This Thursday, Nov. 29, 2018, photo shows a Wells Fargo bank location in Philadelphia. JPMorgan Chase & Co. reports financial results Tuesday, Oct. 14, 2019. (AP Photo/Matt Rourke)

JPMorgan Chase 3Q profits up 8%, but loan growth slows

October 15, 2019 - 7:35 am

NEW YORK (AP) — JPMorgan Chase & Co. said Tuesday that its profits grew by 8% in the third quarter, helped partly by higher interest rates and a better-than-expected performance in its investment banking business.

The nation's largest bank by assets said it earned $9.08 billion, or $2.68 per share in the quarter ended Sept. 30, up from $8.38 billion, or $2.34 a share, in the same period a year earlier. The results did beat analysts' expectations for a profit of $2.45 a share.

JPMorgan is one of four big Wall Street banks to report their results Tuesday, along with Citigroup, Goldman Sachs and Wells Fargo. Investors will be looking to see how the nation's biggest banks fared last quarter, particularly in light of the ongoing U.S.-China trade war and fears that U.S. economic growth is slowing.

Chief Executive Jamie Dimon said in a statement that he believes the U.S. consumer "remains healthy," but that consumer strength is "being offset by weakening business sentiment and capital expenditures, mostly driven by increasingly complex geopolitical risks, including tensions in global trade."

JPMorgan's biggest division, its consumer banking business, reported a 5% rise in quarterly profits from a year ago. That was largely helped by more activity in its home lending business, as well as more people carrying a balance on their credit cards. The bank's total loans unexpectedly fell in the quarter, down 1%, as JPMorgan said it sold off a chunk of home mortgages. Excluding the sale, the company said loan growth was flat.

Profits in JPMorgan's investment bank rose 7%, helped unexpectedly by the bank's trading desks. The slow summer season and market volatility the last few months was expected to weigh on the big banks' earnings this quarter.

Total revenue at the bank was $29.34 billion, up from $27.26 billion a year earlier.

JPMorgan shares were up 2% in premarket trading. They are up roughly 19% so far this year.

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