JPMorgan Chase & Co, the biggest U.S. bank by assets, reported a 10.2 percent rise in profit for the last quarter of the year as it kept a tight lid on expenses.
The bank’s net income rose to $5.43 billion in the three months ended Dec. 31 from $4.93 billion a year earlier.
On a per-share basis, the New York-based lender earned $1.32.
Analysts had expected earnings of $1.25 per share.
It was not immediately clear if the results reported on Thursday were comparable. The results for both the latest and year-earlier periods included special items.
JPMorgan is the first big U.S. bank to report results since the Federal Reserve raised its key interest rate for the first time since 2006 on Dec. 16. Higher interest rates are usually good for banks, allowing them to charge higher rates on loans.
Citigroup Inc and Wells Fargo & Co, the third and fourth biggest U.S. banks, report results on Friday.