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Citigroup sees slightly lower returns from branded cards business
July 20, 2017 / 4:39 PM / in 3 months

Citigroup sees slightly lower returns from branded cards business

NEW YORK, July 20 (Reuters) - Citigroup Inc trimmed its outlook on Friday for the profitability of its North American branded credit cards business to a 2.15 percent return on assets from 2.25 percent.

Chief Financial Officer John Gerspach, speaking in a quarterly conference call with fixed income investors, said the change is a result of changing interest rates and a greater portion of the business coming from its new Costco co-branded card. The Costco card, he said, is outperforming expectations and will bring in more revenue and income, but with a lower return on assets. (Reporting by David Henry in New York)

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