JPMorgan Chase beats EPS consensus by wide margin as it releases another $2.1 billion of loan loss reserves

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JPMorgan Chase & Co.
JPM,
-0.77%
on Wednesday said its third-quarter net income increased to $11.69 billion, or $3.74 a share, from $9.44 billion, or $2.92 a share, in the year-ago period. Revenue increased to $29.65 billion from $29.3 billion while net revenue managed increased to $30.44 billion from $29.94 billion. Net interest income increased by 1% to $13.2 billion. The earnings included credit reserve releases of $2.1 billion. Analysts expected the bank to earn $3 a share on revenue of $29.79 billion, with net interest income of $13.1 billion, according to a FactSet survey. Chairman and CEO Jamie Dimon said the results were “strong” as the economy continues to show good growth, despite the dampening effect of the Delta variant and supply chain disruptions. Shares of JPMorgan Chase rose 0.3% in premarket trades and are up 30% this year, compared to a rise of 15.8% by the S&P 500
SPX,
-0.24%.

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Source

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