JPMorgan Chase shares pop after profit exceeds expectations on higher rates, benign credit
Publishing timestamp: 2023-10-13 10:49:09
Summary
The article discusses JPMorgan Chase's third-quarter earnings report, which exceeded analysts' expectations. The bank reported a 35% increase in profit and a 21% increase in revenue. CEO Jamie Dimon acknowledged that the bank was "over-earning" on net interest income and had lower credit costs than normal. The retail banking division saw a surge in profit, while the corporate and investment bank saw a decline. JPMorgan's shares climbed in morning trading. Dimon also warned about the potential impacts of global events on energy and food markets. The article also mentions the uncertainty faced by U.S. banks and the effects of higher interest rates on the industry. JPMorgan continued to benefit from the rate environment and increased its net interest income guidance for the year. The bank's executives criticized U.S. regulators' push to increase capital levels. The article also mentions that Wells Fargo and Citigroup reported results that exceeded expectations, while Bank of America and Goldman Sachs are set to report their results.
Sentiment: JPMORGAN CHASE
Tickers: MS, GS, C, JPM, BAC, WFC,
Keywords: jpmorgan drn, bank of america corp, breaking news: earnings, morgan stanley, breaking news: investing, citigroup inc, business news, investment strategy, breaking news: markets, wall street, banks, economic events, breaking news: business, goldman sachs group inc, jamie dimon, business, earnings, wells fargo & co, dividends,
Source: https://www.cnbc.com/2023/10/13/jpmorgan-chase-jpm-earnings-3q-2023.html