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  • Citigroup Inc. (NYSE:C) - Citi Asia Net income expected less in Second Half

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    Thursday August 12, 2010 at 10:12 am EST
    Citi® - Asia retail may see a Slow Down in Second Half
     
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    Citigroup Inc's (NYSE:C) Asian banking unit doubled its net income in the First half of 2010 but the Citi is unlikely to repeat it in Second half. Falling credit losses and lower levels of reserve accumulation were responsible for the first half income. 
    Head of Citi's consumer banking unit in Asia, Jonathan Larsen said "Those growth numbers partly reflect an improved environment and the fact that credit losses are much lower, First of all, the losses themselves are lower, and secondly you don't have to build reserves."
    Citi's Asian consumer banking net income was $1.15 billion for the first six months of this year, a growth of more than 100 percent from 2009. Citi is also planning to open some new branches in China as well as Hongkong.

    Citigroup Inc. (NYSE:C) Shares closed at $3.85 on Wednesday Which is just above support level of $3.7. Earlier on Tuesday, I had predicted that Citi may fall to this level.

    Resistance levels above - $4.07, $4.22 and $4.43
    Support Levels - $3.7 and $3.42.

    Shares of Citigroup Inc (NYSE:C) were down 4% on Wednesday after the Market crashed on fresh economic woes. If Citi drops below $3.7, It will be a good buy. Buying Citigroup Inc. (NYSE:C) options will also be a smart move. Citi group Inc. (NYSE:C) finally was no able to continue its resistance aagainst major price change on Thursday. Citigroup Inc.(NYSE:C) was ranked as No. 1 Corporate Credit Card Issuer by Nilson Report on Tuesday. Citi also announced that It will  raise more Long-Term debt than estimated earlier. Citi is expected to stay highly volatile until the Federal shares are sold in the market.

     
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