J.P. Morgan's Earnings Rise, Despite Trading Slowdown
October 12 2017 - 7:27AM
Dow Jones News
By Emily Glazer
J.P. Morgan Chase & Co. said its third-quarter profit rose
as a boost from lending offset weaker trading results for the
nation's biggest bank by assets.
The bank reported a profit of $6.73 billion, or $1.76 a share.
That compares with a profit of $6.29 billion, or $1.58 a share, in
the same period of 2016. Analysts polled by Thomson Reuters had
expected earnings of $1.65 a share.
Revenue rose to $26.2 billion. Analysts had expected $25.23
billion.
J.P. Morgan, run by Chief Executive James Dimon, is one of two
banks, along with Citigroup Inc., kicking off third-quarter
earnings season for U.S. financial institutions. The two large
banks offer investors a snapshot of a quarter that analysts expect
will be characterized by softer loan growth and trading headwinds.
Also, with expected regulatory loosening not yet resulting in
definitive changes, U.S. interest rates continue to be one of the
biggest drivers for bank results later in 2017.
Since the election, J.P. Morgan's shares are up 38%, alongside a
34% jump in the KBW Nasdaq index of bank stocks.
Though bank stocks have been fairly flat in the months following
the post-election surge, they came roaring back toward the end of
the third quarter, in part due to investor optimism around a
tax-code overhaul.
Write to Emily Glazer at emily.glazer@wsj.com
(END) Dow Jones Newswires
October 12, 2017 07:12 ET (11:12 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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