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JPMorgan Chase & Co. Q3 Profit Tops Estimates

JPMorgan Chase & Co. (JPM) reported third quarter earnings per share of $2.92 compared to $2.68, a year ago. The company noted that its third quarter results included $524 million of firmwide legal expense, $0.17 decrease in earnings per share. On average, 23 analysts polled by Thomson Reuters expected the company to report profit per share of $2.23, for the quarter. Analysts' estimates typically exclude special items.

Third quarter net revenue on a reported basis was $29.1 billion, compared to $29.3 billion, a year ago. Net revenue - managed - was $29.9 billion, flat with prior year. Net interest income was $13.1 billion, down 9%, predominantly driven by the impact of lower rates largely offset by higher net interest income in CIB Markets as well as balance sheet growth. Noninterest revenue was $16.8 billion, up 7%. Analysts expected revenue of $28.29 billion, for the quarter.

For the third quarter, the provision for credit losses was $611 million, down $903 million from prior year. The credit costs for the quarter included $569 million of net reserve releases.

Jamie Dimon, Chairman and CEO, said: "The Corporate & Investment Bank continues to be a big driver of Firm performance with Markets revenue up 30% and Global IB fees up 9%. CIB and Commercial Banking continue to attract and retain deposits given our strong client franchise as our clients remain liquid. Asset & Wealth Management generated record revenue and net income and saw strong net inflows into long-term products."

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