JPMorgan Chase profits up on solid consumer lending
New York, Oct 15 (AFP/APP):JPMorgan Chase reported higher third-quarter profits Tuesday behind strength in key consumer banking businesses as Chief Executive Jamie Dimon offered a mixed economic outlook.
The biggest US bank by assets, JPMorgan reported profits of $9.1 billion, up 8.4 percent from the year-ago period.
Revenues were $29.3 billion, up 7.3 percent.
The increase in profits comes as large banks manage a shift in monetary policy by the US Federal Reserve that has dampened the industry’s profit outlook somewhat.
Lower interest rates typically weigh on earnings at banks, which earn profits from the margin between their loans and deposits.