Losses in Citi Card Trust Rise to 2.18% in September, Delinquencies Reach 1.35%
Key Facts
Net principal losses in the Citi Card Issuance Trust rose to 2.18% in September 2026, from 2.03% in August and 1.90% in July, while delinquencies of 30 days or more increased to 1.35% from 1.29% in August. Citi data showed the three-month moving average was 2.04% for losses and 1.31% for short-term delinquencies. Delinquencies of 90 days or more rose to 0.65% in September, compared with 0.63% in August, and stood at 0.65% in July. These rates apply to the Citi Card Issuance Trust and do not alone represent the bank’s entire portfolio. The trust’s total principal receivables stood at $18,666,367,041 on September 25, with no monthly comparison in the data shown.
The monthly indicators present a mixed picture: losses and delinquencies of 30 days or more rose from August, but losses remained below their three-month moving average, while delinquencies of 90 days or more returned to July’s level. The principal payment rate increased to 41.45% in September from 39.07% in August, after reaching 43.84% in July. The trust’s gross yield was 25.03% in September, compared with 24.05% in August and 23.41% in July, while its three-month average was 24.16%. Delinquency rates are calculated by dividing total receivables delinquent 30 days or more or 90 days or more by principal receivables and finance charges as of the last full weekend of the month. Citi says receivables delinquent more than 180 days are charged off under FFIEC guidelines, and net charge-offs include recoveries.
In the broader picture, Citi reported revenue of $23.8 billion and net income of $5.2 billion in the third quarter of 2026, with diluted earnings per share of $2.85. A year earlier, revenue was $22.1 billion, net income was $3.8 billion and earnings per share were $1.86. The company said revenue grew 8% year over year, supported by services, wealth management, markets and banking, partly offset by a decline in the other activities line. Credit loss provisions were $2.6 billion, including $2.2 billion in net credit losses and a net reserve build of $369 million. Citi attributed the reserve build to changes in the macroeconomic outlook and portfolio growth.
In U.S. Personal Banking, consumer card revenue was $4.7 billion in the third quarter, unchanged from a year earlier; net interest income rose 6% as interest-earning balances increased, while noninterest revenue fell 62% because of higher partner payments and rewards costs. The sector’s net credit losses fell 4% year over year, which the company attributed mainly to improved performance in private-label cards. Citi said loss and delinquency rates across its overall U.S. card portfolio declined year over year, and that 86% of card balances belonged to customers with credit scores of 660 or higher. Chief Executive Jane Fraser also said general-purpose cards led loan growth and the sector’s return exceeded 21% in the quarter. The sector’s results and card balances in the second and third quarters include the impact of adding the American Airlines co-branded card portfolio in the second quarter.
Across the market, the average delinquency rate among seven major card issuers was 2.62% in September, up from 2.51% in August, while the average net charge-off rate fell to 2.09% from 2.15%. Over a longer period, the U.S. Consumer Financial Protection Bureau said delinquency rates for general-purpose and private-label cards rose from late 2021 until returning to pre-pandemic levels by the end of 2023, then remained relatively stable in 2024. Citi shares closed at $122.51 on October 22, 2026. They had closed at $124.26 on October 16, then at $121.69 on October 19, $122.51 on October 20 and $123.85 on October 21. The next update on the bank’s results is due on January 14, 2027, when Citi reports fourth-quarter 2026 results.