JPMorgan Chase & Co.’s third quarter profit fell by 17% from a year earlier.
A Chase bank branch is show April 10, 2022, in Miami Beach, Florida. JPMorgan Chase & Co.'s third quarter profits fell by 17% from a year earlier, Oct. 14, 2022, as the bank set aside roughly a billion dollars to cover potential losses in what CEO Jamie Dimon has said could be a recession in six to nine months.
JPMorgan Chase & Co.’s third quarter profit fell by 17% from a year earlier, as the bank set aside roughly a billion dollars to cover potential losses in an economic recession that CEO Jamie Dimon has said could come in six to nine months. The nation’s largest bank by assets posted a profit of $9.74 billion, or $3.12 a share, down from a profit of $11.69 billion, or $3.74 a share, in the same period a year earlier. The results did beat Wall Street’s expectations of $2.90 a share, according to FactSet.While the bank grew revenue and loans in the quarter, any additional profit it made compared to last quarter were erased by credit losses.
“While we are hoping for the best, we always remain vigilant and are prepared for bad outcomes so we can continue to serve customers even in the most challenging of times,” Dimon said in a prepared statement.The bank’s trading desks had a mostly successful quarter, despite the market’s volatility the past several months. Bond trading revenues rose 22% while equity trading revenues fell 11%.
Firm-wide, JPMorgan had revenues of $32.72 billion, compared to $29.65 billion in the same period a year earlier.
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