Tuesday, April 20

JPMorgan profit boosted by bond trading, strong underwriting

FILE PHOTO: A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/Files

(Reuters) – JPMorgan Chase & Co (JPM.N) reported an 8.4% rise in quarterly profit on Tuesday, driven by higher revenue from its bond trading business and gains in debt and equity underwriting.

Net income for the quarter ended Sept. 30 was $9.08 billion, or $2.68 per share, compared with $8.38 billion, or $2.34 per share, a year ago.

Analysts on average had expected the bank to earn $2.45 per share, according to Refinitiv data. It was not immediately clear if the reported numbers were comparable with the estimate.

JPMorgan’s results usually kick off the U.S. corporate earnings season and are closely watched by investors for cues on the health of the economy. Goldman Sachs Group Inc (GS.N), Wells Fargo (WFC.N) and Citigroup Inc (C.N) are expected to report results later in the day.

Reporting by Sweta Singh in Bengaluru and Elizabeth Dilts in New York; Editing by Saumyadeb Chakrabarty

Our Standards:The Thomson Reuters Trust Principles.

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