JPMorgan Q3 profit climbs 24% on strong consumer banking unit

JPMorgan Q3 profit climbs 24% on strong consumer banking unit

Mubasher: JPMorgan Chase on Friday posted a year-on-year 24% surge in its profits over the third quarter of the current year, while revenues rose 5% during the period.

JPMorgan’s net income was $8.38 billion in Q3-18, compared with $6.73 billion in Q3-17. Earnings per share (EPS) jumped 33% year-on-year to $2.34 versus $1.76.

The lender’s consumer banking division surged 60% to $4.08 billion in the quarter ended last September, as it reaped the benefits of increasing deposits and interest rate hikes, delivering more interest income.  

“In Consumer & Community Banking we attracted record net new money this quarter, driving client investment assets up 14%, and we saw continued double-digit growth in card sales and merchant processing volume,” JPMorgan’s CEO Jamie Dimon said.

However, revenues from home lending business declined 16% to $1.30 billion over the period between July and September, compared with $1.35 billion in the same period last year.

“JPMorgan Chase delivered strong results this quarter [as] the US and the global economy continues to show strength, despite increasing economic and geopolitical uncertainties, which at some point in the future may have negative effects on the economy,” Dimon commented.