Arab Today, arab today jpmorgan earnings lifted by tax benefits
Last Updated : GMT 15:13:29
Arab Today, arab today
Arab Today, arab today

JPMorgan earnings lifted by tax benefits

Arab Today, arab today

Arab Today, arab today JPMorgan earnings lifted by tax benefits

JPMorgan
New York - AFP

US banking giant JPMorgan Chase reported a jump in third-quarter earnings Tuesday, as a large tax gain offset weaker performance in bond trading and some other businesses.

Earnings for the quarter came in at $6.8 billion, up 22.3 percent from the year-ago period. Revenues were down 6.4 percent at $23.54 billion.

JPMorgan, the biggest US bank by assets, said earnings in the corporate and investment bank segment fell 12.9 percent. This closely watched business saw lower revenues in fixed-income trading, partly offset by higher revenues for equity market trading.

Chief financial officer Marianne Lake said there was "reasonably broad-based market turbulence" in the third quarter due to worries about the slowing Chinese economy and uncertainty about when the US Federal Reserve will raise interest rates.

The volatility also resulted in lower earnings in asset management. Client assets under management fell one percent to $2.3 trillion, the result of "clients moving money out of market-sensitive categories," Lake said.

On the positive side, JPMorgan scored a four percent gain in consumer and community banking, thanks in part to stronger mortgage banking earnings and increased auto and credit card loans.

Total loans rose 8.9 percent to $809.5 billion.

Results were boosted by $2.2 billion in tax benefits, including a gain of $1.9 billion from resolving tax audits.

Lake said the tax benefit was related to the financial crisis, but declined to elaborate. She said the large boost would not likely be repeated in future quarters.

JPMorgan cut non-interest expenses. Headcount is down about 6,700 from last year at 235,680.

"We had decent results this quarter," said chief executive Jamie Dimon in a statement.

"We saw the impact of a challenging global environment and continued low rates reflected in the wholesale businesses' results, while the consumer businesses benefited from favorable trends and credit quality."

Earnings for JPMorgan translated into $1.32 per share, five cents below analyst expectations.

Shares of JPMorgan fell 1.4 percent to $60.71 in after-hours trade.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today jpmorgan earnings lifted by tax benefits Arab Today, arab today jpmorgan earnings lifted by tax benefits

 



Arab Today, arab today
Arab Today, arab today Fadi explains secrets of  Nancy Ajram's newlook

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook
Arab Today, arab today Tourist guide explains types of tourism

GMT 18:28 2017 Saturday ,25 February

Tourist guide explains types of tourism
Arab Today, arab today Expresses Algerian history by woody figures

GMT 13:26 2017 Friday ,24 February

Expresses Algerian history by woody figures
Arab Today, arab today Iran complying with nuclear deal

GMT 07:14 2017 Saturday ,25 February

Iran complying with nuclear deal
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Reading therapy relieves mental disorders

GMT 15:39 2017 Friday ,24 February

Reading therapy relieves mental disorders
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Ola Ghanem hopes to work with M.Ramadan

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 06:08 2017 Thursday ,23 February

Actress Lobna Abdel Aziz proud of her career

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 20:33 2017 Friday ,17 February

To release new antiques collection

GMT 10:20 2017 Thursday ,23 February

Brazil's top diplomat resigns

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday