Jan 13 JPMorgan Chase & Co, the No. 1
U.S. bank by assets, reported a 23.8 percent rise in quarterly
profit on Friday, helped by a surge in investor activity related
to the U.S. presidential election.
The bank's net income rose to $6.73 billion in the three
months ended Dec. 31 from $5.43 billion a year earlier.
Earnings per share rose to $1.71 from $1.32. (bit.ly/2jeHFAY)
Analysts had expected earnings of $1.44 per share, according
to Thomson Reuters I/B/E/S. It was not immediately clear if the
reported results were comparable. The earnings for both the
latest and year-earlier periods included special items.
Bank of America Corp, the second-largest U.S. bank,
kicked off the quarterly earnings period for big U.S. lenders
earlier on Friday, announcing a 46.8 percent rise in profit.
The stunning election of Donald Trump on Nov. 8 set off a
wave of trading in stocks and bonds during what is normally a
slow period for trading desks at big banks.
JPMorgan and BofA were also reporting their first results
since the Federal Reserve raised its key interest rate target
for the second time since 2006 on Dec. 14.
Higher interest rates are usually good for banks, allowing
them to charge higher rates on loans.
(Reporting by Sweta Singh in Bengaluru and David Henry in New
York; Editing by Ted Kerr)