Citigroup Reports 1Q2009 Financial Results

Citigroup Inc. today reported net income for the first quarter of 2009 of $1.6 billion and a loss per share of $0.18.

In its North American credit card business, "purchase sales declined 18% reflecting a continued decline in discretionary and non-discretionary consumer spending. Average managed loans declined 4% due to lower purchase sales and balance transfer volumes, partially offset by a decline in payment rates."

"Continued weakening of leading credit indicators and trends in the macro-economic environment, including rising unemployment, higher bankruptcy filings and the housing market downturn, drove higher credit costs. Credit costs also reflected a significant increase in delinquencies, as well as the continued acceleration in the rate at which delinquent customers advanced to write-off. The managed net credit loss ratio increased 395 basis points to 8.88% in the Citi branded portfolio and 508 basis points to 12.40% in the retail partners portfolio."