JPMorgan 3Q profits rise 24 percent, helped by lower taxes

NEW YORK (AP) — JPMorgan Chase & Co. says its third-quarter profits rose by 24 percent from a year ago, helped by a lower tax bill and higher interest rates.

JPMorgan says it earned $8.38 billion in the first quarter, or $2.34 a share, up from $6.73 billion, or $1.76 a share, in the same period a year earlier. The results beat the expectations of analysts, who were looking for JPMorgan to earn $2.26 a share, according to FactSet.

JPMorgan, the nation's largest bank by assets, continues to benefit greatly from the Republican-passed tax law. Its effective tax rate was 21.6 percent in the quarter, down from 29.6 percent a year earlier.

JPMorgan's quarterly revenue was $27.82 billion, up from $26.45 billion a year earlier.