Citigroup results came in better than expected for the second quarter, the firm said Friday, buoyed by growth in emerging markets and its overall loan portfolio.
Earnings were $1.28, compared with the Street at $1.21, and revenue was also above the Street at $17.9 billion, versus $17.5 billion expected. The overall revenue growth came as North America’s top line was up five percent and emerging markets were up 10 percent.
Notable performance by division included a fall-off in equity market trading, which saw an 11 percent drop in sales, and the overall markets and securities services group saw $4.4 billion in revenue.
The overall loan book grew by two percent year on year, matched by a two percent boost in overall deposits. For the second quarter, those tallies came in at $645 billon and $959 billion.
Within global consumer banking and according to supplemental materials filed by the bank with additional insight into divisions, Citi said that credit cards in North America saw $130 million in revenue, up eight percent year over year, while total cards business for the firm as a whole stood at $4.7 billion, up seven percent from a year ago.
Credit losses by business lines, however, were up 21 percent year over year to $1.3 billion, a figure that includes retail sales and branded cards. The credit losses as a percent of average loans was 3.6 percent, up from 3.5 percent last year. That came as loans beyond 90 days past due crept up to 77 basis points from 66 basis points last year. As has been reported, credit costs have risen as Citi has sought to expand its card business.
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