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CitiFinancial Income Up 40%

Increase from 2nd quarter 2000 attributed to Associates integration and receivable growth

July 17, 2001

By SAM GARCIA

In its second quarter income announcement, CitiGroup (NYSE: C) reported Monday that income from its CitiFinancial unit rose 40% to $286 million from the same period last year. The increase was attributed to substantial cost savings from the Associates integration, as well as a thirteen percent receivables growth and a lower cost of funds. According to the announcement, integration cost savings are running well ahead of targets.

The company said it continues to focus on raising standards in the industry and that it recently announced it would stop selling single premium credit insurance. In addition, after instituting a stringent new broker code of conduct, it severed relationships with more than 1000 mortgage brokers.

MortgageDaily.com
As reported in Reuters recently, CitiGroup has been dogged by criticism of its so-called ''subprime'' lending practices since buying Associates First Capital last year. The Federal Trade Commission in March charged Associates with widespread and systematic loan abuses.

For the first six months of 2001 CitiFinancial has earned $498 million.

Late Monday, shares of CitiGroup were trading at $48.90, up four cents.


Sam Garcia has been in mortgage lending since 1980, and is managing editor of MortgageDaily.com. He also owns and operates CloseNow.com, a real estate portal site.

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