JPMorgan managed to exceed analysts' earnings and sales projections during the 3rd quarter. In his statement, Dimon remarked that the current juncture might be the most perilous that the world has faced in decades, alluding to the clashes in Ukraine and Israel and the potential consequences for worldwide markets.
JPMorgan Chase announced on Friday that it had exceeded analysts' forecasts for both profit and revenue in its third-quarter results. The bank reported earnings of $4.33 per share and revenue of $40.69 billion, compared to the expected $39.63 billion according to LSEG. Profit rose 35% year-on-year to $13.15 billion, while net interest income surged 30% to $22.9 billion, surpassing expectations by roughly $600 million. Credit provisioning of $1.38 billion came in lower than the forecasted $2.39 billion.
Commenting on the results, CEO Jamie Dimon noted that the bank was generating more-than-anticipated interest income, while credit costs were lower than expected. He cautioned, however, that households were spending savings, and that the war in Ukraine and recent attacks on Israel could impact global trade, energy and food markets.
Responding positively to the news, JPMorgan shares rose 1% premarket, with the company's shares outperforming the KBW Bank Index by 8.7% this year. Wells Fargo posted its results on Friday, with Citigroup, Bank of America, Goldman Sachs and Morgan Stanley all due to report in the coming days.
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