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JPMorgan profit boosted by bond trading, strong underwriting

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JPMorgan profit boosted by bond trading, strong underwriting
FILE PHOTO: A J.P. Morgan logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith   -   Copyright  Stephanie Keith(Reuters)
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(Reuters) – JPMorgan Chase & Co <JPM.N> reported an 8.4% rise in quarterly profit on Tuesday, driven by higher revenue from its bond trading business and gains in debt and equity underwriting.

Net income for the quarter ended Sept. 30 was $9.08 billion, or $2.68 per share, compared with $8.38 billion, or $2.34 per share, a year ago.

Analysts on average had expected the bank to earn $2.45 per share, according to Refinitiv data. It was not immediately clear if the reported numbers were comparable with the estimate.

JPMorgan’s results usually kick off the U.S. corporate earnings season and are closely watched by investors for cues on the health of the economy. Goldman Sachs Group Inc <GS.N>, Wells Fargo <WFC.N> and Citigroup Inc <C.N> are expected to report results later in the day.

(Reporting by Sweta Singh in Bengaluru and Elizabeth Dilts in New York; Editing by Saumyadeb Chakrabarty)

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