JPMorgan beats on third-quarter earnings, with profit up 24%

Scott Olson/Getty ImagesJPMorgan CEO Jamie Dimon.
  • JPMorgan’s third-quarter results beat analyst estimates, with profit climbing 24%.

JPMorgan Chase announced third-quarter results Friday morning and posted earnings of $US2.34 a share. Analysts had expected earnings of $US2.26.

The beat was driven by gains across most business lines, with higher interest rates benefitting most of the bank’s businesses. Markets revenue declined. Here are the key numbers:

  • Revenue: $US27.8 billion, up 5% from last year.
  • Adjusted net income: $US8.4 billion, up 24% from last year.
  • Consumer and community banking: Net income increased 60% to $US4.1 billion on revenue of $US13.3 billion, as Federal Reserve interest-rate hikes helped interest income. The unit attracted a record amount of net new money in the quarter.
  • Corporate and investment banking: Net income was up 3% to $US2.6 billion on revenue of $US8.8 billion. Markets revenue fell 1% to $US4.4 billion, while banking revenue rose 4% to $US3.2 billion.
  • Commercial banking: Net income rose 24% to $US1.1 billion on revenue of $US2.3 billion, driven by higher interest income.
  • Asset and wealth management: Net income was $US724 million, up 7% from the year earlier.

“JPMorgan Chase delivered strong results this quarter with top-line growth in each of our businesses, demonstrating the power of our platform,” JPMorgan CEO Jamie Dimon said in a statement. “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.”

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