Exhibit 99.2
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CITIGROUP -- QUARTERLY FINANCIAL DATA SUPPLEMENT |
| 4Q20 |
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| Page | | | | |
Citigroup | | | | | |
Financial Summary | | 1 | | | |
Consolidated Statement of Income | | 2 | | | |
Consolidated Balance Sheet | | 3 | | | |
Segment Detail | | | | | |
Net Revenues | | 4 | | | |
Income, Regional Average Assets and ROA | | 5 | | | |
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Global Consumer Banking (GCB) | | 6 | | | |
Retail Banking and Cards Key Indicators | | 7 | | | |
North America | | 8 - 10 | | | |
Latin America(1) | | 11 - 12 | | | |
Asia(2) | | 13 - 14 | | | |
Institutional Clients Group (ICG) | | 15 | | | |
Revenues by Business | | 16 | | | |
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Corporate / Other | | 17 | | | |
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Citigroup Supplemental Detail | | | | | |
Average Balances and Interest Rates | | 18 | | | |
Deposits | | 19 | | | |
EOP Loans | | 20 | | | |
Consumer Loan Delinquencies and Ratios | | | | | |
90+ Days | | 21 | | | |
30-89 Days | | 22 | | | |
Allowance for Credit Losses on Loans and Unfunded Lending Commitments | | 23 - 24 | | | |
Components of Provision for Credit Losses on Loans | | 25 | | | |
Non-Accrual Assets | | 26 | | | |
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CET1 Capital and Supplementary Leverage Ratios, Tangible Common Equity, | | 27 | | | |
Book Value Per Share and Tangible Book Value Per Share | | | | | |
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(1) | Latin America GCB consists of Citi's consumer banking operations in Mexico. |
(2) | Asia GCB includes the results of operations of GCB activities in certain EMEA countries for all periods presented. |
CITIGROUP FINANCIAL SUMMARY
(In millions of dollars, except per share amounts and as otherwise noted)
| 4Q |
| 1Q |
| 2Q |
| 3Q |
| 4Q |
| 4Q20 Increase/ | | Full | | Full | | YTD 2020 vs. | |||||||||||
| | 2019 | | 2020(1) | | 2020(1) | | 2020(1) | | 2020 | | 3Q20 |
| 4Q19 |
|
| 2019 |
| 2020 |
| (Decrease) | |||||||
Total revenues, net of interest expense | | $ | 18,378 | | $ | 20,731 | | $ | 19,766 | | $ | 17,302 | | $ | 16,499 | | (5%) | | (10%) | | | $ | 74,286 | | $ | 74,298 | | - |
Total operating expenses | | | 10,454 | | | 10,643 | | | 10,460 | | | 10,964 | | | 10,714 | | (2%) |
| 2% | | | | 42,002 | | | 42,781 | | 2% |
Net credit losses (NCLs) | | | 1,944 | | | 2,059 | | | 2,161 | | | 1,919 | | | 1,472 | | (23%) |
| (24%) | | | | 7,768 | | | 7,611 | | (2%) |
Credit reserve build / (release) for loans | | | 179 | | | 4,318 | | | 5,829 | | | 12 | | | (1,848) | | NM | | NM | | | | 450 | | | 8,311 | | NM |
Provision / (release) for unfunded lending commitments | | | 74 | | | 557 | | | 113 | | | 424 | | | 352 | | (17%) | | NM | | | | 92 | | | 1,446 | | NM |
Provisions for benefits and claims, HTM debt securities and other assets | | | 25 | | | 26 | | | 94 | | | 29 | | | (22) | | NM |
| NM | | | | 73 | | | 127 | | 74% |
Provisions for credit losses and for benefits and claims | | | 2,222 | | | 6,960 | | | 8,197 | | | 2,384 | | | (46) | | NM | | NM | | | | 8,383 | | | 17,495 | | NM |
Income from continuing operations before income taxes | | | 5,702 | | | 3,128 | | | 1,109 | | | 3,954 | | | 5,831 | | 47% | | 2% | | | | 23,901 | | | 14,022 | | (41%) |
Income taxes(3) | | | 703 | | | 580 | | | 52 | | | 777 | | | 1,183 | | 52% | | 68% | | | | 4,430 | | | 2,592 | | (41%) |
Income from continuing operations | | | 4,999 | | | 2,548 | | | 1,057 | | | 3,177 | | | 4,648 | | 46% | | (7%) | | | | 19,471 | | | 11,430 | | (41%) |
Income (loss) from discontinued operations, net of taxes | | | (4) | | | (18) | | | (1) | | | (7) | | | 6 | | NM | | NM | | | | (4) | | | (20) | | NM |
Net income before noncontrolling interests | | | 4,995 | | | 2,530 | | | 1,056 | | | 3,170 | | | 4,654 | | 47% | | (7%) | | | | 19,467 | | | 11,410 | | (41%) |
Net income (loss) attributable to noncontrolling interests | | | 16 | | | (6) | | | - | | | 24 | | | 22 | | (8%) | | 38% | | | | 66 | | | 40 | | (39%) |
Citigroup's net income | | $ | 4,979 | | $ | 2,536 | | $ | 1,056 | | $ | 3,146 | | $ | 4,632 | | 47% | | (7%) | | | $ | 19,401 | | $ | 11,370 | | (41%) |
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Diluted earnings per share(2): | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income from continuing operations | | $ | 2.15 | | $ | 1.06 | | $ | 0.38 | | $ | 1.36 | | $ | 2.07 | | 52% | | (4%) | | | $ | 8.04 | | $ | 4.88 | | (39%) |
Citigroup's net income | | $ | 2.15 | | $ | 1.06 | | $ | 0.38 | | $ | 1.36 | | $ | 2.08 | | 53% | | (3%) | | | $ | 8.04 | | $ | 4.87 | | (39%) |
Shares (in millions)(2): | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average basic | | | 2,149.4 | | | 2,097.9 | | | 2,081.7 | | | 2,081.8 | | | 2,081.9 | | - | | (3%) | | | | 2,249.2 | | | 2,085.8 | | (7%) |
Average diluted | | | 2,166.8 | | | 2,113.7 | | | 2,084.3 | | | 2,094.3 | | | 2,095.7 | | - | | (3%) | | | | 2,265.3 | | | 2,099.0 | | (7%) |
Common shares outstanding, at period end | | | 2,114.1 | | | 2,081.8 | | | 2,081.9 | | | 2,082.0 | | | 2,082.1 | | - | | (2%) | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Preferred dividends | | $ | 296 | | $ | 291 | | $ | 253 | | $ | 284 | | $ | 267 | | (6%) | | (10%) | | | $ | 1,109 | | $ | 1,095 | | (1%) |
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Income allocated to unrestricted common shareholders - basic | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income from continuing operations | | $ | 4,653 | | $ | 2,242 | | $ | 793 | | $ | 2,851 | | $ | 4,335 | | 52% | | (7%) | | | $ | 18,174 | | $ | 10,221 | | (44%) |
Citigroup's net income | | $ | 4,649 | | $ | 2,224 | | $ | 792 | | $ | 2,844 | | $ | 4,341 | | 53% | | (7%) | | | $ | 18,171 | | $ | 10,201 | | (44%) |
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Income allocated to unrestricted common shareholders – diluted(2) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income from continuing operations | | $ | 4,661 | | $ | 2,249 | | $ | 793 | | $ | 2,858 | | $ | 4,342 | | 52% | | (7%) | | | $ | 18,207 | | $ | 10,251 | | (44%) |
Citigroup's net income | | $ | 4,657 | | $ | 2,231 | | $ | 792 | | $ | 2,851 | | $ | 4,349 | | 53% | | (7%) | | | $ | 18,204 | | $ | 10,231 | | (44%) |
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Regulatory capital ratios and performance metrics: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common Equity Tier 1 (CET1) Capital ratio(3)(4)(5)(6) | | | 11.81 | % | | 11.18 | % | | 11.59 | % | | 11.75 | % | | 11.8 | % | | | | | | | | | | | | |
Tier 1 Capital ratio(3)(4)(5)(6) | | | 13.36 | % | | 12.62 | % | | 13.08 | % | | 13.25 | % | | 13.4 | % | | | | | | | | | | | | |
Total Capital ratio(3)(4)(5)(6) | | | 15.97 | % | | 15.06 | % | | 15.56 | % | | 15.65 | % | | 15.7 | % | | | | | | | | | | | | |
Supplementary Leverage ratio (SLR)(4)(5)(6)(7) | | | 6.21 | % | | 5.97 | % | | 6.66 | % | | 6.83 | % | | 7.0 | % | | | | | | | | | | | | |
Return on average assets | | | 0.99 | % | | 0.49 | % | | 0.19 | % | | 0.55 | % | | 0.80 | % | | | | | | | 0.98 | % | | 0.51 | % | |
Return on average common equity | | | 10.6 | % | | 5.2 | % | | 1.8 | % | | 6.5 | % | | 9.8 | % | | | | | | | 10.3 | % | | 5.9 | % | |
Efficiency ratio (total operating expenses/total revenues, net) | | | 56.9 | % | | 51.3 | % | | 52.9 | % | | 63.4 | % | | 64.9 | % | | | | | | | 56.5 | % | | 57.6 | % | |
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Balance sheet data (in billions of dollars, except per share amounts)(5): | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total assets | | $ | 1,951.2 | | $ | 2,220.1 | | $ | 2,232.8 | | $ | 2,234.5 | | $ | 2,260.3 | | 1% | | 16% | | | | | | | | | |
Total average assets | | | 1,996.6 | | | 2,079.7 | | | 2,266.6 | | | 2,259.4 | | | 2,299.4 | | 2% | | 15% | | | $ | 1,978.8 | | $ | 2,226.3 | | 13% |
Total deposits | | | 1,070.6 | | | 1,184.9 | | | 1,233.7 | | | 1,262.6 | | | 1,280.7 | | 1% | | 20% | | | | | | | | | |
Citigroup's stockholders' equity | | | 193.2 | | | 192.7 | | | 191.7 | | | 193.9 | | | 199.8 | | 3% | | 3% | | | | | | | | | |
Book value per share | | | 82.90 | | | 83.92 | | | 83.45 | | | 84.48 | | | 86.59 | | 2% | | 4% | | | | | | | | | |
Tangible book value per share(8) | | | 70.39 | | | 71.69 | | | 71.20 | | | 71.95 | | | 73.83 | | 3% | | 5% | | | | | | | | | |
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Direct staff (in thousands) | | | 200 | | | 201 | | | 204 | | | 209 | | | 210 | | - | | 5% | | | | | | | | | |
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(1) | In 4Q20, Citi revised the 2Q20 accounting conclusion from a “change in accounting estimate effected by a change in accounting principle” to a “change in accounting principle”, which requires an adjustment to January 1, 2020 opening retained earnings, rather than net income. As a result, Citi`s full year and quarterly results for 2020 have been revised to reflect this change as if it were effective as of January 1, 2020. Citi recorded an increase to its beginning retained earnings on January 1, 2020 of $330 million and a decrease of $443 million in its allowance for credit losses on loans, as well as a $113 million increase in Other assets related to income taxes, and recorded a decrease of $18 million ($7 million in GCB NA Citi-branded cards, ($16) million in GCB NA Citi retail services, $9 million in GCB Latin America, and $18 million in GCB Asia ) to its provisions for credit losses on loans in 1Q20 and increase of $339 million ($182 million in GCB NA Citi-branded cards, $158 million in GCB NA Citi retail services, $7 million in GCB Latin America, and $(8) million in GCB Asia), and $122 million ($3 million in GCB NA Citi-branded cards, $50 million in GCB Latin America, and $69 million in GCB Asia) to its provisions for credit losses on loans in 2Q20 and 3Q20, respectively. In addition, Citi`s operating expenses increased by $49 million ($14 million in GCB NA Citi-branded cards, $22 million in GCB NA Citi retail services, $6 million in GCB Latin America, and $7 million in GCB Asia), and $45 million, ($15 million in GCB NA Citi-branded cards, $21 million in GCB NA Citi retail services, $4 million in GCB Latin America, and $5 million in GCB Asia) with a corresponding decrease in net credit losses, in 1Q20 and 2Q20, respectively. |
(2) | Certain securities are excluded from the second quarter of 2020 diluted EPS calculation because they were anti-dilutive. Year-to-date EPS will not equal the sum of the individual quarters because the year-to-date EPS calculation is a separate calculation. |
(3) | 4Q19 includes discrete tax items of roughly $540 million, including an approximate $430 million benefit of a reduction in Citi’s valuation allowance related to its deferred tax assets (DTAs). 3Q19 includes discrete tax items of roughly $230 million, including an approximate $180 million benefit of a reduction in Citi’s valuation allowance related to its DTAs. |
(4) | Citi's reportable CET1 Capital and Tier 1 Capital ratios were derived under the U.S. Basel III Advanced Approaches framework as of March 31, 2020 and all subsequent periods, and the U.S. Basel III Standardized Approach framework as of December 31, 2019, whereas Citi's reportable Total Capital ratios were derived under the U.S. Basel III Advanced Approaches framework for all periods presented. The reportable ratios represent the lower of each of the three risk-based capital ratios (CET1 Capital, Tier 1 Capital and Total Capital) under both the Standardized Approach and the Advanced Approaches under the Collins Amendment. For the composition of Citi's CET1 Capital and ratio, see page 27. |
Page 1
(5) | December 31, 2020 is preliminary. |
(6) | Citi has elected to apply the modified transition provision related to the impact of the CECL accounting standard on regulatory capital, as provided by the U.S. banking agencies’ September 2020 final rule. For additional information, see "Capital Resources" in Citi's Third Quarter of 2020 Form 10-Q. |
(7) | For the composition of Citi's SLR, see page 27. |
(8) | Tangible book value per share is a non-GAAP financial measure. For a reconciliation of this measure to reported results, see page 27. |
Note: Ratios and variance percentages are calculated based on the displayed amounts. Due to averaging and roundings, quarterly earnings per share may not sum to the YTD totals.
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 1
CITIGROUP CONSOLIDATED STATEMENT OF INCOME
(In millions of dollars)
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| | 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | 4Q20 Increase/ | | Full | | Full |
| YTD 2020 vs. | ||||||||||
|
| 2019 |
| 2020(1) |
| 2020(1) |
| 2020(1) |
| 2020 |
| 3Q20 |
| 4Q19 |
|
| 2019 |
| 2020 | | (Decrease) | |||||||
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Revenues | | | | | | | | | | | | | | | | | | | | | | | ||||||
Interest revenue | | $ | 18,545 | | $ | 17,139 | | $ | 14,589 | | $ | 13,314 | | $ | 13,047 | | (2%) | | (30%) | | | $ | 76,510 | | $ | 58,089 | | (24%) |
Interest expense | | | 6,548 | | | 5,647 | | | 3,509 | | | 2,821 | | | 2,564 | | (9%) | | (61%) | | | | 29,163 | | | 14,541 | | (50%) |
Net interest revenue | | | 11,997 | | | 11,492 | | | 11,080 | | | 10,493 | | | 10,483 | | - | | (13%) | | | | 47,347 | | | 43,548 | | (8%) |
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Commissions and fees | | | 3,033 | | | 3,021 | | | 2,933 | | | 2,753 | | | 2,678 | | (3%) | | (12%) | | | | 11,746 | | | 11,385 | | (3%) |
Principal transactions | | | 1,412 | | | 5,261 | | | 4,157 | | | 2,508 | | | 1,959 | | (22%) | | 39% | | | | 8,892 | | | 13,885 | | 56% |
Administrative and other fiduciary fees | | | 823 | | | 854 | | | 819 | | | 892 | | | 907 | | 2% | | 10% | | | | 3,411 | | | 3,472 | | 2% |
Realized gains (losses) on investments | | | 515 | | | 432 | | | 748 | | | 304 | | | 272 | | (11%) | | (47%) | | | | 1,474 | | | 1,756 | | 19% |
Impairment losses on investments and other assets | | | (5) | | | (55) | | | (69) | | | (30) | | | (11) | | 63% | | NM | | | | (32) | | | (165) | | NM |
Provision for credit losses on AFS debt securities(2) | | | - | | | - | | | (8) | | | 4 | | | 1 | | (75%) | | 100% | | | | - | | | (3) | | NM |
Other revenue (loss) | | | 603 | | | (274) | | | 106 | | | 378 | | | 210 | | (44%) | | (65%) | | | | 1,448 | | | 420 | | (71%) |
Total non-interest revenues | | | 6,381 | | | 9,239 | | | 8,686 | | | 6,809 | | | 6,016 | | (12%) | | (6%) | | | | 26,939 | | | 30,750 | | 14% |
Total revenues, net of interest expense | | | 18,378 | | | 20,731 | | | 19,766 | | | 17,302 | | | 16,499 | | (5%) | | (10%) | | | | 74,286 | | | 74,298 | | - |
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Provisions for credit losses and for benefits and claims | | | | | | | | | | | | | | | | | | | | | | | ||||||
Net credit losses | | | 1,944 | | | 2,059 | | | 2,161 | | | 1,919 | | | 1,472 | | (23%) | | (24%) | | | | 7,768 | | | 7,611 | | (2%) |
Credit reserve build / (release) for loans | | | 179 | | | 4,318 | | | 5,829 | | | 12 | | | (1,848) | | NM | | NM | | | | 450 | | | 8,311 | | NM |
Provision for credit losses on loans | | | 2,123 | | | 6,377 | | | 7,990 | | | 1,931 | | | (376) | | NM | | NM | | | | 8,218 | | | 15,922 | | 94% |
Provision for credit losses on held-to-maturity (HTM) debt securities | | | - | | | 6 | | | 31 | | | (16) | | | (14) | | 13% | | NM | | | | - | | | 7 | | NM |
Provision for credit losses on other assets | | | - | | | (4) | | | 48 | | | (13) | | | (24) | | (85%) | | NM | | | | - | | | 7 | | NM |
Policyholder benefits and claims | | | 25 | | | 24 | | | 15 | | | 58 | | | 16 | | (72%) | | (36%) | | | | 73 | | | 113 | | 55% |
Provision for credit losses on unfunded lending commitments | | | 74 | | | 557 | | | 113 | | | 424 | | | 352 | | (17%) | | NM | | | | 92 | | | 1,446 | | NM |
Total provisions for credit losses and for benefits and claims | | | 2,222 | | | 6,960 | | | 8,197 | | | 2,384 | | | (46) | | NM | | NM | | | | 8,383 | | | 17,495 | | NM |
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Operating expenses | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Compensation and benefits | | | 5,065 | | | 5,654 | | | 5,624 | | | 5,595 | | | 5,341 | | (5%) | | 5% | | | | 21,433 | | | 22,214 | | 4% |
Premises and equipment | | | 615 | | | 565 | | | 562 | | | 575 | | | 631 | | 10% | | 3% | | | | 2,328 | | | 2,333 | | - |
Technology / communication | | | 1,850 | | | 1,723 | | | 1,741 | | | 1,891 | | | 2,028 | | 7% | | 10% | | | | 7,077 | | | 7,383 | | 4% |
Advertising and marketing | | | 345 | | | 328 | | | 299 | | | 238 | | | 352 | | 48% | | 2% | | | | 1,516 | | | 1,217 | | (20%) |
Other operating | | | 2,579 | | | 2,373 | | | 2,234 | | | 2,665 | | | 2,362 | | (11%) | | (8%) | | | | 9,648 | | | 9,634 | | - |
Total operating expenses | | | 10,454 | | | 10,643 | | | 10,460 | | | 10,964 | | | 10,714 | | (2%) | | 2% | | | | 42,002 | | | 42,781 | | 2% |
| | | | | | | | | | | | | | | | | | | | | | |||||||
Income from continuing operations before income taxes | | | 5,702 | | | 3,128 | | | 1,109 | | | 3,954 | | | 5,831 | | 47% | | 2% | | | | 23,901 | | | 14,022 | | (41%) |
Provision for income taxes (3) | | | 703 | | | 580 | | | 52 | | | 777 | | | 1,183 | | 52% | | 68% | | | | 4,430 | | | 2,592 | | (41%) |
| | | | | | | | | | | | | | | | | | | | | | | | |||||
Income (loss) from continuing operations | | | 4,999 | | | 2,548 | | | 1,057 | | | 3,177 | | | 4,648 | | 46% | | (7%) | | | | 19,471 | | | 11,430 | | (41%) |
Discontinued operations | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Income (loss) from discontinued operations | | | (4) | | | (18) | | | (1) | | | (7) | | | 6 | | NM | | NM | | | | (31) | | | (20) | | 35% |
Provision (benefit) for income taxes | | | - | | | - | | | - | | | - | | | - | | - | | - | | | | (27) | | | - | | 100% |
Income (loss) from discontinued operations, net of taxes | | | (4) | | | (18) | | | (1) | | | (7) | | | 6 | | NM | | NM | | | | (4) | | | (20) | | NM |
| | | | | | | | | | | | | | | | | | | | | | | | |||||
Net income before noncontrolling interests | | | 4,995 | | | 2,530 | | | 1,056 | | | 3,170 | | | 4,654 | | 47% | | (7%) | | | | 19,467 | | | 11,410 | | (41%) |
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Net income (loss) attributable to noncontrolling interests | | | 16 | | | (6) | | | - | | | 24 | | | 22 | | (8%) | | 38% | | | | 66 | | | 40 | | (39%) |
Citigroup's net income | | $ | 4,979 | | $ | 2,536 | | $ | 1,056 | | $ | 3,146 | | $ | 4,632 | | 47% | | (7%) | | | $ | 19,401 | | $ | 11,370 | | (41%) |
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(1) | See footnote1 on page 1. |
(2) | In accordance with ASC 326. |
(3) | 4Q19 includes discrete tax items of roughly $540 million, including an approximate $430 million benefit of a reduction in Citi’s valuation allowance related to its deferred tax assets (DTAs). 3Q19 includes discrete tax items of roughly $230 million, including an approximate $180 million benefit of a reduction in Citi’s valuation allowance related to its DTAs. |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
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CITIGROUP CONSOLIDATED BALANCE SHEET
(In millions of dollars)
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4Q20 Increase/ | ||||||
| | December 31, | | March 31, | | June 30, | | September 30, | | December 31, | | (Decrease) from | |||||||
|
| 2019 | 2020(1) | 2020(1) | 2020 | 2020(2) |
| 3Q20 |
| 4Q19 | |||||||||
Assets | | | | | | | | | | | | | | | | | | | |
Cash and due from banks (including segregated cash and other deposits) | | $ | 23,967 | | $ | 23,755 | | $ | 22,889 | | $ | 25,308 | | $ | 26,349 | | 4% | | 10% |
Deposits with banks, net of allowance | | | 169,952 | | | 262,165 | | | 286,884 | | | 298,387 | | | 283,266 | | (5%) | | 67% |
Securities borrowed and purchased under agreements to resell, net of allowance | | | 251,322 | | | 262,536 | | | 282,917 | | | 289,358 | | | 294,712 | | 2% | | 17% |
Brokerage receivables, net of allowance | | | 39,857 | | | 68,555 | | | 51,633 | | | 51,610 | | | 44,806 | | (13%) | | 12% |
Trading account assets | | | 276,140 | | | 365,000 | | | 362,311 | | | 348,209 | | | 375,079 | | 8% | | 36% |
Investments | | | | | | | | | | | | | | | |||||
Available-for-sale debt securities, net of allowance | | | 280,265 | | | 308,219 | | | 342,256 | | | 343,690 | | | 335,084 | | (3%) | | 20% |
Held-to-maturity debt securities, net of allowance | | | 80,775 | | | 82,315 | | | 83,332 | | | 96,065 | | | 104,943 | | 9% | | 30% |
Equity securities | | | 7,523 | | | 8,349 | | | 7,665 | | | 7,769 | | | 7,332 | | (6%) | | (3%) |
Total investments | | | 368,563 | | | 398,883 | | | 433,253 | | | 447,524 | | | 447,359 | | - | | 21% |
Loans, net of unearned income | | | | | | | | | | | | | | | |||||
Consumer | | | 309,548 | | | 288,430 | | | 281,113 | | | 280,025 | | | 288,839 | | 3% | | (7%) |
Corporate | | | 389,935 | | | 432,590 | | | 404,179 | | | 386,886 | | | 387,044 | | - | | (1%) |
Loans, net of unearned income | | | 699,483 | | | 721,020 | | | 685,292 | | | 666,911 | | | 675,883 | | 1% | | (3%) |
Allowance for credit losses on loans (ACLL) | | | (12,783) | | | (20,380) | | | (26,298) | | | (26,426) | | | (24,956) | | 6% | | (95%) |
Total loans, net | | | 686,700 | | | 700,640 | | | 658,994 | | | 640,485 | | | 650,927 | | 2% | | (5%) |
Goodwill | | | 22,126 | | | 21,264 | | | 21,399 | | | 21,624 | | | 22,162 | | 2% | | - |
Intangible assets (including MSRs) | | | 4,822 | | | 4,560 | | | 4,451 | | | 4,804 | | | 4,747 | | (1%) | | (2%) |
Other assets, net of allowance | | | 107,709 | | | 112,756 | | | 108,068 | | | 107,150 | | | 110,914 | | 4% | | 3% |
Total assets | | $ | 1,951,158 | | $ | 2,220,114 | | $ | 2,232,799 | | $ | 2,234,459 | | $ | 2,260,321 | | 1% | | 16% |
| | | | | | | | | | | | | | ||||||
Liabilities | | | | | | | | | | | | | | | |||||
Non-interest-bearing deposits in U.S. offices | | $ | 98,811 | | $ | 113,371 | | $ | 115,386 | | $ | 121,183 | | $ | 126,942 | | 5% | | 28% |
Interest-bearing deposits in U.S. offices | | | 401,418 | | | 462,327 | | | 490,823 | | | 497,487 | | | 503,213 | | 1% | | 25% |
Total U.S. deposits | | | 500,229 | | | 575,698 | | | 606,209 | | | 618,670 | | | 630,155 | | 2% | | 26% |
Non-interest-bearing deposits in offices outside the U.S. | | | 85,692 | | | 85,439 | | | 87,479 | | | 94,208 | | | 100,543 | | 7% | | 17% |
Interest-bearing deposits in offices outside the U.S. | | | 484,669 | | | 523,774 | | | 539,972 | | | 549,745 | | | 549,973 | | - | | 13% |
Total international deposits | | | 570,361 | | | 609,213 | | | 627,451 | | | 643,953 | | | 650,516 | | 1% | | 14% |
| | | | | | | | | | | | | | ||||||
Total deposits | | | 1,070,590 | | | 1,184,911 | | | 1,233,660 | | | 1,262,623 | | | 1,280,671 | | 1% | | 20% |
Securities loaned and sold under agreements to resell | | | 166,339 | | | 222,324 | | | 215,722 | | | 207,227 | | | 199,525 | | (4%) | | 20% |
Brokerage payables | | | 48,601 | | | 74,368 | | | 60,567 | | | 54,328 | | | 50,484 | | (7%) | | 4% |
Trading account liabilities | | | 119,894 | | | 163,995 | | | 149,264 | | | 146,990 | | | 168,027 | | 14% | | 40% |
Short-term borrowings | | | 45,049 | | | 54,951 | | | 40,156 | | | 37,439 | | | 29,514 | | (21%) | | (34%) |
Long-term debt | | | 248,760 | | | 266,098 | | | 279,775 | | | 273,254 | | | 271,686 | | (1%) | | 9% |
Other liabilities(3) | | | 57,979 | | | 60,141 | | | 61,269 | | | 58,003 | | | 59,891 | | 3% | | 3% |
Total liabilities | | $ | 1,757,212 | | $ | 2,026,788 | | $ | 2,040,413 | | $ | 2,039,864 | | $ | 2,059,798 | | 1% | | 17% |
| | | | | | | | | | | | | | ||||||
Equity | | | | | | | | | | | | | | | |||||
Stockholders' equity | | | | | | | | | | | | | | | |||||
Preferred stock | | $ | 17,980 | | $ | 17,980 | | $ | 17,980 | | $ | 17,980 | | $ | 19,480 | | 8% | | 8% |
Common stock | | | 31 | | | 31 | | | 31 | | | 31 | | | 31 | | - | | - |
Additional paid-in capital | | | 107,840 | | | 107,550 | | | 107,668 | | | 107,764 | | | 107,846 | | - | | - |
Retained earnings | | | 165,369 | | | 163,782 | | | 163,515 | | | 165,303 | | | 168,595 | | 2% | | 2% |
Treasury stock, at cost | | | (61,660) | | | (64,147) | | | (64,143) | | | (64,137) | | | (64,129) | | - | | (4%) |
Accumulated other comprehensive income (loss) (AOCI) | | | (36,318) | | | (32,521) | | | (33,345) | | | (33,065) | | | (32,058) | | 3% | | 12% |
Total common equity | | $ | 175,262 | | $ | 174,695 | | $ | 173,726 | | $ | 175,896 | | $ | 180,285 | | 2% | | 3% |
| | | | | | | | | | | | | | ||||||
Total Citigroup stockholders' equity | | $ | 193,242 | | $ | 192,675 | | $ | 191,706 | | $ | 193,876 | | $ | 199,765 | | 3% | | 3% |
Noncontrolling interests | | | 704 | | | 651 | | | 680 | | | 719 | | | 758 | | 5% | | 8% |
Total equity | | | 193,946 | | | 193,326 | | | 192,386 | | | 194,595 | | | 200,523 | | 3% | | 3% |
Total liabilities and equity | | $ | 1,951,158 | | $ | 2,220,114 | | $ | 2,232,799 | | $ | 2,234,459 | | $ | 2,260,321 | | 1% | | 16% |
| | | | | | | | | | | | | | | | | | | |
(1) | See footnote1 on page 1. |
(2) | Preliminary. |
(3) | Includes allowance for credit losses for unfunded lending commitments. See page 23 for amounts by period. |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 3
SEGMENT DETAIL
NET REVENUES
(In millions of dollars)
| | | | | | | | | | | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | | 4Q20 Increase/ | |
| Full | | Full | | YTD 2020 vs. | | ||||||||
| | 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | (Decrease) from | | | Year | | Year | | YTD 2019 Increase/ | | |||||||||
|
| 2019 |
| 2020 |
| 2020 |
| 2020 |
| 2020 |
| 3Q20 |
| 4Q19 |
|
| 2019 |
| 2020 |
| (Decrease) | | |||||||
Global Consumer Banking | | | | | | | | | | | | | | | | | | | | | | | | ||||||
North America | | $ | 5,253 | | $ | 5,224 | | $ | 4,742 | | $ | 4,527 | | $ | 4,655 | | 3% | | (11%) | | | $ | 20,398 | | $ | 19,148 | | (6%) | |
Latin America | | | 1,377 | | | 1,199 | | | 1,050 | | | 1,027 | | | 1,096 | | 7% | | (20%) | | | | 5,238 | | | 4,372 | | (17%) | |
Asia(1) | | | 1,829 | | | 1,751 | | | 1,547 | | | 1,619 | | | 1,554 | | (4%) | | (15%) | | | | 7,335 | | | 6,471 | | (12%) | |
Total | | | 8,459 | | | 8,174 | | | 7,339 | | | 7,173 | | | 7,305 | | 2% | | (14%) | | | | 32,971 | | | 29,991 | | (9%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | |||||
Institutional Clients Group | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
North America | | | 3,314 | | | 4,947 | | | 4,987 | | | 3,920 | | | 3,331 | | (15%) | | 1% | | | | 13,459 | | | 17,185 | | 28% | |
EMEA | | | 2,738 | | | 3,470 | | | 3,392 | | | 3,085 | | | 2,867 | | (7%) | | 5% | | | | 12,006 | | | 12,814 | | 7% | |
Latin America | | | 1,297 | | | 1,418 | | | 1,207 | | | 1,141 | | | 1,072 | | (6%) | | (17%) | | | | 5,166 | | | 4,838 | | (6%) | |
Asia | | | 2,028 | | | 2,649 | | | 2,551 | | | 2,207 | | | 2,009 | | (9%) | | (1%) | | | | 8,670 | | | 9,416 | | 9% | |
Total | | | 9,377 | | | 12,484 | | | 12,137 | | | 10,353 | | | 9,279 | | (10%) | | (1%) | | | | 39,301 | | | 44,253 | | 13% | |
| | | | | | | | | | | | | | | | | | | | | | | | | |||||
Corporate / Other | | | 542 | | | 73 | | | 290 | | | (224) | | | (85) | | 62% | | NM | | | | 2,014 | | | 54 | | (97%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | |||||
Total Citigroup - net revenues | | $ | 18,378 | | $ | 20,731 | | $ | 19,766 | | $ | 17,302 | | $ | 16,499 | | (5%) | | (10%) | | | $ | 74,286 | | $ | 74,298 | | - | |
(1) | Asia GCB includes the results of operations of GCB activities in certain EMEA countries for all periods presented. |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 4
SEGMENT DETAIL
INCOME
(In millions of dollars)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | 4Q20 Increase/ | Full | | Full | YTD 2020 vs. | | ||||||||||||
| | 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | (Decrease) from | | | Year | Year | | YTD 2019 Increase/ | | ||||||||||
|
| 2019 | 2020(1) | 2020(1) | 2020(1) | 2020 | 3Q20 | 4Q19 | | | 2019 | | 2020 | | (Decrease) |
| |||||||||||||
Income (loss) from continuing operations | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | |||||
Global Consumer Banking | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
North America | | $ | 970 | | $ | (916) | | $ | (721) | | $ | 690 | | $ | 1,006 | | 46% | | 4% | | | $ | 3,224 | | $ | 59 | | (98%) | |
Latin America | | | 234 | | | (29) | | | 13 | | | 117 | | | 176 | | 50% | | (25%) | | | | 901 | | | 277 | | (69%) | |
Asia (2) | | | 374 | | | 204 | | | 50 | | | 167 | | | 117 | | (30%) | | (69%) | | | | 1,577 | | | 538 | | (66%) | |
Total | | | 1,578 | | | (741) | | | (658) | | | 974 | | | 1,299 | | 33% | | (18%) | | | | 5,702 | | | 874 | | (85%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | |||||
Institutional Clients Group | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
North America | | | 895 | | | 896 | | | 660 | | | 1,058 | | | 1,080 | | 2% | | 21% | | | | 3,511 | | | 3,694 | | 5% | |
EMEA | | | 677 | | | 1,035 | | | 493 | | | 893 | | | 906 | | 1% | | 34% | | | | 3,867 | | | 3,327 | | (14%) | |
Latin America | | | 565 | | | 526 | | | (194) | | | 108 | | | 966 | | NM | | 71% | | | | 2,111 | | | 1,406 | | (33%) | |
Asia | | | 741 | | | 1,169 | | | 921 | | | 860 | | | 722 | | (16%) | | (3%) | | | | 3,455 | | | 3,672 | | 6% | |
Total | | | 2,878 | | | 3,626 | | | 1,880 | | | 2,919 | | | 3,674 | | 26% | | 28% | | | | 12,944 | | | 12,099 | | (7%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Corporate / Other | | | 543 | | | (337) | | | (165) | | | (716) | | | (325) | | 55% | | NM | | | | 825 | | | (1,543) | | NM | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income from continuing operations | | $ | 4,999 | | $ | 2,548 | | $ | 1,057 | | $ | 3,177 | | $ | 4,648 | | 46% | | (7%) | | | $ | 19,471 | | $ | 11,430 | | (41%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | ||
Discontinued operations | | | (4) | | | (18) | | | (1) | | | (7) | | | 6 | | NM | | NM | | | | (4) | | | (20) | | NM | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income attributable to noncontrolling interests | | | 16 | | | (6) | | | - | | | 24 | | | 22 | | (8%) | | 38% | | | | 66 | | | 40 | | (39%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | |||||
Total Citigroup - net income | | $ | 4,979 | | $ | 2,536 | | $ | 1,056 | | $ | 3,146 | | $ | 4,632 | | 47% | | (7%) | | | $ | 19,401 | | $ | 11,370 | | (41%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | |||||
Average assets (in billions) | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
North America | | $ | 1,053 | | $ | 1,113 | | $ | 1,256 | | $ | 1,245 | | $ | 1,262 | | 1% | | 20% | | | $ | 1,034 | | $ | 1,219 | | 18% | |
EMEA(2) | | | 357 | | | 378 | | | 412 | | | 412 | | | 419 | | 2% | | 17% | | | | 363 | | | 405 | | 12% | |
Latin America | | | 133 | | | 129 | | | 128 | | | 129 | | | 129 | | - | | (3%) | | | | 129 | | | 129 | | - | |
Asia(2) | | | 359 | | | 366 | | | 378 | | | 380 | | | 393 | | 3% | | 9% | | | | 356 | | | 379 | | 6% | |
Corporate / Other | | | 95 | | | 94 | | | 93 | | | 93 | | | 96 | | 3% | | 1% | | | | 97 | | | 94 | | (3%) | |
Total | | $ | 1,997 | | $ | 2,080 | | $ | 2,267 | | $ | 2,259 | | $ | 2,299 | | 2% | | 15% | | | $ | 1,979 | | $ | 2,226 | | 12% | |
| | | | | | | | | | | | | | | | | | | | | | | | | |||||
Return on average assets (ROA) on net income (loss) | | | | | | | | | | | | | | | | | | | | | | | | | | ||||
North America | | | 0.70% | | | 0.00% | | | (0.02%) | | | 0.56% | | | 0.66% | | | | | | | | 0.65% | | | 0.31% | | | |
EMEA(2) | | | 0.74% | | | 1.09% | | | 0.48% | | | 0.84% | | | 0.85% | | | | | | | | 1.05% | | | 0.81% | | | |
Latin America | | | 2.38% | | | 1.55% | | | (0.57%) | | | 0.69% | | | 3.52% | | | | | | | | 2.33% | | | 1.30% | | | |
Asia(2) | | | 1.22% | | | 1.51% | | | 1.04% | | | 1.08% | | | 0.85% | | | | | | | | 1.41% | | | 1.11% | | | |
Corporate / Other | | | 2.24% | | | (1.50%) | | | (0.70%) | | | (3.09%) | | | (1.33%) | | | | | | | | 0.83% | | | (1.66%) | | | |
Total | | | 0.99% | | | 0.49% | | | 0.19% | | | 0.55% | | | 0.80% | | | | | | | | 0.98% | | | 0.51% | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) | See footnote1 on page 1. |
(2) | Asia GCB includes the results of operations of GCB activities in certain EMEA countries for all periods presented. |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 5
Page 1
(In millions of dollars, except as otherwise noted)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | 4Q20 Increase/ |
|
| Full |
| Full |
| YTD 2020 vs. | | |||||||||
| | 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | (Decrease) from | | | Year | | Year | | YTD 2019 Increase/ | | |||||||||
|
| 2019 |
| 2020(1) |
| 2020(1) |
| 2020(1) |
| 2020 |
| 3Q20 |
| 4Q19 | | | 2019 | | 2020 | | (Decrease) | | |||||||
Net interest revenue | | $ | 7,181 | | $ | 7,072 | | $ | 6,534 | | $ | 6,251 | | $ | 6,343 | | 1% | | (12%) | | | $ | 28,205 | | $ | 26,200 | | (7%) | |
Non-interest revenue | | | 1,278 | | | 1,102 | | | 805 | | | 922 | | | 962 | | 4% | | (25%) | | | | 4,766 | | | 3,791 | | (20%) | |
Total revenues, net of interest expense | | | 8,459 | | | 8,174 | | | 7,339 | | | 7,173 | | | 7,305 | | 2% | | (14%) | | | | 32,971 | | | 29,991 | | (9%) | |
Total operating expenses | | | 4,373 | | | 4,417 | | | 4,058 | | | 4,217 | | | 4,511 | | 7% | | 3% | | | | 17,628 | | | 17,203 | | (2%) | |
Net credit losses on loans | | | 1,842 | | | 1,934 | | | 1,842 | | | 1,598 | | | 1,272 | | (20%) | | (31%) | | | | 7,382 | | | 6,646 | | (10%) | |
Credit reserve build / (release) for loans | | | 120 | | | 2,811 | | | 2,299 | | | 34 | | | (193) | | NM | | NM | | | | 439 | | | 4,951 | | NM | |
Provision for credit losses on unfunded lending commitments | | | 2 | | | (1) | | | - | | | 5 | | | (4) | | NM | | NM | | | | 1 | | | - | | (100%) | |
Provisions for benefits and claims, HTM debt securities and other assets | | | 25 | | | 20 | | | 38 | | | 45 | | | 2 | | (96%) | | (92%) | | | | 73 | | | 105 | | 44% | |
Provisions for credit losses and for benefits and claims (PBC) | | | 1,989 | | | 4,764 | | | 4,179 | | | 1,682 | | | 1,077 | | (36%) | | (46%) | | | | 7,895 | | | 11,702 | | 48% | |
Income (loss) from continuing operations before taxes | | | 2,097 | | | (1,007) | | | (898) | | | 1,274 | | | 1,717 | | 35% | | (18%) | | | | 7,448 | | | 1,086 | | (85%) | |
Income taxes (benefits) | | | 519 | | | (266) | | | (240) | | | 300 | | | 418 | | 39% | | (19%) | | | | 1,746 | | | 212 | | (88%) | |
Income (loss) from continuing operations | | | 1,578 | | | (741) | | | (658) | | | 974 | | | 1,299 | | 33% | | (18%) | | | | 5,702 | | | 874 | | (85%) | |
Noncontrolling interests | | | 3 | | | (1) | | | (2) | | | - | | | (1) | | (100%) | | NM | | | | 6 | | | (4) | | NM | |
Net income (loss) | | $ | 1,575 | | $ | (740) | | $ | (656) | | $ | 974 | | $ | 1,300 | | 33% | | (17%) | | | $ | 5,696 | | $ | 878 | | (85%) | |
EOP assets (in billions) | | $ | 407 | | $ | 403 | | $ | 423 | | $ | 435 | | $ | 434 | | - | | 7% | | | | | | | | | | |
Average assets (in billions) | | | 399 | | | 406 | | | 418 | | $ | 434 | | $ | 447 | | 3% | | 12% | | | $ | 389 | | $ | 426 | | 10% | |
Return on average assets | | | 1.57% | | | (0.73%) | | | (0.63%) | | | 0.89% | | | 1.16% | | | | | | | | 1.46% | | | 0.21% | | | |
Efficiency ratio | | | 52% | | | 54% | | | 55% | | | 59% | | | 62% | | | | | | | | 53% | | | 57% | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net credit losses as a % of average loans | | | 2.51% | | | 2.68% | | | 2.73% | | | 2.33% | | | 1.83% | | | | | | | | 2.60% | | | 2.39% | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue by business | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail banking | | $ | 3,124 | | $ | 3,046 | | $ | 2,836 | | $ | 2,916 | | $ | 2,936 | | 1% | | (6%) | | | $ | 12,549 | | $ | 11,734 | | (6%) | |
Cards (2) | | | 5,335 | | | 5,128 | | | 4,503 | | | 4,257 | | | 4,369 | | 3% | | (18%) | | | | 20,422 | | | 18,257 | | (11%) | |
Total | | $ | 8,459 | | $ | 8,174 | | $ | 7,339 | | $ | 7,173 | | $ | 7,305 | | 2% | | (14%) | | | $ | 32,971 | | $ | 29,991 | | (9%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net credit losses on loans by business | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail banking | | $ | 227 | | $ | 230 | | $ | 200 | | $ | 190 | | $ | 185 | | (3%) | | (19%) | | | $ | 910 | | $ | 805 | | (12%) | |
Cards (2) | | | 1,615 | | | 1,704 | | | 1,642 | | | 1,408 | | | 1,087 | | (23%) | | (33%) | | | | 6,472 | | | 5,841 | | (10%) | |
Total | | $ | 1,842 | | $ | 1,934 | | $ | 1,842 | | $ | 1,598 | | $ | 1,272 | | (20%) | | (31%) | | | $ | 7,382 | | $ | 6,646 | | (10%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income from continuing operations by business | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail banking | | $ | 424 | | $ | 127 | | $ | 71 | | $ | 312 | | $ | 234 | | (25%) | | (45%) | | | $ | 1,842 | | $ | 744 | | (60%) | |
Cards (2) | | | 1,154 | | | (868) | | | (729) | | | 662 | | | 1,065 | | 61% | | (8%) | | | | 3,860 | | | 130 | | (97%) | |
Total | | $ | 1,578 | | $ | (741) | | $ | (658) | | $ | 974 | | $ | 1,299 | | 33% | | (18%) | | | $ | 5,702 | | $ | 874 | | (85%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency (FX) translation impact | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total revenue - as reported | | $ | 8,459 | | $ | 8,174 | | $ | 7,339 | | $ | 7,173 | | $ | 7,305 | | 2% | | (14%) | | | $ | 32,971 | | $ | 29,991 | | (9%) | |
Impact of FX translation (3) | | | (52) | | | 65 | | | 170 | | | 100 | | | - | | | | | | | | (509) | | | - | | | |
Total revenues - Ex-FX (3) | | $ | 8,407 | | $ | 8,239 | | $ | 7,509 | | $ | 7,273 | | $ | 7,305 | | - | | (13%) | | | $ | 32,462 | | $ | 29,991 | | (8%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total operating expenses – as reported | | $ | 4,373 | | $ | 4,417 | | $ | 4,058 | | $ | 4,217 | | $ | 4,511 | | 7% | | 3% | | | $ | 17,628 | | $ | 17,203 | | (2%) | |
Impact of FX translation (3) | | | (26) | | | 41 | | | 103 | | | 63 | | | - | | | | | | | | (276) | | | - | | | |
Total operating expenses - Ex-FX (3) | | $ | 4,347 | | $ | 4,458 | | $ | 4,161 | | $ | 4,280 | | $ | 4,511 | | 5% | | 4% | | | $ | 17,352 | | $ | 17,203 | | (1%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total provisions for credit losses & PBC - as reported | | $ | 1,989 | | $ | 4,764 | | $ | 4,179 | | $ | 1,682 | | $ | 1,077 | | (36%) | | (46%) | | | $ | 7,895 | | $ | 11,702 | | 48% | |
Impact of FX translation (3) | | | (13) | | | 20 | | | 72 | | | 17 | | | - | | | | | | | | (124) | | | - | | | |
Total provisions for credit losses & PBC - Ex-FX (3) | | $ | 1,976 | | $ | 4,784 | | $ | 4,251 | | $ | 1,699 | | $ | 1,077 | | (37%) | | (45%) | | | $ | 7,771 | | $ | 11,702 | | 51% | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net income (loss) – as reported | | $ | 1,575 | | $ | (740) | | $ | (656) | | $ | 974 | | $ | 1,300 | | 33% | | (17%) | | | $ | 5,696 | | $ | 878 | | (85%) | |
Impact of FX translation (3) | | | (9) | | | 1 | | | (4) | | | 13 | | | - | | | | | | | | (74) | | | - | | | |
Total net income (loss) - Ex-FX (3) | | $ | 1,566 | | $ | (739) | | $ | (660) | | $ | 987 | | $ | 1,300 | | 32% | | (17%) | | | $ | 5,622 | | $ | 878 | | (84%) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) | See footnote1 on page 1. |
(2) | Includes both Citi-Branded Cards and Citi Retail Services. |
(3) | Reflects the impact of foreign currency (FX) translation into U.S. dollars at the fourth quarter of 2020 and year-to-date 2020 average exchange rates for all periods presented. |
Citigroup's results of operations excluding the impact of FX translation are non-GAAP financial measures.
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 6
GLOBAL CONSUMER BANKING
Page 2
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | 4Q20 Increase/ | |||||||
| | 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | (Decrease) from | |||||||
|
| 2019 |
| 2020 |
| 2020 |
| 2020 |
| 2020 |
| 3Q20 |
| 4Q19 | |||||
Retail Banking Key Indicators (in billions of dollars, except as otherwise noted) | | | | | | | | | | | | | | | | | | | |
Branches (actual) | | | 2,348 | | | 2,334 | | | 2,327 | | | 2,321 | | | 2,303 | | (1%) | | (2%) |
Accounts (in millions) | | | 55.9 | | | 55.9 | | | 55.5 | | | 55.5 | | | 53.7 | | (3%) | | (4%) |
Average deposits | | $ | 282.6 | | $ | 290.1 | | $ | 301.9 | | $ | 319.8 | | $ | 333.2 | | 4% | | 18% |
Investment sales | | | 22.7 | | | 29.6 | | | 25.6 | | | 30.2 | | | 29.2 | | (3%) | | 29% |
Investment assets under management (AUMs): | | | | | | | | | | | | | | | | | | | |
AUMS | | | 166.5 | | | 138.1 | | | 153.9 | | | 163.5 | | | 180.8 | | 11% | | 9% |
AUMs related to the LATAM retirement services business | | | 38.4 | | | 29.1 | | | 33.0 | | | 35.9 | | | 40.8 | | 14% | | 6% |
Total AUMs | | $ | 204.9 | | $ | 167.2 | | $ | 186.9 | | $ | 199.4 | | $ | 221.6 | | 11% | | 8% |
Average loans | | | 123.0 | | 123.1 | | 121.8 | | 125.6 | | 127.6 | | 2% | | 4% | ||||
EOP loans: | | | | | | | | | | | | | | | | | | | |
Mortgages | | $ | 85.5 | | $ | 83.6 | | $ | 86.0 | | $ | 87.5 | | $ | 88.9 | | 2% | | 4% |
Personal, small business and other | | | 39.3 | | | 36.6 | | | 37.6 | | | 38.3 | | | 40.1 | | 5% | | 2% |
EOP loans | | $ | 124.8 | | $ | 120.2 | | $ | 123.6 | | $ | 125.8 | | $ | 129.0 | | 3% | | 3% |
| | | | | | | | | | | | | | | | | | | |
Total net interest revenue (in millions)(1) | | $ | 2,048 | | $ | 1,981 | | $ | 1,918 | | $ | 1,898 | | $ | 1,900 | | - | | (7%) |
As a % of average loans | | | 6.61% | | | 6.47% | | | 6.33% | | | 6.01% | | | 5.92% | | | | |
| | | | | | | | | | | | | | | | | | | |
Net credit losses on loans (in millions) | | $ | 227 | | $ | 230 | | $ | 200 | | $ | 190 | | $ | 185 | | (3%) | | (19%) |
As a % of average loans | | | 0.73% | | | 0.75% | | | 0.66% | | | 0.60% | | | 0.58% | | | | |
Loans 90+ days past due (in millions)(2) | | $ | 438 | | $ | 429 | | $ | 497 | | $ | 497 | | $ | 632 | | 27% | | 44% |
As a % of EOP loans | | | 0.35% | | | 0.36% | | | 0.40% | | | 0.40% | | | 0.49% | | | | |
Loans 30-89 days past due (in millions)(2) | | $ | 816 | | $ | 794 | | $ | 918 | | $ | 786 | | $ | 860 | | 9% | | 5% |
As a % of EOP loans | | | 0.66% | | | 0.66% | | | 0.75% | | | 0.63% | | | 0.67% | | | | |
| | | | | | | | | | | | | | | | | | | |
Cards key indicators (in millions of dollars, except as otherwise noted) | | | | | | | | | | | | | | | | | | | |
EOP open accounts (in millions) | | | 138.3 | | | 137.3 | | | 134.6 | | | 132.8 | | | 131.8 | | (1%) | | (5%) |
Purchase sales (in billions) | | $ | 152.0 | | $ | 127.6 | | $ | 108.3 | | $ | 127.1 | | $ | 141.9 | | 12% | | (7%) |
| | | | | | | | | | | | | | | | | | | |
Average loans (in billions)(3) | | | 168.0 | | | 167.2 | | | 149.7 | | | 146.8 | | 148.5 | | 1% | | (12%) | |
EOP loans (in billions)(3) | | | 175.1 | | | 159.1 | | | 149.0 | | | 146.6 | | 153.1 | | 4% | | (13%) | |
Average yield(4) | | | 13.62% | | | 13.59% | | | 13.40% | | | 12.83% | | | 12.65% | | | | |
Total net interest revenue(5) | | $ | 5,133 | | $ | 5,091 | | $ | 4,616 | | $ | 4,353 | | $ | 4,443 | | 2% | | (13%) |
As a % of average loans(5) | | | 12.12% | | | 12.25% | | | 12.40% | | | 11.80% | | | 11.90% | | | | |
Net credit losses on loans | | $ | 1,615 | | $ | 1,704 | | $ | 1,642 | | $ | 1,408 | | $ | 1,087 | | (23%) | | (33%) |
As a % of average loans | | | 3.81% | | | 4.10% | | | 4.41% | | | 3.82% | | | 2.91% | | | | |
Net credit margin(6) | | $ | 3,722 | | $ | 3,422 | | $ | 2,853 | | $ | 2,852 | | $ | 3,290 | | 15% | | (12%) |
As a % of average loans(6) | | | 8.79% | | | 8.23% | | | 7.67% | | | 7.73% | | | 8.81% | | | | |
Loans 90+ days past due(7) | | $ | 2,299 | | $ | 2,174 | | $ | 1,969 | | $ | 1,479 | | $ | 1,875 | | 27% | | (18%) |
As a % of EOP loans | | | 1.31% | | | 1.37% | | | 1.32% | | | 1.01% | | | 1.22% | | | | |
Loans 30-89 days past due(7) | | $ | 2,185 | | $ | 2,076 | | $ | 1,585 | | $ | 1,612 | | $ | 1,657 | | 3% | | (24%) |
As a % of EOP loans | | | 1.25% | | | 1.30% | | | 1.06% | | | 1.10% | | | 1.08% | | | | |
| | | | | | | | | | | | | | | | | | | |
(1) | Also includes net interest revenue related to the average deposit balances in excess of the average loan portfolio. |
(2) | The Loans 90+ days past due and 30-89 days past due and related ratios exclude U.S. mortgage loans that are guaranteed by U.S. government-sponsored agencies. See footnote 2 on page 9. |
(3) | Average loans, EOP loans and the related consumer delinquency amounts and ratios include interest and fees receivables balances. |
(4) | Average yield is gross interest revenue earned on loans divided by average loans. |
(5) | Net interest revenue includes certain fees that are recorded as interest revenue. |
(6) | Net credit margin is total revenues, net of interest expense, less net credit losses and policy benefits and claims. |
(7) | The decrease in loans 90+ days past due as of September 30, 2020 and the decrease in loans 30-89 days past due beginning at June 30, 2020, include the impact of loan modifications in North America and Latin America that were implemented during the second quarter of 2020 related to various COVID-19 consumer relief programs. |
Reclassified to conform to the current period’s presentation.
Page 7
GLOBAL CONSUMER BANKING
NORTH AMERICA
Page 1
(In millions of dollars, except as otherwise noted)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | 4Q20 Increase/ | | | Full | | Full | | YTD 2020 vs. | |||||||||
| | 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | (Decrease) from | | | Year | | Year | | YTD 2019 Increase/ | |||||||||
|
| 2019 |
| 2020(1) |
| 2020(1) |
| 2020(1) |
| 2020 |
| 3Q20 |
| 4Q19 |
|
| 2019 |
| 2020 |
| (Decrease) | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest revenue | | $ | 5,062 | | $ | 5,036 | | $ | 4,707 | | $ | 4,500 | | $ | 4,559 | | 1% | | (10%) | | | $ | 19,869 | | $ | 18,802 | | (5%) |
Non-interest revenue | | | 191 | | | 188 | | | 35 | | | 27 | | | 96 | | NM | | (50%) | | | | 529 | | | 346 | | (35%) |
Total revenues, net of interest expense | | | 5,253 | | | 5,224 | | | 4,742 | | | 4,527 | | | 4,655 | | 3% | | (11%) | | | | 20,398 | | | 19,148 | | (6%) |
Total operating expenses | | | 2,450 | | | 2,572 | | | 2,382 | | | 2,444 | | | 2,544 | | 4% | | 4% | | | | 10,154 | | | 9,942 | | (2%) |
Net credit losses on loans | | | 1,408 | | | 1,490 | | | 1,448 | | | 1,182 | | | 870 | | (26%) | | (38%) | | | | 5,583 | | | 4,990 | | (11%) |
Credit reserve build / (release) for loans | | | 109 | | | 2,371 | | | 1,839 | | | (10) | | | (85) | | NM | | NM | | | | 469 | | | 4,115 | | NM |
Provision for credit losses on unfunded lending commitments | | | 2 | | | (1) | | | - | | | 5 | | | (4) | | NM | | NM | | | | 1 | | | - | | (100%) |
Provisions for benefits and claims, HTM debt securities and other assets | | | 3 | | | 5 | | | 19 | | | (6) | | | (1) | | 83% | | NM | | | | 19 | | | 17 | | (11%) |
Provisions for credit losses and for benefits and claims | | | 1,522 | | | 3,865 | | | 3,306 | | | 1,171 | | | 780 | | (33%) | | (49%) | | | | 6,072 | | | 9,122 | | 50% |
Income (loss) from continuing operations before taxes | | | 1,281 | | | (1,213) | | | (946) | | | 912 | | | 1,331 | | 46% | | 4% | | | | 4,172 | | | 84 | | (98%) |
Income taxes (benefits) | | | 311 | | | (297) | | | (225) | | | 222 | | | 325 | | 46% | | 5% | | | | 948 | | | 25 | | (97%) |
Income (loss) from continuing operations | | | 970 | | | (916) | | | (721) | | | 690 | | | 1,006 | | 46% | | 4% | | | 3,224 | | 59 | | (98%) | ||
Noncontrolling interests | | | - | | | - | | | - | | | - | | | - | | - | | - | | | | - | | | - | | - |
Net income (loss) | | $ | 970 | | $ | (916) | | $ | (721) | | $ | 690 | | $ | 1,006 | | 46% | | 4% | | | $ | 3,224 | | $ | 59 | | (98%) |
Average assets (in billions) | | $ | 237 | | $ | 246 | | $ | 264 | | $ | 274 | | $ | 278 | | 1% | | 17% | | | $ | 232 | | $ | 266 | | 15% |
Return on average assets | | | 1.62% | | | (1.50%) | | | (1.10%) | | | 1.00% | | | 1.44% | | | | | | | | 1.39% | | | 0.02% | | |
Efficiency ratio | | | 47% | | | 49% | | | 50% | | | 54% | | | 55% | | | | | | | | 50% | | | 52% | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net credit losses as a % of average loans | | | 2.90% | | | 3.10% | | | 3.22% | | | 2.63% | | | 1.93% | | | | | | | | 2.97% | | | 2.72% | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue by business | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail banking | | $ | 1,108 | | $ | 1,130 | | $ | 1,122 | | $ | 1,113 | | $ | 1,092 | | (2%) | | (1%) | | | $ | 4,529 | | $ | 4,457 | | (2%) |
Citi-branded cards | | | 2,439 | | | 2,347 | | | 2,218 | | | 2,061 | | | 2,132 | | 3% | | (13%) | | | | 9,165 | | | 8,758 | | (4%) |
Citi retail services | | | 1,706 | | | 1,747 | | | 1,402 | | | 1,353 | | | 1,431 | | 6% | | (16%) | | | | 6,704 | | | 5,933 | | (12%) |
Total | | $ | 5,253 | | $ | 5,224 | | $ | 4,742 | | $ | 4,527 | | $ | 4,655 | | 3% | | (11%) | | | $ | 20,398 | | $ | 19,148 | | (6%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net credit losses on loans by business | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail banking | | $ | 42 | | $ | 37 | | $ | 33 | | $ | 31 | | $ | 31 | | - | | (26%) | | | $ | 161 | | $ | 132 | | (18%) |
Citi-branded cards | | | 723 | | | 781 | | | 780 | | | 647 | | | 500 | | (23%) | | (31%) | | | | 2,864 | | | 2,708 | | (5%) |
Citi retail services | | | 643 | | | 672 | | | 635 | | | 504 | | | 339 | | (33%) | | (47%) | | | | 2,558 | | | 2,150 | | (16%) |
Total | | $ | 1,408 | | $ | 1,490 | | $ | 1,448 | | $ | 1,182 | | $ | 870 | | (26%) | | (38%) | | | $ | 5,583 | | $ | 4,990 | | (11%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations by business | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Retail banking | | $ | 52 | | $ | (73) | | $ | (82) | | $ | 50 | | $ | (39) | | NM | | NM | | | $ | 196 | | $ | (144) | | NM |
Citi-branded cards | | | 555 | | | (523) | | | (522) | | | 424 | | | 642 | | 51% | | 16% | | | | 1,742 | | | 21 | | (99%) |
Citi retail services | | | 363 | | | (320) | | | (117) | | | 216 | | | 403 | | 87% | | 11% | | | | 1,286 | | | 182 | | (86%) |
Total | | $ | 970 | | $ | (916) | | $ | (721) | | $ | 690 | | $ | 1,006 | | 46% | | 4% | | | $ | 3,224 | | $ | 59 | | (98%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) | See footnote1 on page 1. |
NM Not meaningful.
Reclassified to conform to the current period’s presentation.
Page 8
GLOBAL CONSUMER BANKING
NORTH AMERICA
Page 2
| | | | | | | | | | | | | | | | | | | |
|
| |
| |
| |
| |
| |
| 4Q20 Increase/ | |||||||
| | 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | (Decrease) from | |||||||
| | 2019 | | 2020 | | 2020 | | 2020 | | 2020 | | 3Q20 |
| 4Q19 | |||||
| | | | | | | | | | | | | | | |||||
Retail Banking Key Indicators (in billions of dollars, except as otherwise noted) | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | |
Branches (actual) | | | 687 | | | 687 | | | 687 | | | 687 | | | 687 | | - | | - |
Accounts (in millions) | | | 9.1 | | | 9.1 | | | 9.1 | | | 9.1 | | | 9.1 | | - | | - |
Average deposits | | $ | 156.2 | | $ | 161.3 | | $ | 172.5 | | $ | 182.1 | | $ | 188.9 | | 4% | | 21% |
Investment sales | | | 9.8 | | | 12.4 | | | 11.0 | | | 10.9 | | | 10.6 | | (3%) | | 8% |
Investment AUMs | | | 72.2 | | | 62.0 | | | 69.3 | | | 73.3 | | | 80.3 | | 10% | | 11% |
| | | | | | | | | | | | | | | | | | | |
Average loans | | | 49.8 | | | 50.5 | | | 52.2 | | | 53.4 | | | 52.8 | | (1%) | | 6% |
| | | | | | | | | | | | | | | | | | | |
EOP loans: | | | | | | | | | | | | | | | | | | | |
Mortgages | | | 47.5 | | | 47.9 | | | 48.9 | | | 49.0 | | | 49.0 | | - | | 3% |
Personal, small business and other | | | 2.8 | | | 2.9 | | | 4.2 | | | 4.1 | | | 3.7 | | (10%) | | 32% |
Total EOP loans | | $ | 50.3 | | $ | 50.8 | | $ | 53.1 | | $ | 53.1 | | $ | 52.7 | | (1%) | | 5% |
| | | | | | | | | | | | | | | | | | | |
Mortgage originations(1) | | $ | 6.0 | | $ | 4.1 | | $ | 6.4 | | $ | 6.6 | | $ | 6.6 | | - | | 10% |
| | | | | | | | | | | | | | | | | | | |
Third-party mortgage servicing portfolio (EOP) | | | 43.8 | | | 43.9 | | | 43.5 | | | 42.1 | | 40.2 | | (5%) | | (8%) | |
| | | | | | | | | | | | | | | | | | | |
Net servicing and gain/(loss) on sale (in millions) | | | 38.2 | | | 86.3 | | | 81.8 | | | 59.1 | | 57.3 | | (3%) | | 50% | |
| | | | | | | | | | | | | | | | | | | |
Saleable mortgage rate locks | | | 2.0 | | | 2.9 | | | 2.2 | | | 3.3 | | 2.6 | | (21%) | | 30% | |
| | | | | | | | | | | | | | | | | | | |
Net interest revenue on loans (in millions) | | | 178 | | | 184 | | | 179 | | | 179 | | 174 | | (3%) | | (2%) | |
As a % of average loans | | | 1.42% | | | 1.47% | | | 1.38% | | | 1.33% | | | 1.31% | | | | |
| | | | | | | | | | | | | | | | | | | |
Net credit losses on loans (in millions) | | $ | 42 | | $ | 37 | | $ | 33 | | $ | 31 | | $ | 31 | | - | | (26%) |
As a % of average loans | | | 0.33% | | | 0.29% | | | 0.25% | | | 0.23% | | | 0.23% | | | | |
| | | | | | | | | | | | | | | | | | | |
Loans 90+ days past due (in millions)(2) | | $ | 146 | | $ | 161 | | $ | 182 | | $ | 211 | | $ | 299 | | 42% | | NM |
As a % of EOP loans | | | 0.29% | | | 0.32% | | | 0.35% | | | 0.40% | | | 0.58% | | | | |
Loans 30-89 days past due (in millions)(2) | | $ | 334 | | $ | 298 | | $ | 440 | | $ | 378 | | $ | 328 | | (13%) | | (2%) |
As a % of EOP loans | | | 0.67% | | | 0.59% | | | 0.84% | | | 0.72% | | | 0.63% | | | | |
| | | | | | | | | | | | | | | | | | | |
(1) | Originations of residential first mortgages. |
(2) | The loans 90+ days past due and 30-89 days past due and related ratios exclude U.S. mortgage loans that are guaranteed by U.S. government-sponsored agencies since the potential loss predominantly resides with the U.S. agencies. |
The amounts excluded for Loans 90+ Days Past Due and (EOP Loans) were $135 million and ($0.5 billion), $124 million and ($0.5 billion), $130 million and ($0.5 billion), $148 million and ($0.6 billion), and $171 million and ($0.7 billion) as of December 31, 2019, March 31, 2020, June 30, 2020, September 30, 2020 and December 31, 2020, respectively.
The amounts excluded for Loans 30-89 Days Past Due and (EOP Loans) were $72 million and ($0.5 billion), and $64 million and ($0.5 billion), $86 million and ($0.5 billion), $88 million and ($0.6 billion), and $98 million and ($0.7 billion) as of December 31, 2019, March 31, 2020, June 30, 2020, September 30, 2020 and December 31, 2020, respectively.
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 9
GLOBAL CONSUMER BANKING
NORTH AMERICA
Page 3
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | 4Q20 Increase/ | ||||||
| | 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | (Decrease) from | |||||||
|
| 2019 |
| 2020 |
| 2020 |
| 2020 |
| 2020 |
| 3Q20 | | 4Q19 | |||||
| | | | | | | | | | | | | | | | ||||
Citi-Branded Cards Key Indicators (in millions of dollars, except as otherwise noted)(1) | | | | | | | | | | | | | | | | | | | |
EOP open accounts (in millions) | | 34.9 | | 35.0 | | 34.6 | | 34.5 | | | 34.5 | - | (1%) | ||||||
Purchase sales (in billions) | $ | 98.1 | $ | 85.8 | $ | 73.8 | $ | 85.5 | | $ | 93.2 | 9% | (5%) | ||||||
Average loans (in billions)(1) | | 92.4 | | 92.3 | | 82.6 | | 81.2 | | | 81.7 | 1% | (12%) | ||||||
EOP loans (in billions)(1) | | 96.3 | | 88.4 | | 82.6 | | 81.1 | | | 84.0 | 4% | (13%) | ||||||
Average yield (2) | | 10.96% | | 10.86% | | 10.73% | | 10.33% | | | 10.19% | (1%) | (7%) | ||||||
| | | | | | | | | | | |||||||||
Total net interest revenue (3) | $ | 2,144 | $ | 2,142 | $ | 2,003 | $ | 1,906 | | $ | 1,916 | 1% | (11%) | ||||||
As a % of average loans (3) | | 9.21% | | 9.33% | | 9.75% | | 9.34% | | | 9.33% | ||||||||
Net credit losses on loans | $ | 723 | $ | 781 | $ | 780 | $ | 647 | | $ | 500 | (23%) | (31%) | ||||||
As a % of average loans | | 3.10% | | 3.40% | | 3.80% | | 3.17% | | | 2.43% | ||||||||
Net credit margin (4) | $ | 1,715 | $ | 1,564 | $ | 1,432 | $ | 1,412 | | $ | 1,630 | 15% | (5%) | ||||||
As a % of average loans (4) | | 7.36% | | 6.82% | | 6.97% | | 6.92% | | | 7.94% | ||||||||
Loans 90+ days past due | $ | 915 | $ | 891 | $ | 784 | $ | 574 | | $ | 686 | 20% | (25%) | ||||||
As a % of EOP loans | | 0.95% | | 1.01% | | 0.95% | | 0.71% | | | 0.82% | ||||||||
Loans 30-89 days past due(5) | $ | 814 | $ | 770 | $ | 594 | $ | 624 | | $ | 589 | (6%) | (28%) | ||||||
As a % of EOP loans | | 0.85% | | 0.87% | | 0.72% | | 0.77% | | | 0.70% | ||||||||
| | | | | | | | | | | | ||||||||
| | | | | | | | | | | | ||||||||
Citi Retail Services Key Indicators (in millions of dollars, except as otherwise noted)(1) | | | | | | | | | | | | | |||||||
EOP open accounts | | | 82.9 | | | 81.9 | | | 80.1 | | | 78.6 | | | 77.9 | | (1%) | | (6%) |
Purchase sales (in billions) | $ | 25.1 | $ | 18.0 | $ | 16.9 | $ | 19.9 | | $ | 23.4 | 18% | (7%) | ||||||
Average loans (in billions)(1) | | 50.5 | | 50.5 | | 46.2 | | 44.5 | | | 44.9 | 1% | (11%) | ||||||
EOP loans (in billions)(1) | | 52.9 | | 48.9 | | 45.4 | | 44.4 | | | 46.4 | 5% | (12%) | ||||||
Average yield (2) | | 17.66% | | 17.78% | | 17.29% | | 16.86% | | | 16.73% | (1%) | (5%) | ||||||
| | | | | | | | | | | | | | ||||||
Total net interest revenue (3) | $ | 2,121 | $ | 2,119 | $ | 1,887 | $ | 1,788 | | $ | 1,861 | 4% | (12%) | ||||||
As a % of average loans (3) | | 16.66% | | 16.88% | | 16.43% | | 15.98% | | | 16.49% | | | ||||||
Net credit losses on loans | $ | 643 | $ | 672 | $ | 635 | $ | 504 | | $ | 339 | (33%) | (47%) | ||||||
As a % of average loans | | 5.05% | | 5.35% | | 5.53% | | 4.51% | | | 3.00% | | | ||||||
Net credit margin (4) | $ | 1,061 | $ | 1,070 | $ | 762 | $ | 846 | | $ | 1,091 | 29% | 3% | ||||||
As a % of average loans (4) | | 8.34% | | 8.52% | | 6.63% | | 7.56% | | | 9.67% | | | ||||||
Loans 90+ days past due(5) | $ | 1,012 | $ | 958 | $ | 811 | $ | 557 | | $ | 644 | 16% | (36%) | ||||||
As a % of EOP loans | | 1.91% | | 1.96% | | 1.79% | | 1.25% | | | 1.39% | | | ||||||
Loans 30-89 days past due(5) | $ | 945 | $ | 903 | $ | 611 | $ | 610 | | $ | 639 | 5% | (32%) | ||||||
As a % of EOP loans | | 1.79% | | 1.85% | | 1.35% | | 1.37% | | | 1.38% | | | ||||||
| | | | | | | | | | | | | | | | | | | |
(1) | Average loans, EOP loans and the related consumer delinquency amounts and ratios include interest and fees receivables balances. |
(2) | Average yield is calculated as gross interest revenue earned on loans divided by average loans. |
(3) | Net interest revenue includes certain fees that are recorded as interest revenue. |
(4) | Net credit margin represents total revenues, net of interest expense, less net credit losses and policy benefits and claims. |
Reclassified to conform to the current period's presentation.
Page 10
GLOBAL CONSUMER BANKING
LATIN AMERICA (1)
Page 1
(In millions of dollars, except as otherwise noted)
| | | | | | | | | | | | 4Q20 Increase/ | | | Full | | Full | | YTD 2020 vs. | |||||||||
| | 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | (Decrease) from | | | Year | | Year | | YTD 2019 Increase/ | |||||||||
|
| 2019 |
| 2020(2) |
| 2020(2) |
| 2020(2) | | 2020 |
| 3Q20 |
| 4Q19 |
|
| 2019 |
| 2020 |
| (Decrease) | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | | ||||
Net interest revenue | $ | 931 | $ | 887 | $ | 755 | $ | 697 | | $ | 739 | 6% | | (21%) | | | $ | 3,639 | | $ | 3,078 | | (15%) | |||||
Non-interest revenue (2) | | 446 | | 312 | | 295 | | 330 | | | 357 | 8% | | (20%) | | | | 1,599 | | | 1,294 | | (19%) | |||||
Total revenues, net of interest expense | | 1,377 | | 1,199 | | 1,050 | | 1,027 | | | 1,096 | 7% | | (20%) | | | | 5,238 | | | 4,372 | | (17%) | |||||
Total operating expenses | | 782 | | 705 | | 608 | | 655 | | | 762 | 16% | | (3%) | | | | 2,883 | | | 2,730 | | (5%) | |||||
Net credit losses on loans | | 259 | | 271 | | 205 | | 228 | | | 162 | (29%) | (37%) | | | | 1,109 | | | 866 | | (22%) | ||||||
Credit reserve build / (release) for loans | | (5) | | 256 | | 209 | | (66) | | | (83) | (26%) | NM | | | | (38) | | | 316 | | NM | ||||||
Provision for credit losses on unfunded lending commitments | | - | | - | | - | | - | | | - | - | - | | | | - | | | - | | - | ||||||
Provisions for benefits and claims, HTM debt securities and other assets | | 22 | | 15 | | 16 | | 47 | | | 9 | (81%) | (59%) | | | | 54 | | | 87 | | 61% | ||||||
Provisions for credit losses and for benefits and claims (PBC) | | 276 | | 542 | | 430 | | 209 | | | 88 | (58%) | (68%) | | | | 1,125 | | | 1,269 | | 13% | ||||||
Income (loss) from continuing operations before taxes | | 319 | | (48) | | 12 | | 163 | | | 246 | 51% | (23%) | | | | 1,230 | | | 373 | | (70%) | ||||||
Income taxes (benefits) | | 85 | | (19) | | (1) | | 46 | | | 70 | 52% | (18%) | | | | 329 | | | 96 | | (71%) | ||||||
Income (loss) from continuing operations | | 234 | | (29) | | 13 | | 117 | | | 176 | 50% | (25%) | | | | 901 | | | 277 | | (69%) | ||||||
Noncontrolling interests | | - | | - | | - | | - | | | - | - | - | | | | - | | | - | | - | ||||||
Net income (loss) | $ | 234 | $ | (29) | $ | 13 | $ | 117 | | $ | 176 | 50% | (25%) | | | $ | 901 | | $ | 277 | | (69%) | ||||||
Average assets (in billions) | $ | 37 | $ | 35 | $ | 30 | $ | 31 | | $ | 33 | 6% | (11%) | | | $ | 35 | | $ | 32 | | (9%) | ||||||
Return on average assets | | 2.51% | | | (0.33%) | | | 0.17% | | | 1.50% | | | 2.12% | | | | | 2.57% | | | 0.87% | | | ||||
Efficiency ratio | | 57% | | | 59% | | | 58% | | | 64% | | | 70% | | | | | 55% | | | 62% | | | ||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||
Net credit losses on loans as a percentage of average loans | | 5.91% | | | 6.53% | | | 6.15% | | | 6.67% | | | 4.51% | | | | | 6.45% | | | 5.97% | | | ||||
| | | | | | | | | | | | | | | | | | | | |||||||||
Revenue by business | | | | | | | | | | | | | | | | | | | | | ||||||||
Retail banking | $ | 932 | $ | 783 | $ | 705 | $ | 737 | | $ | 784 | 6% | (16%) | | | $ | 3,585 | | $ | 3,009 | | (16%) | ||||||
Citi-branded cards | | 445 | | 416 | | 345 | | 290 | | | 312 | 8% | | (30%) | | | | 1,653 | | | 1,363 | | (18%) | |||||
Total | $ | 1,377 | $ | 1,199 | $ | 1,050 | $ | 1,027 | | $ | 1,096 | 7% | | (20%) | | | $ | 5,238 | | $ | 4,372 | | (17%) | |||||
| | | | | | | | | | | | | | | | | | | | |||||||||
Net credit losses on loans by business | | | | | | | | | | | | | | | | | | | | | ||||||||
Retail banking | $ | 116 | $ | 127 | $ | 92 | $ | 90 | | $ | 68 | (24%) | (41%) | | | $ | 494 | | $ | 377 | | (24%) | ||||||
Citi-branded cards | | 143 | | 144 | | 113 | | 138 | | | 94 | (32%) | (34%) | | | | 615 | | | 489 | | (20%) | ||||||
Total | $ | 259 | $ | 271 | $ | 205 | $ | 228 | | $ | 162 | (29%) | (37%) | | | $ | 1,109 | | $ | 866 | | (22%) | ||||||
| | | | | | | | | | | | | | | | | | | | |||||||||
Income from continuing operations by business | | | | | | | | | | | | | | | | | | | | | ||||||||
Retail banking | $ | 141 | $ | (20) | $ | (4) | $ | 76 | | $ | 101 | 33% | (28%) | | | $ | 600 | | $ | 153 | | (75%) | ||||||
Citi-branded cards | | 93 | | (9) | | 17 | | 41 | | | 75 | 83% | | (19%) | | | | 301 | | | 124 | | (59%) | |||||
Total | $ | 234 | $ | (29) | $ | 13 | $ | 117 | | $ | 176 | 50% | | (25%) | | | $ | 901 | | $ | 277 | | (69%) | |||||
| | | | | | | | | | | | | | | | | | | | |||||||||
FX translation impact | | | | | | | | | | | | | | | | | | | | | ||||||||
Total revenue - as reported | $ | 1,377 | $ | 1,199 | $ | 1,050 | $ | 1,027 | | $ | 1,096 | 7% | | (20%) | | | $ | 5,238 | | $ | 4,372 | | (17%) | |||||
Impact of FX translation(3) | | (76) | | 7 | | 113 | | 73 | | | - | | | | | (473) | | | - | | | |||||||
Total revenues - Ex-FX(3) | $ | 1,301 | $ | 1,206 | $ | 1,163 | $ | 1,100 | | $ | 1,096 | - | | (16%) | | | $ | 4,765 | | $ | 4,372 | | (8%) | |||||
| | | | | | | | | | | | | | | | | | | | | ||||||||
Total operating expenses - as reported | $ | 782 | $ | 705 | $ | 608 | $ | 655 | | $ | 762 | 16% | | (3%) | | | $ | 2,883 | | $ | 2,730 | | (5%) | |||||
Impact of FX translation(3) | | (41) | | 4 | | 63 | | 44 | | | - | | | | | (246) | | | - | | | |||||||
Total operating expenses - Ex-FX (3) | $ | 741 | $ | 709 | $ | 671 | $ | 699 | | $ | 762 | 9% | | 3% | | | $ | 2,637 | | $ | 2,730 | | 4% | |||||
| | | | | | | | | | | | | | | | | | | | | ||||||||
Total provisions for credit losses and PBC - as reported | $ | 276 | $ | 542 | $ | 430 | $ | 209 | | $ | 88 | (58%) | | (68%) | | | $ | 1,125 | | $ | 1,269 | | 13% | |||||
Impact of FX translation(3) | | (16) | | 3 | | 55 | | 13 | | | - | | | | | (115) | | | - | | | |||||||
Total provisions for credit losses and PBC - Ex-FX(3) | $ | 260 | $ | 545 | $ | 485 | $ | 222 | | $ | 88 | (60%) | | (66%) | | | $ | 1,010 | | $ | 1,269 | | 26% | |||||
| | | | | | | | | | | | | | | | | | | | | ||||||||
Net income (loss) - as reported | $ | 234 | $ | (29) | $ | 13 | $ | 117 | | $ | 176 | 50% | | (25%) | | | $ | 901 | | $ | 277 | | (69%) | |||||
Impact of FX translation(3) | | (13) | | (1) | | (4) | | 11 | | | - | | | | | (78) | | | - | | | |||||||
Total net income (loss) - Ex-FX(3) | $ | 221 | $ | (30) | $ | 9 | $ | 128 | | $ | 176 | 38% | | (20%) | | | $ | 823 | | $ | 277 | | (66%) | |||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) | Latin America GCB consists of Citi's consumer banking operations in Mexico. |
(2) | See footnote1 on page 1. |
(3) | Reflects the impact of foreign currency (FX) translation into U.S. dollars at the fourth quarter of 2020 and year-to-date 2020 average exchange rates for all periods presented. |
Citigroup's results of operations excluding the impact of FX translation are non-GAAP financial measures.
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 11
GLOBAL CONSUMER BANKING
LATIN AMERICA
Page 2
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | 4Q20 Increase/ | |||
| | 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | (Decrease) from | |||||||
|
| 2019 |
| 2020 |
| 2020 |
| 2020 |
| 2020 |
| 3Q20 |
| 4Q19 | |||||
| | | | | | | | | | | | | | | | | | | |
Retail Banking Key Indicators (in billions of dollars, except as otherwise noted) | | | | | | | | | | | | | | | | | | | |
Branches (actual) | | 1,419 | | 1,411 | | 1,406 | | 1,401 | | | 1,392 | (1%) | (2%) | ||||||
Accounts (in millions) | | 30.1 | | 29.9 | | 29.5 | | 29.3 | | | 27.3 | (7%) | | (9%) | |||||
Average deposits | $ | 23.0 | $ | 22.9 | $ | 20.6 | $ | 22.5 | | $ | 24.3 | 8% | | 6% | |||||
Investment sales | | 3.7 | | 3.7 | | 3.1 | | 3.5 | | | 3.7 | 6% | | - | |||||
Investment AUMs: | | | | | | | | | | | | | | | |||||
AUMS | | | 25.4 | | | 20.1 | | | 22.2 | | | 23.4 | | | 27.1 | | 16% | | 7% |
AUMs related to the retirement services business | | | 38.4 | | | 29.1 | | | 33.0 | | | 35.9 | | | 40.8 | | 14% | | 6% |
Total AUMs | | | 63.8 | | | 49.2 | | | 55.2 | | | 59.3 | | | 67.9 | | 15% | | 6% |
Average loans | | 11.6 | | 11.1 | | 9.1 | | 9.3 | | | 9.6 | 3% | | (17%) | |||||
EOP loans: | | | | | | | | | | | | | | | |||||
Mortgages | | 4.7 | | 3.7 | | 3.7 | | 3.8 | | | 4.0 | 5% | | (15%) | |||||
Personal, small business and other | | 7.0 | | 5.5 | | 5.3 | | 5.4 | | | 5.8 | 7% | (17%) | ||||||
Total EOP loans | $ | 11.7 | $ | 9.2 | $ | 9.0 | $ | 9.2 | | $ | 9.8 | 7% | (16%) | ||||||
| | | | | | | | | | | | | |||||||
Total net interest revenue (in millions)(1) | $ | 578 | $ | 548 | $ | 473 | $ | 480 | | $ | 503 | 5% | (13%) | ||||||
As a % of average loans(1) | | 19.77% | | | 19.86% | | | 20.91% | | 20.53% | | | 20.84% | | | | |||
Net credit losses on loans (in millions) | $ | 116 | | $ | 127 | | $ | 92 | $ | 90 | | $ | 68 | | (24%) | (41%) | |||
As a % of average loans | | 3.97% | | | 4.60% | | | 4.07% | | | 3.85% | | | 2.82% | | | | ||
Loans 90+ days past due (in millions) | $ | 106 | | $ | 90 | | $ | 121 | | $ | 105 | | $ | 130 | | 24% | 23% | ||
As a % of EOP loans | | 0.91% | | | 0.98% | | | 1.34% | | | 1.14% | | | 1.33% | | | | ||
Loans 30-89 days past due (in millions) | $ | 180 | | $ | 140 | | $ | 151 | | $ | 136 | | $ | 220 | | 62% | 22% | ||
As a % of EOP loans | | 1.54% | | | 1.52% | | | 1.68% | | | 1.48% | | | 2.24% | | | | ||
| | | | | | | | | | | | | |||||||
Citi-Branded Cards Key Indicators (in billions of dollars, except as otherwise noted) | | | | | | | | | | | | | | | | | | | |
EOP open accounts (in millions) | | 5.3 | | 5.2 | | 5.0 | | 4.9 | | | 4.7 | (4%) | (11%) | ||||||
Purchase sales | $ | 5.4 | $ | 4.0 | $ | 2.6 | $ | 3.3 | | $ | 4.4 | 33% | | (19%) | |||||
Average loans(2) | $ | 5.8 | $ | 5.6 | $ | 4.3 | $ | 4.3 | | $ | 4.7 | 9% | | (19%) | |||||
EOP loans(2) | $ | 6.0 | $ | 4.5 | $ | 4.2 | $ | 4.3 | | $ | 4.8 | 12% | | (20%) | |||||
Average yield(3) | | 24.91% | | 25.03% | | 25.50% | | 21.28% | | | 21.01% | (1%) | | (16%) | |||||
| | | | | | | | | | | | | | ||||||
Total net interest revenue (in millions)(4) | $ | 353 | $ | 339 | $ | 282 | $ | 217 | | $ | 236 | 9% | | (33%) | |||||
As a % of average loans(4) | | 24.15% | | 24.35% | | | 26.38% | | 20.08% | | | 19.98% | | | | | |||
Net credit losses on loans (in millions) | $ | 143 | $ | 144 | | $ | 113 | $ | 138 | | $ | 94 | | (32%) | | (34%) | |||
As a % of average loans | | 9.78% | | 10.34% | | | 10.57% | | | 12.77% | | | 7.96% | | | | | ||
Net credit margin (in millions)(5) | $ | 307 | $ | 277 | | $ | 235 | | $ | 160 | | $ | 229 | | 43% | | (25%) | ||
As a % of average loans(5) | | 21.00% | | 19.89% | | | 21.98% | | | 14.80% | | | 19.38% | | | | | ||
Loans 90+ days past due (in millions)(6) | $ | 165 | $ | 121 | | $ | 160 | | $ | 106 | | $ | 233 | | NM | | 41% | ||
As a % of EOP loans | | 2.75% | | 2.69% | | | 3.81% | | | 2.47% | | | 4.85% | | | | |||
Loans 30-89 days past due (in millions)(6) | $ | 159 | $ | 132 | | $ | 111 | | $ | 89 | | $ | 170 | | 91% | 7% | |||
As a % of EOP loans | | 2.65% | | 2.93% | | | 2.64% | | | 2.07% | | | 3.54% | | | | | ||
| | | | | | | | | | | | | | | | | | | |
(1) | Also includes net interest revenue related to the region's average deposit balances in excess of the average loan portfolio. |
(2) | Average loans, EOP loans and the related consumer delinquency amounts and ratios include interest and fees receivables balances. |
(3) | Average yield is gross interest revenue earned on loans divided by average loans. |
(4) | Net interest revenue includes certain fees that are recorded as interest revenue. |
(5) | Net credit margin is total revenues, net of interest expense, less net credit losses and policy benefits and claims. |
(6) | The decrease in loans 90+ days past due as of September 30, 2020 and the decrease in loans 30-89 days past due beginning at June 30, 2020, include the impact of loan modifications that were implemented during the second quarter of 2020 related to various COVID-19 consumer relief programs. |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 12
GLOBAL CONSUMER BANKING
ASIA (1)
PAGE 1
(In millions of dollars, except as otherwise noted)
| | | | | | | | | | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | 4Q20 Increase/ | | | Full | | Full | | YTD 2020 vs. | |||||||||
| | 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | (Decrease) from | | | Year | | Year | | YTD 2019 Increase/ | |||||||||
|
| 2019 |
| 2020(2) |
| 2020(2) |
| 2020(2) | | 2020 |
| 3Q20 |
| 4Q19 |
|
| 2019 |
| 2020 |
| (Decrease) | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||
Net interest revenue | $ | 1,188 | $ | 1,149 | $ | 1,072 | $ | 1,054 | | $ | 1,045 | (1%) | | (12%) | | | $ | 4,697 | | $ | 4,320 | | (8%) | |||||
Non-interest revenue | | 641 | | 602 | | 475 | | 565 | | | 509 | (10%) | | (21%) | | | | 2,638 | | | 2,151 | | (18%) | |||||
Total revenues, net of interest expense | | 1,829 | | 1,751 | | 1,547 | | 1,619 | | | 1,554 | (4%) | | (15%) | | | | 7,335 | | | 6,471 | | (12%) | |||||
Total operating expenses | | 1,141 | | 1,140 | | 1,068 | | 1,118 | | | 1,205 | 8% | | 6% | | | | 4,591 | | | 4,531 | | (1%) | |||||
Net credit losses on loans | | 175 | | 173 | | 189 | | 188 | | | 240 | 28% | | 37% | | | | 690 | | | 790 | | 14% | |||||
Credit reserve build / (release) for loans | | 16 | | 184 | | 251 | | 110 | | | (25) | NM | | NM | | | | 8 | | | 520 | | NM | |||||
Provision for credit losses on unfunded lending commitments | | - | | - | | - | | - | | | - | - | | - | | | | - | | | - | | - | |||||
Provisions for benefits and claims, HTM debt securities and other assets | | - | | - | | 3 | | 4 | | | (6) | NM | | NM | | | | - | | | 1 | | 100% | |||||
Provisions for credit losses and for benefits and claims (PBC) | | 191 | | 357 | | 443 | | 302 | | | 209 | (31%) | | 9% | | | | 698 | | | 1,311 | | 88% | |||||
Income from continuing operations before taxes | | 497 | | 254 | | 36 | | 199 | | | 140 | (30%) | | (72%) | | | | 2,046 | | | 629 | | (69%) | |||||
Income taxes (benefits) | | 123 | | 50 | | (14) | | 32 | | | 23 | (28%) | | (81%) | | | | 469 | | | 91 | | (81%) | |||||
Income from continuing operations | | 374 | | 204 | | 50 | | 167 | | | 117 | (30%) | | (69%) | | | | 1,577 | | | 538 | | (66%) | |||||
Noncontrolling interests | | 3 | | (1) | | (2) | | - | | | (1) | (100%) | | NM | | | | 6 | | | (4) | | NM | |||||
Net income | $ | 371 | $ | 205 | $ | 52 | $ | 167 | | $ | 118 | (29%) | | (68%) | | | $ | 1,571 | | $ | 542 | | (65%) | |||||
Average assets (in billions) | $ | 125 | $ | 125 | $ | 124 | $ | 129 | | $ | 136 | 5% | | 9% | | | $ | 122 | | $ | 129 | | 6% | |||||
Return on average assets | | 1.18% | | 0.66% | | | 0.17% | | | 0.52% | | | 0.35% | | | | | 1.29% | | | 0.42% | | | |||||
Efficiency ratio | | | 62% | | 65% | | | 69% | | | 69% | | | 78% | | | | | 63% | | | 70% | | | ||||
| | | | | | | | | | | | | | | | | | | | | | |||||||
Net credit losses on loans as a percentage of average loans | | | 0.86% | | 0.87% | | 0.99% | | 0.94% | | | 1.16% | | | | | 0.88% | | | 0.99% | | | ||||||
| | | | | | | | | | | | | | | | | | | | | | |||||||
Revenue by business | | | | | | | | | | | | | | | | | | | | | | |||||||
Retail banking | $ | 1,084 | $ | 1,133 | $ | 1,009 | $ | 1,066 | | $ | 1,060 | (1%) | | (2%) | | | $ | 4,435 | | $ | 4,268 | | (4%) | |||||
Citi-branded cards | | 745 | | 618 | | 538 | | 553 | | | 494 | (11%) | | (34%) | | | | 2,900 | | | 2,203 | | (24%) | |||||
Total | $ | 1,829 | $ | 1,751 | $ | 1,547 | $ | 1,619 | | $ | 1,554 | (4%) | | (15%) | | | $ | 7,335 | | $ | 6,471 | | (12%) | |||||
| | | | | | | | | | | | | | | | | | | | | ||||||||
Net credit losses on loans by business | | | | | | | | | | | | | | | | | | | | | | |||||||
Retail banking | $ | 69 | $ | 66 | $ | 75 | $ | 69 | | $ | 86 | 25% | | 25% | | | $ | 255 | | $ | 296 | | 16% | |||||
Citi-branded cards | | 106 | | 107 | | 114 | | 119 | | | 154 | 29% | | 45% | | | | 435 | | | 494 | | 14% | |||||
Total | $ | 175 | $ | 173 | $ | 189 | $ | 188 | | $ | 240 | 28% | | 37% | | | $ | 690 | | $ | 790 | | 14% | |||||
| | | | | | | | | | | | | | | | | | | | | ||||||||
Income from continuing operations by business | | | | | | | | | | | | | | | | | | | | | | |||||||
Retail banking | $ | 231 | $ | 220 | $ | 157 | $ | 186 | | $ | 172 | (8%) | | (26%) | | | $ | 1,046 | | $ | 735 | | (30%) | |||||
Citi-branded cards | | 143 | | (16) | | (107) | | (19) | | | (55) | NM | | NM | | | | 531 | | | (197) | | NM | |||||
Total | $ | 374 | $ | 204 | $ | 50 | $ | 167 | | $ | 117 | (30%) | | (69%) | | | $ | 1,577 | | $ | 538 | | (66%) | |||||
| | | | | | | | | | | | | | | | | | | | | ||||||||
FX translation impact | | | | | | | | | | | | | | | | | | | | | | |||||||
Total revenue - as reported | $ | 1,829 | $ | 1,751 | $ | 1,547 | $ | 1,619 | | $ | 1,554 | (4%) | | (15%) | | | $ | 7,335 | | $ | 6,471 | | (12%) | |||||
Impact of FX translation (3) | | 24 | | 58 | | 57 | | 27 | | | - | | | | | (36) | | | - | | | |||||||
Total revenues - Ex-FX (3) | $ | 1,853 | $ | 1,809 | $ | 1,604 | $ | 1,646 | | $ | 1,554 | (6%) | | (16%) | | | $ | 7,299 | | $ | 6,471 | | (11%) | |||||
| | | | | | | | | | | | | | | | | | | | | ||||||||
Total operating expenses - as reported | $ | 1,141 | $ | 1,140 | $ | 1,068 | $ | 1,118 | | $ | 1,205 | 8% | | 6% | | | $ | 4,591 | | $ | 4,531 | | (1%) | |||||
Impact of FX translation (3) | | 15 | | 37 | | 40 | | 19 | | | - | | | | | (30) | | | - | | | |||||||
Total operating expenses - Ex-FX (3) | $ | 1,156 | $ | 1,177 | $ | 1,108 | $ | 1,137 | | $ | 1,205 | 6% | | 4% | | | $ | 4,561 | | $ | 4,531 | | (1%) | |||||
| | | | | | | | | | | | | | | | | | | | | ||||||||
Total provisions for credit losses and PBC - as reported | $ | 191 | $ | 357 | $ | 443 | $ | 302 | | $ | 209 | (31%) | | 9% | | | $ | 698 | | $ | 1,311 | | 88% | |||||
Impact of FX translation (3) | | 3 | | 17 | | 17 | | 4 | | | - | | | | | (9) | | | - | | | |||||||
Total provisions for credit losses and PBC - Ex-FX(3) | $ | 194 | $ | 374 | $ | 460 | $ | 306 | | $ | 209 | (32%) | | 8% | | | $ | 689 | | $ | 1,311 | | 90% | |||||
| | | | | | | | | | | | | | | | | | | | | ||||||||
Net income - as reported | $ | 371 | $ | 205 | $ | 52 | $ | 167 | | $ | 118 | (29%) | | (68%) | | | $ | 1,571 | | $ | 542 | | (65%) | |||||
Impact of FX translation (3) | | 4 | | 2 | | - | | 2 | | | - | | | | | 4 | | | - | | | |||||||
Total net income - Ex-FX (3) | $ | 375 | $ | 207 | $ | 52 | $ | 169 | | $ | 118 | (30%) | | (69%) | | | $ | 1,575 | | $ | 542 | | (66%) | |||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) | Asia GCB includes the results of operations of GCB activities in certain EMEA countries for all periods presented. |
(2) | See footnote1 on page 1. |
(3) | Reflects the impact of foreign currency (FX) translation into U.S. dollars at the fourth quarter of 2020 and year-to-date 2020 average exchange rates for all periods presented. |
Citigroup's results of operations excluding the impact of FX translation are non-GAAP financial measures.
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 13
GLOBAL CONSUMER BANKING
ASIA (1)
PAGE 2
| | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 4Q20 Increase/ | ||
| | 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | (Decrease) from | |||||||
|
| 2019 |
| 2020 |
| 2020 |
| 2020 |
| 2020 |
| 3Q20 |
| 4Q19 | |||||
| | | | | | | | | | | | | | | | | | | |
Retail Banking Key Indicators (in billions of dollars, except as otherwise noted) | | | | | | | | | | | | | | | | | | | |
Branches (actual) | | 242 | | 236 | | 234 | | 233 | | 224 | (4%) | | (7%) | ||||||
Accounts (in millions) | | 16.7 | | 16.9 | | 16.9 | | 17.1 | | 17.3 | 1% | | 4% | ||||||
Average deposits | $ | 103.4 | $ | 105.9 | $ | 108.8 | $ | 115.2 | $ | 120.0 | 4% | | 16% | ||||||
Investment sales | | 9.2 | | 13.5 | | 11.5 | | 15.8 | $ | 14.9 | (6%) | | 62% | ||||||
Investment AUMs | | 68.9 | | 56.0 | | 62.4 | $ | 66.8 | $ | 73.4 | 10% | | 7% | ||||||
Average loans | | 61.6 | | 61.5 | | 60.5 | $ | 62.9 | $ | 65.2 | 4% | | 6% | ||||||
EOP loans: | | | | | | | | | | | | ||||||||
Mortgages | | 33.3 | | 32.0 | | 33.4 | $ | 34.7 | $ | 35.9 | 3% | | 8% | ||||||
Personal, small business and other | | 29.5 | | 28.2 | | 28.1 | | 28.8 | | 30.6 | 6% | | 4% | ||||||
Total EOP loans | $ | 62.8 | $ | 60.2 | $ | 61.5 | $ | 63.5 | $ | 66.5 | 5% | | 6% | ||||||
| | | | | | | | | | | |||||||||
Total net interest revenue (in millions)(2) | $ | 673 | $ | 658 | $ | 628 | $ | 612 | $ | 615 | - | | (9%) | ||||||
As a % of average loans (2) | | 4.33% | | 4.30% | | | 4.17% | | | 3.87% | | | 3.75% | | |||||
Net credit losses on loans (in millions) | $ | 69 | $ | 66 | | $ | 75 | | $ | 69 | | $ | 86 | 25% | | 25% | |||
As a % of average loans | | 0.44% | | 0.43% | | | 0.50% | | | 0.44% | | | 0.52% | | | ||||
Loans 90+ days past due (in millions) | $ | 186 | $ | 178 | | $ | 194 | | $ | 181 | | $ | 203 | | 12% | | 9% | ||
As a % of EOP Loans | | 0.30% | | 0.30% | | | 0.32% | | | 0.29% | | | 0.31% | | | ||||
Loans 30-89 days past due (in millions) | $ | 302 | $ | 356 | | $ | 327 | | $ | 272 | | $ | 312 | | 15% | | 3% | ||
As a % of EOP loans | | 0.48% | | 0.59% | | | 0.53% | | | 0.43% | | | 0.47% | | | ||||
| | | | | | | | | | | | | | ||||||
Citi-Branded Cards Key Indicators (in billions of dollars, except as otherwise noted) | | | | | | | | | | | | | | | | | | | |
EOP open accounts (in millions) | | 15.2 | | 15.2 | | 14.9 | | | 14.8 | | | 14.7 | | (1%) | | (3%) | |||
Purchase sales | $ | 23.4 | $ | 19.8 | $ | 15.0 | | $ | 18.4 | | $ | 20.9 | | 14% | | (11%) | |||
Average loans (3) | $ | 19.3 | $ | 18.8 | $ | 16.6 | | $ | 16.8 | | $ | 17.2 | | 2% | | (11%) | |||
EOP loans (3) | $ | 19.9 | $ | 17.3 | $ | 16.8 | | $ | 16.8 | | $ | 17.9 | | 7% | | (10%) | |||
Average yield (4) | | 12.42% | | 12.37% | | 12.78% | | | 11.99% | | | 11.47% | | (4%) | | (8%) | |||
| | | | | | | | | | | | | | ||||||
Total net interest revenue (in millions)(5) | $ | 515 | $ | 491 | $ | 444 | | $ | 442 | | $ | 430 | | (3%) | | (17%) | |||
As a % of average loans(6) | | 10.59% | | | 10.50% | | | 10.76% | | | 10.47% | | | 9.95% | | | |||
Net credit losses on loans (in millions) | $ | 106 | | $ | 107 | | $ | 114 | | $ | 119 | | $ | 154 | | 29% | | 45% | |
As a % of average loans | | 2.18% | | | 2.29% | | | 2.76% | | | 2.82% | | | 3.56% | | | |||
Net credit margin (in millions)(6) | $ | 639 | | $ | 511 | | $ | 424 | | $ | 434 | | $ | 340 | | (22%) | | (47%) | |
As a % of average loans(6) | | 13.14% | | | 10.93% | | | 10.27% | | | 10.28% | | | 7.86% | | | |||
Loans 90+ days past due | $ | 207 | | $ | 204 | | $ | 214 | | $ | 242 | | $ | 312 | | 29% | | 51% | |
As a % of EOP loans | | 1.04% | | | 1.18% | | | 1.27% | | | 1.44% | | | 1.74% | | | |||
Loans 30-89 days past due | $ | 267 | | $ | 271 | | $ | 269 | | $ | 289 | | $ | 259 | | (10%) | | (3%) | |
As a % of EOP loans | | 1.34% | | | 1.57% | | | 1.60% | | | 1.72% | | | 1.45% | | | | | |
| | | | | | | | | | | | | | | | | | | |
(1) | Asia GCB includes the results of operations of GCB activities in certain EMEA countries for all periods presented. |
(2) | Also includes net interest revenue related to the region's average deposit balances in excess of the average loan portfolio. |
(3) | Average loans, EOP loans and the related consumer delinquency amounts and ratios include interest and fees receivables balances. |
(4) | Average yield is gross interest revenue earned on loans divided by average loans. |
(5) | Net interest revenue includes certain fees that are recorded as interest revenue. |
(6) | Net credit margin is total revenues, net of interest expense, less net credit losses and policy benefits and claims. |
Page 14
INSTITUTIONAL CLIENTS GROUP
(In millions of dollars, except as otherwise noted)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | 4Q20 Increase/ | | | Full | | Full | | YTD 2020 vs. | |||||||||
| | 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | (Decrease) from | | | Year | | Year | | YTD 2019 Increase/ | |||||||||
|
| 2019 |
| 2020 |
| 2020 |
| 2020 |
| 2020 |
| 3Q20 |
| 4Q19 |
|
| 2019 |
| 2020 |
| (Decrease) | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||
Commissions and fees | | $ | 1,103 | | $ | 1,222 | | $ | 1,027 | | $ | 1,099 | | $ | 1,064 | | (3%) | | (4%) | | | $ | 4,462 | | $ | 4,412 | | (1%) |
Administration and other fiduciary fees | | | 657 | | | 691 | | | 684 | | | 747 | | | 755 | | 1% | | 15% | | | | 2,756 | | | 2,877 | | 4% |
Investment banking | | | 1,181 | | | 1,231 | | | 1,526 | | | 1,145 | | | 1,107 | | (3%) | | (6%) | | | | 4,440 | | | 5,009 | | 13% |
Principal transactions | | | 1,405 | | | 5,359 | | | 3,909 | | | 2,292 | | | 1,748 | | (24%) | | 24% | | | | 8,562 | | | 13,308 | | 55% |
Other (1) | | | 509 | | | (114) | | | 419 | | | 597 | | | 247 | | (59%) | | (51%) | | | | 1,829 | | | 1,149 | | (37%) |
Total non-interest revenue | | | 4,855 | | | 8,389 | | | 7,565 | | | 5,880 | | | 4,921 | | (16%) | | 1% | | | | 22,049 | | | 26,755 | | 21% |
Net interest revenue (including dividends) | | | 4,522 | | | 4,095 | | | 4,572 | | | 4,473 | | | 4,358 | | (3%) | | (4%) | | | | 17,252 | | | 17,498 | | 1% |
Total revenues, net of interest expense | | | 9,377 | | | 12,484 | | | 12,137 | | | 10,353 | | | 9,279 | | (10%) | | (1%) | | | | 39,301 | | | 44,253 | | 13% |
Total operating expenses | | | 5,446 | | | 5,810 | | | 5,933 | | | 5,778 | | | 5,556 | | (4%) | | 2% | | | | 22,224 | | | 23,077 | | 4% |
Net credit losses on loans | | | 115 | | | 127 | | | 324 | | | 326 | | | 210 | | (36%) | | 83% | | | | 394 | | | 987 | | NM |
Credit reserve build / (release) for loans | | | 57 | | | 1,316 | | | 3,370 | | | 106 | | | (1,620) | | NM | | NM | | | | 71 | | | 3,172 | | NM |
Provision for credit losses on unfunded lending commitments | | | 74 | | | 553 | | | 107 | | | 423 | | | 352 | | (17%) | | NM | | | | 98 | | | 1,435 | | NM |
Provisions for credit losses for HTM debt securities and other assets | | | - | | | 8 | | | 53 | | | (17) | | | (23) | | (35%) | | NM | | | | - | | | 21 | | NM |
Provision for credit losses | | | 246 | | | 2,004 | | | 3,854 | | | 838 | | | (1,081) | | NM | | NM | | | | 563 | | | 5,615 | | NM |
Income from continuing operations before taxes | | | 3,685 | | | 4,670 | | | 2,350 | | | 3,737 | | | 4,804 | | 29% | | 30% | | | | 16,514 | | | 15,561 | | (6%) |
Income taxes | | | 807 | | | 1,044 | | | 470 | | | 818 | | | 1,130 | | 38% | | 40% | | | | 3,570 | | | 3,462 | | (3%) |
Income from continuing operations | | | 2,878 | | | 3,626 | | | 1,880 | | | 2,919 | | | 3,674 | | 26% | | 28% | | | | 12,944 | | | 12,099 | | (7%) |
Noncontrolling interests | | | 11 | | | (1) | | | 5 | | | 24 | | | 22 | | (8%) | | 100% | | | | 40 | | | 50 | | 25% |
Net income | | $ | 2,867 | | $ | 3,627 | | $ | 1,875 | | $ | 2,895 | | $ | 3,652 | | 26% | | 27% | | | $ | 12,904 | | $ | 12,049 | | (7%) |
EOP assets (in billions) | | $ | 1,447 | | $ | 1,723 | | $ | 1,716 | | $ | 1,703 | | $ | 1,730 | | 2% | | 20% | | | | | | | | | |
Average assets (in billions) | | | 1,503 | | | 1,580 | | | 1,756 | | | 1,732 | | | 1,756 | | 1% | | 17% | | | $ | 1,493 | | $ | 1,706 | | 14% |
Return on average assets (ROA) | | | 0.76% | | | 0.92% | | | 0.43% | | | 0.66% | | | 0.83% | | | | | | | | 0.86% | | | 0.71% | | |
Efficiency ratio | | | 58% | | | 47% | | | 49% | | | 56% | | | 60% | | | | | | | | 57% | | | 52% | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Revenue by region | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
North America | | $ | 3,314 | | $ | 4,947 | | $ | 4,987 | | $ | 3,920 | | $ | 3,331 | | (15%) | | 1% | | | $ | 13,459 | | $ | 17,185 | | 28% |
EMEA | | | 2,738 | | | 3,470 | | | 3,392 | | | 3,085 | | | 2,867 | | (7%) | | 5% | | | | 12,006 | | | 12,814 | | 7% |
Latin America | | | 1,297 | | | 1,418 | | | 1,207 | | | 1,141 | | | 1,072 | | (6%) | | (17%) | | | | 5,166 | | | 4,838 | | (6%) |
Asia | | | 2,028 | | | 2,649 | | | 2,551 | | | 2,207 | | | 2,009 | | (9%) | | (1)% | | | | 8,670 | | | 9,416 | | 9% |
Total revenues, net of interest expense | | $ | 9,377 | | $ | 12,484 | | $ | 12,137 | | $ | 10,353 | | $ | 9,279 | | (10%) | | (1)% | | | $ | 39,301 | | $ | 44,253 | | 13% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Income (loss) from continuing operations by region | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
North America | | $ | 895 | | $ | 896 | | $ | 660 | | $ | 1,058 | | $ | 1,080 | | 2% | | 21% | | | $ | 3,511 | | $ | 3,694 | | 5% |
EMEA | | | 677 | | | 1,035 | | | 493 | | | 893 | | | 906 | | 1% | | 34% | | | | 3,867 | | | 3,327 | | (14%) |
Latin America | | | 565 | | | 526 | | | (194) | | | 108 | | | 966 | | NM | | 71% | | | | 2,111 | | | 1,406 | | (33%) |
Asia | | | 741 | | | 1,169 | | | 921 | | | 860 | | | 722 | | (16%) | | (3%) | | | | 3,455 | | | 3,672 | | 6% |
Income from continuing operations | | $ | 2,878 | | $ | 3,626 | | $ | 1,880 | | $ | 2,919 | | $ | 3,674 | | 26% | | 28% | | | $ | 12,944 | | $ | 12,099 | | (7%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Average loans by region (in billions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
North America | | $ | 191 | | $ | 196 | | $ | 215 | | $ | 198 | | $ | 193 | | (3%) | | 1% | | | $ | 188 | | $ | 201 | | 7% |
EMEA | | | 89 | | | 88 | | | 91 | | | 88 | | | 86 | | (2%) | | (3%) | | | | 87 | | | 88 | | 1% |
Latin America | | | 38 | | | 38 | | | 43 | | | 40 | | | 35 | | (13%) | | (8%) | | | | 40 | | | 39 | | (3%) |
Asia | | | 73 | | | 73 | | | 73 | | | 71 | | | 68 | | (4%) | | (7%) | | | | 73 | | | 71 | | (3%) |
Total | | $ | 391 | | $ | 395 | | $ | 422 | | $ | 397 | | $ | 382 | | (4%) | | (2%) | | | $ | 388 | | $ | 399 | | 3% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EOP deposits by region (in billions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
North America | | $ | 375 | | $ | 444 | | $ | 471 | | $ | 476 | | $ | 472 | | (1%) | | 26% | | | | | | | | | |
EMEA | | | 190 | | | 210 | | | 212 | | | 218 | | | 218 | | - | | 15% | | | | | | | | | |
Latin America | | | 36 | | | 36 | | | 40 | | | 43 | | | 44 | | 2% | | 22% | | | | | | | | | |
Asia | | | 167 | | | 188 | | | 185 | | | 188 | | | 190 | | 1% | | 14% | | | | | | | | | |
Total | | $ | 768 | | $ | 878 | | $ | 908 | | $ | 925 | | $ | 924 | | - | | 20% | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EOP deposits by business (in billions) | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Treasury and trade solutions | | $ | 536 | | $ | 621 | | $ | 658 | | $ | 659 | | $ | 651 | | (1%) | | 21% | | | | | | | | | |
All other ICG businesses | | | 232 | | | 257 | | | 250 | | | 266 | | | 273 | | 3% | | 18% | | | | | | | | | |
Total | | $ | 768 | | $ | 878 | | $ | 908 | | $ | 925 | | $ | 924 | | - | | 20% | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) | Full year 2019 includes a $355 million gain on Citi's investment in Tradeweb. |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 15
INSTITUTIONAL CLIENTS GROUP
REVENUES BY BUSINESS
(In millions of dollars, except as otherwise noted)
| | | | | | | | | | | | 4Q20 Increase/ | | | Full | | Full | | YTD 2020 vs. | |||||||||
| | 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | (Decrease) from | | | Year | | Year | | YTD 2019 Increase/ | |||||||||
|
| 2019 |
| 2020 |
| 2020 |
| 2020 |
| 2020 |
| 3Q20 |
| 4Q19 |
|
| 2019 |
| 2020 |
| (Decrease) | |||||||
Revenue Details | | | | | | | | | | | | | | | | | | | | | | | | |||||
Investment banking | | | | | | | | | | | | | | | | | | | | | | | | |||||
Advisory | | $ | 373 | | $ | 386 | | $ | 229 | | $ | 163 | | $ | 232 | | 42% | | (38%) | | | $ | 1,259 | | $ | 1,010 | | (20%) |
Equity underwriting | | | 240 | | | 180 | | | 491 | | | 484 | | | 438 | | (10%) | | 83% | | | | 973 | | | 1,593 | | 64% |
Debt underwriting | | | 738 | | | 788 | | | 1,039 | | | 740 | | | 617 | | (17%) | | (16%) | | | | 2,984 | | | 3,184 | | 7% |
Total investment banking | | | 1,351 | | | 1,354 | | | 1,759 | | | 1,387 | | | 1,287 | | (7%) | | (5%) | | | | 5,216 | | | 5,787 | | 11% |
Treasury and trade solutions | | | 2,608 | | | 2,423 | | | 2,307 | | | 2,394 | | | 2,400 | | - | | (8%) | | | | 10,293 | | | 9,524 | | (7%) |
Corporate lending - excluding gain/(loss) on loan hedges(1) | | | 732 | | | 448 | | | 646 | | | 538 | | | 552 | | 3% | | (25%) | | | | 2,921 | | | 2,184 | | (25%) |
Private bank - excluding gain/(loss) on loan hedges(1) | | | 847 | | | 949 | | | 956 | | | 938 | | | 894 | | (5%) | | 6% | | | | 3,460 | | | 3,737 | | 8% |
Total banking revenues (ex-gain/(loss) on loan hedges)(1) | | $ | 5,538 | | $ | 5,174 | | $ | 5,668 | | $ | 5,257 | | $ | 5,133 | | (2%) | | (7%) | | | $ | 21,890 | | $ | 21,232 | | (3%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gain/(loss) on loan hedges(1) | | | (93) | | | 816 | | | (431) | | | (124) | | | (312) | | NM | | NM | | | | (432) | | | (51) | | 88% |
Total banking revenues including g/(l) on loan hedges(1) | | $ | 5,445 | | $ | 5,990 | | $ | 5,237 | | $ | 5,133 | | $ | 4,821 | | (6%) | | (11%) | | | $ | 21,458 | | $ | 21,181 | | (1%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Fixed income markets | | $ | 2,898 | | $ | 4,786 | | $ | 5,595 | | $ | 3,788 | | $ | 3,087 | | (19%) | | 7% | | | $ | 12,884 | | $ | 17,256 | | 34% |
Equity markets | | | 516 | | | 1,169 | | | 770 | | | 875 | | | 810 | | (7%) | | 57% | | | | 2,908 | | | 3,624 | | 25% |
Securities services | | | 647 | | | 645 | | | 619 | | | 631 | | | 650 | | 3% | | - | | | | 2,631 | | | 2,545 | | (3%) |
Other | | | (129) | | | (106) | | | (84) | | | (74) | | | (89) | | (20%) | | 31% | | | | (580) | | | (353) | | 39% |
Total markets and securities services | | $ | 3,932 | | $ | 6,494 | | $ | 6,900 | | $ | 5,220 | | $ | 4,458 | | (15%) | | 13% | | | $ | 17,843 | | $ | 23,072 | | 29% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total revenues, net of interest expense | | $ | 9,377 | | $ | 12,484 | | $ | 12,137 | | $ | 10,353 | | $ | 9,279 | | (10%) | | (1%) | | | $ | 39,301 | | $ | 44,253 | | 13% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Taxable-equivalent adjustments (2) | | $ | 117 | | $ | 86 | | $ | 88 | | $ | 104 | | $ | 137 | | 32% | | 17% | | | $ | 448 | | $ | 415 | | (7%) |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total ICG revenues including taxable-equivalent adjustments(2) | | $ | 9,494 | | $ | 12,570 | | $ | 12,225 | | $ | 10,457 | | $ | 9,416 | | (10%) | | (1%) | | | $ | 39,749 | | $ | 44,668 | | 12% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commissions and fees | | $ | 216 | | $ | 189 | | $ | 154 | | $ | 159 | | $ | 175 | | 10% | | (19%) | | | $ | 782 | | $ | 677 | | (13%) |
Principal transactions (3) | | | 1,334 | | | 3,549 | | | 4,009 | | | 2,178 | | | 1,782 | | (18%) | | 34% | | | | 7,661 | | | 11,518 | | 50% |
Other (4) | | | 251 | | | (63) | | | 234 | | | 301 | | | 107 | | (64%) | | (57%) | | | | 1,117 | | | 579 | | (48%) |
Total non-interest revenue | | $ | 1,801 | | $ | 3,675 | | $ | 4,397 | | $ | 2,638 | | $ | 2,064 | | (22%) | | 15% | | | $ | 9,560 | | $ | 12,774 | | 34% |
Net interest revenue | | | 1,097 | | | 1,111 | | | 1,198 | | | 1,150 | | | 1,023 | | (11%) | | (7%) | | | | 3,324 | | | 4,482 | | 35% |
Total fixed income markets | | $ | 2,898 | | $ | 4,786 | | $ | 5,595 | | $ | 3,788 | | $ | 3,087 | | (19%) | | 7% | | | $ | 12,884 | | $ | 17,256 | | 34% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Rates and currencies | | $ | 2,214 | | $ | 4,034 | | $ | 3,582 | | $ | 2,520 | | $ | 2,009 | | (20%) | | (9%) | | | $ | 9,225 | | $ | 12,145 | | 32% |
Spread products / other fixed income | | | 684 | | | 752 | | | 2,013 | | | 1,268 | | | 1,078 | | (15%) | | 58% | | | | 3,659 | | | 5,111 | | 40% |
Total fixed income markets | | $ | 2,898 | | $ | 4,786 | | $ | 5,595 | | $ | 3,788 | | $ | 3,087 | | (19%) | | 7% | | | $ | 12,884 | | $ | 17,256 | | 34% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Commissions and fees | | $ | 267 | | $ | 362 | | $ | 305 | | $ | 279 | | $ | 299 | | 7% | | 12% | | | $ | 1,121 | | $ | 1,245 | | 11% |
Principal transactions (3) | | | (16) | | | 774 | | | 193 | | | 125 | | | 189 | | 51% | | NM | | | | 775 | | | 1,281 | | 65% |
Other | | | 153 | | | 8 | | | 2 | | | 267 | | | 45 | | (83%) | | (71%) | | | | 172 | | | 322 | | 87% |
Total non-interest revenue | | $ | 404 | | $ | 1,144 | | $ | 500 | | $ | 671 | | $ | 533 | | (21%) | | 32% | | | $ | 2,068 | | $ | 2,848 | | 38% |
Net interest revenue | | | 112 | | | 25 | | | 270 | | | 204 | | | 277 | | 36% | | NM | | | | 840 | | | 776 | | (8%) |
Total equity markets | | $ | 516 | | $ | 1,169 | | $ | 770 | | $ | 875 | | $ | 810 | | (7%) | | 57% | | | $ | 2,908 | | $ | 3,624 | | 25% |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(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 private bank and 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. |
(3) | Excludes principal transactions revenues of ICG businesses other than Markets, primarily treasury and trade solutions and the private bank. |
(4) | Full year 2019 includes a $355 million gain on Citi's investment in Tradeweb. |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 16
CORPORATE / OTHER (1)
(In millions of dollars, except as otherwise noted)
| | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| | | | | | | | | | | | 4Q20 Increase/ | | | Full | | Full | | YTD 2020 vs. | ||||||||||
| | 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | (Decrease) from | | | Year | | Year | | YTD 2019 Increase/ | ||||||||||
|
| 2019 |
| 2020 |
| 2020 |
| 2020 |
| 2020 |
| 3Q20 |
| 4Q19 |
|
| 2019 |
| 2020 |
| (Decrease) | ||||||||
Net interest revenue | | $ | 294 | | $ | 325 | | $ | (26) | | $ | (231) | | $ | (218) | | 6% | | NM | | | $ | 1,890 | | $ | (150) | | NM | |
Non-interest revenue | | | 248 | | | (252) | | | 316 | | | 7 | | | 133 | | NM | | (46%) | | | | 124 | | | 204 | | 65% | |
Total revenues, net of interest expense | | | 542 | | | 73 | | | 290 | | | (224) | | | (85) | | 62% | | NM | | | | 2,014 | | | 54 | | (97%) | |
Total operating expenses | | | 635 | | | 416 | | | 469 | | | 969 | | | 647 | | (33%) | | 2% | | | | 2,150 | | | 2,501 | | 16% | |
Net credit losses | | | (13) | | | (2) | | | (5) | | | (5) | | | (10) | | (100%) | | 23% | | | | (8) | | | (22) | | NM | |
Credit reserve build / (release) | | | 2 | | | 191 | | | 160 | | | (128) | | | (35) | | 73% | | NM | | | | (60) | | | 188 | | NM | |
Provisions for benefits and claims, HTM debt securities and other assets | | | - | | | (2) | | | 3 | | | 1 | | | (1) | | NM | | (100%) | | | | - | | | 1 | | 100% | |
Provision for unfunded lending commitments | | | (2) | | | 5 | | | 6 | | | (4) | | | 4 | | NM | | NM | | | | (7) | | | 11 | | NM | |
Total provisions for credit losses and for benefits and claims | | | (13) | | | 192 | | | 164 | | | (136) | | | (42) | | 69% | | NM | | | | (75) | | | 178 | | NM | |
Income from continuing operations before taxes | | | (80) | | | (535) | | | (343) | | | (1,057) | | | (690) | | 35% | | NM | | | | (61) | | | (2,625) | | NM | |
Income taxes (benefits)(2) | | | (623) | | | (198) | | | (178) | | | (341) | | | (365) | | (7%) | | 41% | | | | (886) | | | (1,082) | | (22%) | |
Income (loss) from continuing operations | | | 543 | | | (337) | | | (165) | | | (716) | | | (325) | | 55% | | NM | | | | 825 | | | (1,543) | | NM | |
Income (loss) from discontinued operations, net of taxes | | | (4) | | | (18) | | | (1) | | | (7) | | | 6 | | NM | | NM | | | | (4) | | | (20) | | NM | |
Noncontrolling interests | | | 2 | | | (4) | | | (3) | | | - | | | 1 | | 100% | | (50%) | | | | 20 | | | (6) | | NM | |
Net income (loss) | | $ | 537 | | $ | (351) | | $ | (163) | | $ | (723) | | $ | (320) | | 56% | | NM | | | $ | 801 | | $ | (1,557) | | NM | |
EOP assets (in billions) | | $ | 97 | | $ | 94 | | $ | 94 | | $ | 96 | | $ | 96 | | - | | (1%) | | | | | | | | | | |
Average assets (in billions) | | | 95 | | | 94 | | | 93 | | | 93 | | | 96 | | 3% | | 1% | | | $ | 97 | | $ | 94 | | (3%) | |
Return on average assets | | | 2.24% | | | (1.50%) | | | (0.70%) | | | (3.09%) | | | (1.33%) | | | | | | 0.83% | | | (1.66%) | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | ||||
| | | | | | | | | | | | | | | | | | | | | | | | | | ||||
Consumer - North America(3) - Key Indicators | | | | | | | | | | | | | | | | | | | | | | | | | | | |||
Average loans (in billions) | | $ | 10.4 | | $ | 9.4 | | $ | 8.9 | | $ | 8.2 | | $ | 7.4 | | (10%) | | (29%) | | | | | | | | | | |
EOP loans (in billions) | | | 9.6 | | | 9.1 | | | 8.6 | | | 7.7 | | | 6.6 | | (14%) | | (31%) | | | | | | | | | | |
Net interest revenue | | | 77 | | | 74 | | | 86 | | | 54 | | | 42 | | (22%) | | (45%) | | | | | | | | | | |
As a % of average loans | | | 2.94% | | | 3.17% | | | 3.89% | | | 2.62% | | | 2.26% | | | | | | | | | | | | | | |
Net credit losses (recoveries) | | $ | (12) | | $ | - | | $ | (5) | | $ | (4) | | $ | (10) | | NM | | 17% | | | | | | | | | | |
As a % of average loans | | | (0.46%) | | | 0.00% | | | (0.23%) | | | (0.19%) | | | (0.54%) | | | | | | | | | | | | | | |
Loans 90+ days past due (4) | | $ | 278 | | $ | 281 | | $ | 295 | | $ | 278 | | $ | 313 | | 13% | | 13% | | | | | | | | | | |
As a % of EOP loans | | | 3.02% |
| | 3.23% | | | 3.60% | | | 3.86% | | | 5.13% | | | | | | | | | | | | | | |
Loans 30-89 days past due (4) | | $ | 295 | | $ | 252 | | $ | 261 | | $ | 198 | | $ | 179 | | (10%) | | (39%) | | | | | | | | | | |
As a % of EOP loans | | | 3.21% | | | 2.90% | | | 3.18% | | | 2.75% | | | 2.93% | | | | | | | | | | | | |||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(1) | Includes certain unallocated costs of global staff functions (including finance, risk, human resources, legal and compliance), other corporate expenses and unallocated global operations and technology expenses and income taxes, as well as Corporate Treasury, certain North America legacy consumer loan portfolios, other legacy assets and discontinued operations. |
(2) | 4Q19 includes discrete tax items of roughly $540 million, including an approximate $430 million benefit of a reduction in Citi’s valuation allowance related to its deferred tax assets (DTAs). 3Q19 includes discrete tax items of roughly $230 million, including an approximate $180 million benefit of a reduction in Citi’s valuation allowance related to its DTAs. |
(3) | Results and amounts primarily relate to consumer mortgages. |
(4) | The Loans 90+ Days Past Due and 30-89 Days Past Due and related ratios exclude U.S. mortgage loans that are guaranteed by U.S. government-sponsored agencies since the potential loss predominantly resides with the U.S. agencies. |
The amounts excluded for Loans 90+ Days Past Due and (EOP Loans) for each period were $172 million and ($0.4 billion), $167 million and ($0.4 billion), $173 million and ($0.4 billion), and $172 million and ($0.5 billion), and $183 million and ($0.5 billion) as of December 31, 2019, March 31, 2020, June 30, 2020, September 30, 2020 and December 31, 2020, respectively.
The amounts excluded for Loans 30-89 Days Past Due and (EOP Loans) for each period were $55 million and ($0.4 billion), $58 million and ($0.4 billion), $57 million and ($0.4 billion), and $66 million and ($0.5 billion), and $73 million and ($0.5 billion) as of December 31, 2019, March 31, 2020, June 30, 2020, September 30, 2020 and December 31, 2020, respectively.
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 17
AVERAGE BALANCES AND INTEREST RATES (1)(2)(3)(4)(5)
Taxable Equivalent Basis
| | | | | | | | | | | | | | | | | | | | | | | ||||
| | Average Volumes | | Interest | | % Average Rate (4) | | | ||||||||||||||||||
| | Fourth | | Third | | Fourth | | Fourth | | Third | | Fourth | | Fourth | | Third | | Fourth | | | ||||||
| | Quarter | | Quarter | | Quarter | | Quarter | | Quarter | | Quarter | | Quarter | | Quarter | | Quarter | | | ||||||
In millions of dollars, except as otherwise noted |
| 2019 |
| 2020 |
| 2020(5) |
| 2019 |
| 2020 |
| 2020(5) |
| 2019 |
| 2020 |
| 2020(5) | | | ||||||
Assets | | | | | | | | | | | | | | | | | | | | | | | | |||
Deposits with banks | | $ | 195,268 | | $ | 307,845 | | $ | 334,056 | | $ | 603 | | $ | 116 | | $ | 126 | | 1.23 | % | 0.15 | % | 0.15 | % | |
Securities borrowed and purchased under resale agreements(6) | | | 256,022 | | | 294,949 | | | 298,641 | | | 1,451 | | | 352 | | | 322 | | 2.25 | % | 0.47 | % | 0.43 | % | |
Trading account assets(7) | | | 243,597 | | | 285,033 | | | 295,397 | | | 1,957 | | | 1,458 | | | 1,406 | | 3.19 | % | 2.03 | % | 1.89 | % | |
Investments | | | 367,733 | | | 438,786 | | | 442,368 | | | 2,421 | | | 1,902 | | | 1,765 | | 2.61 | % | 1.72 | % | 1.59 | % | |
Total loans (net of unearned income)(8) | | | 692,631 | | | 677,200 | | | 666,229 | | | 11,828 | | | 9,446 | | | 9,389 | | 6.78 | % | 5.55 | % | 5.61 | % | |
Other interest-earning assets | | | 58,609 | | | 63,577 | | | 62,521 | | | 333 | | | 99 | | | 87 | | 2.25 | % | 0.62 | % | 0.55 | % | |
Total average interest-earning assets | | $ | 1,813,860 | | $ | 2,067,390 | | $ | 2,099,212 | | $ | 18,593 | | $ | 13,373 | | $ | 13,095 | | 4.07 | % | 2.57 | % | 2.48 | % | |
| | | | | | | | | | | | | | | | | | | | | | | ||||
Liabilities | | | | | | | | | | | | | | | | | | | | | | | | |||
Deposits (excluding deposit insurance and FDIC assessment) | | $ | 911,039 | | $ | 1,059,300 | | $ | 1,081,101 | | $ | 2,753 | | $ | 918 | | $ | 828 | | 1.20 | % | 0.34 | % | 0.30 | % | |
Deposit insurance and FDIC assessment | | | - | | | - | | | - | | | 200 | | | 375 | | | 333 | | | | | | | ||
Total deposits | | | 911,039 | | | 1,059,300 | | | 1,081,101 | | | 2,953 | | | 1,293 | | | 1,161 | | 1.29 | % | 0.49 | % | 0.43 | % | |
Securities loaned and sold under repurchase agreements(6) | | | 188,153 | | | 216,556 | | | 227,257 | | | 1,320 | | | 292 | | | 247 | | 2.78 | % | 0.54 | % | 0.43 | % | |
Trading account liabilities(7) | | | 78,920 | | | 88,597 | | | 95,475 | | | 316 | | | 123 | | | 122 | | 1.59 | % | 0.55 | % | 0.51 | % | |
Short-term borrowings | | | 97,079 | | | 95,471 | | | 88,553 | | | 489 | | | 88 | | | 18 | | 2.00 | % | 0.37 | % | 0.08 | % | |
Long-term debt(9) | | | 197,972 | | | 226,233 | | | 220,958 | | | 1,470 | | | 1,025 | | | 1,016 | | 2.95 | % | 1.80 | % | 1.83 | % | |
Total average interest-bearing liabilities | | $ | 1,473,163 | | $ | 1,686,157 | | $ | 1,713,344 | | $ | 6,548 | | $ | 2,821 | | $ | 2,564 | | 1.76 | % | 0.67 | % | 0.60 | % | |
| | | | | | | | | | | | | | | | | | | | | | | ||||
Total average interest-bearing liabilities (Excluding deposit insurance and FDIC assessment) | | $ | 1,473,163 | | $ | 1,686,157 | | $ | 1,713,344 | | $ | 6,348 | | $ | 2,446 | | $ | 2,231 | | 1.71 | % | 0.58 | % | 0.52 | % | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Net interest revenue as a % of average interest-earning assets (NIM) | | | | | | | | | | | $ | 12,045 | | $ | 10,552 | | $ | 10,531 | | 2.63 | % | 2.03 | % | 2.00 | % | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
NIR as a % of average interest-earning assets (NIM) (excluding deposit insurance and FDIC assessment) | | | | | | | | | | | $ | 12,245 | | $ | 10,927 | | $ | 10,864 | | 2.68 | % | 2.10 | % | 2.06 | % | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
4Q20 increase (decrease) from: | | | | | | | | | | | | | | | | | | | | (63) | bps | (3) | bps | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
4Q20 increase (decrease) (excluding deposit insurance and FDIC assessment) from: | | | | | | | | | | | | | | | | | | | | (62) | bps | (4) | bps | | | |
(1) | Interest revenue includes the taxable equivalent adjustments (based on the U.S. federal statutory tax rate of 21%) of $48 million for 4Q19, $59 million for 3Q20 and $48 million for 4Q20. |
(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) | Fourth quarter of 2020 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. |
Reclassified to conform to the current period's presentation.
Page 18
DEPOSITS
(In billions of dollars)
| | | | | | | | | | | | | | | | | |||
| | | | | | | | | | | | 4Q20 Increase/ | |||||||
| | 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | (Decrease) from | |||||||
|
| 2019 |
| 2020 |
| 2020 |
| 2020 |
| 2020 |
| 3Q20 |
| 4Q19 | |||||
Global Consumer Banking | | | | | | | | | | | | | |||||||
North America | | $ | 160.5 | | $ | 166.4 | | $ | 180.5 | | $ | 186.0 | | $ | 194.8 | | 5% | | 21% |
Latin America | | | 23.8 | | | 19.8 | | | 21.5 | | | 22.2 | | | 25.8 | | 16% | | 8% |
Asia (1) | | | 106.7 | | | 107.8 | | | 112.5 | | | 117.4 | | | 123.9 | | 6% | | 16% |
Total | | | 291.0 | | | 294.0 | | | 314.5 | | | 325.6 | | | 344.5 | | 6% | | 18% |
| | | | | | | | | | | | | | | | | |||
ICG | | | | | | | | | | | | | | | | | | ||
North America | | | 374.2 | | | 444.6 | | | 472.2 | | | 475.7 | | | 472.2 | | (1%) | | 26% |
EMEA | | | 189.9 | | | 210.0 | | | 211.6 | | | 218.3 | | | 217.9 | | - | | 15% |
Latin America | | | 36.2 | | | 36.1 | | | 39.7 | | | 43.3 | | | 44.2 | | 2% | | 22% |
Asia | | | 167.4 | | | 187.6 | | | 184.9 | | | 187.5 | | | 190.0 | | 1% | | 14% |
Total | | | 767.7 | | | 878.3 | | | 908.4 | | | 924.8 | | | 924.3 | | - | | 20% |
| | | | | | | | | | | | | | | | | |||
Corporate/Other | | | 11.9 | | | 12.6 | | | 10.8 | | | 12.2 | | | 11.9 | | (2%) | | - |
| | | | | | | | | | | | | | | | | |||
Total deposits - EOP | | $ | 1,070.6 | | $ | 1,184.9 | | $ | 1,233.7 | | $ | 1,262.6 | | $ | 1,280.7 | | 1% | | 20% |
| | | | | | | | | | | | | | | | | |||
Total deposits - average | | $ | 1,089.5 | | $ | 1,114.5 | | $ | 1,233.9 | | $ | 1,267.8 | | $ | 1,305.3 | | 3% | | 20% |
| | | | | | | | | | | | | | | | | |||
Foreign currency (FX) translation impact | | | | | | | | | | | | | | | | | | ||
Total EOP deposits - as reported | | $ | 1,070.6 | | $ | 1,184.9 | | $ | 1,233.7 | | $ | 1,262.6 | | $ | 1,280.7 | | 1% | | 20% |
Impact of FX translation (2) | | | 8.6 | | | 35.1 | | | 27.4 | | | 18.8 | | | - | | | ||
Total EOP deposits - Ex-FX (2) | | $ | 1,079.2 | | $ | 1,220.0 | | $ | 1,261.1 | | $ | 1,281.4 | | $ | 1,280.7 | | - | | 19% |
| | | | | | | | | | | | | | | | | | | |
(1) | Asia GCB includes deposits of certain EMEA countries for all periods presented. |
(2) | Reflects the impact of FX translation into U.S. dollars at the fourth quarter of 2020 exchange rates for all periods presented. |
Citigroup's results of operations excluding the impact of FX translation are non-GAAP financial measures.
Reclassified to conform to the current period's presentation.
Page 19
EOP LOANS
(In billions of dollars)
| | | | | | | | | | | | ||||||||
| | | | | | | | | | | | | | | | | 4Q20 Increase/ | ||
| | 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | (Decrease) from | |||||||
|
| 2019 |
| 2020 |
| 2020 |
| 2020 |
| 2020 |
| 3Q20 |
| 4Q19 | |||||
Global Consumer Banking | | | | | | | | | | | | | |||||||
| | | | | | | | | | | | ||||||||
North America | | | | | | | | | | | | | |||||||
Credit cards | | $ | 149.2 | | $ | 137.3 | | $ | 128.0 | | $ | 125.5 | | $ | 130.4 | | 4% | | (13%) |
Retail banking | | | 50.3 | | | 50.8 | | | 53.1 | | | 53.1 | | | 52.7 | | (1%) | | 5% |
Total | | | 199.5 | | | 188.1 | | | 181.1 | | $ | 178.6 | | $ | 183.1 | | 3% | | (8%) |
| | | | | | | | | | | | ||||||||
Latin America | | | | | | | | | | | | | |||||||
Credit cards | | | 6.0 | | | 4.5 | | | 4.2 | | $ | 4.3 | | $ | 4.8 | | 12% | | (20%) |
Retail banking | | | 11.7 | | | 9.2 | | | 9.0 | | | 9.2 | | | 9.8 | | 7% | | (16%) |
Total | | | 17.7 | | | 13.7 | | | 13.2 | | $ | 13.5 | | $ | 14.6 | | 8% | | (18%) |
| | | | | | | | | | | | ||||||||
Asia(1) | | | | | | | | | | | | | |||||||
Credit cards | | | 19.9 | | | 17.3 | | | 16.8 | | $ | 16.8 | | $ | 17.9 | | 7% | | (10%) |
Retail banking | | | 62.8 | | | 60.2 | | | 61.5 | | | 63.5 | | | 66.5 | | 5% | | 6% |
Total | | | 82.7 | | | 77.5 | | | 78.3 | | $ | 80.3 | | $ | 84.4 | | 5% | | 2% |
| | | | | | | | | | | | ||||||||
Total GCB consumer loans | | | | | | | | | | | | | |||||||
Credit cards | | | 175.1 | | | 159.1 | | | 149.0 | | $ | 146.6 | | $ | 153.1 | | 4% | | (13%) |
Retail banking | | | 124.8 | | | 120.2 | | | 123.6 | | | 125.8 | | | 129.0 | | 3% | | 3% |
Total GCB | | | 299.9 | | | 279.3 | | | 272.6 | | $ | 272.4 | | $ | 282.1 | | 4% | | (6%) |
Total Corporate/Other - consumer | | | 9.6 | | | 9.1 | | | 8.5 | | | 7.6 | | 6.7 | | (12%) | | (30%) | |
Total consumer loans | | $ | 309.5 | | $ | 288.4 | | $ | 281.1 | | $ | 280.0 | | $ | 288.8 | | 3% | | (7%) |
| | | | | | | | | | | | | | | | | | | |
Corporate loans - by region | | | | | | | | | | | | | | | | | | | |
North America | | $ | 190.9 | | $ | 223.5 | | $ | 202.8 | | $ | 195.0 | | $ | 197.2 | | 1% | | 3% |
EMEA | | | 87.4 | | | 93.8 | | | 88.1 | | | 86.4 | | | 87.9 | | 2% | | 1% |
Latin America | | | 39.1 | | | 41.3 | | | 42.1 | | | 36.6 | | | 33.4 | | (9%) | | (15%) |
Asia | | | 72.5 | | | 74.0 | | | 71.2 | | | 68.9 | | | 68.5 | | (1%) | | (6%) |
Total corporate loans | | | 389.9 | | | 432.6 | | $ | 404.2 | | $ | 386.9 | | $ | 387.0 | | - | | (1%) |
| | | | | | | | | | | | | | | | | | | |
Corporate loans - by product | | | | | | | | | | | | | |||||||
Corporate lending | | | 152.6 | | | 192.2 | | | 170.3 | | $ | 150.9 | | $ | 138.8 | | (8%) | | (9%) |
Private bank | | | 109.0 | | | 112.0 | | | 108.3 | | | 111.5 | | | 117.5 | | 5% | | 8% |
Treasury and trade solutions | | | 74.7 | | | 75.5 | | | 71.8 | | | 68.2 | | | 71.4 | | 5% | | (4%) |
Markets and securities services | | | 53.6 | | | 52.9 | | | 53.8 | | | 56.3 | | | 59.3 | | 5% | | 11% |
Total corporate loans | | | 389.9 | | | 432.6 | | | 404.2 | | $ | 386.9 | | $ | 387.0 | | - | | (1%) |
| | | | | | | | | | | | ||||||||
Total loans | | $ | 699.5 | | $ | 721.0 | | $ | 685.3 | | $ | 666.9 | | $ | 675.9 | | 1% | | (3%) |
| | | | | | | | | | | | ||||||||
Foreign currency (FX) translation impact | | | | | | | | | | | | | |||||||
Total EOP loans - as reported | | $ | 699.5 | | $ | 721.0 | | $ | 685.3 | | $ | 666.9 | | $ | 675.9 | | 1% | | (3%) |
Impact of FX translation (2) | | | 4.8 | | | 21.2 | | | 15.9 | | | 10.6 | | | - | | | ||
Total EOP loans - Ex-FX (2) | | $ | 704.3 | | $ | 742.2 | | $ | 701.2 | | $ | 677.5 | | $ | 675.9 | | - | | (4%) |
| | | | | | | | | | | | | | | | | | | |
(1) | Asia GCB includes loans of certain EMEA countries for all periods presented. |
(2) | Reflects the impact of FX translation into U.S. dollars at the fourth quarter of 2020 exchange rates for all periods presented. |
Citigroup's results of operations excluding the impact of FX translation are non-GAAP financial measures.
Reclassified to conform to the current period's presentation.
Page 20
CONSUMER LOANS 90+ DAYS DELINQUENCIES AND RATIOS
BUSINESS VIEW
(In millions of dollars, except EOP loan amounts in billions)
| | | | | | | | | | | | | | | | | | |
| | | EOP Loans | |||||||||||||||
| | | 4Q | | | 1Q | | | 2Q | | | 3Q | | | 4Q | | 4Q | |
|
| | 2019 |
| | 2020 |
| | 2020 |
| | 2020 |
| | 2020 |
| 2020 | |
Global Consumer Banking(2) | | | | | | | | | | | | | | | | | | |
Total | | $ | 2,737 | | $ | 2,603 | | $ | 2,466 | | $ | 1,976 | | $ | 2,507 | | $ | 282.1 |
Ratio | | | 0.91% | | | 0.93% | | | 0.91% | | | 0.73% | | | 0.89% | | | |
| | | | | | | | | | | | | | | | | | |
Retail banking(2) | | | | | | | | | | | | | | | | | | |
Total | | $ | 438 | | $ | 429 | | $ | 497 | | $ | 497 | | $ | 632 | | $ | 129.0 |
Ratio | | | 0.35% | | | 0.36% | | | 0.40% | | | 0.40% | | | 0.49% | | | |
North America(2) | | $ | 146 | | $ | 161 | | $ | 182 | | $ | 211 | | $ | 299 | | $ | 52.7 |
Ratio | | | 0.29% | | | 0.32% | | | 0.35% | | | 0.40% | | | 0.58% | | | |
Latin America | | $ | 106 | | $ | 90 | | $ | 121 | | $ | 105 | | $ | 130 | | $ | 9.8 |
Ratio | | | 0.91% | | | 0.98% | | | 1.34% | | | 1.14% | | | 1.33% | | | |
Asia(3) | | $ | 186 | | $ | 178 | | $ | 194 | | $ | 181 | | $ | 203 | | $ | 66.5 |
Ratio | | | 0.30% | | | 0.30% | | | 0.32% | | | 0.29% | | | 0.31% | | | |
| | | | | | | | | | | | | | | | | | |
Cards | | | | | | | | | | | | | | | | | | |
Total | | $ | 2,299 | | $ | 2,174 | | $ | 1,969 | | $ | 1,479 | | $ | 1,875 | | $ | 153.1 |
Ratio | | | 1.31% | | | 1.37% | | | 1.32% | | | 1.01% | | | 1.22% | | | |
North America - Citi-branded (3) | | $ | 915 | | $ | 891 | | $ | 784 | | $ | 574 | | $ | 686 | | $ | 84.0 |
Ratio | | | 0.95% | | | 1.01% | | | 0.95% | | | 0.71% | | | 0.82% | | | |
North America - retail services(3) | | $ | 1,012 | | $ | 958 | | $ | 811 | | $ | 557 | | $ | 644 | | $ | 46.4 |
Ratio | | | 1.91% | | | 1.96% | | | 1.79% | | | 1.25% | | | 1.39% | | | |
Latin America(3) | | $ | 165 | | $ | 121 | | $ | 160 | | $ | 106 | | $ | 233 | | $ | 4.8 |
Ratio | | | 2.75% | | | 2.69% | | | 3.81% | | | 2.47% | | | 4.85% | | | |
Asia(4) | | $ | 207 | | $ | 204 | | $ | 214 | | $ | 242 | | $ | 312 | | $ | 17.9 |
Ratio | | | 1.04% | | | 1.18% | | | 1.27% | | | 1.44% | | | 1.74% | | | |
| | | | | | | | | | | | | | | | | | |
Corporate/Other - consumer(2) | | $ | 278 | | $ | 281 | | $ | 295 | | $ | 278 | | $ | 313 | | $ | 6.7 |
Ratio | | | 3.02% | | | 3.23% | | | 3.60% | | | 3.86% | | | 5.13% | | | |
| | | | | | | | | | | | | | | | | | |
Total Citigroup(2) | | $ | 3,015 | | $ | 2,884 | | $ | 2,761 | | $ | 2,254 | | $ | 2,820 | | $ | 288.8 |
Ratio | | | 0.98% | | | 1.00% | | | 0.99% | | | 0.81% | | | 0.98% | | | |
| | | | | | | | | | | | | | | | | | |
(1) | The ratio of 90+ days past due is calculated based on end-of-period loans, net of unearned income. |
(2) | The 90+ days past due and related ratios for North America retail banking and Corporate/Other North America exclude U.S. mortgage loans that are guaranteed by U.S. government-sponsored agencies since the potential loss predominantly resides with the U.S. agencies. See footnote 2 on page 9 and footnote 1 on page 17. |
(3) | The decrease in loans 90+ days past due in North America and Latin America cards as of September 30, 2020, includes the impact of loan modifications that were implemented during the second quarter of 2020 related to various COVID-19 consumer relief programs. |
(4) | Asia includes delinquency amounts, ratios and loans of certain EMEA countries for all periods presented. |
Reclassified to conform to the current period's presentation.
Page 21
CONSUMER LOANS 30-89 DAYS DELINQUENCIES AND RATIOS
BUSINESS VIEW
(In millions of dollars, except EOP loan amounts in billions)
| | | | | | | | | | | | | |||||||
|
| EOP Loans |
| ||||||||||||||||
| 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | 4Q | | |||||||
| 2019 |
| 2020 |
| 2020 |
| 2020 |
| 2020 |
| 2020 | | |||||||
| | | | | | | | | | | | | |||||||
Global Consumer Banking(2) | | | | | | | | | | | | | | ||||||
Total | | $ | 3,001 | | $ | 2,870 | | $ | 2,503 | | $ | 2,398 | | $ | 2,517 | | $ | 282.1 | |
Ratio | | | 1.00% | | | 1.03% | | | 0.92% | | | 0.88% | | | 0.89% | | | | |
| | | | | | | | | | | | | | | | | | ||
Retail banking(2) | | | | | | | | | | | | | | | | | | | |
Total | | $ | 816 | | $ | 794 | | $ | 918 | | $ | 786 | | $ | 860 | | $ | 129.0 | |
Ratio | | | 0.66% | | | 0.66% | | | 0.75% | | | 0.63% | | | 0.67% | | | | |
North America(2) | | $ | 334 | | $ | 298 | | $ | 440 | | $ | 378 | | $ | 328 | | $ | 52.7 | |
Ratio | | | 0.67% | | | 0.59% | | | 0.84% | | | 0.72% | | | 0.63% | | | | |
Latin America | | $ | 180 | | $ | 140 | | $ | 151 | | $ | 136 | | $ | 220 | | $ | 9.8 | |
Ratio | | | 1.54% | | | 1.52% | | | 1.68% | | | 1.48% | | | 2.24% | | | | |
Asia (3) | | $ | 302 | | $ | 356 | | $ | 327 | | $ | 272 | | $ | 312 | | $ | 66.5 | |
Ratio | | | 0.48% | | | 0.59% | | | 0.53% | | | 0.43% | | | 0.47% | | | | |
| | | | | | | | | | | | | | | | | | ||
Cards | | | | | | | | | | | | | | | | | | | |
Total(3) | | $ | 2,185 | | $ | 2,076 | | $ | 1,585 | | $ | 1,612 | | $ | 1,657 | | $ | 153.1 | |
Ratio | | | 1.25% | | | 1.30% | | | 1.06% | | | 1.10% | | | 1.08% | | | | |
North America - Citi- branded(3) | | $ | 814 | | $ | 770 | | $ | 594 | | $ | 624 | | $ | 589 | | $ | 84.0 | |
Ratio | | | 0.85% | | | 0.87% | | | 0.72% | | | 0.77% | | | 0.70% | | | | |
North America - retail services(3) | | $ | 945 | | $ | 903 | | $ | 611 | | $ | 610 | | $ | 639 | | $ | 46.4 | |
Ratio | | | 1.79% | | | 1.85% | | | 1.35% | | | 1.37% | | | 1.38% | | | | |
Latin America(3) | | $ | 159 | | $ | 132 | | $ | 111 | | $ | 89 | | $ | 170 | | $ | 4.8 | |
Ratio | | | 2.65% | | | 2.93% | | | 2.64% | | | 2.07% | | | 3.54% | | | | |
Asia (4) | | $ | 267 | | $ | 271 | | $ | 269 | | $ | 289 | | $ | 259 | | $ | 17.9 | |
Ratio | | | 1.34% | | | 1.57% | | | 1.60% | | | 1.72% | | | 1.45% | | | | |
| | | | | | | | | | | | | | | | | | | |
Corporate/Other - consumer(2) | | $ | 295 | | $ | 252 | | $ | 261 | | $ | 198 | | $ | 179 | | $ | 6.7 | |
Ratio | | | 3.21% | | | 2.90% | | | 3.18% | | | 2.75% | | | 2.93% | | | | |
| | | | | | | | | | | | | | | | | | | |
Total Citigroup(2) | | $ | 3,296 | | $ | 3,122 | | $ | 2,764 | | $ | 2,596 | | $ | 2,696 | | $ | 288.8 | |
Ratio | | | 1.07% | | | 1.09% | | | 0.99% | | | 0.93% | | | 0.94% | | | | |
| | | | | | | | | | | | | | | | | | | |
(1) | The ratio of 30-89 days past due is calculated based on end-of-period loans, net of unearned income. |
(2) | The 30-89 days past due and related ratios for North America retail banking and Corporate/Other North America exclude U.S. mortgage loans that are guaranteed by U.S. government-sponsored agencies since the potential loss predominantly resides with the U.S. agencies. See footnote 2 on page 9 and footnote 1 on page 17. |
(3) | The decrease in loans 30-89 days past due in North America and Latin America cards beginning at June 30, 2020, includes the impact of loan modifications that were implemented during the second quarter of 2020 related to various COVID-19 consumer relief programs. |
(4) | Asia includes delinquency amounts, ratios and loans of certain EMEA countries for all periods presented. |
Reclassified to conform to the current period's presentation.
Page 22
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND UNFUNDED LENDING COMMITMENTS Page 1
(In millions of dollars)
| | | | | | | | | | | 4Q20 Increase/ | | | Full | | Full | | YTD 2020 vs. | |||||||||||||||||||||||||||||||||||
| | 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | (Decrease) from | | | Year | | Year | | YTD 2019 Increase/ | ||||||||||||||||||||||||||||||||||
|
| 2019 |
| 2020(2) |
| 2020(2) |
| 2020(2) |
| 2020 |
| 3Q20 |
| 4Q19 |
|
| 2019 |
| 2020 |
| (Decrease) | ||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
Total Citigroup | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
Allowance for credit losses on loans (ACLL) at beginning of period | | $ | 12,530 | | $ | 12,783 | | $ | 20,380 | | $ | 26,298 | | $ | 26,426 | | | | | $ | 12,315 | | $ | 12,783 | | | |||||||||||||||||||||||||||
Adjustments to opening balance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
Financial instruments—credit losses (CECL)(1) | | | - | | | 4,201 | | | - | | | - | | | - | | | | | | | - | | | 4,201 | | |||||||||||||||||||||||||||
Variable post-charge-off third-party collection costs(2) | | | - | | | (443) | | | - | | | - | | | - | | | | | | | | - | | | (443) | | | |||||||||||||||||||||||||
Adjusted ACLL at beginning of period | | | 12,530 | | | 16,541 | | | 20,380 | | | 26,298 | | | 26,426 | | - | | NM | | | | 12,315 | | | 16,541 | | 34% | |||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
Gross credit (losses) on loans | | | (2,361) | | | (2,479) | | | (2,528) | | | (2,367) | | | (1,889) | | 20% | | 20% | | | | (9,341) | | | (9,263) | | 1% | |||||||||||||||||||||||||
Gross recoveries on loans | | | 417 | | | 420 | | | 367 | | | 448 | | | 417 | | (7%) | | - | | | | 1,573 | | | 1,652 | | 5% | |||||||||||||||||||||||||
Net credit (losses) / recoveries on loans (NCLs) | | | (1,944) | | | (2,059) | | | (2,161) | | | (1,919) | | | (1,472) | | (23%) | | (24%) | | | | (7,768) | | | (7,611) | | (2%) | |||||||||||||||||||||||||
NCLs | | | 1,944 | | | 2,059 | | | 2,161 | | | 1,919 | | | 1,472 | | (23%) | | (24%) | | | | 7,768 | | | 7,611 | | (2%) | |||||||||||||||||||||||||
Net reserve builds / (releases) for loans | | | 112 | | | 4,094 | | | 5,195 | | | 164 | | | (1,818) | | NM | | NM | | | | 364 | | | 7,635 | | NM | |||||||||||||||||||||||||
Net specific reserve builds / (releases) for loans | | | 67 | | | 224 | | | 634 | | | (152) | | | (30) | | 80% | | NM | | | | 86 | | | 676 | | NM | |||||||||||||||||||||||||
Provision for credit losses on loans (PCLL) | | | 2,123 | | | 6,377 | | | 7,990 | | | 1,931 | | | (376) | | NM | | NM | | | | 8,218 | | | 15,922 | | 94% | |||||||||||||||||||||||||
Other, net(3)(4)(5)(6)(7)(8) | | | 74 | | | (479) | | | 89 | | | 116 | | | 378 | | NM | | NM | | | | 18 | | | 104 | | | |||||||||||||||||||||||||
ACLL at end of period (a) | | $ | 12,783 | | $ | 20,380 | | $ | 26,298 | | $ | 26,426 | | $ | 24,956 | | | | | $ | 12,783 | | $ | 24,956 | | | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||
Allowance for credit losses on unfunded lending commitments (ACLUC)(9)(10) (a) | | $ | 1,456 | | $ | 1,813 | | $ | 1,859 | | $ | 2,299 | | $ | 2,655 | | | | | $ | 1,456 | | $ | 2,655 | | | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||
Provision (release) for credit losses on unfunded lending commitments | | $ | 74 | | $ | 557 | | $ | 113 | | $ | 424 | | $ | 352 | | | | | $ | 92 | | $ | 1,446 | | | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||
Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (a)] | | $ | 14,239 | | $ | 22,193 | | $ | 28,157 | | $ | 28,725 | | $ | 27,611 | | | | | $ | 14,239 | | $ | 27,611 | | | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||
Total ACLL as a percentage of total loans(11) | | | 1.84 | % | | 2.84 | % | | 3.87 | % | | 4.00 | % | | 3.73 | % | | | | | | | | | | | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||
Consumer | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
ACLL at beginning of period | | $ | 9,727 | | $ | 9,897 | | $ | 16,929 | | $ | 19,474 | | $ | 19,488 | | - | | | | $ | 9,504 | | $ | 9,897 | | | ||||||||||||||||||||||||||
Adjustments to opening balance | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
Financial instruments—credit losses (CECL)(1) | | | - | | | 4,922 | | | - | | | - | | | - | | - | | - | | | | - | | | 4,922 | | NM | |||||||||||||||||||||||||
Variable post-charge-off third-party collection costs(2) | | | - | | | (443) | | | - | | | - | | | - | | - | | - | | | | - | | | (443) | | NM | |||||||||||||||||||||||||
Adjusted ACLL at beginning of period | | | 9,727 | | | 14,376 | | | 16,929 | | | 19,474 | | | 19,488 | | | 100% | | | | 9,504 | | | 14,376 | | 51% | ||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
NCLs | | | (1,830) | | | (1,932) | | | (1,837) | | | (1,594) | | | (1,262) | | (21%) | | (31%) | | | | (7,376) | | | (6,625) | | (10%) | |||||||||||||||||||||||||
NCLs | | | 1,830 | | | 1,932 | | | 1,837 | | | 1,594 | | | 1,262 | | (21%) | | (31%) | | | | 7,376 | | | 6,625 | | (10%) | |||||||||||||||||||||||||
Net reserve builds/ (releases) for loans | | | 107 | | | 2,826 | | | 2,312 | | | (103) | | | (289) | | NM | | NM | | | | 268 | | | 4,746 | | NM | |||||||||||||||||||||||||
Net specific reserve builds / (releases) for loans | | | 11 | | | 176 | | | 148 | | | 9 | | | 61 | | NM | | NM | | | | 107 | | | 394 | | NM | |||||||||||||||||||||||||
Provision for credit losses on loans (PCLL) | | | 1,948 | | | 4,934 | | | 4,297 | | | 1,500 | | | 1,034 | | (31%) | | (47%) | | | | 7,751 | | | 11,765 | | 52% | |||||||||||||||||||||||||
Other, net(3)(4)(5)(6)(7)(8) | | | 52 | | | (449) | | | 85 | | | 108 | | | 294 | | NM | | NM | | | | 18 | | | 38 | | NM | |||||||||||||||||||||||||
ACLL at end of period (b) | | $ | 9,897 | | $ | 16,929 | | $ | 19,474 | | $ | 19,488 | | $ | 19,554 | | | | | $ | 9,897 | | $ | 19,554 | | | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||
Consumer ACLUC(9) (b) | | $ | 4 | | $ | - | | $ | - | | $ | - | | $ | 1 | | | | | $ | 4 | | $ | 1 | | | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||
Provision (release) for credit losses on unfunded lending commitments | | $ | 2 | | $ | (1) | | $ | - | | $ | 5 | | $ | 1 | | | | | $ | 1 | | $ | 5 | | | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||
Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (b)] | | $ | 9,901 | | $ | 16,929 | | $ | 19,474 | | $ | 19,488 | | $ | 19,555 | | | | | $ | 9,901 | | $ | 19,555 | | | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||
Consumer ACLL as a percentage of total consumer loans | | | 3.20 | % | | 5.87 | % | | 6.93 | % | | 6.96 | % | | 6.77 | % | | | | | | | | | | | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||
Corporate | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
ACLL at beginning of period | | $ | 2,803 | | $ | 2,886 | | $ | 3,451 | | $ | 6,824 | | $ | 6,938 | | | | | $ | 2,811 | | $ | 2,886 | | | |||||||||||||||||||||||||||
Adjustment to opening balance for CECL adoption(1) | | | - | | | (721) | | | - | | | - | | | - | | - | | - | | | | - | | | (721) | | NM | |||||||||||||||||||||||||
Adjusted ACLL at beginning of period | | | 2,803 | | | 2,165 | | | 3,451 | | | 6,824 | | | 6,938 | | 2% | | NM | | | | 2,811 | | | 2,165 | | (23%) | |||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
NCLs | | | (114) | | | (127) | | | (324) | | | (325) | | | (210) | | (35%) | | 84% | | | | (392) | | | (986) | | NM | |||||||||||||||||||||||||
NCLs | | | 114 | | | 127 | | | 324 | | | 325 | | | 210 | | (35%) | | 84% | | | | 392 | | | 986 | | NM | |||||||||||||||||||||||||
Net reserve builds / (releases) for loans | | | 5 | | | 1,268 | | | 2,883 | | | 267 | | | (1,529) | | NM | | NM | | | | 96 | | | 2,889 | | NM | |||||||||||||||||||||||||
Net specific reserve builds / (releases) for loans | | | 56 | | | 48 | | | 486 | | | (161) | | | (91) | | 43% | | NM | | | | (21) | | | 282 | | NM | |||||||||||||||||||||||||
Provision for credit losses on loans (PCLL) | | | 175 | | | 1,443 | | | 3,693 | | | 431 | | | (1,410) | | NM | | NM | | | | 467 | | | 4,157 | | NM | |||||||||||||||||||||||||
Other, net(3) | | | 22 | | | (30) | | | 4 | | | 8 | | | 84 | | | | | | - | | | 66 | | | |||||||||||||||||||||||||||
ACLL at end of period (c) | | $ | 2,886 | | $ | 3,451 | | $ | 6,824 | | $ | 6,938 | | $ | 5,402 | | | | | $ | 2,886 | | $ | 5,402 | | | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||
Corporate ACLUC(9)(10) (c) | | $ | 1,452 | | $ | 1,813 | | $ | 1,859 | | $ | 2,299 | | $ | 2,654 | | | | | $ | 1,452 | | $ | 2,654 | | | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||
Provision (release) for credit losses on unfunded lending commitments | | $ | 72 | | $ | 558 | | $ | 113 | | $ | 419 | | $ | 351 | | | | | $ | 91 | | $ | 1,441 | | | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||
Total allowance for credit losses on loans, leases and unfunded lending commitments [sum of (c)] | | $ | 4,338 | | $ | 5,264 | | $ | 8,683 | | $ | 9,237 | | $ | 8,056 | | | | | $ | 4,338 | | $ | 8,056 | | | |||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | |||||||||||||||||||||||||||||||
Corporate ACLL as a percentage of total corporate loans(11) | | | 0.75 | % | | 0.81 | % | | 1.71 | % | | 1.82 | % | | 1.42 | % | | | | | | | | | | | |||||||||||||||||||||||||||
Footnotes to this table are on the following page (page 24). | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Page 23
ALLOWANCE FOR CREDIT LOSSES ON LOANS AND UNFUNDED LENDING COMMITMENTS
Page 2
The following footnotes relate to the table on the preceding page (page 23):
(1) | On January 1, 2020, Citi adopted Accounting Standards Update (ASU) No. 2016-13, Financial Instruments – Credit Losses (CECL) (Topic 326). The ASU introduces a new credit loss methodology requiring earlier recognition of credit losses while also providing additional transparency about credit risk. On January 1, 2020, Citi recorded a $4.1 billion, or an approximate 29%, pretax increase in the Allowance for credit losses, along with a $3.1 billion after-tax decrease in Retained earnings and a deferred tax asset increase of $1.0 billion. This transition impact reflects (i) a $4.9 billion build to the Allowance for credit losses for Citi’s consumer exposures, primarily driven by the impact on credit card receivables of longer estimated tenors under the CECL lifetime expected credit loss methodology compared to shorter estimated tenors under the probable loss methodology under prior U.S. GAAP, net of recoveries; and (ii) a release of $0.8 billion of reserves related to Citi’s corporate net loan loss exposures, largely due to more precise contractual maturities that result in shorter remaining tenors, incorporation of recoveries and use of more specific historical loss data based on an increase in portfolio segmentation across industries and geographies. |
Attribution of the allowance is made for analytical purposes only, and the entire allowance is available to absorb losses in the portfolios. The balances on page 23 do not include approximately $0.2 billion of allowance for HTM debt securities and other assets at December 31, 2020.
(2) | See footnote1 on page 1. |
(3) | 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. |
(4) | 4Q19 consumer includes a reduction of approximately $33 million related to the sale or transfers to HFS of various loan portfolios. In addition, the fourth quarter includes an increase of approximately $86 million related to FX translation. The corporate allowance is predominantly sourced in U.S. dollars. |
(5) | 1Q20 consumer includes a decrease of approximately $456 million related to FX translation. The corporate allowance is predominantly sourced in U.S. dollars. |
(6) | 2Q20 consumer includes an increase of approximately $86 million related to FX translation. The corporate allowance is predominantly sourced in U.S. dollars. |
(7) | 3Q20 consumer includes an increase of approximately $108 million related to FX translation. The corporate allowance is predominantly sourced in U.S. dollars. |
(8) | 4Q20 consumer includes an increase of approximately $292 million related to FX translation. |
(9) | Represents additional credit reserves recorded as other liabilities on the Consolidated Balance Sheet. |
(10) | The June 30, 2020 corporate ACLUC includes a non-provision transfer of $68 million, representing reserves on performance guarantees as of March 31, 2020. The reserves on these contracts were reclassified out of the allowance for credit losses on unfunded lending commitments and into other liabilities as of June 30, 2020. |
(11) | December 31, 2019, March 31, 2020, June 30, 2020, September 30, 2020 and December 31, 2020 exclude $4.1 billion, $4.0 billion,$5.8 billion, $5.5 billion and $6.9 billion, respectively, of loans that are carried at fair value. |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 24
COMPONENTS OF PROVISION FOR CREDIT LOSSES ON LOANS
(In millions of dollars)
| | | | | | | | | | | | 4Q20 Increase/ | | | Full | | Full | | YTD 2020 vs. | |||||||||
| | 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | (Decrease) from | | | Year | | Year | | YTD 2019 Increase/ | |||||||||
|
| 2019 |
| 2020(1) |
| 2020(1) |
| 2020(1) |
| 2020 |
| 3Q20 |
| 4Q19 |
|
| 2019 |
| 2020 |
| (Decrease) | |||||||
| | | | | | | | | | | | | | | | | | | | | | | | |||||
Global Consumer Banking | | | | | | | | | | | | | | | | |||||||||||||
Net credit losses | $ | 1,842 | $ | 1,934 | $ | 1,842 | $ | 1,598 | $ | 1,272 | | (20%) | | (31%) | | | $ | 7,382 | | $ | 6,646 | | (10%) | |||||
Credit reserve build / (release) | | 120 | | 2,811 | | 2,299 | | 34 | | (193) | | NM | | NM | | | | 439 | | | 4,951 | | NM | |||||
North America | | | | | | | | | | | | | | | | | | | | | | | ||||||
Net credit losses | | 1,408 | | 1,490 | | 1,448 | | 1,182 | | 870 | | (26%) | | (38%) | | | | 5,583 | | | 4,990 | | (11%) | |||||
Credit reserve build / (release) | | 109 | | 2,371 | | 1,839 | | (10) | | (85) | | NM | | NM | | | | 469 | | | 4,115 | | NM | |||||
Retail Banking | | | | | | | | | | | | | | | | | | | | | | | ||||||
Net credit losses | | 42 | | 37 | | 33 | | 31 | | 31 | | - | | (26%) | | | | 161 | | | 132 | | (18%) | |||||
Credit reserve build / (release) | | (2) | | 178 | | 179 | | (17) | | (38) | | NM | | NM | | | | (10) | | | 302 | | NM | |||||
Citi-Branded Cards | | | | | | | | | | | | | | | | | | | | | | | ||||||
Net credit losses | | 723 | | 781 | | 780 | | 647 | | 500 | | (23%) | | (31%) | | | | 2,864 | | | 2,708 | | (5%) | |||||
Credit reserve build / (release) | | 115 | | 1,287 | | 1,310 | | 49 | | (39) | | NM | | NM | | | | 396 | | | 2,607 | | NM | |||||
Citi Retail Services | | | | | | | | | | | | | | | | | | | | | | | ||||||
Net credit losses | | 643 | | 672 | | 635 | | 504 | | 339 | | (33%) | | (47%) | | | | 2,558 | | | 2,150 | | (16%) | |||||
Credit reserve build / (release) | | (4) | | 906 | | 350 | | (42) | | (8) | | 81% | | (100%) | | | | 83 | | | 1,206 | | NM | |||||
Latin America | | | | | | | | | | | | | | | | | | | | | | | ||||||
Net credit losses | | 259 | | 271 | | 205 | | 228 | | 162 | | (29%) | | (37%) | | | | 1,109 | | | 866 | | (22%) | |||||
Credit reserve build / (release) | | (5) | | 256 | | 209 | | (66) | | (83) | | (26%) | | NM | | | | (38) | | | 316 | | NM | |||||
Retail Banking | | | | | | | | | | | | | | | | | | | | | | | ||||||
Net credit losses | | 116 | | 127 | | 92 | | 90 | | 68 | | (24%) | | (41%) | | | | 494 | | | 377 | | (24%) | |||||
Credit reserve build / (release) | | (22) | | 118 | | 133 | | (41) | | (73) | | (78%) | | NM | | | | (63) | | | 137 | | NM | |||||
Citi-Branded Cards | | | | | | | | | | | | | | | | | | | | | | | ||||||
Net credit losses | | 143 | | 144 | | 113 | | 138 | | 94 | | (32%) | | (34%) | | | | 615 | | | 489 | | (20%) | |||||
Credit reserve build / (release) | | 17 | | 138 | | 76 | | (25) | | (10) | | 60% | | NM | | | | 25 | | | 179 | | NM | |||||
Asia (2) | | | | | | | | | | | | | | | | | | | | | | | ||||||
Net credit losses | | 175 | | 173 | | 189 | | 188 | | 240 | | 28% | | 37% | | | | 690 | | | 790 | | 14% | |||||
Credit reserve build / (release) | | 16 | | 184 | | 251 | | 110 | | (25) | | NM | | NM | | | | 8 | | | 520 | | NM | |||||
Retail Banking | | | | | | | | | | | | | | | | | | | | | | | ||||||
Net credit losses | | 69 | | 66 | | 75 | | 69 | | 86 | | 25% | | 25% | | | | 255 | | | 296 | | 16% | |||||
Credit reserve build / (release) | | 7 | | 101 | | 76 | | 37 | | (4) | | NM | | NM | | | | 19 | | | 210 | | NM | |||||
Citi-Branded Cards | | | | | | | | | | | | | | | | | | | | | | | ||||||
Net credit losses | | 106 | | 107 | | 114 | | 119 | | 154 | | 29% | | 45% | | | | 435 | | | 494 | | 14% | |||||
Credit reserve build / (release) | | 9 | | 83 | | 175 | | 73 | | (21) | | NM | | NM | | | | (11) | | | 310 | | NM | |||||
| | | | | | | | | | | | | | | | | | | | | | |||||||
Institutional Clients Group | | | | | | | | | | | | | | | | | | | | | | | ||||||
Net credit losses | | 115 | | 127 | | 324 | | 326 | | 210 | | (36%) | | 83% | | | | 394 | | | 987 | | NM | |||||
Credit reserve build / (release) | | 57 | | 1,316 | | 3,370 | | 106 | | (1,620) | | NM | | NM | | | | 71 | | | 3,172 | | NM | |||||
| | | | | | | | | | | | | | | | | | | | | | |||||||
Corporate / Other | | | | | | | | | | | | | | | | | | | | | | | ||||||
Net credit losses | | (13) | | (2) | | (5) | | (5) | | (10) | | (100%) | | 23% | | | | (8) | | | (22) | | NM | |||||
Credit reserve build / (release) | | 2 | | 191 | | 160 | | (128) | | (35) | | 73% | | NM | | | | (60) | | | 188 | | NM | |||||
| | | | | | | | | | | | | | | | | | | | | | |||||||
Total provision for credit losses on loans | $ | 2,123 | $ | 6,377 | $ | 7,990 | $ | 1,931 | $ | (376) | | NM | | NM | | | $ | 8,218 | | $ | 15,922 | | 94% |
(1) | See footnote1 on page 1. |
(2) | Asia GCB includes NCLs and credit reserve builds (releases) for certain EMEA countries for all periods presented. |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 25
NON-ACCRUAL ASSETS
(In millions of dollars)
| | | | | | ||||||||||||||
| | | | | | | | | | | | 4Q20 Increase/ | |||||||
| | 4Q | | 1Q | | 2Q | | 3Q | | 4Q | | (Decrease) from | |||||||
|
| 2019 |
| 2020 |
| 2020 |
| 2020 |
| 2020 |
| 3Q20 |
| 4Q19 | |||||
Non-accrual loans (1) | | | | | | | |||||||||||||
Corporate non-accrual loans by region | | | | | | | | | | | | | | | | | | | |
North America | $ | 1,214 | $ | 1,138 | $ | 2,466 | $ | 2,018 | $ | 1,928 | | (4%) | 59% | ||||||
EMEA | | 430 | | 720 | | 812 | | 720 | | 661 | | (8%) | 54% | ||||||
Latin America | | 473 | | 447 | | 585 | | 609 | | 719 | | 18% | 52% | ||||||
Asia | | 71 | | 179 | | 153 | | 237 | | 219 | | (8%) | NM | ||||||
Total | $ | 2,188 | $ | 2,484 | $ | 4,016 | $ | 3,584 | $ | 3,527 | | (2%) | 61% | ||||||
| | | | | | ||||||||||||||
Consumer non-accrual loans by region (1) | | | | | | | |||||||||||||
North America | $ | 905 | $ | 926 | $ | 928 | $ | 934 | $ | 1,059 | | 13% | 17% | ||||||
Latin America | | 632 | | 489 | | 608 | | 493 | | 774 | | 57% | 22% | ||||||
Asia (2) | | 279 | | 284 | | 293 | | 263 | | 308 | | 17% | 10% | ||||||
Total | $ | 1,816 | $ | 1,699 | $ | 1,829 | $ | 1,690 | $ | 2,141 | | 27% | 18% | ||||||
| | | | | | ||||||||||||||
Other real estate owned (OREO) (3) | | | | | | | |||||||||||||
Institutional Clients Group | $ | 18 | $ | 19 | $ | 17 | $ | 13 | $ | 11 | | (15%) | (39%) | ||||||
Global Consumer Banking | | 6 | | 4 | | 4 | | 11 | | 10 | | (9%) | 67% | ||||||
Corporate/Other | | 37 | | 27 | | 23 | | 18 | | 22 | | 22% | (41%) | ||||||
Total | $ | 61 | $ | 50 | $ | 44 | $ | 42 | $ | 43 | | 2% | (30%) | ||||||
| | | | | | ||||||||||||||
OREO by region | | | | | | | |||||||||||||
North America | $ | 39 | $ | 35 | $ | 32 | $ | 22 | $ | 19 | | (14%) | (51%) | ||||||
EMEA | | 1 | | 1 | | - | | - | | | - | (100%) | |||||||
Latin America | | 14 | | 6 | | 6 | | 8 | | 7 | | (13%) | (50%) | ||||||
Asia | | 7 | | 8 | | 6 | | 12 | | 17 | | 42% | NM | ||||||
Total | $ | 61 | $ | 50 | $ | 44 | $ | 42 | $ | 43 | | 2% | (30%) | ||||||
| | | | | | ||||||||||||||
Non-accrual assets (NAA)(4) | | | | | | | |||||||||||||
Corporate non-accrual loans | $ | 2,188 | $ | 2,484 | $ | 4,016 | $ | 3,584 | $ | 3,527 | | (2%) | 61% | ||||||
Consumer non-accrual loans | | 1,816 | | 1,699 | | 1,829 | | 1,690 | | 2,141 | | 27% | 18% | ||||||
Non-accrual loans (NAL) | | 4,004 | | 4,183 | | 5,845 | | 5,274 | | 5,668 | | 7% | 42% | ||||||
OREO | | 61 | | 50 | | 44 | | 42 | | 43 | | 2% | (30%) | ||||||
Non-Accrual Assets (NAA) | $ | 4,065 | $ | 4,233 | $ | 5,889 | $ | 5,316 | $ | 5,711 | | 7% | 40% | ||||||
| | | | | | | | ||||||||||||
NAL as a percentage of total loans | | 0.57% | | | 0.58% | | | 0.85% | | | 0.79% | | | 0.84% | | | | ||
NAA as a percentage of total assets | | 0.21% | | | 0.19% | | | 0.26% | | | 0.24% | | | 0.25% | | | | ||
| | | | | | | | | | | | ||||||||
Allowance for loan losses as a percentage of NAL | | 319% | | | 487% | | | 450% | | | 501% | | | 440% | | |
(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. |
(2) | Asia GCB 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. |
(4) | There is no industry-wide definition of non-accrual assets. As such, analysis against the industry is not always comparable. |
NM Not meaningful.
Reclassified to conform to the current period's presentation.
Page 26
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)
| | | | | | | | | |||||||
| December 31, |
| March 31, |
| June 30, |
| September 30, |
| December 31, | ||||||
Common Equity Tier 1 Capital Ratio and Components (1) | 2019 | 2020(2) | 2020(2) | 2020(2) | 2020(3) | ||||||||||
Citigroup common stockholders' equity (4) | $ | 175,414 | | $ | 174,846 | | $ | 173,877 | | $ | 176,047 | | $ | 180,441 | |
Add: qualifying noncontrolling interests | | 154 | | | 138 | | | 145 | | | 141 | | | 141 | |
Regulatory capital adjustments and deductions: | | | | | | | | | | ||||||
Add: | | | | | | | | | | | | | | | |
CECL transition and 25% provision deferral (5) | | | - | | | 4,112 | | | 5,503 | | | 5,638 | | | 5,351 |
Less: | | | | | | | | | | ||||||
Accumulated net unrealized gains (losses) on cash flow hedges, net of tax (6) | | 123 | | | 2,020 | | | 2,094 | | | 1,859 | | | 1,593 | |
Cumulative unrealized net gain (loss) related to changes in fair value of financial | | | | | | | | | | ||||||
liabilities attributable to own creditworthiness, net of tax (7) | | (679) | | | 2,838 | | | 393 | | | 29 | | | (1,109) | |
Intangible assets: | | | | | | | | | | ||||||
Goodwill, net of related deferred tax liabilities (DTLs)(8) | | 21,066 | | | 20,123 | | | 20,275 | | | 20,522 | | | 21,118 | |
Identifiable intangible assets other than mortgage servicing rights | | | | | | | | | | ||||||
(MSRs), net of related DTLs | | 4,087 | | | 3,953 | | | 3,866 | | | 4,248 | | | 4,175 | |
Defined benefit pension plan net assets | | 803 | | | 1,052 | | | 960 | | | 949 | | | 921 | |
Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit | | | | | | | | | | ||||||
and general business credit carry-forwards | | 12,370 | | | 12,257 | | | 12,315 | | | 12,061 | | | 11,766 | |
Common Equity Tier 1 Capital (CET1) | $ | 137,798 | | $ | 136,853 | | $ | 139,622 | | $ | 142,158 | | $ | 147,469 | |
Risk-Weighted Assets (RWA)(5)(10) | $ | 1,166,523 | | $ | 1,223,940 | | $ | 1,205,192 | | $ | 1,210,315 | | $ | 1,245,978 | |
Common Equity Tier 1 Capital ratio (CET1/RWA) | | 11.81% | | | 11.18% | | | 11.59% | | | 11.75% | | | 11.8% | |
| | | | | | | | | |||||||
Supplementary Leverage Ratio and Components | | | | | | | | | | ||||||
Common Equity Tier 1 Capital (CET1)(5) | $ | 137,798 | | $ | 136,853 | | $ | 139,622 | | $ | 142,158 | | $ | 147,469 | |
Additional Tier 1 Capital (AT1)(9) | | 18,007 | | | 17,609 | | | 17,988 | | | 18,153 | | | 19,778 | |
Total Tier 1 Capital (T1C) (CET1 + AT1) | $ | 155,805 | | $ | 154,462 | | $ | 157,610 | | $ | 160,311 | | $ | 167,247 | |
Total Leverage Exposure (TLE)(5)(11) | $ | 2,507,891 | | $ | 2,585,888 | | $ | 2,367,557 | | $ | 2,347,872 | | $ | 2,386,785 | |
Supplementary Leverage ratio (T1C/TLE) | | 6.21% | | | 5.97% | | | 6.66% | | | 6.83% | | | 7.0% | |
| | | | | | | | | | | | | | | |
| | | | | | | | | |||||||
Tangible Common Equity, Book Value Per Share and Tangible Book Value Per Share | | | | | | | | | | ||||||
Common stockholders' equity | $ | 175,262 | | $ | 174,695 | | $ | 173,726 | | $ | 175,896 | | $ | 180,285 | |
Less: | | | | | | | | | | ||||||
Goodwill | | 22,126 | | | 21,264 | | | 21,399 | | | 21,624 | | | 22,162 | |
Intangible assets (other than MSRs) | | 4,327 | | | 4,193 | | | 4,106 | | | 4,470 | | | 4,411 | |
Tangible common equity (TCE) | $ | 148,809 | | $ | 149,238 | | $ | 148,221 | | $ | 149,802 | | $ | 153,712 | |
Common shares outstanding (CSO) | | 2,114.1 | | | 2,081.8 | | | 2,081.9 | | | 2,082.0 | | | 2,082.1 | |
Book value per share (common equity/CSO) | $ | 82.90 | | $ | 83.92 | | $ | 83.45 | | $ | 84.48 | | $ | 86.59 | |
Tangible book value per share (TCE/CSO) | $ | 70.39 | | $ | 71.69 | | $ | 71.20 | | $ | 71.95 | | $ | 73.83 |
(1) | See footnote 4 on page 1. |
(2) | See footnote 1 on page 1. |
(3) | Preliminary. |
(4) | Excludes issuance costs related to outstanding preferred stock in accordance with Federal Reserve Board regulatory reporting requirements. |
(5) | See footnote 6 on page 1. |
(6) | Common Equity Tier 1 Capital is adjusted for accumulated net unrealized gains (losses) on cash flow hedges included in accumulated other comprehensive income that relate to the hedging of items not recognized at fair value on the balance sheet. |
(7) | The cumulative impact of changes in Citigroup’s own creditworthiness in valuing liabilities for which the fair value option has been elected, and own-credit valuation adjustments on derivatives, are excluded from Common Equity Tier 1 Capital, in accordance with U.S. Basel III rules. |
(8) | Includes goodwill “embedded” in the valuation of significant common stock investments in unconsolidated financial institutions. |
(9) | Additional Tier 1 Capital primarily includes qualifying noncumulative perpetual preferred stock and qualifying trust preferred securities. |
(10) | RWA excludes assets acquired pursuant to a non-recourse loan provided under the Money Market Mutual Fund Liquidity Facility. In addition, loans originated under the Paycheck Protection Program receive a 0% risk weight. |
(11) | Commencing with the second quarter of 2020, Citigroup's TLE reflects the benefit of the temporary exclusion of U.S. Treasuries and deposits at Federal Reserve banks under the FRB interim final rule. In addition, TLE excludes assets acquired pursuant to a non-recourse loan provided under the Money Market Mutual Fund Liquidity Facility, as well as exposures pledged as collateral pursuant to a non-recourse loan that is provided as part of the Paycheck Protection Program Liquidity Facility. |
Reclassified to conform to the current period's presentation.
Page 27