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:Graphic - U.S. big banks third quarter trading revenue interactive: https://tmsnrt.rs/2LfIl3N
Graphic - U.S. big banks third quarter loans interactive: https://tmsnrt.rs/2OnGJug
Graphic - U.S. banks Q3 Investment banking revenue interactive: https://tmsnrt.rs/2Oqggww
Graphic - U.S. big banks third quarter earnings per share interactive: https://tmsnrt.rs/2NOEYm8
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)