CITIGROUP -- QUARTERLY FINANCIAL DATA SUPPLEMENT | 4Q22 |
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 |
EOP 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, | 18 |
Book Value Per Share and Tangible Book Value Per Share |
CITIGROUP FINANCIAL SUMMARY
(In millions of dollars, except per share amounts and as otherwise noted)
4Q22 Increase/ | Full | Full | FY 2022 vs. | |||||||||||||||||||||||
4Q | 1Q | 2Q | 3Q | 4Q | (Decrease) from | Year | Year | FY 2021 Increase/ | ||||||||||||||||||
2021 | 2022 | 2022 | 2022 | 2022 | 3Q22 | 4Q21 | 2021 | 2022 | (Decrease) | |||||||||||||||||
Total revenues, net of interest expense(1)(2)(3) | $ | 17,017 | $ | 19,186 | $ | 19,638 | $ | 18,508 | $ | 18,006 | (3%) | 6% | $ | 71,884 | $ | 75,338 | 5% | |||||||||
Total operating expenses(1)(4) | 13,532 | 13,165 | 12,393 | 12,749 | 12,985 | 2% | (4%) | 48,193 | 51,292 | 6% | ||||||||||||||||
Net credit losses (NCLs) | 866 | 872 | 850 | 887 | 1,180 | 33% | 36% | 4,895 | 3,789 | (23%) | ||||||||||||||||
Credit reserve build / (release) for loans | (1,176) | (612) | 534 | 441 | 593 | 34% | NM | (7,998) | 956 | NM | ||||||||||||||||
Provision / (release) for unfunded lending commitments | (193) | 474 | (159) | (71) | 47 | NM | NM | (788) | 291 | NM | ||||||||||||||||
Provisions for benefits and claims, HTM debt securities and other assets | 38 | 21 | 49 | 108 | 25 | (77%) | (34%) | 113 | 203 | 80% | ||||||||||||||||
Provisions for credit losses and for benefits and claims | (465) | 755 | 1,274 | 1,365 | 1,845 | 35% | NM | (3,778) | 5,239 | NM | ||||||||||||||||
Income from continuing operations before income taxes | 3,950 | 5,266 | 5,971 | 4,394 | 3,176 | (28%) | (20%) | 27,469 | 18,807 | (32%) | ||||||||||||||||
Income taxes(5) | 771 | 941 | 1,182 | 879 | 640 | (27%) | (17%) | 5,451 | 3,642 | (33%) | ||||||||||||||||
Income from continuing operations | 3,179 | 4,325 | 4,789 | 3,515 | 2,536 | (28%) | (20%) | 22,018 | 15,165 | (31%) | ||||||||||||||||
Income (loss) from discontinued operations, net of taxes(6) | - | (2) | (221) | (6) | (2) | 67% | NM | 7 | (231) | NM | ||||||||||||||||
Net income before noncontrolling interests | 3,179 | 4,323 | 4,568 | 3,509 | 2,534 | (28%) | (20%) | 22,025 | 14,934 | (32%) | ||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 6 | 17 | 21 | 30 | 21 | (30%) | NM | 73 | 89 | 22% | ||||||||||||||||
Citigroup's net income | $ | 3,173 | $ | 4,306 | $ | 4,547 | $ | 3,479 | $ | 2,513 | (28%) | (21%) | $ | 21,952 | $ | 14,845 | (32%) | |||||||||
Diluted earnings per share: | ||||||||||||||||||||||||||
Income from continuing operations | $ | 1.46 | $ | 2.02 | $ | 2.30 | $ | 1.63 | $ | 1.16 | (29%) | (21%) | $ | 10.14 | $ | 7.11 | (30%) | |||||||||
Citigroup's net income | $ | 1.46 | $ | 2.02 | $ | 2.19 | $ | 1.63 | $ | 1.16 | (29%) | (21%) | $ | 10.14 | $ | 7.00 | (31%) | |||||||||
Preferred dividends | $ | 229 | $ | 279 | $ | 238 | $ | 277 | $ | 238 | (14%) | 4% | $ | 1,040 | $ | 1,032 | (1%) | |||||||||
Income allocated to unrestricted common shareholders - basic | ||||||||||||||||||||||||||
Income from continuing operations | $ | 2,924 | $ | 4,004 | $ | 4,495 | $ | 3,180 | $ | 2,253 | (29%) | (23%) | $ | 20,751 | $ | 13,930 | (33%) | |||||||||
Citigroup's net income | $ | 2,924 | $ | 4,002 | 4,274 | $ | 3,174 | $ | 2,251 | (29%) | (23%) | $ | 20,758 | $ | 13,700 | (34%) | ||||||||||
Income allocated to unrestricted common shareholders - diluted | ||||||||||||||||||||||||||
Income from continuing operations | $ | 2,932 | $ | 4,012 | $ | 4,506 | $ | 3,191 | $ | 2,264 | (29%) | (23%) | $ | 20,781 | $ | 13,971 | (33%) | |||||||||
Citigroup's net income | $ | 2,932 | $ | 4,010 | $ | 4,285 | $ | 3,185 | $ | 2,262 | (29%) | (23%) | $ | 20,788 | $ | 13,741 | (34%) | |||||||||
Shares (in millions): | ||||||||||||||||||||||||||
Average basic | 1,984.3 | 1,971.7 | 1,941.5 | 1,936.8 | 1,936.9 | - | (2%) | 2,033.0 | 1,946.7 | (4%) | ||||||||||||||||
Average diluted | 2,001.6 | 1,988.2 | 1,958.1 | 1,955.1 | 1,955.9 | - | (2%) | 2,049.4 | 1,964.3 | (4%) | ||||||||||||||||
Common shares outstanding, at period end | 1,984.4 | 1,941.9 | 1,936.7 | 1,936.9 | 1,937.0 | - | (2%) | |||||||||||||||||||
Regulatory capital ratios and performance metrics: | ||||||||||||||||||||||||||
Common Equity Tier 1 (CET1) Capital ratio(7)(8)(9) | 12.25% | 11.38% | 11.90% | 12.29% | 13.0% | |||||||||||||||||||||
Tier 1 Capital ratio(7)(8)(9) | 13.91% | 12.98% | 13.57% | 14.01% | 14.8% | |||||||||||||||||||||
Total Capital ratio(7)(8)(9) | 16.04% | 14.84% | 15.16% | 15.09% | 15.4% | |||||||||||||||||||||
Supplementary Leverage ratio (SLR)(7)(9)(10) | 5.73% | 5.58% | 5.63% | 5.71% | 5.8% | |||||||||||||||||||||
Return on average assets | 0.53% | 0.74% | 0.77% | 0.58% | 0.41% | 0.94% | 0.62% | |||||||||||||||||||
Return on average common equity | 6.4% | 9.0% | 9.7% | 7.1% | 5.0% | 11.5% | 7.7% | |||||||||||||||||||
Average tangible common equity (TCE) (in billions of dollars) | $ | 157.0 | $ | 155.3 | $ | 154.4 | $ | 155.5 | $ | 156.9 | 1% | - | $ | 156.3 | $ | 155.9 | - | |||||||||
Return on average tangible common equity (RoTCE) | 7.4% | 10.5% | 11.2% | 8.2% | 5.8% | 320 bps | (740) bps | 13.4% | 8.9% | 110 bps | ||||||||||||||||
Efficiency ratio (total operating expenses/total revenues, net) | 79.5% | 68.6% | 63.1% | 68.9% | 72.1% | 67.0% | 68.1% | |||||||||||||||||||
Balance sheet data (in billions of dollars, except per share amounts): | ||||||||||||||||||||||||||
Total assets | $ | 2,291.4 | $ | 2,394.1 | $ | 2,380.9 | $ | 2,381.1 | $ | 2,416.7 | 1% | 5% | ||||||||||||||
Total average assets | 2,386.2 | 2,374.0 | 2,380.1 | 2,399.4 | 2,430.6 | 1% | 2% | 2,347.7 | 2,396.0 | 2% | ||||||||||||||||
Total loans | 667.8 | 659.7 | 657.3 | 646.0 | 657.2 | 2% | (2%) | |||||||||||||||||||
Total deposits | 1,317.2 | 1,333.7 | 1,321.8 | 1,306.5 | 1,366.0 | 5% | 4% | |||||||||||||||||||
Citigroup's stockholders' equity | 202.0 | 197.7 | 199.0 | 198.6 | 201.2 | 1% | - | |||||||||||||||||||
Book value per share | 92.21 | 92.03 | 92.95 | 92.71 | 94.06 | 1% | 2% | |||||||||||||||||||
Tangible book value per share | 79.16 | 79.03 | 80.25 | 80.34 | 81.65 | 2% | 3% | |||||||||||||||||||
Direct staff (in thousands) | 223 | 228 | 231 | 238 | 240 | 1% | 8% |
(1) During the fourth quarter of 2021, Citi reclassified deposit insurance expenses from Interest expense to Other operating expenses for all periods presented. For additional information, see Note 1 to the Consolidated Financial Statements in Citi's 2021 Annual Report on Form 10-K.
(2) Full year 2021 includes an approximate $680 million loss on sale (an approximate $580 million after-tax), related to Citi's agreement to sell its Australia 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) 4Q21 includes approximately $1.052 billion in expenses (approximately $792 million after-tax), primarily related to charges incurred from the voluntary early retirement plan (VERP) in connection with the wind-down of Citi's consumer banking business in Korea.
(5) Full year 2021 includes an approximate $600 million benefit from a reduction in Citi's valuation allowance related to its Deferred Tax Assets (DTAs).
(6) 2Q22 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.
(7) 4Q22 is preliminary.
(8) 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.
(9) Citi's regulatory capital ratios 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 CECL Methodology" in Citigroup's Annual Report on Form 10-K for the year ended December 31, 2021, and Citigroup's Current Report on Form 8-K dated May 10, 2022 (as amended by a Current Report on Form 8-K/A dated May 10, 2022)
(10) 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)
4Q22 Increase/ | Full | Full | FY 2022 vs. | |||||||||||||||||||||||
4Q | 1Q | 2Q | 3Q | 4Q | (Decrease) from | Year | Year | FY 2021 Increase/ | ||||||||||||||||||
Revenues | 2021 | 2022 | 2022 | 2022 | 2022 | 3Q22 | 4Q21 | 2021 | 2022 | (Decrease) | ||||||||||||||||
Interest revenue | $ | 12,828 | $ | 13,151 | $ | 15,630 | $ | 19,919 | $ | 25,708 | 29% | 100% | $ | 50,475 | $ | 74,408 | 47% | |||||||||
Interest expense(1) | 2,009 | 2,280 | 3,666 | 7,356 | 12,438 | 69% | NM | 7,981 | 25,740 | NM | ||||||||||||||||
Net interest income (NII) | 10,819 | 10,871 | 11,964 | 12,563 | 13,270 | 6% | 23% | 42,494 | 48,668 | 15% | ||||||||||||||||
Commissions and fees | 3,229 | 2,568 | 2,452 | 2,139 | 2,016 | (6%) | (38%) | 13,672 | 9,175 | (33%) | ||||||||||||||||
Principal transactions | 1,704 | 4,590 | 4,525 | 2,625 | 2,419 | (8%) | 42% | 10,154 | 14,159 | 39% | ||||||||||||||||
Administrative and other fiduciary fees | 953 | 966 | 1,023 | 915 | 880 | (4%) | (8%) | 3,943 | 3,784 | (4%) | ||||||||||||||||
Realized gains (losses) on investments | 10 | 80 | (58) | 52 | (7) | NM | NM | 665 | 67 | (90%) | ||||||||||||||||
Impairment losses on investments and other assets | (94) | (90) | (96) | (91) | (222) | NM | NM | (206) | (499) | NM | ||||||||||||||||
Provision for credit losses on AFS debt securities(2) | (2) | - | 2 | 5 | (2) | NM | - | (3) | 5 | NM | ||||||||||||||||
Other revenue (loss) | 398 | 201 | (174) | 300 | (348) | NM | NM | 1,165 | (21) | NM | ||||||||||||||||
Total non-interest revenues (NIR) | 6,198 | 8,315 | 7,674 | 5,945 | 4,736 | (20%) | (24%) | 29,390 | 26,670 | (9%) | ||||||||||||||||
Total revenues, net of interest expense | 17,017 | 19,186 | 19,638 | 18,508 | 18,006 | (3%) | 6% | 71,884 | 75,338 | 5% | ||||||||||||||||
Provisions for credit losses and for benefits and claims | ||||||||||||||||||||||||||
Net credit losses | 866 | 872 | 850 | 887 | 1,180 | 33% | 36% | 4,895 | 3,789 | (23%) | ||||||||||||||||
Credit reserve build / (release) for loans | (1,176) | (612) | 534 | 441 | 593 | 34% | NM | (7,998) | 956 | NM | ||||||||||||||||
Provision for credit losses on loans | (310) | 260 | 1,384 | 1,328 | 1,773 | 34% | NM | (3,103) | 4,745 | NM | ||||||||||||||||
Provision for credit losses on held-to-maturity (HTM) debt securities | 14 | (2) | 20 | 10 | 5 | (50%) | (64%) | (3) | 33 | NM | ||||||||||||||||
Provision for credit losses on other assets | (3) | (4) | 7 | 73 | - | (100%) | 100% | - | 76 | NM | ||||||||||||||||
Policyholder benefits and claims | 27 | 27 | 22 | 25 | 20 | (20%) | (26%) | 116 | 94 | (19%) | ||||||||||||||||
Provision for credit losses on unfunded lending commitments | (193) | 474 | (159) | (71) | 47 | NM | NM | (788) | 291 | NM | ||||||||||||||||
Total provisions for credit losses and for benefits and claims(3) | (465) | 755 | 1,274 | 1,365 | 1,845 | 35% | NM | (3,778) | 5,239 | NM | ||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||
Compensation and benefits | 7,093 | 6,820 | 6,472 | 6,745 | 6,618 | (2%) | (7%) | 25,134 | 26,655 | 6% | ||||||||||||||||
Premises and equipment | 620 | 543 | 619 | 557 | 601 | 8% | (3%) | 2,314 | 2,320 | - | ||||||||||||||||
Technology / communication | 2,084 | 2,016 | 2,068 | 2,145 | 2,358 | 10% | 13% | 7,828 | 8,587 | 10% | ||||||||||||||||
Advertising and marketing | 478 | 311 | 414 | 407 | 424 | 4% | (11%) | 1,490 | 1,556 | 4% | ||||||||||||||||
Other operating(1) | 3,257 | 3,475 | 2,820 | 2,895 | 2,984 | 3% | (8%) | 11,427 | 12,174 | 7% | ||||||||||||||||
Total operating expenses | 13,532 | 13,165 | 12,393 | 12,749 | 12,985 | 2% | (4%) | 48,193 | 51,292 | 6% | ||||||||||||||||
Income from continuing operations before income taxes | 3,950 | 5,266 | 5,971 | 4,394 | 3,176 | (28%) | (20%) | 27,469 | 18,807 | (32%) | ||||||||||||||||
Provision for income taxes(4) | 771 | 941 | 1,182 | 879 | 640 | (27%) | (17%) | 5,451 | 3,642 | (33%) | ||||||||||||||||
Income (loss) from continuing operations | 3,179 | 4,325 | 4,789 | 3,515 | 2,536 | (28%) | (20%) | 22,018 | 15,165 | (31%) | ||||||||||||||||
Discontinued operations(5) | ||||||||||||||||||||||||||
Income (loss) from discontinued operations | - | (2) | (262) | (6) | (2) | 67% | NM | 7 | (272) | NM | ||||||||||||||||
Provision (benefit) for income taxes | - | - | (41) | - | - | - | - | - | (41) | NM | ||||||||||||||||
Income (loss) from discontinued operations, net of taxes | - | (2) | (221) | (6) | (2) | 67% | NM | 7 | (231) | NM | ||||||||||||||||
Net income before noncontrolling interests | 3,179 | 4,323 | 4,568 | 3,509 | 2,534 | (28%) | (20%) | 22,025 | 14,934 | (32%) | ||||||||||||||||
Net income (loss) attributable to noncontrolling interests | 6 | 17 | 21 | 30 | 21 | (30%) | NM | 73 | 89 | 22% | ||||||||||||||||
Citigroup's net income | $ | 3,173 | $ | 4,306 | $ | 4,547 | $ | 3,479 | $ | 2,513 | (28%) | (21%) | $ | 21,952 | $ | 14,845 | (32%) |
- See footnote 1 on page 1.
- This presentation is in accordance with ASC 326, which requires the provision for credit losses on AFS securities to be included in revenue.
- This total excludes the provision for credit losses on AFS securities, which is disclosed separately above.
- See footnote 5 on page 1.
- See footnote 6 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)
4Q22 Increase/ | ||||||||||||||||||
December 31, | March 31, | June 30, | September 30, | December 31, | (Decrease) from | |||||||||||||
Assets | 2021 | 2022 | 2022 | 2022 | 2022(1) | 3Q22 | 4Q21 | |||||||||||
Cash and due from banks (including segregated cash and other deposits) | $ | 27,515 | $ | 27,768 | $ | 24,902 | $ | 26,502 | $ | 30,577 | 15% | 11% | ||||||
Deposits with banks, net of allowance | 234,518 | 244,319 | 259,128 | 273,105 | 311,448 | 14% | 33% | |||||||||||
Securities borrowed and purchased under agreements to resell, net of allowance | 327,288 | 345,410 | 361,334 | 349,214 | 365,401 | 5% | 12% | |||||||||||
Brokerage receivables, net of allowance | 54,340 | 89,218 | 80,486 | 79,696 | 54,192 | (32%) | - | |||||||||||
Trading account assets | 331,945 | 357,997 | 340,875 | 358,260 | 334,114 | (7%) | 1% | |||||||||||
Investments | ||||||||||||||||||
Available-for-sale debt securities, net of allowance | 288,522 | 264,774 | 238,499 | 232,143 | 249,679 | 8% | (13%) | |||||||||||
Held-to-maturity debt securities, net of allowance | 216,963 | 242,547 | 267,592 | 267,864 | 268,863 | - | 24% | |||||||||||
Equity securities | 7,337 | 7,281 | 7,787 | 8,009 | 8,040 | - | 10% | |||||||||||
Total investments | 512,822 | 514,602 | 513,878 | 508,016 | 526,582 | 4% | 3% | |||||||||||
Loans, net of unearned income | ||||||||||||||||||
Consumer(2) | 376,534 | 350,328 | 355,605 | 357,583 | 368,067 | 3% | (2%) | |||||||||||
Corporate(3) | 291,233 | 309,341 | 301,728 | 288,377 | 289,154 | - | (1%) | |||||||||||
Loans, net of unearned income | 667,767 | 659,669 | 657,333 | 645,960 | 657,221 | 2% | (2%) | |||||||||||
Allowance for credit losses on loans (ACLL) | (16,455) | (15,393) | (15,952) | (16,309) | (16,974) | (4%) | (3%) | |||||||||||
Total loans, net | 651,312 | 644,276 | 641,381 | 629,651 | 640,247 | 2% | (2%) | |||||||||||
Goodwill | 21,299 | 19,865 | 19,597 | 19,326 | 19,691 | 2% | (8%) | |||||||||||
Intangible assets (including MSRs) | 4,495 | 4,522 | 4,526 | 4,485 | 4,428 | (1%) | (1%) | |||||||||||
Other assets, net of allowance | 125,879 | 146,128 | 134,797 | 132,809 | 129,996 | (2%) | 3% | |||||||||||
Total assets | $ | 2,291,413 | $ | 2,394,105 | $ | 2,380,904 | $ | 2,381,064 | $ | 2,416,676 | 1% | 5% | ||||||
Liabilities | ||||||||||||||||||
Non-interest-bearing deposits in U.S. offices | $ | 158,552 | $ | 153,666 | $ | 147,214 | $ | 135,514 | $ | 122,655 | (9%) | (23%) | ||||||
Interest-bearing deposits in U.S. offices | 543,283 | 557,327 | 565,785 | 570,920 | 607,470 | 6% | 12% | |||||||||||
Total U.S. deposits | 701,835 | 710,993 | 712,999 | 706,434 | 730,125 | 3% | 4% | |||||||||||
Non-interest-bearing deposits in offices outside the U.S. | 97,270 | 98,579 | 100,266 | 98,904 | 95,182 | (4%) | (2%) | |||||||||||
Interest-bearing deposits in offices outside the U.S. | 518,125 | 524,139 | 508,583 | 501,148 | 540,647 | 8% | 4% | |||||||||||
Total international deposits | 615,395 | 622,718 | 608,849 | 600,052 | 635,829 | 6% | 3% | |||||||||||
Total deposits | 1,317,230 | 1,333,711 | 1,321,848 | 1,306,486 | 1,365,954 | 5% | 4% | |||||||||||
Securities loaned and sold under agreements to resell | 191,285 | 204,494 | 198,472 | 203,429 | 202,444 | - | 6% | |||||||||||
Brokerage payables | 61,430 | 91,324 | 96,474 | 87,841 | 69,218 | (21%) | 13% | |||||||||||
Trading account liabilities | 161,529 | 188,059 | 180,453 | 196,479 | 170,647 | (13%) | 6% | |||||||||||
Short-term borrowings | 27,973 | 30,144 | 40,054 | 47,368 | 47,096 | (1%) | 68% | |||||||||||
Long-term debt | 254,374 | 253,954 | 257,425 | 253,068 | 271,606 | 7% | 7% | |||||||||||
Other liabilities(4) | 74,920 | 94,066 | 86,552 | 87,276 | 87,873 | 1% | 17% | |||||||||||
Total liabilities | $ | 2,088,741 | $ | 2,195,752 | $ | 2,181,278 | $ | 2,181,947 | $ | 2,214,838 | 2% | 6% | ||||||
Equity | ||||||||||||||||||
Stockholders' equity | ||||||||||||||||||
Preferred stock | $ | 18,995 | $ | 18,995 | $ | 18,995 | $ | 18,995 | $ | 18,995 | - | - | ||||||
Common stock | 31 | 31 | 31 | 31 | 31 | - | - | |||||||||||
Additional paid-in capital | 108,003 | 108,050 | 108,210 | 108,347 | 108,458 | - | - | |||||||||||
Retained earnings | 184,948 | 187,962 | 191,261 | 193,462 | 194,734 | 1% | 5% | |||||||||||
Treasury stock, at cost | (71,240) | (73,744) | (73,988) | (73,977) | (73,967) | - | (4%) | |||||||||||
Accumulated other comprehensive income (loss) (AOCI)(5) | (38,765) | (43,585) | (45,495) | (48,298) | (47,062) | 3% | (21%) | |||||||||||
Total common equity | $ | 182,977 | $ | 178,714 | $ | 180,019 | $ | 179,565 | $ | 182,194 | 1% | - | ||||||
Total Citigroup stockholders' equity | $ | 201,972 | $ | 197,709 | $ | 199,014 | $ | 198,560 | $ | 201,189 | 1% | - | ||||||
Noncontrolling interests | 700 | 644 | 612 | 557 | 649 | 17% | (7%) | |||||||||||
Total equity | 202,672 | 198,353 | 199,626 | 199,117 | 201,838 | 1% | - | |||||||||||
Total liabilities and equity | $ | 2,291,413 | $ | 2,394,105 | $ | 2,380,904 | $ | 2,381,064 | $ | 2,416,676 | 1% | 5% | ||||||
- Preliminary.
- Consumer loans include loans managed by PBWM and Legacy Franchises (other than Mexico Small Business & Middle-Market Banking (Mexico SBMM) loans).
- Corporate loans include loans managed by ICG and Legacy Franchises-Mexico SBMM.
- Includes allowance for credit losses for unfunded lending commitments. See page 15.
- As discussed in footnote 2 on page 1, Citi's third quarter of 2021 results include an approximate $680 million loss on sale (an approximate $580 million after-tax), related to Citi's agreement to sell its Australia consumer banking business. The loss primarily reflects the impact of an approximate $625 million ($475 million (after-tax)) currency translation adjustment (CTA) loss (net of hedges) at September 30, 2021, December 31, 2021 and March 31, 2022, already reflected in the Accumulated Other Comprehensive Income (AOCI) component of equity. The sale closed during the second quarter of 2022, and the CTA balance was removed from the AOCI component of equity as of the end of the second quarter of 2022, resulting in a neutral impact from CTA to Citi's Common Equity Tier 1 Capital.
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 3
OPERATING SEGMENT AND REPORTING UNIT DETAILS
(In millions of dollars) | 4Q22 Increase/ | Full | Full | FY 2022 vs. | ||||||||||||||||||||||
4Q | 1Q | 2Q | 3Q | 4Q | (Decrease) from | Year | Year | FY 2021 Increase/ | ||||||||||||||||||
Net revenues | 2021 | 2022 | 2022 | 2022 | 2022 | 3Q22 | 4Q21 | 2021 | 2022 | (Decrease) | ||||||||||||||||
Institutional Clients Group | $ | 8,908 | $ | 11,160 | $ | 11,419 | $ | 9,468 | $ | 9,159 | (3%) | 3% | $ | 39,836 | $ | 41,206 | 3% | |||||||||
Personal Banking and Wealth Management | 5,785 | 5,905 | 6,029 | 6,187 | 6,096 | (1%) | 5% | 23,327 | 24,217 | 4% | ||||||||||||||||
Legacy Franchises | 2,193 | 1,931 | 1,935 | 2,554 | 2,052 | (20%) | (6%) | 8,251 | 8,472 | 3% | ||||||||||||||||
Corporate/Other | 131 | 190 | 255 | 299 | 699 | NM | NM | 470 | 1,443 | NM | ||||||||||||||||
Total net revenues | $ | 17,017 | $ | 19,186 | $ | 19,638 | $ | 18,508 | $ | 18,006 | (3%) | 6% | $ | 71,884 | $ | 75,338 | 5% | |||||||||
Income (loss) from continuing operations | ||||||||||||||||||||||||||
Institutional Clients Group | $ | 2,330 | $ | 2,658 | $ | 3,978 | $ | 2,186 | $ | 1,916 | (12%) | (18%) | $ | 14,308 | $ | 10,738 | (25%) | |||||||||
Personal Banking and Wealth Management | 1,613 | 1,860 | 553 | 792 | 114 | (86%) | (93%) | 7,734 | 3,319 | (57%) | ||||||||||||||||
Legacy Franchises | (620) | (385) | (15) | 316 | 75 | (76%) | NM | (9) | (9) | - | ||||||||||||||||
Corporate/Other | (144) | 192 | 273 | 221 | 431 | 95% | NM | (15) | 1,117 | NM | ||||||||||||||||
Income from continuing operations | $ | 3,179 | $ | 4,325 | $ | 4,789 | $ | 3,515 | $ | 2,536 | (28%) | (20%) | $ | 22,018 | $ | 15,165 | (31%) | |||||||||
Discontinued operations | - | (2) | (221) | (6) | (2) | 67% | NM | 7 | (231) | NM | ||||||||||||||||
Net income attributable to noncontrolling interests | 6 | 17 | 21 | 30 | 21 | (30%) | NM | 73 | 89 | 22% | ||||||||||||||||
Net income | $ | 3,173 | $ | 4,306 | $ | 4,547 | $ | 3,479 | $ | 2,513 | (28%) | (21%) | $ | 21,952 | $ | 14,845 | (32%) |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
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Citigroup Inc. published this content on 13 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 January 2023 10:33:08 UTC.