JPMorgan profit rises 16per cent on tax gain

REUTERS: JPMorgan Chase & Co reported a 16per cent rise in quarterly profit as higher net interest income and a tax gain more than made up for lower activity at the bank's trading desks.

Net income at the largest U.S. bank rose to US$9.65 billion, or US$2.82 per share, from US$8.32 billion, or US$2.29 per share a year earlier.Analysts were expecting earnings of US$2.50 per share and revenue of US$28.90 billion, according to IBES estimate from Refinitiv. It was not immediately clear if the reported numbers were comparable with the estimate.

JPMorgan's results are closely watched by investors looking to gauge the health of the U.S. economy. Goldman Sachs Group Inc and Wells Fargo & Co will report quarterly results later in the day.

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