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Banks Had $7.5 Billion in First-Quarter Trade Revenue, OCC Says

U.S. banks and savings institutions had trading revenue of $7.5 billion in the first quarter, a 7 percent increase from a year earlier, the Office of the Comptroller of the Currency said in a report.

“As we see nearly every year, first quarter trading revenues were quite strong,” Kurt Wilhelm, director of the OCC’s Financial Markets Group, said in a statement released today with the agency’s Quarterly Report on Bank Trading and Derivatives Activities.

The revenue increase of $466 million from the year-earlier period reflected “strong client demand for risk-management products as investors increased their hedging and positioning against potential changes in monetary policy,” Wilhelm said in the statement. He also cited the reduced net impact of valuation adjustments that had adversely affected trading revenue in prior quarters.

To contact the reporter on this story: Gregory Mott in Washington at gmott1@bloomberg.net

To contact the editor responsible for this story: Maura Reynolds at mreynolds34@bloomberg.net

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