Citibank 2011 Annual Report Download - page 8

Letter to Shareholders
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Dear Fellow Shareholders,
This year marks our 200th anniversary — a milestone that few
institutions ever reach. This is a time to commemorate who we
are and what we’ve done and also to look forward to all that
we can achieve in the coming years.
Our bank enjoys a heritage that none of our competitors can
match. Since 1812, our central mission has been to support
economic progress. For two centuries, we have applied our
passion for innovation to help our customers advance from
ambition to achievement — a role even more important today,
as our clients confront the uncertainties of the future. We
started as a trade finance bank, enabling commerce between
New York and Liverpool. Since then, we literally have been
connecting the world. Over the decades, we have financed
some of the world’s most transformative projects, from the
trans-Atlantic cable to the Panama Canal to the jumbo jet.
We were the first major American bank to open branches
abroad, and today we maintain a presence in more than
100 countries and jurisdictions and conduct business in
some 60 more.
We rightly draw inspiration from our past. But our future is
even more exciting. This bank’s core strengths — facilitating
international trade and capital flows, helping consumers
pursue opportunities in the world’s top 150 cities and helping
companies build their businesses in the U.S., throughout the
developed world and in the high-growth emerging markets —
all are aligned with the trends that are redefining the global
economy. The world may be diverging in many ways, but our
role is to create convergence — to connect the world for our
clients and to connect our clients to the world.
2011 Results
Our company is in strong shape and is well-positioned for
the future. Full-year 2011 earnings of $11.1 billion represented
an increase of 4% over 2010. Our consumer- and services-
related businesses continued to perform well as we executed
our strategy and were chosen by clients for many important
assignments. Throughout Citicorp, we grew our loans by
14% from 2010, including a 24% increase in corporate loans.
Vikram S. Pandit
Chief Executive Officer
And Global Transaction Services (GTS) continued to show
positive momentum, with full-year revenues up 5% over 2010.
Our operating account balances in GTS rose 23%, buoyed in
particular by strong growth in Treasury and Trade Solutions.
Revenues in international consumer banking grew by 5%
(excluding the impact of foreign exchange (FX)) for the year
as we opened three million new accounts while increasing
average loans and deposits, on a constant-dollar basis, by
$12 billion and $9 billion, respectively. Customer satisfaction
with the experience in our consumer bank is rising, as
measured by net promoter scores. During the fourth quarter,
we achieved positive operating leverage in Latin America,
something we achieved in Asia in both the third and fourth
quarters. In the U.S., customer accounts, deposits, loans and
revenues each grew from the third to fourth quarters. And we
increased our small business lending from $6 billion in 2010
to $7.9 billion in 2011, significantly higher than our target of
$7 billion and up 72% in the past two years.