JPMorgan's net income fell by 2% to $12.9 billion in the third quarter, as the bank increased provisions for loan losses amid rising consumer credit card debt.
Despite the decrease in net income, JPMorgan's earnings per share rose to $4.37, surpassing Wall Street expectations of $3.99, and total revenues increased to $43.3 billion.
JPMorgan's CFO noted that the consumer remains 'on solid footing' despite rising credit card debt and delinquencies, and the bank set aside $3.1 billion for credit losses.
The bank raised its forecast for net interest income, now estimated to be impacted by future Federal Reserve interest rate cuts, but current results show a 3% increase to $23.5 billion.
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