February 27, 2018 / 12:07 PM / 6 months ago

JPMorgan raises profit goal on lower taxes, higher rates

Feb 27 (Reuters) - JPMorgan Chase & Co raised its key profit goal on Tuesday and said its annual pretax net income could rise by up to 17.5 percent to $47 billion over a period of about three years.

The bank boosted its target for return on tangible common equity, a key profit measure, to 17 percent from 15 percent, according to charts posted on its website ahead of its 10th annual “Investor Day” conference.

Several stock analysts had expected the target to be raised to at least 16 percent because the recent changes in federal taxes will likely add about two percent points of return.

JPMorgan’s ROTCE in 2017 was 13 percent, excluding one-time accounting adjustments for the tax law change. (Reporting by Sweta Singh in Bengaluru and David Henry in New York Editing by Saumyadeb Chakrabarty)

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