JPMorgan profit beats estimates on investment banking strength, higher interest income

JPMorgan Chase’s third-quarter profit beat expectations as strong investment banking performance and rising interest payments offset a hit from bigger loan loss provisions, sending its shares up before the market open.

The prospect of monetary easing by the Federal Reserve has spurred a rally in equities during the third quarter, while renewed economic optimism prompted companies to pursue acquisitions or issue debt and equity.

Investment banking fees surged 31 per cent, double...