GRAPHIC-U.S. banks enjoy benefits of a growing economy, lower taxes
Oct 12 (Reuters) – The U.S. banking industry is enjoying the benefits of a growing economy and lower taxes, if the double-digit profit growth posted by three major lenders on Friday is any indication.
JPMorgan Chase & Co, the biggest U.S. bank, said its third-quarter profit jumped nearly 25 percent, with each of its four business units generating higher revenues.
Citigroup Inc, the No. 3 U.S. bank by assets, reported a 12 percent rise in profit, driven mostly by lower taxes and cost savings.
Wells Fargo & Co, the fourth-largest in the sector, reported a 32 percent surge in profit following strong demand for auto, small business and personal loans, as well as cost cutting.
Following is a snapshot of bank earnings so far:
(Reporting by Diptendu Lahiri and Mary Ann Alapatt in Bengaluru; Editing by James Emmanuel)