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).