JPMorgan Profit Rises as Expenses Fall

JPMorgan Chase & Co, the biggest U.S. bank by assets, reported a 5.2 percent increase in quarterly profit as expenses declined.
Net income rose to $6.29 billion from $5.98 billion a year earlier. On a per share basis, the bank earned $1.54 compared with $1.46 in the year-earlier period.
Sccording to Thomson Reuters I/B/E/S, analysts on average had expected earnings of $1.44 per share. It was not immediately clear if the reported results were comparable.
Revenue from fixed-income trading fell 21 percent to $2.93 billion. Adjusted for the sale of a physical commodities businesses last year, it would have fallen 10 percent.
JPMorgan is the first of the U.S. banks with large capital markets and investment banking operations to report second-quarter results.