This Smart News Release features multimedia. View the full release here: http://www.businesswire.com/news/home/20170413005576/en/

NET INCOME OF
REVENUES OF
RETURNED
REPURCHASED 30 MILLION COMMON SHARES
BOOK VALUE PER SHARE OF
TANGIBLE BOOK VALUE PER SHARE OF
Citigroup Inc. today reported net income for the first quarter 2017 of
Citi CEO
“Through our earnings and the utilization of
Revenues increased 3% from the prior year period, driven by growth in both the
In the discussion throughout the remainder of this press release, percentage comparisons are calculated for the first quarter 2017 versus the first quarter 2016, unless otherwise specified.
Citigroup
($ in millions, except as otherwise noted) |
1Q’17 | 4Q’16 | 1Q’16 | QoQ% | YoY% | ||||||||||||
Global Consumer Banking | 7,817 | 7,967 | 7,714 | (2 | )% | 1 | % | ||||||||||
|
9,126 | 8,184 | 7,895 | 12 | % | 16 | % | ||||||||||
Corporate / Other | 1,177 | 861 | 1,946 | 37 | % | (40 | )% | ||||||||||
Total Revenues | |
|
|
7 | % | 3 | % | ||||||||||
Expenses | |
|
|
4 | % | – | |||||||||||
Net Credit Losses | 1,709 | 1,696 | 1,724 | 1 | % | (1 | )% | ||||||||||
Credit Reserve Build / (Release)(a) | (77 | ) | 64 | 233 | NM | NM | |||||||||||
Provision for Benefits and Claims | 30 | 32 | 88 | (6 | )% | (66 | )% | ||||||||||
Total Cost of Credit | |
|
|
(7 | )% | (19 | )% | ||||||||||
Income from Continuing Operations Before Taxes | |
|
|
17 | % | 20 | % | ||||||||||
Provision for Income Taxes | 1,863 | 1,509 | 1,479 | 23 | % | 26 | % | ||||||||||
Income from Continuing Operations | |
|
|
15 | % | 17 | % | ||||||||||
Net Income (Loss) from Discontinued Operations | (18 | ) | (3 | ) | (2 | ) | NM | NM | |||||||||
Non-Controlling Interest | 10 | 15 | 5 | (33 | )% | 100 | % | ||||||||||
Citigroup Net Income | |
|
|
14 | % | 17 | % | ||||||||||
Revenues | |||||||||||||||||
|
8,399 | 8,008 | 7,810 | 5 | % | 8 | % | ||||||||||
EMEA | 2,807 | 2,605 | 2,167 | 8 | % | 30 | % | ||||||||||
|
2,278 | 2,206 | 2,191 | 3 | % | 4 | % | ||||||||||
|
3,459 | 3,332 | 3,441 | 4 | % | 1 | % | ||||||||||
Corporate / Other | 1,177 | 861 | 1,946 | 37 | % | (40 | )% | ||||||||||
Income from Continuing Operations | |||||||||||||||||
|
1,727 | 1,687 | 1,379 | 2 | % | 25 | % | ||||||||||
EMEA | 855 | 647 | 374 | 32 | % | NM | |||||||||||
|
605 | 497 | 476 | 22 | % | 27 | % | ||||||||||
|
827 | 775 | 834 | 7 | % | (1 | )% | ||||||||||
Corporate / Other | 104 | (15 | ) | 445 | NM | (77 | )% | ||||||||||
EOP Assets ($B) | 1,822 | 1,792 | 1,801 | 2 | % | 1 | % | ||||||||||
EOP Loans ($B) | 629 | 624 | 619 | 1 | % | 2 | % | ||||||||||
EOP Deposits ($B) | 950 | 929 | 935 | 2 | % | 2 | % | ||||||||||
Common Equity Tier 1 Capital Ratio | 12.8 | % | 12.6 | % | 12.3 | % | |||||||||||
Supplementary Leverage Ratio | 7.3 | % | 7.2 | % | 7.4 | % | |||||||||||
Return on Average Common Equity | 7.4 | % | 6.2 | % | 6.4 | % | |||||||||||
Book Value per Share | |
|
|
2 | % | 6 | % | ||||||||||
Tangible Book Value per Share | |
|
|
2 | % | 5 | % |
Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information. |
(a) Includes provision for unfunded lending commitments. |
Citigroup
Citigroup revenues of
Citigroup’s net income increased to
Citigroup’s operating expenses were largely unchanged at
Citigroup’s cost of credit in the first quarter 2017 was
Citigroup’s allowance for loan losses was
Citigroup’s end of period loans were $629 billion as of quarter end, up 2% from the prior year period. In constant dollars, Citigroup’s end of period loans also grew 2%, as 8% growth in GCB and 3% growth in ICG was partially offset by the continued wind down of legacy assets in Corporate / Other.
Citigroup’s deposits were $950 billion as of quarter end, up 2%. In constant dollars, Citigroup deposits were up 3%, driven by a 4% increase in GCB deposits and a 3% increase in ICG deposits, slightly offset by a decline in Corporate / Other deposits.
Citigroup’s book value per share was
Global Consumer Banking
($ in millions, except as otherwise noted) |
1Q’17 | 4Q’16 | 1Q’16 | QoQ% | YoY% | |||||||||
|
4,944 | 5,059 | 4,830 | (2 | )% | 2 | % | |||||||
|
1,151 | 1,212 | 1,229 | (5 | )% | (6 | )% | |||||||
|
1,722 | 1,696 | 1,655 | 2 | % | 4 | % | |||||||
Total Revenues | |
|
|
(2 | )% | 1 | % | |||||||
Expenses | |
|
|
1 | % | – | ||||||||
Net Credit Losses | 1,603 | 1,516 | 1,371 | 6 | % | 17 | % | |||||||
Credit Reserve Build / (Release)(b) | 183 | 161 | 86 | 14 | % | NM | ||||||||
Provision for Benefits and Claims | 29 | 32 | 28 | (9 | )% | 4 | % | |||||||
Total Cost of Credit | |
|
|
6 | % | 22 | % | |||||||
Net Income | |
|
|
(18 | )% | (16 | )% | |||||||
Income from Continuing Operations | ||||||||||||||
|
627 | 810 | 833 | (23 | )% | (25 | )% | |||||||
|
130 | 154 | 146 | (16 | )% | (11 | )% | |||||||
|
246 | 261 | 215 | (6 | )% | 14 | % | |||||||
Key Indicators ($B) | ||||||||||||||
Retail Banking Average Loans | 139 | 138 | 140 | 1 | % | (1 | )% | |||||||
Retail Banking Average Deposits | 304 | 301 | 294 | 1 | % | 3 | % | |||||||
Investment AUMs | 147 | 138 | 140 | 7 | % | 5 | % | |||||||
Cards Average Loans | 151 | 149 | 131 | 1 | % | 15 | % | |||||||
Cards Purchase Sales | 112 | 125 | 85 | (10 | )% | 33 | % |
Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information. |
(a) Asia GCB includes the results of operations of GCB activities in certain EMEA countries for all periods presented. |
(b) Includes provision for unfunded lending commitments. |
Global Consumer Banking
GCB revenues of
GCB net income decreased 16% to
North America GCB net income was $627 million, down 25%, driven by higher cost of credit and higher operating expenses, partially offset by the higher revenues. Operating expenses increased 3% to
International GCB revenues were largely unchanged at
International GCB net income increased 4% to $375 million. In constant dollars, net income increased 12%, driven by the higher revenue and lower expenses, partially offset by higher credit costs. Operating expenses decreased 3% on a reported basis and were 1% lower versus the prior year period in constant dollars. Credit costs decreased 1% on a reported basis and increased 6% in constant dollars. On such basis, the net loan loss reserve build was
($ in millions) |
1Q’17 | 4Q’16 | 1Q’16 | QoQ% | YoY% | ||||||||||||
|
2,075 | 2,009 | 1,903 | 3 | % | 9 | % | ||||||||||
Investment Banking | 1,214 | 1,131 | 873 | 7 | % | 39 | % | ||||||||||
|
744 | 671 | 684 | 11 | % | 9 | % | ||||||||||
Corporate Lending(a) | 434 | 448 | 448 | (3 | )% | (3 | )% | ||||||||||
Total Banking | 4,467 | 4,259 | 3,908 | 5 | % | 14 | % | ||||||||||
Fixed Income Markets | 3,622 | 2,957 | 3,051 | 22 | % | 19 | % | ||||||||||
Equity Markets | 769 | 685 | 697 | 12 | % | 10 | % | ||||||||||
Securities Services | 543 | 529 | 561 | 3 | % | (3 | )% | ||||||||||
Other | (160 | ) | (139 | ) | (256 | ) | (15 | )% | 38 | % | |||||||
Total Markets & Securities Services | 4,774 | 4,032 | 4,053 | 18 | % | 18 | % | ||||||||||
Product Revenues(a) | |
|
|
11 | % | 16 | % | ||||||||||
Gain / (Loss) on Loan Hedges | (115 | ) | (107 | ) | (66 | ) | (7 | )% | (74 | )% | |||||||
Total Revenues | |
|
|
12 | % | 16 | % | ||||||||||
Expenses | |
|
|
7 | % | 1 | % | ||||||||||
Net Credit Losses | 25 | 119 | 211 | (79 | )% | (88 | )% | ||||||||||
Credit Reserve Build / (Release)(b) | (230 | ) | (15 | ) | 179 | NM | NM | ||||||||||
Total Cost of Credit | $(205 | ) | |
|
NM | NM | |||||||||||
Net Income | |
|
|
26 | % | 61 | % | ||||||||||
Revenues | |||||||||||||||||
|
3,455 | 2,949 | 2,980 | 17 | % | 16 | % | ||||||||||
EMEA | 2,807 | 2,605 | 2,167 | 8 | % | 30 | % | ||||||||||
|
1,127 | 994 | 962 | 13 | % | 17 | % | ||||||||||
|
1,737 | 1,636 | 1,786 | 6 | % | (3 | )% | ||||||||||
Income from Continuing Operations | |||||||||||||||||
|
1,100 | 877 | 546 | 25 | % | NM | |||||||||||
EMEA | 855 | 647 | 374 | 32 | % | NM | |||||||||||
|
475 | 343 | 330 | 38 | % | 44 | % | ||||||||||
|
581 | 514 | 619 | 13 | % | (6 | )% |
Note: Please refer to the Appendices and Footnotes at the end of this press release for additional information. |
(a) Excludes gain / (loss) on hedges related to accrual loans. For additional information, please refer to Footnote 8. |
(b) Includes provision for unfunded lending commitments. |
ICG revenues of
Banking revenues of
Markets and Securities Services revenues of
ICG net income of
ICG average loans grew 2% to $302 billion. In constant dollars, average loans increased 3%.
ICG end of period deposits increased 2% to $620 billion. In constant dollars, end of period deposits grew 3%.
Corporate / Other
($ in millions, except as otherwise noted) |
1Q’17 | 4Q’16 | 1Q’16 | QoQ% | YoY% | ||||||||||||
Revenues | |
|
|
37 | % | (40 | )% | ||||||||||
Expenses | |
|
|
(1 | )% | (11 | )% | ||||||||||
Net Credit Losses | 81 | 61 | 142 | 33 | % | (43 | )% | ||||||||||
Credit Reserve Build / (Release)(a) | (30 | ) | (82 | ) | (32 | ) | 63 | % | 6 | % | |||||||
Provision for Benefits and Claims | 1 | – | 60 | 100 | % | (98 | )% | ||||||||||
Total Cost of Credit | |
$(21 | ) | |
NM | (69 | )% | ||||||||||
Net Income | |
$(20 | ) | |
NM | (80 | )% | ||||||||||
EOP Assets ($B) | 96 | 103 | 124 | (7 | )% | (23 | )% | ||||||||||
EOP Loans ($B) | 29 | 33 | 45 | (12 | )% | (35 | )% | ||||||||||
EOP Deposits ($B) | 19 | 18 | 25 | 7 | % | (23 | )% | ||||||||||
(a) Includes provision for unfunded lending commitments. | |||||||||||||||||
Corporate / Other
Corporate / Other revenues of
Corporate / Other net income was $92 million, compared to
Corporate / Other cost of credit was
Citigroup will host a conference call today at
Citigroup, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citigroup provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at www.citigroup.com | Twitter: @Citi |
Additional financial, statistical, and business-related information, as well as business and segment trends, is included in a Quarterly Financial Data Supplement. Both this earnings release and Citigroup’s First Quarter 2017 Quarterly Financial Data Supplement are available on Citigroup’s website at www.citigroup.com.
Certain statements in this release are “forward-looking statements” within the meaning of the rules and regulations of the
Appendix A | ||||||||||||||
Citigroup | 1Q’17 | 4Q’16 | 1Q’16 | |||||||||||
($ in millions) | ||||||||||||||
Reported Revenues | |
|
|
|||||||||||
Impact of FX Translation | – | 55 | (157 | ) | ||||||||||
Revenues in |
|
|
|
|||||||||||
Reported Net Income | |
|
|
|||||||||||
Less: Preferred Dividends | 301 | 320 | 210 | |||||||||||
Net Income Available to Common Shareholders | |
|
|
|||||||||||
Common Share Repurchases | 1,784 | 4,284 | 1,312 | |||||||||||
Common Dividends | 444 | 454 | 149 | |||||||||||
Total Capital Returned to Common Shareholders | |
|
|
|||||||||||
Payout Ratio | 59 | % | 146 | % | 44 | % | ||||||||
Average TCE | |
|
|
|||||||||||
Less: Average net DTAs excluded from |
28,951 | 28,532 | 29,988 | |||||||||||
Average TCE, ex. net DTAs excluded from |
|
|
|
|||||||||||
RoTCE | 8.5 | % | 7.1 | % | 7.3 | % | ||||||||
RoTCE ex. net DTAs excluded from |
10.2 | % | 8.4 | % | 8.7 | % | ||||||||
Note: Totals may not sum due to rounding. |
Appendix B |
|||||||||||||||
Citigroup |
1Q’17 |
4Q’16 |
1Q’16 |
||||||||||||
($ in billions) | |||||||||||||||
Reported EOP Loans | |
|
|
||||||||||||
Impact of FX Translation | – | 8 | (5 | ) | |||||||||||
EOP Loans in |
|
|
|
||||||||||||
Reported EOP Deposits | |
|
|
||||||||||||
Impact of FX Translation | – | 10 | (11 | ) | |||||||||||
EOP Deposits in |
|
|
|
||||||||||||
Note: Totals may not sum due to rounding. | |||||||||||||||
Global Consumer Banking | 1Q’17 | 4Q’16 | 1Q’16 | ||||||||||||
($ in billions) | |||||||||||||||
Reported EOP Loans | |
|
|
||||||||||||
Impact of FX Translation | – | 5 | (2 | ) | |||||||||||
EOP Loans in |
|
|
|
||||||||||||
Reported EOP Deposits | |
|
|
||||||||||||
Impact of FX Translation | – | 5 | (3 | ) | |||||||||||
EOP Deposits in |
|
|
|
||||||||||||
Note: Totals may not sum due to rounding. | |||||||||||||||
|
1Q’17 | 4Q’16 | 1Q’16 | ||||||||||||
($ in billions) | |||||||||||||||
Reported Average Loans | |
|
|
||||||||||||
Impact of FX Translation | – | 0 | (2 | ) | |||||||||||
Average Loans in |
|
|
|
||||||||||||
Reported EOP Deposits | |
|
|
||||||||||||
Impact of FX Translation | – | 5 | (8 | ) | |||||||||||
EOP Deposits in |
|
|
|
||||||||||||
Note: Totals may not sum due to rounding. |
Appendix B (Cont.) | ||||||||||||||
International Consumer Banking | 1Q’17 | 4Q’16 | 1Q’16 | |||||||||||
($ in millions) | ||||||||||||||
Reported Revenues | |
|
|
|||||||||||
Impact of FX Translation | – | 29 | (103 | ) | ||||||||||
Revenues in |
|
|
|
|||||||||||
Reported Expenses | |
|
|
|||||||||||
Impact of FX Translation | – | 19 | (42 | ) | ||||||||||
Expenses in |
|
|
|
|||||||||||
Reported Credit Costs | |
|
|
|||||||||||
Impact of FX Translation | – | 6 | (30 | ) | ||||||||||
Credit Costs in |
|
|
|
|||||||||||
Reported Net Income | |
|
|
|||||||||||
Impact of FX Translation | – | 3 | (25 | ) | ||||||||||
Net Income in |
|
|
|
|||||||||||
Note: Totals may not sum due to rounding. | ||||||||||||||
Latin America Consumer Banking | 1Q’17 | 4Q’16 | 1Q’16 | |||||||||||
($ in millions) | ||||||||||||||
Reported Revenues | |
|
|
|||||||||||
Impact of FX Translation | – | 8 | (122 | ) | ||||||||||
Revenues in |
|
|
|
|||||||||||
Reported Expenses | |
|
|
|||||||||||
Impact of FX Translation | – | 4 | (57 | ) | ||||||||||
Expenses in |
|
|
|
|||||||||||
Note: Totals may not sum due to rounding. | ||||||||||||||
Asia Consumer Banking(1) | 1Q’17 | 4Q’16 | 1Q’16 | |||||||||||
($ in millions) | ||||||||||||||
Reported Revenues | |
|
|
|||||||||||
Impact of FX Translation | – | 21 | 19 | |||||||||||
Revenues in |
|
|
|
|||||||||||
Reported Expenses | |
|
|
|||||||||||
Impact of FX Translation | – | 15 | 15 | |||||||||||
Expenses in |
|
|
|
|||||||||||
Note: Totals may not sum due to rounding. |
(1) Asia GCB includes the results of operations in EMEA GCB for all periods presented. |
Appendix C | ||||||||||
($ in millions) | |
|
|
|||||||
Citigroup Common Stockholders’ Equity(2) | |
|
|
|||||||
Add: Qualifying noncontrolling interests | 133 | 129 | 143 | |||||||
Regulatory Capital Adjustments and Deductions: | ||||||||||
Less: | ||||||||||
Accumulated net unrealized losses on cash flow hedges, net of tax(3) | (562) | (560) | (300) | |||||||
Cumulative unrealized net gain (loss) related to changes in fair value of financial liabilities attributable to own creditworthiness, net of tax(4) |
(173) | (61) | 562 | |||||||
Intangible Assets: | ||||||||||
|
21,448 | 20,858 | 21,935 | |||||||
Identifiable intangible assets other than mortgage servicing rights (MSRs), net of related DTLs |
4,738 | 4,876 | 3,332 | |||||||
Defined benefit pension plan net assets | 836 | 857 | 870 | |||||||
Deferred tax assets (DTAs) arising from net operating loss, foreign tax credit and general business credit carry-forwards |
21,077 | 21,337 | 23,414 | |||||||
Excess over 10% / 15% limitations for other DTAs, certain common stock investments and MSRs(6) |
8,997 | 9,357 | 7,254 | |||||||
Common Equity Tier 1 Capital (CET1) | |
|
|
|||||||
Risk-Weighted Assets (RWA) | |
|
|
|||||||
Common Equity Tier 1 Capital Ratio (CET1 / RWA) | 12.8% | 12.6% | 12.3% |
Note: | Citi’s Common Equity Tier 1 Capital ratio and related components reflect full implementation of the |
||
(1) | Preliminary | ||
(2) | Excludes issuance costs related to outstanding preferred stock in accordance with |
||
(3) | Common Equity Tier 1 Capital is adjusted for accumulated net unrealized gains (losses) on cash flow hedges included in accumulated other comprehensive income that relate to the hedging of items not recognized at fair value on the balance sheet. | ||
(4) | The cumulative impact of changes in Citigroup’s own creditworthiness in valuing liabilities for which the fair value option has been elected and own-credit valuation adjustments on derivatives are excluded from Common Equity Tier 1 Capital, in accordance with the |
||
(5) | Includes goodwill “embedded” in the valuation of significant common stock investments in unconsolidated financial institutions. | ||
(6) | Assets subject to 10% / 15% limitations include MSRs, DTAs arising from temporary differences and significant common stock investments in unconsolidated financial institutions. For all periods presented, the deduction related only to DTAs arising from temporary differences that exceeded the 10% limitation. |
Appendix D | ||||||||||||||
($ in millions) | |
|
|
|||||||||||
Common Equity Tier 1 Capital (CET1) | |
|
|
|||||||||||
Additional Tier 1 Capital (AT1)(2) | 19,756 | 19,874 | 18,119 | |||||||||||
Total Tier 1 Capital (T1C) (CET1 + AT1) | |
|
|
|||||||||||
Total Leverage Exposure (TLE) | |
|
|
|||||||||||
Supplementary Leverage Ratio (T1C / TLE) | 7.3% | 7.2% | 7.4% |
Note: |
Citi’s Supplementary Leverage Ratio and related components reflect full implementation of the |
|||
(1) |
Preliminary. |
|||
(2) |
Additional Tier 1 Capital primarily includes qualifying noncumulative perpetual preferred stock and qualifying trust preferred securities. |
Appendix E | |||||||||||
($ and shares in millions, except per share amounts) | |
|
|
||||||||
Total Citigroup Stockholders’ Equity | |
|
|
||||||||
Less: Preferred Stock | 19,253 | 19,253 | 17,753 | ||||||||
Common Stockholders’ Equity | |
|
|
||||||||
Less: | |||||||||||
|
22,265 | 21,659 | 22,575 | ||||||||
Intangible Assets (other than MSRs) | 5,013 | 5,114 | 3,493 | ||||||||
|
48 | 72 | 30 | ||||||||
Tangible Common Equity (TCE) | |
|
|
||||||||
Common Shares Outstanding (CSO) | 2,753 | 2,772 | 2,935 | ||||||||
Tangible Book Value Per Share (TCE / CSO) | |
|
|
||||||||
(1) Preliminary. |
______________________ | |
1 Citigroup’s total expenses divided by total revenues. 2 Preliminary. Return on average tangible common equity (RoTCE) excluding deferred tax assets (DTAs) is a non-GAAP financial measure. The amount that is excluded from average tangible common equity represents the average net DTAs excluded for purposes of calculating Citigroup’s Common Equity Tier 1 (CET1) Capital under full implementation of the 3 Preliminary. Citigroup’s 4 Preliminary. Citigroup’s Supplementary Leverage Ratio (SLR), which reflects full implementation of the 5 Citigroup’s payout ratio is the sum of common dividends and common share repurchases divided by net income available to common shareholders. For the components of the calculation, see Appendix A. 6 Preliminary. Citigroup’s tangible book value per share is a non-GAAP financial measure. For a reconciliation of this measure to reported results, see Appendix E. 7 Results of operations excluding the impact of foreign exchange translation (constant dollar basis) are non-GAAP financial measures. For a reconciliation of these measures to reported results, see Appendices A and B. 8 Hedges on accrual loans reflect the mark-to-market on credit derivatives used to hedge the corporate accrual loan portfolio. The fixed premium cost of these hedges is included in (netted against) the core lending revenues. Results of operations excluding the impact of gain / (loss) on loan hedges are non-GAAP financial measures. |
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20170413005576/en/
Citigroup Inc.
Press:
or
Investors:
or
Source: Citigroup Inc.
SOCi Raises $8.5 Million To Deliver Social Media Management At Scale
Star Mountain Capital CEO Brett Hickey Speaking at the 20th Annual Milken Institute Global Conference in Los Angeles, CA
More Articles