Citigroup's Results Climb, Buoyed by Consumer Bank


The Dow Jones industrial average finished 31.88 points lower at 22,841.01, after hitting an intraday record.The Nasdaq composite also notched an intraday record, before closing 0.2 percent lower at 6,591.51.

"We still have a long way to go in the earnings season to know where things are", said Ken Moraif, senior advisor at Money Matters.

However, markets revenue fell 21 percent as the slump in bond trading outweighed a more modest dip in equities, slightly worse than the roughly 20 percent drop Chief Executive Jamie Dimon had forecast at an event in September.

First, JPMorgan earned $1.76 per share, well above Wall Street's consensus estimate of $1.65 as revenue from fixed income trading plunged 27% from the same point past year. But concerns about rising credit costs drove the stock lower by more than 3 percent.

The rest of the major banks will report their earnings in the coming week.

Growth in credit cards, auto loans, commercial banking and corporate advisory fees drove the results, with average core loans up 7 percent during the quarter.

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Citigroup's stock has risen 26% this year, by far the best among the U.S.'s six biggest banks, thanks in part to the announcement of a plan to return $60 billion in capital through 2020.

The latest quarter's results include a gain of $580 million pre-tax, or $355 million after-tax, on the sale of a fixed income analytics business, which contributed $0.13 to earnings per share. Year-to-date, C has gained 27.38%, versus a 15.71% rise in the benchmark S&P 500 index during the same period.

In the latest United States economic data, a Labour Department report showed its producer price index for final demand climbed 0.4 percent in September, following a 0.2 percent increase in August. The second one is positioning.

U.S. wholesale inflation hit a five-month high in September of 0.4 percent as a temporary shutdown in Gulf Coast oil refining lifted energy prices.

Treasury yields slipped on Thursday.

The company's total operating expenses declined 2 percent from the year-ago period to $10.17 billion, as higher volume-related expenses and ongoing investments were more than offset by efficiency savings and the wind-down of legacy assets.