JPMorgan Chase & Co. (NYSE:JPM) announced its earnings for the third quarter that left behind the consensus forecast amid strong fixed-income revenue. JPM shares were up more than 1.5 percent in the pre-market session on Friday following the news.
The biggest U.S. bank posted net income of $6.29 billion, or $1.58 cents per share for the quarter, as compared to $6.8 billion, or $1.68 per share in the year-earlier quarter. On an adjusted basis, earnings were $1.59 per share that surpassed consensus forecast of $1.39 per share.
Revenue for the quarter came in at $25.5 billion, while analysts on average were looking for a revenue of $24.2 billion.
JPMorgan said that its fixed income trading revenue rose to $4.33 billion, while equities trading revenue rose nearly 1 percent to $1.41 billion. Its costs decreased 5.9 percent to $14.5 billion.
JPMorgan (JPM) stock ended its last trading session at $67.74 by losing 0.57 percent. The stock has surged more than 9 percent over the past year. The 52-week range of the stock is $52.50-$69.06. The bank’s market cap is $244.03 billion and P/E ratio is 11.48.
Citigroup Inc. and Wells Fargo & Co. are also set to release their financial results today, whereas Morgan Stanley, Bank of America Corp. and Goldman Sachs Group Inc. will announce their quarterly results in the coming week.