JPMorgan profit tops expectations
JPMorgan Chase & Co's quarterly profit topped Wall Street's expectations on Friday, as trading revenue came in much higher than expected and demand for loans increased on the back of a strengthening US economy.
US banks are benefiting from a cut in corporate tax rates, hikes in interest rates and a growing economy that is driving demand from borrowers while holding down loan loss rates.
“We see good global economic growth, particularly in the US, where consumer and business sentiment is high,” Chief Executive Officer Jamie Dimon said.
Overall, the bank's revenue rose 6.5 percent to $28.39 billion and topped the average analyst estimate of $27.36 billion, driven by growth in all four of the bank's businesses.
Shares of the largest US bank by assets were up 1 percent in premarket trading.
JPMorgan's quarterly reports are closely watched for signs about the health of consumers and businesses as the lender plays a major role in several businesses, such as home mortgages, commercial lending and asset management.
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