C.N) reported a 7 percent rise in quarterly profit on Wednesday, wrapping up a strong quarter for big U.S. banks, as trading in bonds and currencies surged following the U.S. presidential election.
The No. 4 U.S. bank by assets said net income rose to $3.57 billion, or $1.14 per share, in the quarter ended Dec. 31, from $3.34 billion, or $1.02 per share, a year earlier.
Analysts on average had expected earnings of $1.12 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported figures were comparable.
Citigroup’s revenue from fixed-income trading rose about 36 percent, while equity trading revenue rose about 15 percent, pushing up total markets and securities services revenue by about 24 percent compared with the same quarter last year.
Wall Street trading desks benefited in the quarter from higher volume and volatility in stocks, bonds and currencies in the wake of Donald Trump’s surprise victory on Nov. 8.
Goldman Sachs Group Inc (GS.N) reported a jump of about 78 percent in revenue from trading fixed-income securities, currencies and commodities earlier on Wednesday.
JPMorgan Chase & Co (JPM.N), the No. 1 U.S. bank by assets, and Morgan Stanley (MS.N) also reported sharp increases in fourth-quarter fixed-income trading revenue.
(Reporting by Sweta Singh in Bengaluru and David Henry in New York; Editing by Saumyadeb Chakrabarty)