A strong performance in Latin America helps offset Citi’s declines in the United States. An in-depth look at the bank’s LatAm operations and outlook.

“While U.S. revenues fell, Latin America revenues grew strongly at Citi (NYSE: C) in the third quarter. The U.S.-based international bank posted total revenues of $3.9 billion from operations in Latin America (including Mexico) in the third quarter, an increase of 63.5 percent from the same period last year, a Latin Business Chronicle analysis shows. Net income grew by 57.3 percent to $1.1 billion.

“They would like to…reduce their reliance on the US,” says Joe Scott, senior director in the financial institutions group at Fitch Ratings. “Latin America is certainly key to that strategy [and] key to their long-term growth strategy.”"*

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