JPMorgan Chase & Co. (NYSE: JPM) reported its third quarter earnings for fiscal year 2017 and beat analysts’ estimates in both earnings and revenue. JPMorgan shares were up 1 percent during premarket on Thursday.
JPMorgan reported a net income of $6.7 billion or an EPS of $1.76, 11 percent increase year over year, and beating Thomson Reuters analysts’ estimates of $1.65. The company reported revenue of $26.2 billion, up 2 percent year over year, and beating Thomson Reuters analysts’ estimates of $25.23 billion.
Quarter over quarter, JPMorgan’s revenue and earnings were both down from the second quarter. In the second quarter, the bank reported revenue of $26.4 billion and EPS of $1.82.
JPMorgan’s total markets revenue fell 21 percent. Chief Executive Officer Jamie Dimon estimated a 20 percent drop for the quarter. Revenue from bond trading fell 27 percent.
The bank had returned $6.5 billion to shareholders and repurchased a net $4.5 billion and common dividend of $0.56 per share.
JPMorgan’s average loan balances were up 7 percent year over year in the third quarter, approximately half the growth from a year earlier. Net interest income jumped up 10 percent to $12.8 billion due to higher interest rates.
“JPMorgan Chase delivered solid results in a competitive environment this quarter with steady core growth across the platform. And for the first time, the Firm led the nation in total U.S. deposits, as consumers and businesses continue to view us as their partner of choice.” Dimon commented on the financial reports.