NEW YORK – JPMorgan Chase & Co. said Friday that its third-quarter profits rose by 24 percent from a year ago, helped by a lower tax bill and higher interest rates, which allowed it to charge more for loans to consumers and businesses alike.

The New York-based bank said it earned $8.38 billion in the third quarter, or $2.34 a share. That’s up from $6.73 billion, or $1.76 a share, in the same period a year earlier. The results beat the expectations of analysts, who were looking for JPMorgan to earn $2.26 a share, according to FactSet.

“The U.S. and the global economy continue to show strength, despite increasing economic and geopolitical uncertainties, which at some point in the future may have negative effects on the economy,” Jamie Dimon, JPMorgan’s chief executive and chairman, said in a statement.

The bank reported a 6 percent rise in its core loan portfolio and a 12 percent increase in credit card sales volume.

Investors will carefully analyze results from JPMorgan and other big banks Friday. The U.S. stock market is coming off its worst two-day performance since February, and investors want to see evidence that corporate profits remain strong.

JPMorgan Chase’s shares were up 1.3 percent in pre-market trading. The stock is up 1.1 percent this year after dropping more than 6 percent during the market’s downturn this week.

Like many banks, JPMorgan has benefited greatly from the rise in interest rates in the past couple of years. The bank’s net interest income -- revenue from customers’ loan payments minus what it pays depositors -- rose by 9 percent from a year earlier.

While the bank has to pay more interest to depositors, it is more than able to make up for those higher costs by charging more to borrowers.

The bank also continues to benefit greatly from the Republican-passed tax law. Its effective tax rate was 21.6 percent in the quarter, down from 29.6 percent a year earlier. While the bank’s profits before income taxes rose by more than a billion dollars, the money it paid in income taxes last quarter fell by $500 million compared to a year earlier.

Firm-wide, JPMorgan’s quarterly revenue was $27.82 billion, up from $26.45 billion a year earlier.

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(FILES) This file photo taken on August 14, 2013 shows people walking by JP Morgan Chase & Company headquarters in New York. According to the Wall Street Journal, regulators in the US and UK fined J.P. Morgan Chase JPM $920 million for actions tied to its 2012 "London whale" trading debacle, according to an announcement by regulators September 19, 2013. The US Securities and Exchange Commission(SEC), the Office of the Comptroller of the Currency, the Federal Reserve and the UK's Financial Conduct Authority charged the company civilly with poor controls surrounding the giant bet, which ultimately cost the company more than $6 billion. The announcement of the settlements, which had been expected, is one of the largest fines a bank has ever had to pay over a single trading strategy. AFP PHOTO / FILES / Emmanuel DunandEMMANUEL DUNAND/AFP/Getty Images ORIG FILE ID: 523021526
EMMANUEL DUNAND, AFP/Getty Images

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