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JP Morgan profit rises 16% on tax gain

16 July 2019 17:14 (UTC +04:00)

JP Morgan Chase & Co reported a 16% rise in quarterly profit as higher net interest income and a tax gain more than made up for lower activity at the bank’s trading desks, APA reports referring to Euronews.

Net income at the largest U.S. bank rose to $9.65 billion (£7.75 billion), or $2.82 per share, from $8.32 billion, or $2.29 per share a year earlier.

Net revenue rose 4% to $29.57 billion.

Analysts were expecting earnings of $2.50 per share and revenue of $28.90 billion, according to IBES estimate from Refinitiv. It was not immediately clear if the reported numbers were comparable with the estimate.

JP Morgan’s results are closely watched by investors looking to gauge the health of the U.S. economy. Goldman Sachs Group Inc and Wells Fargo & Co will report quarterly results later in the day.