JPMorgan Earnings Beat Estimates on Bond-Trading Revenue
- Brexit, rate bets fuel 48% gain in fixed-income business
- Provision for credit loss in consumer bank jumps $905 million
This article is for subscribers only.
JPMorgan Chase & Co. posted profit that beat analysts’ estimates on a 48 percent surge in fixed-income revenue, fueled by trading of government bonds after the U.K. voted to leave the European Union.
Third-quarter net income declined to $6.29 billion, or $1.58 a share, from $6.8 billion, or $1.68, a year earlier, when results got a boost from $2.2 billion in tax benefits, New York-based JPMorgan said Friday in a statement. Earnings excluding legal and accounting adjustments were $1.59 a share, topping the $1.39 average estimate.