7.3 billion - Citigroup

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elated to anticipated forgiveness of principal in connection withthe national mortgage settlement, and Citi expects mortgage netcredit losses will continue to be impacted by principalforgiveness related to the national mortgage settlement. See also―Managing Global Risk—Credit Risk—National MortgageSettlement‖ below. However, Citi also continues to believe thatits loan loss reserves will be sufficient to cover these charge-offs.Excluding the incremental charge-offs, net credit losses in LCLwould have declined 41%. Loan loss reserve releases decreased6%. This decrease was partly offset by the aforementionedreserve release related to the charge-offs on previously deferredprincipal balances on modified mortgages.Assets declined 25% from the prior-year period, driven bythe impact of asset sales and portfolio run-off, includingdeclines in North America mortgages ($17 billion) andinternational loans ($8 billion).25CITIGROUP – 2012 FIRST QUARTER 10-Q
SPECIAL ASSET POOLSpecial Asset Pool (SAP) had approximately $36 billion of assets as of March 31, 2012, which constituted approximately 17% of CitiHoldings assets as of such date. SAP consists of a portfolio of securities, loans and other assets that Citigroup intends to continue toreduce over time through asset sales and portfolio run-off.First QuarterIn millions of dollars, except as otherwise noted 2012 2011 % ChangeNet interest revenue $(102) $ 59 NMNon-interest revenue (304) (66) NMRevenues, net of interest expense $(406 ) $ (7) NMTotal operating expenses $ 63 $ 82 (23)%Net credit losses $ (18) $ 670 NMProvision (releases) for unfunded lending commitments (26) 21 NMCredit reserve builds (releases) (29) (1,001) 97%Provisions for credit losses and for benefits and claims $ (73) $ (310) 76%Income (loss) from continuing operations before taxes $(396) $ 221 NMIncome taxes (benefits) (141) 159 NMNet income (loss) from continuing operations $(255) $ 62 NMNet income (loss) attributable to noncontrolling interests — 59 (100)%Net income (loss) $(255) $ 3 NMEOP assets (in billions of dollars) $ 36 $ 73 (51)%NM Not meaningful1Q12 vs. 1Q11Net income decreased $258 million year-over-year, driven bythe decline in revenues due to lower asset balances as well aslower loan loss reserve releases, partially offset by lowerexpenses and lower net credit losses.Revenues decreased $399 million from the prior-year perioddriven by a net interest revenue decline of $161 million and anon-interest revenue decline of $238 million. The decrease innet interest revenue was driven by the continued decline ininterest-earning assets. Citi continues to expect to incur negativecarrying costs in SAP going forward as the non-interest-earningassets in SAP, which require funding, represent the largerportion of the total asset pool. The decrease in non-interestrevenue was driven by lower positive private equity marks ascompared to the prior-year period and a repurchase reserve buildof $150 million related to private-label mortgage securitizations,partly offset by lower losses on asset sales and the absence of a$709 million pretax net loss from the transfer of $12.7 billion ofsecurities out of investments held-to-maturity during the firstquarter of 2011.Expenses decreased 23%, driven by lower volume and assetlevels, as well as lower legal and related costs.Provisions increased 76% year-over-year as a decrease inloan loss reserve releases ($29 million in the current quartercompared to a release of $1 billion in the prior-year period) waspartially offset by a $688 million decrease in net credit losses.Assets in SAP declined 51% year-over-year, primarilydriven by sales, amortization and prepayments.26CITIGROUP – 2012 FIRST QUARTER 10-Q
Page 1 and 2: UNITED STATESSECURITIES AND EXCHANG
Page 3 and 4: CITIGROUP INCFIRST QUARTER 2012 - F
Page 5 and 6: As described above, Citigroup is ma
Page 7 and 8: The Consumer allowance for loan los
Page 9 and 10: SUMMARY OF SELECTED FINANCIAL DATA
Page 11 and 12: CITIGROUP REVENUESFirst QuarterIn m
Page 13 and 14: GLOBAL CONSUMER BANKINGGlobal Consu
Page 15 and 16: EMEA REGIONAL CONSUMER BANKINGEMEA
Page 17 and 18: ASIA REGIONAL CONSUMER BANKINGAsia
Page 19 and 20: [THIS PAGE INTENTIONALLY LEFT BLANK
Page 21 and 22: 1Q12 vs. 1Q11Net income of $1.2 bil
Page 23 and 24: CITI HOLDINGSCiti Holdings contains
Page 25: LOCAL CONSUMER LENDINGLocal Consume
Page 29 and 30: BALANCE SHEET REVIEWThe following s
Page 31 and 32: transactions, see ―Capital Resour
Page 33 and 34: CAPITAL RESOURCES AND LIQUIDITYCAPI
Page 35 and 36: Common Stockholders’ EquityCitigr
Page 37 and 38: FUNDING AND LIQUIDITYOverviewCiti
Page 39 and 40: The table below details the long-te
Page 41 and 42: Credit RatingsCitigroup‘s funding
Page 43 and 44: OFF-BALANCE-SHEET ARRANGEMENTSCitig
Page 45 and 46: Details of Credit Loss Experience1s
Page 47 and 48: Non-Accrual LoansIn millions of dol
Page 49 and 50: Renegotiated LoansThe following tab
Page 51 and 52: North America Residential First Mor
Page 53 and 54: loans exiting foreclosure inventory
Page 55 and 56: Note: For each of the tables above,
Page 57 and 58: Citi will account for the refinanci
Page 59 and 60: Legacy S&B Securitizations (princip
Page 61 and 62: In addition to the amounts set fort
Page 63 and 64: North America Citi Retail Services
Page 65 and 66: Consumer Loan Net Credit Losses and
Page 67 and 68: CORPORATE LOAN DETAILSFor corporate
Page 69 and 70: EXPOSURE TO COMMERCIAL REAL ESTATET
Page 71 and 72: Value at Risk for Trading Portfolio
Page 73 and 74: AVERAGE BALANCES AND INTEREST RATES
Page 75 and 76: (10) Excludes hybrid financial inst
Page 77 and 78:
ANALYSIS OF CHANGES IN INTEREST EXP
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GIIPSGross funded credit exposure t
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Credit Default SwapsCiti buys and s
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CREDIT DERIVATIVESCitigroup makes m
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DISCLOSURE CONTROLS ANDPROCEDURESCi
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FINANCIAL STATEMENTS AND NOTES TABL
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CONSOLIDATED STATEMENT OF COMPREHEN
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CONSOLIDATED BALANCE SHEET(Continue
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CONSOLIDATED STATEMENT OF CASH FLOW
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ACCOUNTING CHANGESPresentation of C
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2. DISCONTINUED OPERATIONSSale of E
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4. INTEREST REVENUE AND EXPENSEFor
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period. The 2012 deferred cash awar
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9. EARNINGS PER SHAREThe following
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11. INVESTMENTSOverviewIn millions
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The following table presents the am
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During the first quarter of 2011, t
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Evaluating Investments for Other-Th
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Recognition and Measurement of OTTI
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12. LOANSCitigroup loans are report
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Consumer Credit Scores (FICO)In the
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In millions of dollarsRecordedinves
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Corporate LoansCorporate loans repr
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Corporate Loans Credit Quality Indi
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Corporate Troubled Debt Restructuri
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14. GOODWILL AND INTANGIBLE ASSETSG
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15. DEBTShort-Term BorrowingsShort-
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16. CHANGES IN ACCUMULATED OTHER CO
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THIS PAGE INTENTIONALLY LEFT BLANK.
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In millions of dollars As of Decemb
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Funding Commitments for Significant
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Credit Card Securitizations—Citic
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The range in the key assumptions is
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The market for MSRs is not sufficie
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investors in the form of funded not
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are tendered and the Company (in it
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18. DERIVATIVES ACTIVITIESIn the or
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Derivative Mark-to-Market (MTM) Rec
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Key aspects of achieving ASC 815 he
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Credit DerivativesA credit derivati
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19. FAIR VALUE MEASUREMENTASC 820-1
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The key inputs depend upon the type
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Items Measured at Fair Value on a R
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In millions of dollars at December
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Changes in Level 3 Fair Value Categ
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Net realized/unrealizedgains (losse
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— Purchases of Corporate debt tra
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Fair Value(in millions) Methodology
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Items Measured at Fair Value on a N
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20. FAIR VALUE ELECTIONSThe Company
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The following table provides inform
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The following table provides inform
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Financial standby letters of credit
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Value-Transfer NetworksThe Company
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Credit Commitments and Lines of Cre
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Mortgage-Backed Securities and CDO
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Condensed Consolidating Statements
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Condensed Consolidating Balance She
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Condensed Consolidating Statements
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LEGAL PROCEEDINGSFor a discussion o
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Item 6. ExhibitsSee Exhibit Index.1
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EXHIBIT INDEX3.01.1 Restated Certif
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7.3 billion - Citigroup

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