ADVFN - Advanced Financial Network.
HOME» NYSE » C » C Stock Price » C Stock News

Citigroup Share News

 Citigroup Stock Price
C Stock Price
 Citigroup Stock Chart
C Stock Chart
 Citigroup Stock News
C Stock News
 Citigroup Company Information
C Company Information
 Citigroup Stock Trades
C Stock Trades

Citigroup Mexico Unit Banamex 2Q Net Profit Slides 15% On Year

--Banamex results represent 11% of Citi's 2Q net profit --Drop in trading-activity income curbs bottom line --Bank grows deposits, loans to offset lower fees, interest rates By Amy Guthrie Of DOW JONES NEWSWIRES MEXICO CITY -(Dow Jones)- Citigroup Inc.'s (C) Mexican unit Banamex said its second-quarter net profit fell 15% on the year to MXN4.49 billion pesos ($384 million) as sharply lower gains from positions in financial market securities cut into its bottom line. Still, the Mexican bank's net profit represents more than 11% of the $3.34 billion in net profit that Citigroup reported for the same period. Banamex approved payment last year of around $1.4 billion in dividends to Citigroup, its second dividend disbursement since the U.S. banking giant bought Banamex in 2001. Executives said Thursday that Banamex paid MXN8 billion of those dividends during the first six months of the year, which brought the Mexican bank's capitalization level down to around 18% from about 20%. The Mexican unit aims to distribute the remaining MXN8 billion at a pace that allows it to sustain its current capitalization ratio. The bank reported return on equity of 11.3% for the April-June period versus 6.4% in the first quarter and 12.7% in the second quarter of 2010. The main drag on the latest quarter's results came from market activity. Banamex booked net profit of MXN414 million from trading in the second quarter versus MXN2.87 billion in the year-ago period and a MXN1.40 billion trading loss in the first quarter. Javier Arrigunaga, head of the financial group, attributed Banamex's year-on-year decrease in trading gains to market volatility. "We have a bigger market position than some other banks," he said. Banamex, Mexico's second-biggest bank by assets and deposits, said growth in deposits and loans during the second quarter more than compensated for the impact of lower commissions and interest rates. The bank said its credit portfolio stood at MXN346 billion as of the end of June, up from MXN332 billion at the end of March and MXN340 billion a year earlier. Banamex said it experienced double-digit credit growth in areas such as personal loans and mortgages, while corporate financing slid 7% on the year as clients liquidated short-term debt. The bank said its nonperforming loan rate stood at 1.7%, flat on the year but up from 1.2% in the first quarter. Deposits rose 15% to MXN459 billion. -By Amy Guthrie, Dow Jones Newswires; (5255) 5980-5177; amy.guthrie@dowjones.com

Stock News for Citigroup (C)
DateTimeHeadline
09/26/201612:15:12Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/26/201611:00:00Carnival Boosts Guidance as Profit Rises 17%
09/23/201613:15:00Citi Sells Reinsurance Block to Munich Re
09/23/201612:43:12Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/23/201606:02:55Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/22/201618:30:00Wells Fargo CEO Steps Down From Federal Reserve Advisory Council
09/22/201607:40:00Itau in Talks to Buy Citigroup Brazil Unit
09/22/201607:29:00Itau in Talks to Buy Citigroup's Brazil Consumer-Banking Arm
09/21/201616:55:59Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/21/201616:35:13Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/21/201616:27:25Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/21/201613:00:00Citi Private Bank Continues to Build out Latin American Team
09/20/201619:30:00Record Companies' U.S. Revenue Up 8.1% in First Half of 2016
09/20/201611:43:15Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/20/201610:34:24Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/20/201606:02:28Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/20/201602:00:00Pipeline Break Lights a Fire Under Gasoline Prices Across Southeast
09/19/201617:14:47Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/19/201616:54:19Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)
09/19/201613:25:54Prospectus Filed Pursuant to Rule 424(b)(2) (424b2)

Citigroup and other New York Stock Exchange stock quotes are delayed by at least 20 minutes.
All other stock price data is delayed by at least 15 minutes unless otherwise stated.
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Contact Us | Copyright 1999-2015 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad