Citibank 2008 Annual Report Download - page 91

ANALYSIS OF CHANGES IN INTEREST REVENUE (1) (2) (3)
2008 vs. 2007 2007 vs. 2006
Increase (decrease)
due to change in:
Increase (decrease)
due to change in:
In millions of dollars
Average
volume
Average
rate
Net
change
Average
volume
Average
rate
Net
change
Deposits with banks (4) $ 1,116 $(1,110) $ 6 $ 1,099 $ (226) $ 873
Federal funds sold and securities borrowed or
purchased under agreements to resell
In U.S. offices $(1,516) $(5,141) $ (6,657) $ 1,621 $ (151) $ 1,470
In offices outside the U.S. (4) (2,872) 350 (2,522) 2,316 369 2,685
Total $(4,388) $(4,791) $ (9,179) $ 3,937 $ 218 $ 4,155
Trading account assets (5)
In U.S. offices $(2,302) $ 1,076 $ (1,226) $ 3,730 $1,290 $ 5,020
In offices outside the U.S. (4) (523) 731 208 2,198 (576) 1,622
Total $(2,825) $ 1,807 $ (1,018) $ 5,928 $ 714 $ 6,642
Investments (1)
In U.S. offices $(1,325) $ (965) $ (2,290) $ 1,670 $ 619 $ 2,289
In offices outside the U.S. (4) (735) 320 (415) 627 167 794
Total $(2,060) $ (645) $ (2,705) $ 2,297 $ 786 $ 3,083
Loans—consumer
In U.S. offices $ 729 $(2,563) $ (1,834) $ 3,006 $ (14) $ 2,992
In offices outside the U.S. (4) 1,938 (87) 1,851 3,682 66 3,748
Total $ 2,667 $(2,650) $ 17 $ 6,688 $ 52 $ 6,740
Loans—corporate
In U.S. offices $ 538 $ (655) $ (117) $ 445 $ 236 $ 681
In offices outside the U.S. (4) (1,143) 378 (765) 2,419 1,275 3,694
Total $ (605) $ (277) $ (882) $ 2,864 $1,511 $ 4,375
Total loans $ 2,062 $(2,927) $ (865) $ 9,552 $1,563 $11,115
Other interest-earning assets $ 232 $(1,245) $ (1,013) $ 1,760 $ 190 $ 1,950
Total interest revenue $(5,863) $(8,911) $(14,774) $24,573 $3,245 $27,818
(1) The taxable equivalent adjustment is based on the U.S. federal statutory tax rate of 35% and is excluded from this presentation.
(2) Rate/volume variance is allocated based on the percentage relationship of changes in volume and changes in rate to the total net change.
(3) Detailed average volume, interest revenue and interest expense exclude discontinued operations. See Note 3 to the Consolidated Financial Statements on page 136.
(4) Changes in average rates reflect changes in prevailing local interest rates, including inflationary effects and monetary corrections in certain countries.
(5) 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.
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