Citibank 2015 Annual Report Download - page 47

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CITI HOLDINGS
Citi Holdings contains the remaining businesses and portfolios of assets that Citigroup has determined are not central to its core Citicorp businesses. Consistent
with this determination, beginning in the first quarter of 2016, Citi’s consumer businesses in Argentina, Brazil and Colombia will be reported as part of Citi
Holdings (for additional information, see “Citigroup Segments” and “Citicorp” above).
As of December 31, 2015, Citi Holdings assets were approximately $74 billion, a decrease of 43% year-over-year and 33% from September 30, 2015. The
decline in assets of $36 billion from September 30, 2015 primarily consisted of divestitures and run-off, including, among others, completion of the sales of
Citi’s retail banking and credit cards businesses in Japan and OneMain Financial. As of December 31, 2015, Citi had signed agreements to reduce Citi Holdings
GAAP assets by an additional $7 billion in 2016, subject to regulatory approvals and other closing conditions.
Also as of December 31, 2015, consumer assets in Citi Holdings were approximately $64 billion, or approximately 86% of Citi Holdings assets. Of the
consumer assets, approximately $38 billion, or 59%, consisted of North America mortgages (residential first mortgages and home equity loans). As of
December 31, 2015, Citi Holdings represented approximately 4% of Citi’s GAAP assets and 11% of its risk-weighted assets under Basel III (based on the Advanced
Approaches for determining risk-weighted assets).
In millions of dollars, except as otherwise noted 2015 2014 2013
% Change
2015 vs. 2014
% Change
2014 vs. 2013
Net interest revenue $3,704 $ 4,591 $ 4,348 (19)% 6%
Non-interest revenue 4,133 3,258 2,427 27 34
Total revenues, net of interest expense $7,837 $ 7,849 $ 6,775 —% 16%
Provisions for credit losses and for benefits and claims
Net credit losses $1,066 $ 1,837 $ 3,264 (42)% (44)%
Credit reserve release (503) (907) (2,048) 45 56
Provision for loan losses $ 563 $ 930 $ 1,216 (39)% (24)%
Provision for benefits and claims 624 657 663 (5) (1)
Release for unfunded lending commitments (26) (10) (10) NM —
Total provisions for credit losses and for benefits and claims $1,161 $ 1,577 $ 1,869 (26)% (16)%
Total operating expenses $4,615 $ 9,689 $ 7,910 (52)% 22%
Income (loss) from continuing operations before taxes $2,061 $(3,417) $(3,004) NM (14)%
Income taxes (benefits) 1,003 57 (1,133) NM NM
Income (loss) from continuing operations $1,058 $(3,474) $(1,871) NM (86)%
Noncontrolling interests $ 11 $ 6 $ 16 83% (63)%
Net income (loss) $ 1,047 $(3,480) $(1,887) NM (84)%
Total revenues, net of interest expense (excluding CVA/DVA)
Total revenues—as reported $ 7,837 $ 7,849 $ 6,775 —% 16%
CVA/DVA (1) (15) (47) 3 68 NM
Total revenues-excluding CVA/DVA $7,852 $ 7,896 $ 6,772 (1)% 17%
Balance sheet data (in billions of dollars)
Average assets $ 112 $ 144 $ 173 (22)% (17)%
Return on average assets 0.93% (2.42)% (1.09)%
Efficiency ratio 59 123 117
Total EOP assets $ 74 $ 129 $ 154 (43) (16)
Total EOP loans 45 79 100 (43) (21)
Total EOP deposits 717 69 (59) (75)
(1) FVA is included within CVA for presentation purposes. For additional information, see Note 25 to the Consolidated Financial Statements.
NM Not meaningful