JPMorgan Chase & Co. JPM delivered better than expected EPS for the third quarter. Its revenue also topped expectations.
The company reported a 7.6 percent drop in net income from $6.804 billion to $6.286 billion, while EPS fell 6 percent from $1.68 to $1.58. However, the most recent quarter's EPS exceeded analysts' estimates by $0.19 a share.
JPMorgan's managed net revenue advanced 8 percent from $23.54 billion to $25.51 billion, while reported net revenue grew from $22.8 billion to $24.7 billion. Street analysts' expected the bank to deliver $23.99 billion revenue.
Chairman and CEO, Jamie Dimon, commented, "We delivered a 13% ROTCE and over $6 billion of net income in a third quarter. We have provided credit and raised capital this year totaling $1.7 trillion for our customers, small businesses, clients and governments around the world. 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."
Following the results, the stock traded up by $1.28, or 1.89 percent, to $69.20 in the pre-market trading on Friday.
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