July 14 (Reuters) - JPMorgan Chase & Co, the biggest U.S. bank by assets, reported a 13.4 percent increase in quarterly profit on Friday as gains from higher interest rates more than offset a drop in bond trading.
The bank's net income rose to $7.03 billion in the second quarter ended June 30 from $6.20 billion a year earlier. Earnings per share rose to $1.82 from $1.55. [bit.ly/2tQ630n ]
Analysts had expected earnings of $1.58 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported results were comparable.
Executives at big banks warned in recent weeks that trading revenue during the quarter would be down from a year earlier, when client trading surged around UK’s Brexit vote.
The latest quarter, however, benefited from the Federal Reserve more than doubling its overnight interest rate to a target range of 1 percent to 1.25 percent, compared with 0.25 percent to 0.50 percent a year earlier.
Wells Fargo & Co and Citigroup Inc are also scheduled to report results on Friday. (Reporting by Sweta Singh in Bengaluru and David Henry in New York; Editing by Saumyadeb Chakrabarty)