“The consumer remains healthy with growth in wages and spending, combined with strong balance sheets and low unemployment levels. This is being offset by weakening business sentiment and capital expenditures mostly driven by increasingly complex geopolitical risks, including tensions in global trade,” stated CEO Jamie Dimon during the earnings release.Some key highlights from the report:
- The bank reported a profit of $9.1B an increase by 8%, or $2.68/share, exceeding estimates of $2.45/share as per Refinitiv data.
- Revenue of 30.1B was achieved, exceeding market estimates at $28.5B.
- Net interest income of $14.4B in Q3 was reported, beating Morgan Stanley’s Betsy Graseck expectation by almost $300M.
- $3.56B in fixed-income trading revenue was reported by the bank, beating estimates by more than $300M.
- Equities trading posted $1.52B in revenue, falling short of expectations at $1.58B.
- Borrowing more and repaying debts on time by consumers played a major role in helping the U.S economy, as reported.
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