December 19, 2017 / 12:03 PM / in a year

UPDATE 2-Jefferies Group profit rises 3 pct on investment banking boost

(Adds Breakingviews links)

Dec 19 (Reuters) - U.S. investment bank Jefferies Group LLC said on Tuesday its profit rose 3.1 percent in the fourth quarter, helped by its investment banking business.

Net income attributable to the company rose to $90 million in the quarter ended Nov. 30, from $87.2 million a year ago.

Jefferies said revenue from its investment banking business, which advises companies on debt and equity financing as well as mergers and acquisitions, jumped 27.4 percent to $528.7 million.

However, trading revenue remained subdued due to persistently low volatility, which also hurt most Wall Street banks in the previous quarter.

Total equities and fixed income revenue fell to $289 million from $325.4 million a year earlier, when volatility was higher due the U.S. presidential election and the Brexit vote.

Jefferies said net revenue, which excludes interest expense, jumped 10.9 percent to $822.6 million in its latest quarter.

The company had $39.71 billion in total assets at the end of the quarter.

Results from New York-based Jefferies, a unit of Leucadia National Corp, are considered an indicator of the performance of its bigger peers on Wall Street.

Reporting By Aparajita Saxena in Bengaluru; Editing by Savio D'Souza

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below