Citibank North America branded credit card metrics exploded in the third quarter (3Q/16) as the Costco card segment kicked into high gear. However, card income sank more than 35% year-on-year (YOY) in 3Q/16.
North America Citi-branded card
revenue jumped 14.7% YOY to $2213 million for 3Q/16, compared to $1907 million in the prior quarter and $1930 million for the year ago quarter. For 2015, Citi averaged $1952 million per quarter.
North America (N.A.) Citi-branded card income collapsed by 35.6% YOY to $336 million for 3Q/16, compared to $334 million in the prior quarter and $522 million for the year ago quarter. For 2015, Citi averaged $519 million per quarter.
End-of-Period (EOP) credit card outstandings soared by 25.5% YOY, compared to 20.2% YOY growth for 2Q/16. At the end of 3Q/16 Citi had $81.3 billion in U.S. EOP credit card outstandings, compared to $77.5 billion at the end of the prior quarter and $64.8 billion at the end of the year ago quarter.
Average N.A. credit card outstandings (OUT) jumped by 24.2% YOY, compared to 5.5% YOY growth for 2Q/16. During the third quarter Citi had $79.2 billion in U.S. average credit card OUT, compared to $66.7 billion for 2Q/16 and $63.9 billion for 3Q/15.
Citi N.A. credit card PDV increased 56.9% YOY to $73.1 billion for 3Q/16, compared to $53.1 billion for 2Q/16 and $46.6 billion for 3Q/15.
Citi N.A.’s EOP gross accounts (GAC) increased 39.5% YOY to a 32.5 million for 3Q/16. For the previous quarter Citi reported 31.8 million GAC and 23.3 million one-year ago.
Citi N.A.’s consumer credit card early-stage (30-89 day) delinquency increased 9 basis points (bps) YOY and 16 bps Quarter-To-Quarter (QTQ) for 3Q/16. The issuer reported a 30-89 day delinquency ratio of 0.87% for 3Q/16, compared to 0.71% for 2Q/16 and 0.87% for 3Q/15.
Citi N.A.’s consumer credit card late-stage (90+ day) delinquency declined 1 bps YOY but up 9 bps QTQ for 3Q/16. The issuer reported a 90+ day delinquency ratio of 0.75% for 3Q/16, compared to 0.66% for 2Q/16 and 0.76% for 3Q/15.
Citi N.A. consumer credit card charge-off (CO) ratio was down 50 bps YOY and down by 57 bps QTQ for 3Q/16. The issuer reported at charge-offs ratio of 2.25% for 3Q/16, compared to 2.82% for 2Q/16 and 2.75% for 3Q/15.
Citi N.A. credit card average yield (YLD) was down 14 bps QTQ and down 38 bps YOY. For 3Q/16 the yield was 9.90%, compared to 10.04% for 2Q/16 and 10.28% for 3Q/15.
Citi N.A. credit card net interest revenue (NIR) was down 26 bps QTQ and down 51 bps YOY. For 3Q/16 the NIR was 9.46%, compared to 9.72% for 2Q/16 and 10.05% for 3Q/15.
For additional analysis, charts and graphs on Citi’s 3Q/16 performance access CardData.
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