JPMorgan Chase & Co. (JPM) said second-quarter profit jumped as the largest U.S. bank benefited from President Donald Trump's cuts in the corporate tax rate.

Net income rose 18% to $8.32 billion, the New York-based bank said Friday, July 13, in a statement. Earnings per share were $2.29, beating the average analyst estimate of $2.22 in a FactSet survey.

The tax windfall came as JPMorgan benefited from fatter lending margins, with the Federal Reserve's recent interest-rate increases boosting collections on loans and bonds, while the bank held rates paid to depositors on savings accounts close to zero.

"We see good global economic growth, particularly in the U.S., where consumer and business sentiment is high," CEO Jamie Dimon said in the statement. 

JPMorgan was the first of the biggest U.S. banks to post results for the quarter, with rivals Citigroup Inc. (C) and Wells Fargo & Co. (WFC) scheduled to report later on Friday.  

Fixed-income trading revenue, a major swing factors in quarterly earnings for the biggest Wall Street firms, rose 12% to $3.5 billion, while stock-trading revenue surged 24% to $2 billion.

Investment-banking fees rose 13% to $1.9 billion, fueled by stock underwriting and mergers advice.

Net interest income -- the difference between what the bank collects on loans and bond investments and what it pays out on deposits and other corporate borrowings -- climbed 9% to $13.6 billion, due to higher interest rates and loan growth, according to the statement.  

Overall, though, expenses climbed by 8%, at the same rate as revenue, making the tax changes key to the big jump in net income.  

JPMorgan's effective tax rate in the quarter was 21%, down from 28% in the prior year's quarter.

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