JPM: JPMorgan Stock Jumps 4.5% After Profit Beats Estimates, Revenue Climbs to $43.32B

Investment banking giant kicked off the earnings seasons showing that US consumers and businesses remained resilient.

• JPMorgan stock JPM gained 4.5% on Friday after the bank posted its third-quarter earnings figures before the opening bell. The bottom line, profits, came in at $4.37 a share, topping estimates for $4.01 a share. From last year, however, profits slid 2% to $12.9 billion. Net interest income — what the bank makes from interest after it pays deposit yields — rose 3% to $23.5 billion, surpassing expectations for $22.73 billion. Revenue for the September quarter landed at $43.32 billion topping the $41.63 billion expected and last year’s $39.9 billion.
• Chief executive and beloved Wall Street boss Jamie Dimon praised the results but also struck a cautious tone saying that geopolitical risks are on the rise and fast. “We have been closely monitoring the geopolitical situation for some time, and recent events show that conditions are treacherous and getting worse,” Dimon said Friday in JPMorgan’s earnings release. He also flagged some worries about the future of the US economy.
• “While inflation is slowing and the US economy remains resilient, several critical issues remain, including large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world,” Dimon said. “While we hope for the best, these events and the prevailing uncertainty demonstrate why we must be prepared for any environment.” Shares of JPMorgan, the bank to tower over other banks, are up 30% on the year so far.