One big bank’s quarterly results confirm what many had already feared – that smaller players are likely losing out to their larger counterparts in one very valuable mortgage market segment.
Citigroup released its quarterly results Thursday, and they indicate an exponential growth in mortgage originations.
The bank originated $8.8 billion in the second quarter of this year, a 42 percent year-over-year increase and a 26 percent increase over the prior quarter.
The news follows a number of other big banks announcing their own mortgage originations had seen increases this past quarter.
JPMorgan announced earlier this week that its originations were $29.3 billion, up 74 percent year-over-year.
And on Wednesday, the Bank of America announced that residential mortgage and home equity loan originations were up 40 percent year-over-year to $19.2 billion.
As for Citigroup, along with the impressive origination growth, the bank announced a net income of $4.8 billion in Q2.
It also announced a revenue of $19.7 billion and a book value per share of $66.79
.
"Citi Holdings was profitable again and we announced the sale of OneMain, the largest business remaining in Holdings,” Michael, chief executive officer of Citigroup said in an official release. “We utilized $1.2 billion of deferred tax assets, helping increase our Common Equity Tier 1 Capital ratio to 11 percent and our Supplementary Leverage Ratio to 6.4 percent.”
