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p110118a - Fourth Quarter 2010 Earnings Review Highlights...

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Fourth Quarter 2010 Earnings Review January 18, 2011
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Highlights ± 2010: Excellent progress executing our strategy Positive profits in all quarters Citigroup earned $10.6B in 2010 Continued attracting talent to the franchise Citi Holdings assets represent less than 20% of the total Citi s credit spreads improved, reflecting our financial strength ± The government exited its common stake in Citi ± Citi entered 2011 with a solid foundation for sustainable growth We will continue to invest in the franchise, particularly in Emerging Markets, technology and talent 1 Economic environment remains challenging
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Citigroup – Summary Income Statement ($MM, Except EPS) 2010 2009 2010 2009 2010 2009 Citigroup Citicorp Citi Holdings Net Revenues $86,601 $80,285 $65,560 $61,712 $19,287 $29,128 Operating Expenses 47,375 47,822 35,859 32,640 9,563 13,764 Net Credit Losses 30,859 30,741 11,789 6,155 19,070 24,585 Net LLR Build (Release) (1) (5,782) 8,263 (2,199) 2,853 (3,582) 5,411 Net LLR Build (Release) PB&C 965 1,258 151 164 813 1,094 Credit Losses, Claims and Benefits 26,042 40,262 9,741 9,172 16,301 31,090 Income Taxes 2,233 (6,733) 4,940 4,501 (2,554) (6,878) N t I f C t O $10 951 $(1 066) $15 020 $15 399 $(4 023) $(8 848) Net Income from Cont. Ops. $10,951 $(1,066) $15,020 $15,399 $(4,023) $(8,848) Net Income $10,602 $(1,606) $14,898 $15,331 $(4,230) $(8,877) Diluted EPS $0.35 $(0.80) Managed Net Revenues (2) $86,601 $91,092 $65,560 $68,384 $19,287 $33,263 Managed Net Credit Losses (2) 30,859 42,262 11,789 13,086 19,070 29,175 Managed Provisions (2, 3) 26,042 51,783 9,741 16,103 16,301 35,680 2 (1) Includes provision for unfunded lending commitments. (2) Periods prior to 1Q'10 are on a managed basis. For additional information, see Citigroup's Fourth Quarter 2010 Quarterly Financial Data Supplement furnished as an exhibit to Form 8-K filed with the U.S. Securities and Exchange Commission on January 18, 2011. (3) Managed provisions: net loan loss reserve builds (releases), policyholder benefits and claims, plus managed net credit losses. Note: Totals may not sum due to rounding.
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Citigroup – Summary Income Statement ($MM, Except EPS) 4Q'10 3Q'10 4Q'09 % U QoQ % U YoY Net Revenues $18,371 $20,738 $5,405 (11)% NM O ti E Operating Expenses 12,471 11,520 12,314 8% 1% Net Credit Losses 6,854 7,659 7,135 (11)% (4)% Net LLR Build (Release) (1) (2,252) (1,967) 755 (14)% NM PB&C 238 227 294 5% (19)% Credit Losses, Claims and Benefits 4,840 5,919 8,184 (18)% (41)% Income Taxes (313) 698 (7,353) NM 96% Net Income from Cont. Ops. $1,373 $2,601 $(7,740) (47)% NM Net Income $1 309 $2 168 $(7 579) (40)% NM $1,309 $2,168 $(7,579) Diluted EPS $0.04 $0.07 $(0.33) (43)% NM Managed GAAP Managed 4Q'10 3Q'10 4Q'09 % U QoQ % U YoY Managed Net Revenues (2) $18,371 $20,738 $7,882 (11)% NM Managed Net Credit Losses (2) 6,854 7,659 9,980 (11)% (31)% Managed Provisions (2, 3) 4 840 5 919 11 029 (18)% (56)% GAAP 3 (1) Includes provision for unfunded lending commitments. (2) Periods prior to 1Q'10 are on a managed basis. For additional information, see Citigroup's Fourth Quarter 2010 Quarterly Financial Data Supplement furnished as an exhibit to Form 8-K filed with the U.S. Securities and Exchange Commission on January 18, 2011. (3) Managed provisions: net loan loss reserve builds (releases), policyholder benefits and claims, plus managed net credit losses. Note: Totals may not sum due to rounding. NM: Not meaningful. Managed Provisions 4,840 5,919 11,029
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Citicorp & Citi Holdings – Financial Summary ($MM) Citicorp Citi Holdings 4Q'10 3Q'10 4Q'09 4Q'10 3Q'10 4Q'09 (1) Managed Net Revenues $14,260 $16,289 $13,676 $3,965 $3,853 $5,192 Managed Net Credit Losses (1) 2,662 3,020 3,322 4,191 4,640 6,661 Net Revenues $14,260 $16,289 $11,932 $3,965 $3,853 $4,459 Operating Expenses 9,401 8,883 8,751 2,356 2,209 3,008 Net Credit Losses 2,662 3,020 1,595 4,191 4,640 5,543 Net LLR Build (Release) (2) (741) (426) (13) (1,510) (1,541) 768 PB&C 42 38 37 196 189
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