Summary List Placement
JPMorgan Chase reported third-quarter earnings Tuesday that beat forecasts, thanks to strong gains in the bank’s equity markets division that reaped the reward of the rebound in global markets.
Investment-banking revenue rose 12%, fixed-income markets revenue rose 29%, and revenue from equity markets rose 32% in the third-quarter ending September 30.
CEO Jamie Dimon noted “significant uncertainty” felt by the bank during the year, but commended its recovery efforts.
The bank’s shares climbed 1.7% in pre-market trading.
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JPMorgan Chase reported third-quarter earnings on Tuesday that beat the consensus estimates of analysts polled by Bloomberg, reflecting a robust jump in trading revenue that stemmed from the pickup in global financial markets from the depths back in March, when the coronavirus crisis was at its worst.
The company, the largest US bank by assets, posted net revenue of $29.9 billion, which was flat in comparison to the same period last year, but still $1.5 billion above estimates.
JPMorgan’s shares rose 1.7% in pre-market trading.
Here are the key numbers:
Net income: $9.4 billion versus $6.7 billion estimated
Earnings per share: $2.92 versus $2.2 estimated
Revenue: $29.9 billion versus $28.3 billion estimated
JPMorgan set aside $611 million as provisions for credit losses, a …read more
Source:: Businessinsider – Finance