JP MOR­GAN CHASE, WELLS FARGO SEE EARN­INGS RISE

USA TODAY Weekend Extra - - MONEY -

JP­Mor­gan Chase & Co.’s third-quar­ter prof­its rose by 24 per­cent 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. The New York-based bank said Fri­day that it earned $8.38 bil­lion in the July-Septem­ber pe­riod, or $2.34 a share, up from $6.73 bil­lion, or $1.76 a share. The re­sults beat an­a­lysts’ ex­pec­ta­tions. Wells Fargo, mean­while, re­ported higher earn­ings in the third quar­ter but fell short of what an­a­lysts were look­ing for. The San Fran­cisco-based bank saw earn­ings jump to $6 bil­lion from $4.5 bil­lion, although last year it had to set aside $1 bil­lion for le­gal ex­penses re­lated to its mort­gage prac­tices be­fore the fi­nan­cial cri­sis. But earn­ings per share of $1.13 fell short of the $1.17 an­a­lysts ex­pected.

AFP/GETTY IM­AGES

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