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JPMorgan profit rises as expenses fall

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JPMorgan Chase & Co, the biggest US bank by assets, reported a 5.2 per cent increase in quarterly profit as expenses declined.

[NEW YORK] JPMorgan Chase & Co, the biggest US bank by assets, reported a 5.2 per cent increase in quarterly profit as expenses declined.

Net income rose to US$6.29 billion from US$5.98 billion a year earlier. On a per share basis, the bank earned US$1.54 compared with US$1.46 in the year-earlier period.

Analysts on average had expected earnings of US$1.44 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported results were comparable.

Revenue from fixed-income trading fell 21 per cent to US$2.93 billion. Adjusted for the sale of a physical commodities businesses last year, it would have fallen 10 per cent.

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JPMorgan is the first of the US banks with large capital markets and investment banking operations to report second-quarter results.

Overall, the banks are expected to show flat to lower revenue from fixed-income trading from a year earlier, which was a relatively strong period.

REUTERS

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