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
10/17/201416:23:38Oil Futures Halt Slide Notch Gain for Second Straight Day...
10/16/201411:00:09Philadelphia Fed October Business Index Slows
10/14/201423:21:08Citigroup Consumer Chief Plans to Leave
10/14/201423:09:23Citigroup Consumer Chief Plans to Leave -- Update
10/14/201421:59:36Global Oil Glut Sends Prices Plunging
10/14/201417:58:52MARKET SNAPSHOT: S&P 500 Snaps 3-day Losing Streak
10/14/201417:54:46Market Swoon Bruises Some Hedge Funds--Update 1
10/14/201417:34:58MARKET SNAPSHOT: U.S. Stocks Rise Amid Upbeat Earnings
10/14/201417:33:08U.S. Hot Stocks: Hot Stocks to Watch
10/14/201417:26:48MARKET SNAPSHOT: U.S. Stocks: Futures Climb As Citi, J&J Earnings...
10/14/201412:36:27MARKET SNAPSHOT: U.S. Stocks: Futures Climb As JPM Reports, Citi...
10/14/201410:23:56MARKET SNAPSHOT: U.S. Stocks: Futures Flat As JPM, Citi Earnings...
10/13/201417:26:25U.S. Stocks Drop Again
10/13/201416:41:12MARKET SNAPSHOT: U.S. Stocks End Monday Sharply Lower On Late...
10/13/201416:04:10MARKET SNAPSHOT: U.S. Stocks Build On Last Week's Losses
10/13/201415:59:37MARKET SNAPSHOT: U.S. Stocks Build On Last Weeks Losses
10/13/201413:47:36MARKET SNAPSHOT: U.S. Stocks Drift Higher Off Day's Lows
10/13/201411:12:37MARKET SNAPSHOT: U.S. Stocks Drop; S&P 500 Falls Below 1,900
10/13/201410:27:05MARKET SNAPSHOT: U.S. Stocks Flip-flop After Brutal Losses
10/13/201409:58:24MARKET SNAPSHOT: U.S. Stocks Inch Higher; CSX Corp Jumps

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 1999-2007 ADVFN PLC. | Privacy Policy | Investment Warning | Data accreditations | Investor Relations

ADVFNADVFN ItalyADVFN GermanyADVFN FranceADVFN BrazilADVFN JapanADVFN UKADVFN US noad