JPMorgan reports 13 percent rise in quarterly profit

[July 14, 2017]  (Reuters) - JPMorgan Chase & Co, the biggest U.S. bank by assets, reported a 13.4 percent increase in quarterly profit on Friday as gains from higher interest rates more than offset a drop in bond trading.

The bank's net income rose to $7.03 billion in the second quarter ended June 30 from $6.20 billion a year earlier. Earnings per share rose to $1.82 from $1.55.

Analysts had expected earnings of $1.58 per share, according to Thomson Reuters I/B/E/S. It was not immediately clear if the reported results were comparable.

Executives at big banks warned in recent weeks that trading revenue during the quarter would be down from a year earlier, when client trading surged around UK's Brexit vote.

The latest quarter, however, benefited from the Federal Reserve more than doubling its overnight interest rate to a target range of 1 percent to 1.25 percent, compared with 0.25 percent to 0.50 percent a year earlier.

A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City May 20, 2015. REUTERS/Mike Segar/Files

Wells Fargo & Co and Citigroup Inc are also scheduled to report results on Friday.

(Reporting by Sweta Singh in Bengaluru and David Henry in New York; Editing by Saumyadeb Chakrabarty)

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