consumer/SBMM(a) |
|
|
1,552 |
|
|
1,449 |
|
|
1,173 |
|
7% |
|
32% |
Legacy Holdings Assets |
|
|
(7) |
|
|
20 |
|
|
9 |
|
NM |
|
NM |
Total Legacy revenues, net of interest expense |
|
|
2,217 |
|
|
1,923 |
|
|
2,554 |
|
15% |
|
(13)% |
|
|
|
|
|
|
|
|
|
|
|
|||
Total operating expenses |
|
|
1,794 |
|
|
1,778 |
|
|
1,845 |
|
1% |
|
(3)% |
|
|
|
|
|
|
|
|
|
|
|
|||
Net credit losses |
|
|
219 |
|
|
190 |
|
|
164 |
|
15% |
|
34% |
Net ACL build / (release)(b) |
|
|
(22) |
|
|
64 |
|
|
(25) |
|
NM |
|
12% |
Other provisions(c) |
|
|
(9) |
|
|
46 |
|
|
28 |
|
NM |
|
NM |
Total cost of credit |
|
|
188 |
|
|
300 |
|
|
167 |
|
(37)% |
|
13% |
|
|
|
|
|
|
|
|
|
|
|
|||
Net income (loss) |
|
$ |
125 |
|
$ |
(125) |
|
$ |
316 |
|
NM |
|
(60)% |
|
|
|
|
|
|
|
|
|
|
|
|||
Key Indicators ($B) |
|
|
|
|
|
|
|
|
|
|
|
||
Asia Consumer EOP loans |
|
|
8 |
|
|
9 |
|
|
13 |
|
(12)% |
|
(40)% |
Asia Consumer EOP deposits |
|
|
11 |
|
|
12 |
|
|
15 |
|
(11)% |
|
(26)% |
Mexico Consumer/SBMM EOP loans(a) |
|
|
26 |
|
|
26 |
|
|
21 |
|
- |
|
26% |
Mexico Consumer/SBMM EOP deposits(a) |
|
|
40 |
|
|
41 |
|
|
36 |
|
(2)% |
|
12% |
Legacy Holdings EOP loans |
|
|
3 |
|
|
3 |
|
|
3 |
|
(7)% |
|
(22)% |
Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information.
(a) SBMM refers to Small Business & Middle Market Banking.
(b) Includes credit reserve build / (release) for loans and provision for credit losses on unfunded lending commitments.
(c) Includes provisions for policyholder benefits and claims, HTM debt securities and other assets.
Legacy Franchises
Legacy Franchises revenues of $2.2 billion decreased (13)%, largely driven by the difference in one-time gain on sale impacts in the Asia consumer businesses and reductions from closed exits and wind-downs, partially offset by higher revenues in Mexico, reflecting Mexico peso appreciation, higher interest rates and volume growth.
Legacy Franchises expenses of $1.8 billion decreased (3)%, primarily driven by the closed exits and wind-downs, partially offset by separation costs in Mexico and the Mexican peso appreciation.
Legacy Franchises cost of credit was $188 million, compared to $167 million in the prior-year period, reflecting net credit losses of $219 million, partially offset by a net ACL release for loans and unfunded commitments.
Legacy Franchises net income was $125 million, compared to $316 million in the prior-year period, primarily reflecting the lower revenues and the higher cost of credit, partially offset by the lower expenses.
6
Corporate / Other |
|
3Q'23 |
|
2Q'23 |
|
3Q'22 |
|
QoQ% |
|
YoY% |
|||
Revenues, net of interest expense |
|
$ |
500 |
|
$ |
677 |
|
$ |
299 |
|
(26)% |
|
67% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
237 |
|
302 |
|
|
286 |
|
(22)% |
|
(17)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total cost of credit(a) |
|
|
(1) |
|
(113) |
|
|
3 |
|
99% |
|
NM |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from continuing operations |
|
|
190 |
|
361 |
|
|
221 |
|
(47)% |
|
(14)% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
189 |
|
$ |
356 |
|
$ |
209 |
|
(47)% |
|
(10)% |
(a) Includes provisions for HTM debt securities and other assets.
Corporate / Other
Corporate / Other revenues increased to $500 million from $299 million in the prior-year period, largely driven by the absence of the mark-to-market impacts on certain derivative transactions in the prior-year period.
Corporate / Other expenses of $237 million decreased from $286 million in the prior-year period, primarily driven by lower consulting fees.
Corporate / Other income from continuing operations was $190 million, compared to $221 million in the prior-year period, reflecting the higher net revenue, lower expenses and the absence of certain income tax benefit items related to non-U.S. operations in the prior-year period.
7
Citigroup will host a conference call today at 11:00 AM (ET). A live webcast of the presentation, as well as financial results and presentation materials, will be available at https://www.citigroup.com/global/investors. The live webcast of the presentation can also be accessed at https://www.veracast.com/webcasts/citigroup/webinars/Citi3Q2023.cfm.
Additional financial, statistical and business-related information, as well as business and segment trends, is included in a Quarterly Financial Data Supplement. Both this earnings release and Citigroup’s Third Quarter 2023 Quarterly Financial Data Supplement are available on Citigroup’s website at www.citigroup.com.
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in nearly 160 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
Additional information may be found at www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi | Blog: http://blog.citigroup.com | Facebook: www.facebook.com/citi | LinkedIn: www.linkedin.com/company/citi
Certain statements in this release are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. These statements are not guarantees of future results or occurrences. Actual results and capital and other financial condition may differ materially from those included in these statements due to a variety of factors. These factors include, among others: Citi’s ability to achieve its objectives, including expense savings, from its transformation and strategic and other initiatives, which include the divestiture of Citi’s consumer, small business and middle-market operations in Mexico and other exits and wind-downs, all of which involve significant execution uncertainty and complexity and will result in continued higher expenses and may result in certain losses or other negative financial or strategic impacts; a potential U.S. federal government shutdown and the resulting impacts; continued elevated interest rates and the impacts on macroeconomic conditions, customer and client behavior, as well as Citi’s funding costs; potential recessions in the U.S., Europe and other countries; revisions to the Basel III rules, including the recently issued notice of proposed rulemaking, known as the Basel III Endgame, related to regulatory capital requirements; continued elevated levels of inflation and its impacts; potential increased regulatory requirements and costs, such as the FDIC’s recently issued notice of proposed rulemaking for a special assessment to recover the uninsured deposit losses from recent bank failures; the various uncertainties and impacts related to or resulting from Russia’s war in Ukraine; and the precautionary statements included in this release. These factors also consist of those contained in Citigroup’s filings with the U.S. Securities Exchange and Commission, including without limitation the “Risk Factors” section of Citigroup’s 2022 Form 10-K. Any forward-looking statements made by or on behalf of Citigroup speak only as to the date they are made, and Citi does not undertake to update forward-looking statements to reflect the impact of circumstances or events that arise after the date the forward-looking statements were made.
Contacts:
Investors: Jennifer Landis (212) 559-2718
Press: Danielle Romero-Apsilos (212) 816-2264
8
Appendix A
Citigroup |
|
|
|
Net Income |
|
$3,546 |
|
Less: Preferred Dividends |
|
333 |
|
Net Income to Common Shareholders |
|
$3,213 |
|
|
|
|
|
Common Share Repurchases |
|
500 |
|
Common Dividends |
|
1,038 |
|
Total Capital Returned to Common Shareholders |
|
$1,538 |
|
|
|
|
|
Payout Ratio |
|
48% |
|
|
|
|
|
Average TCE |
|
$165,327 |
|
|
|
|
|
RoTCE |
|
7.7% |
|
Appendix B(5)
Citigroup |
|
3Q'23 |
|
3Q'22 |
|
YoY |
||
Total Citigroup Net Income - As Reported |
|
$ |
3,546 |
|
$ |
3,479 |
|
2% |
Less: |
|
|
|
|
|
|
||
Total Divestiture Impact on Revenue |
|
|
396 |
|
|
614 |
|
|
Total Divestiture Impact on Operating Expenses |
|
|
114 |
|
|
107 |
|
|
Total Divestiture Impact on Cost of Credit |
|
|
(17) |
|
|
(12) |
|
|
Total Divestiture Impact on Taxes |
|
|
85 |
|
|
263 |
|
|
Total Citigroup Net Income, Excluding Divestiture Impacts |
|
$ |
3,332 |
|
$ |
3,223 |
|
3% |
|
|
|
|
|
||||
Citigroup Diluted EPS - As Reported |
|
$ |
1.63 |
|
$ |
1.63 |
|
|
Less: |
|
|
|
|
|
|
||
Total Divestiture Impact on Citigroup Diluted EPS |
|
$ |
0.11 |
|
$ |
0.13 |
|
|
Citigroup Diluted EPS, Excluding Divestiture Impacts |
|
$ |
1.52 |
|
$ |
1.50 |
|
|
9
Appendix C
($ in millions) |
|
3Q'23(1) |
|
2Q'23 |
|
3Q'22 |
|||
|
|
|
|
|
|
|
|||
Citigroup Common Stockholders' Equity(2) |
|
$ |
190,134 |
|
$ |
188,610 |
|
$ |
179,696 |
Add: Qualifying noncontrolling interests |
|
|
193 |
|
|
209 |
|
|
113 |
Regulatory Capital Adjustments and Deductions: |
|
|
|
|
|
|
|
|
|
Add: CECL transition provision(3) |
|
|
1,514 |
|
|
1,514 |
|
|
2,271 |
Less: |
|
|
|
|
|
|
|
|
|
Accumulated net unrealized gains (losses) on cash flow hedges, net of tax |
|
|
(1,259) |
|
|
(1,990) |
|
|
(2,869) |
Cumulative unrealized net gain (loss) related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax |
|
|
625 |
|
|
307 |
|
|
3,211 |
Intangible Assets: |
|
|
|
|
|
|
|
|
|
Goodwill, net of related deferred tax liabilities (DTLs)(4) |
|
|
18,552 |
|
|
18,933 |
|
|
18,796 |
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs |
|
|
3,444 |
|
|
3,531 |
|
|
3,492 |
Defined benefit pension plan net assets; other |
|
|
1,340 |
|
|
2,020 |
|
|
1,932 |
Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards(5) |
|
|
11,219 |
|
|
11,461 |
|
|
11,690 |
Excess over 10% / 15% limitations for other DTAs, certain common stock investments, and MSRs(5)(6) |
|
|
1,786 |
|
|
1,828 |
|
|
1,261 |
Common Equity Tier 1 Capital (CET1) |
|
$ |
156,134 |
|
$ |
154,243 |
|
$ |
144,567 |
|
|
|
|
|
|
|
|
|
|
Risk-Weighted Assets (RWA)(3) |
|
$ |
1,152,735 |
|
$ |
1,153,450 |
|
$ |
1,179,657 |
|
|
|
|
|
|
|
|
|
|
Common Equity Tier 1 Capital Ratio (CET1 / RWA)(3) |
|
|
13.5% |
|
|
13.4% |
|
|
12.3% |
Note: Citi’s binding CET1 Capital ratios were derived under the Basel III Standardized Approach for all periods reflected.
(1) | Preliminary. |
(2) | Excludes issuance costs related to outstanding preferred stock in accordance with Federal Reserve Board regulatory reporting requirements. |
(3) | Please refer to Footnote 2 at the end of this press release for additional information. |
(4) | Includes goodwill “embedded” in the valuation of significant common stock investments in unconsolidated financial institutions. |
(5) | 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. |
(6) | 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. |
Appendix D
($ in millions) |
|
3Q'23(1) |
|
2Q'23 |
|
3Q'22 |
|||
|
|
|
|
|
|
|
|||
Common Equity Tier 1 Capital (CET1)(2) |
|
$ |
156,134 |
|
$ |
154,243 |
|
$ |
144,567 |
|
|
|
|
|
|
|
|
|
|
Additional Tier 1 Capital (AT1)(3) |
|
|
20,744 |
|
|
21,500 |
|
|
20,263 |
|
|
|
|
|
|
|
|
|
|
Total Tier 1 Capital (T1C) (CET1 + AT1) |
|
$ |
176,878 |
|
$ |
175,743 |
|
$ |
164,830 |
|
|
|
|
|
|
|
|
|
|
Total Leverage Exposure (TLE)(2) |
|
$ |
2,928,295 |
|
$ |
2,943,546 |
|
$ |
2,888,535 |
|
|
|
|
|
|
|
|
|
|
Supplementary Leverage Ratio (T1C / TLE) |
|
|
6.0% |
|
|
6.0% |
|
|
5.7% |
(1) | Preliminary. |
(2) | Please refer to Footnote 2 at the end of this press release for additional information. |
(3) | Additional Tier 1 Capital primarily includes qualifying noncumulative perpetual preferred stock and qualifying trust preferred securities. |
Appendix E
($ and shares in millions, except per share amounts) |
|
3Q'23(1) |
|
2Q'23 |
|
3Q'22 |
|||
|
|
|
|
|
|
||||
Common Stockholders' Equity |
|
$ |
190,008 |
|
$ |
188,474 |
|
$ |
179,565 |
Less: |
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
19,829 |
|
|
19,998 |
|
|
19,326 |
Intangible Assets (other than MSRs) |
|
|
3,811 |
|
|
3,895 |
|
|
3,838 |
Goodwill and Identifiable Intangible Assets (other than MSRs) Related to Assets Held-for-Sale |
|
|
49 |
|
|
246 |
|
|
794 |
Tangible Common Equity (TCE) |
|
$ |
166,319 |
|
$ |
164,335 |
|
$ |
155,607 |
|
|
|
|
|
|
|
|
|
|
Common Shares Outstanding (CSO) |
|
|
1,913.9 |
|
|
1,925.7 |
|
|
1,936.9 |
|
|
|
|
|
|
|
|
|
|
Tangible Book Value Per Share |
|
$ |
86.90 |
|
$ |
85.34 |
|
$ |
80.34 |
(1) |
Preliminary. |
10
Appendix F
($ and shares in millions, except per share amounts) |
|
3Q'23 |
|
2Q'23 |
|
3Q'22 |
|
% Δ QoQ |
|
% Δ YoY |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||
Total Banking Revenues - As Reported |
|
$ |
1,449 |
|
$ |
1,167 |
|
$ |
1,223 |
|
24% |
|
18% |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain/(loss) on loan hedges(6) |
|
$ |
(47) |
|
$ |
(66) |
|
$ |
(56) |
|
29% |
|
16% |
|
Total Banking Revenues - Excluding Gain/(loss) on loan hedges |
|
$ |
1,496 |
|
$ |
1,233 |
|
$ |
1,279 |
|
21% |
|
17% |
|
Appendix G
($ and shares in millions, except per share amounts) |
|
3Q'23 |
|
2Q'23 |
|
3Q'22 |
|
% Δ QoQ |
|
% Δ YoY |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||
Banking Corporate Lending Revenues - As Reported |
|
$ |
605 |
|
$ |
555 |
|
$ |
592 |
|
9% |
|
2% |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain/(loss) on loan hedges(6) |
|
$ |
(47) |
|
$ |
(66) |
|
$ |
(56) |
|
29% |
|
16% |
|
Banking Corporate Lending Revenues - Excluding Gain/(loss) on loan hedges |
|
$ |
652 |
|
$ |
621 |
|
$ |
648 |
|
5% |
|
1% |
|
Appendix H(7)
($ and shares in millions, except per share amounts) |
|
3Q'23 |
|
2Q'23 |
|
3Q'22 |
|
% Δ YoY |
|
|||
|
|
|
|
|
|
|
|
|
|
|||
ICG Banking - Investment Banking Revenues - As Reported |
|
$ |
844 |
|
$ |
612 |
|
$ |
631 |
|
34% |
|
Less: |
|
|
|
|
|
|
|
|
|
|
|
|
Realized and unrealized losses |
|
$ |
16 |
|
$ |
(6) |
|
$ |
(110) |
|
|
|
ICG Banking - Investment Banking Revenues - Excluding Marks |
|
$ |
828 |
|
$ |
618 |
|
$ |
741 |
|
12% |
|
11
(1) Preliminary. Citigroup’s return on average tangible common equity (RoTCE) is a non-GAAP financial measure. RoTCE represents annualized net income available to common shareholders as a percentage of average tangible common equity (TCE). For the components of the calculation, see Appendix A. See Appendix E for a reconciliation of common equity to tangible common equity.
(2) Ratios as of September 30, 2023 are preliminary. Citigroup’s Common Equity Tier 1 (CET1) Capital ratio and Supplementary Leverage ratio (SLR) reflect certain deferrals based on the modified regulatory capital transition provision related to the Current Expected Credit Losses (CECL) standard. Excluding these deferrals, Citigroup’s CET1 Capital ratio and SLR as of September 30, 2023 would be 13.4% and 6.0%, respectively, on a fully reflected basis. 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. Certain prior period amounts have been revised to conform with enhancements made in the current period.
For the composition of Citigroup’s CET1 Capital and ratio, see Appendix C. For the composition of Citigroup’s SLR, see Appendix D.
(3) Citigroup’s payout ratio is the sum of common dividends and common share repurchases divided by net income available to common shareholders. For the components of the calculation, see Appendix A.
(4) Citigroup’s tangible book value per share is a non-GAAP financial measure. See Appendix E for a reconciliation of common equity to tangible common equity and resulting calculation of tangible book value per share.
(5) Third quarter 2023 results included divestiture-related impacts of approximately $299 million in earnings before taxes (approximately $214 million after-tax), recorded in Legacy Franchises, which primarily consisted of (i) a $403 million gain on sale of the Taiwan consumer business, recorded in Other revenue; (ii) $114 million of aggregate divestiture-related costs primarily related to Mexico and severance costs in Asia exit markets, recorded in Operating expenses; (iii) a $17 million benefit of divestiture-related credit costs; and (iv) related taxes of $85 million.
Third quarter 2022 results included divestiture-related impacts of $519 million in earnings before taxes ($256 million after-tax), recorded in Legacy Franchises, which primarily consisted of (i) a $616 million gain on sale of the Philippines consumer business, recorded in Other revenue and (ii) $107 million of aggregate divestiture-related costs primarily related to the gross receipt tax against the Philippines consumer business sale and severance costs in Asia exit markets, recorded in Operating expenses; (iii) a $12 million benefit of divestiture-related credit costs; and (iv) related taxes of $263 million.
Results of operations excluding these divestiture-related impacts are non-GAAP financial measures. For a reconciliation to reported results, please refer to Appendix B.
(6) Credit derivatives are used to economically hedge a portion of the Corporate Lending 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 and the mark-to-market on the loans in the portfolio that are at fair value. In the third quarter 2023, gain / (loss) on loan hedges included $(47) million related to Corporate Lending, compared to $(56) million in the prior-year period. 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. For a reconciliation to reported results, please refer to Appendices F and G.
(7) Investment Banking revenues excluding marks represents reported Investment Banking revenues in each period, excluding the impact of realized and unrealized losses primarily related to loan commitments. Citigroup’s results of operations excluding the marks are non-GAAP financial measures. For a reconciliation to reported results, please refer to Appendix H.
12
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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
|
|
|
Exhibit 99.3 |
|
|
|
|
Citigroup Inc. securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934: | |||
|
|
|
|
Title of each class |
Ticker |
Title for iXBRL |
Name of each |
|
|
||
Common Stock, par value $.01 per share |
C |
Common Stock, par value $.01 per share |
New York Stock Exchange |
Depositary Shares, each representing 1/1,000th interest in a share of 7.125% Fixed/Floating Rate Noncumulative Preferred Stock, Series J |
C Pr J |
Dep Shs, represent 1/1,000th interest in a share of 7.125% Fix/Float Rate Noncum Pref Stk, Ser J |
New York Stock Exchange |
Depositary Shares, each representing 1/1,000th interest in a share of 6.875% Fixed/Floating Rate Noncumulative Preferred Stock, Series K |
C Pr K |
Dep Shs, represent 1/1,000th interest in a share of 6.875% Fix/Float Rate Noncum Pref Stk, Ser K |
New York Stock Exchange |
7.625% Trust Preferred Securities of Citigroup Capital III (and registrant’s guaranty with respect thereto) |
C/36Y |
7.625% TRUPs of Cap III (and registrant’s guaranty) |
New York Stock Exchange |
7.875% Fixed Rate / Floating Rate Trust Preferred Securities (TruPS®) of Citigroup Capital XIII (and registrant’s guaranty with respect thereto) |
C N |
7.875% FXD / FRN TruPS of Cap XIII (and registrant’s guaranty) |
New York Stock Exchange |
Medium-Term Senior Notes, Series N, Callable Step-Up Coupon Notes Due March 31, 2036 of CGMHI (and registrant’s guaranty with respect thereto) |
C/36A |
MTN, Series N, Callable Step-Up Coupon Notes Due Mar 2036 of CGMHI (and registrant’s guaranty) |
New York Stock Exchange |
Medium-Term Senior Notes, Series N, Callable Step-Up Coupon Notes Due February 26, 2036 of CGMHI (and registrant's guaranty with respect thereto) |
C/36 |
MTN, Series N, Callable Step-Up Coupon Notes Due Feb 2036 of CGMHI (and registrant's guaranty) |
New York Stock Exchange |
Medium-Term Senior Notes, Series N, Callable Fixed Rate Notes Due December 18, 2035 of CGMHI (and registrant's guaranty with respect thereto) |
C/35 |
MTN, Series N, Callable Fixed Rate Notes Due Dec 2035 of CGMHI (and registrant's guaranty) |
New York Stock Exchange |
Medium-Term Senior Notes, Series N, Callable Fixed Rate Notes Due April 26, 2028 of CGMHI (and registrant’s guaranty with respect thereto) |
C/28 |
MTN, Series N, Callable Fixed Rate Notes Due Apr 2028 of CGMHI (and registrant’s guaranty) |
New York Stock Exchange |
Medium-Term Senior Notes, Series N, Floating Rate Notes Due September 17, 2026 of CGMHI (and registrant’s guaranty with respect thereto) |
C/26 |
MTN, Series N, Floating Rate Notes Due Sept 2026 of CGMHI (and registrant’s guaranty) |
New York Stock Exchange |
Medium-Term Senior Notes, Series N, Floating Rate Notes Due September 15, 2028 of CGMHI (and registrant’s guaranty with respect thereto) |
C/28A |
MTN, Series N, Floating Rate Notes Due Sept 2028 of CGMHI (and registrant’s guaranty) |
New York Stock Exchange |
Medium-Term Senior Notes, Series N, Floating Rate Notes Due October 6, 2028 of CGMHI (and registrant’s guaranty with respect thereto) |
C/28B |
MTN, Series N, Floating Rate Notes Due Oct 2028 of CGMHI (and registrant’s guaranty) |
New York Stock Exchange |
Medium-Term Senior Notes, Series N, Floating Rate Notes Due March 21, 2029 of CGMHI (and registrant’s guaranty with respect thereto) |
C/29A |
MTN, Series N, Floating Rate Notes Due Mar 2029 of CGMHI (and registrant’s guaranty) |
New York Stock Exchange |