As Citibank’s international card business winds down, especially in Asia, there were significant declines in fourth quarter (Q4/14) profits across all three regions. The Asia region posted a 32% YOY decline, the LAC region was down 18% YOY and the EMEA region posted an US$18MM loss for Q4/14.
Combined the three regions contributed $228 million in net income to Citibank for the final quarter of 2014.
In the Asia region Q4/14 net income for Citi-branded cards decreased 29% sequentially and decreased 32% year-on-year (YOY) to $114 million. Citi has 16.5 million open accounts in the Asia region producing $20.6 billion in purchase volume and $18.4 billion in End-of-Period (EOP) outstandings for the fourth quarter of 2014.
In the Latin America region fourth quarter net income for Citi-branded cards decreased 15% sequentially and 18% YOY to $132 million. Citi has 8.8 million open accounts in the Latin America region producing $8.4 billion in purchase volume and $10.9 billion in EOP outstandings for the fourth quarter of 2014.
In the Europe Middle East and Africa (EMEA) region fourth quarter net loss for Citi-branded cards was $18 million, compared to net income of $11 million in prior quarter and $16 million in the year ago quarter. Citi has 2.0 million open accounts in the EMEA region producing $2.4 billion in purchase volume and $2.2 billion in EOP outstandings for Q4/14.
RAM Research projects Citi International Card Profits to decrease to $208 million in the first quarter.
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EOP outstandings include interest and fees receivables balances.