JPMorgan net income falls 16.7% but beats analyst estimates


JPMorgan Chase & Co. JPM, +1.66% shares rose 2.4% in premarket trades on Friday after the bank beat Wall Street targets for earnings and revenue. JPMorgan Chase said its third-quarter net income fell 16.7% to $9.74 billion, or $3.12 a share, from $11.69 billion, or $3.74 a share, in the year-ago quarter. Third-quarter revenue at the megabanks rose to $32.72 billion from $29.65 billion in the year-ago quarter. Wall Street analysts expected JPMorgan Chase to earn $2.90 a share on revenue of $32.12 billion, according to estimated compiled by FactSet. The bank said a net credit reserve build of $808 million ate into its net income for the latest quarter, compared to a net reserve release of $2.1 billion in the prior year. The bank booked net investment securities losses of $959 million resulting in a decrease of $729 million to net income. Net interest income climbed 34% to $17.6 billion and net interest income excluding its Markets unit rose 51% to $16.9 billion on higher interest rates. Shares of JPMorgan Chase are down 30.9% in 2022 compared to a 17.3% drop by the Dow Jones Industrial Average DJIA, -1.34% and a 23% loss by the S&P 500 SPX, -2.37%.

This article was originally published by Read the original article here.

Previous articleEconomic Report: Mortgage rates surge to the highest level since April 2002. ‘The next several months will undoubtedly be important for the economy and the housing market.’
Next articleKey Words: Fed rate hikes are ‘hurting the situation,’ Sen. Bernie Sanders says


Please enter your comment!
Please enter your name here