JPMorgan's profits rise 18 percent, helped by lower taxes

NEW YORK  | JPMorgan’s profits rise 18 percent, helped by lower taxes

NEW YORK  — JPMorgan Chase says second-quarter profits rose by 18 percent from a year ago, as the bank continues to benefit from higher interest rates and a lower tax bill following last year’s passage of President Donald Trump’s tax law.

JPMorgan earned $8.32 billion in the first quarter, or $2.29 a share, up from $7.03 billion, or $1.82 a share, in the same period a year earlier. The results beat analysts’ expectations for earnings of $2.22 a share.

The bank again saw a much lower tax bill compared to a year earlier. JPMorgan paid $2.26 billion in income taxes in the second quarter, down from $2.72 billion a year earlier.

Total revenue was $28.39 billion, up from $26.67 billion a year earlier.

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By Associated Press