Citigroup Inc (C) Q3 Earnings Beat, Despite Very Weak Fixed Income Performance

Cash equities, underwriting help Citi to Q3 earnings beat

Citi delivered earnings per share for the three months ended September 30 of US$1.42 - US$0.10 higher than analysts polled by Thomson Reuters had expected.

Citigroup managed to beat the Street consensus for the third quarter on the back of a solid performance by its cash equities and stock underwriting businesses.

Shares in both banks were down slightly in early trade. He said, in the end, September was better than anticipated.Citi's shares were down 2 percent in late morning trade, the worst performer among the major US banks.

Commenting on the lender's latest set of results, chief Michael Corbat said: "We had revenues in numerous products we have been investing in, tightly managed our expenses, and again saw loan growth in both our consumer and institutional businesses".

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Analysts on Citi's earnings call questioned when the incentives would end and investors would start to see a return.

The economic data also comes as the hunt for Janet Yellen's successor to chair the Fed gathers steam.

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.

While Citi's trading desks focus heavily on bond and currency trading, it was the bank's other trading desks that stood out.

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JPMorgan fared worse last quarter than rival Citigroup Inc C.N , which reported a 16 percent decline in bond trading on Thursday.

JPMorgan's markets revenue is likely to drop again in the fourth quarter because the year-ago period was strong, Chief Financial Officer Marianne Lake said on a conference call with analysts.

Energy stocks declined with the price of oil amid concern about increased USA production at a time the world's major oil producers are trying to curb output. It will report third-quarter earnings on Tuesday.

Also in ICG, in the closely-watched Markets and Securities Services unit, revenues rose 3% to $4.6bn, with improved sales at its Securities Services arm and the proceeds from the sale of a fixed income analytics unit more than compensating for lower Markets revenues. "We had revenue increases in numerous products we have been investing in, tightly managed our expenses, and again saw loan growth in both our consumer and institutional businesses". Other large banks, including Wells Fargo and Bank of America, are set to report results in the coming days.

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