10-K.Info (Beta Test) Courtesy of Short Sands, LLC | ||||||||||||||
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10-K.Info (Beta Test) Courtesy of Short Sands, LLC | |||
CITIGROUP INC | |||
Ticker: C Fiscal Year: 2013 | |||
CONSOLIDATED STATEMENT OF INCOME | |||
Period Ending Dec 31, 2013 10-K (Filed: Mar 3, 2014) | |||
| (In Millions, except shares in Thousands) | |||
| 12 Months Ended | 12 Months Ended | 12 Months Ended | |
| Dec 31, 2013 | Dec 31, 2012 | Dec 31, 2011 | |
| Revenues | |||
| Interest revenue | $ 62,970 | 67,298 | 71,858 |
| Interest expense | 16,177 | 20,612 | 24,209 |
| Net interest revenue | 46,793 | 46,686 | 47,649 |
| Commissions and fees | 13,113 | 12,732 | 12,665 |
| Principal transactions | 7,121 | 4,781 | 7,234 |
| Administration and other fiduciary fees | 4,089 | 4,012 | 3,995 |
| Realized gains on sales of investments, net | 748 | 3,251 | 1,997 |
| Other-than-temporary impairment losses on investments | |||
| Gross impairment losses | (633) [1] | (5,037) | (2,413) |
| Less: Impairments recognized in AOCI | 98 | 66 | 159 |
| Net impairment losses recognized in earnings | (535) | (4,971) | (2,254) |
| Insurance premiums | 2,280 | 2,395 | 2,561 |
| Other revenue | 2,757 | 242 [2] | 3,484 |
| Total non-interest revenues | 29,573 | 22,442 | 29,682 |
| Total revenues, net of interest expense | 76,366 | 69,128 | 77,331 |
| Provisions for credit losses and for benefits and claims | |||
| Provision for loan losses | 7,604 | 10,458 | 11,336 |
| Policyholder benefits and claims | 830 | 887 | 972 |
| Provision (release) for unfunded lending commitments | 80 | (16) | 51 |
| Total provisions for credit losses and for benefits and claims | 8,514 | 11,329 | 12,359 |
| Operating expenses | |||
| Compensation and benefits | 23,967 | 25,119 | 25,614 |
| Premises and equipment | 3,165 | 3,266 | 3,310 |
| Technology/communication | 6,136 | 5,829 | 5,055 |
| Advertising and marketing | 1,888 | 2,164 | 2,268 |
| Other operating | 13,199 | 13,596 | 14,003 |
| Total operating expenses | 48,355 | 49,974 | 50,250 [3] |
| Income (loss) from continuing operations before income taxes | 19,497 | 7,825 | 14,722 |
| Provision for income taxes | 5,867 | 7 | 3,575 |
| Income from continuing operations | 13,630 | 7,818 | 11,147 |
| Discontinued operations | |||
| Loss from discontinued operations | (242) | (109) | (75) |
| Gain (loss) on sale | 268 | (1) | 155 |
| Provision (benefit) for income taxes on discontinued operations | (244) | (52) | 12 |
| Income (loss) from discontinued operations, net of taxes | 270 | (58) | 68 |
| Net income before attribution of noncontrolling interests | 13,900 | 7,760 | 11,215 |
| Noncontrolling interests | 227 | 219 | 148 |
| Citigroup's net income | 13,673 | 7,541 | 11,067 |
| Basic earnings per share | |||
| Income from continuing operations (in dollars per share) | 4.27 [4] | 2.53 | 3.71 |
| Income (loss) from discontinued operations, net of taxes (in dollars per share) | 0.09 | (0.02) | 0.02 |
| Net income (in dollars per share) | 4.35 | 2.51 | 3.73 |
| Weighted average common shares outstanding (in shares) | 3,035,800 | 2,930,600 | 2,909,800 |
| Diluted earnings per share | |||
| Income from continuing operations (in dollars per share) | 4.26 | 2.46 | 3.60 |
| Income (loss) from discontinued operations, net of taxes (in dollars per share) | 0.09 | (0.02) | 0.02 |
| Net income (in dollars per share) | 4.35 | 2.44 | 3.63 |
| Adjusted weighted average common shares outstanding (in shares) | 3,041,600 [5] | 3,015,500 | 2,998,800 |
| [1] 2012 includes the recognition of a $3,340 million impairment charge related to the carrying value of Citi's then-remaining 35% interest in the Morgan Stanley Smith Barney joint venture (MSSB), as well as the recognition of a $1,181 million impairment charge related to Citi's investment in Akbank. The remaining MSSB interest was sold during 2013. See Note 14 to the Consolidated Financial Statements. | |||
| [2] Other revenue for 2012 includes a $1,344 million loss related to the sale of a 14% interest in MSSB, as well as the recognition of a $424 million loss related to the sale of a 10.1% stake in Akbank T.A.S. See Note 14 to the Consolidated Financial Statements. | |||
| [3] Citigroup recorded repositioning charges of $590 million for 2013, $1,375 million for 2012 and $706 million for 2011. | |||
| [4] Due to rounding, earnings per share on continuing operations and discontinued operations may not sum to earnings per share on net income. | |||
| [5] All per share amounts and Citigroup shares outstanding for all periods reflect Citigroup's 1-for-10 reverse stock split, which was effective May 6, 2011. | |||
| External Links | |
| CITIGROUP INC (C) Fiscal Year 2013 | |
| Statements of 10-K in Excel | https://www.sec.gov/.../Financial.xlxs |
| Complete 10-K in HTML | https://www.sec.gov/.../10-K.html |
| Complete 10-K in XBRL | https://www.sec.gov/.../10-K-xbrl.zip |