JPMor­gan hand­ily beats ex­pec­ta­tions

The Globe and Mail (BC Edition) - - INTERNATIONAL -

JPMor­gan Chase & Co. eas­ily beat Wall Street’s third-quar­ter profit ex­pec­ta­tions on Thurs­day, with loan growth and higher in­ter­est rates more than off­set­ting weak­ness in its mar­kets-re­lated unit.

Ex­ec­u­tives at the largest U.S. bank touted the di­verse mix of busi­nesses that al­low JPMor­gan to weather a dip in one area or an­other, and played down a 27-per­cent drop in bond trad­ing rev­enue, even though weak­ness has con­tin­ued into the fourth quar­ter.

Over all, JPMor­gan’s profit rose 7.1 per cent in the third quar­ter com­pared with the year-ago pe­riod, to $6.73-bil­lion (U.S.), or $1.76 a share.

An­a­lysts had ex­pected earn­ings of $1.65 a share, ac­cord­ing to Thom­son Reuters I/B/E/S.

The bank’s to­tal rev­enue of $25.33-bil­lion also topped the av­er­age an­a­lyst es­ti­mate of $25.23-bil­lion.

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