JPMorgan: Q3 profit up on robust consumption.

(CercleFinance.com) - JPMorgan Chase said it delivered solid Q3 results in a "competitive" environment that is marked by sustained low volatility and tighter credit spreads.


JPMorgan, now the top US bank in terms of deposits, saw net income rise 7% to 6.7 billion dollars in the quarter ended 30 September.

The bank's EPS reached 1.76 dollar, compared to 1.58 dollar in the same period a year ago.

In all, managed revenue increased by 3% to 26.2 billion dollars, despite corporate and investment bank (CIB) posting a 9% fall in revenue.

However, the major consumer and business banking division reported net revenue that was up 15%, predominantly driven by higher deposit margins and strong growth in deposits, despite the impact that the hurricanes had on certain customers.

CEO Jamie Dimon pointed out that the US consumer remains "healthy with solid wage growth".


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