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JPMorgan Chase & Co. Q3 Profit Tops Estimates; Revenue Up 3% YoY

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JPMorgan Chase & Co. (JPM) reported third-quarter earnings per share of $1.76 compared to $1.58, previous year. On average, 24 analysts polled by Thomson Reuters expected the company to report profit per share of $1.65 for the quarter. Analysts' estimates typically exclude special items. Net income rose 7% year-over-year to $6.7 billion.

Third-quarter net revenue on a reported basis totaled $25.3 billion, compared to $24.7 billion, prior year, an increase of 3%. Net revenue - managed - was $26.20 billion compared to $25.51 billion. Analysts expected revenue of $25.23 billion, for the quarter.

Third-quarter net interest income - managed - was $13.1 billion, up 10%, primarily driven by the net impact of rising rates and loan growth, partially offset by declines in Markets net interest income. Noninterest revenue - managed - was $13.1 billion, down 4%, driven by lower Markets revenue. Noninterest expense was $14.3 billion, down 1%.

The provision for credit losses was $1.5 billion, up from $1.3 billion in the prior year. The company said the increase reflected a net reserve build of $303 million in the Consumer portfolio, driven by Card, and higher net charge-offs of $148 million.

For the third-quarter, book value per share was $66.95, up 5% yea-over-year; and tangible book value per share was $54.03, up 5%. Average core loans were up 7% from prior year.

Jamie Dimon, CEO, said: "JPMorgan Chase delivered solid results in a competitive environment this quarter with steady core growth across the platform. And for the first time, the Firm led the nation in total U.S. deposits. In Consumer & Community Banking, card sales and merchant processing volumes were once again up double digits, while loans and deposits continued to grow strongly. In the Corporate & Investment Bank, we continued to lead our peers in Investment Banking fees, and Treasury Services and Securities Services each generated over $1 billion in revenue. Commercial Banking again delivered outstanding performance with record revenue as our long-term investments in the business are paying off. Our Asset & Wealth Management business delivered strong results with record net income and AUM this quarter."

by RTT Staff Writer

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