JPMorgan profit rises 24.5 percent, helped by higher interest rates

(Reuters) – JPMorgan Chase & Co (JPM.N) reported a 24.5 percent jump in quarterly profit as higher interest rates and gains from tax cuts helped offset weakness in bond trading revenue.

FILE PHOTO: A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in Manhattan, New York, U.S., November 13, 2017. REUTERS/Amr Alfiky/File Photo

The largest U.S. bank by assets said net income for the third quarter rose to $8.38 billion, or $2.34 per share, from $6.73 billion, or $1.76 per share in the year ago period.

Analysts had expected earnings of $2.25 per share, according to I/B/E/S data from Refinitiv. It was not immediately clear if the reported results were comparable.

Smaller rivals Citigroup Inc (C.N) and Wells Fargo (WFC.N) are also expected to report quarterly results later in the day.

Quarterly reports from large banks mark the beginning of the earning season for U.S. corporations and also provide investors a glimpse into the health of the economy.

Reporting by Sweta Singh in Bengaluru; Editing by Saumyadeb Chakrabarty

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