JPMorgan Chase & Co., the biggest U.S. bank by assets, said profit fell 7.6% from a year ago, when results got a boost from $2.2 billion in tax benefits. Revenue climbed 8.4% as bond-trading revenue rose more than analysts estimated.

Third-quarter net income declined to $6.29 billion, or $1.58 a share, from $6.8 billion, or $1.68, a year earlier, New York-based JPMorgan said Friday in a statement.

JPMorgan's results kick off earnings season for U.S. banks, offering insight into how Wall Street's trading and advisory operations performed during the typically slow summer months. The industry, beset by low growth and low interest rates for years, suffered a weak start to the year as falling energy prices triggered an equity rout. Bond trading recovered in the second quarter, driven by interest-rate and currency desks, a trend that analysts expected to continue into the period ending September.

Revenue rose to $25.5 billion, beating the $24.2 billion average estimate of 10 analysts surveyed by Bloomberg, while expenses fell 5.9% to $14.5 billion, compared with the $14.1 billion estimate. Fixed-income trading revenue surged 48% to $4.33 billion, compared with the $3.17 billion average estimate of seven analysts surveyed by Bloomberg. Equities-trading revenue advanced less than 1% to $1.41 billion, compared with analysts' $1.35 billion estimate.

Wells Fargo & Co. and Citigroup Inc., the third and fourth-biggest U.S. banks by assets, are scheduled to release results Friday as well. Bank of America Corp., Goldman Sachs Group Inc. and Morgan Stanley report next week.

Wells Fargo may offer more insight into how its cross-selling scandal will affect earnings and revenue in coming quarters. John Stumpf stepped down Wednesday as chairman and chief executive officer, replaced by President and Chief Operating Officer Tim Sloan.

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