JPMorgan's profits fall 2% despite strong Wall Street performance

Published On Oct 11, 2024, 7:24 AM

JPMorgan Chase's profits dipped by 2% in Q3, attributed to setting aside a higher reserve for potential loan losses, totaling $3.1 billion—up 125% from last year. This indicates the bank's anticipation of deteriorating credit conditions. However, its investment banking sector exceeded expectations with a 29% revenue increase, reaching $2.4 billion, and total revenues rose. The bank also raised its forecast for net interest income by $500 million, reflecting strong business fundamentals. CEO Jamie Dimon shared concerns about geopolitical risks and sustained economic resilience amid inflation slowdowns and fiscal challenges.

Read full article

Stock Forecasts

JPMView JPM chart on TradingView

Positive

Despite the profit decline, the significant growth in investment banking and increased net interest income expectation may offer positives for the stock.

Related News

JPMorgan touts 'soft landing' possibility after better-than-feared earnings

Oct 11, 2024, 11:03 AM

Profits at JPMorgan and Wells Fargo both fell from the year-ago period, but those declines were less than what analysts expected.

JPM
XLF

Big Banks Open Their Books for First Test After Rate Cuts

Oct 11, 2024, 8:11 AM

Profits fell at JPMorgan and Wells Fargo, but the lenders reported results that were largely better than had been expected, a sign that the economy remained solid.

JPM
WFC

Wall Street Profits Surge Despite Questions About the Economy

Oct 11, 2024, 7:48 AM

JPMorgan Chase, Wells Fargo and BlackRock reported strong quarterly results to kick off earnings season, but concerns linger about the strength of the consumer.

JPM
WFC
BLK