Own Debt Valuation Adjustments (DVA) Own debt valuation adjustments are recognized on Citi’s liabilities for which the fair value option has been elected using Citi’s credit spreads observed in the bond market.
Effective January 1, 2016, changes in fair value of fair value option liabilities related to changes in Citigroup’s own credit spreads (DVA) are reflected as a component of AOCI.
See Note 1 to the Consolidated Financial Statements for additional information.
Among other variables, the fair value of liabilities for which the fair value option has been elected (other than non-recourse and similar liabilities) is impacted by the narrowing or widening of the Company’s credit spreads.
The estimated changes in the fair value of these liabilities due to such changes in the Company’s own credit spread (or instrument-specific credit risk) were a gain of $1,415 million and a loss of $680 million for the years ended December 31, 2018 and 2017, respectively.
Changes in fair value resulting from changes in instrument-specific credit risk were estimated by incorporating the Company’s current credit spreads observable in the bond market into the relevant valuation technique used to value each liability as described above.
The Fair Value Option for Financial Assets and Financial Liabilities Selected Portfolios of Securities Purchased Under Agreements to Resell, Securities Borrowed, Securities Sold Under Agreements to Repurchase, Securities Loaned and Certain Non-Collateralized Short-Term Borrowings The Company elected the fair value option for certain portfolios of fixed income securities purchased under agreements to resell and fixed income securities sold under agreements to repurchase, securities borrowed, securities loaned and certain non-collateralized short-term borrowings held primarily by broker-dealer entities in the United States, United Kingdom and Japan.
In each case, the election was made because the related interest rate risk is managed on a portfolio basis, primarily with offsetting derivative instruments that are accounted for at fair value through earnings.
Changes in fair value for transactions in these portfolios are recorded in Principal transactions.
The related interest revenue and interest expense are measured based on the contractual rates specified in the transactions and are reported as Interest revenue and Interest expense in the Consolidated Statement of Income.
Certain Loans and Other Credit Products Citigroup has also elected the fair value option for certain other originated and purchased loans, including certain unfunded loan products, such as guarantees and letters of credit, executed by Citigroup’s lending and trading businesses.
None of these credit products are highly leveraged financing commitments.
Significant groups of transactions include loans and unfunded loan products that are expected to be either sold or securitized in the near term, or transactions where the economic risks are hedged with derivative instruments, such as purchased credit default swaps or total return swaps where the Company pays the total return on the underlying loans to a third party.
Citigroup has elected the fair value option to mitigate accounting mismatches in cases where hedge accounting is complex and to achieve operational simplifications.
Fair value was not elected for most lending transactions across the Company.
The following table provides information about certain credit products carried at fair value:
## Table 0 ##
In addition to the amounts reported above, $1,137 million and $508 million of unfunded commitments related to certain credit products selected for fair value accounting were outstanding as of December 31, 2018 and 2017, respectively.
GLOBAL CONSUMER BANKING Global Consumer Banking (GCB) consists of consumer banking businesses in North America, Latin America (consisting of Citi’s consumer banking business in Mexico) and Asia.
GCB provides traditional banking services to retail customers through retail banking, including commercial banking, and Citi-branded cards and Citi retail services (for additional information on these businesses, see “Citigroup Segments” above and “Managing Global Risk—Consumer Credit” below).
GCB is focused on its priority markets in the U. S. , Mexico and Asia with 2,410 branches in 19 countries and jurisdictions as of December 31, 2018.
Asia GCB also includes traditional retail banking and Citi-branded card products that are provided to retail customers in certain EMEA countries.
At December 31, 2018, GCB had approximately $432 billion in assets and $308?billion in deposits.
GCB’s overall strategy is to leverage Citi’s global footprint and be the pre-eminent bank for the emerging affluent and affluent consumers in large urban centers.
In credit cards and in certain retail markets (including commercial banking), Citi serves customers in a somewhat broader set of segments and geographies.
## Table 1 ##
Table continues on the next page, including footnotes
For federal income tax purposes, distributions to our stockholders are generally treated as nonqualified ordinary dividends (potentially eligible for the lower effective tax rates available for "qualified REIT dividends" for tax years beginning after 2017) qualified ordinary dividends or return of capital.
The IRS requires historical C corporation earnings and profits to be distributed prior to any REIT distributions, which may affect the character of each distribution to our stockholders, including whether and to what extent each distribution is characterized as a qualified or nonqualified ordinary dividend.
For the years ended December 31, 2015, 2016 and 2017, the dividends we paid on our common shares were classified as follows:
## Table 2 ##
Dividends paid during the years ended December 31, 2015, 2016 and 2017 which were classified as qualified ordinary dividends for federal income tax purposes primarily related to the distribution of historical C corporation earnings and profits related to certain acquisitions completed during the years ended December 31, 2015, 2016 and 2017.
The change in the percentage of our dividends that were characterized as a return of capital in 2015 and 2016 (11.6% and 33.5%, respectively) compared to 2017 (0.0%) is primarily a result of the impact of the Deemed Repatriation Transition Tax (as defined in Note 7 to Notes to Consolidated Financial Statements included in this Annual Report) associated with the Tax Reform Legislation that impacted the characterization of our 2017 dividends for United States federal income tax purposes.
See the Tax Reform section of "Critical Accounting Policies" within Item 7.
Management's Discussion and Analysis of Financial Condition and Results of Operations included in this Annual Report for further disclosure regarding the impact of the Deemed Repatriation Transition Tax and the Tax Reform Legislation on our 2017 dividends.
At The Market (ATM) Equity Program In October 2017, we entered into a distribution agreement (the “Distribution Agreement”) with a syndicate of 10 banks (the “Agents”) pursuant to which we may sell, from time to time, up to an aggregate sales price of $500.0 million of our common stock through the Agents (the “At The Market (ATM) Equity Program”).
Sales of our common stock made pursuant to the Distribution Agreement may be made in negotiated transactions or transactions that are deemed to be “at the market” offerings as defined in Rule 415 under the Securities Act of 1933, as amended (the "Securities Act"), including sales made directly on the NYSE, or sales made to or through a market maker other than on an exchange, or as otherwise agreed between the applicable Agent and us.
We intend to use the net proceeds from sales of our common stock pursuant to the At The Market (ATM) Equity Program for general corporate purposes, including financing the expansion of our data center business and adjacent businesses through acquisitions, and repaying amounts outstanding from time to time under the Revolving Credit Facility (as defined in Note 4 to Notes to Consolidated Financial Statements included in this Annual Report).
During the quarter ended December 31, 2017 under the At The Market (ATM) Equity Program, we sold an aggregate of 1,481,053 shares of common stock for gross proceeds of approximately $60.0 million, generating net proceeds of $59.1 million after deducting commissions of $0.9 million.
As of December 31, 2017, the remaining aggregate sale price of shares of our common stock available for distribution under the At The Market (ATM) Equity Program was approximately $440.0 million.
Equity Offering On December 12, 2017, we entered into an underwriting agreement (the “Underwriting Agreement”) with a syndicate of 16 banks (the “Underwriters”), related to the public offering by us of 14,500,000 shares (the “Firm Shares”) of our common stock (the “Equity Offering”).
The offering price to the public for the Equity Offering was $37.00 per share, and we agreed to pay the Underwriters an underwriting commission of $1.38195 per share.
The net proceeds to us from the Equity Offering, after deducting underwriters' commissions, was $516.5 million.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued) (Dollar amounts in thousands except per share data) Note 12—Shareholders’ Equity Share Data: A summary of preferred and common share activity is as follows:
## Table 3 ##
* Retroactively adjusted for stock split described in Note 1 Acquisition of Common Shares: Torchmark shares are acquired from time to time through open market purchases under the Torchmark stock repurchase program when it is believed to be the best use of Torchmark’s excess cash flows.
Torchmark suspended its share repurchase program temporarily from the first quarter of 2009 until the first quarter of 2010 because of uncertain economic conditions.
Share repurchases under this program were 18.9 million shares at a cost of $788 million in 2011, 5.7 million shares at a cost of $204 million in 2010, and 3.1 million shares at a cost of $47 million in 2009.
When stock options are exercised, proceeds from the exercises are generally used to repurchase approximately the number of shares available with those funds in order to reduce dilution.
Shares repurchased for dilution purposes were 4.4 million shares at a cost of $185 million in 2011, 1.1 million shares at a cost of $42 million in 2010, and 30 thousand shares at a cost of $869 thousand in 2009.
Retirement of Treasury Stock: Torchmark retired 7.5 million shares of treasury stock in 2011, 6 million in 2010, and 3 million in 2009.
Restrictions: Restrictions exist on the flow of funds to Torchmark from its insurance subsidiaries.
Statutory regulations require life insurance subsidiaries to maintain certain minimum amounts of capital and surplus.
Dividends from insurance subsidiaries of Torchmark are limited to the greater of prior year statutory net income excluding realized capital gains on an annual noncumulative basis, or 10% of prior year surplus, in the absence of special regulatory approval.
Additionally, insurance company distributions are generally not permitted in excess of statutory surplus.
Subsidiaries are also subject to certain minimum capital requirements.
In 2011, subsidiaries of Torchmark paid $769 million in dividends to the parent company, including $305 million available from the proceeds from the sale of United Investors.
During 2012, a maximum amount of $470 million is expected to be available to Torchmark in dividends and transfers from subsidiaries without regulatory approval.

<table><tr><td></td><td>December 31, 2018</td><td>December 31, 2017</td></tr><tr><td>In millions of dollars</td><td>Trading assets</td><td>Loans</td><td>Trading assets</td><td>Loans</td></tr><tr><td>Carrying amount reported on the Consolidated Balance Sheet</td><td>$10,108</td><td>$3,224</td><td>$8,851</td><td>$4,374</td></tr><tr><td>Aggregate unpaid principal balance in excess of fair value</td><td>435</td><td>741</td><td>623</td><td>682</td></tr><tr><td>Balance of non-accrual loans or loans more than 90 days past due</td><td>—</td><td>1</td><td>—</td><td>1</td></tr><tr><td>Aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due</td><td>—</td><td>—</td><td>—</td><td>1</td></tr></table>
<table><tr><td>In millions of dollars, except as otherwise noted</td><td>2018</td><td>2017</td><td>2016</td><td>% Change2018 vs. 2017</td><td>% Change2017 vs. 2016</td></tr><tr><td>Net interest revenue</td><td>$28,583</td><td>$27,425</td><td>$26,232</td><td>4%</td><td>5%</td></tr><tr><td>Non-interest revenue</td><td>5,194</td><td>5,413</td><td>5,392</td><td>-4</td><td>—</td></tr><tr><td>Total revenues, net of interest expense</td><td>$33,777</td><td>$32,838</td><td>$31,624</td><td>3%</td><td>4%</td></tr><tr><td>Total operating expenses</td><td>$18,590</td><td>$18,003</td><td>$17,627</td><td>3%</td><td>2%</td></tr><tr><td>Net credit losses</td><td>$6,920</td><td>$6,562</td><td>$5,610</td><td>5%</td><td>17%</td></tr><tr><td>Credit reserve build (release)</td><td>563</td><td>965</td><td>708</td><td>-42</td><td>36</td></tr><tr><td>Provision (release) for unfunded lending commitments</td><td>—</td><td>-2</td><td>3</td><td>100</td><td>NM</td></tr><tr><td>Provision for benefits and claims</td><td>103</td><td>116</td><td>106</td><td>-11</td><td>9</td></tr><tr><td>Provisions for credit losses and for benefits and claims(LLR & PBC)</td><td>$7,586</td><td>$7,641</td><td>$6,427</td><td>-1%</td><td>19%</td></tr><tr><td>Income from continuing operations before taxes</td><td>$7,601</td><td>$7,194</td><td>$7,570</td><td>6%</td><td>-5%</td></tr><tr><td>Income taxes</td><td>1,839</td><td>3,316</td><td>2,639</td><td>-45</td><td>26</td></tr><tr><td>Income from continuing operations</td><td>$5,762</td><td>$3,878</td><td>$4,931</td><td>49%</td><td>-21%</td></tr><tr><td>Noncontrolling interests</td><td>7</td><td>9</td><td>7</td><td>-22</td><td>29</td></tr><tr><td>Net income</td><td>$5,755</td><td>$3,869</td><td>$4,924</td><td>49%</td><td>-21%</td></tr><tr><td>Balance Sheet data and ratios(in billions of dollars)</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Total EOP assets</td><td>$432</td><td>$428</td><td>$411</td><td>1%</td><td>4%</td></tr><tr><td>Average assets</td><td>423</td><td>417</td><td>395</td><td>1</td><td>6</td></tr><tr><td>Return on average assets</td><td>1.36%</td><td>0.93%</td><td>1.25%</td><td></td><td></td></tr><tr><td>Efficiency ratio</td><td>55</td><td>55</td><td>56</td><td></td><td></td></tr><tr><td>Average deposits</td><td>$307</td><td>$306</td><td>$298</td><td>—</td><td>3</td></tr><tr><td>Net credit losses as a percentage of average loans</td><td>2.26%</td><td>2.21%</td><td>2.01%</td><td></td><td></td></tr><tr><td>Revenue by business</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Retail banking</td><td>$14,065</td><td>$13,481</td><td>$12,990</td><td>4%</td><td>4%</td></tr><tr><td>Cards<sup>-1</sup></td><td>19,712</td><td>19,357</td><td>18,634</td><td>2</td><td>4</td></tr><tr><td>Total</td><td>$33,777</td><td>$32,838</td><td>$31,624</td><td>3%</td><td>4%</td></tr><tr><td>Income from continuing operations by business</td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Retail banking</td><td>$2,304</td><td>$1,656</td><td>$1,538</td><td>39%</td><td>8%</td></tr><tr><td>Cards<sup>-1</sup></td><td>3,458</td><td>2,222</td><td>3,393</td><td>56</td><td>-35</td></tr><tr><td>Total</td><td>$5,762</td><td>$3,878</td><td>$4,931</td><td>49%</td><td>-21%</td></tr></table>
<table><tr><td></td><td colspan="3">Year Ended December 31,</td></tr><tr><td></td><td>2015</td><td>2016</td><td>2017</td></tr><tr><td>Nonqualified ordinary dividends</td><td>49.3%</td><td>45.5%</td><td>82.1%</td></tr><tr><td>Qualified ordinary dividends</td><td>39.1%</td><td>21.0%</td><td>17.9%</td></tr><tr><td>Return of capital</td><td>11.6%</td><td>33.5%</td><td>—%</td></tr><tr><td></td><td>100.0%</td><td>100.0%</td><td>100.0%</td></tr></table>
<table><tr><td></td><td colspan="2"> Preferred Stock</td><td colspan="2">Common Stock*</td></tr><tr><td></td><td> Issued</td><td> Treasury Stock</td><td>Issued</td><td>Treasury Stock</td></tr><tr><td> 2009:</td><td></td><td></td><td></td><td></td></tr><tr><td>Balance at January 1, 2009</td><td>0</td><td>0</td><td>128,812,123</td><td>-1,750,651</td></tr><tr><td>Grants of restricted stock</td><td></td><td></td><td></td><td>115,060</td></tr><tr><td>Issuance of common stock due to exercise of stock options</td><td></td><td></td><td></td><td>189,258</td></tr><tr><td>Treasury stock acquired</td><td></td><td></td><td></td><td>-3,104,700</td></tr><tr><td>Retirement of treasury stock</td><td></td><td></td><td>-3,000,000</td><td>3,000,000</td></tr><tr><td>Balance at December 31, 2009</td><td>0</td><td>0</td><td>125,812,123</td><td>-1,551,033</td></tr><tr><td> 2010:</td><td></td><td></td><td></td><td></td></tr><tr><td>Grants of restricted stock</td><td></td><td></td><td></td><td>121,923</td></tr><tr><td>Forfeitures of restricted stock</td><td></td><td></td><td></td><td>-10,621</td></tr><tr><td>Issuance of common stock due to exercise of stock options</td><td></td><td></td><td></td><td>1,273,598</td></tr><tr><td>Treasury stock acquired</td><td></td><td></td><td></td><td>-6,781,364</td></tr><tr><td>Retirement of treasury stock</td><td></td><td></td><td>-6,000,000</td><td>6,000,000</td></tr><tr><td>Balance at December 31, 2010</td><td>0</td><td>0</td><td>119,812,123</td><td>-947,497</td></tr><tr><td> 2011:</td><td></td><td></td><td></td><td></td></tr><tr><td>Grants of restricted stock</td><td></td><td></td><td></td><td>173,553</td></tr><tr><td>Forfeitures of restricted stock</td><td></td><td></td><td></td><td>-7,153</td></tr><tr><td>Issuance of common stock due to exercise of stock options</td><td></td><td></td><td></td><td>4,829,892</td></tr><tr><td>Treasury stock acquired</td><td></td><td></td><td></td><td>-23,281,453</td></tr><tr><td>Retirement of treasury stock</td><td></td><td></td><td>-7,500,000</td><td>7,500,000</td></tr><tr><td>Balance at December 31, 2011</td><td>0</td><td>0</td><td>112,312,123</td><td>-11,732,658</td></tr></table>

Question: If net income develops with the same growth rate in 2018, what will it reach in 2019? (in million)
Answer: 8560.35797