Print Edition - 2018-10-13  |  Money Digest

JPMorgan posts higher than expected profits

NEW YORK

Oct 13, 2018-

JPMorgan Chase & Co reported higher-than-expected quarterly profit on Friday as gains from higher interest rates and a growth in loans helped the bank offset weakness in bond trading revenue. The largest US bank by assets, whose results are often seen as a barometer of the economy, has benefited from a tax windfall and a strong economy that has led to higher interest rates and kept loan defaults in check. Average core loans was up 6 percent in the third quarter even as higher rates crimped borrowing in areas such as mortgage loans. Markets and investor services revenue was up just 1 percent, as financial markets were hit by escalating trade war between Beijing and Washington and worries about slowing global growth. (REUTERS)

Published: 13-10-2018 09:05

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