JPMorgan Chase posts $9.7 billion profit, beating estimates

In this Nov. 29, 2018 photo a Chase Bank logo is attached to an exterior wall at a bank location, in Dedham, Mass. JP Morgan Chase reports financial r

In this Nov. 29, 2018 photo a Chase Bank logo is attached to an exterior wall at a bank location, in Dedham, Mass. JP Morgan Chase reports financial r

NEW YORK (AP) — Banking giant JPMorgan Chase & Co. says second quarter profits grew by 16% from a year ago, helped by a lower tax rate and the ability to charge businesses and consumers more to borrow money.

The nation's largest bank by assets said Tuesday that it earned $9.65 billion, or $2.82 per share, up from a profit of $8.32 billion, or $2.29 per share, a year earlier. The results beat the forecasts of analysts, who were looking for JPMorgan to earn $2.50 a share, according to FactSet.

JPMorgan's results were boosted by a one-time $768 million benefit related to the end of certain tax audits. The bank also saw interest revenue increase 7% from a year earlier.

Firm-wide revenue was $29.57 billion, more than the $28.84 billion analysts expected.