Market Overview

UPDATE: JPMorgan Posts Q3 Profit


JPMorgan Chase & Co (NYSE: JPM) reported a profit in the third quarter.

The New York-based bank posted quarterly net income of $5.57 billion, versus a year-ago loss of $380 million. On a per-share basis, the bank posted a profit of $1.36, versus a loss of $0.17. Last year, the bank was hit by massive legal charges.

Its revenue climbed to $24.2 billion versus $23.1 billion. However, analysts were expecting a profit of $1.38 per share on revenue of $23.95 billion.

Noninterest expense fell 33% to $15.8 billion. The current quarter noninterest expense included legal expense of around $1.1 billion.

Revenue from fixed-income markets climbed 2.1% to $3.51 billion, while equity-markets revenue fell 1.4% to $1.23 billion.

Consumer & Business Banking net revenue jumped 5% to $4.6 billion, while Mortgage Banking net revenue fell $36 million to $2.0 billion. Real Estate Portfolios net revenue rose $5 million to $814 million, while Card, Merchant Services & Auto net revenue came in flat at $4.6 billion.

Core Loans rose by 7% versus the prior year. The bank repurchased $1.5 billion of common equity in the third quarter.

Average total deposits rose 8% y/y to $492.0 billion. Credit card sales volume climbed 12% y/y to $119.5 billion.

Jamie Dimon, Chairman and Chief Executive Officer said, “Our businesses continue to perform well. Consumer & Community Banking deposit growth led the nation as the FDIC reported Chase #1 in deposit growth for the third consecutive year. Our Card business delivered double-digit sales volume growth and Mortgage Banking continues to reposition the business and manage through cyclical-lows.”

JPMorgan shares rose 0.15% to $58.25 in pre-market trading.

Posted-In: profitEarnings News


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