JPMorgan Chase (JPM) has reported financial results for the year’s third quarter that surpassed the consensus forecast on Wall Street.
The world’s largest bank announced earnings per share (EPS) of $5.07 U.S., which topped the $4.84 U.S. that was expected among analysts. The profit was up 12% from a year ago.
Revenue in the July through September period totaled $47.12 billion U.S., which beat the $45.40 billion U.S. consensus forecast on Wall Street. Sales were up 9% from a year earlier.
JPMorgan said that its Q3 results got a lift from stock trading and investment banking, which combined generated $700 million U.S. more revenue than the bank had anticipated.
American banks such as JPMorgan have benefitted from the upheaval in stock markets caused by the policies of U.S. President Donald Trump.
Banks have earned higher trading revenue as turmoil from Trump’s policies has roiled markets around the world, forcing investors to reposition themselves.
JPMorgan said it earned a record $8.9 billion U.S. in trading revenue during the third quarter. The bank also got a lift from a resurgence in initial public offerings (IPOs) and mergers.
Fixed income trading at JPMorgan Chase rose 21% in the third quarter to $5.6 billion U.S., about $300 million U.S. more than estimates.
At the same time, equity trading surged 33% to $3.3 billion U.S., also roughly $300 million U.S. more than expected.
Investment banking fees increased 16% to $2.6 billion U.S. in Q3, edging out the $2.5 billion U.S. estimate among analysts.
JPMorgan Chase is the first of the major U.S. banks to report its Q3 numbers. JPM stock is up 28% this year and trading at $307.97 U.S. per share.
