JPMorgan Chase tops earnings estimates
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JPMorgan Chase (JPM), the nation’s biggest bank by assets, said Friday its third-quarter profit surged 24 percent over the year-earlier period as benefits from recent tax reforms offset slowing revenue from the bank's trading desk.
Third-quarter earnings per share were $2.34, surpassing analysts expectations for profits of $2.26 per share. For the quarter, JPM's revenue came in at $27.3 billion, managed revenue was $27.82 billion. It is unclear it that is comparable to the analyst estimate for revenue of $27.54 billion.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| JPM | JPMORGAN CHASE & CO. | 248.55 | +3.79 | +1.55% |
Shares of the bank rose more than 1 percent in premarket action.
Investment banking revenue and consumer and community banking revenue increased in the quarter, while home lending revenue decreased.
In this year’s second-quarter, earnings per share came in at $2.29 on managed revenue of $28.4 billion.