You are here
JPMorgan Chase profits up; warns on geopolitical risk
[NEW YORK] JPMorgan Chase on Friday reported a jump in third-quarter profit on an improving global economy, but warned that geopolitical uncertainty could slow future growth.
Net income for the three-month stretch was US$8.4 billion, up 24.5 per cent.
Revenues gained 5.2 per cent to US$27.8 billion. Results topped analyst expectations in both earnings per share and revenues.
The bank notched revenue gains across all of its business units, boosted in part by higher interest rates and an increase in overall loans.
"The US and the global economy continue to show strength, despite increasing economic and geopolitical uncertainties, which at some point in the future may have negative effects on the economy," said Chief Executive Jamie Dimon.
In consumer banking, gains in the credit card and auto loans segment helped offset a drop in revenues in home lending.
JPMorgan experienced mixed results in its trading business, with fixed income trading suffering a drop while equity markets, emerging markets and commodities all rose.
Mr Dimon, who has criticized President Donald Trump's antagonistic trade policies, attributed the better earnings in part to "a smart regulatory policy" and lower taxes enacted under Mr Trump.
Mr Dimon drew a rebuke from Mr Trump last month after quipping that he could "beat" the US president in an election and mocking Mr Trump's intelligence, but immediately renounced the comments, saying "I should not have said it" and that he had no plan to run for president.