花旗利润因投资银行、服务和财富管理收入增长而超出预期作者：Tatiana Bautzer 和 Prakhar Srivastava 10月13日 - 周二，花旗集团（Citigroup）第三季度利润超出华尔街预期，原因是投资银行业务收入增长以及与跨国公司的交易增加，同时财富管理业务收益提升。
Citi profit tops estimates on higher investment banking, services and wealth revenue By Tatiana Bautzer and Prakhar Srivastava Oct 13 - Citigroup beat Wall Street estimates for third-quarter profit on Tuesday, helped by stronger investment banking revenue and transactions with multinational companies as well as higher earnings from wealth management.
交易利润较去年同期仅增长2%，但较上一季度下降27%，主要原因是股票交易收入下降。
Trading profits gained only 2% over a year ago, but fell 27% against the previous quarter, mainly due to a drop in equity trading revenue.
随着伊朗冲突推动油价上涨，助长通胀并促使美国联邦储备局加息，全球债券市场出现剧烈抛售，华尔街银行正在应对波动的市场环境。
Wall Street banks are navigating a volatile market backdrop as the conflict in Iran pushed oil prices higher, fueling inflation and prompting the US Federal Reserve to raise interest rates and bond markets worldwide to sell off dramatically.
“毫无疑问，高利率以及美联储持续加息的威胁正以可测的负面方向影响着交易和投资银行业务活动，” Zacks 投资管理公司首席市场策略师 Brian Mulberry 表示。
"There is no doubt that high interest rates and the threat of continued Fed hikes is weighing on trading and IB activity in a measurably negative vector," said Brian Mulberry, chief market strategist at Zacks Investment Management.
但他指出，花旗能够通过多个业务单元实现正向增长，例如服务和财富管理。
But he noted Citi was able to drive positive growth from multiple business units, such as services and wealth management.
结果公布后，花旗股价在午间交易中下跌3.2%，此前早盘曾出现涨幅。今年至今，花旗股价已上涨9%，跑赢更广泛的银行股指数。
Shares of the bank were down 3.2% in midday trading after the results, reversing gains in early trading. Citi's shares have risen 9% this year, outperforming the broader bank stock index.
花旗的投资银行收入较去年同期增长9%，达到13.5亿美元，但较上一季度下降13%，原因是股票和债务承销活动放缓。尽管活动较之前几个季度的创纪录水平有所放缓，花旗集团首席执行官 Jane Fraser 表示，未来几个月在并购、债务再融资和股票发行方面的业务管线仍然强劲。
Citi's investment banking revenue increased 9% from a year ago to $1.35 billion but fell 13% over the previous quarter as equity and debt underwriting activity slowed. Although activity decelerated from the record volume in previous quarters, Citigroup CEO Jane Fraser said the pipeline for the following months is still strong in M&A, debt refinancing and equity issuance.
花旗集团第三季度有形普通股本回报率（ROTCE）为11.5%，年内至今回报率为12.6%，高于其11%的目标。
Citigroup posted an 11.5% return on tangible common equity, or ROTCE, in the third quarter and a year-to-date return of 12.6%, ahead of its 11% target.
我们预计将超过今年的回报目标，即使我们提前投入资金以实现11%-13%的近期目标 — — 这是我们通往可持续回报14%-15%路径上的下一个里程碑，弗雷泽在一份声明中表示。
"We expect to exceed this year's return target, even as we pull forward investments toward our 11-13% near-term goal — the next waypoints on our path to sustainable returns of 14-15%," Fraser said in a statement.
竞争对手摩根大通的第三季度利润周二有所增加，而富国银行的利润也有所上升，这得益于其贷款簿的增长和更高的利息收入。
Rival JPMorgan Chase's third-quarter profit increased on Tuesday, while Wells Fargo's profit rose, helped by growth in its loan book and higher interest income.
根据LSEG汇总的数据，花旗银行第三季度每股盈利为2.85美元，超过了分析师预估的2.66美元每股。
Citi reported a profit of $2.85 per share in the third quarter, beating analysts' estimate of $2.66 per share, according to data compiled by LSEG.
该银行表示，在第三季度，它已通过回购和股息向股东返还了41亿美元，今年累计股票回购达到133亿美元。该银行目前正等待最终的资本规则出台，以便能够预测未来股票回购的规模。
The bank said it has returned $4.1 billion to shareholders including buybacks and dividends in the third quarter, accumulating share repurchases of $13.3 billion this year. The bank is now waiting for the final capital rules to be able to predict volumes of future stock repurchases.
投资银行、交易收入自第二季度起放缓。根据Dealogic的数据，全球投资银行收入在今年首九个月超过900亿美元，花旗在此期间按费用收入排名位列全球银行第五。
INVESTMENT BANKING, TRADING REVENUE SLOWS FROM Q2 Global investment banking revenue exceeded $90 billion in the first nine months of the year and Citi was placed fifth among global banks by fees during the period, according to Dealogic.
花旗的银行业务收入（包括企业贷款）增长6%，达到17.4亿美元。但股票和债务发行在季末放缓。
Citi's banking revenue, which includes corporate lending, was up 6%, at $1.74 billion. But equity and debt issuance slowed late in the quarter.
美国政府债券收益率在9月升至多十年来的高点，影响了资本市场。诸如Oura Ring、Holtec核能和SB Energy等公司推迟了计划中的首次公开募股（IPO）。弗雷泽告诉分析师，股票市场活动主要集中在公开公司发行的后续融资（follow-ons）上。他补充道：“IPO市场继续保持较为谨慎。”
US government bond yields rose to multi-decade highs in September, affecting capital markets. Companies such as Oura Ring, Holtec Nuclear and SB Energy postponed planned IPOs. Fraser told analysts the equity market activity is concentrated on issues by public companies, known as follow-ons. "The IPO market continues to be a bit more selective," the CEO added.
花旗的股票承销收入较第二季度下降19%，但仍较去年同期高出77%。弗雷泽还预计债务市场将保持活跃，企业将进行大规模的再融资交易。
Citigroup's equity underwriting revenue fell 19% from the second quarter, though still 77% higher compared to a year earlier. Fraser also expects debt markets to be active, with large refinancing transactions by corporations.
第三季度市场波动较大，交易收入较去年同期增长6%，达到61.1亿美元。其中，股票交易收入增长14%，固定收益交易收入增长4%。
Markets were volatile in the third quarter and trading revenue rose 6% compared to a year ago to $6.11 billion. Revenue with equities trading rose 14%, while fixed-income trading revenue was up 4%.
但该银行的交易收入相比第二季度下降了13%。本季度交易收入下降，原因是固定收益和商品收入下降（这也影响了今天早上所有银行的报告），穆尔贝里说。
But the bank had 13% lower trading revenue compared with the second quarter. Those trading revenues were off this quarter as fixed income and commodities revenues were down (that has impacted every bank report this morning as well)," Mulberry said.
在花旗的五大业务中，服务业务在第三季度增长最快，收入增长15%，利润增长27%。财富管理业务收入也增长了15%，客户资产也增加了相同比例。
Services had the highest growth in the third quarter among Citi's five businesses, with 15% higher revenue and 27% profit growth. Wealth management also grew revenue by 15% and increased client assets by the same percentage.
信用卡业务利润下降 花旗信用卡业务在第三季度的利润较去年同期下降8%。由于美国经济继续以稳健步伐扩张，受韧性消费支出和商业投资的支持，客户消费增加了13%，贷款规模增加了9%。
LOWER PROFITS WITH CREDIT CARDS Citi's profit from credit cards fell 8% in the third quarter from a year earlier. Clients spent 13% more and took 9% higher loan volumes as the US economy has continued to expand at a solid pace, supported by resilient consumer spending and business investment.
但花旗信用卡业务利润下降是由于奖励成本上升、向合作伙伴支付的费用增加以及信用准备金增加所致。
But Citi's profit from cards fell due to higher reward costs and payments to partners, as well as credit provisions.
其美国消费者信用卡业务的损失准备金在本季度为19亿美元，较去年同期上升4%，因为借款人正面临工资增长放缓、通胀和利率上升的情况。首席财务官冈萨洛·卢切蒂表示，准备金增加是一种有意识的预防措施。他补充说：“我们认为这体现了审慎性，并有助于我们在动态环境中应对各种潜在的宏观情形。”
Loss provisions in its US consumer cards segment were $1.9 billion in the quarter, 4% above a year ago, as borrowers deal with moderating wage growth, inflation and higher interest rates. Chief Financial Officer Gonzalo Luchetti said the reserve increases were a deliberate precaution. "We think it reflects prudence and helps us solve for a range of potential macro outcomes in a dynamic environment," he added.
总部位于纽约的银行正接近完成一项多年重组计划，在此期间，它出售了国际业务，简化了组织结构，并致力于解决合规、控制和数据方面的不足。
The New York-based bank is nearing the end of a multi-year restructuring in which it sold international businesses, simplified the organization and worked on fixing compliance, controls and data deficiencies.
花旗正寻求快速解决长期困扰该银行的监管要求，以便全面聚焦于增长。弗雷泽表示，银行正在削减用于“转型”的开支——即现代化银行的项目，并利用人工智能和自动化来提高效率。
Citi is seeking to rapidly resolve its efforts to address regulatory demands that have long dogged the bank, in order to fully refocus on growth. Fraser said the bank is reducing expenses for 'transformation', the program to modernize the bank, and is using AI and automation to improve efficiency.
最后完成的剥离是其墨西哥子公司Banamex。花旗目前拥有Banamex 51%的股份，并预计将其从资产负债表中剥离并在明年在股票交易所上市。
The last divestment to be completed is of its Mexican unit Banamex. Citi now owns 51% of Banamex and expects to take it out of its balance sheet and list it on the stock exchange next year.
该第三大美国贷款机构报告称，截至9月30日的三个月内，利润增加至52.5亿美元，即每股2.85美元，而去年同期为38亿美元，即每股1.86美元。但该银行第三季度的净收入相比第二季度下降了10%。
Profit increased to $5.25 billion, or $2.85 per share, in the three months ended September 30, the third-largest US lender reported. This compares with $3.8 billion, or $1.86 per share, a year earlier. But the bank's net income was 10% lower in the third quarter compared to the second.