Mubasher: JPMorgan Chase on Tuesday said that its net income and revenue climbed by 8% year-on-year in the third quarter of this year, according to the US bank’s earnings release.

JPMorgan’s net income came in at $9.08 billion in Q3-19, compared with $8.30 billion in Q3-18, while diluted earnings per share (EPS) climbed by 15% year-on-year to $2.68.

Net interest income totalled $14.4 billion in Q3-19, rising by 2% year-on-year, boosted by continued balance sheet growth and mix, which were largely offset by the impact of interest rates.

This came despite worries among banks that the Federal Reserve’s turn to monetary easing will weigh on the industry’s profit margins.

The Fed slashed rates twice in the third quarter to avoid a slowdown, prompting banks, like JPMorgan and Wells Fargo to warn last month that net interest income would be lower than the preceding guidance.

Consumer banking business helped the bank mitigate the impact of lower interest rate on its earnings.

The largest US lender by assets generated $30.06 billion in net revenue during the period between July and September, compared with $27.82 billion in the same period, citing home lending growth, and the increase of auto and credit cards.

“The consumer remains healthy with growth in wages and spending, combined with strong balance sheets and low unemployment levels,” JPMorgan’s CEO Jamie Dimon said.

Total markets revenue was $5.1 billion in the third quarter, 14% year-on-year higher, as fixed income markets climbed by 25% to $3.6 billion led by “strong client activity across products.”

Consumer and community banking division generated $14.26 billion in net revenue in the three-period ended last September, rising by 7% year-on-year from $13.83 billion.

Credit card sales volume rose by 10% in the third quarter, while merchant processing volume was up by 11%.