Citigroup reported this morning that its North American card business produced $659 million in third quarter profits, an 18% increase over 3Q/02, as loss rates improved 62 basis points from the second quarter. North American card outstandings, including Diners Club, were up 4%, from $109 billion in 3Q/01 to $113 billion. US and Canadian outstandings grew 5% to $110.8 billion. Volume on North American cards hit $58.3 billion, a 6% gain over last year. However total, end-of-period open accounts for North America, declined 6% to 84.2 million. Citi’s charge-off rate came in at 6.14%, compared to 6.76% in the previous quarter, and 5.96% one year ago. Delinquency (90+ days) was up slightly since 2Q/02, from 1.84% to 1.88%. Globally, Citigroup made $849 million in card profits, a 21% gain. Citigroup also added $206 million to the loan loss reserve established in accordance with FFIEC guidance related to past due interest and late fees on the on-balance sheet credit card receivables offset by net gains recognized due to changes in estimates in the timing of revenue recognition on securitizations. For complete details on Citigroup’s 3Q/02 performance visit CardData ([www.carddata.com]).