JPMorgan Chase on Friday topped analysts’ estimates for third-quarter profit and revenue as the bank generated more interest income than expected, while credit costs were lower than anticipated.
Here’s what the company reported:
- Earnings: $4.33 a share
- Revenue: $40.69 billion, vs. $39.63 billion LSEG estimate
The bank said profit surged 35% to $13.15 billion, or $4.33 a share, from a year earlier. That per-share figure includes 17 cents in securities losses and 22 cents in legal expenses. It wasn’t immediately clear which items were included in LSEG’s $3.96 a share profit estimate.
Revenue climbed 21% to $40.69 billion, helped by the stronger-than-expected net interest income. That measure surged 30% to $22.9 billion, exceeding analysts’ expectations by roughly $600 million. At the same time, credit provisioning of $1.38 billion came in far lower than the $2.39 billion estimate.
JPMorgan’s retail banking division saw profit surge 36% to $5.9 billion, fueled by higher net interest income and the acquisition of First Republic. Its corporate and investment bank saw profit slip 12% to $3.1 billion on declines in trading and advisory revenue.
JPMorgan shares climbed 3.2% in morning trading, moderating earlier gains of nearly 5%.