Citibank 2014 Annual Report Download - page 37

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LATIN AMERICA GCB
Latin America GCB provides traditional banking and Citi-branded card services to retail customers and small to mid-size businesses, with the largest presence
in Mexico and Brazil. Latin America GCB includes branch networks throughout Latin America as well as Banco Nacional de Mexico, or Banamex, Mexico’s
second-largest bank, with 1,542 branches as of December 31, 2014. As previously announced, in the fourth quarter of 2014, Citi entered into an agreement to
sell its consumer business in Peru (for additional information, see “Executive Summary” and “Global Consumer Banking” above).
At December 31, 2014, Latin America GCB had 1,829 retail branches, with approximately 31.5 million retail banking customer accounts, $27.7 billion in
retail banking loans and $45.5 billion in deposits. In addition, the business had approximately 8.8 million Citi-branded card accounts with $10.9 billion in
outstanding loan balances.
In millions of dollars, except as otherwise noted 2014 2013 2012
% Change
2014 vs. 2013
% Change
2013 vs. 2012
Net interest revenue $6,230 $ 6,286 $ 6,041 (1)% 4%
Non-interest revenue 2,974 3,030 2,701 (2) 12
Total revenues, net of interest expense $9,204 $ 9,316 $ 8,742 (1)% 7%
Total operating expenses $ 5,422 $ 5,392 $ 5,301 1% 2%
Net credit losses $2,008 $ 1,727 $ 1,405 16% 23%
Credit reserve build (release) 151 376 254 (60) 48
Provision (release) for unfunded lending commitments (1) — — (100) —
Provision for benefits and claims 158 152 167 4(9)
Provisions for loan losses and for benefits and claims (LLR & PBC) $2,316 $ 2,255 $ 1,826 3% 23%
Income from continuing operations before taxes $1,466 $ 1,669 $ 1,615 (12)% 3%
Income taxes 262 332 233 (21) 42
Income from continuing operations $1,204 $ 1,337 $ 1,382 (10)% (3)%
Noncontrolling interests 74 (2) 75 NM
Net income $1,197 $ 1,333 $ 1,384 (10)% (4)%
Balance Sheet data (in billions of dollars)
Average assets $ 80 $ 82 $ 80 (2)% 3%
Return on average assets 1.50% 1.65% 1.82%
Efficiency ratio 59 58 61
Average deposits $ 46.4 $ 45.6 $ 44.5 22
Net credit losses as a percentage of average loans 4.85% 4.19% 3.83%
Revenue by business
Retail banking $6,000 $ 6,133 $ 5,841 (2)% 5%
Citi-branded cards 3,204 3,183 2,901 110
Total $9,204 $ 9,316 $ 8,742 (1)% 7%
Income from continuing operations by business
Retail banking $ 719 $ 752 $ 837 (4)% (10)%
Citi-branded cards 485 585 545 (17) 7
Total $1,204 $ 1,337 $ 1,382 (10)% (3)%
Foreign currency (FX) translation impact
Total revenues-as reported $ 9,204 $ 9,316 $ 8,742 (1)% 7%
Impact of FX translation (1) —(446) (426)
Total revenues-ex-FX $9,204 $ 8,870 $ 8,316 4% 7%
Total operating expenses-as reported $ 5,422 $ 5,392 $ 5,301 1% 2%
Impact of FX translation (1) —(232) (297)
Total operating expenses-ex-FX $5,422 $ 5,160 $ 5,004 5% 3%
Provisions for LLR & PBC-as reported $2,316 $ 2,255 $ 1,826 3% 23%
Impact of FX translation (1) —(100) (103)
Provisions for LLR & PBC-ex-FX $2,316 $ 2,155 $ 1,723 7% 25%
Net income-as reported $1,197 $ 1,333 $ 1,384 (10)% (4)%
Impact of FX translation (1) —(97) (31)
Net income-ex-FX $1,197 $ 1,236 $ 1,353 (3)% (9)%
(1) Reflects the impact of foreign exchange (FX) translation into U.S. dollars at the fourth quarter of 2014 average exchange rates for all periods presented.
NM Not Meaningful