Tuesday, 24 October, 2017

New York, not Pamplona

Citigroup Inc (C) Q3 Earnings Beat, Despite Very Weak Fixed Income Performance Cash equities, underwriting help Citi to Q3 earnings beat
Preston Stone | 13 October, 2017, 10:17

Both JP Morgan Chase and Citigroup reported higher third quarter profits, despite being hit by a drop in bond trading revenues. Analysts were expecting the company to report earnings per share of $1.32 on revenue of $17.90 billion for the quarter.

Wall Street stocks retreated from records Thursday as investors soured on financial shares following earnings from large banks, a sector that has risen significantly this year. Earnings per share rose about 15 percent to $1.42, bolstered by the bank's move to reduce its shares outstanding by 7 percent.

Here's how the major banks are responding to Thursday's results.

Executives at the largest US bank touted the diverse mix of businesses that allow JPMorgan to weather a dip in one area or another, and downplayed a 27 percent drop in bond trading revenue even though weakness has continued into the fourth quarter.

However, markets revenue fell 21 percent as the slump in bond trading outweighed a more modest dip in equities, slightly worse than the roughly 20 percent drop Chief Executive Jamie Dimon had forecast at an event in September.

JPMorgan shares were down 0.4 percent at $96.48 in morning trading. Citigroup Inc reported fixed income markets revenue of $2.88 billion.

Duterte pulls police off drugs crackdown
It was suspended in January amid controversy over rogue cops' involvement in the kidnap-slay of a South Korean businessman. We'll just look for other things to work on, just not drugs for now, " said PNP Director General Ronald Dela Rosa.

The main growth driver in the quarter was the global consumer business. JPMorgan's net interest income, or the difference between what it pays for funds and collects from lending them out, rose 10 percent.

NEW YORK (AP) - Financial conglomerate Citigroup said its third-quarter profits increased 8 percent from a year earlier, helped by a boost in its investment banking division.

Corbat told analysts the uptick in provisions were a normal part of the credit cycle and did not point to evidence of consumers under stress.

Citi cited "continued growth in loans and assets under management" for the rise, as well as higher interest rates.

Revenue from the North American branded cards business declined 1 percent, even though the company had said that it expected a significant payoff in the last half of this year from earlier investments in its card business with retailer Costco and from its promotion of its Double Cash card.

Bank of America Corp and Wells Fargo & Co, the second- and third-biggest USA banks by assets, are scheduled to report quarterly results on Friday.

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