JPMorgan Chase has reported a 2 per cent rise in revenue to US$30.4 billion during the third quarter of 2021, ahead of analysts’ estimates of US$29.8 billion.
Total markets revenue during the quarter fell 5 per cent to US$6.3 billion while net income rose 24 per cent to US$11.7 billion.
“JPMorgan Chase delivered strong results as the economy continues to show good growth – despite the dampening effect of the Delta variant and supply chain disruptions,” said chairman and CEO Jamie Dimon.
“We released credit reserves of $2.1 billion, as the economic outlook continues to improve, and our scenarios have improved accordingly.”
The bank reported a 45 per cent increase in investment banking revenue and a 52 per cent increase in investment banking fees “driven by a surge in M&A activity and our strong performance in IPOs” according to Mr Dimon.
“The company’s trading and investment banking division has flourished over the past 18 months, and this report shows no signs of it slowing down,” said eToro market analyst Josh Gilbert.
Fixed income revenue fell 20 per cent to US$3.7 billion, offset by a 30 per cent increase in equity markets revenue to US$2.6 billion.
“This strong Q3 report resonates with the solid financial position JPMorgan is in. If the economic outlook continues to improve, JPMorgan should continue to thrive moving forward,” Mr Gilbert said.
“We are making important investments, including strategic, add-on acquisitions that will drive our firm’s future prospects and position it to grow and prosper for decades,” said Mr Dimon.
