JP Morgan Chase Kickstarts Banking Earnings Season With Upbeat Data

Shares of JP Morgan Chase & Co rose to as high as $69.03 per share after the largest U.S bank by assets reported third-quarter results that beat market’s estimates.

JP Morgan announced a profit of $6.29 billion, or $1.58 a share for three-month period through September. Last quarter profit fell 7.6% compared to that in the same period of 2015 as the bank continues to operate in a low-interest-rate environment. However, the readings still crushed expectations of earnings of $1.39 a share.

The bank’s revenue registered at $25.51 billion, also topping analysts’ forecast of $24 billion.

JPMorgan was the first big U.S. bank to report third-quarter earnings and its better-than-expected performance gave Wall Street certain confidence.

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