Please try another search
(Reuters) - JPMorgan Chase & Co (N:JPM) beat Wall Street estimates for quarterly profit by a wide margin on Tuesday, underpinned by strength in bond trading and underwriting.
Revenue at three of the bank's four main businesses rose, allaying concerns about the impact of an escalating U.S.-China trade war, slowing global growth and low interest rates.
"The consumer remains healthy with growth in wages and spending, combined with strong balance sheets and low unemployment levels," Chief Executive Officer Jamie Dimon said in a statement. (https:// The only business to report a fall in revenue was commercial banking, where lower interest rates hampered results.
Overall, revenue rose 8% to $30.06 billion, well above the average analyst estimate of $28.49 billion on the back of better-than-expected results from the bank's bond trading business, where revenue rose 25%. Goldman Sachs Group Inc (N:GS) also reported a rise in revenue from the business.
Oppenheimer analyst Chris Kotowski described JPMorgan's results as "solid", noting that trading and investment banking results were strong, credit metrics held up well and that the bank managed to produce higher interest income even as rates declined. "Nothing not to like," Kotowski wrote in a note.
Strength in bond trading helped the bank offset weakness in equity trading, which it blamed on lower derivative trading and M&A advisory fees.
The bank's net income for the quarter ended Sept. 30 was $9.08 billion, or $2.68 per share, compared with $8.38 billion, or $2.34 per share, a year ago.
Analysts on average had expected the bank to earn $2.45 per share, according to Refinitiv data.
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
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:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.