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Citigroup 1st Quarter Mortgage Banking Income Up 24%

Income at CitiFinancial unit jumps 45% on continued efficiencies

April 15, 2002

By MortgageDaily.com staff

Citigroup Inc. reported in its first quarter earnings announcement that income from its mortgage banking operations was up 24% from last year to $93 million. The increase in net income at the segment was fueled by a 25% jump in revenues, which were almost $300 million.

Income at the CitiFinancial unit jumped 45% to $320 million. Citigroup said that the improvement in earnings at the subprime unit was due to an 11% increase in revenues combined with a 17% decrease in expenses. The company attributed the reduced expenses largely to continued efficiencies from the Associates integration. Citigroup said pricing actions and lower funding costs more than offset a 47 basis point increase in the loss rate over the prior year period.

Citigroup said its overall core income for the quarter of $3.86 billion included an $816 million pretax, or $519 million after-tax, charge reflecting the impact of the economic conditions in Argentina.

"Recent events in Argentina, including the imposition of currency translation regulations, the structuring of compensation bonds and the resumption of foreign exchange trading of the peso, have enabled us to determine with a greater degree of certainty the impact of the economic crisis in that country," said Sanford I. Weill, Chairman and CEO. "Given this extraordinary situation, including actions taken by the Argentine government, we have taken substantial write-downs against our corporate and consumer loan portfolios and made prudent additions to our loan loss reserve."

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