Citi profit rises 17 percent as fixed-income trading jumps

Features Reuters

Citigroup Inc reported a 17 percent 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.

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The fourth-biggest U.S. bank by assets said on Thursday that net income rose to $4.09 billion, or $1.35 per share, in the first-quarter ended March 31, from $3.50 billion, or $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 $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 U.S. bank by assets, earlier reported a higher-than-expected 16.8 percent rise in quarterly profit, helped by additional revenue from increased trading.

Wells Fargo & Co, the third-biggest U.S. bank, was scheduled to report results at the same time as Citigroup.

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(Reporting by Sweta Singh in Bengaluru and David Henry in New York; Editing by Sriraj Kalluvila)