Tuesday, 26 September, 2017

Citigroup Beats on Profit as Trading Revenue Falls Less Than Expected

Citibank sign hangs above a branch office in New York. On Friday Citi scores Q2 beat; trading desk sees smaller than expected activity drop-off
Laurie Berry | 14 July, 2017, 18:25

Citi's chief executive Michael Corbat said alongside its second-quarter earnings today: "Our institutional clients group had a very strong quarter all-around, including its best investment banking performance in seven years". Citigroup is particularly active in trading around currencies and interest rates, which has dropped off with investors expecting a slow but steady series of rate increases by the Federal Reserve.

The bank reported earnings on Friday, along with rivals Citigroup and Wells Fargo.

But profit in consumer banking fell, as the bank continues to increase its credit costs to account for growth in its card portfolio. Instead it slid 7.2 percent to $3.91 billion - at least the fourth straight time that Citigroup's trading desks managed to beat their leaders' still-fresh forecast. The windfall was more than analysts expected, helping push the stock up 13 percent this year, compared with a 5.7 percent gain in the KBW Bank Index.

Bank stocks, which have rallied strongly in recent weeks, ran out of gas on Friday.

Citigroup's (C) second-quarter trading revenue declined less than CFO John Gerspach forecast a month ago, helping the USA bank post profit above analysts' expectations.

Linfield set aside space for Celtic fans at Windsor Park
The statement also said: "The safety and security of all Celtic supporters travelling and attending matches is of paramount importance to the club".

At Citigroup, total revenue rose 2 percent to $17.9 billion, surpassing the $17.4 billion average estimate of analysts.

All of the other businesses in the division - bar the trading operations - posted higher revenues versus a year ago.

Quarterly expenses rose 1% to $10.506 billion from $10.369 billion a year earlier.

The net income helped generate additional regulatory capital, lifting the common equity tier 1 (CET1) capital ratio to 13.0% from 12.8% the first quarter, well above the 11.5% Corbat believes is needed to prudently operate the firm.

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