JPMorgan: third-quarter profit rises as provisions slow
(CercleFinance.com) - JPMorgan Chase posted a 4% rise in third-quarter profit that was driven by a strong quarter for trading due to the volatility of the markets, while the bank set aside less money to cover potential bad loans.
The results from the nation's largest bank by assets showed that despite the "significant" economic uncertainty, the lender continued to attract and retain deposits.
JPMorgan's third-quarter net income was 9.4 billion dollars, or 2.92 dollar a share, up from 9.1 billion dollars, or 2.68 dollar a share, a year earlier.
The first big bank to report earnings said quarterly revenue of 29.9 billion dollars was flat in the past quarter, as the impact of low rates was offset by higher net interest income in its corporate and investment bank division.
The bank's provision for credit losses fell to just 611 million dollars, down 903 million dollars from the prior year.
Markets revenue was 6.6 billion dollars, up 30% year-on-year, driven by strong performance in equity markets, where revenue jumped by 32%.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The results from the nation's largest bank by assets showed that despite the "significant" economic uncertainty, the lender continued to attract and retain deposits.
JPMorgan's third-quarter net income was 9.4 billion dollars, or 2.92 dollar a share, up from 9.1 billion dollars, or 2.68 dollar a share, a year earlier.
The first big bank to report earnings said quarterly revenue of 29.9 billion dollars was flat in the past quarter, as the impact of low rates was offset by higher net interest income in its corporate and investment bank division.
The bank's provision for credit losses fell to just 611 million dollars, down 903 million dollars from the prior year.
Markets revenue was 6.6 billion dollars, up 30% year-on-year, driven by strong performance in equity markets, where revenue jumped by 32%.
Copyright (c) 2020 CercleFinance.com. All rights reserved.