Citi sees growth in its global credit cards business

CITIBANK sees strong growth in its international markets for the credit cards business - profits from which are already close to half of its earnings for the total cards business - said Judson Linville, global head of Citi's cards business, at a press briefing yesterday.

"There is a huge opportunity for growth," said Mr Linville, noting that even with China adjusting its GDP growth target, it would remain "a multiple" of that in the United States. Net credit margins are also attractive in the international markets, he noted.

Pre-tax earnings from the international branded cards business - or business outside of North America - stood at US$2.1 billion as at the fourth quarter of last year, making up about 45 per cent of total earnings of US$4.8 billion. The remainder of total earnings comes from North America.