Citibank 2012 Annual Report Download - page 50

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TRANSACTION SERVICES
Transaction Services is composed of Treasury and Trade Solutions and Securities and Fund Services. Treasury and Trade Solutions provides comprehensive
cash management and trade finance services for corporations, financial institutions and public sector entities worldwide. Securities and Fund Services provides
securities services to investors, such as global asset managers, custody and clearing services to intermediaries, such as broker-dealers, and depository and
agency/trust services to multinational corporations and governments globally. Revenue is generated from net interest revenue on deposits and trade loans as
well as fees for transaction processing and fees on assets under custody and administration.
In millions of dollars, except as otherwise noted 2012 2011 2010
% Change
2012 vs. 2011
% Change
2011 vs. 2010
Net interest revenue $ 6,153 $ 5,932 $ 5,687 4% 4%
Non-interest revenue 4,704 4,647 4,398 16
Total revenues, net of interest expense $10,857 $10,579 $10,085 3% 5
Total operating expenses 5,788 5,755 4,998 115
Provisions (releases) for credit losses and for benefits and claims 154 36 (58) NM NM
Income before taxes and noncontrolling interests $ 4,915 $ 4,788 $ 5,145 3% (7)%
Income taxes 1,420 1,439 1,523 (1) (6)
Income from continuing operations 3,495 3,349 3,622 4(8)
Noncontrolling interests 17 19 21 (11) (10)
Net income $ 3,478 $ 3,330 $ 3,601 4% (8)%
Average assets (in billions of dollars) $ 138 $ 130 $ 107 6% 21
Return on average assets 2.52% 2.56% 3.37%
Efficiency ratio 53% 54% 50%
Revenues by region
North America $ 2,564 $ 2,444 $ 2,485 5% (2)%
EMEA 3,576 3,486 3,356 34
Latin America 1,797 1,713 1,530 512
Asia 2,920 2,936 2,714 (1) 8
Total revenues $10,857 $10,579 $10,085 3% 5%
Income from continuing operations by region
North America $ 470 $ 415 $ 490 13% (15)%
EMEA 1,244 1,130 1,218 10 (7)
Latin America 654 639 663 2(4)
Asia 1,127 1,165 1,251 (3) (7)
Total income from continuing operations $ 3,495 $ 3,349 $ 3,622 4% (8)%
Foreign Currency (FX) Translation Impact
Total revenue—as reported $10,857 $10,579 $10,085 3% 5%
Impact of FX translation (1) —(254) (84)
Total revenues—ex-FX $10,857 $10,325 $10,001 5% 3%
Total operating expenses—as reported $ 5,788 $ 5,755 $ 4,998 1% 15%
Impact of FX translation (1) —(64) (3)
Total operating expenses—ex-FX $ 5,788 $ 5,691 $ 4,995 2% 14%
Net income—as reported $ 3,478 $ 3,330 $ 3,601 4% (8)%
Impact of FX translation (1) —(173) (65)
Net income—ex-FX $ 3,478 $ 3,157 $ 3,536 10% (11)%
Key indicators (in billions of dollars)
Average deposits and other customer liability balances—as reported $ 404 $ 364 $ 334 11% 9%
Impact of FX translation (1) —(6) 1
Average deposits and other customer liability balances—ex-FX $ 404 $ 358 $ 335 13% 7%
EOP assets under custody (2) (in trillions of dollars) $ 13.2 $ 12.0 $ 12.3 10% (2)%
(1) Reflects the impact of foreign exchange (FX) translation into U.S. dollars at the current exchange rate for all periods presented.
(2) Includes assets under custody, assets under trust and assets under administration.
NM Not meaningful