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This excerpt taken from the C 8-K filed Jan 15, 2008. U.S. Retail Distribution
· Revenues grew 12%, driven by higher average loans and deposits, up 23% and 8%, respectively and gains on asset sales. Volume growth was partially offset by lower net interest margins, reflecting a shift in customer deposits to higher cost Direct Bank and time deposit balances. · Expenses increased 6% due to investment in new branches and higher customer activity. During the quarter, 48 new Citibank branches and 31 new consumer finance branches were opened.
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· Credit costs increased substantially, driven by higher net credit losses and a $376 million pre-tax charge to increase loan loss reserves. Higher credit costs reflected a weakening of leading credit indicators, including higher delinquencies in unsecured personal loans and sales finance, trends in the macroeconomic environment, and portfolio growth. The net credit loss ratio increased 45 basis points to 3.33%, reflecting increased bankruptcy filings. · The net income decline was driven by significantly higher credit costs. This excerpt taken from the C 8-K filed Jan 20, 2006. U.S. Retail Distribution The U.S. Retail Distribution business is comprised of Citibank branches, CitiFinancial branches and Primerica Financial Services. Citibank branches provide personal and small business banking products and services; CitiFinancial branches provide consumer loan products and services; and Primerica Financial Services provides financial products and services through independent agents. This excerpt taken from the C 8-K filed Jan 13, 2006. U.S. Retail Distribution The U.S. Retail Distribution business is comprised of Citibank branches, CitiFinancial branches and Primerica Financial Services. Citibank branches provide personal and small business banking products and services; CitiFinancial branches provide consumer loan products and services; and Primerica Financial Services provides financial products and services through independent agents. | EXCERPTS ON THIS PAGE:
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