by Calculated Risk on 4/17/2009 09:47:00 AM
Friday, April 17, 2009
Citi: Net Credit Losses Rising Rapidly
First, Citi has committed to "tell the market exactly" the results of the stress tests:
[I]t made sense to delay the launch of the exchange offer until we could tell the market exactly what the results of the stress test are.
Citigroup, April 17, 2009
![Citi Net Credit Losses](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgXguelEfMVGbs7Rqsyd1XiHsca41qOIf5ShmDqvN9zD4C4kqGZuSBzkKypnMNK-yZUXbuIWFXNXVyjslTHSRhLHdgYTTT4jR_uo9o2diJJysdxF4UiLz4xXw_kXx3Ii-ZiWDNo/s320/CitiNCL.jpg)
Click on graph for larger image in new window.
Note the rapid rise in card NCLs. NCLs jumped from 8.04% in Q4 to 10.18% in Q1 2009.
Mortgage NCLs are rising sharply too.
![Citi Mortgage Net Credit Losses](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhB_6F-POXMydfne1jpRqNMGsgs5zHMquHrM0oveq_XLB9P-nDfyJm9mfUwx6flP-zGnn_3T1UyMj4JsXjV2uirwVUK7VMj6BYH4O0-AMn5mpX-SgtiAEmYCFlGMfF8UahjBggb/s320/NCL1stMortgage.jpg)
The 90+ DPD is increasing rapidly for 1st mortgages - jumping from 5.71% in Q4, to 7.15% in Q1 2009.
Credit losses are still rising rapidly at Citi.