Citi June Credit Card Charge-Offs Hit 2.25%, Delinquencies at 1.30%
C sits 53% above its 52-week low of $87.94.
Summary
Citigroup's June credit card charge-off rate rose to 2.25%, with delinquencies at 1.30%, per an SEC filing. This follows yesterday's strong Q2 report and a 5.3% stock drop on higher expense guidance. Rising consumer credit losses add a new layer of concern, potentially signaling stress in the bank's card portfolio. The data comes amid a strategic repositioning away from consumer markets, but the U.S. card business remains a core profit driver. Traders will weigh whether this uptick is seasonal or the start of a deteriorating credit trend.
At the time of this announcement, C was trading at $134.40 on NYSE in the Finance sector, with a market capitalization of approximately $230.5B. The 52-week trading range was $87.94 to $147.96. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.