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Tags: JPMorgan | earnings | bank | profit

JPMorgan Reports 13 Percent Rise in Quarterly Profit

JPMorgan Reports 13 Percent Rise in Quarterly Profit
Jamie Dimon, chief executive of JPMorgan Chase (AP file)

Friday, 14 July 2017 07:03 AM

JPMorgan Chase & Co., the biggest U.S. bank by assets, reported a 13.4 percent increase in quarterly profit on Friday as gains from higher interest rates more than offset a drop in bond trading.

The bank's net income rose to $7.03 billion in the second quarter ended June 30 from $6.20 billion a year earlier. Earnings per share rose to $1.82 from $1.55.

Analysts had expected earnings of $1.58 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported results were comparable.

Executives at big banks warned in recent weeks that trading revenue during the quarter would be down from a year earlier, when client trading surged around UK's Brexit vote.

The latest quarter, however, benefited from the Federal Reserve more than doubling its overnight interest rate to a target range of 1 percent to 1.25 percent, compared with 0.25 percent to 0.50 percent a year earlier.

Wells Fargo & Co. and Citigroup Inc are also scheduled to report results on Friday.

© 2021 Thomson/Reuters. All rights reserved.


StreetTalk
JPMorgan Chase & Co, the biggest U.S. bank by assets, reported a 13.4 percent increase in quarterly profit on Friday as gains from higher interest rates more than offset a drop in bond trading.
JPMorgan, earnings, bank, profit
167
2017-03-14
Friday, 14 July 2017 07:03 AM
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