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Citi Production Down Over a Third

$14.1 billion Q1 production

April 18, 2011

By staff

Home-loan production at Citigroup Inc. was down 35 percent from the fourth quarter, though the company managed a year-over-year gain. Delinquency improved and repurchase costs fell.

Loan originations were $14.1 billion in the first quarter, diving from $21.8 billion three months earlier, earnings data released Monday indicated. Fundings were higher, however, than $10.3 billion a year earlier.

The third-party mortgage servicing portfolio at the regional consumer banking operation finished last month at $196.0 billion, climbing from $191.9 billion in the prior period. The portfolio amounted to $191.2 billion on March 31, 2010.

Citi's consumer unit owned $25.8 billion in real estate loans, more than the $23.5 billion owned in the fourth quarter and the $24.4 billion owned in the same quarter during 2010.

Delinquency of at least 30 days on non-agency loans closed out the quarter at 1.33 percent, dropping from 1.47 percent but higher than 1.20 percent in the first quarter of last year.

At Citi Holdings, the third-party servicing portfolio fell to $244.4 billion from $259.9 billion and was well below the $341.4 billion of a year prior. Citi Holding's residential assets finished March at $119.9 billion, also lower than the fourth quarter, when the total was $125.6 billion, and lower than $147.7 billion a year earlier.

Citi Holding's residential delinquency rate tumbled to 9.05 percent form the prior quarter's 10.59 percent and the prior year's 12.70 percent.

The New York-based company cut its repurchase reserve balance to $944 million from $969 million in the fourth quarter. Repurchase losses realized fell to $151 million from $235 million.

Commercial real estate loans on the balance sheet fell to $2.0 billion from the fourth quarter's $3.4 billion and from $10.3 billion at the end of March 2010.

CRE delinquency fell to 4.30 percent from 4.65 percent but was a little worse than 4.29 percent at the same point in 2010.

Net income from continuing operations before taxes was $4.2 billion, higher than $1.1 billion three months earlier and lower than $5.3 billion a year earlier.

The direct staff at Citigroup was unchanged from the fourth quarter at 260,000. The level of staffing was 263,000 at the same point last year.

Citi operated 1,000 retail branches, one less than the prior quarter and three fewer than a year earlier.

Citigroup profile

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