JPMorgan Chase: Tops Profit and Revenue Forecast

On Friday, multinational banking and financial services holding company JPMorgan Chase topped consensus estimates of its third-quarter results, stating the company had seen strong loan growth.

The bank reported EPS of $1.58 on revenue of $25.51B. Analysts had expected EPS of $1.39 a share on about $24 billion in revenue, according to a consensus estimate from Thomson Reuters. Shares of JPMorgan jumped over 1.5 percent when market opened after the announcement.

“It was a really strong quarter … really across the board,” Robert W. Baird analyst David George said, seeing he was only expecting earnings per share of $1.38. “The upside was really broad based, but the big headline is just a blowout capital markets quarter — (fixed income markets revenue) up 48 percent, markets revenue up 33 percent year-over-year — so a good quarter from JPMorgan for sure.”

George has also added that there’s “not really” any obvious weak spots in the quarter, but noted that JPMorgan’s noteworthy strength in markets is “probably something that’s not going to continue in Q4 and Q1.”

Jamie Dimon, the bank’s chairman and CEO, said JPMorgan saw growth in loans and deposits in the quarter.

“We delivered strong results this quarter with each of our businesses performing well,” he said in a statement. “We had record net income in Commercial Banking and record loan balances in Asset Management. The Corporate & Investment Bank reported its best third quarter revenue. In the Consumer businesses, we grew both loans and deposits double-digits, and our new card product, Sapphire Reserve, has gotten a great response — underscoring our unwavering commitment to enhancing customer engagement.” 

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