Citibank 2008 Annual Report Download - page 223

Condensed Consolidating Statement of Income
Year ended December 31, 2008
In millions of dollars
Citigroup
parent
company CGMHI CFI CCC Associates
Other
Citigroup
subsidiaries,
eliminations
and income
from
discontinued
operations
Consolidating
adjustments
Citigroup
consolidated
Revenues
Dividends from subsidiary banks and bank holding
companies $ 1,788 $ — $ — $ — $ — $ — $ (1,788) $ —
Interest revenue 758 18,569 3 7,218 8,261 79,064 (7,218) 106,655
Interest revenue—intercompany 4,822 2,109 5,156 67 575 (12,662) (67) —
Interest expense 9,455 11,607 3,294 141 608 27,999 (141) 52,963
Interest expense—intercompany (306) 5,014 290 2,435 2,202 (7,200) (2,435) —
Net interest revenue $ (3,569) $ 4,057 $ 1,575 $ 4,709 $ 6,026 $ 45,603 $ (4,709) $ 53,692
Commissions and fees $ (1) $ 7,361 $ — $ 87 $ 182 $ 3,685 $ (87) $ 11,227
Commissions and fees—intercompany — 521 — 37 52 (573) (37) —
Principal transactions (159) (22,175) 5,261 — (6) (5,109) — (22,188)
Principal transactions—intercompany 962 479 (4,070) — 180 2,449 — —
Other income (6,253) 2,896 (174) 389 344 13,249 (389) 10,062
Other income—intercompany 6,521 2,635 187 27 69 (9,412) (27) —
Total non-interest revenues $ 1,070 $ (8,283) $ 1,204 $ 540 $ 821 $ 4,289 $ (540) $ (899)
Total revenues, net of interest expense $ (711) $ (4,226) $ 2,779 $ 5,249 $ 6,847 $ 49,892 $ (7,037) $ 52,793
Provisions for credit losses and for benefits
and claims $ — $ 381 $ — $ 4,638 $ 5,020 $ 29,313 $ (4,638) $ 34,714
Expenses
Compensation and benefits $ (150) $ 9,651 $ — $ 667 $ 906 $ 22,033 $ (667) $ 32,440
Compensation and benefits—intercompany 9 912 — 188 189 (1,110) (188) —
Other expense 219 4,197 3 663 1,260 33,015 (663) 38,694
Other expense—intercompany 594 1,828 51 451 498 (2,971) (451) —
Total operating expenses $ 672 $ 16,588 $ 54 $ 1,969 $ 2,853 $ 50,967 $ (1,969) $ 71,134
Income (loss) from continuing operations
before taxes, minority interest, and equity in
undistributed income of subsidiaries $ (1,383) $(21,195) $ 2,725 $(1,358) $(1,026) $(30,388) $ (430) $(53,055)
Income taxes (benefits) (2,223) (8,463) 953 (526) (310) (10,569) 526 (20,612)
Minority interest, net of taxes — — — — — (349) — (349)
Equities in undistributed income of subsidiaries (29,122) — — — — — 29,122 —
Income (loss) from continuing operations $(28,282) $(12,732) $ 1,772 $ (832) $ (716) $(19,470) $28,166 $(32,094)
Income from discontinued operations, net of
taxes 598 — — — — 3,812 — 4,410
Net income (loss) $(27,684) $(12,732) $ 1,772 $ (832) $ (716) $(15,658) $28,166 $(27,684)
217