7.3 billion - Citigroup

Common Stockholders’ EquityCitigroup‘s common stockholders‘ equity increased during thethree months ended March 31, 2012 by $4.0 billion to $181.5billion, and represented 9% of total assets as of March 31, 2012.The table below summarizes the change in Citigroup‘s commonstockholders‘ equity during the first quarter of 2012:In billions of dollarsCommon stockholders’ equity, December 31, 2011 $177.5Citigroup‘s net income 2.9Employee benefit plans and other activities (1) —Net change in accumulated other comprehensiveincome (loss), net of tax 1.1Common stockholders’ equity, March 31, 2012 $181.5(1) As of March 31, 2012, $6.7 billion of common stock repurchases remainedunder Citi‘s authorized repurchase programs. No material repurchaseswere made in the first quarter of 2012.Tangible Common Equity and Tangible Book Value PerShareTangible common equity (TCE), as defined by Citigroup,represents common equity less goodwill, intangible assets (otherthan mortgage servicing rights (MSRs), and related net deferredtax assets. Other companies may calculate TCE in a mannerdifferent from that of Citigroup. Citi‘s TCE was $149.2 billionat March 31, 2012 and $145.4 billion at December 31, 2011.The TCE ratio (TCE divided by risk-weighted assets) was15.3% at March 31, 2012 and 14.9% at December 31, 2011.TCE and tangible book value per share, as well as relatedratios, are capital adequacy metrics used and relied upon byinvestors and industry analysts; however, they are non-GAAPfinancial measures for SEC purposes. A reconciliation ofCitigroup‘s total stockholders‘ equity to TCE, and book valueper share to tangible book value per share, as of March 31, 2012and December 31, 2011, follows:In millions of dollars or shares,except ratios and per-share dataMar. 31,2012Dec. 31,2011Total Citigroup stockholders’ equity $ 181,820 $ 177,806Less:Preferred stock 312 312Common equity $ 181,508 $ 177,494Less:Goodwill 25,810 25,413Intangible assets (other than MSRs) 6,413 6,600Related net deferred tax assets 41 44Tangible common equity (TCE) $ 149,244 $ 145,437Tangible assetsGAAP assets $1,944,423 $ 1,873,878Less:Goodwill 25,810 25,413Intangible assets (other thanMSRs) 6,413 6,600Related deferred tax assets 327 322Tangible assets (TA) $1,911,873 $ 1,841,543Risk-weighted assets (RWA) $ 973,730 $ 973,369TCE/TA ratio 7.81% 7.90%TCE/RWA ratio 15.33% 14.94%Common shares outstanding (CSO) 2,932.2 2,923.9Book value per share(common equity/CSO) $ 61.90 $ 60.70Tangible book value per share(TCE/CSO) $ 50.90 $ 49.7434CITIGROUP – 2012 FIRST QUARTER 10-Q