October 12, 2018 / 6:37 PM / 2 months ago

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

FILE PHOTO: A sign outside the headquarters of JP Morgan Chase & Co in New York, September 19, 2013. REUTERS/Mike Segar/File Photo

(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, 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 earnings per share png - tmsnrt.rs/2NOKWn4)

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

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

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

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

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