INSUBCONTINENT EXCLUSIVE:
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 $8.52 billion, or $2.57 per share, in
31, from $7.07 billion, or $1.98 per share, a year earlier
Net revenue rose 9% to $29.21 billion.
Analysts on average had expected the bank to earn $2.35 per share on revenue of $27.94 billion,
according to Refinitiv data.
JPMorgan's shares were up nearly 2% in pre-market trade.
Strength in bond trading boosted overall trading
revenue, allaying concerns about the impact of the U.S.-China trade dispute and slowing global growth.
"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 86% to $3.4 billion compared with a year ago when choppy trading conditions hit bond markets
Revenue from equity markets rose 15% to $1.5 billion.
The robust showing at the bank's trading desk offset a surprise weakness in consumer
banking.
Consumer and business banking revenue fell 2% to $6.4 billion, hurt mainly by lower deposit margins
Home lending revenue was down 5% to $1.3 billion.
Total loans, excluding home lending, rose 3% in the quarter
Home loans were down 17%.
JPMorgan's results kick off the earnings season for U.S
banks and are widely seen as a barometer of the health of the economy
Wells Fargo - Co and Citigroup Inc are expected to report results later in the day.
