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13 October 2017, 10:59 | Cesar Cruz
Cash equities, underwriting help Citi to Q3 earnings beat
JPMorgan dropped 0.9 per cent after reporting a seven percent rise in profits to $6.7 billion.
JPMorgan, the largest USA bank by assets, also topped expectations as loan growth and higher interest rates more than offset a 27 percent slide in bond trading.
Both JPMorgan Chase and Citigroup reported better-than-expected profits, but the financial sector was one of the worst performing groups. While bond trading was down 16 percent, stock trading was up 16 percent and security services were up 12 percent. Analysts were expecting the company to report earnings per share of $1.32 on revenue of $17.90 billion for the quarter.
The rest of the major banks will report their earnings in the coming week. Analysts had expected $1.32 a share. At $1.76 per diluted share, earnings beat the consensus estimate of Wall Street analysts of $1.65 a share.
FILE PHOTO: A view of the exterior of the Citibank Corporate headquarters in the Manhattan borough of New York City, May 20, 2015.
Citi's global consumer banking business had a mixed quarter as growth in Asia and Latin America was overshadowed by a drop in the United States. JPMorgan's net interest income, or the difference between what it pays for funds and collects from lending them out, rose 10 percent.
FILE PHOTO - Citigroup CEO Michael Corbat (C) chats with Thomson Reuters CEO Jim Smith and his wife Pam Kushmerick at the Thomson Reuters reception prior to the White House Correspondents' Association Gala in Washington, DC, U.S. on April 27, 2013.
AT&T tumbled 3.4 percent as it confirmed many of its full-year financial targets, but said it expects a hit of $210 million in pre-tax earnings in the third quarter due to USA hurricanes and earthquakes in Mexico.
Citigroup this year has been ratcheting up its expectations for soured loans for its two North American credit card businesses, Citi-branded cards and cards issued for stores.
Citi cited "continued growth in loans and assets under management" for the rise, as well as higher interest rates.
Citigroup said it earned $4.13 billion, or $1.42 per share, compared with a profit of $3.84 billion, or $1.24 per share, in the same period a year earlier.
Trading revenue during the fourth quarter of 2016 benefited from a surge in trading activity following the USA election.
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