JPMorgan profit rises 24 % as U.S. election stimulates trading
REUTERS - JPMorgan Chase & Co, the No. 1 U.S. bank by assets, reported a 23.8 percent rise in quarterly profit on Friday, helped by a surge in investor activity related to the U.S. presidential election.
JPMorgan Chase & Co, the No. 1 US bank by assets, reported a 23.8 percent rise in quarterly profit on Friday, helped by a surge in investor activity related to the US presidential election.
The bank's net income rose to USD6.73 billion in the three months ended Dec. 31 from USD5.43 billion a year earlier.
Earnings per share rose to USD1.71 from USD1.32. (http://bit.ly/2jeHFAY)
Analysts had expected earnings of USD1.44 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported results were comparable. The earnings for both the latest and year-earlier periods included special items.
Bank of America Corp, the second-largest US bank, kicked off the quarterly earnings period for big US lenders earlier on Friday, announcing a 46.8 percent rise in profit.
The stunning election of Donald Trump on Nov. 8 set off a wave of trading in stocks and bonds during what is normally a slow period for trading desks at big banks.
JPMorgan and BofA were also reporting their first results since the Federal Reserve raised its key interest rate target for the second time since 2006 on Dec. 14.
Higher interest rates are usually good for banks, allowing them to charge higher rates on loans.