Cash equities, underwriting help Citi to Q3 earnings beat

13 October, 2017, 07:48 | Author: Regina Silva

JPMorgan, the largest US bank by assets, also topped expectations as loan growth and higher interest rates more than offset a 27 percent slide in bond trading. Citi reported a 3% year-on-year rise in global consumer banking revenue, while in North America retail banking jumped by 12%, excluding mortgages.

The poor results for fixed income markets revenue hurts Citigroup Inc's otherwise strong earnings report for the third quarter of the year.

Citi delivered earnings per share for the three months ended September 30 of US$1.42 - US$0.10 higher than analysts polled by Thomson Reuters had expected.

"The results were solid but not exceptional", said Morningstar analyst Jim Sinegal.

USA wholesale inflation hit a five-month high in September of 0.4 percent as a temporary shutdown in Gulf Coast oil refining lifted energy prices. Annualized return on equity was 7.3 percent.

In the latest U.S. economic data, a Labour Department report showed its producer price index for final demand climbed 0.4 percent in September, following a 0.2 percent increase in August. While bond trading was down 16 percent, stock trading was up 16 percent and security services were up 12 percent.

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While Citi's trading desks focus heavily on bond and currency trading, it was the bank's other trading desks that stood out. Citi's drop in bond trading revenue is similar to what JPMorgan Chase reported on Thursday as well.

AT&T sank 6.1 per cent as it confirmed many of its full-year financial targets, but said it expects a hit of US$210 million in pre-tax earnings in the third quarter due to USA hurricanes and earthquakes in Mexico.

Wall Street banks have been grappling with bond market challenges for most of the past seven years, as client volumes have been depressed for a number of reasons and new regulations have restricted certain activities and made trading more expensive. "We had revenue increases in numerous products we have been investing in, tightly managed our expenses, and again saw loan growth in both our consumer and institutional businesses".

Trading revenue during the fourth quarter of 2016 benefited from a surge in trading activity following the USA election.

During a call with reporters, Lake cited "the benefits of diversification and scale", while Daniel Pinto, who runs JPMorgan's investment bank, pointed to "balanced strength across diverse businesses" in a memo to employees.

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