Citigroup's Net Charge-Offs Rise

Citi's net loans charged off in the U.S. totaled 11.18% during the month of August.
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Updated to include SEC filing as source, change to July charge offs, additional delinquency data and closing stock price

NEW YORK (

TheStreet

) -

Citigroup's

(C) - Get Report

net loans charged off in the U.S. totaled 11.18% during the month of August, up significantly from 9.75% in the preceding month, according to a

Securities and Exchange Commission

filing.

Citigroup's delinquency rate for loans more than 30 days late for the monthly period ending Aug. 26 totaled 4.95%, according to the 10-D filing by Citibank South Dakota National Association. Citi's delinquencies in July totaled 5.3%, according to the

Associated Press

.

Media reports had said in late August that Citigroup was likely to have higher-than-expected delinquencies as it works to

downsize

its consumer finance business,

CitiFinancial

.

Capital One

(COF) - Get Report

,

Discover Financial Services

(DFS) - Get Report

and

Bank of America

(BAC) - Get Report

all reported an increase in net charge-offs in monthly filings.

American Express

(AXP) - Get Report

said net charge offs held steady for the month of August.

Citigroup shares closed up 1.3%, to $3.97, on volume of 333 million, despite the sour news.

--Written by Laurie Kulikowski in New York.

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Laurie Kulikowski

.

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