Citibank 2015 Annual Report Download - page 38

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LATIN AMERICA GCB
Latin America GCB provides traditional retail banking, including commercial banking, and its Citi-branded card products to retail customers and small to
mid-size businesses, as applicable, with the largest presence in Mexico. As of December 31, 2015, Latin America GCB includes branch networks in Brazil,
Argentina, Colombia and Venezuela as well as Banco Nacional de Mexico, or Banamex, Mexico’s second-largest bank.
At December 31, 2015, Latin America GCB had 1,694 retail branches (1,492 through Banamex in Mexico), with approximately 31.9 million retail banking
customer accounts, $24.0 billion in retail banking loans and $40.8 billion in deposits. In addition, the business had approximately 7.8 million Citi-branded
card accounts with $7.5 billion in outstanding loan balances. As announced in February 2016, Citi intends to exit its consumer businesses in Argentina, Brazil
and Colombia. For additional information, see “Citigroup Segments” and “Citicorp” above.
In millions of dollars, except as otherwise noted 2015 2014 2013
% Change
2015 vs. 2014
% Change
2014 vs. 2013
Net interest revenue $4,843 $ 5,672 $ 5,726 (15)% (1)%
Non-interest revenue 2,480 2,788 2,850 (11) (2)
Total revenues, net of interest expense $7,323 $ 8,460 $ 8,576 (13)% (1)%
Total operating expenses $4,444 $ 4,974 $ 4,931 (11)% 1%
Net credit losses $1,549 $ 1,861 $ 1,610 (17)% 16%
Credit reserve build (release) 94 120 363 (22) (67)
Provision (release) for unfunded lending commitments 1(1) — NM —
Provision for benefits and claims 69 104 108 (34) (4)
Provisions for credit losses and for benefits and claims (LLR & PBC) $1,713 $ 2,084 $ 2,081 (18)% —%
Income from continuing operations before taxes $ 1,166 $ 1,402 $ 1,564 (17)% (10)%
Income taxes 238 244 313 (2) (22)
Income from continuing operations $ 928 $ 1,158 $ 1,251 (20)% (7)%
Noncontrolling interests 36 3 (50) 100
Net income $ 925 $ 1,152 $ 1,248 (20)% (8)%
Balance Sheet data (in billions of dollars)
Average assets $ 64 $ 76 $ 79 (16)% (4)%
Return on average assets 1.45% 1.52% 1.66%
Efficiency ratio 61 59 57
Average deposits $ 40.8 $ 44.5 $ 43.6 (8) 2
Net credit losses as a percentage of average loans 4.67% 4.86% 4.42%
Revenue by business
Retail banking $5,078 $ 5,678 $ 5,831 (11)% (3)%
Citi-branded cards 2,245 2,782 2,745 (19) 1
Total $ 7,323 $ 8,460 $ 8,576 (13)% (1)%
Income from continuing operations by business
Retail banking $ 590 $ 740 $ 762 (20)% (3)%
Citi-branded cards 338 418 489 (19) (15)
Total $ 928 $ 1,158 $ 1,251 (20)% (7)%
FX translation impact
Total revenues—as reported $ 7,323 $ 8,460 $ 8,576 (13)% (1)%
Impact of FX translation (1) —(1,382) (1,784)
Total revenues—ex-FX $7,323 $ 7,078 $ 6,792 3% 4%
Total operating expenses—as reported $4,444 $ 4,974 $ 4,931 (11)% 1%
Impact of FX translation (1) —(737) (904)
Total operating expenses—ex-FX $4,444 $ 4,237 $ 4,027 5% 5%
Provisions for LLR & PBC—as reported $1,713 $ 2,084 $ 2,081 (18)% —%
Impact of FX translation (1) —(373) (456)
Provisions for LLR & PBC—ex-FX $1,713 $ 1,711 $ 1,625 —% 5%
Net income—as reported $ 925 $ 1,152 $ 1,248 (20)% (8)%
Impact of FX translation (1) —(180) (338)
Net income—ex-FX $ 925 $ 972 $ 910 (5)% 7%
(1) Reflects the impact of FX translation into U.S. dollars at the 2015 average exchange rates for all periods presented.
NM Not Meaningful