Citibank 2008 Annual Report Download - page 224

Condensed Consolidating Statement of Income
Year ended December 31, 2007
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 $10,632 $ — $ — $ — $ — $ — $(10,632) $ —
Interest revenue 426 31,438 6 6,754 7,854 81,705 (6,754) 121,429
Interest revenue—intercompany 5,507 1,695 6,253 137 630 (14,085) (137) —
Interest expense 7,994 24,489 4,331 189 759 38,478 (189) 76,051
Interest expense—intercompany (80) 5,871 882 2,274 2,955 (9,628) (2,274) —
Net interest revenue $ (1,981) $ 2,773 $1,046 $4,428 $4,770 $38,770 $ (4,428) $45,378
Commissions and fees $ — $ 11,089 $ — $ 95 $ 186 $ 9,431 $ (95) $20,706
Commissions and fees—intercompany (3) 184 — 21 25 (206) (21) —
Principal transactions 380 (11,382) (68) — 2 (1,018) — (12,086)
Principal transactions—intercompany 118 605 (561) — (30) (132) — —
Other income (1,233) 4,594 150 452 664 20,322 (452) 24,497
Other income—intercompany 1,008 1,488 (117) 26 (30) (2,349) (26) —
Total non-interest revenues $ 270 $ 6,578 $ (596) $ 594 $ 817 $26,048 $ (594) $33,117
Total revenues, net of interest expense $ 8,921 $ 9,351 $ 450 $5,022 $5,587 $64,818 $(15,654) $78,495
Provisions for credit losses and for benefits and
claims $ — $ 40 $ — $2,515 $2,786 $15,091 $ (2,515) $17,917
Expenses
Compensation and benefits $ 170 $ 11,631 $ — $ 679 $ 894 $21,197 $ (679) $33,892
Compensation and benefits—intercompany 11 1 — 161 162 (174) (161) —
Other expense 383 3,696 2 524 713 21,116 (524) 25,910
Other expense—intercompany 241 1,959 71 299 397 (2,668) (299) —
Total operating expenses $ 805 $ 17,287 $ 73 $1,663 $2,166 $39,471 $ (1,663) $59,802
Income (loss) from continuing operations before
taxes, minority interest, and equity in
undistributed income of subsidiaries $ 8,116 $ (7,976) $ 377 $ 844 $ 635 $10,256 $(11,476) $ 776
Income taxes (benefits) (933) (3,050) 133 287 205 1,147 (287) (2,498)
Minority interest, net of taxes — — — — — 285 — 285
Equities in undistributed income of subsidiaries (5,432) — — — — — 5,432 —
Income (loss) from continuing operations $ 3,617 $ (4,926) $ 244 $ 557 $ 430 $ 8,824 $ (5,757) $ 2,989
Income from discontinued operations, net of
taxes — — — — — 628 — 628
Net income (loss) $ 3,617 $ (4,926) $ 244 $ 557 $ 430 $ 9,452 $ (5,757) $ 3,617
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