Citigroup reported a stunning $873 million third quarter loss for its North American Cards unit, compared to $178 million in the prior quarter, and compared to an $808 million profit in the year ago quarter, due to soaring losses. Third quarter revenues for North American cards dropped 60% year-on-year from $3.5 billion to $1.4 billion. The managed net charge-off ratio increased 262 basis points to 7.13% for North American cards from 3Q/07 and jumped 60 basis points from the prior quarter. The 90-day delinquency ratio for North American cards increased 9 basis points from the prior quarter to 2.11%, and as compared to 1.60% for 3Q/07. Citi also reported 145.3 million open accounts at the end of the third quarter in North America, compared to 149.1 million one-year ago. Purchase volume for North American cards dropped 3% to $80.3 billion, compared to $83.1 billion for 3Q/07. North American managed loans rose 3% year-on-year to $151.1 billion and flat compared to the prior quarter. Citi also reported that it also took card losses in the EMEA region and Latin America. For complete details on Citigroup’s 3Q/08 performance, visit CardData ([www.carddata.com](http://www.carddata.com)).
North American Credit Card Net Income
3Q/07: $808 million
4Q/07: $322 million
1Q/08: $537 million
2Q/08: $178 million
3Q/08: (-$873 million)
Source: CardData (www.carddata.com)