Citibank 2008 Annual Report Download - page 49
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strong growth across all products resulting in 35% growth. S&B grew 17%
driven by 19% growth in loans. Growth was also negatively impacted by
foreign exchange, acquisitions and portfolio purchases.
Non-interest revenue increased 66% as S&B benefited from favorable
market conditions. Outside of S&B, non-interest revenue increased 69% due
to the $245 million gain on Visa shares in 2007 and Investment Sales in
Consumer Banking and GWM. Growth was also positively impacted by
foreign exchange, acquisitions and portfolio purchases.
Operating expenses increased 37% primarily driven by the impact of
acquisitions, strengthening local currencies and repositioning charges,
partially offset by the benefits of reengineering.
Provisions for loan losses and for benefits and claims increased 46%
primarily driven by a $410 million incremental pretax charge to increase
loan loss reserves including a change in estimate of loan losses inherent in
the loan portfolio but not yet visible in delinquency statistics, along with
portfolio growth, increased credit costs in India, acquisitions, and the
increase in net credit losses in CFJ due to the adverse operating environment
and the impact of Japan consumer lending laws passed in the fourth quarter
of 2006.
43