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U.S. banks enjoy benefits of a growing economy, lower taxes

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By Reuters

By Diptendu Lahiri

(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 <JPM.N>, 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 <C.N>, 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 <WFC.N>, 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 earnings per share –

(GRAPHIC: U.S. banks third quarter Investment banking revenue –

(GRAPHIC: U.S. big banks third quarter trading revenue –

(GRAPHIC: U.S. big banks third quarter loans –

(Reporting by Diptendu Lahiri and Mary Ann Alapatt in Bengaluru; Editing by James Emmanuel)