JPMorgan Chase | $JPM Stock | Shares Rise Marginally On Q3 Earnings Beat

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JPMorgan

JPMorgan Chase & Co. (NYSE: JPM)

 

JPMorgan Chase & Co reported upbeat fiscal third-quarter results on Friday, October 12th. Quarterly revenue jumped $27.82 billion, up from $26.45 billion the same period a year ago and ahead of estimates of $27.5 billion.

The results of the financial services provider surpassed expectations of Wall Street analysts, pushing its shares up almost 2% in premarket trade. JPM stock has rallied 1.11% since the beginning of the year, through Thursday.

JPM Earnings & Outlook

The largest U.S. bank by assets posted earnings of $8.38 billion, or $2.34 per share, up from $6.73 billion, or $1.76 per share, in the third quarter of the previous year. Revenue totaled to $27.82 billion, an increase of 5.2% from $26.45 billion reported last year.

Analysts surveyed by Refinitiv had expected the company to repost adjusted earnings of $2.25 per share on revenue of $27.5 billion. The Consumer and Community banking segment saw sales grow 60% to $4.09 billion during the quarter, aided by rising interest rates and growing deposits.

Trading revenue came in at $4.4 billion, down from 2% to $4.5 billion in the year-earlier period. Equities trading revenue jumped 17% from $4.5 billion from last year, as fixed-income trading revenue took a dip of 10%.

JPMorgan Chase & Co. CEO Comment

Jamie Dimon, Chairman and Chief Executive Officer, commented on the results: “JPMorgan Chase delivered strong results this quarter with top-line growth in each of our businesses, demonstrating the power of our platform. The U.S. 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.”  

“We are extremely excited to be expanding again, as smart regulatory policy and a competitive corporate tax system help us to deliver on our commitment to invest in our customers and communities. We just opened our first branch in Washington, D.C., which is one of hundreds of new branches that we will be opening in new markets, including Philadelphia and Boston. And every time we open branches in a new market, we bring the full force of JPMorgan Chase to that community,” concluded Dimon

JPMorgan Chase & Co. Profile

JPMorgan Chase & Co. is a financial holding company, which provides financial and investment banking services. It offers a range of investment banking products and services in all capital markets, including advising on corporate strategy and structure; capital raising in equity and debt markets; sophisticated risk management; market making in cash securities and derivative instruments; and prime brokerage and research.

It operates its business through the following segments: Consumer and Community Banking; Corporate and Investment Bank; Commercial Banking; and Asset & Wealth Management. The Consumer and Community Banking segment serves consumers and businesses through personal service at bank branches and through automated teller machine, online, mobile, and telephone banking.

The Corporate and Investment Bank segment offers a suite of investment banking, market-making, prime brokerage, and treasury and securities products and services to a global client base of corporations, investors, financial institutions, government and municipal entities.

The Commercial Banking segment delivers services to U.S. and its multinational clients, including corporations, municipalities, financial institutions, and nonprofit entities. It offers investment management across all major asset services, including equities, fixed income, alternatives, and money market funds.

The company was founded in 1968 and is headquartered in New York, NY. – CNN Money

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