JPMorgan Chase Profits Up On Solid Consumer Lending

JPMorgan Chase reported higher third-quarter profits Tuesday behind strength in key consumer banking businesses as Chief Executive Jamie Dimon offered a mixed economic outlook

New York, (UrduPoint / Pakistan Point News - 15th Oct, 2019 ):JPMorgan Chase reported higher third-quarter profits Tuesday behind strength in key consumer banking businesses as Chief Executive Jamie Dimon offered a mixed economic outlook.

The biggest US bank by assets, JPMorgan reported profits of $9.1 billion, up 8.

4 percent from the year-ago period.

Revenues were $29.3 billion, up 7.3 percent.

The increase in profits comes as large banks manage a shift in monetary policy by the US Federal Reserve that has dampened the industry's profit outlook somewhat.

Lower interest rates typically weigh on earnings at banks, whichearn profits from the margin between their loans and deposits.