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Citi at a Glance
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Franchise Strength & Strategy
Citi and its management team continue to make steady progress toward the successful execution of its strategy, which is to
- Enhance its position as a leading global bank for both institutions and individuals, by building on its unique global network, deep emerging markets expertise, client relationships and product expertise;
- Position Citi to seize the opportunities provided by current trends (globalization, digitization and urbanization) for the benefit of clients;
- Further its commitment to responsible finance; and
- Strengthen Citi’s performance, including gaining market share with clients, making Citi more efficient and productive, and building upon its history of innovation.
In the first quarter of 2017, Citi reported net income of $4.1 billion, or $1.35 per diluted share, on revenues of $18.1 billion. This compared to net income of $3.5 billion, or $1.10 per diluted share, on revenues of $17.6 billion for the first quarter 2016.
Michael Corbat, Chief Executive Officer of Citi, said: “The momentum we saw across many of our businesses towards the end of last year carried into the first quarter, resulting in significantly better overall performance than a year ago. Revenues increased in both our consumer and institutional lines of business, most notably in areas where we have been investing, such as Equities, U.S. Cards and Mexico. We grew loans and deposits and achieved an efficiency ratio of just under 58%, an ROA of 91bps and a ROTCE ex-DTA of over 10%, showing good progress towards achieving our near-term financial targets.
“Through our earnings and the utilization of $800 million in Deferred Tax Assets, we generated $5.5 billion of total regulatory capital before returning $2.2 billion to our shareholders. Our CET Capital 1 ratio rose to 12.8%, and we could not be more committed to continuing to increase the capital we return to our shareholders.”
Citigroup revenues of $18.1 billion in the first quarter 2017 increased 3%, driven by a 16% increase in ICG, as well as a 1% increase in GCB, partially offset by a 40% decrease in Corporate / Other due to the continued wind down of legacy assets. Excluding the impact of foreign exchange translation 6. Citigroup revenues increased 4%.
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Capital Base and Liquidity
Citi is one of the best capitalized financial institutions in the world. Book value per share was $75.86 and tangible book value per share was $65.94 7. each at quarter end, representing a 6% and 5% increase respectively. At quarter end, Citigroup’s Common Equity Tier 1 Capital ratio was 12.8%, up from 12.3% in the prior year period. Citigroup’s Supplementary Leverage Ratio for the first quarter 2017 was 7.3%, down from 7.4% in the prior year period. During the first quarter 2017, Citigroup repurchased approximately 30 million common shares and returned a total of approximately $2.2 billion to common shareholders in the form of common share repurchases and dividends.
Citi’s Value Proposition: A Mission of Enabling Growth and Progress
What You Can Expect From Us & What We Expect From Ourselves
Citi’s mission is to serve as a trusted partner to our clients by responsibly providing financial services that enable growth and economic progress. Our core activities are safeguarding assets, lending money, making payments and accessing the capital markets on behalf of our clients. We have 200 years of experience helping our clients meet the world’s toughest challenges and embrace its greatest opportunities. We are Citi, the global bank—an institution connecting millions of people across hundreds of countries and cities.
We protect people’s savings and help them make the purchases—from everyday transactions to buying a home—that improve the quality of their lives. We advise people on how to invest for future needs, such as their children’s education and their own retirement, and help them buy securities such as stocks and bonds.
We work with companies to optimize their daily operations, whether they need working capital, to make payroll or export their goods overseas. By lending to companies large and small, we help them grow, creating jobs and real economic value at home and in communities around the world. We provide financing and support to governments at all levels, so they can build sustainable infrastructure, such as housing, transportation, schools and other vital public works.
We strive to earn and maintain the public’s trust by constantly adhering to the highest ethical standards. We ask our colleagues to ensure that their decisions pass three tests: they are in our clients’ interests, create economic value, and are always systemically responsible. When we do these things well, we make a positive financial and social impact in the communities we serve and show what a global bank can do.
 Citigroup’s total expenses divided by total revenues for the first quarter 2017.
 Preliminary. Return on average tangible common equity (RoTCE) excluding deferred tax assets (DTAs) is a non-GAAP financial measure. The amount that is excluded from average tangible common equity represents the average net DTAs excluded for purposes of calculating Citigroup’s Common Equity Tier 1 (CET1) Capital under full implementation of the U.S. Basel III rules. For the components of the calculation, see Appendix A of Citi’s First Quarter 2017 Earnings Press Release.
 Preliminary. Citigroup’s CET1 Capital ratio, which reflects full implementation of the U.S. Basel III rules, is a non-GAAP financial measure. For the composition of Citigroup’s CET1 Capital and ratio, see Appendix C of Citi’s First Quarter 2017 Earnings Press Release.
 Preliminary. Citigroup’s Supplementary Leverage Ratio (SLR), which reflects full implementation of the U.S. Basel III rules, is a non-GAAP financial measure. For the composition of Citigroup’s SLR, see Appendix D of Citi’s First Quarter 2017 Earnings Press Release.
 Citigroup’s payout ratio is the sum of common dividends and common share repurchases divided by net income available to common shareholders. For the components of the calculation, see Appendix A of Citi’s First Quarter 2017 Earnings Press Release.
 Results of operations excluding the impact of foreign exchange translation (constant dollar basis) are non-GAAP financial measures. For a reconciliation of these measures to reported results, see Appendices A and B of Citi’s First Quarter 2017 Earnings Press Release.
 Preliminary. Citigroup’s tangible book value per share is a non-GAAP financial measure. For a reconciliation of this measure to reported results, see Appendix E of Citi’s First Quarter 2017 Earnings Press Release.