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Sunday January 19th, 2020 5:32PM

Citigroup profits rise 15%, helped by trading like JPMorgan

By The Associated Press

NEW YORK (AP) — Citigroup says fourth-quarter profits rose by 15% as the banking conglomerate benefited from a boost in trading similar to competitor JPMorgan Chase.

The New York-based bank said it earned a profit of $4.98 billion, or $2.15 per share, compared with a profit of $4.3 billion, or $1.65 per share, in the same period a year earlier. The results topped analysts’ expectations for a profit of $1.81 a share, according to FactSet.

Like JPMorgan Chase, which also reported its results on Tuesday, Citi saw a boost in profits from its trading operations. Bond trading revenues rose 49% from a year earlier, when a steep downfall in the markets in the fourth quarter took its toll on all banks’ trading desks.

In Citi’s consumer group, profits rose 12% from a year earlier, helped by the bank’s large credit card division where more consumers borrowed and spent during the holiday season.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Industries, AP Business - Financial Services, AP Business - Personal Finance
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