Citigroup reported a 60% decline in third quarter net income to $2.21 billion compared to the prior year. Revenues increased 5% to $22.4 billion driven by 29% growth in international revenues, however this was more than offset by a $2.98 billion increase in credit costs. The revenue growth was primarily due to strong international consumer and wealth management results, while fixed income revenues declined significantly due to losses related to dislocations in the mortgage-backed securities and credit markets. Higher credit costs were the primary driver of the net income decline.
Citi reported a $9.83 billion net loss for Q4 2007, driven by $18.1 billion in write-downs on subprime exposures and a $4.1 billion increase in credit costs for US consumer loans. For the full year, Citi earned $3.62 billion in net income on $81.7 billion in revenues. While most business segments saw strong revenue growth, losses were concentrated in fixed income markets and US consumer lending due to deteriorating credit quality. Citi outlined steps to strengthen its capital position and improve risk management in response to the poor results.
This document provides quarterly financial data for Citigroup, including income statements, balance sheets, ratios, and other metrics. Some key details:
- For Q3 2003, income from continuing operations was $4.691 billion, up 27% from Q3 2002. Net income was $4.691 billion, up 20% from a year ago.
- Capital ratios like Tier 1 and Total Capital were all above requirements at the end of Q3 2003, with Tier 1 at 9.5% and Total Capital at 12.6%.
- Total assets increased to over $1.208 trillion in Q3 2003, up 17% from a year ago. Stockholders' equity rose
JPMorgan Chase First Quarter 2008 Financial Results Conference Call finance2
JPMorgan Chase reported net income of $2.4 billion for the first quarter of 2008, down 49% from $4.8 billion in the first quarter of 2007. Earnings per share were $0.68, down from $1.34 the previous year. The Investment Bank saw declines in revenue and increases in credit losses. Retail Financial Services increased revenue but also significantly increased its provision for credit losses due to deterioration in home equity and subprime portfolios. JPMorgan Chase maintained a strong capital position despite challenges in the market and credit environment.
Citi reported a $5.1 billion net loss for Q1 2008, driven by write-downs in fixed income due to sub-prime exposures and losses in highly leveraged finance. Revenues fell 48% to $13.2 billion due to these losses, though transaction services grew 42% and wealth management grew 16%. Credit costs increased $3 billion as consumer delinquencies rose in the weakening US economy. Management is taking actions to strengthen the balance sheet through capital raises and divestitures of non-core assets.
This document provides quarterly financial data for Citigroup, including:
1) Income statements for Citigroup's major business segments broken down by product and region, showing revenues, expenses, profits.
2) Key metrics for Citigroup as a whole, including revenues, income, earnings per share, assets, equity.
3) Specific data on performance of Citigroup's Global Consumer credit card business, including revenues, expenses, profits, and effects of securitization activities.
JPMorgan Chase Second Quarter 2008 Financial Results Conference Callfinance2
JPMorgan Chase reported net income of $2.0 billion for Q2 2008, down 55% from the prior year. Earnings per share were $0.54. While several businesses saw growth, losses increased significantly in the mortgage and credit card portfolios, and markdowns were taken on leveraged loans and mortgage-related positions. The firm also completed its acquisition of Bear Stearns during the quarter.
Citi reported record quarterly revenues of $25.5 billion, up 15%, and net income of $5.01 billion, down 10% from the prior year. Net income was reduced by an $871 million after-tax charge related to a structural expense review. Excluding this charge, net income was $5.88 billion, down 9% due to higher credit costs and a lower tax benefit. Revenues grew across most business segments, led by a 23% increase in Markets & Banking revenues. Credit costs increased $1.26 billion due to higher net losses and increases to loan loss reserves.
Citigroup reported quarterly financial results, with net income of $3.92 billion for 3Q 2002, a 23% increase over 3Q 2001. Core income, which excludes certain items, was $3.79 billion for 3Q 2002, up 17% from the prior year. Diluted earnings per share on net income were $0.76 for the quarter, rising 25% year-over-year, while diluted EPS on core income increased 19% to $0.74. Citigroup operates as a global financial services company with over 200 million customer accounts in more than 100 countries.
Citi reported a $9.83 billion net loss for Q4 2007, driven by $18.1 billion in write-downs on subprime exposures and a $4.1 billion increase in credit costs for US consumer loans. For the full year, Citi earned $3.62 billion in net income on $81.7 billion in revenues. While most business segments saw strong revenue growth, losses were concentrated in fixed income markets and US consumer lending due to deteriorating credit quality. Citi outlined steps to strengthen its capital position and improve risk management in response to the poor results.
This document provides quarterly financial data for Citigroup, including income statements, balance sheets, ratios, and other metrics. Some key details:
- For Q3 2003, income from continuing operations was $4.691 billion, up 27% from Q3 2002. Net income was $4.691 billion, up 20% from a year ago.
- Capital ratios like Tier 1 and Total Capital were all above requirements at the end of Q3 2003, with Tier 1 at 9.5% and Total Capital at 12.6%.
- Total assets increased to over $1.208 trillion in Q3 2003, up 17% from a year ago. Stockholders' equity rose
JPMorgan Chase First Quarter 2008 Financial Results Conference Call finance2
JPMorgan Chase reported net income of $2.4 billion for the first quarter of 2008, down 49% from $4.8 billion in the first quarter of 2007. Earnings per share were $0.68, down from $1.34 the previous year. The Investment Bank saw declines in revenue and increases in credit losses. Retail Financial Services increased revenue but also significantly increased its provision for credit losses due to deterioration in home equity and subprime portfolios. JPMorgan Chase maintained a strong capital position despite challenges in the market and credit environment.
Citi reported a $5.1 billion net loss for Q1 2008, driven by write-downs in fixed income due to sub-prime exposures and losses in highly leveraged finance. Revenues fell 48% to $13.2 billion due to these losses, though transaction services grew 42% and wealth management grew 16%. Credit costs increased $3 billion as consumer delinquencies rose in the weakening US economy. Management is taking actions to strengthen the balance sheet through capital raises and divestitures of non-core assets.
This document provides quarterly financial data for Citigroup, including:
1) Income statements for Citigroup's major business segments broken down by product and region, showing revenues, expenses, profits.
2) Key metrics for Citigroup as a whole, including revenues, income, earnings per share, assets, equity.
3) Specific data on performance of Citigroup's Global Consumer credit card business, including revenues, expenses, profits, and effects of securitization activities.
JPMorgan Chase Second Quarter 2008 Financial Results Conference Callfinance2
JPMorgan Chase reported net income of $2.0 billion for Q2 2008, down 55% from the prior year. Earnings per share were $0.54. While several businesses saw growth, losses increased significantly in the mortgage and credit card portfolios, and markdowns were taken on leveraged loans and mortgage-related positions. The firm also completed its acquisition of Bear Stearns during the quarter.
Citi reported record quarterly revenues of $25.5 billion, up 15%, and net income of $5.01 billion, down 10% from the prior year. Net income was reduced by an $871 million after-tax charge related to a structural expense review. Excluding this charge, net income was $5.88 billion, down 9% due to higher credit costs and a lower tax benefit. Revenues grew across most business segments, led by a 23% increase in Markets & Banking revenues. Credit costs increased $1.26 billion due to higher net losses and increases to loan loss reserves.
Citigroup reported quarterly financial results, with net income of $3.92 billion for 3Q 2002, a 23% increase over 3Q 2001. Core income, which excludes certain items, was $3.79 billion for 3Q 2002, up 17% from the prior year. Diluted earnings per share on net income were $0.76 for the quarter, rising 25% year-over-year, while diluted EPS on core income increased 19% to $0.74. Citigroup operates as a global financial services company with over 200 million customer accounts in more than 100 countries.
Citigroup reported record net income of $15.28 billion for 2002, an 8% increase over 2001. Net income per share also rose 8% to $2.94. Core income for the year was a record $13.65 billion, or $2.63 per share. However, fourth quarter net income declined 37% to $2.43 billion due to a $1.55 billion legal settlement charge. Core income fell 32% to $2.44 billion. Revenue grew 7% for the full year to $75.76 billion but was flat in the fourth quarter at $18.93 billion.
- Morgan Stanley Dean Witter reported net income of $1.075 billion for Q1 2001, down 30% from $1.544 billion in Q1 2000. Diluted earnings per share were $0.94, down 30% from $1.34 in Q1 2000.
- Revenues decreased 14% to $6.385 billion due to difficult markets negatively impacting several businesses, though fixed income and equity trading performed well.
- Return on equity was 23% and the company remains focused on reducing expenses while maintaining client services in challenging market conditions.
The Bank of New York Mellon Fourth Quarter 2008 Financial Resultsearningsreport
The Bank of New York Mellon Corporation reported earnings per share of $0.05 for the fourth quarter of 2008, down from $0.61 in the fourth quarter of 2007. Revenue was impacted by $1.24 billion in securities write-downs due to deteriorating market conditions. Expenses were well-controlled despite a $181 million restructuring charge. The company maintained strong capital ratios with Tier 1 capital at 13.1% as of December 31, 2008.
- Bank of America reported third quarter 2008 results, with earnings impacted by the challenging economic environment and market disruptions.
- Net income was $1.2 billion, down from the prior year due to higher credit costs from housing price declines and rising unemployment.
- Results also reflected charges related to financial institution failures, cash fund support, and losses on trading positions.
- Countrywide results were included for the first time, adding $259 million to earnings. Integration is proceeding as planned.
JPMorgan Chase First Quarter 2008 Financial Results Conference Call finance2
1) JPMorgan Chase reported earnings of $2.4 billion on revenue of $17.9 billion for 1Q08, down 49% from record earnings in 1Q07. EPS was $0.68.
2) The Investment Bank took markdowns of $2.6 billion related to subprime, Alt-A, prime mortgages, and leveraged lending commitments. It reported a net loss of $87 million on revenue of $3 billion, down 52% year-over-year.
3) The firm increased its credit reserves by $2.5 billion, including $1.1 billion related to the home equity portfolio. It transferred $4.9 billion of lever
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J.P. Morgan Chase & Co. reported second quarter 2009 net income of $2.7 billion, up 36% from the prior year. Revenue was a record $27.7 billion. The Investment Bank reported record revenue for the first half of 2009, including record fees and fixed income markets revenue. Retail Financial Services saw higher revenue due to the Washington Mutual acquisition, but a higher provision for credit losses led to a net loss. JPMorgan maintained a strong capital position with Tier 1 capital of $122.2 billion after repaying $25 billion in TARP funds.
Bank Of America Fourth Quarter 2008 Resultsearningsreport
Bank of America reported a loss of $1.8 billion for the fourth quarter of 2008. The results were negatively impacted by $4.6 billion in capital markets dislocation charges and a $8.5 billion provision for credit losses, which included a $3 billion increase in loan loss reserves. Despite the loss, pre-provision profits were up in most primary businesses from the third quarter of 2008. Total average deposits grew by $34.3 billion since the prior quarter. The company also raised capital through a common equity offering and funds from the Troubled Asset Relief Program.
The document summarizes JPMorgan Chase's financial results for the first quarter of 2011. Key highlights include:
- Net income of $5.6 billion and earnings per share of $1.28.
- Card Services reported net income of $1.3 billion compared to a net loss in the prior year, driven by lower credit costs.
- The Investment Bank reported net income of $2.4 billion on revenues of $8.2 billion, with strong fixed income and equity markets revenue.
- Retail Financial Services reported a net loss of $937 million in its mortgage banking business due to losses from mortgage servicing rights.
- In 3Q11, JPMorgan Chase reported net income of $4.3 billion and earnings per share of $1.02. Revenue for the quarter was $24.4 billion.
- The Investment Bank contributed net income of $1.6 billion on revenue of $6.4 billion, which included $1.9 billion in DVA gains.
- Retail Financial Services reported net income of $1.2 billion, with credit costs of $1 billion reflecting continued losses in mortgage and home equity portfolios.
- Mortgage Production and Servicing reported net income of $205 million, with production revenue of $1.3 billion and servicing revenue of $1.2 billion
American Express Earnings Conference Call 4Q’08earningsreport
American Express reported financial results for 4Q 2008. Total revenues declined 11% to $6.5 billion due to decreases in billed business, cardmember spending, and interest income. Income from continuing operations declined 72% to $238 million and diluted EPS declined 71% to $0.21. Significant charges in 4Q 2008 included a $273 million reengineering charge and a $66 million Delta reserve increase. Metrics such as billed business, cardmember loans, and travel sales were down across all segments. The company emphasized strengthening its capital position and improving liquidity.
- Bank of America reported a net loss of $1 billion for Q3 2009, driven by $3 billion in pre-tax charges and a $402 million charge to terminate an asset guarantee.
- Capital levels and liquidity improved, with the Tier 1 capital ratio rising to 12.46% and cash/equivalents totaling over $152 billion.
- Deposit growth continued with average retail deposits up $7.8 billion, while mortgage banking income declined on lower production volumes.
- Credit costs remained elevated though losses showed signs of stabilizing, with nonperforming assets up 9% compared to 21% in Q2 2009.
- Bank of America reported third quarter 2007 results with net income of $3.7 billion, down 32% from the third quarter of 2006. Earnings per share were $0.82.
- Revenues declined 12% due to a 24% drop in noninterest income driven by losses in Global Corporate and Investment Banking from market turbulence.
- The provision for credit losses increased 74% to $2.03 billion reflecting increased consumer loan loss rates and impacts from the weakened housing market.
United Health Group UnitedHealth Group Financial Reviewfinance3
UnitedHealth Group reported strong financial results in 2003 with revenues increasing 15% to $28.8 billion and earnings from operations growing 34% to $2.9 billion. Net earnings grew 35% to $1.8 billion resulting in diluted EPS of $2.96. The results were driven by revenue growth across all business segments, improved margins on risk-based products, and a shift toward higher-margin fee-based services. Looking ahead, the company expects continued growth from increasing premium rates, expanding into new geographies and services, and pursuing additional acquisitions.
Citigroup reported fourth quarter net income of $6.93 billion and EPS of $1.37. Income from continuing operations was $4.97 billion with EPS of $0.98. Revenues were $20.78 billion. Strong customer volume growth drove double digit revenue increases in several areas. However, a challenging interest rate environment and competitive pricing partially offset this. The company continued expanding its distribution network globally.
Bank of America reported record earnings of $16.9 billion for 2005, up 19% from 2004. Revenue grew 9% to $57.6 billion driven by a 19% increase in noninterest income. Earnings were driven by strong consumer growth and commercial lending recovery, despite higher provision costs and fewer securities gains. For the fourth quarter of 2005, earnings were $3.8 billion, down 9% from the previous quarter due to an 8% decline in noninterest income and a 21% rise in provision for credit losses.
Morgan Stanley reported second quarter net income of $797 million, down 14% from the previous year. Net revenues decreased 17% to $4.965 billion due to declines across most business segments. However, the company maintained a return on equity of 15% and benefited from strength in its Discover credit card segment. Going forward, Morgan Stanley will continue exercising expense discipline while serving client needs in challenging markets.
Citigroup announced a reorganization of its Global Consumer Group, restructuring its North American Cards, Consumer Finance, and Retail Banking divisions. Mexico consumer results were moved from North America to International. The attached quarterly financial supplement presents results under the new organizational structure, including: U.S. Cards, Retail Distribution, Consumer Lending, and Commercial Business, as well as International Cards, Consumer Finance, and Retail Banking. A diagram maps the previous and new disclosure structures for the Global Consumer Group.
- eBay reported record financial results for Q2 2007, with net revenues of $1.83 billion, a 30% increase over the previous year. GAAP and non-GAAP earnings per share also increased over the previous year.
- The company's major business segments - Marketplaces, Payments, and Communications - all experienced strong revenue growth and increased user engagement over the previous year.
- For Q3 and full year 2007, eBay expects continued revenue growth and increased earnings per share.
Citigroup reported financial results for the first quarter of 2006. Income from continuing operations increased 9% compared to the first quarter of 2005 to $5.6 billion. Global Consumer revenues decreased 1% to $12 billion, with U.S. Consumer revenues decreasing 9% due to declines in cards, retail distribution, and consumer lending. Corporate and Investment Banking revenues increased with Capital Markets and Banking revenues up 20% and Transaction Services up 22%. Overall, Citigroup revenues remained strong with continuing growth in international markets helping to offset declines in the U.S.
Google reported strong financial results for Q4 2006 with 67% year-over-year revenue growth. Revenue increased 19% sequentially led by growth in international markets like Germany and France. Costs and expenses grew at a slower rate than revenue. As a result, net income increased 40% year-over-year while operating margins expanded. Going forward, Google will continue investing in growth areas like international expansion and mobile partnerships.
This document is Google Inc.'s Form 10-Q quarterly report filed with the SEC for the quarter ended June 30, 2005. The summary includes:
1) Google reported revenues of $1.38 billion for the quarter, up from $700 million in the same quarter last year. Net income was $342.8 million compared to $79.1 million last year.
2) Costs and expenses increased to $908.8 million from $529.3 million driven primarily by increases in cost of revenues, research and development, sales and marketing, and general administrative expenses.
3) Cash provided by operating activities was $1.15 billion for the first six months of 2005 compared to $
Citigroup reported record net income of $15.28 billion for 2002, an 8% increase over 2001. Net income per share also rose 8% to $2.94. Core income for the year was a record $13.65 billion, or $2.63 per share. However, fourth quarter net income declined 37% to $2.43 billion due to a $1.55 billion legal settlement charge. Core income fell 32% to $2.44 billion. Revenue grew 7% for the full year to $75.76 billion but was flat in the fourth quarter at $18.93 billion.
- Morgan Stanley Dean Witter reported net income of $1.075 billion for Q1 2001, down 30% from $1.544 billion in Q1 2000. Diluted earnings per share were $0.94, down 30% from $1.34 in Q1 2000.
- Revenues decreased 14% to $6.385 billion due to difficult markets negatively impacting several businesses, though fixed income and equity trading performed well.
- Return on equity was 23% and the company remains focused on reducing expenses while maintaining client services in challenging market conditions.
The Bank of New York Mellon Fourth Quarter 2008 Financial Resultsearningsreport
The Bank of New York Mellon Corporation reported earnings per share of $0.05 for the fourth quarter of 2008, down from $0.61 in the fourth quarter of 2007. Revenue was impacted by $1.24 billion in securities write-downs due to deteriorating market conditions. Expenses were well-controlled despite a $181 million restructuring charge. The company maintained strong capital ratios with Tier 1 capital at 13.1% as of December 31, 2008.
- Bank of America reported third quarter 2008 results, with earnings impacted by the challenging economic environment and market disruptions.
- Net income was $1.2 billion, down from the prior year due to higher credit costs from housing price declines and rising unemployment.
- Results also reflected charges related to financial institution failures, cash fund support, and losses on trading positions.
- Countrywide results were included for the first time, adding $259 million to earnings. Integration is proceeding as planned.
JPMorgan Chase First Quarter 2008 Financial Results Conference Call finance2
1) JPMorgan Chase reported earnings of $2.4 billion on revenue of $17.9 billion for 1Q08, down 49% from record earnings in 1Q07. EPS was $0.68.
2) The Investment Bank took markdowns of $2.6 billion related to subprime, Alt-A, prime mortgages, and leveraged lending commitments. It reported a net loss of $87 million on revenue of $3 billion, down 52% year-over-year.
3) The firm increased its credit reserves by $2.5 billion, including $1.1 billion related to the home equity portfolio. It transferred $4.9 billion of lever
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J.P. Morgan Chase & Co. reported second quarter 2009 net income of $2.7 billion, up 36% from the prior year. Revenue was a record $27.7 billion. The Investment Bank reported record revenue for the first half of 2009, including record fees and fixed income markets revenue. Retail Financial Services saw higher revenue due to the Washington Mutual acquisition, but a higher provision for credit losses led to a net loss. JPMorgan maintained a strong capital position with Tier 1 capital of $122.2 billion after repaying $25 billion in TARP funds.
Bank Of America Fourth Quarter 2008 Resultsearningsreport
Bank of America reported a loss of $1.8 billion for the fourth quarter of 2008. The results were negatively impacted by $4.6 billion in capital markets dislocation charges and a $8.5 billion provision for credit losses, which included a $3 billion increase in loan loss reserves. Despite the loss, pre-provision profits were up in most primary businesses from the third quarter of 2008. Total average deposits grew by $34.3 billion since the prior quarter. The company also raised capital through a common equity offering and funds from the Troubled Asset Relief Program.
The document summarizes JPMorgan Chase's financial results for the first quarter of 2011. Key highlights include:
- Net income of $5.6 billion and earnings per share of $1.28.
- Card Services reported net income of $1.3 billion compared to a net loss in the prior year, driven by lower credit costs.
- The Investment Bank reported net income of $2.4 billion on revenues of $8.2 billion, with strong fixed income and equity markets revenue.
- Retail Financial Services reported a net loss of $937 million in its mortgage banking business due to losses from mortgage servicing rights.
- In 3Q11, JPMorgan Chase reported net income of $4.3 billion and earnings per share of $1.02. Revenue for the quarter was $24.4 billion.
- The Investment Bank contributed net income of $1.6 billion on revenue of $6.4 billion, which included $1.9 billion in DVA gains.
- Retail Financial Services reported net income of $1.2 billion, with credit costs of $1 billion reflecting continued losses in mortgage and home equity portfolios.
- Mortgage Production and Servicing reported net income of $205 million, with production revenue of $1.3 billion and servicing revenue of $1.2 billion
American Express Earnings Conference Call 4Q’08earningsreport
American Express reported financial results for 4Q 2008. Total revenues declined 11% to $6.5 billion due to decreases in billed business, cardmember spending, and interest income. Income from continuing operations declined 72% to $238 million and diluted EPS declined 71% to $0.21. Significant charges in 4Q 2008 included a $273 million reengineering charge and a $66 million Delta reserve increase. Metrics such as billed business, cardmember loans, and travel sales were down across all segments. The company emphasized strengthening its capital position and improving liquidity.
- Bank of America reported a net loss of $1 billion for Q3 2009, driven by $3 billion in pre-tax charges and a $402 million charge to terminate an asset guarantee.
- Capital levels and liquidity improved, with the Tier 1 capital ratio rising to 12.46% and cash/equivalents totaling over $152 billion.
- Deposit growth continued with average retail deposits up $7.8 billion, while mortgage banking income declined on lower production volumes.
- Credit costs remained elevated though losses showed signs of stabilizing, with nonperforming assets up 9% compared to 21% in Q2 2009.
- Bank of America reported third quarter 2007 results with net income of $3.7 billion, down 32% from the third quarter of 2006. Earnings per share were $0.82.
- Revenues declined 12% due to a 24% drop in noninterest income driven by losses in Global Corporate and Investment Banking from market turbulence.
- The provision for credit losses increased 74% to $2.03 billion reflecting increased consumer loan loss rates and impacts from the weakened housing market.
United Health Group UnitedHealth Group Financial Reviewfinance3
UnitedHealth Group reported strong financial results in 2003 with revenues increasing 15% to $28.8 billion and earnings from operations growing 34% to $2.9 billion. Net earnings grew 35% to $1.8 billion resulting in diluted EPS of $2.96. The results were driven by revenue growth across all business segments, improved margins on risk-based products, and a shift toward higher-margin fee-based services. Looking ahead, the company expects continued growth from increasing premium rates, expanding into new geographies and services, and pursuing additional acquisitions.
Citigroup reported fourth quarter net income of $6.93 billion and EPS of $1.37. Income from continuing operations was $4.97 billion with EPS of $0.98. Revenues were $20.78 billion. Strong customer volume growth drove double digit revenue increases in several areas. However, a challenging interest rate environment and competitive pricing partially offset this. The company continued expanding its distribution network globally.
Bank of America reported record earnings of $16.9 billion for 2005, up 19% from 2004. Revenue grew 9% to $57.6 billion driven by a 19% increase in noninterest income. Earnings were driven by strong consumer growth and commercial lending recovery, despite higher provision costs and fewer securities gains. For the fourth quarter of 2005, earnings were $3.8 billion, down 9% from the previous quarter due to an 8% decline in noninterest income and a 21% rise in provision for credit losses.
Morgan Stanley reported second quarter net income of $797 million, down 14% from the previous year. Net revenues decreased 17% to $4.965 billion due to declines across most business segments. However, the company maintained a return on equity of 15% and benefited from strength in its Discover credit card segment. Going forward, Morgan Stanley will continue exercising expense discipline while serving client needs in challenging markets.
Citigroup announced a reorganization of its Global Consumer Group, restructuring its North American Cards, Consumer Finance, and Retail Banking divisions. Mexico consumer results were moved from North America to International. The attached quarterly financial supplement presents results under the new organizational structure, including: U.S. Cards, Retail Distribution, Consumer Lending, and Commercial Business, as well as International Cards, Consumer Finance, and Retail Banking. A diagram maps the previous and new disclosure structures for the Global Consumer Group.
- eBay reported record financial results for Q2 2007, with net revenues of $1.83 billion, a 30% increase over the previous year. GAAP and non-GAAP earnings per share also increased over the previous year.
- The company's major business segments - Marketplaces, Payments, and Communications - all experienced strong revenue growth and increased user engagement over the previous year.
- For Q3 and full year 2007, eBay expects continued revenue growth and increased earnings per share.
Citigroup reported financial results for the first quarter of 2006. Income from continuing operations increased 9% compared to the first quarter of 2005 to $5.6 billion. Global Consumer revenues decreased 1% to $12 billion, with U.S. Consumer revenues decreasing 9% due to declines in cards, retail distribution, and consumer lending. Corporate and Investment Banking revenues increased with Capital Markets and Banking revenues up 20% and Transaction Services up 22%. Overall, Citigroup revenues remained strong with continuing growth in international markets helping to offset declines in the U.S.
Google reported strong financial results for Q4 2006 with 67% year-over-year revenue growth. Revenue increased 19% sequentially led by growth in international markets like Germany and France. Costs and expenses grew at a slower rate than revenue. As a result, net income increased 40% year-over-year while operating margins expanded. Going forward, Google will continue investing in growth areas like international expansion and mobile partnerships.
This document is Google Inc.'s Form 10-Q quarterly report filed with the SEC for the quarter ended June 30, 2005. The summary includes:
1) Google reported revenues of $1.38 billion for the quarter, up from $700 million in the same quarter last year. Net income was $342.8 million compared to $79.1 million last year.
2) Costs and expenses increased to $908.8 million from $529.3 million driven primarily by increases in cost of revenues, research and development, sales and marketing, and general administrative expenses.
3) Cash provided by operating activities was $1.15 billion for the first six months of 2005 compared to $
JPMorgan Chase reported third quarter 2008 net income of $527 million, down significantly from the previous year due to losses from mortgage and leveraged lending positions. The company acquired Washington Mutual's banking operations during the quarter, adding over 2,200 branches. While losses reduced earnings, JPMorgan Chase maintained a strong capital position and welcomed Washington Mutual employees as part of continuing to serve clients.
Citigroup reported record earnings from continuing operations for the first quarter of 2006, with net income of $5.64 billion, up 4% from the previous year. International earnings grew 47% due to record international revenues increasing 19%. Several business segments saw record results, including corporate and investment banking with revenues up 21% and international revenues in that segment up 34%. The company opened 238 new branches during the quarter as it continued expanding its distribution internationally.
Citigroup reported record first quarter net income of $5.44 billion, up 3% from the same period last year. Revenue increased 6% to $21.5 billion. The Board authorized up to an additional $15 billion in share repurchases. Several business segments saw revenue and income increases, including Global Consumer and Corporate and Investment Banking. However, Global Wealth Management saw declines in revenue and income.
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J.P. Morgan Chase & Co. reported second quarter 2009 net income of $2.7 billion, up 36% from the prior year. Revenue was a record $27.7 billion. The Investment Bank reported record revenue for the first half of 2009, including record fees and fixed income markets revenue. Retail Financial Services earnings were reduced by high credit costs, though revenue increased 56% due to the Washington Mutual acquisition. JPMorgan maintained a strong capital position with Tier 1 capital of $122.2 billion.
Citigroup reported first quarter 2022 core income of $3.86 billion, up 5% from the first quarter of 2021. However, core income included an $816 million pre-tax charge related to economic conditions in Argentina. Revenue for the quarter increased 5% to $22 billion. Net income, including a $1.06 billion gain from the Travelers IPO, was $4.84 billion, up 37% from the prior year. The CEO commented that core businesses delivered strong results despite difficult economic conditions and charges related to Argentina. Key highlights included strong performance in global consumer businesses and the investment bank.
Bank of America reported a loss of $1.8 billion for Q4 2008. This was due to capital markets dislocation charges of $4.6 billion and a $8.5 billion provision for credit losses, which included a $3 billion increase in loan loss reserves. Despite the loss, pre-provision profits were up in most primary businesses from Q3 2008. Total average deposits grew by $34.3 billion. The company also raised common equity and received capital from the TARP program. Credit costs were higher due to the deteriorating economy and rising unemployment.
Citigroup reported financial results for the third quarter of 2007. Net income was $2.2 billion, down 60% from the third quarter of 2006. Total assets reached $2.36 trillion at the end of the quarter, up 35% year-over-year. However, key capital ratios such as Tier 1 capital and leverage declined compared to the prior year. Earnings per share from continuing operations were $0.44, down 58% from the previous year. While several business segments saw revenue declines, Global Consumer revenues remained strong, particularly in U.S. Cards.
Citi reported revenues of $24.8 billion for the first quarter of 2009, nearly double the prior year period. Net income was $1.6 billion. Results were driven by strong performance in institutional banking, though offset by higher credit costs. Credit costs totaled $10.3 billion, up 76% due to increased net credit losses and loan loss reserves. The CEO commented that clients remained engaged with Citi and that the company would continue reducing legacy risks and improving efficiency.
Citigroup reported financial results for the second quarter of 2007. Net income increased 18% year-over-year to $6.226 billion. Revenue grew across most business segments, led by a 64% increase in Markets & Banking revenue. Income from continuing operations rose 18% to $11.238 billion for the first half of the year. However, capital ratios declined slightly due to asset growth outpacing capital increases. Overall, Citigroup achieved strong revenue growth and higher profits compared to the previous year.
This document is a news release from Ameriprise Financial reporting their fourth quarter and full year 2008 financial results. Some key points:
1) Ameriprise reported a net loss of $369 million for Q4 2008 due to losses from investments and charges related to declining markets, compared to net income of $255 million in Q4 2007.
2) Excluding one-time impacts, core operating earnings were $176 million for Q4 2008, down from $262 million in the prior year period.
3) For the full year, Ameriprise reported a net loss of $38 million compared to net income of $814 million in 2007, while core operating earnings declined modestly.
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This document summarizes the Bank's third quarter 2012 investor presentation. Key points include:
- Net income of $2.05 billion for Q3 2012, up 9.1% year-over-year, with revenue growth of 9.2% excluding special items.
- All business lines saw net income and revenue growth compared to Q3 2011.
- Capital position remains strong and the Bank is confident of achieving 2012 financial targets.
- Earnings benefited from acquisitions, trading revenues and lower taxes, partly offset by higher provisions and lower fees.
- Record quarterly revenue of $5.59 billion, up 11% excluding special items, driven by net interest income growth and acquisitions.
Citigroup reported its quarterly financial results. Total income from continuing operations increased 12% compared to the second quarter of 2002 to $4.3 billion. Revenues increased across most business segments, with Global Consumer up 18% and Global Corporate and Investment Bank up 2%. The Global Consumer segment saw strong growth in retail banking revenues of 63%. Total assets increased to $1.187 trillion in the second quarter of 2003, up from $1.083 trillion in the second quarter of 2002.
- JPMorgan Chase reported net income of $9.1 billion for Q3 2019, up 8% from the prior year. Revenue was $30.1 billion, up 8%, driven by growth in consumer and investment banking.
- Consumer & Community Banking revenue was $14.3 billion, up 7%, helped by higher deposits and auto/credit card volumes, though home lending revenue fell due to loan sales.
- Corporate & Investment Bank revenue was $9.3 billion, up 6%, with record investment banking fees and strong fixed income markets, though equity markets fell.
JPMorgan Chase reported net income of $2.4 billion for the first quarter of 2008, down 49% from the first quarter of 2007. Earnings per share were $0.68 compared to $1.34 in the prior year. The Investment Bank saw significant declines in revenue and increased credit losses. Retail Financial Services also reported an increased provision for credit losses related to deteriorating home equity and subprime mortgage portfolios. However, the firm maintained a strong capital position with a Tier 1 capital ratio of 8.3%. JPMorgan also announced the planned acquisition of Bear Stearns during the quarter to enhance client services.
Cat Financial reported record revenues of $2.998 billion for 2007, up 9% from 2006. Profits were also up, with profit after tax reaching a record $494 million, a 4% increase over 2006. New retail financing reached a record $14.07 billion, up 16% from 2006. However, past dues over 30 days rose to 2.36% due to weakness in the US housing market, though write-offs remained low by historical standards. The company delivered strong results despite challenges in credit markets and housing.
Citigroup reported a 23% increase in third quarter net income to $3.92 billion. Core income, which excludes certain one-time items, rose 17% to $3.79 billion. Revenues increased 10% for the quarter. Global Consumer business core income rose 13% to a record $2.22 billion, driven by strong growth in cards and retail banking. Global Corporate and Investment Bank core income fell 7% to $1.20 billion due to higher credit losses, despite expense reductions.
Citigroup reported a 23% increase in third quarter net income to $3.92 billion compared to the prior year. Core income, which excludes certain one-time items, rose 17% to $3.79 billion. Earnings per share increased 25% and 19% respectively. Revenues increased 10% for the quarter driven by strong performance across business segments, though credit costs remained high. For the first nine months of the year, net income rose 25% while core income increased 14% on 10% higher revenues.
JPMorgan Chase reported second quarter 2010 net income of $4.8 billion, up significantly from $2.7 billion in the second quarter of 2009. Revenue was $25.6 billion. While most businesses performed solidly with reduced credit costs, returns in consumer lending remained unacceptable. The bank maintained strong capital and liquidity positions. Looking ahead, Dimon noted regulatory reforms could impact clients and businesses, and implementation will require careful coordination.
Computer Sciences Corporation (CSC) reported revenue of $2.7 billion for the second quarter of fiscal year 2003, a 1.2% decrease from the previous year. Net income increased to $92.9 million, up 35% over the previous year, driven by improved profitability in government and consulting services. While demand remained weak for commercial consulting projects, CSC's government business grew strongly, with U.S. federal revenue increasing 16.9%. CSC continued tight expense controls to improve operating efficiency in the challenging market environment.
Citigroup reported record income from continuing operations of $4.10 billion for Q1 2003, an 18% increase over Q1 2002. Global Consumer income increased 26% to $2.15 billion due to strong growth in cards, retail banking, and Asia consumer businesses. The Global Corporate and Investment Bank rebounded with a 22% income increase to $1.43 billion, driven by improved results in capital markets and transaction services. Overall, most Citigroup businesses produced double-digit income growth, demonstrating the strength of the company's diversified business model.
Similar to citigroup October 15, 2007 - Third Quarter Press Release (20)
Citibanking North America reported a 14% increase in total revenues and a 92% increase in core income for Q1 2000 compared to Q1 1999. Key drivers included an 86% increase in core income before taxes due to higher non-interest revenue and lower loan loss provisions. Average loans declined 5% while average deposits grew 5%. Asset quality improved with delinquencies and net credit losses declining.
Citigroup reported record earnings for the first quarter of 2000, with core income rising 49% to $3.6 billion compared to the same period last year. Several of Citigroup's business lines saw double-digit earnings growth, including Global Consumer (up 23%), Global Corporate and Investment Bank (up 36%), and Global Investment Management (up 26%). Strong performance across all regions and business segments was driven by favorable global market conditions. Return on equity was 30% and the company repurchased $1.2 billion in stock during the quarter.
Citigroup reported financial results for the second quarter of 2000. Core income increased 21% compared to the second quarter of 1999 to $3.007 billion. Total revenues for the quarter were $16.373 billion, a 10% increase year-over-year. Most of Citigroup's business segments saw revenue and core income growth compared to the previous year. Global Consumer revenues were $7.473 billion, up 6% from the second quarter of 1999. Global Corporate and Investment Bank revenues were $7.855 billion, a 13% increase. Citigroup's preliminary Tier 1 capital ratio was 8.6% for the second quarter of 2000.
This document provides quarterly financial data for Citigroup, including:
- Consolidated financial summaries showing metrics like core income, net income, earnings per share, capital ratios, assets, and returns on equity.
- Segment net revenues and core income broken down by Citigroup's main business segments - Global Consumer, Global Corporate and Investment Bank, and Global Investment Management.
- More detailed financial results for the major businesses within Global Consumer like North America Cards, Mortgage Banking, and International.
- Supplemental financial details including consolidated statements of income, earnings analysis, loan delinquency amounts, and insurance investment portfolio information.
The document contains quarterly and year-to-
Citigroup reported strong financial results for the second quarter and first half of 2000. Core income rose 21% to $3.0 billion for the second quarter and 35% to $6.6 billion for the first half of the year. All of Citigroup's major business segments experienced double-digit income growth, led by the Global Consumer Group and Global Corporate and Investment Bank. Citigroup continued making acquisitions and investments to expand its global businesses and presence on the internet. Chairman and CEO Sanford Weill stated the results demonstrated the impact of the company's market share gains and consistent growth across its businesses.
Citigroup reported its third quarter 2000 financial results. Key highlights include:
- Core income for 3Q 2000 was $3.11 billion, up 27% from 3Q 1999. Year-to-date core income through 3Q 2000 was $9.72 billion, up 32% from the same period in 1999.
- Net income for 3Q 2000 was $3.088 billion, up 27% from 3Q 1999. Year-to-date net income through 3Q 2000 was $9.683 billion, up 34% from the same period in 1999.
- Basic earnings per share for core income in 3Q 2000 was $0.69, up 28% from 3Q 1999.
- Citigroup reported quarterly financial results for 3Q 2000, with net income of $3.088 billion, up 27% from 3Q 1999. Core income was $3.111 billion for the quarter, also up 27% year-over-year.
- Total revenues for Citigroup's Global Consumer segment were $7.515 billion in 3Q 2000, up 5% from 3Q 1999. The Global Corporate and Investment Bank segment reported revenues of $8.097 billion, a 26% increase.
- Total assets reached $805 billion in 3Q 2000, up from $686.8 billion in 3Q 1999. Book value per share increased to $11.55 from $9
Citigroup reported strong third quarter results for 2000, with core income rising 27% to $3.1 billion compared to the third quarter of 1999. Key highlights included:
- Global Consumer core income rose 17% to $1.32 billion, driven by growth in North American cards, mortgage banking, and Asia.
- Global Corporate and Investment Bank core income increased 40% to $1.59 billion, with strong performances from Salomon Smith Barney and emerging markets banking.
- Global Investment Management and Private Banking core income grew 14% to $176 million, with increased revenues across asset management, private banking, and retirement services.
Citigroup reported its quarterly financial results. Some key highlights:
- Core income for Q4 2000 was $3.331 billion, up 11% from Q4 1999.
- Net income for Q4 2000 was $2.84 billion, down 6% from Q4 1999 due to restructuring charges.
- Global Consumer segment revenues grew 9% to $10.243 billion in Q4 2000.
- Global Corporates and Institutions segment revenues grew 16% to $8.464 billion in Q4 2000.
Citigroup reported strong 4th quarter and full-year 2000 earnings. 4th quarter core income was $3.33 billion, an 11% increase, and full-year core income was a record $14.14 billion, up 25%. All of Citigroup's major business segments saw growth in the 4th quarter, led by the Global Consumer Group at 25% growth. For the full year, net income was $13.52 billion. Chairman and CEO Sanford Weill cited the company's global strength and leadership across business lines. Citigroup continued investments in growing markets and internet capabilities.
Citigroup reported its quarterly financial results. Core income decreased 7% from the prior year quarter to $3.66 billion. Total revenues declined across most business segments, with the exception of the Global Consumer segment which increased revenues slightly. Overall, Citigroup saw lower earnings due to weaker market conditions impacting its trading and investment banking businesses. Capital ratios and credit quality metrics remained strong however, positioning Citigroup well despite the challenging environment.
Citigroup reported its financial results for the first quarter of 2001. Net income decreased 8% compared to the first quarter of 2000. Core income, which excludes restructuring and accounting items, decreased 7%. Within its Global Consumer segment, Banking/Lending revenues increased 14% driven by growth in North America Cards, CitiFinancial, and Mortgage Banking. Core income for Banking/Lending increased 21% led by gains in North America Cards, CitiFinancial, and Citibanking North America. Overall, Citigroup's Global Consumer business saw revenues increase 10% and core income rise 18% compared to the first quarter of the prior year.
Citigroup reported core income of $3.66 billion for Q1 2001, a 7% decrease from Q1 2000. Excluding investment activities, core income rose 7% year-over-year. Global Consumer saw core income increase 18% to $1.78 billion driven by growth in US banking and lending. Global Corporate core income declined 7% to $1.75 billion due to weaker investment markets, though revenues grew 11%. Overall, Citigroup achieved solid results despite challenging markets due to the strength and diversity of its businesses.
Citigroup, the largest global financial services company, reported quarterly financial results. Core income decreased 7% year-over-year to $3.66 billion, while net income decreased 8% to $3.54 billion. Revenues increased 6% to $21.05 billion driven by strong growth in North America Cards, Corporate Finance, and emerging markets. Citibanking North America revenues increased 6% to $613 million with core income before taxes up 24% to $271 million.
Citigroup reported its financial results for the first quarter of 2001. Net income decreased 8% compared to the first quarter of 2000. Core income, which excludes restructuring and accounting items, decreased 7%. Within Global Consumer, Banking/Lending revenues increased 14% driven by growth in North America Cards, CitiFinancial, and Mortgage Banking. Core income for Banking/Lending increased 21% led by gains in North America Cards, CitiFinancial, and Citibanking North America.
Citigroup reported a 13% increase in core income to $3.79 billion for Q2 2001 compared to Q2 2000. Revenue grew 8% to $20.3 billion led by 12% growth in the Global Consumer segment. Core EPS grew 14% to $0.74 per share. Several business segments saw strong growth including 40% growth for CitiFinancial, 17% for North America Cards, and 18% for the Private Bank. Despite difficult market conditions, Corporate Finance delivered 12% earnings growth through increased market share.
Citigroup reported quarterly financial data for 3Q 2001. Some key highlights:
- Core income was $3.262 billion for 3Q 2001, down 8% from 3Q 2000. Year-to-date core income was $10.707 billion, down 1% from the same period in 2000.
- Total revenues for 3Q 2001 were $20.294 billion, up 5% from 3Q 2000. Year-to-date total revenues were $61.656 billion, up 6% from the same period in 2000.
- Global Consumer revenues grew 19% to $11.661 billion in 3Q 2001, driven by strength in North America Cards and Banking/L
Citigroup reported financial results for the third quarter of 2001. Citigroup is a global financial services company with operations in over 100 countries. Some key highlights:
- Core income for 3Q 2001 was $3.26 billion, down 8% from 3Q 2000. Year-to-date core income was $10.7 billion, down 1% from the same period in 2000.
- Total revenues for Global Consumer operations were $11.66 billion for 3Q 2001, up 19% from 3Q 2000, driven by growth in North America Cards and Mortgage Banking.
- Revenues for Global Corporate were $8.01 billion for 3Q 2001, down 5% from 3
Citigroup reported third quarter core income of $3.26 billion, down 7% from the prior year due to $700 million in losses from the September 11th attacks. Revenue grew 5% to $20.29 billion while expenses declined 2%. The diversification of Citigroup's businesses allowed growth in many areas, including a 45% increase in CitiFinancial income and a 25% rise in Citibanking income, despite challenges in the market environment from the attacks. Sanford Weill, CEO, expressed confidence that Citigroup would deliver 15% earnings growth in the fourth quarter assuming a stable market.
Citigroup reported its quarterly financial results. Net income for 4Q 2001 was $3.875 billion, up 36% from 4Q 2000. Core income, which excludes certain items, was $3.862 billion for 4Q 2001, up 16% from the prior year. Total revenues for Global Consumer increased 20% to $11.207 billion compared to 4Q 2000, driven by growth in North America Cards, Citibanking North America, and Mortgage Banking. Revenues for Global Corporate were relatively flat compared to the prior year.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
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citigroup October 15, 2007 - Third Quarter Press Release
1. The Company has revised its financial results for the third quarter of 2007 from the results released in the
Company’s October 15, 2007 Earnings Release and Current Report on Form 8-K filing. The revision relates to the
correction of the valuation on the Company’s $43 billion in Asset-Backed Securities Collateralized Debt
Obligations (ABS CDOs) super senior exposures. The impact of this correction is a $270 million reduction in
Principal Transactions Revenue, a $166 million reduction in Net Income and a $0.03 reduction in Diluted Earnings
per Share (please see Form 10-Q filed on November 5th for further details).
CITI REPORTS NET INCOME OF $2.2 BILLION, EARNINGS PER SHARE OF $0.44
REVENUES OF $22.4 BILLION, UP 5%
ROBUST INTERNATIONAL VOLUME GROWTH; INTERNATIONAL REVENUES UP 29%
RECORD REVENUES IN INTERNATIONAL CONSUMER, TRANSACTION SERVICES
AND WEALTH MANAGEMENT
INCOME DECLINE PRIMARILY DRIVEN BY LOWER REVENUES IN FIXED INCOME
AND HIGHER CONSUMER CREDIT COSTS
New York, NY, October 15, 2007 — Citigroup Inc. (NYSE:C) today reported net income for the 2007 third quarter of
$2.21 billion, or $0.44 per share, a decline of 60% from the prior-year quarter. Results include a $729 million pre-
tax gain on the sale of Redecard shares. Return on equity was 6.9%. On October 1, 2007, Citi announced that it
expected third quarter 2007 net income to decline in the range of 60%, subject to finalizing third quarter results.
Management Comment
“This was a disappointing quarter, even in the context of the dislocations in the sub-prime mortgage and credit
markets. A significant amount of our income decline was in our fixed income business, where we have a long track
record of strong earnings, and this quarter’s performance was well below our expectations. Although we generated
strong momentum in many of our franchises, our fixed income results, along with higher credit costs in global
consumer, led to significantly lower net income,” said Charles Prince, Chairman and CEO.
“Importantly, many of our businesses performed well this quarter. Our international franchise continued to expand
rapidly, with revenues up 29%. Our global wealth management franchise generated record revenues and
transaction services posted another record quarter on double-digit earnings growth. In securities and banking,
equity markets and underwriting revenues were up a combined 33%, and our advisory revenues grew 29%.
Volumes in our consumer franchise continued to grow strongly with deposits up 18%, managed loans up 13%, and
we opened 96 new branches around the world,” said Prince.
“As we move into the fourth quarter, we are focusing closely on improving those areas where we performed below
expectation, while at the same time continuing to execute on our strategic priorities,” said Prince.
Citi Segment Results
Third Quarter Revenues % Third Quarter Net Income %
(In Millions of Dollars, except EPS) 2007 2006 Change 2007 2006 Change
Global Consumer $14,683 $12,834 14% $1,783 $3,195 (44)%
Markets & Banking 4,333 6,067 (29) 280 1,721 (84)
Global Wealth Management 3,509 2,486 41 489 399 23
Alternative Investments 125 334 (63) (67) 117 NM
Corporate/Other (257) (299) 14 (273) (129) NM
Results from Continuing Operations $22,393 $21,422 5% $2,212 $5,303 (58)%
Discontinued Operations - 202 NM
Total Citi $2,212 $5,505 (60)%
Earnings per Share from Continuing Operations $0.44 $1.06 (58)%
Earnings per Share $0.44 $1.10 (60)%
International results (1) $12,210 $9,460 29% $2,007 $2,276 (12)%
(1) International results are fully reflected in the Total Citi results above, and exclude Alternative Investments, Corporate/Other and Discontinued
Operations.
NM Not meaningful.
1
2. THIRD QUARTER SUMMARY
• Revenues were up 5%, led by 29% growth in international revenues.
– Global consumer revenues increased 14%, driven by international consumer up 35%, which included a
$729 million pre-tax gain on the sale of Redecard shares. Excluding the gain, international consumer
revenues increased 21%, reflecting deposit and loan growth of 18% and 29%, respectively, and higher
investment sales, up 26%. U.S. consumer revenues were flat with the prior-year period as deposit and
managed loan growth of 16% and 8%, respectively, was offset by lower securitization results in cards and
the absence of gains on sale of securities in the prior-year period in consumer lending.
– Markets & banking revenues declined 29%, reflecting record transaction services revenues, up 38%, offset
by a 50% decline in securities and banking. Securities and banking revenues declined due to write-downs
and losses related to dislocations in the mortgage-backed securities and credit markets, including:
Write-downs of $1.35 billion pre-tax, net of underwriting fees, on funded and unfunded highly
leveraged finance commitments.
Losses of $1.83 billion pre-tax, net of hedges, on the value of sub-prime mortgage-backed securities
warehoused for future collateralized debt obligation (“CDO”) securitizations, CDO positions, and
leveraged loans warehoused for future collateralized loan obligation (“CLO”) securitizations.
Losses of $636 million pre-tax in fixed income credit trading due to significant market volatility and the
disruption of historical pricing relationships.
U.S. markets & banking revenues declined 98% and international revenues grew 6%. International
revenues included strong double-digit revenue growth in Asia, Latin America, and Mexico.
– Global wealth management revenues increased 41%, as U.S. revenues grew 14% and international
revenues more than doubled, due to double-digit organic growth and increased ownership in Nikko Cordial.
– Alternative investments revenues declined 63% as strong growth in client revenues was offset by lower
revenues from proprietary investment activities.
– Excluding acquisitions and the gain on sale of Redecard shares, total organic revenues declined 4%.
– The net interest margin declined 3 basis points versus the second quarter 2007.
• Operating expenses increased 22%, driven by increased business volumes and acquisitions, which were
partially offset by savings from structural expense initiatives announced in April 2007.
– The company opened 96 new retail bank or consumer finance branches during the quarter, including 47
internationally and 49 in the U.S. Over the last twelve months, 820 retail bank and consumer finance
branches have been opened or acquired.
– Excluding the impact of acquisitions, organic expense growth was 14%.
• Credit costs increased $2.98 billion, primarily driven by an increase in net credit losses of $780 million and a
net charge of $2.24 billion to increase loan loss reserves.
– In U.S. consumer, higher credit costs reflected an increase in net credit losses of $278 million and a net
charge of $1.30 billion to increase loan loss reserves. The $1.30 billion net charge compares to a net
reserve release of $197 million in the prior-year period. The increase in credit costs primarily reflected a
weakening of leading credit indicators, including increased delinquencies on mortgages and unsecured
personal loans, as well as trends in the U.S. macro-economic environment, portfolio growth, and a change
in estimate of loan losses inherent in the portfolio but not yet visible in delinquencies (“a change in
estimate of loan losses”).
– In international consumer, higher credit costs reflected an increase in net credit losses of $460 million and
a net charge of $717 million to increase loan loss reserves. The $717 million net charge compares to a net
charge of $101 million in the prior-year period. The increase in credit costs primarily reflected the impact
of recent acquisitions, portfolio growth, and a change in estimate of loan losses.
– Markets & banking credit costs increased $98 million, primarily reflecting higher net credit losses and a
$123 million net charge to increase loan loss reserves for specific counterparties. Credit costs reflected a
slight weakening in portfolio credit quality.
• Taxes. The effective tax rate on continuing operations was 19.4% versus 27.4% in the prior-year period. The
decline in the tax rate primarily reflected a higher proportion of earnings in foreign jurisdictions that have lower
tax rates.
2
3. APPENDIX
GLOBAL CONSUMER GROUP
Third Quarter Revenues % Third Quarter Net Income %
(In Millions of Dollars) 2007 2006 Change 2007 2006 Change
U.S. Cards $3,386 $3,452 (2)% $852 $1,085 (21)%
U.S. Retail Distribution 2,539 2,382 7 257 481 (47)
U.S. Consumer Lending 1,548 1,481 5 (227) 521 NM
U.S. Commercial Business 359 489 (27) 122 151 (19)
Total U.S. Consumer $7,832 $7,804 - $1,004 $2,238 (55)%
International Cards $2,852 $1,519 88% $647 $287 NM
International Consumer Finance 782 998 (22) (320) 50 NM
International Retail Banking 3,225 2,550 26 552 701 (21)
Total International Consumer $6,859 $5,067 35% $879 $1,038 (15)%
Other (8) (37) 78 (100) (81) (23)
Global Consumer $14,683 $12,834 14% $1,783 $3,195 (44)%
NM Not meaningful.
U.S. Consumer
Revenues were flat with the prior-year period as higher retail distribution and consumer lending revenues were offset
by declines in cards and commercial business. Average deposits grew 16%, and average managed loans were up
8%. Expenses increased 8% primarily due to acquisitions and lower marketing costs in the prior-year period. Credit
costs increased substantially, primarily due to a weakening of leading credit indicators, including increased
delinquencies on mortgages and unsecured personal loans, as well as trends in the U.S. macro-economic
environment, portfolio growth, and a change in estimate of loan losses. Higher credit costs and expenses drove a
decline in net income.
• U.S. Cards
– Revenues declined 2% primarily due to lower securitization results. Lower securitization revenues primarily
reflected a decrease in gains on sale of receivables, as well as the net impact of funding costs and higher
expected credit losses in the securitization trusts. Net interest revenues declined 15% as increased
receivable securitizations and lower promotional balances led to a decline in loans held on balance sheet.
The managed net interest margin improved 27 basis points to 10.55% primarily due to growth in non-
promotional balances.
– Average managed loans were approximately flat as a 6% increase in purchase sales, driven by growth in
travel, business, and partner portfolios, was offset by lower promotional balances. Compared to the
second quarter 2007, average managed loans increased 1%.
– Expenses grew 4% primarily driven by increased collection and servicing expenses, and lower marketing
costs in the prior-year period.
– Higher credit costs were driven by a $134 million pre-tax charge to increase loan loss reserves, reflecting a
weakening of leading credit indicators and trends in the macro-economic environment. The increase in
loan loss reserves compares to a $122 million release in the prior-year period. The managed net credit
loss ratio increased 15 basis points to 4.41%, primarily reflecting unusually low bankruptcy filings in the
prior-year period.
– Net income declined 21%, reflecting lower securitization revenues, increased expenses, and increased
credit costs.
• U.S. Retail Distribution
– Revenues grew 7%, driven by higher average loans and deposits, up 19% and 14%, respectively. Volume
growth was partially offset by lower net interest margins, reflecting a shift in customer deposits to higher
cost Direct Bank and time deposit balances. Checking accounts increased 8%.
– Expenses increased 9% due to investment in new branches and higher customer activity. During the
quarter, 35 new consumer finance branches and 14 new Citibank branches were opened.
3
4. – Credit costs increased substantially, driven by higher net credit losses and a $299 million pre-tax charge to
increase loan loss reserves. Higher credit costs reflected a weakening of leading credit indicators,
including higher delinquencies in unsecured personal loans, portfolio growth, and a change in estimate of
loan losses. The net credit loss ratio increased 39 basis points to 2.87%, partially reflecting unusually low
bankruptcy filings in the prior-year period.
– Net income declined 47%, primarily due to higher expenses and credit costs.
• U.S. Consumer Lending
– Revenues increased 5%, driven by growth in net interest revenues and net servicing revenues, and the
acquisition of ABN AMRO Mortgage Group in March 2007. Net interest revenues grew 16%, reflecting
growth in average loans, up 12%. Non-interest revenues declined due to the absence of gains on sales of
mortgage-backed securities recorded in the prior-year period.
– Expenses grew 37%, driven by the integration of the ABN AMRO business, increased business volumes,
and higher staffing costs related to collections.
– Credit costs increased substantially, driven by higher net credit losses and an $854 million pre-tax charge
to increase loan loss reserves. Higher credit costs were primarily driven by a weakening of leading credit
indicators, including higher delinquencies in first and second mortgages, as well as trends in the macro-
economic environment, and a change in estimate of loan losses.
– Net income declined significantly, reflecting higher expenses and credit costs.
• U.S. Commercial Business
– Revenues declined as increased loan and deposit balances, up 9% and 28%, respectively, were offset by
lower net interest margins, an increase in the mix of tax-advantaged revenues, and business divestitures.
– Net income declined as lower revenues and higher credit costs offset increased tax benefits.
International Consumer
Revenues increased 35%, driven by organic growth, the impact of recent acquisitions, and a gain on the sale of
Redecard shares, partially offset by a significant decline in Japan consumer finance. Excluding the gain,
revenues were up 21%. Average deposits and loans were up 18% and 29%, respectively, and investment sales
grew 26%. Expenses increased 31%, primarily due to the integration of acquisitions and higher business
volumes. Credit costs increased substantially, primarily due to the impact of recent acquisitions, portfolio growth,
and a change in estimate of loan losses. Net income declined, primarily due to increased losses in Japan
consumer finance, higher credit costs, and lower APB 23 tax benefits.
• International Cards
– Revenues grew 88%, primarily driven by higher purchase sales and average loans, up 37% and 52%,
respectively, improved net interest margins, and a $729 million pre-tax gain on the sale of Redecard
shares. Excluding the gain, revenues increased 40%. Loan balances grew at a double-digit pace in
Mexico, EMEA, Asia, and Latin America. Results include the integration of recent acquisitions.
– Credit costs increased substantially, driven by higher net credit losses and a $334 million pre-tax charge to
increase loan loss reserves. Higher credit costs were primarily due to acquisitions and organic portfolio
growth, an increase in past due accounts in Mexico cards, and a change in estimate of loan losses. The
net credit loss ratio increased 61 basis points to 5.62%.
– Net income increased as higher revenues and the gain on the sale of Redecard shares offset significantly
higher credit costs. Excluding the gain on the sale of Redecard shares, net income declined 38%.
• International Consumer Finance
– In Japan, net income declined significantly due to charges to increase reserves for customer refunds and
credit losses, higher expenses due to write-downs of $152 million pre-tax on customer intangibles and fixed
assets, and a decline in revenues primarily due to lower receivable balances. Financial results reflected
recent adverse changes in the operating environment and the impact of consumer lending laws passed in
the fourth quarter 2006.
4
5. – Outside of Japan, revenues increased 22%, driven by average loan growth of 20% and increased net
interest margins. Net income declined as revenue growth was offset by an increase in credit costs due to
portfolio growth and seasoning, and a $90 million pre-tax charge to increase loan loss reserves primarily
due to a change in estimate of loan losses. The net credit loss ratio increased 48 basis points to 3.58%.
• International Retail Banking
– Revenues increased 26%, driven by increased deposits and loans, up 18% and 26%, respectively, and
higher investment sales, up 26%. Loan balances grew at a double-digit pace in EMEA, Asia, Latin
America, and Mexico. Results include the integration of recent acquisitions.
– Expenses grew 26%, reflecting increased business volumes and acquisitions. During the quarter, 41 new
branches were opened.
– Credit costs increased due to the absence of portfolio sales and loan loss reserve releases recorded in the
prior-year period, and a $131 million pre-tax charge to increase loan loss reserves in the current period.
The charge to increase loan loss reserves primarily reflects a change in estimate of loan losses.
– Net income declined 21%, reflecting higher credit costs and lower APB 23 tax benefits in Mexico.
MARKETS & BANKING
Third Quarter Revenues % Third Quarter Net Income %
(In Millions of Dollars) 2007 2006 Change 2007 2006 Change
Securities and Banking $2,270 $4,567 (50)% $(290) $1,344 NM
Transaction Services 2,063 1,500 38 590 385 53
Other -- -- -- (20) (8) NM
Markets & Banking $4,333 $6,067 (29)% $280 $1,721 (84)%
International Results $4,296 $4,060 6% $972 $1,181 (18)%
NM Not meaningful.
• Securities and Banking
– Fixed income markets revenues declined $1.91 billion to $401 million, driven primarily by:
Losses of $1.83 billion, net of hedges, on sub-prime mortgages warehoused for future CDO
securitizations, CDO positions, and leveraged loans warehoused for future CLO securitizations.
Losses of $636 million in credit trading due to significant market volatility and disruption of historical
pricing relationships.
These losses were partially offset by strong double-digit revenue growth in interest rate and currency
trading, and municipals.
– Equity markets revenues grew 19% to $1.03 billion, driven by double-digit growth in cash trading and
derivatives, and a doubling of equity finance revenues.
– Lending revenues declined 14% to $412 million, primarily driven by write-downs of $451 million, net of
underwriting fees, on funded and unfunded highly leveraged finance commitments, which were partially
offset by hedging gains related to the corporate loan portfolio.
– Net investment banking revenues were $541 million, down 50% due to write-downs of $901 million, net of
underwriting fees, on funded and unfunded highly leveraged finance commitments. Excluding the write-
downs, net revenues were $1.44 billion, up 32%.
Equity underwriting revenues nearly doubled to $389 million, partially driven by an increase in market
share. Year-to-date, Citi ranks #2 in global equity underwriting.
Record advisory and other fees increased 29% to $459 million. Year-to-date, Citi ranks #3 in global
announced and completed M&A.
Growth in equity underwriting and advisory revenues was offset by losses in debt underwriting of
$193 million, resulting from write-downs of $901 million, net of underwriting fees, on funded and
unfunded highly leveraged finance commitments.
5
6. – Operating expenses increased 4%, reflecting a decline in incentive compensation costs offset by higher
other operating and administrative expenses. Other operating and administrative expenses grew primarily
due to acquisitions, increased legal expenses, and higher business development costs.
– Credit costs increased, driven by higher net credit losses and a $123 million pre-tax net charge to increase
loan loss reserves for specific counterparties. Credit costs reflect a slight weakening of credit quality in the
portfolio.
– Results also reflected a significant decline in the effective tax rate, primarily due to a higher proportion of
earnings in foreign jurisdictions that have lower tax rates.
• Transaction Services
– Revenues increased 38% to a record $2.06 billion, driven by higher customer volumes, stable net interest
margins, and the acquisition of The Bisys Group, which closed in August 2007.
– Strong double-digit revenue and net income growth was generated in EMEA, Asia, Latin America, Japan,
and the U.S.
– Liability balances grew 34% and assets under custody were up 30%.
– Operating expenses increased 28%, primarily driven by increased business volumes.
– Net income increased 53% to a record $590 million.
GLOBAL WEALTH MANAGEMENT
Third Quarter Revenues % Third Quarter Net Income %
(In Millions of Dollars) 2007 2006 Change 2007 2006 Change
Smith Barney $2,892 $1,994 45% $379 $294 29%
Private Bank 617 492 25 110 105 5
Global Wealth Management $3,509 $2,486 41% $489 $399 23%
International Results $1,055 $333 NM $156 $57 NM
NM Not meaningful.
• Smith Barney
– Record revenues were driven by a 24% increase in fee-based and net interest revenues, reflecting a
continued shift toward offering fee-based advisory products and services, and improved net interest
margins. Record revenue was also driven by higher transactional revenues, up 86%, due to increased
ownership of Nikko Cordial in Japan and organic growth in customer trading volumes.
– Assets under fee-based management increased 41% to $454 billion, primarily driven by acquisitions,
positive market action, and net client asset flows.
– Expenses grew 40%, primarily due to increased customer activity and the impact of acquisitions.
– Net income increased 29%, reflecting increased business volumes and the impact of acquisitions, offset by
the absence of a $31 million tax benefit recorded in the prior-year period.
• Private Bank
– Revenue growth was driven by a 42% increase in international revenues, reflecting strong growth in capital
markets products in Asia and EMEA. U.S. revenues increased 2% as increased business volumes were
offset by net interest margin compression.
– Client business volumes increased 28%, including higher client assets under fee-based management, up
17%, and average loans, up 29%.
– Expense growth of 29% primarily reflected higher compensation costs, driven by increased client activity
and the net addition of 60 bankers since the third quarter of 2006.
– Credit costs increased due to a $55 million pre-tax charge to increase loan loss reserves, primarily related
to new loan volumes.
– Net income increased 5% as revenue growth was offset by higher expenses and credit costs.
6
7. ALTERNATIVE INVESTMENTS
Third Quarter Revenues % Third Quarter Net Income %
(In Millions of Dollars) 2007 2006 Change 2007 2006 Change
Alternative Investments $125 $334 (63)% $(67) $117 NM
NM Not meaningful.
• Alternative Investments
– Revenue and net income declined as strong growth in client revenues, up 75%, was offset by significantly
lower proprietary investment revenues. Proprietary investment revenues declined primarily due to a lower
market value on Legg Mason shares, lower results from hedge fund activities, and the absence of a gain on
sale of MetLife shares in the prior-year period. Client capital under management increased 50%. Client
revenues and capital reflected organic growth and the acquisition of Old Lane Partners, L.P.
CORPORATE/OTHER
Corporate/Other income declined, primarily reflecting higher Nikko related charges and the absence of a prior-year
benefit related to retirement benefit plans, which were partially offset by improved treasury results.
INTERNATIONAL OPERATIONS (1)
Third Quarter Revenues % Third Quarter Net Income %
(In Millions of Dollars) 2007 2006 Change 2007 2006 Change
Global Consumer………………………………. $1,404 $1,238 13% $244 $395 (38)%
Markets & Banking…………………………….. 247 197 25 125 95 32
Global Wealth Management………………….. 38 32 19 10 9 11
Mexico $1,689 $1,467 15% $379 $499 (24)%
Global Consumer………………………………. $1,738 $1,353 28% $58 $213 (73)%
Markets & Banking…………………………….. 1,398 2,166 (35) (25) 489 NM
Global Wealth Management………………….. 139 83 67 4 7 (43)
Europe, Middle East and Africa (EMEA) $3,275 $3,602 (9)% $37 $709 (95)%
Global Consumer………………………………. $ 649 $782 (17)% $(224) $ 79 NM
Markets & Banking…………………………….. 133 177 (25) (96) 38 NM
Global Wealth Management………………….. 547 -- NM 60 -- NM
Japan $1,329 $959 39% $(260) $117 NM
Global Consumer………………………………. $1,520 $1,209 26% $334 $328 2%
Markets & Banking…………………………….. 1,822 1,080 69 727 391 86
Global Wealth Management……….…………. 277 171 62 79 38 NM
Asia (excluding Japan) $3,619 $2,460 47% $1,140 $757 51%
Global Consumer………………………………. $1,548 $485 NM $467 $23 NM
Markets & Banking…………………………….. 696 440 58 241 168 43
Global Wealth Management………………….. 54 47 15 3 3 --
Latin America $2,298 $972 NM $711 $194 NM
Total International $12,210 $9,460 29% $2,007 $2,276 (12)%
(1) International results for the quarter are fully reflected in the product disclosures.
NM Not meaningful.
7
8. • Mexico
– Consumer revenue growth was driven by an increase in average loans, up 19%, and higher card purchase
sales, up 17%. Net income declined as revenue growth was offset by higher credit costs and higher APB
23 tax benefits in the prior-year period. Credit costs increased, primarily due to portfolio growth, increased
past due accounts in cards, a change in estimate of loan losses, and the absence of a loan loss reserve
release in the prior-year period. During the past 12 months, 172 new retail bank and consumer finance
branches were opened.
– Markets & banking revenues and net income increased driven by double-digit growth in fixed income
underwriting, lending and advisory, which was partially offset by lower foreign exchange revenues. Net
income growth also reflected single-digit expense growth and lower credit costs.
• Europe, Middle East and Africa
– Consumer revenues increased 28%, driven by growth in customer deposits and loans, both up 47%, and
higher investment product sales, up 53%. Net income declined, primarily due to higher credit costs, driven
by portfolio growth, a change in estimate of loan losses, and the absence of prior-year asset sales. Results
reflect the impact of recent acquisitions.
– Markets & banking revenues and net income declined as lower results in securities and banking offset
record revenues and net income in transactions services. In securities and banking, revenues declined
59%, driven by $1.21 billion of pre-tax write-downs and losses on highly leveraged finance commitments,
sub-prime mortgages warehoused for future CDO securitizations, CDO positions, and in fixed income credit
trading. These write-downs and losses were partially offset by growth in interest rate and currency trading,
equity underwriting, and lending. Results also include a $123 million pre-tax charge to increase loan loss
reserves for specific counterparties. Transaction services revenues and net income increased at a strong
double-digit pace, driven by increased customer volumes.
• Japan
– Consumer revenues and net income were driven by significantly lower consumer finance results. Recent
adverse changes in the operating environment and the impact of consumer lending laws passed in the
fourth quarter 2006 led to lower receivable balances, charges to increase reserves for customer refunds,
and higher credit losses. Results also include a $152 million pre-tax write-down on customer intangibles
and other fixed assets.
– Markets & banking revenues and net income declined as strong double-digit growth in transaction services
was offset by a decline in revenues in fixed income and equity businesses, and lower results from principal
investments.
– Wealth management results reflected the impact of increased ownership of Nikko Cordial.
• Asia
– Consumer revenues increased 26%, driven by growth in deposits and loans, up 10% and 20%,
respectively, and a doubling of investment product sales to a record level. Volume growth was partially
offset by net interest margin compression. Net income was approximately even with the prior-year period
as revenue growth was offset by higher credit costs. Higher credit costs reflected portfolio growth, a
change in estimate of loan losses, and the absence of a prior-year release of loan loss reserves.
– Markets & banking revenues and net income were records, up 69% and 86%, respectively. Fixed income
markets revenues nearly doubled, driven by strength in interest rate and currency products, and distressed
debt. Equity markets revenues more than doubled, driven by strong results in cash trading and derivatives.
Transaction services revenues and net income grew at a strong double-digit pace, reflecting increased
business volumes.
– Wealth management revenue and income growth was driven primarily by continued strong volumes in
capital markets products.
8
9. • Latin America
– Consumer revenue and net income growth was driven by increased average deposits, up 74%, a doubling
of loans, and higher investment AUMs, up 28%. Revenues included a $729 million pre-tax gain on the sale
of Redecard shares and the impact of recent acquisitions. Excluding the gain on sale of Redecard shares,
revenues grew 69% and net income declined. Net income declined as revenue growth was offset by
higher expenses, reflecting increased customer volumes and the impact of acquisitions, and higher credit
costs. Higher credit costs were driven by portfolio growth, acquisitions, and a change in estimate of loan
losses. Over the last 12 months, 268 new retail bank and consumer finance branches were opened or
acquired.
– Markets & banking revenues and net income were driven by strong double-digit revenue increases in fixed
income and equity markets and lending, and the acquisition of Grupo Cuscatlan. Results also reflected
record revenues and net income in transaction services, driven by higher customer volumes.
A reconciliation of non-GAAP financial information contained in this press release is set forth on page 11.
Charles Prince, Chairman and Chief Executive Officer, and Gary Crittenden, Chief Financial Officer, will host a conference call today at 8:30 AM
(EDT). A live webcast of the presentation, as well as financial results and presentation materials, will be available at
http://www.citigroup.com/citigroup/fin. A replay of the webcast will be available at http://www.citigroup.com/citigroup/fin/pres.htm.
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries,
providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer
banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi’s major brand names include
Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.
Additional financial, statistical, and business-related information, as well as business and segment trends, is included in a Financial Supplement.
Both the earnings release and the Financial Supplement are available on Citi’s website at www.citigroup.com or www.citi.com.
Certain statements in this document are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act. These
statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Actual results may
differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in
Citigroup’s filings with the Securities and Exchange Commission.
Contacts:
Press: Christina Pretto (212) 559-9560 Equity Investors: Arthur Tildesley (212) 559-2718
Shannon Bell (212) 793-6206 Fixed Income Investors: Maurice Raichelson (212) 559-5091
Michael Hanretta (212) 559-9466
9
10. SUMMARY OF PRESS RELEASE DISCLOSED ITEMS - NET INCOME IMPACT ($MM)
3Q’06 3Q’07
(1)
Cards $ 39 $ --
(1)
Retail Distribution 4 --
(1)
Consumer Lending 10 --
(1)
Commercial Business Group 1 --
U.S. Consumer 54 --
(1) (3)
Cards 5 469
(1, 2) (4)
Consumer Finance (102) (98)
(1)
Retail Banking 18 --
International Consumer (79) 371
(1)
Other Consumer 1 --
Global Consumer (24) 371
(1)
Securities and Banking 97 --
(1)
Transaction Services 19 --
Other -- --
Markets & Banking 116 --
(1)
Smith Barney 31 --
(1)
Private Bank 3 --
Global Wealth Management 34 --
Alternative Investments -- --
(1)
Corporate / Other 8 --
(1)
Discontinued Operations 17 --
1. NYS tax release of $254 comprised of $39 in U.S. Cards, $4 in U.S. Retail Distribution, $10 in U.S. Consumer
Lending, $1 in Commercial Business Group, $5 in International Cards, $1 in International Consumer Finance, $18 in
International Retail Banking, $1 in Consumer Other, $97 in Securities and Banking, $19 in Transaction Services,
$31 in Smith Barney, $3 in Private Bank, $8 in Corporate/Other, and $17 in Discontinued Operations.
2. Higher credit costs of $(159) pre-tax ($(103) after-tax) in Japan Consumer Finance. Included due to legislative and
other actions affecting the consumer finance industry in Japan. Business-as-usual credit losses in the portfolios are
not included.
3. Gain on sale of Redecard shares of $729 pre-tax ($469 after-tax) in International Cards. Sale of Redecard shares
was previously announced on July 16, 2007.
4. Write-down of intangibles and fixed assets of $(152) pre-tax ($(98) after-tax) in Japan Consumer Finance.
10
11. Non-GAAP Financial Measures
The following are measures considered “non-GAAP financial measures” under SEC guidelines:
1) Citi revenues excluding the impact of acquisitions and the gain on sale of Redecard shares.
2) Citi operating expenses excluding the impact of acquisitions.
3) International Consumer revenues excluding the gain on sale of Redecard shares.
4) International Cards revenues excluding the gain on sale of Redecard shares.
5) International Cards net income excluding the net gain on sale of Redecard shares.
6) International Consumer Finance revenues excluding Japan Consumer Finance.
7) Net Investment Banking revenues excluding write-downs on highly leveraged finance commitments.
8) Latin America Consumer revenues excluding the gain on sale of Redecard shares.
The Company believes that these non-GAAP financial measures provide a greater understanding of ongoing operations and
enhance comparability of those results in prior periods as well as demonstrating the effects of unusual gains and charges in the
quarter. The Company believes that a meaningful analysis of its financial performance requires an understanding of the factors
underlying that performance. The Company believes that investors may find it useful to see these non-GAAP financial
measures to analyze financial performance without the impact of unusual items that may obscure trends in the Company’s
underlying performance.
Reconciliation of the GAAP financial measures to the aforementioned non-GAAP measures follows:
3Q 3Q 3Q’07 vs. 3Q’06
2007 2006 % Change
($ in millions)
GAAP Citi Revenues $22,393 $21,422 5%
Excluding the impact of acquisitions (1,099) --
Excluding the gain on sale of Redecard shares (729) --
Non-GAAP Citi Revenues as Adjusted $20,565 $21,422 (4)%
GAAP Citi Operating Expenses $14,561 $11,936 22%
Excluding the impact of acquisitions (952) --
Non-GAAP Citi Operating Expenses as Adjusted $13,609 $11,936 14%
GAAP International Consumer Revenues $6,859 $5,067 35%
Excluding the gain on sale of Redecard shares (729) --
Non-GAAP International Consumer Revenues as Adjusted $6,130 $5,067 21%
GAAP International Cards Revenues $2,852 $1,519 88%
Excluding the gain on sale of Redecard shares (729) --
Non-GAAP International Cards Revenues as Adjusted $2,123 $1,519 40%
GAAP International Cards Net Income $647 $287 NM
Excluding the net gain on sale of Redecard shares (469) --
Non-GAAP International Cards Net Income as Adjusted $178 $287 (38)%
GAAP International Consumer Finance Revenues $782 $998 (22)%
Excluding Japan Consumer Finance (281) (587)
Non-GAAP International Consumer Finance Revenues as Adjusted $501 $411 22%
GAAP Net Investment Banking Revenues $541 $1,089 (50)%
Excluding write-downs on highly leveraged finance commitments 901 --
Non-GAAP Net Investment Banking Revenues as Adjusted $1,442 $1,089 32%
GAAP Latin America Consumer Revenues $1,548 $485 NM
Excluding the gain on sale of Redecard shares (729) --
Non-GAAP Latin America Consumer Revenues as Adjusted $819 $485 69%
NM Not meaningful.
11