Citi profit rises 17% as fixed-income trading jumps

[NEW YORK] Citigroup Inc reported a 17 per cent rise in quarterly profit, boosted by strong fixed-income trading as clients adjusted their positions following rate hikes by the Federal Reserve and changes in the forex and credit markets.

The fourth-biggest US bank by assets said on Thursday that net income rose to US$4.09 billion, or US$1.35 per share, in the first-quarter ended March 31, from US$3.50 billion, or US$1.10 per share, a year earlier.

The company said the latest quarter's results included a net benefit of 8 cents per share from a few previously announced divestitures.

Analysts on average had expected earnings of US$1.24 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported results were comparable.

JPMorgan Chase & Co, the biggest US bank by assets, earlier reported a higher-than-expected 16.8 per cent rise in quarterly profit, helped by additional revenue from increased trading.

REUTERS