Citigroup profit leaps as US banks cash in on post-election volatility
New York — Citigroup posted a 7% rise in quarterly profit, wrapping up a strong quarter for big US banks with trade in bonds and currencies surging after the November election. Other banks reporting results were Goldman Sachs and JPMorgan Chase. Citi’s net income rose to $3.57bn ($1.14 a share) in the December quarter from $3.34bn ($1.02) in the previous fourth quarter, beating the average analyst estimate of $1.12 a share, according to Thomson Reuters I/B/E/S. Citigroup revenue from fixed-income trade rose about 36% and equity trading revenue about 15%, pushing up total markets and securities services revenue about 24% higher than in the previous matching quarter. "We had a strong finish to 2016, bringing momentum into this year," said CE Michael Corbat. "We drove revenue growth in our businesses and demonstrated strong expense discipline across the firm." However, adjusted revenue fell 9% to $17.01bn on divestitures, versus the average estimate of $17.30bn. Wall Street trading des...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.