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Citi Earnings Better, Delinquency Worse

Q2 originations to come in around $28 billion

July 17, 2009

By staff

Income improved at Citigroup Inc., though delinquency has doubled over the past year. The company has ceased reporting residential origination data in its earnings report -- though government data analyzed by indicates business improved.

The New York-based institution reported second-quarter earnings today. But changes in the report's format that highlighted operations under Citi Holdings -- a unit that now includes CitiMortgage and CitiFinancial -- resulted in the omission of origination data.

A spokesman confirmed that home loan production is no longer reported.

But data reported to the U.S. Department of the Treasury by recipients of funds from the Troubled Asset Recovery Program indicated that during just April and May, residential production was $18.9 billion, including $0.2 billion in home-equity loan fundings.

The level of activity puts Citigroup's second-quarter production on track to reach around $28 billion -- better than $22.4 billion reported for the first quarter and about the same as $28.5 billion in the second-quarter 2008.

The third-party mortgage servicing portfolio ended June at $581.2 billion, lower than $599.2 billion at the end of March and $654.4 billion a year earlier. Residential mortgage holdings fell to $186.3 billion from $194.5 billion on March 31 and $209.0 billion on June 30, 2008.

Residential delinquency of at least 90 days at Citi Holdings was 6.52 percent, rising from 5.90 percent three months earlier and more than double 3.09 percent 12 months earlier.

Citi Holdings commercial real estate assets ended the latest period at $11.1 billion, lower than $11.3 billion three months prior and $12.1 billion one year prior.

Net income at Citi Holdings was $1.4 billion, a vast improvement from the $5.3 billion loss recorded in the first quarter and the $5.2 billion loss in last year's second quarter. Citi Holdings' local consumer lending unit, however, had a $4.2 billion loss in the most recent period, worsening from a $1.4 billion loss in the first quarter and a $1.2 billion loss the year before.

At $4.3 billion, Citigroup Inc.'s earnings more than doubled the first quarter's $1.6 billion net income. The company said it had a $2.5 billion loss a year earlier.

Headcount declined to around 279,000 from around 309,000 in the first quarter of 2009.

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