Copying and distributing are prohibited without permission of the publisher
Citi's markets and securities services unit enjoys strong Q4
18 January 2017
US bank enjoys strong finish to 2016; markets and securities services unit perform well
Citi’s markets and securities services business
delivered a strong performance in the final quarter of 2016,
helping the US investment bank beat analyst forecasts.
The division, part of the institutional clients unit, saw
revenue rise to $4.1bn between October and December, up from
the Q4 figure of $3.2bn recorded in 2015.
Fixed income revenues climbed 36% to $3bn from higher
trading activity and improved conditions in rates and
currencies while equity market revenues improved 15% to $694m,
driven by derivatives trading.
Earnings for the bank’s securities services
business, which includes custody and securities lending, rose
3% to $533m thanks to higher deposit volumes and improved
"We had a strong finish to 2016, bringing momentum into this
year," said chief executive Michael Corbat.
Overall, net income stood at $3.6bn in the final quarter of
2016, topping estimates and beating the $3.3bn in the prior
For the whole of 2016, Citi’s net income was
$14.9bn on revenues of $69.9bn.