Citibank North America credit card profits rose 4.6% to $564 million in the first quarter. Overall, revenues rose 4.7% to $5.0 billion versus the prior year period, primarily reflecting higher revenues in retail banking.
Retail banking revenues rose 18% from the prior year period to $1.3 billion, reflecting 6% growth in average loans, 1% growth in average deposits, increased mortgage origination activity and improved deposit spreads.
Current period results also included a gain of approximately $110 million related to the sale of branches in Texas, while the prior year period included a gain of approximately $70 million related to a sale-leaseback transaction.
Citi-branded cards revenues of $2.0 billion decreased 1% versus the prior year period, as the impact of lower average loans was partially offset by the impact of 3% growth in purchase sales and an improvement in spreads. Citi retail services revenues increased 1% to $1.6 billion, primarily reflecting the impact of higher spreads and 1% growth in average loans, partially offset by higher contractual partner payment
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Average loans, EOP loans and the related consumer delinquency amounts and ratios include interest and fees receivables balances.
Average yield is calculated as gross interest revenue earned divided by average loans.
Net interest revenue includes certain fees that are recorded as interest revenue.
Net credit margin represents total revenues, net of interest expense, less net credit losses and policy benefits and claims.