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- High corporate cash balances are keeping loan demand subdued
- Released $3bln in credit reserves in vote of confidence for economic outlook
- $24.2bln of consumer loan portfolio, or 2.9%, in payment deferral, down from $29.3bln in prior quarter
- Deferred payments & fees for 3.6mln consumer and SME clients- Both commercial & consumer loan portfolios saw declines in losses and net charge-off
- Credit card revenues up 2% on lower customer payment deferrals and seasonally higher spending
- Uncertainty in 2021 forecasts due to: soft industry loan demand, credit spreads tightening & elevated mortgage market prepayments
- Citi's credit card biz revenue fell 13% due to lower purchase sales and higher payment rates
- Credit costs fell, reflecting better outlook for global GDP & fewer portfolio downgrades