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C » Topics » CONSOLIDATED STATEMENT OF INCOME (Unaudited)

This excerpt taken from the C 10-Q filed May 4, 2007.

CONSOLIDATED STATEMENT OF INCOME (Unaudited)

 
   Three Months Ended March 31,
  
In millions of dollars, except per share amounts

   2007
   2006(1)
  
Revenues              
Interest revenue   $ 28,132   $ 21,873  
Interest expense     17,562     12,107  
   
 
 
Net interest revenue   $ 10,570   $ 9,766  
   
 
 
Commissions and fees   $ 5,773   $ 5,188  
Principal transactions     2,997     2,117  
Administration and other fiduciary fees     1,949     1,705  
Realized gains (losses) from sales of investments     473     379  
Insurance premiums     838     770  
Other revenue     2,859     2,258  
   
 
 
Total non-interest revenues   $ 14,889   $ 12,417  
   
 
 
Total revenues, net of interest expense   $ 25,459   $ 22,183  
   
 
 
Provision for credit losses and for benefits and claims              
Provision for loan losses   $ 2,706   $ 1,396  
Policyholder benefits and claims     261     227  
Provision for unfunded lending commitments     —     50  
   
 
 
Total provision for credit losses and for benefits and claims   $ 2,967   $ 1,673  
   
 
 
Operating expenses              
Compensation and benefits   $ 8,699   $ 8,263  
Net occupancy expense     1,529     1,382  
Technology/communication expense     979     886  
Advertising and marketing expense     617     603  
Restructuring expense     1,377     —  
Other operating expenses     2,370     2,224  
   
 
 
Total operating expenses   $ 15,571   $ 13,358  
   
 
 
Income from continuing operations before income taxes and minority interest   $ 6,921   $ 7,152  
Provision for income taxes     1,862     1,537  
Minority interest, net of taxes     47     60  
   
 
 
Income from continuing operations   $ 5,012   $ 5,555  
   
 
 
Discontinued operations              
Income from discontinued operations   $ —   $ 1  
Gain on sale     —     21  
Provision (benefit) for income taxes and minority interest, net of taxes     —     (62 )
   
 
 
Income from discontinued operations, net of taxes   $ —   $ 84  
   
 
 
Net income   $ 5,012   $ 5,639  
   
 
 
Basic earnings per share(2)              
Income from continuing operations   $ 1.02   $ 1.13  
Income from discontinued operations, net of taxes     —     0.02  
   
 
 
Net Income   $ 1.02   $ 1.14  
   
 
 
Weighted average common shares outstanding     4,877.0     4,920.7  
   
 
 
Diluted earnings per share(2)              
Income from continuing operations   $ 1.01   $ 1.11  
Income from discontinued operations, net of taxes     —     0.02  
   
 
 
Net income   $ 1.01   $ 1.12  
   
 
 
Adjusted weighted average common shares outstanding     4,967.9     5,007.9  
   
 
 
(1)
Reclassified to conform to the current period's presentation.

(2)
Due to rounding, earnings per share on continuing and discontinued operations may not sum to earnings per share on net income.

See Notes to the Unaudited Consolidated Financial Statements.

80

This excerpt taken from the C 10-Q filed May 5, 2006.

CONSOLIDATED STATEMENT OF INCOME (Unaudited)

 
   Three Months Ended March 31,
In millions of dollars, except per share amounts
  2006
   2005(1)
Revenues            
Loan interest, including fees   $ 12,809   $ 11,273
Other interest and dividends     9,055     6,262
Insurance premiums     770     735
Commissions and fees     4,906     4,393
Principal transactions     2,117     2,215
Asset management and administration fees     1,705     1,508
Realized gains (losses) from sales of investments     379     243
Other revenue     2,549     1,991
   
 
Total revenues   $ 34,290   $ 28,620
Interest expense     12,107     7,424
   
 
Total revenues, net of interest expense   $ 22,183   $ 21,196
   
 
Provision for credit losses and for benefits and claims            
Provision for loan losses   $ 1,396   $ 1,813
Policyholder benefits and claims     227     217
Provision for unfunded lending commitments     50     —
   
 
Total provision for credit losses and for benefits and claims   $ 1,673   $ 2,030
   
 
Operating expenses            
Compensation and benefits   $ 8,263   $ 6,486
Net occupancy expense     1,382     1,241
Technology/communication expense     886     866
Advertising and marketing expense     603     641
Other operating expenses     2,224     2,170
   
 
Total operating expenses   $ 13,358   $ 11,404
Income from continuing operations before income taxes and minority interest   $ 7,152   $ 7,762
Provision for income taxes     1,537     2,484
Minority interest, net of taxes     60     163
   
 
Income from continuing operations   $ 5,555   $ 5,115
   
 
Discontinued operations            
Income from discontinued operations   $ 1   $ 483
Gain on sale     21     —
Provision (benefit) for income taxes and minority interest, net of taxes     (62 )   157
   
 
Income from discontinued operations, net of taxes   $ 84   $ 326
   
 
Net income   $ 5,639   $ 5,441
   
 
Basic earnings per share(2)            
Income from continuing operations   $ 1.13   $ 0.99
Income from discontinued operations, net of taxes     0.02     0.07
   
 
Net Income   $ 1.14   $ 1.06
   
 
Weighted average common shares outstanding     4,920.7     5,133.3
   
 
Diluted earnings per share(2)            
Income from continuing operations   $ 1.11   $ 0.98
Income from discontinued operations, net of taxes     0.02     0.06
   
 
Net income   $ 1.12   $ 1.04
   
 
Adjusted weighted average common shares outstanding     5,007.9     5,226.0
   
 
(1)
Reclassified to conform to the current period's presentation.

(2)
Due to rounding, earnings per share on continuing and discontinued operations may not sum to earnings per share on net income.

See Notes to the Unaudited Consolidated Financial Statements.

76

CITIGROUP INC. AND SUBSIDIARIES

EXCERPTS ON THIS PAGE:

10-Q
May 4, 2007
10-Q
May 5, 2006

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