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

© Reuters. FILE PHOTO: JP Morgan Chase & Co sign outside headquarters in New York

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 (NYSE:), 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 (NYSE:), 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 (NYSE:) & 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 earnings per share png – https://tmsnrt.rs/2NOKWn4)

(Graphic: U.S. banks Q3 Investment banking revenue png – https://tmsnrt.rs/2OjkFkJ)

(Graphic: U.S. big banks third quarter trading revenue – https://tmsnrt.rs/2LcXwut)

(Graphic: U.S. big banks third quarter loans – https://tmsnrt.rs/2OnGK1i)

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