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Investment banking gains drives Citi's quarterly results

13 October, 2017, 23:58 | Author: Jeff Stephens
  • Thomson Reuters Citigroup┬áhandily beat analyst estimates Thursday reporting third-quarter earnings of $1.42 per share a nearly 8% beat

(NYSE:C.) edged lower in early deals on Thursday despite the United States investment bank reporting better-than-expected third quarter results. JPMorgan, the biggest United States bank by assets, reported $6.7 billion in profits for the quarter ending September 30, up seven percent from the year-ago period. Analysts had forecast earnings of $1.32 per share.

Citigroup's investment bank was the driver of the bank's profit growth in the quarter, despite a notable drop in bond trading revenue.

Like its Wall Street rival JP Morgan Chase & Co (NYSE:JPM) - which reported its results earlier today - Citi recorded a 16% year-on-year decline in fixed income trading revenue which totalled US$2.88bn.

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"We delivered a very strong quarter, showing the balance of our franchise by both product and geography and highlighting our multiple engines of client-led growth", Citi CEO Michael Corbat said in a news release.

As Business Insider reports, most of the investment banking unit's businesses "benefit from the company's trading floors in almost 80 markets and giant clients that require Citi's services on a daily basis".

Investment banking revenue was $4.6 billion in the quarter, up 16 percent from a year earlier. Both banks cited the gains from higher interest rates following Federal Reserve rate hikes, which permit financial companies to charge more for loans.

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Elsewhere at Citi, global consumer banking saw revenues grow 3% from a year ago to $8.4 billion but net income fell 6% to $1.17 billion as credit costs rose. The bank had to set aside more money to cover bad loans like in the bank's credit card division.

Four months ago, when looking at the latest S&P/Experian data, we first reported that credit card defaults had surged the most since June 2013, a troubling development which ran fully counter to the narrative that the economy was recovering and the United States consumer's balance sheet was improving.

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