J. P. Morgan Chase topped analysts’ expectations for third-quarter earnings Friday as better-than-expected retail banking results offset weakness in bond trading.
The bank beat expectations for earnings and revenue: J.P. Morgan reported that revenue rose 5 percent to $27.8 billion, versus the $27.5 billion average estimate of analysts surveyed by Refinitiv. Earnings per share rose 33 percent to $2.34, beating expectations for $2.25.
Shares of the New York-based bank rose 1.3 percent in premarket trading.
Profit in the company’s biggest division, consumer banking, surged 60 percent to $4.09 billion as the firm benefited from growing deposits and rising interest rates, resulting in more interest income. The retail bank attracted a record amount of fresh money, Chief Executive Officer Jamie Dimon said in the earnings press release.