NEW YORK, Oct 15 — JPMorgan Chase & Co beat Wall Street estimates for quarterly profit by a wide margin today, underpinned by strength in bond trading, underwriting and home lending revenue.
The bank’s quarterly reports are closely watched for signs about the health of US consumers and businesses as it is a major residential and commercial lender as well as an asset manager.
Revenue at three of the bank’s four main businesses rose. The only business to report a fall was commercial banking, where lower interest rates hampered results.
“The consumer remains healthy with growth in wages and spending, combined with strong balance sheets and low unemployment levels,” Chief Executive Officer Jamie Dimon said in a statement.
“This is being offset by weakening business sentiment and capital expenditures mostly driven by increasingly complex geopolitical risks, including tensions in global trade.”
Net income for the quarter ended September 30 was US$9.08 billion (RM38 billion), or US$2.68 per share, compared with US$8.38 billion, or US$2.34 per share, a year ago.
Analysts on average had expected the bank to earn US$2.45 per share, according to Refinitiv data.
JPMorgan’s results kick off the US corporate earnings season and will be followed by Goldman Sachs Group Inc, Wells Fargo and Citigroup Inc later today. — Reuters
