Citibank 2012 Annual Report Download - page 36

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CITICORP
Citicorp is Citigroup’s global bank for consumers and businesses and represents Citi’s core franchises. Citicorp is focused on providing best-in-class products and
services to customers and leveraging Citigroup’s unparalleled global network, including many of the world’s emerging economies. 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 its large multinational clients and for meeting the needs of retail, private banking,
commercial, public sector and institutional clients around the world. At December 31, 2012, Citicorp had $1.7 trillion of assets and $863 billion of deposits,
representing 92% of Citi’s total assets and 93% of its deposits.
Citicorp consists of the following operating businesses: Global Consumer Banking (which consists of Regional Consumer Banking in North America,
EMEA, Latin America and Asia) and Institutional Clients Group (which includes Securities and Banking and Transaction Services). Citicorp also includes
Corporate/Other.
In millions of dollars except as otherwise noted 2012 2011 2010
% Change
2012 vs. 2011
% Change
2011 vs. 2010
Net interest revenue $ 45,026 $ 44,764 $ 46,101 1% (3)%
Non-interest revenue 25,980 27,318 28,229 (5) (3)
Total revenues, net of interest expense $ 71,006 $ 72,082 $ 74,330 (1)% (3)%
Provisions for credit losses and for benefits and claims
Net credit losses $ 8,734 $ 11,462 $ 16,901 (24)% (32)%
Credit reserve build (release) (2,177) (4,988) (3,171) 56 (57)
Provision for loan losses $ 6,557 $ 6,474 $ 13,730 1% (53)%
Provision for benefits and claims 236 193 184 22 5
Provision for unfunded lending commitments 40 92 (35) (57) NM
Total provisions for credit losses and for benefits and claims $ 6,833 $ 6,759 $ 13,879 1% (51)%
Total operating expenses $ 45,265 $ 44,469 $ 40,019 2% 11%
Income from continuing operations before taxes $ 18,908 $ 20,854 $ 20,432 (9)% 2%
Provisions for income taxes 4,439 5,648 5,048 (21) 12
Income from continuing operations $ 14,469 $ 15,206 $ 15,384 (5)% (1)%
Income (loss) from discontinued operations, net of taxes (149) 112 (68) NM NM
Noncontrolling interests 216 29 74 NM (61)
Net income $ 14,104 $ 15,289 $ 15,242 (8)% —%
Balance sheet data (in billions of dollars)
Total end-of-period (EOP) assets $ 1,709 $ 1,649 $ 1,601 4% 3%
Average assets 1,717 1,684 1,578 27
Return on average assets 0.82% 0.91% 0.97%
Efficiency ratio (Operating expenses/Total revenues) 64% 62% 54%
Total EOP loans $ 540 $ 507 $ 450 713
Total EOP deposits 863 804 769 75
NM Not meaningful