third quarter 2009 earnings review - citigroup.com · citi holdings net revenue marks (1) 1,513 sap...
Post on 07-Aug-2020
2 Views
Preview:
TRANSCRIPT
Third Quarter 2009 Earnings ReviewOctober 15, 2009
Third Quarter 2009 Summary
Strong balance sheet: Tangible Common Equity substantially $improved to $102B, Tier 1 Capital Ratio stable at 12.7%
Franchise remains strong– Record YTD revenues in the Institutional Clients GroupRecord YTD revenues in the Institutional Clients Group – Record YTD net income in Transaction Services– Growth in Regional Consumer Banking revenues and deposits
Credit losses declined slightly but remain elevated -- delinquency trends improving in international markets, but mixed in the U.S.
Citi Holdings assets down $32B in the quarter, $281B from peakCiti Holdings assets down $32B in the quarter, $281B from peak
Continuing to execute our strategy and return Citi to sustained profitability and growth
1
Major P&L Items in 3Q’09
Pre-tax
Citicorp Credit Value Adjustment $(1,677) S&B
e ta($MM) Impact Segment
Citi Holdings Net Revenue Marks (1) 1,513 SAP
Gain from Exchange Offers (2) 1,382 Corp/Other
(1) Please see details on slide 36.(2) Gain from the extinguishment of debt associated with the trust preferred securities held by public investors ($851 million after-tax).
2
Summary Income Statement
($B, except EPS) 3Q’09 3Q’08 %
Net Interest Revenue $12.0 $13.4 (10)%Non-Interest Revenue 8 4 2 9 NMNon-Interest Revenue 8.4 2.9 NM
Net Revenues 20.4 16.3 25Operating Expenses 11.8 14.0 (16)
Net Credit Losses 8.0 4.9 62Net LLR build / (Release) 0.8 4.0 (80)Other (1) 0.3 0.1 NM
Credit Losses, Claims & Benefits 9.1 9.1 --Pre-tax Income from Cont. Ops. (0.5) (6.8) 92p ( ) ( )Income Taxes (1.1) (3.3) 66Income from Cont. Ops. $0.6 $(3.5) NMNet Income 0.1 (2.8) NM
Net income Available to Common $(3.2) $(2.9) (10)%
Diluted EPS from Cont. Ops. (2, 3) $(0.23) $(0.72) 68%Diluted EPS (2, 3) (0.27) (0.61) 56
3
( ) ( )(1) Policyholder benefits and claims and provision for unfunded lending commitments.(2) Includes $(2.2) billion impact to common shareholders from the completion of all stages of the exchange offers. (3) Diluted shares used in the diluted EPS calculation represent basic shares due to the negative income available to common shareholders. Using actual diluted shares would result in anti-dilution. Note: Totals may not sum due to rounding.
Earnings Per Share
3Q’09 $MM Diluted EPS (1)
Net Income (2) $101 $0.01
Preferred Dividends (3) (288) (0 02)Preferred Dividends (3) (288) (0.02)
Impact of Exchange Offers (4) (3,055) (0.25)
(1) Diluted shares used in the diluted EPS calculation represent basic shares of 12,104 million due to the negative
Income Available to Common $(3,242) $(0.27)
( ) p , gincome available to common shareholders. Using actual diluted shares would result in anti-dilution.
(2) $851 million after-tax gain from the extinguishment of debt associated with the trust preferred securities held by public investors.
(3) Dividends on USG preferred shares accrued up to July 23, 2009 and July 30, 2009, the date of conversion to interim securities and the newly-issued trust preferred securities, as applicable. It includes $16 million related to the quarterly amortization of the TARP warrants discount.
(4) I t t h h ld f th l ti f ll t f th h ff l di th $851 illi
4
(4) Impact to common shareholders from the completion of all stages of the exchange offers, excluding the $851 million gain flowing through net income.
Note: Totals may not sum due to rounding.
Citigroup – Revenues
CiticorpHoldings
($B)
Smith Barney Gain: $11.1
2 13.5 15.8
6 7
0.5 0.7
HoldingsCorp/Other
12.2 17.5 16.3
24.5
30.0
20.4
17.1 16.8 16.010.7
20.615.0 13.0
(4 5)
2.10.7 6.7
(0 5)
5.6
(4.5) (5.0)(0.4)
(1.3) (0.5)(0.1)
(0.7)
1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
M d R E N t R M k (1)Managed Revenues Ex-Net Revenue Marks (1)
Citigroup 26.7 26.4 23.6 23.0 29.1 21.8 21.7Citicorp 17.3 18.3 15.3 15.2 19.3 17.4 16.3Holdings 9.9 9.4 8.7 7.9 9.3 5.2 6.1
5
(1) Managed metrics are non-GAAP measures. Please see slide 39 for additional information on these metrics. Managed revenues exclude net revenue marks (please see details on slides 35 and 36). For Citigroup, these also exclude the 2Q’09 $11.1 billion Smith Barney gain on sale and the 3Q’09 $1.4 billion gain from the extinguishment of debt associated with the trust preferred securities held by public investors. Citi Holdings excludes the 2Q’09 Smith Barney gain on sale.
Note: Totals may not sum due to rounding.
g
Citicorp – N.A. Consumer Banking Revenues($B)
Managed revenues up 4% QoQ
Managed Revenues (1)
GAAP Net Impact from Card Sec. g p
Retail Banking:
– Growth in deposits and1.0 1 2 1 6 1.5 1 6 1 8
3.3 3.4 3.4 3.4 3.6 3.4 3.6
– Growth in deposits and loans QoQ
Citi-Branded Cards:
2.3 2.11.5
1.8 2.11.8 1.8
1.0 1.21.9 1.6 1.5 1.6 1.8
Key Revenue Drivers (% ) YoY QoQ
– Higher credit losses flowing through securitization trusts
– Lower securitization Q Q
1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
1Q’09 2Q’09 3Q’09 3Q’09Average Mgd. Loans (1) 2% 1% 1% 1%Average Deposits 4 12 15 2Cards Purchase Sales (17) (18) (14) (0)
gains QoQ
6
(1) Managed metrics are non-GAAP measures. See slide 39 and 40 for additional information on these metrics.
Citicorp – Int’l Consumer Banking Revenues
EMEA LatAm Asia
($B)
Sequential improvement in revenue drivers
Revenues
4.6 4.8 4.6
2.2 2.4 2.31 9 1 8 1 8
0.5 0.5 0.5
0.4 0.4 0.4 0.4
revenue drivers
Asia: up 3% QoQ, 1% ex-FX– Improving environment
driving positive momentum
4.6 4.6
3.9 3.7 3.8 3.9
1.9 1.9 1.8 1.6 1.5 1.6 1.7
1.9 1.8 1.8 1.8 – Higher customer activity
Latin America: flat QoQ, down 2% ex-FX
I i it ti
1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
Key Revenue Drivers (% ) YoY QoQ
– Improving macro situation– Continue to de-risk portfolio:
spread compression
EMEA: up 5% QoQ 1% ex-FX1Q’09 2Q’09 3Q’09 3Q’09
Average Loans (17)% (16)% (11)% 4%Average Deposits (17) (12) (6) 3Cards Purchase Sales (23) (21) (11) 9
EMEA: up 5% QoQ, 1% ex FX– Revenue drivers up, but
market conditions remain uncertain
7
Int’l R.B. Invest. Sales (40) (3) (0) (8)
Note: Totals may not sum due to rounding.
Citicorp – Securities & Banking Revenues($B)
CVA of $(1.7)B
Fi d I M k t12.4
Revenues
Fixed Income Markets: – Continuing strength in
Interest Rates & Currencies– CVA of $(760)MM
7.7 7.4 7.3
2 5
6.94.9
Equity Markets: – Solid client flows driving
cash and prime finance, offset by derivatives
$
2.5
1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
E C dit V l Adj t t (1) – CVA of $(878)MM
Investment Banking: – Uptick in advisory offset
modest decline in debt7 69.8
7.7
Ex - Credit Value Adjustment (1)
modest decline in debt underwriting
Private Bank: – Improvement in client volumes
6.6 7.6
4.6 5.1
7.76.6
1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
8
(1) Non-GAAP financial measure. For a reconciliation of these measures to the most directly comparable GAAP measure, please see slide 40.
1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09
Citicorp – Transaction Services Revenues($B)
Stable franchise in uncertain market conditions
Treasury and Trade SolutionsSecurity Services
Revenues
– Improved revenue drivers
Treasury and Trade Solutions: – Liability balance growth and
higher fees more than offset0.9 0.9 0.9 0.7 0.6 0.7 0.72.4 2.5 2.6 2.5 2.4 2.5 2.5
higher fees more than offset spread compression (YoY)
Security Services: – Fees from higher AUCs
offset seasonalit and spread
1.6 1.6 1.7 1.8 1.8 1.8 1.8
offset seasonality and spread compression (QoQ)
Average Deposits & Liabilities
1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
EOP Assets Under Custody ($Tr)
11.9 10.7 10.3 11.1 11.8273 292 278 288 314
9
3Q'08 4Q'08 1Q'09 2Q'09 3Q'093Q'08 4Q'08 1Q'09 2Q'09 3Q'09
Note: Totals may not sum due to rounding.
Citi Holdings – Assets and Revenues($B)
15.8 EOP Assets Revenues
6.7
Smith Barney Gain:$11.1
898833
775
$(281)B
2.1 0.7
3.5 4.7
775715
662 649 617
(4.5) (5.0)
1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
Managed Revenues (1, 2)
(3.9) 2.8 2.4 (4.1) 4.4 6.1 7.6
Managed Revenues ex-Net Revenue Marks (1, 2)
9 9 9 4 8 7 7 9 9 3 5 2 6 1
10
9.9 9.4 8.7 7.9 9.3 5.2 6.1
(1) Excludes the 2Q’09 $11.1 billion Smith Barney gain on sale.(2) Managed metrics are non-GAAP measures. Please see slide 39 for additional information on these metrics. Net revenue marks listed on slide 36.
Citi Holdings – Revenue by Business
($B)
Brokerage & Asset Management
2 4 2 5
Local Consumer Lending (Managed) (2)
Cards Sec. Impact GAAP($B)
8 12.4 2.5 2.1
1.5 1.7 1.3
0.7 7.5 6.2 5.4 5.3 6.53 9 4.6
0.60.8 1.7 0.8
1.0
1.5 1.0(1)
8.17.0 7.1
6.17.4
5.4 5.6
1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
3.9
1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
S i l A t P lSpecial Asset Pool
(0.5)
1.4 ($B)Brokerage and Asset Management:
– Completed sale of Managed Futures: $320MM pre-tax GOS
Local Consumer Lending:
(14.4)
(6.6) (6.8)
(11.7)
(4.7)Local Consumer Lending:
– Asset reduction, loan modifications and higher delinquencies reducing NIR
Special Asset Pool:
11(1) Excludes the $11.1 billion Smith Barney gain on sale. (2) Managed metrics are non-GAAP measures. Please see slide 40 for additional information on these metrics.
1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 – Positive net revenue marks of $1.5B
Citigroup – Expenses
Citicorp Holdings
($B)
Holdings: $(625)MM or
24.6
(16)% QoQ– Benefit of Smith Barney
transaction and overall reengineering efforts
6.0 5.35.1 5.8
15.4 15.214.0
11.7(1) 12.0 11.8Citicorp: $332MM or 4% QoQ
9 3 9 9 8 9 8 8
5.1
4.4 3.8 3.2
(1)
– Increases in compensation, mainly in Securities & Banking
– FX translation9.3 9.9 8.9 8.8 7.2 7.8 8.2
1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
12
1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09
(1) Excludes the impact from the $9.6 billion goodwill impairment charge, but includes the $1.0 billion impact from the write-down of intangible assets related to Nikko Asset Management.Note: Totals may not sum due to rounding or Corporate/Other (not shown).
Citigroup – Provisions (1)
Net Credit Losses Loan Loss Reserves PB&C
($B)
(2)
Corporate
4 0
0.6 0.312.712.7
10.3 0.31.7 1.5
0.6 0.6
p
2.41.0 1.5
3.9
6.02.7
4.0
0.8
0.3
0.30.3
0.3
5 97.1
9.1 9.1 3Q'08 2Q'09 3Q'09
Consumer
10.3
4 96.1
7.38.4 8.0
1.92.50.3
5.9
4.6 6.6 6.4
3.23.4
0.98.1 7.7
3.6 4.3 4.9
1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
3Q'08 2Q'09 3Q'09
13
Q 08 Q 08 3Q 08 Q 08 Q 09 Q 09 3Q 09
(1) Provisions for Credit Losses and for Benefits and Claims.(2) Loan Loss Reserves include provision for unfunded lending commitments and credit reserve builds/releases. Note: Totals may not sum due to rounding or Corporate/Other (not shown).
Citigroup – Consumer Credit Trends
6 44%Avg. Loans ($B) NCL Ratio Loan Loss Reserve Ratio
4 12%4.95%
5.88% 5.73%
2 26% 2 62% 3.15%3.83%
4.61%5.29%
6.25% 6.44%
526 544 552 538
1.83%
2.11% 2.58% 2.95% 3.57%4.12%
1.74%
2.26% 2.62%
526 544 552 538 512 490 468 451 445
3Q'07 4Q'07 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
14
Q Q Q Q Q Q Q Q Q
Note: The consumer loan loss reserve balance was decreased by $562 million due to the transfer of a U.K. cards portfolio to held-for-sale.NCLs as a % of average loans; Loan Loss Reserves as a % of EOP loans.
Citigroup – Consumer Credit
NCLs Holdings ($B) NCLs Citicorp ($B) Months of Coverage(1)
Coverage and Credit Losses
Managed NCLs ($B)
(2)
13.012 3 12.6 12.5
13.112.6 12.7
13.3
Int’l
9.4
($B)
11.512.3
5.15.7
6.6
Int l23%
6.4
2 7 3.0 3.5 4.1 4.65.2 5.0
4.63.9
3.52.9
2.4
N.A.77%
0.6 0.7 0.8 1.0 1.1 1.1 1.2 1.4 1.41.8 2.2 2.7
3Q'07 4Q'07 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 3Q'09
15
3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09
(1) Months of coverage: current reserve balance / (current period net credit losses / 3). (2) Managed metrics are non-GAAP measures. Please see slide 40 for additional information on these metrics.Note: Totals may not sum due to rounding.
3Q 09
Managed N.A. Cards – Consumer Credit Trends
$1 38 $1 42 $1 45
$1.81$2.09 $2.15
$1 97$2.06
$2.08
90+DPD NCLsCiticorp ($B)
$1.05
$1.27 $1.38 $1.42 $1.45 $1.97
$0.76 $0.87 $1.00 $1.15 $1.23
$1.39 $1.69
Avg. Mgd. Loans (1):2Q’09: $80.43Q’09: $81.7
$2 13$2.29
$2 13
90+DPD NCLs
3Q'07 4Q'07 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
Citi Holdings ($B)
$1.29
$1.49 $1.56 $1.61 $1.73
$2.13 $2.13 $2.10
$1 19 $1 29$1.46
$1.62$1.96
$2.15 $2.00
Avg. Mgd. Loans (1):2Q’09: $60 9
$0.88 $1.05 $1.19 $1.29
3Q'07 4Q'07 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
2Q 09: $60.93Q’09: $59.8
U l t R t
16
4.7% 5.0% 5.1% 5.5% 6.1% 7.2% 8.5% 9.5% 9.8%Unemployment Rate
(1) Managed metrics are non-GAAP measures. Please see slide 41 for additional information on these metrics.Note: Totals may not sum due to rounding.
Citi Holdings – N.A. Mortgage Credit Trends
$$6.43
$7.75$9.55 $10.23
$12.4690+DPD NCLsAvg. Loans:
2Q’09: $1313Q’09: $125
1st Mortgages ($B)
$3.15 $3.89 $4.59 $5.28
$0.14 $0.20 $0.36 $0.49 $0.75 $0.86 $1.00 $1.27 $1.09
3Q'07 4Q'07 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
$1.57$1.92 $1.91
$1.71
90+DPD NCLsAvg. Loans:
2Q’09: $61
2nd Mortgages ($B)
$0.69$0.96 $1.06 $1.18
$1.34$1.57
$0.16 $0.29$0.52 $0.60 $0.66 $0.81 $0.94
$1.16 $1.132Q’09: $613Q’09: $58
S&P/Case-Shiller Home Price Index (1)
3Q'07 4Q'07 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
17
(4.3)% (8.5)% (13.8)% (14.9)% (16.5)% (18.4)% (19.1)% (14.9)% n/a
(1) Year-over-year change in the S&P Case-Shiller index of U.S. National Values. Third quarter 2009 not yet available.
Citi Holdings – N.A. Mortgage Delinquencies
First Mortgage Delinquencies ($B)12.46
Days Past Due:
9.5510.23
180+ 90-179 90+ DPD
3.89
5.06 6.34
7.57
5.28
6.43
7.75
4 49 4.891 702.18 2.74
3.24
3.213.89
3.153.89
4.59
1.45 1.71 1.85 2.043.22 3.86 4.49 3.881.70
3Q'07 4Q'07 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
18
Note: Totals may not sum due to rounding.
Citigroup – Int’l Consumer Credit Trends
1.83%
2.30% 2.17%90+DPD NCL ratio
Citicorp – Asia Consumer Banking Citicorp – Latin America Consumer Banking
6 91%7.79% 7.73% 8.31% 8.83% 9.04%90+DPD NCL ratio
0 64% 0 66% 0 65% 0 70% 0 69% 0 74%0.91% 1.05%
0.89%
0.98% 0.99% 1.13%1.32% 1.44%
1.66%1.83%
3.19% 3.35% 2 83% 2 88% 2 98% 2 93% 3.16% 3.73%2 85%
5.32% 5.27%6.09%
6.91%Avg. Loans:
3Q’09: $64.3BAvg. Loans:
3Q’09: $28.8B
0.64% 0.66% 0.65% 0.70% 0.69% 0.74%
3Q'07 4Q'07 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
Citi EMEA C B ki
3.19% 2.83% 2.88% 2.98% 2.93% 3.16% 2.85%
3Q'07 4Q'07 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
H ldi I t ti l LCLCiticorp – EMEA Consumer Banking
4.12%4.57%
5.78%6.34%90+DPD NCL ratio
Holdings – International LCL
6 02%6.84%
8.44%9.69% 9.77%
90+DPD NCL ratio
Avg. Loans:3Q’09: $8.7B
Avg. Loans:3Q’09: $39.5B
0.54% 0.57% 0.55% 0.61% 0.68% 0.91%1.43%
1.94% 1.69%1.69% 1.94% 2.03% 1.91% 2.10%1.82% 1.56% 1.71% 1.91% 2.21% 2.68%
3.47% 3.81% 3.88%5.28%
4.37%5.25% 5.47% 6.02%
19
3Q'07 4Q'07 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09 3Q'07 4Q'07 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
Citigroup – Deposits
Citicorp Holdings Corp/Other Disc Ops Deposits % Loans
(EOP $B)
105% 106% 105% 108% 109% 112% 116%125%
134%
77 79 90 84 83 83 88 88 90
831774780804 763
826813 805 833
722 733 725 681 683 673 660 702 728 681 683 673 660 702
20
3Q'07 4Q'07 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
(1) Preliminary.
(1)
Citigroup – Assets
Citicorp Holdings Corp/Other Cash & Deposits with Banks % Assets
(EOP $Tr)
4.1% 4.9% 4.7% 5.4% 6.9%10.3% 10.5% 11.3% 12.9%
0.86 0 89 0 90
0.070.08 0.08 0.11 0.12
0.22 0 20 0 21 0 26
2.201.942.052.10
1.822.19
2.36
1.85 1.89
1.43 1.22 1.23 1 16 1 16 1 00 0 96 0 99 1 01
0.89 0.90 0.83 0.78 0.72 0.66 0.65 0.62
0.20 0.21 0.26
1.22 1.23 1.16 1.16 1.00 0.96 0.99 1.01
3Q'07 4Q'07 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09(1)
21
Net Interest Revenue as a % of Average Interest-Earning Assets (NIM) 2.36% 2.52% 2.82% 3.17% 3.15% 3.26% 3.33% 3.24% 2.93%
(1) Preliminary. Note: Totals may not sum due to rounding.
Citigroup – Key Capital Metrics
Tier 1 CapitalTotal Capital
15.7% 15.6%16.6% 16.6%
Total Capital Tier 1 CommonTangible Common Equity
(1)
(1)
8.7% 8 2%
11.9% 11.9%12.7% 12.7%
10.6% 10.7% 11.2%12.3% 11.7%
10.3%
7.3% 7.1% 7.7% 8.2%
6.1%4.9% 4.2% 4.4%
9.1%
5.7%4 8%
3.8%3.1% 3.0%
4.0%
3.7%2.3% 2.2% 2.7%
4.8% 4.1% 4.3%3 % 3.0%
3Q'07 4Q'07 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09(2)
22
3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09
(1) Tier 1 Common and Tangible Common Equity are non-GAAP measures. (2) Preliminary.Note: Totals may not sum due to rounding.
Conclusions
Continue to execute on our strategy– Citi Holdings decreased assets by $281B since 1Q’08– Closed the sale of Nikko businesses– Selective re-investments in Citicorp businesses
Solid managed revenues, clients remain engaged
Stable expensesStable expenses
Consumer credit costs starting to show a diverging story– N.A. trends reflect uncertain economic environmentN.A. trends reflect uncertain economic environment– International trends improving
Strong capital and liquidity positions
23
g p q y p
APPENDIX
Table of Contents
25. Share Count Calculation
26. Citigroup – International Consumer
32. Citi Holdings – SAP Assets (cont.)
33. Citicorp – S&B Revenue DetailCredit Trends
27. Citicorp – RCB Average Loans
28. Citi Holdings – Assets
34. Citigroup – Credit Value Adjustment
35. Citicorp – S&B Revenue Marks
Cg
29. Citi Holdings – LCL Loan Composition
30 Citi Holdings – LCL International
36. Citi Holdings – Revenue Marks
37. Corporate / Other
38. Summary of Press Release 30. Citi Holdings – LCL International Average Loans
31. Citi Holdings – SAP Assets
yDisclosed Items
39. – 41. Non-GAAP Financial Measures
24
Share Count Calculation
Average Shares - 3Q’09 Shares (MM) Days
July 1st – July 28th 5,409 28
July 29th – September 9th 11,245 43
September 10th – Sep. 30th 22,788 21
Average Shares 12,104 92
Note: The average for 4Q’09 will be approximately 22.9 billion shares.
25
Citigroup – Int’l Consumer Credit Trends
Citicorp
Rank % of Total 90+DPD NCL % of TotalANR ANRs Ratio Ratio NCLs3Q’09
pKorea 1 19.3% 0.5% 1.4% 6.0%Mexico 2 16.7 2.9 9.9 37.1Australia 3 10.0 0.6 1.7 3.7Singapore 4 6.3 0.3 0.7 1.0India 5 5.8 2.3 5.9 7.6Brazil 6 5.6 2.1 8.9 11.1Taiwan 7 5.1 1.1 1.3 1.5Malaysia 8 4.7 1.8 1.3 1.4Hong Kong 9 4 6 0 2 1 6 1 7Hong Kong 9 4.6 0.2 1.6 1.7Poland 10 2.4 0.7 2.9 1.6
80.6% 1.5% 4.5% 72.8%
Citi HoldingsUK 1 27.8% 6.0% 7.4% 21.4%Japan 2 15.4 2.4 20.5 33.0Spain 3 11.2 7.7 7.9 9.3Greece 4 8.7 4.3 12.7 11.5Belgium 5 8 7 1 0 2 2 2 0
26
Belgium 5 8.7 1.0 2.2 2.071.8% 3.9% 9.6% 77.2%
Note: For 3Q’09, Citicorp total ANR of $101.8B and total NCLs of $1.1B, Citi Holdings total ANR of $40.3B and total NCLs of $1.0B.
Citicorp – RCB(1) Average Loans
North America(2) $88.6B EMEA $8.7B
Commercial
3Q’09
92% 3%
1% Other
Commercial Banking
Cards 34% 22%
4%
Commercial BankingCards
Other
2%2%
Mortgages
Personal
1%39%
Personal
Mortgages
Latin America $28.8B Asia $64.3B
30% 26%18%
Commercial Banking
CardsCommercial Banking
10%14%
42% 4%
38%
12%6%
Personal
Banking
Other
g
Mortgages
Cards Other
27(1) Regional Consumer Banking.(2) Managed basis. Managed metrics are non-GAAP measures. Please see slide 40 for additional information on these metrics.
MortgagesPersonal
g g
Citi Holdings – Assets($B)
Brokerage & Asset Management: $59BEOP Assets ($B)
($B)
898$(281)B Retail Alternative Latin America
Asset Management898 833 775 715 662 649 617
44%42%
5% 9%
MS SmithNikko
Investments Asset Management
1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
MS Smith Barney JV
30%7%
3% 4%
Special Asset Pool: $182BLocal Consumer Lending: $376B
48%7%2%
1%N.A. Mortgage
LoansOtherMSR
Mtg. Warehouse
Securities at AFS/HTM
Equity
OtherConsumer & SMEs
30%
23%21%2%
1%9%
19%10%6%
4%3%
%
Other
Other N.A.
Primerica
LoansN.A.
Cards
AFS/HTM
Monolines Loans, Leases
& Letters of Credit at
Highly Lev Fin. Commit.
SIVs
28Note: Totals may not sum due to rounding.
International LoansOther N.A.
Loans Marked to MarketCredit at HFI/HFS
Citi Holdings – LCL Loan Composition
3Q’09($B) EOP Loans % EOP Loans NCL % of Total 90+
3Q’09 2Q’09 Ring-fenced(1) Ratio NCLs DPD%g
N.A. Loans $273.4 $283.1 56% 5.61% 81.0% 6.26%• First mortgages 123.1 126.9 66 3.46 23.0 10.12• Second mortgages 56.9 59.4 87 7.70 22.1 3.01• Student 26.5 26.6 -- 0.39 0.5 3.25• Cards (Retail Partners) 21.7 22.8 4 14.58 18.1 4.08• Personal & Other 19.3 20.1 10 10.17 11.0 3.32• Auto 15.0 16.2 72 6.61 5.5 1.83
C i l R l E t t 10 8 11 1 88 2 42 0 8 2 38• Commercial Real Estate 10.8 11.1 88 2.42 0.8 2.38
International $37.3 $40.3 -- 9.77% 19.0% 3.88%• EMEA 26.2 28.6 -- 7.69 10.0 4.52• Asia 10.9 11.4 -- 14.71 8.6 2.40Asia 10.9 11.4 14.71 8.6 2.40• Latin America 0.3 0.3 -- 19.14 0.3 1.74
Total $310.7 $323.4 49% 6.11% 100% 5.97%
29
(1) Ring-Fenced refers to the loans covered under the loss-sharing agreement with the U.S. government. Note: Totals may not sum due to rounding.
Citi Holdings – LCL International Avg. Loans
EMEA by Type Asia by Type
3Q’09
40%
3%OtherCards
1%
C i l
Other
40%
24%
33%Personal
11%
29%
59%Commercial
Personal
RealReal
Estate
RealEstate
3Q’09 T t l $28B 3Q’09 T t l $11B3Q’09 Total: $28B 3Q’09 Total: $11B
30
Citi Holdings – SAP Assets 3Q’09
($B) EOP Assets % of Assets Face EOP Assets3Q’09 2Q’09 Ring-fenced(1) Value (% of Face)
Securities at AFS/HTM (2) 54.9$ 64.7$ 33% 72.9$ 75%C t 14 8 17 1 4% 15 1 98%Corporates 14.8 17.1 4% 15.1 98%Prime and Non-U.S. MBS 16.0 16.2 33% 20.2 80%Auction Rate Securities 8.0 8.3 15% 10.8 74%Alt-A mortgages 9.0 9.5 99% 17.5 52%Government Agencies 0.7 6.2 0% 0.8 97%Other Securities (3) 6 3 7 4 35% 8 7 73%Other Securities 6.3 7.4 35% 8.7 73%
Loan, leases & LC at HFI/HFS (4) 41.3$ 44.6$ NM NM NM Corporates 26.4 28.2 33% 28.4 93%Commercial Real Estate 15.3 15.8 65% 16.7 92%Other 3.7 4.7 0% 4.3 85%Loan Loss Reserves (4.0) (4.1) NM NM NM ( ) ( )
Mark to Market 38.5$ 42.1$ 9% NM NM Subprime securities 8.0 8.0 0% 20.9 38%Other Securities (5) 6.9 8.4 8% 29.5 24%Derivatives 9.4 10.8 0% NM NM Loans, Leases and Letters of Credit 7.3 7.8 28% 11.5 63%Repurchase agreements 6.9 7.3 0% NM NM
Highly Lev. Fin. Commitments 3.5$ 4.6$ 5% 6.1 57%Equities (excludes ARS at AFS) 12.9$ 13.8$ 0% NM NMSIVs 16.2$ 16.2$ 36% 21.0 77%Monolines 1.3$ 1.7$ 0% NM NMConsumer and Other (6) 13 3$ 13 2$ NM NM NM
31
(1) Ring-Fenced Assets refers to the assets covered under the loss-sharing agreement with the U.S. government. (2) AFS accounts for approximately 1/3 of the total. (3) Includes CRE ($2.2B), Municipals ($1.5B) and ABS ($1.6B). (4) HFS accounts for approximately $1.1B of the total. (5) Includes $3.2B of Corporates and $0.7 of CRE. (6) Includes $4.8B of Small Business Banking & Finance loans. Note: Totals may not sum due to rounding.
Consumer and Other 13.3$ 13.2$ NM NM NM Total 182.0$ 201.0$
Citi Holdings – SAP Assets Commercial Real Estate: $28.0B
AFS/HTM Securities 3%
Alt-A: $9.2B(1)
≤ ‘04 Vi t
62%9%
12%
17%
HFI/HFSLoans
Securities 3%
27%70%
Vintage
’05 Vintage≥ ‘06
VintageMTM
Equities: $12 9B
17%Equity
SIVs: $16 2B
9%
Equities: $12.9B
CRE
Hedge Funds
SIVs: $16.2B
21% MBS
St d t L
Structured Products(2): 62%
42%
32%
17%PrivateEquity
FinancialInstitutions
Debt37%
15%
9%7%
6%5%
Student Loans
Credit Cards
CMBSCBO /CLO
32
EquityOther
6%5% CBOs/CLOs/CDOs
Other(1) Composed of $9.0B at AFS and $0.2B at Trading. (2) No direct exposure to U.S. subprime assets and approximately $21 million of indirect exposure to subprime assets through CDOs.
Citicorp – S&B Revenue Detail($B)
10.2
($B)
Fixed Income Markets Equity Markets
10.2
5.63.9 1.6
1.1
1Q'09 2Q'09 3Q'09
0.4
1Q'09 2Q'09 3Q'09
7.7
Ex-Credit Value Adjustment (1) Ex-Credit Value Adjustment (1)
5.74.7 1.5 1.8
1.3
33
1Q'09 2Q'09 3Q'09 1Q'09 2Q'09 3Q'09
(1) Non-GAAP financial measure. For a reconciliation of these measures to the most directly comparable GAAP measure, please see slide 40.
Citigroup – Credit Value Adjustment ($MM)
CVA Balance P&L Impact CVA Balance P&L ImpactDerivatives (1) Citi Debt at Fair Value
($MM)
2,9081,488 (1,420)
697
Citicorp Citicorp
(3,150) (2,453)697
2Q'09 3Q'09 P&L Impact
3,922 2,968(955)
2Q'09 3Q'09 P&L Impact
381 266158
(115)
95
Holdings Holdings
158(583) (425)
2Q'09 3Q'09 P&L Impact
95 31
(64)
2Q'09 3Q'09 P&L Impact
34(1) Credit value adjustment on the fair value of derivative instruments with non-monoline counterparties.
Payables Receivables 2Q 09 3Q 09 P&L Impact
Citicorp – S&B Revenue Marks
MTM on sub-primerelated direct exposures --- --- --- --- --- --- ---
($MM) 1Q’08 2Q’08 3Q’08 4Q’08 1Q’09 2Q’09 3Q’09
Monoline Credit ValueAdjustment (CVA) --- --- --- --- --- --- ---
MTM on highly lev’dfinance commitments --- --- --- --- --- --- ---
MTM on Alt-Amortgages (1) (216) (48) (221) (252) 13 99 142
Mark to market on ARS (2) --- --- --- --- --- --- ---
MTM on CRE (18) (65) 130 223 102 (32) 20
MTM on SIVs --- --- --- --- --- --- ---
CVA on Citi Liabilities at Fair Value Option 1,279 (228) 1,526 1,748 197 (1,452) (955)
Derivatives CVA (3) (165) 48 1,178 (4,353) 2,462 597 (722)( ) , ( , ) , ( )
PE & Equity Inv. (64) (6) (50) (257) (62) 11 79
Gross Revenue Marks 816 (299) 2,564 (2,891) 2,712 (776) (1,436)
Non-credit Accretion (4) --- --- --- --- --- --- ---
35
(1) Net of hedges. (2) Excludes write-downs of $306 million in 3Q’08, $87 million in 4Q’08, $3 million in 1Q’09, $3 million in 2Q’09 and $16.3 million gain in 3Q’09 arising from the ARS legal settlements. (3) Includes Private Bank. (4) Booked at the net interest revenue line.
Note: Excludes Discontinued Operations.
Net Revenue Marks 816 (299) 2,564 (2,891) 2,712 (776) (1,436)
Citi Holdings – Revenue Marks
MTM on sub-primerelated direct exposures (1) (5,912) (3,395) (394) (4,582) (2,296) 613 1,967
M li C dit V l
($MM) 1Q’08 2Q’08 3Q’08 4Q’08 1Q’09 2Q’09 3Q’09
Monoline Credit ValueAdjustment (CVA) (1,491) (2,428) (920) (897) (1,090) 157 (61)
MTM on highly lev’dfinance commitments (2) (3,078) (428) (792) (594) (247) (237) (24)
MTM on Alt-AMTM on Alt-Amortgages (3, 4) (799) (277) (932) (1,067) (503) (390) (196)
Mark to market on ARS (4) (1,457) 197 (166) (306) (23) --- ---
MTM on CRE (5, 6) (555) (480) (649) (1,214) (387) (354) (594)
MTM SIV (212) 11 (2 004) (1 064) (47) 50 (40)MTM on SIVs (212) 11 (2,004) (1,064) (47) 50 (40)
CVA on Citi Liabilities at Fair Value Option --- --- --- 233 (18) (156) (64)
Derivatives CVA (102) 52 (64) (945) 313 804 43
PE & Equity Inv. (7) (129) 183 (430) (1,820) (1,117) (37) (20)
Gross Revenue Marks (13,735) (6,565) (6,351) (12,256) (5,414) 451 1,011
Non-credit Accretion (8) --- --- --- 190 541 501 502
Net Revenue Marks (13 735) (6 565) (6 351) (12 066) (4 873) 952 1 513
36
Note: all marks booked in SAP unless otherwise stated. Excludes Discontinued Operations. (1) Net of impact from hedges against direct subprime ABS CDO super senior positions. (2) Net of underwriting fees. (3) Net of hedges. (4) Excludes write-downs of $306 million in 3Q’08, $87 million in 4Q’08, $3 million in 1Q’09, $3 million in 2Q’09 and $6.3 million gain in 3Q’09 arising from the ARS legal settlements. (5) Excludes positions in SIVs. (6) 3Q’09: $(7) million in BAM, $(587) million booked in SAP. (7) 3Q’09: $(28) million booked in BAM, $8 million in SAP. (8) Booked at the net interest revenue line.
Net Revenue Marks (13,735) (6,565) (6,351) (12,066) (4,873) 952 1,513
Corporate / Other
Revenues primarily driven by $1.4B gain ($MM) 3Q’09 3Q’08 % p y y $ gfrom exchange offers, partially offset by the interest cost of TruPS and hedging activities
C h d d it ith b k t
Revenues $671 $(466) NM
Net Income $102 $(187) NM
Cash and deposits with banks represent 67% of Corp/Other assets
Deposits remain relatively flat
Balance Sheet ($B):
– Assets $258 $117 NM
Deposits 15 15 1%– Deposits 15 15 1%
37
Summary of Press Release Disclosed Items3Q’08 3Q’09
Pre-tax After-tax Pre-tax After-taxNorth America (6) (1) (4) (1) -- --EMEA 5 (1) 3 (1) -- --Latin America (78) (1) (50) (1) -- --Asia (6) (1) (4) (1)
$MM
Asia (6) (1) (4) (1) -- --Regional Consumer Banking $(85) (1) $(55) (1) -- --
North America (401) (1,2) (260) (1,2) -- --EMEA (12) (1) (7) (1) -- --Latin America (16) (1) (16) (1) -- --A i (21) (1) (13) (1)Asia (21) (1) (13) (1) -- --
Securities and Banking $(450) (1,2) $(296) (1,2) -- --
North America (1) (1) (1) (1) -- --EMEA -- -- -- --Latin America -- -- -- --Asia (1) (1) (1) (1) -- --Asia (1) (1)
Transaction Services $(2) (1) $(2) (1) -- --
Brokerage and Asset Management $(155) (1,2,3) $(103) (1,2,3) $320 (5) $159 (5)
Local Consumer Lending $(88) (1) $(55) (1) -- --Special Asset Pool $(1) (1)Special Asset Pool $(1) (1) -- -- --
Corporate / Other $(42) (1) $(27) (1) $1,382 (6) $851 (6)
Discontinued Operations $330 (4) $492 (4) -- --
(1) Repositioning charges of $(458) million pre tax $(288) million after tax
38
(1) Repositioning charges of $(458) million pre-tax, $(288) million after-tax.(2) Write-downs and expenses related to the Auction Rate Securities settlement of $(712) million pre-tax, $(472) million after-tax. (3) Gain on sale of CitiStreet of $347 million pre-tax, $222 million after-tax.(4) FX hedge and tax benefit related to the German retail banking operations sale.(5) Gain on sale of Managed Futures.(6) Gain on debt extinguishment associated with the exchange offers.Note: Totals may not sum due to rounding.
Non-GAAP Financial MeasuresRECONCILIATION OF NON GAAP FINANCIAL MEASURESRECONCILIATION OF NON-GAAP FINANCIAL MEASURESManaged-basis (Managed) presentations detail certain non-GAAP financial measures. Managed presentations (applicable only to North American credit card operations, as securitizations are not done in any other regions) include results from both the on-balance sheet loans and off balance sheet loans, and exclude the impact of card securitization activity.
Managed presentations assume that securitized loans have not been sold and present the results of the securitized loans in the same manner as the Citigroup's owned loans.
$MM 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
Managed Citigroup Revenues as Reported 26,686$ 26,418$ 23,624$ 23,029$ 29,134$ 21,841$ 21,683$
Less: Net impact from Card Securitizations ‐ Citicorp 964 1,247 1,892 1,602 1,484 1,644 1,800
Less: Net impact from Card Securitizations ‐ Citi Holdings 646 769 1,687 824 968 1,482 952
Less: Net Revenue Marks ‐ Citicorp 816 (299) 2,564 (2,891) 2,712 (776) (1,436)
Less: Net Revenue Marks ‐ Citi Holdings (13,735) (6,565) (6,351) (12,066) (4,873) 952 1,513
Add: Smith Barney Gain on Sale ‐ ‐ ‐ ‐ ‐ 11,078 ‐
Add: Gain from Exchange Offers ‐ ‐ ‐ ‐ ‐ ‐ 1,382
GAAP Citigroup Revenues 12,157$ 17,538$ 16,258$ 5,646$ 24,521$ 29,969$ 20,390$
$MM 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
Managed Citicorp Revenues as Reported 17,257$ 18,312$ 15,348$ 15,153$ 19,341$ 17,380$ 16,261$ g p p
Less: Net impact from Card Securitizations ‐ Citicorp 964 1,247 1,892 1,602 1,484 1,644 1,800
Less: Net Revenue Marks ‐ Citicorp 816 (299) 2,564 (2,891) 2,712 (776) (1,436)
GAAP Citicorp Revenues 17,109$ 16,766$ 16,020$ 10,660$ 20,569$ 14,960$ 13,025$
$MM 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
Managed Citi Holdings Revenues as Reported 9,863$ 9,413$ 8,742$ 7,927$ 9,293$ 5,202$ 6,133$Managed Citi Holdings Revenues as Reported 9,863$ 9,413$ 8,742$ 7,927$ 9,293$ 5,202$ 6,133$
Less: Net impact from Card Securitizations ‐ Citi Holdings 646 769 1,687 824 968 1,482 952
Less: Net Revenue Marks ‐ Citi Holdings (13,735) (6,565) (6,351) (12,066) (4,873) 952 1,513
Add: Smith Barney Gain on Sale ‐ ‐ ‐ ‐ ‐ 11,078 ‐
GAAP Citi Holdings Revenues (4,518)$ 2,079$ 704$ (4,963)$ 3,452$ 15,750$ 6,694$
$MM 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
39
$MM 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09
Managed Citicorp N.A. RCB Revenues as Reported 3,298$ 3,358$ 3,364$ 3,449$ 3,573$ 3,405$ 3,554$
Less: Net impact from Card Securitizations ‐ Citicorp N.A. RCB 964 1,247 1,892 1,602 1,484 1,644 1,800
GAAP Citicorp N.A. RCB Revenues 2,334$ 2,111$ 1,472$ 1,847$ 2,089$ 1,761$ 1,754$
Non-GAAP Financial MeasuresRECONCILIATION OF NON GAAP FINANCIAL MEASURESRECONCILIATION OF NON-GAAP FINANCIAL MEASURES$MM 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
Citicorp S&B Revenues Ex CVA 6,604$ 7,586$ 4,641$ 5,071$ 9,765$ 7,727$ 6,570$
Add: CVA 1,114 (180) 2,704 (2,605) 2,659 (855) (1,677)
GAAP Citicorp S&B Revenues 7,718$ 7,406$ 7,345$ 2,466$ 12,424$ 6,872$ 4,893$
$MM 1Q'09 2Q'09 3Q'09
Citicorp S&B Fixed Income Markets Revenues Ex CVA 7,678$ 5,702$ 4,705$
Add: CVA 2,543 (129) (760)
GAAP Citicorp S&B Fixed Income Markets Revenues Ex CVA 10,221$ 5,573$ 3,945$
$MM 1Q'09 2Q'09 3Q'09
Citicorp S&B Equity Markets Revenues Ex CVA 1,524$ 1,792$ 1,324$
Add: CVA 80 (691) (878)
GAAP Citicorp S&B Equity Markets Revenues Ex CVA 1,604$ 1,101$ 446$
$MM 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09$MM 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09
Managed Citi Holdings LCL Revenues as Reported 8,146$ 6,993$ 7,119$ 6,121$ 7,421$ 5,412$ 5,599$
Less : Net impact from Card Securi ti zations ‐ Citi Holdings LCL 646 769 1,687 824 968 1,482 952
GAAP Citi Holdings LCL Revenues 7,500$ 6,224$ 5,432$ 5,297$ 6,453$ 3,930$ 4,647$
$MM 3Q'09
Citigroup Consumer Managed Net Credit Losses 9,441$
Less : Net impact from Card Securi ti zations ‐ Citicorp 1,876
Less : Net impact from Card Securi ti zations ‐ Citi Holdings 1,137
Citigroup Consumer Net Credi t Losses 6,428$
$Bn 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
40
$ Q Q Q Q Q Q Q
Citicorp ‐ RCB N.A. Average Managed Loans 86.4$ 87.1$ 87.6$ 88.6$ 88.4$ 87.6$ 88.6$
Less : Net impact from Card Securi ti zations 68.8 71.2 71.3 70.2 67.5 68.7 69.9
Citicorp ‐ RCB N.A. Average Loans 17.6$ 15.9$ 16.3$ 18.4$ 20.9$ 18.9$ 18.7$
Non-GAAP Financial MeasuresRECONCILIATION OF NON GAAP FINANCIAL MEASURESRECONCILIATION OF NON-GAAP FINANCIAL MEASURES$Bn 2Q'09 3Q'09
Citi corp ‐ N.A. Ci ti ‐Branded Cards Average Managed Loans 80.4$ 81.2$
Less : Net impact from Card Securi ti zations 68.7 69.9
Citi corp ‐ N.A. Ci ti ‐Branded Cards Average Loans 11.7$ 11.3$
$MM 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
Citi corp ‐ N.A. Ci ti ‐Branded Cards Managed 90 DPD 1,379$ 1,423$ 1,451$ 1,806$ 2,091$ 2,146$ 1,971$
Less : Net impact from Card Securi ti zations 1,205 1,252 1,333 1,543 1,805 1,898 1,730
Citi corp ‐ N.A. Ci ti ‐Branded Cards 90 DPD 174$ 171$ 118$ 263$ 286$ 248$ 241$
$MM 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
Citi corp ‐ N.A. Ci ti ‐Branded Cards Managed Net Credit Losses 1,001$ 1,152$ 1,232$ 1,386$ 1,692$ 2,056$ 2,077$
Less : Net impact from Card Securi ti zations 881 1,043 1,123 1,254 1,490 1,837 1,876
Citi corp ‐ N.A. Ci ti ‐Branded Cards Net Credit Losses 120$ 109$ 109$ 132$ 202$ 219$ 201$
$Bn 2Q'09 3Q'09
Citi Holdings ‐ N.A. Reta i l Partners Cards Average Managed Loans 60.9$ 59.8$
Less : Net impact from Card Securi ti zations 37.3 36.1
Citi Holdings ‐ N.A. Reta i l Partners Cards Average Loans 23.6$ 23.7$
$MM 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09$MM 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
Citi Holdings ‐ N.A. Reta i l Partners Cards Managed 90 DPD 1,556$ 1,609$ 1,725$ 2,130$ 2,289$ 2,131$ 2,104$
Less : Net impact from Card Securi ti zations 920 911 915 1,113 1,333 1,214 1,219
Citi Holdings ‐ N.A. Reta i l Partners Cards 90 DPD 636$ 698$ 810$ 1,017$ 956$ 917$ 885$
$MM 1Q'08 2Q'08 3Q'08 4Q'08 1Q'09 2Q'09 3Q'09
41
$MM 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09
Citi Holdings ‐ N.A. Reta i l Partners Cards Managed Net Credit Loss 1,194$ 1,290$ 1,458$ 1,622$ 1,958$ 2,150$ 2,004$
Less : Net impact from Card Securi ti zations 711 725 812 862 1,057 1,278 1,137
Citi Holdings ‐ N.A. Reta i l Partners Cards Net Credit Losses 483$ 565$ 646$ 760$ 901$ 872$ 867$
Certain statements in this document are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. These statements are based on
management’s current expectations and are subject to uncertainty
and changes in circumstances. Actual results may differ materially g y y
from those included in these statements due to a variety of factors.
More information about these factors is contained in Citigroup’sMore information about these factors is contained in Citigroup s
filings with the U.S. Securities and Exchange Commission.
42
top related