Citibank 2012 Annual Report Download - page 44

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ASIA REGIONAL CONSUMER BANKING
Asia Regional Consumer Banking (Asia RCB) provides traditional banking and Citi-branded card services to retail customers and small to mid-size
businesses, with the largest Citi presence in Korea, Australia, Singapore, Japan, Taiwan, Hong Kong, India and Indonesia. As announced in the fourth quarter
of 2012, as part of its repositioning efforts, Citi expects to optimize its branch network and further concentrate its presence in major metropolitan areas. The
markets affected by the reductions include Hong Kong and Korea. At December 31, 2012, Asia RCB had approximately 600 retail branches, 16.9 million
customer accounts, $69.7 billion in retail banking loans and $110 billion in deposits. In addition, the business had approximately 16.0 million Citi-branded
card accounts with $20.4 billion in outstanding loan balances.
In millions of dollars, except as otherwise noted 2012 2011 2010
% Change
2012 vs. 2011
% Change
2011 vs. 2010
Net interest revenue $5,142 $ 5,365 $ 5,077 (4)% 6%
Non-interest revenue 2,773 2,644 2,319 514
Total revenues, net of interest expense $ 7,915 $ 8,009 $ 7,396 (1)% 8%
Total operating expenses $4,750 $ 4,619 $ 4,078 3% 13%
Net credit losses $ 841 $ 883 $ 1,013 (5)% (13)%
Credit reserve build (release) (36) (63) (287) 43 78
Provisions for loan losses $ 805 820 726 (2)% 13%
Income from continuing operations before taxes $2,360 $ 2,570 $ 2,592 (8)% (1)%
Income taxes 563 666 482 (15) 38
Income from continuing operations $1,797 $ 1,904 $ 2,110 (6)% (10)%
Noncontrolling interests —— — ——
Net income $1,797 $ 1,904 $ 2,110 (6)% (10)%
Balance Sheet data (in billions of dollars)
Average assets $ 126 $ 122 $ 108 3% 13%
Return on average assets 1.43% 1.56% 1.96%
Efficiency ratio 60% 58% 55%
Average deposits $ 110.8 $ 110.5 $ 99.8 —11
Net credit losses as a percentage of average loans 0.95% 1.03% 1.37%
Revenue by business
Retail banking $4,727 $ 4,927 $ 4,657 (4)% 6%
Citi-branded cards 3,188 3,082 2,739 313
Total $ 7,915 $ 8,009 $ 7,396 (1)% 8%
Income from continuing operations by business
Retail banking $ 969 $ 1,195 $ 1,440 (19)% (17)%
Citi-branded cards 828 709 670 17 6
Total $ 1,797 $ 1,904 $ 2,110 (6)% (10)%
Foreign Currency (FX) Translation Impact
Total revenue—as reported $7,915 $ 8,009 $ 7,396 (1)% 8%
Impact of FX translation (1) —(98) 237
Total revenues—ex-FX $7,915 $ 7,911 $ 7,633 —% 4%
Total operating expenses—as reported $4,750 $ 4,619 $ 4,078 3% 13%
Impact of FX translation (1) —(61) 133
Total operating expenses—ex-FX $4,750 $ 4,558 $ 4,211 4% 8%
Provisions for loan losses—as reported $ 805 $ 820 $ 726 (2)% 13%
Impact of FX translation (1) —(9) 45
Provisions for loan losses—ex-FX $ 805 $ 811 $ 771 (1)% 5%
Net income—as reported $ 1,797 $ 1,904 $ 2,110 (6)% (10)%
Impact of FX translation (1) —(25) 35
Net income—ex-FX $1,797 $ 1,879 $ 2,145 (4)% (12)%
(1) Reflects the impact of foreign exchange (FX) translation into U.S. dollars at the current exchange rate for all periods presented.
NM Not meaningful