Financials Up As Banking Giants Post Growth - Financials Roundup

Banks, lenders and other financial companies ticked up after strong earnings reports from three of the largest U.S. banks. JP Morgan, the largest U.S. bank by assets, reported a profit of $6.73 billion, or $1.71 a share, up from $5.43 billion a year earlier, helped the trading bonanza in the wake of the unexpected Trump victory in the presidential election. Shares of Bank of America were more or less flat after the second largest bank posted quarterly revenue short of Wall Street estimates, even as it logged profits for the full year 2016 higher than any year since 2006. Wells Fargo rose after the lender, whose community banking unit is reeling from a sales-practice scandal, posted earnings ahead of some investors' expectations. BlackRock's assets under management rose 11% to $5.15 trillion from a year ago, as investors poured more money into lower-cost, index-tracking funds provided by the world's largest money manager.

-Rob Curran, [e-mail]

(END) Dow Jones Newswires

January 13, 2017 16:29 ET (21:29 GMT)

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