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Citigroup Quarterly Profit Falls 10.5 Percent

Equity markets revenue fell about 34 percent, driven by lower market activity
By The News · 14 of October 2016 09:23:53
A view of the exterior of the Citibank corporate headquarters in New York, New York, A view of the exterior of the Citibank corporate headquarters in New York, New York, U.S. May 20, 2015. REUTERS/Mike Segar/Files, photo: Reuters/Mike Segar, File

Citigroup Inc, the fourth-biggest U.S. bank by assets, reported a 10.5 percent fall in quarterly profit on Friday, hurt by lower revenue from equity trading.

The bank’s net income fell to $3.84 billion, or $1.24 per share, in the third quarter ended Sept. 30 from $4.29 billion, or $1.35 per share, a year earlier.

Total adjusted revenue fell 4 percent to $17.76 billion.

Analysts on average had estimated earnings of $1.16 per share. It was not immediately clear if the results were comparable.

Equity markets revenue fell about 34 percent, driven by lower market activity.

In the year-earlier quarter, the bank recorded a gain of $180 million on the sale of a business in Mexico and a $140 million valuation adjustment in its equity markets division.

Citigroup, the most international of the large U.S. banks, has been exiting less-profitable operations in markets around the world, consolidating back offices and cutting jobs to become leaner.

Adjusted revenue from Citicorp, the bank’s core business, rose 0.6 percent to $16.88 billion, while expenses rose 3 percent to $9.58 billion.

Earlier on Friday, JPMorgan Chase & Co reported a 7.6 percent drop in quarterly profit after recording a tax expense, compared with a rare tax benefit a year earlier, but both revenue and profit beat analyst estimates.

Wells Fargo & Co reported a 3.7 percent fall in quarterly profit.