Citibank’s average yield for its North America retail credit card portfolio dropped slightly year-on-year (YOY) in the first quarter (1Q/16).
However, charge-offs spiked quarter-to-quarter (QTQ) as both early stage and late stage delinquency edged upward during the first quarter.
Citi’s retail credit card portfolio includes ExxonMobil, Macy’s, Sears, Shell, Best Buy, Home Depot and many others.
Citi’s average yield for its North America retail credit card business for 1Q/16 was 16.92%, compared to 16.49% for 4Q/15, and 16.96% for 1Q/15.
The net interest revenue (NIR) ratio, which includes some fees, declined by 8 basis points (bps) sequentially for 1Q/16, and down by 5 bps YOY to 17.36%.
Purchase dollar volume (PDV) for the first quarter was up 2.4% YOY for 1Q/16 at $16.9 billion, compared to $23.5 billion for 4Q/15 and $16.5 billion for 1Q/15.
Citi’s end-of-period (EOP) 1Q/16 outstandings rose slightly 0.2% YOY to $42.5 billion, compared to $46.1 billion for 4Q/15, and $42.4 billion for 1Q/15.
Citi’s average (AVG) retail credit card outstandings rose 2.3% YOY in 1Q/16 to $44.0 billion, compared to $44.1 billion for 4Q/15, and $43.9 billion for 1Q/15.
Citi’s North America retail credit card accounts (GAC) slipped 0.7% YOY to 88.1 million, compared to 89.9 million for the prior quarter, and 88.7 million for the year ago quarter.
Delinquency (30-89 day) for the North America retail credit card portfolio declined 6 bps QTQ, but up 3 bps YOY in 1Q/16. Citi reported an early stage delinquency rate of 1.62%, compared to 1.68% for 4Q/15, and 1.59% for 1Q/15.
Late-stage delinquency (90+ days) increased 3 bps from 4Q/15 and by 12 bps YOY. Citi reported a late stage delinquency rate of 1.56% for 1Q/16, compared to 1.53% for 4Q/15, and 1.48% for 1Q/15.
Charge-offs rose sharply QTQ by 38 bps and by 14 bps YOY. Citi reported a charge-off rate of 4.14% for 1Q/16, compared to 3.76% for 4Q/15, and 4.00% for 1Q/15.
CITIBANK U.S. RETAIL CARDAS
1Q/15: $16.5 billion
2Q/15: $20.2 billion
3Q/15: $19.8 billion
4Q/15: $23.5 billion
1Q/16: $16.9 billion
1Q/15: $42.4 billion
2Q/15: $43.2 billion
3Q/15: $43.1 billion
4Q/15: $46.1 billion
1Q/16: $42.5 billion
1Q/15: $43.9 billion
2Q/15: $42.6 billion
3Q/15: $43.1 billion
4Q/15: $44.1 billion
1Q/16: $44.0 billion
1Q/15: 88.7 million
2Q/15: 89.5 million
3Q/15: 89.5 million
4Q/15: 89.9 million
1Q/16: 88.1 million
30-89 DAY DELINQUENCY
90+ DAY DELINQUENCY
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