Citibank 2009 Annual Report Download - page 261

251
Condensed Consolidating Statements 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 81,623 (6,754) 121,347
Interest revenue—intercompany 5,507 1,695 6,253 137 630 (14,085) (137) —
Interest expense 7,994 24,489 4,331 189 759 38,385 (189) 75,958
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 $ 38,781 $ (4,428) $ 45,389
Commissions and fees $ — $ 11,089 $ — $ 95 $ 186 $ 8,793 $ (95) $ 20,068
Commissions and fees—intercompany (3) 184 — 21 25 (206) (21) —
Principal transactions 380 (11,382) (68) — 2 (1,279) — (12,347)
Principal transactions—intercompany 118 605 (561) — (30) (132) — —
Other income (1,233) 4,594 150 452 664 20,015 (452) 24,190
Other income—intercompany 1,008 1,488 (117) 26 (30) (2,349) (26) —
Total non-interest revenues $ 270 $ 6,578 $ (596) $ 594 $ 817 $ 24,842 $ (594) $ 31,911
Total revenues, net of interest expense $ 8,921 $ 9,351 $ 450 $ 5,022 $ 5,587 $ 63,623 $(15,654) $ 77,300
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 $ 20,010 $ (679) $ 32,705
Compensation and benefits—intercompany 11 1 — 161 162 (174) (161) —
Other expense 383 3,716 2 524 713 21,218 (524) 26,032
Other expense—intercompany 241 1,959 71 299 397 (2,668) (299) —
Total operating expenses $ 805 $ 17,307 $ 73 $ 1,663 $ 2,166 $ 38,386 $ (1,663) $ 58,737
Income (loss) before taxes and equity in
undistributed income of subsidiaries $ 8,116 $ (7,996) $ 377 $ 844 $ 635 $ 10,146 $(11,476) $ 646
Income taxes (benefits) (933) (3,050) 133 287 205 1,099 (287) (2,546)
Equities in undistributed income of subsidiaries (5,432) — — — — — 5,432 —
Income (loss) from continuing operations $ 3,617 $ (4,946) $ 244 $ 557 $ 430 $ 9,047 $ (5,757) $ 3,192
Income from discontinued operations, net of
taxes — — — — — 708 — 708
Net income (loss) before attrition of
noncontrolling interest $ 3,617 $ (4,946) $ 244 $ 557 $ 430 $ 9,755 $ (5,757) $ 3,900
Net income (loss) attributable to
noncontrolling interests — (20) — — — 303 — 283
Citigroup’s net income (loss) $ 3,617 $ (4,926) $ 244 $ 557 $ 430 $ 9,452 $ (5,757) $ 3,617