Latin America only bright spot for Citigroup in tough first quarter

Monday, April 18, 2011

Latin America was the only region carrying water for US financial services firm Citigroup (NYSE: C) in the first quarter, with regional earnings rising by 17.5% year-on-year in an otherwise bleak quarter.

The group's Latin America revenue rose by 9% year-on-year in the quarter, to US$3.299bn, while net income expanded by 17.5%, to US$926mn, partly on positive foreign exchange developments, Citigroup executives said during a conference call.

By contrast, the company's Europe, Middle East and Africa (EMEA) business saw revenue drop by 12.3%, to US$3.293bn, while net income dropped by 19%, to US$1.09bn.

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Similarly, North American net income dropped by nearly 30% - to US$1.12bn - while income from the company's Asia business also dropped by almost 30%, to US$955mn.

Those poor results in its businesses outside Latin America led to a rough quarter overall for Citigroup, which saw its earnings fall by 28.7% year-on-year, to US$3.03bn.

To read the full earnings release, go to this link