Citibank 2015 Annual Report Download - page 148

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CONSOLIDATED FINANCIAL STATEMENTS
CONSOLIDATED STATEMENT OF INCOME Citigroup Inc. and Subsidiaries
Years ended December 31,
In millions of dollars, except per share amounts 2015 2014 2013
Revenues (1)
Interest revenue $ 58,551 $ 61,683 $ 62,970
Interest expense 11,921 13,690 16,177
Net interest revenue $ 46,630 $ 47,993 $ 46,793
Commissions and fees $ 11,848 $ 13,032 $ 12,941
Principal transactions 6,008 6,698 7,302
Administration and other fiduciary fees 3,648 4,013 4,089
Realized gains on sales of investments, net 682 570 748
Other-than-temporary impairment losses on investments
Gross impairment losses (265) (432) (633)
Less: Impairments recognized in AOCI —8 98
Net impairment (losses) recognized in earnings $ (265) $ (424) $ (535)
Insurance premiums $ 1,845 $ 2,110 $ 2,280
Other revenue 5,958 3,227 3,106
Total non-interest revenues $ 29,724 $ 29,226 $ 29,931
Total revenues, net of interest expense $ 76,354 $ 77,219 $ 76,724
Provisions for credit losses and for benefits and claims
Provision for loan losses $ 7,108 $ 6,828 $ 7,604
Policyholder benefits and claims 731 801 830
Provision (release) for unfunded lending commitments 74 (162) 80
Total provisions for credit losses and for benefits and claims $ 7,913 $ 7,467 $ 8,514
Operating expenses (1)
Compensation and benefits $ 21,769 $ 23,959 $ 23,967
Premises and equipment 2,878 3,178 3,165
Technology/communication 6,581 6,436 6,136
Advertising and marketing 1,547 1,844 1,888
Other operating 10,840 19,634 13,252
Total operating expenses $ 43,615 $ 55,051 $ 48,408
Income from continuing operations before income taxes $ 24,826 $ 14,701 $ 19,802
Provision for income taxes 7,440 7,197 6,186
Income from continuing operations $ 17,386 $ 7,504 $ 13,616
Discontinued operations
Income (loss) from discontinued operations $ (83) $ 10 $ (242)
Gain on sale —— 268
Provision (benefit) for income taxes (29) 12 (244)
Income (loss) from discontinued operations, net of taxes $ (54) $ (2) $ 270
Net income before attribution of noncontrolling interests $ 17,332 $ 7,502 $ 13,886
Noncontrolling interests 90 192 227
Citigroup’s net income $ 17,242 $ 7,310 $ 13,659
Basic earnings per share (2)
Income from continuing operations $ 5.43 $ 2.21 $ 4.26
Income (loss) from discontinued operations, net of taxes (0.02) — 0.09
Net income $ 5.41 $ 2.21 $ 4.35
Weighted average common shares outstanding 3,004.0 3,031.6 3,035.8
Diluted earnings per share (2)
Income from continuing operations $ 5.42 $ 2.20 $ 4.25
Income (loss) from discontinued operations, net of taxes (0.02) — 0.09
Net income $ 5.40 $ 2.20 $ 4.34
Adjusted weighted average common shares outstanding 3,007.7 3,037.0 3,041.6
(1) Certain prior-period revenue and expense lines and totals were reclassified to conform to the current period’s presentation. See Note 3 to the Consolidated Financial Statements.
(2) Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income.
The Notes to the Consolidated Financial Statements are an integral part of these Consolidated Financial Statements.