JPMorgan had a record-breaking quarter

JPMorgan on Friday reported third-quarter earnings that crushed expectations.

The firm reported earnings per share of $1.58 on adjusted revenue of $24.67 billion.

Analysts were expecting adjusted earnings per share of $1.39 on revenue of $24.25 billion, according to Bloomberg.

JPMorgan’s corporate and investment bank had its best reported performance for a third quarter on record, as well as the highest fees on record for a third quarter, according to CFO Marianne Lake.

“We delivered strong results this quarter with each of our businesses performing well,” CEO Jamie Dimon said in a statement.

“It’s a testament to the power of our platform and our people. To remain best-in-class, we continue to invest significant resources in talent development, innovation, technology, security and controls.”

JPMorgan also provided a “managed,” or non-GAAP, revenue figure of $25.51 billion.

The firm beat expectations in both trading and investment banking:

  • Total trading revenue came in at $5.75 billion ($4.52 billion expected), up 33% from the same quarter last year.
  • Fixed income trading revenue was $4.33 billion ($3.17 billion expected), up 45% year-over-year, which the firm said was driven by a stronger quarter in rates, credit, and securitized products.
  • Equity trading revenues were $1.42 billion ($1.35 billion expected), up 1% from the year-ago quarter.
  • Investment banking revenue was $1.74 billion ($1.54 billion expected), up 14% year-over-year.

In the same quarter last year, JPMorgan missed expectations, reporting earnings per share of $1.32 (excluding tax benefits and other items) on revenue of $23.5 billion. Analysts were expecting earnings of $1.38 per share on revenue of $24.04 billion.

In the second quarter, JPMorgan reported adjusted earnings per share of $1.46 ($1.43 expected) on revenue of $25.20 billion ($24.50 billion expected).

JPMorgan is the first of the major bulge-bracket banks to report third-quarter earnings. Wells Fargo and Citigroup report at 8 a.m. Friday.

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