JPMorgan Chase (JPM) reported another quarter of rising profits on Tuesday, even as revenues from some of its biggest Wall Street businesses retreated after a standout second quarter.
The nation’s largest bank said profits rose 6% from the third quarter a year ago to $15.3 billion, or $5.57 per share, falling short of the $5.90 per share that analysts forecast. Net revenue rose 8% to $50.2 billion compared to $46.4 billion in the third quarter of last year.
The bank also said it took $658 million in securities losses amid the quarter’s worsening bond rout. Excluding those losses, the bank earned $5.75 per share.
JPMorgan Chase CEO Jamie Dimon warned that “large fiscal deficits, sticky inflation, elevated asset prices, rising interest rates and geopolitical conditions continue to shift under the surface” despite the US economy’s strength…
