JPMorgan Chase - Co posted a better-than-expected rise in quarterly profit on Tuesday, as strong results at its trading and underwriting businesses offset weakness in consumer banking.Net income at the United States' largest bank rose to $8.52 billion, or $2.57 per share, in the quarter ended Dec.
31, from $7.07 billion, or $1.98 per share, a year earlier.
Net revenue rose 9% to $29.21 billion.Analysts on average had expected the bank to earn $2.35 per share on revenue of $27.94 billion, according to Refinitiv data.JPMorgan's shares were up nearly 2% in pre-market trade.Strength in bond trading boosted overall trading revenue, allaying concerns about the impact of the U.S.-China trade dispute and slowing global growth."While we face a continued high level of complex geopolitical issues, global growth stabilized, albeit at a lower level, and resolution of some trade issues helped support client and market activity towards the end of the year," JPMorgan Chief Executive Officer Jamie Dimon said in a statement.Fixed income trading revenue surged 86% to $3.4 billion compared with a year ago when choppy trading conditions hit bond markets.
Revenue from equity markets rose 15% to $1.5 billion.The robust showing at the bank's trading desk offset a surprise weakness in consumer banking.Consumer and business banking revenue fell 2% to $6.4 billion, hurt mainly by lower deposit margins.
Home lending revenue was down 5% to $1.3 billion.Total loans, excluding home lending, rose 3% in the quarter.
Home loans were down 17%.JPMorgan's results kick off the earnings season for U.S.
banks and are widely seen as a barometer of the health of the economy.
Wells Fargo - Co and Citigroup Inc are expected to report results later in the day.