JP­Mor­gan Q3 prof­its rise 24% on lower taxes

The Hindu Business Line - - BANKING - AS­SO­CI­ATED PRESS

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.

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