Banking: JPMorgan Chase’s Q3 profit rises by 35%, bolstered by increased interest income as consumers and businesses ‘generally remain healthy’

by | Oct 13, 2023 | Stock Market

JPMorgan Chase & Co. on Friday reported a stronger-than-expected third-quarter profit as the bank benefited from a boost in net interest income and from below-normal credit costs. JPMorgan Chase
Chief Executive Jamie Dimon said that U.S. consumers and businesses “generally remain healthy, although consumers are spending down their excess cash buffers” from the COVID-19 pandemic.

The bank said its profit for the three months ending Sept. 30 rose by 35% to $13.151 billion, or $4.33 a share, from $9.737 billion in the year-ago quarter. Wall Street analysts expected JPMorgan Chase to earn $3.92 a share. JPMorgan said its third-quarter revenue rose to $39.9 billion from $32.72 billion in the year-ago quarter, compared with analysts’ forecast of $39.63 billion. The bank added business from its acquisition of First Republic Bank earlier this year. JPMorgan Chase’s stock reversed its downward course and rose by 4.7% Friday. On Thursday, the stock fell 0.2%. Prior to Friday’s trades, the bank’s share price was up 8.7% so far in 2023, compared with a 1.46% rise by the Dow Jones Industrial Average
Dimon said the bank delivered “solid” results against a difficult macroeconomic backdrop that worsened in the past week after war broke out between Hamas and Israel. “This may be the most dangerous time the world has seen in decades,” Dimon said. “While we hope for the best, we prepare the Firm for a broad range of outcomes so we can consistently deliver for clients no matter the environment.” Also read: Jamie Dimon Key …

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