JPMorgan Chase & Co, the biggest US bank by assets, reported a 7.6 per cent drop in quarterly profit after recording a tax expense, compared with a rare tax benefit a year earlier.
The bank's net income fell to $6.29 billion in the third quarter ended September 30 from $6.80 billion in the same quarter of 2015. Earnings per share fell to $1.58 from $1.68.
The year-earlier net profit was boosted by a tax benefit of $2.2 billion.
On a pre-tax basis, profit rose 32.8 per cent to $8.94 billion, helped by a drop in non-interest expenses and a slight increase in revenue following the Federal Reserve's interest rate hike last December, the first since the financial crisis.
Analysts on average had expected earnings of $1.39 per share, according to Thomson Reuters. It was not immediately clear if the reported figures were comparable.
JPMorgan is the first big US bank to report third quarter results. Wells Fargo & Co and Citigroup Inc, the third and fourth-biggest US banks by assets, are scheduled to report later on Friday. Bank of America Corp, the second biggest, will report on Monday.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
