JPMorgan Third -Quarter Profit Rises 8%
15 Ottobre 2019 - 1:33PM
Dow Jones News
By David Benoit
JPMorgan Chase & Co. said Tuesday that third-quarter profit
rose 8% and topped expectations.
The nation's largest bank reported a profit of $9.08 billion, or
$2.68 a share. Analysts polled by FactSet had expected earnings of
$2.45 a share. A year earlier, the bank reported a profit of $8.38
billion, or $2.34 per share.
Revenue rose 8% to $29.34 billion from $27.26 billion a year
ago, above analysts' expectations for $28.47 billion.
The bank has now posted year-over-year profit gains for each of
the past seven quarters, boosted by rising interest rates that had
increased the profitability on lending operations. That trend
reversed itself this summer as the Federal Reserve moved from
increasing its base rate to cutting rates.
The bank's net interest income, the amount it makes from lending
minus the interest it pays out, rose 2% to $14.23 billion.
JPMorgan shares rallied in September, closing above $120 for the
first time in its history. It is up 19% this year, more the KBW
Nasdaq bank index and slightly above the S&P 500. Shares rose
0.7% to $117.26 in premarket trading Tuesday.
Write to David Benoit at david.benoit@wsj.com
(END) Dow Jones Newswires
October 15, 2019 07:18 ET (11:18 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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