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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

Read more: Citi securities services

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 spreads.

"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 year period.

For the whole of 2016, Citi’s net income was $14.9bn on revenues of $69.9bn.

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