JPMorgan beats expectations in its third quarter earnings with record revenue
- JPMorgan Chase beat its expectations in its 3rd quarter earnings, which were released on Tuesday morning, as reported record revenues of $29.3 billion.
- The bank's Markets revenue was $5.1 billion, up 14% and Fixed Income Markets was $3.6 billion, up 25% compared to the prior year which reflected less favorable market conditions.
- View Markets Insider's homepage for more stories.
JPMorgan Chase beat expectations on Tuesday, as the bank released its third-quarter results, posting $2.68 earnings per share, beating the expected $2.56 from Wall Street analyst estimates from Bloomberg.The CEO said the company was resilient "despite a more challenging interest rate backdrop."Advertisement
CEO Jamie Dimon said: "In the US economy, GDP growth has slowed slightly. The consumer remains healthy with growth in wages and spending, combined with strong balance sheets and low unemployment levels. This is being offset by weakening business sentiment and capital expenditures mostly driven by increasingly complex geopolitical risks, including tensions in global trade. "
Here's a rundown of the numbers:
- Adjusted net income: $9.1 billion up 8%, beating expectations of about $7.8 billion.
- Earnings per share: $2.68 versus estimate of $2.46 per share.
- Revenue: $29.3 billion for the quarter against an estimate of $28.5 billion.
- Expenses: $16.4 billion
Equity Markets revenue was $1.5 billion, down 5% compared to a strong prior year, reflecting lower revenues in derivatives which were partially offset by Cash Equities. In the investment bank unit, Net income was $2.8 billion, up 7%. Net revenue was $9.3 billion, up 6%.
- UP's COVID-19 tally reaches 36,476; death toll rises to 934
- UP's COVID-19 death tally reaches 36,476; death toll rises to 934
- 17 fresh coronavirus cases detected in UP's Muzaffarnagar
- TV actor Parth Samthaan tests positive for COVID-19
- Odisha requests Centre to help power sector & Discoms hit by COVID-19 crisis