Citigroup profit rises 15% as credit card, trading revenue jump

REUTERS: Citigroup Inc beat analysts' estimates for fourth-quarter profit on Tuesday , boosted by growth in its credit card business and a jump in trading revenue.

Trading revenue rose nearly 31 per cent as markets steadied during the last three months of 2019, with the gains driven by a 49 per cent surge in fixed-income trading. Equities trading fell 23 per cent due to weak performance in derivatives.The largest US bank by assets said revenue from bond trading surged 86 per cent from a year earlier, when financial markets were roiled by a selloff triggered by concerns over trade and global growth.

The US Federal Reserve cut interest rates three times last year, crimping banks' lending margins and their ability to raise revenue.

Source: Digital Coin News (digitalcoinnews.net)

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