JPMorgan Chase third-quarter adjusted revenue beats estimates
) has reported revenue in the third quarter that topped expectations, as the biggest U.S. bank said it was aided by higher interest rates that helped offset lower deposit balances.
Adjusted revenue in the three-month period came in at $40.7 billion, beating Bloomberg consensus estimates of $39.9B. The figure was down slightly from $42.0B in the second quarter, but surged by 21% year-on-year. Net income was $13.15B, translating to diluted earnings per share of $4.33. "e acknowledge that these results benefit from our over-earning on both net interest income and below normal credit costs, both of which will normalize over time," Chief Executive Officer Jamie Dimon said in a statement on Friday.
Net interest income registered $22.9B, an increase of 30% annually, driven by elevated rates and higher revolving balances at its card services unit.We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: Include punctuation and upper and lower cases.
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