JPM earning Report

swimminginstock

JPMorgan Chase & Co. (NYSE: JPM) reported third quarter EPS of $0.82, well above the consensus of $0.52. Revenues came in at $28.8 billion, versus the consensus of $25 billion.

CEO Jamie Dimon stated, "Our net income of $3.6 billion in the quarter reflected the strong earnings power of the company, with broad-based growth across the Investment Bank, Asset Management, Commercial Banking and Retail Banking. However, credit costs remain high and are expected to stay elevated for the foreseeable future in the Consumer Lending and Card Services loan portfolios."

JPMorgan added $2.0 billion to consumer credit reserves, bringing the firmwide total to $31.5 billion, or 5.3%1 of total loans.

Tier 1 Common Capital was strengthened through capital generation during the quarter, to $101 billion, or 8.2%.

Discussing the firm’s outlook, Dimon concluded: "While we are seeing some initial signs of consumer credit stability, we are not yet certain that this trend will continue. Despite this near-term uncertainty about the path of the economy, our strong capital position and underlying earnings power will enable us to continue to invest in our businesses, creating a lasting franchise for many years to come."

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dara

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