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JPMorgan Chase begin Earnings Season With impressive profit

By 23/04/2019 September 27th, 2019 No Comments

The biggest U.S bank J.P. Morgan Chase on Friday reported record first-quarter profit and revenue that strongly exceeded analysts’ expectations.
The financial company informed profit surged 5 percent to $9.18 billion, or $2.65 a share, revenue also rose 5 percent to $29.9 billion. Analysts’ average EPS estimate was $2.35 a share. Revenue is exceeding estimates by about $1.5 billion.
Bank said that net interest income grew 8 percent, thanks to the “impact of higher rates,”. The biggest impact was from JPMorgan’s retail lending business, where profit jumped 19 percent to $3.96 billion.
Shares rose 4.2 percent, heading for the biggest one-day increase since November 2016.

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