JPMorgan Q3 profits rise 24% on lower taxes
JPMorgan Chase & Co said on Friday that its third quarter profits rose by 24 per cent from a year ago, helped by a lower tax bill and higher interest rates, which allowed it to charge more for loans to consumers and businesses alike. That was enough to make up for a less-than-stellar quarter in its trading business.
The bank said it earned $8.38 billion in the first quarter, or $2.34 a share. That’s up from $6.73 billion, or $1.76 a share, in the same period a year earlier. The results beat the expectations of analysts, who were looking for JPMorgan to earn $2.26 a share, according to FactSet. “The US and the global economy continue to show strength, despite increasing economic and geopolitical uncertainties, which at some point in the future may have negative effects on the economy,” said Jamie Dimon, JPMorgan’s chief executive and chairman.