Citibank 2010 Annual Report Download - page 34

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CITICORP
Citicorp is the Company’s global bank for consumers and businesses and represents Citi’s core franchise. Citicorp is focused on providing best-in-class products
and services to customers and leveraging Citigroup’s unparalleled global network. Citicorp is physically present in approximately 100 countries, many for
over 100 years, and offers services in over 160 countries and jurisdictions. Citi believes this global network provides a strong foundation for servicing the
broad financial services needs of large multinational clients and for meeting the needs of retail, private banking, commercial, public sector and institutional
customers around the world. Citigroup’s global footprint provides coverage of the world’s emerging economies, which Citi believes represent a strong area of
growth. At December 31, 2010, Citicorp had approximately $1.3 trillion of assets and $760 billion of deposits, representing approximately 67% of Citi’s total
assets and approximately 90% of its deposits.
Citicorp consists of the following businesses: Regional Consumer Banking (which includes retail banking and Citi-branded cards in four regions—North
America, EMEA, Latin America and Asia) and Institutional Clients Group (which includes Securities and Banking and Transaction Services).
In millions of dollars 2010 2009 2008
% Change
2010 vs. 2009
% Change
2009 vs. 2008
Net interest revenue $38,820 $34,432 $35,328 13% (3)%
Non-interest revenue 26,740 27,280 26,767 (2) 2
Total revenues, net of interest expense $65,560 $61,712 $62,095 6% (1)%
Provisions for credit losses and for benefits and claims
Net credit losses $11,789 $ 6,155 $ 4,984 92% 23%
Credit reserve build(release) (2,167) 2,715 3,405 NM (20)
Provision for loan losses $ 9,622 $ 8,870 $ 8,389 8% 6%
Provision for benefits and claims 151 164 176 (8) (7)
Provision for unfunded lending commitments (32) 138 (191) NM NM
Total provisions for credit losses and for benefits and claims $ 9,741 $ 9,172 $ 8,374 6% 10%
Total operating expenses $35,859 $32,640 $44,625 10% (27)%
Income from continuing operations before taxes $19,960 $19,900 $ 9,096 —NM
Provisions for income taxes 4,940 4,501 2,444 10% 84%
Income from continuing operations $15,020 $15,399 $ 6,652 (2)% NM
Net income attributable to noncontrolling interests 122 68 29 79 NM
Citicorp’s net income $14,898 $15,331 $ 6,623 (3)% NM
Balance sheet data (in billions of dollars)
Total EOP assets $ 1,283 $ 1,138 $ 1,067 13% 7%
Average assets 1,257 1,088 1,325 16% (18)%
Total EOP deposits 760 734 675 4% 9%
NM Not meaningful