Citi Retail Services, a prominent revolving credit provider in the powersports space, saw a 4% year-over-year increase in its end-of-period loan balance to $49.2 billion, the company reported in fourth-quarter earnings yesterday.
The company also reported an uptick in losses across its diversified portfolio, with an 11% rise in loans 90 days or more past due to $845 million as compared to the same time a year prior. Loans 30 to 89 days past due rose 7% year-over-year to $830 million.
Last July, Citi inked a deal with American Honda Motor Corp. to provide a private-label credit card program to Honda’s powersports dealer network nationwide. Additionally, BRP Inc. teamed up with Citi in January, and Kawasaki Motors Corp. USA announced a multi-year agreement with the revolving credit provider in December of last year.
