 "JPMorgan quarterly net profit falls marginally")
JPMorgan Chase & Co, the biggest US bank by assets, reported a 1.4 per cent fall in quarterly profit as its businesses continued to deal with razor-thin margins amid universally low interest rates.
The bank's net income fell to $6.20 billion in the second quarter ended June 30, from $6.29 billion a year earlier, but earnings per share rose to $1.55 from $1.54.
Analysts on average had expected earnings of $1.43 per share, according to Thomson Reuters. It was not immediately clear if the reported figures were comparable.
JPMorgan is the first US bank to announce results for the quarter, as well as the first to report since Britain voted on June 23 to leave the European Union.
The vote threw into doubt the likelihood of a US interest rate hike anytime soon, meaning that lending margins will remain under pressure. It also called into question how much money and time US banks will have to spend to move from London their operations serving European customers.
Wells Fargo & Co and Citigroup Inc, the third and fourth-biggest US banks, report on Friday.
