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Home Equity Performance Weakens, But Citi Remains Strong.
NEW YORK -- Financial services behemoth Citigroup posted second quarter earnings that were up 18% from a year earlier, but the company's consumer banking division wasn't one of the drivers of that increase.
Citi's global consumer banking division posted earnings of $2.7 billion in net income for the second quarter of 2007, down 15% from the year earlier period. Within U.S. consumer banking, Citi said it anticipates higher losses on second mortgages.
Citigroup's U.S. consumer division, which includes mortgage lending, saw credit costs rise $183 million compared with the year earlier. That resulted in a net charge of $245 million to increase loss reserves. In the year earlier period, Citi benefited from a release from its loss provision.
But while Citi reported lower net income from its U.S. consumer division in the second quarter, it also said that revenue from the group was up from a year earlier. Citi cited an increase in net interest revenue and loan servicing revenue for the growth in revenue. The acquisition of ABN Amro Mortgage Group in March of this year also generated higher revenue. Citi said the increase in loss provision primarily reflected higher delinquencies in second mortgages, a change in the estimate of loan losses related to credit cards, and portfolio growth.
Citigroup, in a presentation to investors and analysts, stressed that the company's exposure to subprime mortgages is limited. The company said that 15% of its $147 ...
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