KCG Holdings (KCG) has reported 91.36 percent plunge in profit for the quarter ended Mar. 31, 2017. The company has earned $3.21 million, or $0.05 a share in the quarter, compared with $37.16 million, or $0.41 a share for the same period last year.
Revenue during the quarter dropped 26.07 percent to $255.37 million from $345.42 million in the previous year period. Net interest income for the quarter rose 601.71 percent over the prior year period to $0.82 million. Non-interest income for the quarter fell 26.28 percent over the last year period to $254.55 million.
Daniel Coleman, chief executive officer of KCG, said, "The first quarter of 2017 was marked by historic low market volatility. Realized intraday volatility for the S&P 500 posted the lowest quarterly average in 55 years while U.S. equity market volumes and bid-ask spreads contracted from a year ago. Despite all of this, retail investors provided a pocket of strength in the U.S. equity and bond markets."
Assets, liabilities fallTotal assets stood at $6,002.65 million as on Mar. 31, 2017, down 3.13 percent compared with $6,196.30 million on Mar. 31, 2016. On the other hand, total liabilities stood at $4,655.34 million as on Mar. 31, 2017, down 1.21 percent from $4,712.12 million on Mar. 31, 2016. Investments stood at $1,619.16 million as on Mar. 31, 2017, down 9.04 percent or $160.87 million from year-ago. Shareholders equity stood at $1,347.31 million as on Mar. 31, 2017, down 9.22 percent or $136.86 million from year-ago.
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