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JPMorgan Chase profit, adjusted revenue beat estimates amid higher interest rates

JPMorgan Chase profit, adjusted revenue beat estimates amid higher interest rates
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Investing.com — JPMorgan Chase (NYSE:JPM) has reported revenue and profit in the third quarter that topped expectations, as the biggest U.S. bank by assets said it was aided by higher interest rates that helped offset lower deposit balances.

Adjusted revenue in the three-month period came in at $40.7 billion, beating Bloomberg consensus estimates of $39.9B. The figure was down slightly from $42.0B in the second quarter, but surged by 21% year-on-year.

The top-line number pushed net income up to $13.2B, also above analysts’ projections of $11.9B.

“[W]e acknowledge that these results benefit from our over-earning on both net interest income and below normal credit costs, both of which will normalize over time,” Chief Executive Officer Jamie Dimon said in a statement on Friday.

Net interest income registered $22.9B, an increase of 30% annually, driven by elevated rates and higher revolving balances in its card services unit. Provisions for credit losses, meanwhile, fell by 10% to $1.38B.

 

 

Source: Investing.com

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