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J.P. Morgan Chase beats profit and revenue expectations, stock rallies

Shares of J.P. Morgan Chase & Co. rose 1.1% in premarket trading Tuesday, after the banking giant beat profit and revenue expectation as strength in consumer banking and investment banking helped offset a “more challenging” interest rate environment. Net income rose to $9.08 billion, or $2.68 a share, from $8.38 billion, or $2.34 a share, in the year-ago period. The FactSet consensus for earnings per share was $2.45. Revenue increased to $30.06 billion from $27.82 billion to top the FactSet consensus of $28.47 billion, as net interest income rose 2% to $14.4 billion to beat expectations of $14.1 billion. Within business segments, consumer and community banking and corporate and investment bank units beat revenue expectations, while revenue from commercial banking and asset and wealth management came up shy. The stock has gained 2.2% over the past three months through Monday, while the Dow Jones Industrial Average has slipped 2.1%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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