REUTERS: JPMorgan Chase & Co posted a better-than-expected rise in quarterly profit on Tuesday, as strong results at its trading and underwriting businesses offset weakness in consumer banking.
Net income at the United States' largest bank rose to US$8.52 billion, or US$2.57 per share, in the quarter ended Dec. 31, from US$7.07 billion, or US$1.98 per share, a year earlier. Net revenue rose 9per cent to US$29.21 billion. Analysts on average had expected the bank to earn US$2.35 per share on revenue of US$27.94 billion, according to Refinitiv data.Strength in bond trading boosted overall trading revenue, allaying concerns about the impact of the U.S.
"While we face a continued high level of complex geopolitical issues, global growth stabilized, albeit at a lower level, and resolution of some trade issues helped support client and market activity towards the end of the year," JPMorgan Chief Executive Officer Jamie Dimon said in a statement.Fixed income trading revenue surged 86per cent to US$3.4 billion compared with a year ago when choppy trading conditions hit bond markets. Revenue from equity markets rose 15per cent to US$1.