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Banco Citibank reports 50.5% growth in H1 profit

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Banco Citibank reports 50.5% growth in H1 profit

Banco Citibank SA reported net profit of 341.55 million Brazilian reais in the first half of 2017, up 50.5% from 227.01 million reais recorded in the same period in 2016 on increased profits from financial intermediation and fee income, the bank said on Aug. 10.

Gross profit from financial intermediation was 1.41 billion reais in the first half, up from 1.04 billion year over year. Fee income increased to 538.97 million reais in the period from 295.07 million reais in the first half of 2016.

Personnel expenses, meanwhile, amounted to 611.92 million reais in the first half of 2017, up from 548.20 million reais and other administrative expenses grew to 715.73 million reais from 692.67 million reais in the same period last year. Other operating expenses also grew to 835.81 million reais in the period, from 764.76 million reais.

The bank's loan portfolio totaled 18.13 billion reais in the first half, down from 18.82 billion reais in the first half of 2016. Loan provisions increased from 1.22 billion reais from 1.08 billion reais.

Itaú Unibanco Holding SA purchased Citigroup Inc.'s Brazilian retail business for 710 million Brazilian reais, or roughly US$220.2 million in October 2016. The deal included Banco Citibank SA's loans, deposits, credit cards, branches, asset management along with other operations.

The transfer of the business to Itaú is subject to the approval by Brazilian antitrust regulator Cade. In July, the superintendent-general of the regulator issued an opinion recommending approving the conclusion of the merger.

The case has been sent to the court of Cade for the final decision. The legal deadline for Cade's final decision is within 240 days, which could be extended by another 90 days.

As of Aug. 14, US$1 was equivalent to 3.19 Brazilian reais.