Citigroup Inc. said its first-quarter profit rose 17% as its trading desk continued to be boosted by companies and investors preparing for rising interest rates. Quarterly profit at the New York-based bank increased to $4.09 billion from $3.50 billion a year earlier. That has been a boon for bond and currency trading desks, as investors seek ways to profit or hedge, and companies try to lock-in cheap financing rates. Like other banks, Citigroup has so far benefited from the rate increases by the Federal Reserve. Revenue was $18.12 billion, up from $17.56 billion a year ago.
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Infosys Ltd, India's second-biggest software services exporter, reported a slightly higher-than-expected fourth-quarter profit as the company added more clients in the $100 million-plus category. Analysts, on average, had expected Q4 consolidated profit of Rs 35.67 billion, according to Thomson Reuters data. Consolidated net profit for the Bengaluru-based company rose 0.2% to Rs 36.03 billion in the quarter, while revenue grew 3.4% to Rs 171.20 billion. The company, in the spotlight recently due to differences between founders and board members over governance issues, has beaten analysts' profit estimates in seven of the last nine quarters.
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Infosys Q4 profit beats estimates on key client wins
Infosys Ltd, India's second-biggest software services exporter, reported a slightly higher-than-expected fourth-quarter profit as the company added more clients in the $100 million-plus category. Analysts, on average, had expected Q4 consolidated profit of Rs 35.67 billion, according to Thomson Reuters data. Consolidated net profit for the Bengaluru-based company rose 0.2% to Rs 36.03 billion in the quarter, while revenue grew 3.4% to Rs 171.20 billion. The company, in the spotlight recently due to differences between founders and board members over governance issues, has beaten analysts' profit estimates in seven of the last nine quarters.
JPMorgan beats profit forecasts, helped by interest rates
All rights reserved. This material may not be published, broadcast, rewritten or redistributed. Copyright 2017 The Associated Press.
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