Citigroup generated a 49% year-on-year
increase in net profit from global consumer lending operations in
its Citicorp portfolio in the six months to end-June to
$3.15bn.
Net losses from consumer lending in its
Citiholding portfolio, improved by 56% from the year-ago period and
amounted to $1.35bn.
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In North America, net profit from consumer
lending soared to $1.23bn, up from $67m a year ago.
In Latin America net income from consumer
banking increased by 7% to $896m.
EMEA, the bank generated net income from the
retail banking division of $78m, up by 8% year-on-year.
In Asia, however, Citi recorded a 17% decline
in half-year net income from consumer lending to $945m.
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Other key metrics from global consumer
banking included:
- Provisions for loan losses and for benefits and claims fell by
55% to $2.47bn over the year ago period. - Retail banking net income, excluding cards, fell by a fifth to
$1.3bn, while net income from Citi-branded cards soared from $470m
in the first half of 2010 to $1.83bn. - At the end of June, Citi had a 4,207-unit strong branch network
in North America, up by 46 units compared with the year-ago
quarter. - Retail banking accounts rose marginally by 1% over the year-ago
quarter to $59.7bn. - Average deposits amounted to $314.5bn at the end of June, up by
8% year-on-year. - Average loans were up 18% from the corresponding quarter last
year to $129bn. - Despite the decline in net consumer banking income in Asia,
average deposits in the second quarter rose by 15% over a
year ago to $112bn, while average loans increased by a fifth to
$66bn.
Read the highlight from Citi’s North America consumer banking
business
here.
