Slide 1: CITIGROUP - QUARTERLY FINANCIAL DATA SUPPLEMENT
Page Number
Citigroup Consolidated
Financial Summary Segment Core Income: Product View Regional View Segment Revenues: Product View Regional View 1 2 3 4 5
Segment Detail Global Consumer:
Cards Income Summary and Key Indicators Geographic Distribution Citi Cards Consumer Finance Income Summary and Key Indicators Geographic Distribution Citifinancial Retail Banking Income Summary and Key Indicators Geographic Distribution 6 7 8 9 10 11 12 13 14 15 16 17 18
Global Corporate and Investment Bank:
Income Statement Revenue Details Capital Markets and Banking Private Client Transaction Services
Global Investment Management:
Life Insurance and Annuities Private Banking Asset Management 19 20 21
Property and Casualty:
Personal Lines Commercial Lines 22 23 24 25
Proprietary Investment Activities
Insurance Investment Portfolio
Citigroup Supplemental Detail
Consolidated Statement of Income Earnings Analysis - Managed Basis Consolidated Statement of Financial Position Consumer Loan Delinquency Amounts, Net Credit Losses and Ratios Reserve for Loan Losses NonPerforming Assets 26 27 28 29 30 31
Slide 2: CITIGROUP -- FINANCIAL SUMMARY
(In millions of dollars, except per share amounts)
Citigroup, the preeminent global financial services company with 200 million customer accounts in more than 100 countries, provides consumers, corporations, governments and institutions a complete range of financial products and services.
1Q 2001
Core Income Restructuring -Related Items Gain on Sale of Stock by Subsidiary Cumulative Effect of Accounting Changes Net Income $ 3,660 (80) (42) 3,538 $
2Q 2001
3,785 (133) (116) 3,536 $
3Q 2001
3,262 (85) 3,177 $
4Q 2001
3,862 13 3,875 $
1Q 2002
3,859 (30) 1,061 (47) 4,843
1Q 2002 vs. 1Q 2001 Increase/ (Decrease)
5%
$
$
$
$
$
37%
Basic Earnings Per Share: Core Income Net Income Weighted average common shares applicable to Basic EPS Preferred Dividends - Basic
$ $
0.73 0.70
$ $
0.75 0.70
$ $
0.64 0.62
$ $
0.75 0.75
$ $
0.75 0.94
3% 34%
4,984.7 $ 28 $
4,979.6 28 $
5,060.8 28 $
5,101.8 26 $
5,110.5 21
Diluted Earnings Per Share: Core Income Net Income Adjusted weighted average common shares applicable to Diluted EPS Preferred Dividends - Diluted
$ $
0.71 0.69
$ $
0.74 0.69
$ $
0.63 0.61
$ $
0.74 0.74
$ $
0.74 0.93
4% 35%
5,110.0 $ 28 $
5,100.0 28 $
5,169.0 28 $
5,209.1 26 $
5,209.8 21
Common Shares Outstanding, at period end
5,033.7
5,026.1
5,144.2
5,148.7
5,165.4
Tier 1 Capital Ratio Total Capital Ratio Leverage Ratio
8.56% 11.31% 6.10%
8.82% 11.49% 6.17%
8.20% 10.77% 5.65%
8.42% 10.92% 5.64%
9.13% 11.59% 5.89%
Total Assets, at period end (in billions) Stockholders' Equity, at period end (in billions) Stockholders' Equity and Trust Securities, at period end (in billions)
$ $ $
944.3 68.7 73.6
$ $ $
953.4 70.5 75.1
$ $ $
1,068.2 78.4 85.5
$ $ $
1,051.5 81.2 88.4
$ $ $
1,057.7 83.6 90.3
Book Value Per Share, at period end
$
13.29
$
13.68
$
14.90
$
15.48
$
15.92
Return on Common Equity (Net Income) Return on Common Equity (Core Income)
21.7% 22.5%
20.9% 22.4%
17.1% 17.5%
19.5% 19.4%
24.0% 19.1%
Page 1
Slide 3: CITIGROUP -- CORE INCOME PRODUCT VIEW
(In millions of dollars)
1Q 2001 Global Consumer:
Cards Consumer Finance Retail Banking Other $ 586 397 563 (41) 1,505 $
2Q 2001
555 491 594 (29) 1,611 $
3Q 2001
710 549 727 (24) 1,962 $
4Q 2001
731 488 720 (54) 1,885 $
1Q 2002
597 536 726 (47) 1,812
1Q 2002 vs. 1Q 2001 Increase/ (Decrease)
2% 35% 29% (15%) 20%
Total Global Consumer Global Corporate and Investment Bank:
Capital Markets and Banking Private Client Transaction Services Other
1,201 196 91 (12) 1,476
1,033 206 116 35 1,390
1,006 182 100 7 1,295
768 189 113 24 1,094
1,029 197 82 (22) 1,286
(14%) 1% (10%) (83%) (13%)
Total Global Corporate and Investment Bank Global Investment Management:
Life Insurance and Annuities Private Banking Asset Management
215 95 91 401 6 (196)
236 92 84 412 208 (179)
185 91 104 380 (185) (133)
200 94 125 419 289 (129)
204 112 126 442 51 (78)
(5%) 18% 38% 10% NM 60%
Total Global Investment Management Proprietary Investment Activities (1) Corporate / Other Property and Casualty:
Personal Lines Commercial Lines Realized Insurance Investment Portfolio Gains (Losses) Interest and Other
95 296 125 (48) 468
47 302 32 (38) 343
32 (127) 63 (25) (57)
60 281 (10) (27) 304
71 278 19 (22) 346
(25%) (6%) (85%) 54% (26%)
Total Property and Casualty Total Core Income $
3,660
$
3,785
$
3,262
$
3,862
$
3,859
5%
(1) Includes Realized Insurance Investment Portfolio Gains (Losses) primarily from the Life Insurance and Annuities, and Primerica Financial Services businesses. NM Not meaningful Reclassified to conform to the current period's presentation.
Page 2
Slide 4: CITIGROUP -- CORE INCOME REGIONAL VIEW
(In millions of dollars)
1Q 2001
North America (excluding Mexico) (1) Consumer Corporate Investment Management Total North America (excluding Mexico) Mexico Consumer Corporate Investment Management Total Mexico Western Europe Consumer Corporate Investment Management Total Western Europe Japan Consumer Corporate Investment Management Total Japan Asia (excluding Japan) Consumer Corporate Investment Management Total Asia Latin America Consumer Corporate Investment Management Total Latin America Central & Eastern Europe, Middle East & Africa Consumer Corporate Investment Management Total Central & Eastern Europe, Middle East & Africa Proprietary Investment Activities Corporate / Other Property and Casualty: Personal Lines Commercial Lines Realized Insurance Investment Portfolio Gains (Losses) Interest and Other Total Property and Casualty
2Q 2001
3Q 2001
4Q 2001
1Q 2002
1Q 2002 vs. 1Q 2001 Increase/ (Decrease)
$
1,005 731 327 2,063
$
1,065 752 355 2,172
$
1,238 794 306 2,338
$
1,275 542 328 2,145
$
1,215 907 357 2,479
21% 24% 9% 20%
(14) 19 7 12 104 186 1 291
(13) 22 10 19 98 126 1 225
112 4 19 135 115 85 200
110 61 46 217 130 146 4 280
145 98 48 291 134 44 (7) 171
NM NM NM NM 29% (76%) NM (41%)
205 98 8 311
242 4 6 252
259 19 9 287
257 (21) 10 246
240 23 16 279
17% (77%) 100% (10%)
142 128 27 297
144 225 14 383
157 101 18 276
165 176 20 361
145 175 27 347
2% 37% 17%
49 162 23 234
55 155 18 228
57 175 22 254
(78) 57 2 (19)
(92) (92) (3) (187)
NM NM NM NM
14 152 8 174 6 (196)
20 106 8 134 208 (179)
24 117 6 147 (185) (133)
26 133 9 168 289 (129)
25 131 4 160 51 (78)
79% (14%) (50%) (8%) NM 60%
95 296 125 (48) 468
47 302 32 (38) 343
32 (127) 63 (25) (57)
60 281 (10) (27) 304
71 278 19 (22) 346
(25%) (6%) (85%) 54% (26%)
Total Core Income
$
3,660
$
3,785
$
3,262
$
3,862
$
3,859
5%
(1) Excludes Property and Casualty, Proprietary Investment Activities and Corporate / Other. NM Not meaningful Reclassified to conform to the current period's presentation.
Page 3
Slide 5: CITIGROUP -- ADJUSTED NET REVENUES PRODUCT VIEW
(In millions of dollars)
1Q 2001 Global Consumer:
Cards Consumer Finance Retail Banking Other $ 3,606 2,153 2,490 42 8,291 $
2Q 2001
3,675 2,178 2,568 120 8,541 $
3Q 2001
4,032 2,300 3,021 103 9,456 $
4Q 2001
4,195 2,237 3,159 54 9,645 $
1Q 2002
4,150 2,298 3,335 35 9,818
1Q 2002 vs. 1Q 2001 Increase/ (Decrease)
15% 7% 34% (17%) 18%
Total Global Consumer Global Corporate and Investment Bank:
Capital Markets and Banking Private Client Transaction Services Other
5,172 1,549 902 (65) 7,558
4,153 1,508 891 (18) 6,534
3,868 1,450 856 (60) 6,114
4,299 1,433 867 (59) 6,540
4,631 1,477 835 (99) 6,844
(10%) (5%) (7%) (52%) (9%)
Total Global Corporate and Investment Bank Global Investment Management:
Life Insurance and Annuities Private Banking Asset Management
1,170 392 516 2,078 41 (132)
1,014 376 491 1,881 311 (105)
972 366 546 1,884 (262) (87)
1,223 408 532 2,163 494 (10)
1,002 423 519 1,944 117 96
(14%) 8% 1% (6%) NM NM
Total Global Investment Management Proprietary Investment Activities (1) Corporate / Other Property and Casualty:
Personal Lines Commercial Lines Realized Insurance Investment Portfolio Gains (Losses) Interest and Other
1,092 1,994 192 (67) 3,211
1,117 2,040 50 (54) 3,153
1,137 1,992 96 (36) 3,189
1,156 2,036 (16) (39) 3,137
1,155 2,047 29 (34) 3,197
6% 3% (85%) 49% -
Total Property and Casualty Total Adjusted Net Revenues $
21,047
$
20,315
$
20,294
$
21,969
$
22,016
5%
(1) Includes Realized Insurance Investment Portfolio Gains (Losses) primarily from the Life Insurance and Annuities, and Primerica Financial Services businesses. NM Not meaningful Reclassified to conform to the current period's presentation.
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Slide 6: CITIGROUP -- ADJUSTED NET REVENUES REGIONAL VIEW
(In millions of dollars)
1Q 2001
North America (excluding Mexico) (1) Consumer Corporate Investment Management Total North America (excluding Mexico) Mexico Consumer Corporate Investment Management Total Mexico Western Europe Consumer Corporate Investment Management Total Western Europe Japan Consumer Corporate Investment Management Total Japan Asia (excluding Japan) Consumer Corporate Investment Management Total Asia Latin America Consumer Corporate Investment Management Total Latin America Central & Eastern Europe, Middle East & Africa Consumer Corporate Investment Management Total Central & Eastern Europe, Middle East & Africa Proprietary Investment Activities Corporate / Other Property and Casualty: Personal Lines Commercial Lines Realized Insurance Investment Portfolio Gains (Losses) Interest and Other Total Property and Casualty
2Q 2001
3Q 2001
4Q 2001
1Q 2002
1Q 2002 vs. 1Q 2001 Increase/ (Decrease)
$
5,786 4,634 1,613 12,033
$
6,049 3,820 1,457 11,326
$
6,406 3,746 1,354 11,506
$
6,577 3,923 1,587 12,087
$
6,601 4,400 1,402 12,403
14% (5%) (13%) 3%
57 84 46 187
72 77 46 195
532 83 106 721
750 205 212 1,167
753 198 185 1,136
NM NM NM NM
564 1,129 77 1,770 835 192 57 1,084
540 1,058 73 1,671 837 50 57 944
583 803 75 1,461 880 66 58 1,004
607 956 71 1,634 878 16 63 957
612 796 66 1,474 817 63 70 950
9% (29%) (14%) (17%) (2%) (67%) 23% (12%)
548 557 107 1,212
545 651 81 1,277
559 509 85 1,153
571 564 99 1,234
557 569 103 1,229
2% 2% (4%) 1%
366 473 139 978
357 456 131 944
350 492 171 1,013
114 447 91 652
322 387 80 789
(12%) (18%) (42%) (19%)
135 489 39 663 41 (132)
141 422 36 599 311 (105)
146 415 35 596 (262) (87)
148 429 40 617 494 (10)
156 431 38 625 117 96
16% (12%) (3%) (6%) NM NM
1,092 1,994 192 (67) 3,211
1,117 2,040 50 (54) 3,153
1,137 1,992 96 (36) 3,189
1,156 2,036 (16) (39) 3,137
1,155 2,047 29 (34) 3,197
6% 3% (85%) 49% -
Total Adjusted Net Revenues
$
21,047
$
20,315
$
20,294
$
21,969
$
22,016
5%
(1) Excludes Property and Casualty, Proprietary Investment Activities and Corporate / Other. NM- Not meaningful
Page 5
Slide 7: GLOBAL CONSUMER
CARDS
(In millions of dollars)
1Q 2001
Adjusted Revenues, Net of Interest Expense (1) Adjusted Operating Expenses Adjusted Provision for Credit Losses (1) Core Income Before Taxes Income Taxes Core Income Managed Average Assets (in billions of dollars) Return on Managed Assets $ $ $ 3,606 1,355 1,322 929 343 586 117 2.03% $ $ $
2Q 2001
3,675 1,314 1,482 879 324 555 118 1.89% $ $ $
3Q 2001
4,032 1,361 1,552 1,119 409 710 122 2.31% $ $ $
4Q 2001
4,195 1,398 1,694 1,103 372 731 123 2.36% $ $ $
1Q 2002
4,150 1,321 1,911 918 321 597 123 1.97%
1Q 2002 vs. 1Q 2001 Increase/ (Decrease)
15% (3%) 45% (1%) (6%) 2% 5%
KEY INDICATORS: (in billions of dollars)
Total EOP Open Accounts (in millions): North America International Total Total Sales: North America International Total Average Managed Loans: North America International Total
95.5 11.3 106.8
95.5 12.0 107.5
97.3 12.4 109.7
96.8 12.9 109.7
95.5 12.9 108.4
14% 1%
$ $
54.8 7.7 62.5
$ $
59.0 8.2 67.2
$ $
58.5 8.2 66.7
$ $
60.9 8.3 69.2
$ $
54.9 7.7 62.6
-
$ $
102.2 9.5 111.7
$ $
102.4 9.8 112.2
$ $
105.9 10.4 116.3
$ $
107.6 10.4 118.0
$ $
107.6 10.2 117.8
5% 7% 5%
Managed Net Credit Losses (in millions of dollars): North America International Total End of Period Managed Receivables Net Credit Loss Ratio Loans 90+Days Past Due: In millions of dollars %
$ $ $
1,217 90 1,307 111.9 4.74%
$ $ $
1,401 102 1,503 116.0 5.37%
$ $ $
1,448 100 1,548 119.5 5.28%
$ $ $
1,589 104 1,693 122.6 5.69%
$ $ $
1,681 112 1,793 118.9 6.17%
38% 24% 37% 6%
$
2,001 1.80%
$
1,938 1.68%
$
2,119 1.79%
$
2,384 1.96%
$
2,488 2.11%
24%
(1) On a managed basis. NM Not meaningful Reclassified to conform to the current period's presentation.
Page 6
Slide 8: GLOBAL CONSUMER
CARDS
GEOGRAPHIC DISTRIBUTION
(In millions of dollars)
1Q 2001
2Q 2001
3Q 2001
4Q 2001
1Q 2002
1Q 2002 vs. 1Q 2001 Increase/ (Decrease)
GEOGRAPHIC DISTRIBUTION North America
Adjusted Revenues, Net of Interest Expense (1) Adjusted Operating Expenses Adjusted Provision for Credit Losses (1) Core Income Before Taxes Income Taxes Core Income Managed Average Assets (in billions of dollars) Return on Managed Assets $ $ $ 3,047 1,058 1,229 760 283 477 107 1.81% $ $ $ 3,130 1,024 1,379 727 271 456 107 1.71% $ $ $ 3,470 1,082 1,449 939 348 591 111 2.11% $ $ $ 3,738 1,122 1,589 1,027 349 678 112 2.40% $ $ $ 3,609 1,040 1,681 888 320 568 112 2.06% 18% (2%) 37% 17% 13% 19% 5%
International
Total Revenues, Net of Interest Expense Adjusted Operating Expenses Provision for Credit Losses Core Income Before Taxes Income Taxes Core Income Average Assets (in billions of dollars) Return on Assets (1) On a managed basis. NM Not meaningful Reclassified to conform to the current period's presentation. $ $ $ 559 297 93 169 60 109 10 4.42% $ $ $ 545 290 103 152 53 99 11 3.61% $ $ $ 562 279 103 180 61 119 11 4.29% $ $ $ 457 276 105 76 23 53 11 1.91% $ $ $ 541 281 230 30 1 29 11 1.07% (3%) (5%) NM (82%) (98%) (73%) 10%
Page 7
Slide 9: GLOBAL CONSUMER
CARDS
CitiCards - Supplemental Data
(In millions of dollars)
1Q 2001
2Q 2001
3Q 2001
4Q 2001
1Q 2002
1Q 2002 vs. 1Q 2001 Increase/ (Decrease)
CitiCards and Diners Club:
Adjusted Revenues, Net of Interest Expense Adjusted Operating Expenses Adjusted Provision for Credit Losses Core Income Before Taxes Income Taxes Core Income Managed Average Assets (in billions of dollars) Return on Managed Assets $ $ $ 3,012 1,040 1,221 751 279 472 106 1.81% $ $ $ 3,085 1,002 1,371 712 264 448 106 1.70% $ $ $ 3,340 1,002 1,434 904 338 566 109 2.06% $ $ $ 3,548 1,019 1,567 962 339 623 110 2.25% $ $ $ 3,438 953 1,659 826 306 520 110 1.92% 14% (8%) 36% 10% 10% 10% 4%
CitiCards (1):
KEY INDICATORS: (in billions of dollars) Net Interest Revenue (in millions of dollars) (2) % of Average Managed Loans Risk Adjusted Revenue (in millions of dollars) (3) % of Average Managed Loans Adjusted Operating Expenses as % of Average Managed Loans End of Period Managed Receivables Total EOP Open Accounts (in millions) Total Sales End of Period Loans: On Balance Sheet Securitized Held for Sale Total Average Loans: On Balance Sheet Securitized Held for Sale Total Net Credit Losses (in millions of dollars): On Balance Sheet Securitized Held for Sale Total Coincident Net Credit Loss Ratio 12 Month Lagged Net Credit Loss Ratio Loans 90+ Days Past Due: In millions of dollars % $ $ $ 2,379 9.63% 1,716 6.95% 3.93% 100.5 93.2 51.2 $ $ $ 2,421 9.65% 1,613 6.43% 3.73% 103.9 94.1 55.6 $ $ $ 2,696 10.38% 1,838 7.08% 3.61% 105.6 93.4 55.0 $ $ $ 2,904 11.04% 1,909 7.25% 3.50% 108.9 92.9 56.7 $ $ $ 2,767 10.77% 1,705 6.64% 3.48% 105.4 91.6 50.8 5% (2%) (1%) 16%
$
$
$
$
$
(1%)
$
32.6 60.1 7.0 99.7
$
32.6 61.4 9.0 103.0
$
33.0 65.2 6.5 104.7
$
34.2 67.0 6.5 107.7
$
31.8 65.9 6.5 104.2
(2%) 10% (7%) 5%
$
$
$
$
$
$
34.7 58.5 7.0 100.2 465 668 63 1,196 4.84% 5.72%
$
33.5 59.7 7.4 100.6 481 812 90 1,383 5.51% 6.29%
$
33.5 61.3 8.2 103.0 541 790 92 1,423 5.48% 5.96%
$
33.0 64.9 6.5 104.4 615 870 69 1,554 5.91% 6.23%
$
30.9 66.8 6.5 104.2 633 935 78 1,646 6.41% 6.66%
(11%) 14% (7%) 4% 36% 40% 24% 38%
$ $
$ $
$ $
$ $
$ $
$
$
$
$
$
$
1,836 1.84%
$
1,775 1.72%
$
1,908 1.82%
$
2,135 1.98%
$
2,219 2.13%
21%
(1) CitiCards is included within the North American Region of Cards and excludes Diners Club, Mexico and Puerto Rico. (2) Includes delinquency and other risk-based charges. (3) Risk Adjusted Revenue is adjusted revenues less managed net credit losses. NM Not meaningful Reclassified to conform to the current period's presentation.
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Slide 10: GLOBAL CONSUMER
CONSUMER FINANCE
(In millions of dollars)
1Q 2001
Adjusted Revenues, Net of Interest Expense Adjusted Operating Expenses Adjusted Provision for Credit Losses Core Income Before Taxes Income Taxes Core Income Average Assets (in billions of dollars) Return on Assets $ $ $ 2,153 922 603 628 231 397 82 1.96% $ $ $
2Q 2001
2,178 813 594 771 280 491 83 2.37% $ $ $
3Q 2001
2,300 812 623 865 316 549 85 2.56% $ $ $
4Q 2001
2,237 755 709 773 285 488 86 2.25% $ $ $
1Q 2002
2,298 728 737 833 297 536 87 2.50%
1Q 2002 vs. 1Q 2001 Increase/ (Decrease)
7% (21%) 22% 33% 29% 35% 6%
KEY INDICATORS
Average Loans (in billions of dollars): Real estate secured loans Personal loans Auto Sales finance and other Total Average Loans (in billions of dollars): North America International Total Average Yield: North America International Total Average Net Interest Margin: North America International Total $
$
43.1 18.7 3.8 3.5 69.1
$
43.4 18.9 4.4 3.5
$
44.5 19.4 4.9 3.5
$
45.3 19.6 5.4 3.5
$
45.5 19.2 5.7 3.0
6% 3% 50% (14%) 6%
$
70.2
$
72.3
$
73.8
$
73.4
$ $
56.2 12.9 69.1
$ $
57.0 13.2 70.2
$ $
58.2 14.1 72.3
$ $
59.2 14.6 73.8
$ $
59.8 13.6 73.4
6% 5% 6%
14.05% 27.25% 16.50% 7.92% 23.78% 10.87%
13.86% 25.36% 16.02% 8.18% 22.10% 10.79%
13.53% 24.83% 15.73% 8.31% 21.78% 10.93%
13.20% 23.07% 15.14% 8.36% 20.84% 10.83%
13.18% 22.43% 14.93% 8.57% 20.59% 10.84%
Net Credit Loss Ratio Loans 90+ Days Past Due: In millions of dollars % Number of Offices: North America International Total
2.99%
2.91%
2.94%
3.54%
3.63%
$
1,764 2.54%
$
1,943 2.74%
$
2,134 2.89%
$
2,243 3.04%
$
2,213 2.97%
25%
2,576 1,180 3,756
2,484 1,183 3,667
2,468 1,174 3,642
2,413 1,150 3,563
2,394 1,141 3,535
(7%) (3%) (6%)
NM Not meaningful Reclassified to conform to the current period's presentation.
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Slide 11: GLOBAL CONSUMER
CONSUMER FINANCE
GEOGRAPHIC DISTRIBUTION
(In millions of dollars)
1Q 2001
2Q 2001
3Q 2001
4Q 2001
1Q 2002
1Q 2002 vs. 1Q 2001 Increase/ (Decrease)
GEOGRAPHIC DISTRIBUTION North America
Adjusted Revenues, Net of Interest Expense Adjusted Operating Expenses Adjusted Provision for Benefits, Claims, and Credit Losses Core Income Before Taxes Income Taxes Core Income Average Assets (in billions of dollars) Return on Assets $ $ $ 1,366 593 415 358 134 224 65 1.40% $ $ $ 1,388 523 419 446 164 282 67 1.69% $ $ $ 1,476 515 439 522 195 327 68 1.91% $ $ $ 1,457 470 504 483 181 302 68 1.76% $ $ $ 1,539 503 509 527 193 334 69 1.96% 13% (15%) 23% 47% 44% 49% 6%
International
Total Revenues, Net of Interest Expense Adjusted Operating Expenses Provision for Benefits, Claims, and Credit Losses Core Income Before Taxes Income Taxes Core Income Average Assets (in billions of dollars) Return on Assets $ $ $ 787 329 188 270 97 173 17 4.13% $ $ $ 790 290 175 325 116 209 16 5.24% $ $ $ 824 297 184 343 121 222 17 5.18% $ $ $ 780 285 205 290 104 186 18 4.10% $ $ $ 759 225 228 306 104 202 18 4.55% (4%) (32%) 21% 13% 7% 17% 6%
NM Not meaningful Reclassified to conform to the current period's presentation.
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Slide 12: GLOBAL CONSUMER
CONSUMER FINANCE CITIFINANCIAL (1)
(In millions of dollars)
1Q 2001
Adjusted Revenues, Net of Interest Expense Adjusted Operating Expenses Adjusted Provision for Benefits, Claims, and Credit Losses Core Income Before Taxes Income Taxes Core Income Average Assets (in billions of dollars) Return on Assets KEY INDICATORS: (in billions of dollars) Average Net Receivables (in billions of dollars): Real estate secured loans - Other Real estate secured loans - PFS Sourced Personal loans Auto Sales finance and other Total Number of offices Average yield Average net interest margin Net credit loss ratio Loans 90+ Days Past Due: In millions of dollars % $ $ $ $ 1,330 569 408 353 133 220 64 1.39% $ $ $
2Q 2001
1,346 502 412 432 157 275 66 1.67% $ $ $
3Q 2001
1,430 492 431 507 190 317 67 1.88% $ $ $
4Q 2001
1,405 443 495 467 174 293 67 1.73% $ $ $
1Q 2002
1,479 475 500 504 184 320 68 1.91%
1Q 2002 vs. 1Q 2001 Increase/ (Decrease)
11% (17%) 23% 43% 38% 45% 6%
$
34.5 5.4 9.7 3.5 2.6 55.7 2,430 13.87% 7.76% 2.50%
$
34.2 6.1 9.7 4.1 2.4
$
34.1 6.8 9.6 4.6 2.6
$
33.9 7.5 9.6 5.1 2.6
$
33.3 8.2 9.6 5.4 2.7
(3%) 52% (1%) 54% 4% 6% (10%)
$
56.5 2,336 13.65% 7.98% 2.46%
$
57.7 2,320 13.30% 8.09% 2.45%
$
58.7 2,221 12.95% 8.13% 3.06%
$
59.2 2,199 13.07% 8.41% 2.97%
$
1,580 2.82%
$
1,751 3.07%
$
1,898 3.25%
$
1,991 3.38%
$
1,969 3.30%
25%
(1) CitiFinancial is included within the North American Region of Consumer Finance and excludes Mexico and Puerto Rico. NM Not meaningful Reclassified to conform to the current period's presentation.
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Slide 13: GLOBAL CONSUMER
RETAIL BANKING
(In millions of dollars)
1Q 2001
Total Revenues, Net of Interest Expense Adjusted Operating Expenses Provision for Benefits, Claims and Credit Losses Core Income Before Taxes and Minority Interest Income Taxes Minority Interest, net of tax Core Income Average Assets (in billions of dollars) Return on Assets $ $ $ 2,490 1,373 237 880 312 5 563 119 1.92% $ $ $
2Q 2001
2,568 1,397 230 941 340 7 594 119 2.00% $ $ $
3Q 2001
3,021 1,594 291 1,136 403 6 727 152 1.90% $ $ $
4Q 2001
3,159 1,741 303 1,115 386 9 720 167 1.71% $ $ $
1Q 2002
3,335 1,773 435 1,127 391 10 726 173 1.70%
1Q 2002 vs. 1Q 2001 Increase/ (Decrease)
34% 29% 84% 28% 25% 100% 29% 45%
KEY INDICATORS (in billions of dollars) Owned and Serviced Average Loans (in billion of dollars): North America International Average Loans (1)
$
53.8 37.9 91.7
$
54.7 37.1 91.8
$
63.8 37.8 101.6
$
66.8 37.7 104.5
$
68.9 36.7 105.6
28% (3%) 15%
$
$
$
$
$
Average Customer Deposits (in billions of dollars) North America International Total EOP Accounts (in millions) North America International Total Branches North America International Total ATM-only locations North America International Total Proprietary ATMs North America International Total Net Credit Loss Ratio Loans 90+Days Past Due: In millions of dollars % Primerica Financial Services: Agents Licensed for Life Insurance Life Insurance in Force (in billions of dollars) Total Mutual Fund Sales (in millions of dollars) Cash advanced on Loans (in millions of dollars) (2) Variable Annuity Net Written Premiums & Deposits (in millions of dollars (1) Includes loans held for sale.
$ $
53.0 78.6 131.6
$ $
53.8 78.4 132.2
$ $
80.7 79.3 160.0
$ $
85.5 78.6 164.1
$ $
89.4 77.5 166.9
69% (1%) 27%
11.8 18.3 30.1
11.9 18.5 30.4
22.3 18.8 41.1
21.8 18.9 40.7
21.9 19.0 40.9
86% 4% 36%
577 897 1,474
576 906 1,482
2,019 907 2,926
1,945 913 2,858
1,950 909 2,859
NM 1% 94%
153 300 453
156 320 476
162 380 542
165 382 547
165 392 557
8% 31% 23%
2,331 2,059 4,390 0.55%
2,320 2,101 4,421 0.53%
6,554 2,178 8,732 0.72%
6,574 2,195 8,769 0.78%
6,652 2,197 8,849 0.78%
NM 7% NM
$
2,270 2.48%
$
2,475 2.71%
$
3,316 3.19%
$
3,437 3.30%
$
3,481 3.34%
$ $ $ $
88,907 415.4 993.8 694.5 247.6
$ $ $ $
93,998 422.9 868.3 1,091.9 237.1
$ $ $ $
93,156 427.7 776.5 1,006.1 222.1
$ $ $ $
95,679 434.8 770.2 1,077.3 217.2
$ $ $ $
98,272 441.3 936.8 1,253.8 224.9
11% 6% (6%) 81% (9%)
(2) Represents loan products marketed by PFS; the receivables are primarily reflected in the assets of Consumer Finance. NM Not meaningful
Page 12
Slide 14: GLOBAL CONSUMER
RETAIL BANKING GEOGRAPHIC AND BUSINESS DISTRIBUTION
(In millions of dollars)
1Q 2001
2Q 2001
3Q 2001
4Q 2001
1Q 2002
1Q 2002 vs. 1Q 2001 Increase/ (Decrease)
REVENUES:
North America:
Citibanking North America Consumer Assets Primerica Financial Services Mexico Total North America Retail Banking $ $ 637 239 490 24 1,390 $ $ 692 265 497 28 1,482 $ $ 740 257 493 399 1,889 $ $ 762 261 499 554 2,076 $ $ 796 299 512 565 2,172 25% 25% 4% NM 56%
International:
Western Europe Japan Asia (excluding Japan) Latin America CEEMEA Total International Retail Banking $ 389 106 319 205 81 1,100 $ 2,490 $ $ 373 109 319 200 85 1,086 2,568 $ $ 397 114 323 210 88 1,132 3,021 $ $ 406 106 336 148 87 1,083 3,159 $ $ 416 104 327 224 92 1,163 3,335 7% (2%) 3% 9% 14% 6% 34%
Total Retail Banking
CORE INCOME:
North America:
Citibanking North America Consumer Assets Primerica Financial Services Mexico Total North America Retail Banking $ $ 152 75 125 (19) 333 $ $ 152 86 128 (22) 344 $ $ 155 90 125 85 455 $ $ 180 92 134 53 459 $ $ 192 93 128 90 503 26% 24% 2% NM 51%
International:
Western Europe Japan Asia (excluding Japan) Latin America CEEMEA Total International Retail Banking $ 70 31 99 22 8 230 $ 563 $ $ 69 34 104 30 13 250 594 $ $ 78 38 105 35 16 272 727 $ $ 88 35 112 9 17 261 720 $ $ 93 33 104 (19) 12 223 726 33% 6% 5% NM 50% (3%) 29%
Total Retail Banking
NM Not meaningful
Page 13
Slide 15: GLOBAL CORPORATE AND INVESTMENT BANK
INCOME STATEMENT
(In millions of dollars)
1Q 2001
Revenues: Commissions and Fees Asset Management and Administration Fees Investment Banking Principal Transactions Other Income Total Non-Interest Revenues Net Interest and Dividends Total Revenues, Net of Interest Expense Non-Interest Expenses: Compensation and Benefits Other Operating and Administrative Expenses Total Non-Interest Expenses Provision for Credit Losses Core Income Before Taxes and Minority Interest Income Taxes and Minority Interest, Net of Tax Core Income Pre-tax Profit Margin Non-Compensation Expenses as a Percent of Net Revenues Compensation and Benefits Expenses as a Percent of Net Revenues $ $ 1,402 704 1,239 2,077 290 5,712 1,846 7,558 3,333 1,630 4,963 277 2,318 842 1,476 30.7% 21.6% 44.1% $ $
2Q 2001
1,320 682 1,138 1,268 139 4,547 1,987 6,534 2,748 1,339 4,087 288 2,159 769 1,390 33.0% 20.5% 42.1% $ $
3Q 2001
1,218 695 929 812 445 4,099 2,015 6,114 2,518 1,350 3,868 217 2,029 734 1,295 33.2% 22.1% 41.2% $ $
4Q 2001
1,260 636 1,210 684 138 3,928 2,612 6,540 2,754 1,419 4,173 682 1,685 591 1,094 25.8% 21.7% 42.1% $ $
1Q 2002
1,363 675 1,043 1,360 (8) 4,433 2,411 6,844 3,014 1,180 4,194 680 1,970 684 1,286 28.8% 17.2% 44.0%
1Q 2002 vs. 1Q 2001 Increase/ (Decrease)
(3%) (4%) (16%) (35%) NM (22%) 31% (9%) (10%) (28%) (15%) NM (15%) (19%) (13%)
NM Not meaningful Reclassified to conform to the current period's presentation.
Page 14
Slide 16: GLOBAL CORPORATE AND INVESTMENT BANK
REVENUE DETAILS
(In millions of dollars)
1Q 2001
2Q 2001
3Q 2001
4Q 2001
1Q 2002
1Q 2002 vs. 1Q 2001 Increase/ (Decrease)
Investment Banking Revenue: Underwriting Advisory and Other Fees Total Investment Banking Revenues $ $ 657 582 1,239 $ $ 656 482 1,138 $ $ 522 407 929 $ $ 587 623 1,210 $ $ 691 352 1,043 5% (40%) (16%)
Trading Related Revenue by Product: Fixed Income Equities Foreign Exchange All Other Total Trading Related Revenue
$
1,299 472 365 64 2,200
$
969 214 399 47 1,629
$
800 101 295 38 1,234
$
1,016 95 458 48 1,617
$
1,398 147 467 77 2,089
8% (69%) 28% 20% (5%)
$
$
$
$
$
Trading Related Revenue by Income Statement Line: Principal Transactions Net Interest Revenue Total Trading Related Revenue
$ $
2,077 123 2,200
$ $
1,268 361 1,629
$ $
812 422 1,234
$ $
684 933 1,617
$ $
1,360 729 2,089
(35%) NM (5%)
NM Not meaningful Reclassified to conform to the current period's presentation.
Page 15
Slide 17: GLOBAL CORPORATE AND INVESTMENT BANK
CAPITAL MARKETS AND BANKING
(In millions of dollars)
1Q 2001
Total Revenues, Net of Interest Expense Adjusted Operating Expenses Provision for Credit Losses Core Income Before Taxes Income Taxes Core Income $ $ 5,172 2,984 270 1,918 717 1,201 $ $
2Q 2001
4,153 2,227 286 1,640 607 1,033 $ $
3Q 2001
3,868 2,089 212 1,567 561 1,006 $ $
4Q 2001
4,299 2,441 671 1,187 419 768 $ $
1Q 2002
4,631 2,435 611 1,585 556 1,029
1Q 2002 vs. 1Q 2001 Increase/ (Decrease)
(10%) (18%) NM (17%) (22%) (14%)
Investment Banking Underwriting (full credit to book manager): Debt and equity: Global Volume (1) Global Market Share Rank U.S. Volume (2) U.S. Market Share Rank
$
130,992 12.2% 2 99,735 14.1% 2
$
118,924 11.0% 2 94,938 12.5% 2
$
95,712 10.8% 1 80,201 11.8% 1
$
150,496 14.2% 1 127,913 16.6% 1
$
132,098 11.6% 1 109,423 13.5% 1
1%
$
$
$
$
$
10%
(1) Includes non-convertible debt, Rule 144A non-convertible debt, Rule 144A non-convertible preferred, non-convertible preferred, preferred, taxable municipal debt, mortgage and asset backed debt, all common stock, convertible debt and convertible preferred. Excludes all closed end funds. (2) Includes all U.S. mortgage and asset backed debt, U.S. non-convertible debt, U.S. Rule 144A non-convertible and U.S. taxable municipal debt, all U.S. common stock, U.S. convertible debt and U.S. convertible preferred. Excludes all closed end funds, 144A common stock, 144A convertible stock, and 144A convertible preferred.
NM Not meaningful
Page 16
Slide 18: GLOBAL CORPORATE AND INVESTMENT BANK
PRIVATE CLIENT
(In millions of dollars)
1Q 2001
Total Revenues, Net of Interest Expense Adjusted Operating Expenses Provision for Credit Losses Core Income Before Taxes Income Taxes Core Income $ $ 1,549 1,235 314 118 196 $ $
2Q 2001
1,508 1,179 (1) 330 124 206 $ $
3Q 2001
1,450 1,157 3 290 108 182 $ $
4Q 2001
1,433 1,130 2 301 112 189 $ $
1Q 2002
1,477 1,165 312 115 197
1Q 2002 vs. 1Q 2001 Increase/ (Decrease)
(5%) (6%) (1%) (3%) 1%
Private Client Financial Consultants Annualized Revenue per FC (000) Branch offices
$
12,675 501 530
$
12,802 473 530
$
12,963 450 538
$
12,927 440 536
$
12,767 473 536
1% (6%) 1%
Salomon Smith Barney Client Assets (in billions of dollars)
Assets Under Fee-Based Management
Consulting Group and Internally Managed Accounts Financial Consultant Managed Accounts Total (1) Total Client Assets U.S. Bank Deposit Program $ $ $ $ 134.4 51.9 186.3 911 17.7 $ $ $ $ 149.3 57.0 206.3 981 25.4 $ $ $ $ 134.9 49.4 184.3 905 30.9 $ $ $ $ 150.2 54.9 205.1 977 35.6 $ $ $ $ 154.3 55.2 209.5 994 37.5 15% 6% 12% 9% NM
(1) Includes some assets jointly managed with Citigroup Asset Management. NM Not meaningful
Page 17
Slide 19: GLOBAL CORPORATE AND INVESTMENT BANK
TRANSACTION SERVICES
(In millions of dollars)
1Q 2001
Total Revenues, Net of Interest Expense Adjusted Operating Expenses Provision for Credit Losses Core Income Before Taxes Income Taxes Minority Interest, net of tax Core Income $ $ 902 749 7 146 55 91 $ $
2Q 2001
891 698 3 190 71 3 116 $ $
3Q 2001
856 697 2 157 55 2 100 $ $
4Q 2001
867 684 9 174 59 2 113 $ $
1Q 2002
835 642 69 124 41 1 82
1Q 2002 vs. 1Q 2001 Increase/ (Decrease)
(7%) (14%) NM (15%) (25%) (10%)
Liability Balances (Average in billions) Assets Under Custody (EOP in trillions)
$ $
74 4.2
$ $
75 4.5
$ $
79 4.6
$ $
80 4.8
$ $
82 5.2
11% 24%
NM Not meaningful Reclassified to conform to the current period's presentation.
Page 18
Slide 20: GLOBAL INVESTMENT MANAGEMENT
LIFE INSURANCE AND ANNUITIES
(In millions of dollars)
1Q 2001
Total Revenues, Net of Interest Expense* Total Operating Expenses Provision for Benefits and Claims Core Income Before Taxes and Minority Interest Income Taxes Minority Interest, net of tax Core Income Travelers Life & Annuity - Core Income International Insurance Manufacturing - Core Income Pre-tax contribution by source: Individual annuities Group annuities Life and long-term care insurance Other (includes run-off and return on excess capital) Total Travelers Life & Annuity Total International Insurance Manufacturing Total Life Insurance and Annuities $ $ $ $ $ 1,170 97 752 321 106 215 209 6 $ $ $ $
2Q 2001
1,014 94 571 349 113 236 230 6 $ $ $ $
3Q 2001
972 91 609 272 84 3 185 178 7 $ $ $ $
4Q 2001
1,223 112 813 298 91 7 200 201 (1) $ $ $ $
1Q 2002
1,002 92 616 294 90 204 200 4
1Q 2002 vs. 1Q 2001 Increase/ (Decrease)
(14%) (5%) (18%) (8%) (15%) (5%) (4%) (33%)
$
119 111 61 21 312 9 321
$
121 128 73 19 341 8
$
94 95 51 17 257 15
$
99 105 75 16 295 3
$
123 98 51 17 289 5
3% (12%) (16%) (19%) (7%) (44%) (8%)
$
349
$
272
$
298
$
294
Travelers Life and Annuity:
Individual annuities: Net written premiums and deposits: Fixed Variable Individual Payout Total Policyholder account balances and benefit reserves: (1) Fixed Variable Individual Payout Total Group annuities: Net written premiums and deposits (2) Policyholder account balances and benefit reserves: (1) GIC's and other investment contracts Payout group annuities Total Individual life insurance: Net written premiums and deposits: Direct periodic premiums and deposits Single premium deposits Reinsurance Total Policyholder account balances & benefit reserves Life insurance in force (in billions, face amt.) Life insurance issued (in billions, face amt.)
$
427 1,099 19 1,545
$
572 1,068 15 1,655
$
464 952 14 1,430
$
657 881 11 1,549
$
614 898 14 1,526
44% (18%) (26%) (1%)
$
$
$
$
$
$
8,272 18,948 632 27,852
$
8,609 20,438 632 29,679
$
8,908 17,952 630 27,490
$
9,289 20,117 626 30,032
$
9,681 20,381 622 30,684
17% 8% (2%) 10%
$
$
$
$
$
$
2,502
$
1,397
$
1,717
$
1,452
$
1,525
(39%)
$ $
13,732 5,141 18,873
$ $
14,091 5,259 19,350
$ $
14,795 5,360 20,155
$ $
15,345 5,647 20,992
$ $
15,563 5,740 21,303
13% 12% 13%
$
187 47 (22) 212 3,085 69.4 3.8
$
142 48 (24) 166 3,193 71.0 2.9
$
126 36 (25) 137 3,175 72.5 2.9
$
197 77 (25) 249 3,401 75.0 4.2
$
233 76 (26) 283 3,592 77.8 4.5
25% 62% (18%) 33% 16% 12% 18%
$ $ $ $
$ $ $ $
$ $ $ $
$ $ $ $
$ $ $ $
(1) Includes general account, separate accounts and managed funds. (2) Excludes deposits of $167.0 for the first quarter of 2002 and $28.0, $12.0, $594.0 and $275.0 in the first, second, third and fourth quarters of 2001, respectively, related to Citigroup plans previously managed externally. NM Not meaningful Reclassified to conform to the current period's presentation.
Page 19
Slide 21: GLOBAL INVESTMENT MANAGEMENT
PRIVATE BANKING
(In millions of dollars)
1Q 2001
2Q 2001
3Q 2001
4Q 2001
1Q 2002
1Q 2002 vs. 1Q 2001 Increase/ (Decrease)
Total Revenues, Net of Interest Expense Adjusted Operating Expenses Provision for Credit Losses Core Income Before Taxes Income Taxes Core Income Average Assets (in billions of dollars) Return on Assets Client Business Volumes (in billions of dollars)
$
392 239 2 151 56
$
376 230 1 145 53
$
366 225 4 137 46
$
408 245 16 147 53
$
423 254 6 163 51
8% 6% NM 8% (9%) 18% 12%
$ $
95 25 1.54%
$ $
92 26 1.42%
$ $
91 26 1.39%
$ $
94 26 1.43%
$ $
112 28 1.62%
$
146
$
151
$
150
$
159
$
166
14%
Client Business Volumes (in billions of dollars): Proprietary Managed Assets Other Assets under Fee-Based Management Banking and Fiduciary Deposits Loans Other, Principally Custody Accounts Total Client Business Volumes
$
29 5 31 26 55 146
$
28 7 31 26 59 151
$
29 6 33 27 55 150
$
31 8 34 27 59 159
$
31 9 35 29 62 166
7% 80% 13% 12% 13% 14%
$
$
$
$
$
Revenues: Customer Revenues Net Interest Spread and Recurring Fee-Based Revenues Transaction Revenues Total Customer Revenues Other Revenues (Principally Allocated Equity and Treasury Revenues) Total Revenues North America International
$
250 99 349 43
$
247 81 328 48
$
253 62 315 51
$
256 94 350 58
$
271 92 363 60
8% (7%) 4% 40% 8% 22% (1%) 8%
$ $ $
392 153 239 392 (0.01%)
$ $ $
376 154 222 376 0.04%
$ $ $
366 152 214 366 0.03%
$ $ $
408 164 244 408 0.15%
$ $ $
423 187 236 423 0.04%
Net Credit Loss Ratio
NM Not meaningful Reclassified to conform to the current period's presentation.
Page 20
Slide 22: GLOBAL INVESTMENT MANAGEMENT
ASSET MANAGEMENT
(In millions of dollars)
(1)
1Q 2001
Revenues Adjusted Operating Expenses Core income before taxes and minority interest Income Taxes Minority Interest, net of tax Core Income Pre-tax profit margin Asset Management (Excl. Retirement Services): Revenues Adjusted Operating Expenses Core income before taxes and minority interest Income taxes and minority interest, net of tax Core Income Retirement Services: Revenues Adjusted Operating Expenses Core income before taxes and minority interest Income taxes and minority interest, net of tax Core Income $ $ $ 516 361 155 63 1 91 30.0% $ $
2Q 2001
491 347 144 60 84 29.3% $ $
3Q 2001
546 373 173 63 6 104 31.7% $ $
4Q 2001
532 329 203 67 11 125 38.2% $ $
1Q 2002
519 325 194 68 126 37.4%
1Q 2002 vs. 1Q 2001 Increase/ (Decrease)
1% (10%) 25% 8% (100%) 38%
$
445 309 136 54 82
$
420 295 125 51
$
424 291 133 53
$
417 267 150 58
$
435 274 161 63
(2%) (11%) 18% 17% 20%
$
74
$
80
$
92
$
98
$
71 52 19 10 9
$
71 52 19 9 10
$
122 82 40 16 24
$
115 62 53 20 33
$
84 51 33 5 28
18% (2%) 74% (50%) NM
$
$
$
$
$
Net Flows by Business (in billions of dollars): Retail/Private Bank Institutional Net Flows Excluding US Retail Money Markets US Retail Money Markets Assets Under Management by Business (in billions of dollars): Retail/Private Bank (2) Institutional Citigroup Alternative Investments Retirement Services Total assets under management (2) Assets Under Management by Product (in billions of dollars): Equity/Balanced Fixed Income Money Markets/Liquidity Citigroup Alternative Investments Total assets under management (2) Number of Morningstar 4- and 5-star Mutual Fund share classes (3) Equity Fixed Income CitiStreet Joint Venture - Assets Under Administration (in bllions of dollars)
$ $ $
8.7 6.6 15.3 (6.5)
$ $ $
7.6 12.5 20.1 (12.6)
$ $ $
7.3 10.1 17.4 (2.5)
$ $ $
7.2 5.4 12.6 (4.6)
$ $ $
6.0 13.9 19.9 (1.6)
(31%) NM 30% 75%
$
233.6 116.5 46.2 6.7 403.0
$
231.6 131.0 48.3 7.3 418.2
$
223.4 138.7 48.3 11.3 421.7
$
237.2 142.5 48.1 12.1 439.9
$
238.9 156.6 48.9 9.9 454.3
2% 34% 6% 48% 13%
$
$
$
$
$
$
158.4 80.7 126.7 37.2 403.0
$
169.5 83.6 125.0 40.1 418.2
$
151.4 98.6 131.5 40.2 421.7
$
167.2 99.8 132.2 40.7 439.9
$
165.5 106.3 140.6 41.9 454.3
4% 32% 11% 13% 13%
$
$
$
$
$
12 11 $ 183.5 $
11 5 181.6 $
11 8 178.8 $
10 7 179.3 $
11 10 181.0
(8%) (9%) (1%)
(1) Includes Retirement Services Businesses. (2) Includes $29 billion for the first, second and third quarters of 2001, $31 billion for the fourth quarter of 2001 and $31 billion for the first quarter of 2002 for Citigroup Private Bank clients. (3) Asset calculations based on classes of such funds ranked by Morningstar. Number of funds reflects only one class per fund and are based on performance of non-money market retail funds. NM Not meaningful Reclassified to conform to the current period's presentation.
Page 21
Slide 23: PROPERTY AND CASUALTY
PERSONAL LINES
(In millions of dollars)
(1) (2)
1Q 2001
Total Revenues, Net of Interest Expense Adjusted Operating Expenses Claims and Claim Adjustment Expenses Core Income Before Taxes and Minority Interest Income Taxes Minority Interest, Net of Tax Core Income Net written premiums by product line (3): Auto Homeowners and other Total net written premiums (a) Net written premiums by distribution channel (3): Independent agents Additional distribution Other Total net written premiums (a) Statutory ratio development (3): Earned premiums (b) Losses and loss adjustment expenses (c) Other underwriting expenses (d) Total deductions Statutory underwriting gain/(loss) Statutory combined ratio (3): Loss and loss adjustment expense ratio (c / b) Other underwriting expense ratio (d / a) Combined ratio Net investment income (pre-tax) Effective tax rate on net investment income Catastrophe losses, net of reinsurance (after-tax) (1) $ $ $ $ $ 1,092 265 688 139 44 95 $ $
2Q 2001
1,117 260 793 64 17 47 $ $
3Q 2001
1,137 276 820 41 9 32 $ $
4Q 2001
1,156 274 798 84 24 60 $ $
1Q 2002
1,155 271 786 98 27 71
1Q 2002 vs. 1Q 2001 Increase/ (Decrease)
6% 2% 14% (29%) (39%) (25%)
$ $
639.1 322.7 961.8
$ $
669.0 404.5 1,073.5
$ $
682.2 414.6 1,096.8
$ $
652.3 381.9 1,034.2
$ $
687.1 350.3 1,037.4
8% 9% 8%
$
775.2 159.1 27.5 961.8
$
865.0 174.5 34.0 1,073.5
$
889.5 179.7 27.6 1,096.8
$
836.6 173.8 23.8 1,034.2
$
850.7 165.0 21.7 1,037.4
10% 4% (21%) 8%
$
$
$
$
$
$
957.9 688.5 254.6 943.1 14.8
$
994.9 793.1 264.9 1,058.0
$
1,021.5 819.7 280.8 1,100.5
$
1,038.8 798.4 261.4 1,059.8
$
1,030.0 785.7 261.6 1,047.3
8% 14% 3% 11% NM
$
(63.1)
$
(79.0)
$
(21.0)
$
(17.3)
71.9% 26.5% 98.4% 114.1 29.2% $ $
79.7% 24.7% 104.4% 102.7 28.1% 42.3 $ $
80.2% 25.6% 105.8% 101.4 28.8% 41.6 $ $
76.9% 25.3% 102.2% 97.4 27.9% 2.3 $ $
76.3% 25.2% 101.5% 104.3 28.2% 10.4 (9%) -
Travelers Property Casualty Corp. (TPC) (a wholly-owned subsidiary of Citigroup on December 31, 2001) sold 231,000,000 shares of class A common stock at $18.50 per share in an initial public offering on March 27, 2002. The offering resulted in an after-tax gain of $1.061 billion to Citigroup. Citigroup plans to make a tax-free distribution to its stockholders of a portion of its ownership interest in TPC by year-end 2002, such that following the distribution, Citigroup would remain a holder of approximately 9.9% of TPC's common equity. The distribution is subject to various regulatory approvals as well as a private letter ruling from the Internal Revenue Service and various other conditions. Citigroup has no obligation to consummate the distribution by the end of 2002 or at all, whether or not these conditions are satisfied. Income statement minority interest will be recognized on the initial public offering portion beginning on April 1, 2002. Excludes Realized Insurance Investment Portfolio Gains (Losses) and Interest Income and Expense. These Gains (Losses) and Interest items are included within the Property and Casualty Business Segments "Realized Insurance Investment Portfolio Gains (Losses)" and "Interest & Other" on pages 2 - 5 herein. The 2001 third quarter results include the effects of the events of September 11, 2001, which resulted in a decrease of $4.0 million to premiums, an increase of $60.0 million to losses and loss adjustment expenses and a decrease of $64.0 million to statutory underwriting loss. Excluding the effects of these events, the loss and loss adjustment expense ratio, other underwriting expense ratio, and combined ratio for the 2001 third quarter were 74.1%, 25.5%, and 99.6%, respectively.
(2)
(3)
NM Not meaningful Reclassified to conform to the current period's presentation.
Page 22
Slide 24: PROPERTY AND CASUALTY
COMMERCIAL LINES (1) (2) (3)
(In millions of dollars)
1Q 2001
Total Revenues, Net of Interest Expense Adjusted Operating Expenses Claims and Claim Adjustment Expenses Core Income (Loss) Before Taxes and Minority Interest Income Taxes (Benefits) Minority Interest, Net of Tax Core Income (Loss) Net written premiums by market: (4) Commercial accounts Select accounts Bond Gulf National accounts Total net written premiums Statutory ratio development (4): Earned premiums (b) Losses and loss adjustment expenses (c) Other underwriting expenses (d) Total deductions Statutory underwriting loss Statutory combined ratio: (4, 5) Loss and loss adjustment expense ratio (c / b) Other underwriting expense ratio (d / a) Combined ratio Net investment income (pre-tax) Effective tax rate on net investment income Catastrophe losses, net of reinsurance (after-tax) $ $ $ (a) $ 1,994 496 1,096 402 106 296 $
2Q 2001
2,040 504 1,125 411 109 302 $
3Q 2001
1,992 479 1,763 (250) (123) (127) $
4Q 2001
2,036 502 1,156 378 97 281 $
1Q 2002
2,047 485 1,200 362 84 278
1Q 2002 vs. 1Q 2001 Increase/ (Decrease)
3% (2%) 9% (10%) (21%) (6%)
$
$
$
$
$
$
761.3 429.4 167.6 174.8 126.2 1,659.3
$
707.7 439.6 142.4 189.5 77.0 1,556.2
$
684.8 411.7 147.8 153.9 115.8 1,514.0
$
804.3 432.5 132.4 90.0 99.9 1,559.1
$
859.3 455.0 131.6 145.0 96.8 1,687.7
13% 6% (21%) (17%) (23%) 2%
$
$
$
$
$
$
1,481.6 1,049.7 493.0 1,542.7 (61.1)
$
1,504.6 1,089.8 449.1 1,538.9
$
1,498.6 1,714.4 450.2 2,164.6
$
1,535.2 1,112.6 434.6 1,547.2
$
1,554.6 1,149.8 460.6 1,610.4
5% 10% (7%) 4% 9%
$
(34.3)
$
(666.0)
$
(12.0)
$
(55.8)
70.8% 29.7% 100.5% 435.0 26.6% 8.2 $ $
72.4% 28.9% 101.3% 435.7 26.8% 12.3 $ $
114.4% 29.7% 144.1% 407.6 26.4% 447.9 $ $
72.5% 27.9% 100.4% 399.2 25.8% 2.1 $ $
74.0% 27.3% 101.3% 382.5 25.4% (12%) NM
(1)
Travelers Property Casualty Corp. (TPC) (a wholly-owned subsidiary of Citigroup on December 31, 2001) sold 231,000,000 shares of class A common stock at $18.50 per share in an initial public offering on March 27, 2002. The offering resulted in an after-tax gain of $1.061 billion to Citigroup. Citigroup plans to make a tax-free distribution to its stockholders of a portion of its ownership interest in TPC by year-end 2002, such that following the distribution, Citigroup would remain a holder of approximately 9.9% of TPC's common equity. The distribution is subject to various regulatory approvals as well as a private letter ruling from the Internal Revenue Service and various other conditions. Citigroup has no obligation to consummate the distribution by the end of 2002 or at all, whether or not these conditions are satisfied. Income statement minority interest will be recognized on the initial public offering portion beginning on April 1, 2002. Excludes Realized Insurance Investment Portfolio Gains (Losses) and Interest Income and Expense. These Gains (Losses) and Interest items are included within the Property and Casualty Business Segments "Realized Insurance Investment Portfolio Gains (Losses)" and "Interest & Other" on pages 2 - 5 herein. Includes the Non-Property and Casualty operations of the Associates Insurance Company beginning in the 2001 fourth quarter due to its acquisition by Travelers Property Casualty Corp. effective October 2001. The 2001 third quarter results include the effects of the events of September 11, 2001, which resulted in a decrease of $45.0 million and $689.0 million to premiums and statutory underwriting loss, respectively, and an increase of $644.0 million to losses and loss adjustment expenses. Excluding the effects of these events, the loss and loss adjustment expense ratio, other underwriting expense ratio, and combined ratio for the 2001 third quarter were 69.3%, 28.9% and 98.2%, respectively. Before policyholder dividends.
(2) (3) (4)
(5)
NM Not meaningful Reclassified to conform to the current period's presentation.
Page 23
Slide 25: PROPRIETARY INVESTMENT ACTIVITIES
(In millions of dollars)
1Q 2001 Revenues:
Proprietary Investments (1) Insurance Portfolio Realized Gains (Losses) (2) Total Revenues $ $ (74) 115 41 $ $
2Q 2001
310 1 311 $ $
3Q 2001
(360) 98 (262) $ $
4Q 2001
565 (71) 494 $ $
1Q 2002
92 25 117
1Q 2002 vs. 1Q 2001 Increase/ (Decrease)
NM (78%) NM
Core Income:
Proprietary Investments (1) Insurance Portfolio Realized Gains (Losses) (2) Total Core Income $ $ (68) 74 6 $ $ 206 2 208 $ $ (249) 64 (185) $ $ 335 (46) 289 $ $ 35 16 51 NM (78%) NM
Total Period End Assets (in billions)
$
10.4
$
10.0
$
9.0
$
9.3
$
9.3
(11%)
(1) Includes Venture Capital Activities and certain other corporate investments. (2) Property and Casualty realized gains (losses) are not included in this segment. These Gains / (Losses) are included within the Property and Casualty Business Segment "Realized Insurance Investment Portfolio Gains (Losses)" on pages 2-5 herein. NM Not meaningful Reclassified to conform to the current period's presentation.
Page 24
Slide 26: INSURANCE INVESTMENT PORTFOLIO (1)
(In millions of dollars)
1Q 2001
Fixed-income investments: Available for sale, at market: Mortgage-backed securities - principally obligations of U.S. Government agencies U.S. Treasury securities and obligations of U.S. Government corporations and agencies Corporates (including redeemable preferreds) Obligations of states and political subdivisions Debt securities issued by foreign governments Held to maturity, at amortized cost Total fixed income Equity securities, at market Short-term and other Total investments held by Insurance companies (2) $
2Q 2001
3Q 2001
4Q 2001
1Q 2002
$
13,032 3,099 30,872 11,349 1,368 29 59,749 2,443 8,029 70,221
$
13,541 2,248 31,321 11,330 1,566 28 60,034 2,321 6,947
$
14,137 2,472 31,510 11,475 1,330 27 60,951 2,112 9,616
$
13,723 3,284 31,091 11,170 1,474 15 60,757 1,633 9,863
$
13,646 3,451 31,668 11,157 1,289 13 61,224 1,572 9,168
$
69,302
$
72,679
$
72,253
$
71,964
After-tax unrealized gains / (losses) on invested assets Total investments held by Travelers Property and Casualty Corp.
$ $
793 31,489
$ $
458 30,410
$ $
904 31,326
$ $
470 32,619
$ $
(26) 32,476
(1) Includes investments held by insurance companies. (2) Includes investments held by Travelers Property and Casualty Corp. NM Not meaningful Reclassified to conform to the current period's presentation.
Page 25
Slide 27: 1Q 2002 vs. 1Q 2001 Increase/ (Decrease)
5% 11% 3% (2%) (6%) (55%) 2% (36%) 14% 2%
NM 3%
Page 25
Slide 28: CITIGROUP CONSOLIDATED STATEMENT OF INCOME
(In millions of dollars)
1Q 2001
Revenues Loan interest, including fees Other interest and dividends Insurance premiums Commissions and fees Principal transactions Asset management and administration fees Realized gains (losses) from sales of investments Other income Total revenues Interest expense Total revenues, net of interest expense Benefits, Claims, and Credit Losses Policyholder benefits and claims Provision for credit losses Total benefits, claims, and credit losses Operating Expenses Non-insurance compensation and benefits Insurance underwriting, acquisition and operating Restructuring-related items (1) Other operating Total operating expenses Gain on Sale of Stock by Subsidiary (2) Income before Income Taxes, Minority Interest and Cumulative Effect of Accounting Changes Provision for income taxes Minority interest, net of income taxes Income before Cumulative Effect of Accounting Changes Cumulative Effect of Accounting Changes (3) Net Income $ $ 10,004 7,169 3,361 4,132 2,325 1,389 451 973 29,804 9,523 20,281 $
2Q 2001
9,753 7,013 3,217 3,752 1,417 1,331 60 1,311 27,854 8,469 19,385 $
3Q 2001
10,289 6,827 3,310 3,840 1,019 1,371 213 845 27,714 8,327 19,387 $
4Q 2001
9,570 5,940 3,572 4,220 783 1,298 (146) 1,413 26,650 5,646 21,004 $
1Q 2002
9,166 5,436 3,364 4,032 1,666 1,320 54 856 25,894 4,899 20,995
1Q 2002 vs. 1Q 2001 Increase/ (Decrease)
(8%) (24%) (2%) (28%) (5%) (88%) (12%) (13%) (49%) 4%
2,727 1,474 4,201
2,681 1,485 4,166
3,403 1,580 4,983
2,948 2,261 5,209
2,789 2,559 5,348
2% 74% 27%
5,329 999 132 4,041 10,501 -
4,762 990 213 3,627 9,592 -
4,525 956 134 3,908 9,523 -
4,833 976 (21) 4,197 9,985 -
5,090 992 47 3,683 9,812 1,270
(4%) (1%) (64%) (9%) (7%) -
5,579 1,990 9 3,580 (42) 3,538 $
5,627 1,960 15 3,652 (116) 3,536 $
4,881 1,678 26 3,177 3,177 $
5,810 1,898 37 3,875 3,875 $
7,105 2,198 17 4,890 (47) 4,843
27% 10% 89% 37% (12%) 37%
(1)
Restructuring-related items in the 2001 first quarter related principally to severance and costs associated with the reduction of staff in the Global Corporate and Investment Bank businesses, in the 2001 second quarter related principally to severance and costs associated with the reduction of staff primarily in the Global Corporate and Investment Bank and Global Consumer businesses, in the 2001 third quarter primarily related to the acquisition of Banamex and the integration of its operations, in the 2001 fourth quarter primarily related to reductions in the reserve due to changes in estimates, and in the 2002 first quarter primarily related to severance and costs associated with the reduction of staff in Argentina within the Latin America consumer and corporate businesses. Travelers Property Casualty Corp. (TPC) (a wholly-owned subsidiary of Citigroup on December 31, 2001) sold 231,000,000 shares of class A common stock at $18.50 per share in an initial public offering on March 27, 2002. The offering resulted in an after-tax gain of $1.061 billion to Citigroup. Citigroup plans to make a tax-free distribution to its stockholders of a portion of its ownership interest in TPC by year-end 2002, such that following the distribution, Citigroup would remain a holder of approximately 9.9% of TPC's common equity. The distribution is subject to various regulatory approvals as well as a private letter ruling from the Internal Revenue Service and various other conditions. Citigroup has no obligation to consummate the distribution by the end of 2002 or at all, whether or not these conditions are satisfied. Income statement minority interest will be recognized on the initial public offering portion beginning on April 1, 2002. Accounting Changes refer to the first quarter 2001 adoption of Statement of Financial Accounting Standards No. 133, "Accounting for Derivative Instruments and Hedging Activities", as amended (SFAS 133), the second quarter 2001 adoption of EITF issue 99-20, "Recognition of Interest Income and Impairment on Purchased and Retained Beneficial Interests in Securitized Financial Assets" (EITF 99-20), and the first quarter 2002 adoption of the remaining provisions of SFAS No. 142, "Goodwill and Other Intangible Assets" (SFAS 142).
(2)
(3)
Page 26
Slide 29: CITIGROUP EARNINGS ANALYSIS - MANAGED BASIS
(In millions of dollars)
1Q 2001
Total Revenues, Net of Interest Expense Effect of Securitization Activities Adjusted Revenues, Net of Interest Expense Total Operating Expenses Restructuring-Related Items (1) Adjusted Operating Expenses Benefits, Claims and Credit Losses Effect of Securitization Activities Adjusted Benefits, Claims and Credit Losses Core Income Before Income Taxes and Minority Interest Taxes on Core Income Minority Interest, Net of Income Taxes Core Income Restructuring-Related Items, After-tax (1) Gain on Sale of Stock by Subsidiary, After-tax (2) Cumulative Effect of Accounting Changes (3) Net Income $ $ 20,281 766 21,047 10,501 (132) 10,369 4,201 766 4,967 5,711 2,042 9 3,660 (80) (42) 3,538 $ $
2Q 2001
19,385 930 20,315 9,592 (213) 9,379 4,166 930 5,096 5,840 2,040 15 3,785 (133) (116) 3,536 $ $
3Q 2001
19,387 907 20,294 9,523 (134) 9,389 4,983 907 5,890 5,015 1,727 26 3,262 (85) 3,177 $ $
4Q 2001
21,004 965 21,969 9,985 21 10,006 5,209 965 6,174 5,789 1,890 37 3,862 13 3,875 $ $
1Q 2002
20,995 1,021 22,016 9,812 (47) 9,765 5,348 1,021 6,369 5,882 2,006 17 3,859 (30) 1,061 (47) 4,843
1Q 2002 vs. 1Q 2001 Increase/ (Decrease)
4% 33% 5% (7%) 64% (6%) 27% 33% 28% 3% (2%) 89% 5% 63% (12%) 37%
(1)
Restructuring-related items in the 2001 first quarter related principally to severance and costs associated with the reduction of staff in the Global Corporate and Investment Bank businesses, in the 2001 second quarter related principally to severance and costs associated with the reduction of staff primarily in the Global Corporate and Investment Bank and Global Consumer businesses, in the 2001 third quarter primarily related to the acquisition of Banamex and the integration of its operations, in the 2001 fourth quarter primarily related to reductions in the reserve due to changes in estimates, and in the 2002 first quarter primarily related to severance and costs associated with the reduction of staff in Argentina within the Latin America consumer and corporate businesses. Travelers Property Casualty Corp. (TPC) (a wholly-owned subsidiary of Citigroup on December 31, 2001) sold 231,000,000 shares of class A common stock at $18.50 per share in an initial public offering on March 27, 2002. The offering resulted in an after-tax gain of $1.061 billion to Citigroup. Citigroup plans to make a tax-free distribution to its stockholders of a portion of its ownership interest in TPC by year-end 2002, such that following the distribution, Citigroup would remain a holder of approximately 9.9% of TPC's common equity. The distribution is subject to various regulatory approvals as well as a private letter ruling from the Internal Revenue Service and various other conditions. Citigroup has no obligation to consummate the distribution by the end of 2002 or at all, whether or not these conditions are satisfied. Income statement minority interest will be recognized on the initial public offering portion beginning on April 1, 2002. Accounting Changes refer to the first quarter 2001 adoption of Statement of Financial Accounting Standards No. 133, "Accounting for Derivative Instruments and Hedging Activities", as amended (SFAS 133), the second quarter 2001 adoption of EITF issue 99-20, "Recognition of Interest Income and Impairment on Purchased and Retained Beneficial Interests in Securitized Financial Assets" (EITF 99-20), and the first quarter 2002 adoption of the remaining provisions of SFAS No. 142, "Goodwill and Other Intangible Assets" (SFAS 142).
(2)
(3)
Page 27
Slide 30: CITIGROUP CONSOLIDATED STATEMENT OF FINANCIAL POSITION
(In millions of dollars)
March 31, 2001 Assets Cash and due from banks (including segregated cash and other deposits) Deposits at interest with banks Federal funds sold and securities purchased under resale agreements Brokerage receivables Trading account assets Investments Loans, net of unearned income Consumer Corporate Loans, net of unearned income Allowance for credit losses Total loans, net Goodwill Intangible assets Reinsurance recoverables Separate and variable accounts Other assets Total assets Liabilities Non-interest-bearing deposits in U.S. offices Interest-bearing deposits in U.S. offices Non-interest-bearing deposits in offices outside the U.S. Interest-bearing deposits in offices outside the U.S. Total deposits Federal funds purchased and securities sold under repurchase agreements Brokerage payables Trading account liabilities Contractholder funds and separate and variable accounts Insurance policy and claims reserves Investment banking and brokerage borrowings Short-term borrowings Long-term debt Other liabilities Citigroup or subsidiary obligated mandatorily redeemable securities of subsidiary trusts holding solely junior subordinated debt securities of --Parent --Subsidiary Total liabilities Stockholders' equity Preferred Stock Common Stock Additional paid-in capital Retained earnings Treasury stock Accumulated other changes in equity from nonowner sources Unearned compensation Total stockholders' equity Total liabilities and stockholders' equity
NM Not meaningful
June 30, 2001 $ 15,081 15,199 138,668 23,238 145,113 123,480 225,018 143,608 368,626 (8,917) 359,709 11,975 7,575 10,636 25,102 77,651 $ 953,427
September 30, 2001 $ 21,877 17,488 138,582 50,004 155,292 147,879 246,779 152,636 399,415 (9,918) 389,497 23,327 8,760 12,064 23,080 80,399 $ 1,068,249
December 31, 2001 $ 18,515 19,216 134,809 35,155 144,904 160,837 248,201 143,732 391,933 (10,088) 381,845 23,861 9,003 12,373 25,569 85,363 $ 1,051,450 $ $
March 31, 2002 15,984 17,189 150,605 26,848 145,059 172,085 246,699 142,262 388,961 (10,520) 378,441 25,506 8,885 12,531 25,981 78,543 1,057,657
March 31, 2002 vs. December 31, 2001 Inc (Decr)
(14%) (11%) 12% (24%) 7% (1%) (1%) (4%) (1%) 7% (1%) 1% 2% (8%) 1%
$
14,373 19,284 134,188 24,592 137,137 125,698 220,780 145,497 366,277 (8,957) 357,320 11,949 7,656 10,507 23,514 78,109
$
944,327
$
16,755 81,637 13,975 200,918 313,285 136,239 13,415 84,783 44,501 45,157 17,843 48,474 118,080 48,971
$
18,056 85,515 14,115 196,912 314,598 148,365 16,517 76,034 46,812 45,432 12,817 45,923 121,705 50,121
$
20,598 102,572 16,463 217,537 357,170 154,709 45,643 74,508 45,714 48,667 9,975 50,632 128,276 67,431
$
23,054 110,388 18,779 222,304 374,525 153,511 32,891 80,543 48,932 49,294 14,804 24,461 121,631 62,486
$
21,652 119,083 18,488 223,166 382,389 165,120 25,790 81,537 49,992 49,840 17,091 24,805 117,757 52,992
(6%) 8% (2%) 2% 8% (22%) 1% 2% 1% 15% 1% (3%) (15%)
2,300 2,620 875,668
2,300 2,275 882,899
4,850 2,275 989,850
4,850 2,275 970,203
4,326 2,380 974,019
(11%) 5% -
1,747 54 17,050 61,660 (10,299) 235 (1,788) 68,659 $ 944,327 $
1,763 54 16,881 64,460 (10,763) (90) (1,777) 70,528 953,427 $
1,774 55 23,150 66,781 (11,170) (559) (1,632) 78,399 1,068,249 $
1,525 55 23,196 69,803 (11,099) (844) (1,389) 81,247 1,051,450 $
1,400 55 23,860 73,798 (11,194) (1,770) (2,511) 83,638 1,057,657
(8%) 3% 6% (1%) NM (81%) 3% 1%
Page 28
Slide 31: CONSUMER LOAN DELINQUENCY AMOUNTS AND NET CREDIT LOSSES AND RATIOS
(In millions of dollars, except loan amounts in billions) EOP Loans Average Loans
90 Days Or More Past Due (1)
Net Credit Losses (1)
1Q01 PRODUCT VIEW:
North America Cards Ratio International Cards Ratio Cards Ratio North America Consumer Finance Ratio International Consumer Finance Ratio Consumer Finance Ratio North America Retail Banking Ratio International Retail Banking Ratio Retail Banking Ratio Private Banking Ratio Other Consumer Ratio $ 1,855 1.82% 146 1.58% 2,001 1.80% 1,597 2.82% 167 1.31% 1,764 2.54% 1,135 2.09% 1,135 3.05% 2,270 2.48% 65 0.27% 5 $
4Q01
1Q02
1Q02
1Q01
4Q01
1Q02
1Q02
2,210 1.99% 174 1.65% 2,384 1.96% 2,001 3.36% 242 1.71% 2,243 3.04% 2,299 3.42% 1,138 3.08% 3,437 3.30% 135 0.53% -
$
2,294 2.13% 194 1.95% 2,488 2.11% 1,979 3.28% 234 1.64% 2,213 2.97% 2,405 3.53% 1,076 2.99% 3,481 3.34% 143 0.52% 1
$
107.7
$
1,217 4.83%
$
1,589 5.86% 104 3.96% 1,693 5.69% 460 3.08% 198 5.40% 658 3.54% 100 0.59% 106 1.12% 206 0.78% 10 0.15% 30
$
1,681 6.33% 112 4.47% 1,793 6.17% 442 3.00% 215 6.41% 657 3.63% 87 0.51% 116 1.28% 203 0.78% 2 0.04% 9
$
107.6
10.0
90 3.86%
10.2
117.7
1,307 4.74%
117.8
60.3
349 2.52% 160 5.03% 509 2.99%
59.8
14.3 74.6
13.6 73.4
68.2
26 0.19%
68.9
36.0
99 1.06%
36.7
104.2
125 0.55%
105.6
27.5
(1) -0.01% (11)
27.0
1.2
1.3
TOTAL MANAGED
Ratio
$
6,105 2.04%
$
8,199 2.51%
$
8,326 2.56%
$
325.2
$
1,929 2.61%
$
2,597 3.17%
$
2,664 3.32%
$
325.1
REGIONAL VIEW:
North America (excluding Mexico) Ratio Mexico Ratio Western Europe Ratio Japan Ratio Asia (excluding Japan) Ratio Latin America Ratio CEEMEA Ratio $ 4,588 2.01% 27 2.24% 802 4.37% 110 0.69% 344 1.32% 180 3.02% 54 1.27% $ 5,556 2.29% 1,032 9.04% 810 4.04% 192 1.16% 385 1.44% 166 3.16% 58 1.22% $ 5,765 2.39% 979 8.71% 818 4.08% 203 1.19% 387 1.46% 102 2.46% 72 1.51% 4.8 4.2 26.4 20.0 11.2 $ 241.5 $ 1,577 2.82% 4 1.12% 82 1.76% 135 3.39% 63 0.96% 58 3.90% 10 1.01% $ 2,114 3.51% 74 2.62% 87 1.72% 175 3.99% 72 1.07% 63 4.23% 12 1.04% $ 2,159 3.63% 61 2.14% 88 1.80% 194 4.81% 79 1.20% 70 5.78% 13 1.18% 4.6 5.0 26.6 19.9 11.5 $ 241.2
17.1
16.3
TOTAL MANAGED
Ratio
$
6,105 2.04%
$
8,199 2.51%
$
8,326 2.56%
$
325.2
$
1,929 2.61%
$
2,597 3.17%
$
2,664 3.32%
$
325.1
(1) The ratios of 90 days or more past due and net credit losses are calculated based on end-of-period and average loans, respectively, both net of unearned income. Reclassified to conform to the current period's presentation.
Page 29
Slide 32: RESERVE FOR LOAN LOSSES
(In millions of dollars)
1Q 2001 Allowance for credit losses at beginning of period Provision for credit losses:
Consumer Corporate 1,197 277 1,474 $ 8,961 $
2Q 2001
8,957 $
3Q 2001
8,917 $
4Q 2001
9,918 $
1Q 2002
10,088
1,196 289 1,485
1,362 218 1,580
1,573 688 2,261
1,878 681 2,559
Gross credit losses:
Consumer Corporate 1,364 331 1,695 199 54 253 1,407 369 1,776 183 82 265 1,511 (14) $ $ $ 8,917 1,224 2.19% 287 0.82% $ $ $ 1,590 400 1,990 211 119 330 1,660 1,081 9,918 1,379 2.28% 281 0.76% $ $ $ 1,884 943 2,827 260 152 412 2,415 324 10,088 1,624 2.62% 791 2.18% $ $ $ 1,898 557 2,455 255 72 327 2,128 1 10,520 1,643 2.71% 485 1.42%
Credit recoveries:
Consumer Corporate
Net credit losses
Other -- net (1)
1,442 (36) $ $ $ 8,957 1,165 2.10% 277 0.81%
Allowance for credit losses at end of period
Net Consumer credit losses As a percentage of average consumer loans Net Corporate credit losses As a percentage of average corporate loans
ALLOWANCE FOR CREDIT LOSSES Consumer Corporate Total Allowance for Credit Losses Allowance As a Percent of Total Loans Consumer Corporate Total (1) 2.24% 2.75% 2.45% 2.18% 2.79% 2.42% 2.21% 2.92% 2.48% 2.22% 3.19% 2.57% 2.32% 3.37% 2.70% $ $ 4,956 4,001 8,957 $ $ 4,914 4,003 8,917 $ $ 5,454 4,464 9,918 $ $ 5,507 4,581 10,088 $ $ 5,732 4,788 10,520
The third quarter 2001 includes the addition of $1 billion of credit loss reserves related to the acquisition of Banamex. A review of the Banamex credit portfolio was completed in the fourth quarter resulting in an increase to the allowance for credit losses. This increase does not relate to credit deterioration in the 2001 fourth quarter.
Page 30
Slide 33: NONPERFORMING ASSETS
(In millions of dollars)
1Q 2001
CASH-BASIS AND RENEGOTIATED LOANS Corporate Cash-Basis Loans Collateral Dependent (at lower of cost or collateral value) (1) Other Total Corporate Cash-Basis Loans Corporate Cash-Basis Loans CitiCapital JENA (2) Other International (3) Insurance Subsidiaries Investment Activities Total Corporate Cash-Basis Loans Corporate Cash Basis Loans as a % of Total Corporate Loans 1.65%
2Q 2001
3Q 2001
4Q 2001
1Q 2002
$ $
528 1,879 2,407
$ $
527 2,079 2,606
$ $
699 2,404 3,103
$ $
699 2,834 3,533
$ $
493 3,502 3,995
$
439 710 1,195 55 8 2,407
$
495 654 1,420 24 13 2,606
$
613 620 1,838 26 6 3,103
$
625 900 1,987 19 2 3,533
$
674 924 2,358 38 1 3,995
$
$
$
$
$
1.81%
2.03%
2.46%
2.81%
Corporate Renegotiated Loans Consumer Loans on which Accrual of Interest has been Suspended
$
434
$
435
$
369
$
336
$
335
$
3,814
$
4,134
$
4,748
$
4,742
$
5,047
OTHER REAL ESTATE OWNED AND OTHER REPOSSESSED ASSETS Consumer (4) Global Corporate and Investment Bank Insurance Subsidiaries Total Corporate (4) Corporate/Other TOTAL OTHER REAL ESTATE OWNED OTHER REPOSSESSED ASSETS (5) $ $ $ 268 178 123 301 8 577 419 $ $ $ 289 199 111 310 8 607 409 $ $ $ 407 189 112 301 9 717 479 $ $ $ 393 147 118 265 8 666 439 $ $ $ 384 145 125 270 654 381
(1) A cash-basis loan is defined as collateral dependent when repayment is expected to be provided solely by the underlying collateral and there are no other available and reliable sources of repayment, in which case the loans are written down to the lower of cost or collateral value. (2) JENA includes Japan, Western Europe and North America. (3) Other International includes Asia (excluding Japan), Mexico, Latin America, Central and Eastern Europe, Middle East and Africa. Banamex loan data from the third quarter of 2001forward is included in Mexico. A review of the Banamex credit portfolio was completed in the fourth quarter which caused Corporate cash-basis loans to increase. This increase does not relate to credit deterioration in the 2001 fourth quarter. (4) Represents repossessed real estate, carried at lower of cost or fair value, less costs to sell. (5) Primarily Corporate transportation equipment, carried at lower of cost or fair value, less costs to sell. Reclassified to conform to the current period's presentation.
Page 31
