JPMorgan Misses Q3 Expectations

reported weaker-than-expected results for the third quarter on Tuesday. The New York-based bank reported quarterly net income of $6.80 billion, or $1.68 per share, compared to $5.57 billion, or $1.35 per share, in the year-ago period. Excluding items, the bank earned $1.32 per share. Its revenue slipped to $23.54 billion from $25.15 billion. However, analysts were expecting earnings of $1.37 per share on revenue of $23.69 billion. The average estimate among 159 Estimize users was for earnings of $1.43 per share and revenue of $24.1 billion. Net revenue for Commercial Banking declined to $1.6 billion from $1.7 billion, while revenue for Corporate & Investment Bank slipped to $8.2 billion from $9.1 billion. Net revenue for Consumer & Community Banking fell to $10.9 billion in the latest quarter, compared to $11.4 billion in the year-ago period. Noninterest expenses declined 2.7 percent to $15.4 billion in the recent quarter. JPMorgan returned 2.7 billion to shareholders in the third quarter. Return on tangible common equity expanded to 15 percent in the third quarter, from 13 percent in the year-ago quarter. Jamie Dimon, Chairman and CEO, commented on the financial results said, "We had decent results this quarter. We saw the impact of a challenging global environment and continued low rates reflected in the wholesale businesses' results, while the consumer businesses benefited from favorable trends and credit quality. Overall, our risk management discipline and diversified platforms across the businesses are serving us well." JPMorgan shares fell 1.06 percent to $60.90 in the after-hours trading session.