JPMorgan handily beats expectations
JPMorgan Chase & Co. easily beat Wall Street’s third-quarter profit expectations on Thursday, with loan growth and higher interest rates more than offsetting weakness in its markets-related unit.
Executives at the largest U.S. bank touted the diverse mix of businesses that allow JPMorgan to weather a dip in one area or another, and played down a 27-percent drop in bond trading revenue, even though weakness has continued into the fourth quarter.
Over all, JPMorgan’s profit rose 7.1 per cent in the third quarter compared with the year-ago period, to $6.73-billion (U.S.), or $1.76 a share.
Analysts had expected earnings of $1.65 a share, according to Thomson Reuters I/B/E/S.
The bank’s total revenue of $25.33-billion also topped the average analyst estimate of $25.23-billion.