JP Morgan Chase zips past Wall Street's 3Q earnings forecasts thanks to booming retail business
JP Morgan Chase (NYSE:JPM), the first big US bank to report earnings this quarter, zipped past Wall Street’s forecasts for the third quarter as its booming retail banking business made up for a slowdown in bond trading.
America’s biggest bank by assets got US lenders’ quarterly earnings season off to a strong start by reporting that its earnings came in at $8.38 billion, or $2.34 per share, which represents a 24% rise from the $6.73 billion it earned in the year-ago quarter.
Analysts had expected the bank to earn $2.25 per share.
Its revenue, meanwhile, amounted to $27.8 billion, which was up from the $26.452 billion reported in the year-ago quarter, and more than the $27.44bn expected by analysts.
“JPMorgan Chase delivered strong results this quarter with top-line growth in each of our businesses,” chief executive Jamie Dimon said. “The US and the global economy continue to show strength, despite increasing economic and geopolitical uncertainties, which at some point in the future may have negative effects on the economy.”
The weak spot for the bank was its fixed-income revenue, which came in at $2.84 billion, dropping 10% from the year-ago quarter and falling short of the $2.96 billion expected by analysts.
Elsewhere, the bank’s consumer and community banking division excelled, posting a 10% jump in year-on-year revenue to $13.29 billion and seeing its net income climb 60% to $4.086bn, helped by recent changes to the US tax code in the US.
Investors cheered the results, sending JP Morgan Chase shares up 1.3% in Friday’s pre-market session to $109.55.
More follows..
Contact Ellen Kelleher at [email protected]
Story by ProactiveInvestors
Source: https://www.proactiveinvestors.com/companies/news/206982/jp-morgan-chase-zips-past-wall-street-s-3q-earnings-forecasts-thanks-to-booming-retail-business-206982.html
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