JPMorgan gets boost from lending as trading slumps

JPMorgan gets boost from lending as trading slumps

JPMorgan Chase & Co , the largest U.S. bank by assets, reported a 7.1 percent rise in quarterly profit on Thursday as gains from loan growth and higher interest rates more than offset a slump in trading revenue.

FILE PHOTO: People pass the JP Morgan Chase & Co. Corporate headquarters in the Manhattan borough of New York City, May 20, 2015. REUTERS/Mike Segar/File Photo

REUTERS: JPMorgan Chase & Co , the largest U.S. bank by assets, reported a 7.1 percent rise in quarterly profit on Thursday as gains from loan growth and higher interest rates more than offset a slump in trading revenue.

Net profit rose to US$6.73 billion, or US$1.76 per share, for the third quarter ended Sept. 30, from US$6.29 billion, or US$1.58 per share, a year earlier. (http://bit.ly/2wPQtka)

Analysts had expected earnings of US$1.65 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported results were comparable.

(Reporting by Sweta Singh in Bengaluru and David Henry in New York; Editing by Saumyadeb Chakrabarty)

Source: Reuters