You are here: Home » Reuters » News
Business Standard

JPMorgan profit beats on higher interest rates; books tax charge

Reuters 

By Sweta Singh

(Reuters) - Chase & Co, the biggest U. S. by assets, reported a higher-than-expected quarterly profit as gains in net interest offset a slowdown in trading

The recorded a $2.4 billion charge to cover a new one-time repatriation on it has kept abroad and to adjust the value of its deferred assets and liabilities.

The sweeping changes in the law enacted by are expected to mean short-term pain but long-term gain for large U. S. banks that do business worldwide.

"The enactment of reform in the fourth quarter is a significant positive outcome for the country.

U. S. companies will be more competitive globally, which will ultimately benefit all Americans," said in a statement.

Net profit, adjusted to exclude the charge and other one-time items, was $6.7 billion, or $1.76 per share, for the fourth quarter ended Dec. 31. (http://bit.ly/2AR7AUe)

Analysts had expected earnings of $1.69 per share on average, according to I/B/E/S.

Net rose 4.6 percent to $25.45 billion, beating the estimate of $25.15 billion.

Net interest rose 11 percent to $13.4 billion on higher and loan growth. Markets revenue, however, fell 22 percent to $4.43 billion.

Net income, reported under generally accepted accounting principles (GAAP) and including the charge, declined to $4.23 billion, or $1.07 per share, in the fourth quarter ended Dec. 31, from $6.73 billion, or $1.71 per share, a year earlier.

(Reporting by in Bengaluru and David Henry in New York; Editing by Saumyadeb Chakrabarty)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, January 12 2018. 17:54 IST
RECOMMENDED FOR YOU