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JPMorgan quarterly profit jumps by 22%

October 13, 2015

Banking Institutions As U.S. Stocks Fall Amid Global Selloff On China, Greece ConcernsBanking Institutions As U.S. Stocks Fall Amid Global Selloff On China, Greece Concerns

Oct 13 (Reuters) – JPMorgan Chase & Co, the biggest U.S. bank by assets, reported a 22.3 percent rise in quarterly profit as lower costs and a smaller provision for credit losses made up for weaker trading revenue.

JPMorgan said its net income rose to $6.80 billion from $5.57 billion in the year-earlier period. On a per share basis, the bank earned $1.68 in the third quarter ended Sept. 30, up from $1.35, a year earlier.

The prior-period results included legal expenses of $1 billion, which reduced earnings per share by 26 cents.

Analysts on average had expected earnings of $1.37 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the results reported on Tuesday were comparable.

JPMorgan, which released its results after the market close, is the first U.S. bank with large capital markets and investment banking operations to report for the quarter.

(Reporting by Sweta Singh and Richa Naidu in Bengaluru, David Henry in New York; Editing by Ted Kerr)