Citibank 2013 Annual Report Download - page 33

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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.
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. At December 31, 2013, Citicorp had approximately $1.8 trillion of assets and $932 billion of deposits, representing 94% of Citi’s total assets and
96% of Citi’s total deposits, respectively.
In millions of dollars except as otherwise noted 2013 2012 2011
% Change
2013 vs. 2012
% Change
2012 vs. 2011
Net interest revenue $ 43,609 $ 44,067 $ 43,923 (1)% —%
Non-interest revenue 28,215 25,853 27,095 9(5)
Total revenues, net of interest expense $ 71,824 $ 69,920 $ 71,018 3% (2)%
Provisions for credit losses and for benefits and claims
Net credit losses $ 7,393 $ 8,389 $ 11,111 (12)% (24)%
Credit reserve build (release) (826) (2,222) (5,074) 63 56
Provision for loan losses $ 6,567 $ 6,167 $ 6,037 6% 2%
Provision for benefits and claims 212 236 193 (10) 22
Provision for unfunded lending commitments 90 40 92 NM (57)
Total provisions for credit losses and for benefits and claims $ 6,869 $ 6,443 $ 6,322 7% 2%
Total operating expenses $ 42,455 $ 44,731 $ 43,793 (5)% 2%
Income from continuing operations before taxes $ 22,500 $ 18,746 $ 20,903 20% (10)%
Provisions for income taxes 6,996 4,400 5,685 59 (23)
Income from continuing operations $ 15,504 $ 14,346 $ 15,218 8% (6)%
Income (loss) from discontinued operations, net of taxes 270 (58) 68 NM NM
Noncontrolling interests 211 216 29 (2) NM
Net income $ 15,563 $ 14,072 $ 15,257 11% (8)%
Balance Sheet data (in billions of dollars)
Total end-of-period (EOP) assets $ 1,763 $ 1,709 $ 1,649 3% 4%
Average assets 1,748 1,717 1,684 22
Return on average assets 0.89% 0.82% 0.91%
Efficiency ratio (Operating expenses/Total revenues) 59 64 62
Total EOP loans $ 573 $ 540 $ 507 67
Total EOP deposits 932 863 804 87
NM Not meaningful