Latin American consumer banking shines for Citi in Q4, earnings up almost threefold

- Tuesday, January 18, 2011

Latin American consumer banking shines for Citi in Q4, earnings up almost threefold

Citigroup (NYSE: C) saw profits from its Latin American consumer banking operations jump almost threefold in the fourth quarter to US$447mn compared with US$113mn in 4Q09, according to the group's latest earnings release.

The Latin American consumer banking segment was the second largest earnings generator for Citigroup's global consumer banking business in the quarter, trailing only Asia.

The group's securities and banking business segment in the region reported profits of US$337mn compared with US$338mn in the same quarter in 2009.

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The transaction services segment saw its earnings climb to US$172mn in the fourth quarter from US$146mn in 4Q09.

Citigroup reported group-wide net profits of US$1.3bn in 4Q10 compared with a net loss of US$7.6bn in the year-ago quarter. The full year net profit amounted to US$10.6bn compared with a net loss of US$1.6bn in 2009.

To read the full earnings release, go to this link