The quarterly profit of JPMorgan Bank has fallen by 7.6%, having exceeded the forecasts
The largest in terms of assets US bank JPMorgan Chase & Co has published the report about the decrease in profit for the quarter by 7.6%. This happened after tax expenses against the last year’s rare tax deduction had been recorded. Nevertheless, the bank’s profit and revenue are higher than experts forecasted earlier.
The bank has received the net profit of $ 6.29 billion in the III quarter, which ended on 30 September. Last year the bank earned $ 6.80 billion during the same period. The profit from one stock has fallen to $ 1.58 (previously it was $ 1.68).
The pretax profit shows the growth, which has increased by 32.8% – to $ 8.94 billion . This has happened because of the decrease of non-interest expenses and the slight revenue increase after the Fed rate growth in December 2015.
Experts, who participated in the Reuters poll, voiced the average profit forecast of $ 1.39 per security.
The total revenue of JPMorgan has increased by 8.4% and amounted to $ 25.51 billion, exceeding the average analytical forecast of $ 23.99 billion because of the volatility on the background of the Britain’s decision to leave the EU,as well as the conversations about the monetary policy of the United States, Europe and Japan.