Banking giant JPMorgan Chase & Co. (NYSE:JPM) this morning posted much better-than-expected third quarter earnings results, as the firm benefitted from rising interest rates.
The New York-based company reported Q3 EPS of $1.58 per share, easily topping Wall Street analysts’ view of $1.39. Revenue rose 8.3% from last year to $24.7 billion, also beating the consensus estimate of $23.69 billion.
Other interesting notes from the report included:
- Net interest income was $11.9 billion, up 6% from last year.
- Noninterest revenue was $13.6 billion, up 10%.
- Noninterest expense was $14.5 billion, down 6%.
- The provision for credit losses was $1.3 bln, up from $682 million last year.
From the press release:
Jamie Dimon, Chairman and CEO, commented on the financial results: “We delivered strong results this quarter with each of our businesses performing well. We had record net income in Commercial Banking and record loan balances in Asset
Management. The Corporate & Investment Bank reported its best third quarter revenue. In the Consumer businesses, we grew
both loans and deposits double-digits, and our new card product, Sapphire Reserve, has gotten a great response – underscoring our unwavering commitment to enhancing customer engagement.”
Dimon added: “Over the past months we have continued our extraordinary efforts and submitted what we believe is a credible Resolution Plan, as we remain focused on our regulatory and control agenda.”
JPM shares rose $1.26 (+1.86%) to $69.00 in premarket trading Friday. Prior to today’s report, JPM had gained 2.59%, trailing the benchmark S&P 500’s 4.48% rise in the same period.