Marlene Awaad | Bloomberg | Getty Images
Jamie Dimon, chief executive officer of JPMorgan Chase & Co
Dimon did not comment specifically on the trading results in Thursday’s press release, but trumpeted the bank’s lead in consumer banking.
“For the first time, the Firm led the nation in total U.S. deposits, as consumers and businesses continue to view us as their partner of choice,” Dimon said in a statement.
“The global economy continues to do well and the U.S. consumer remains healthy with solid wage growth,” Dimon said. “Unfortunately, natural disasters in the U.S. and abroad have impacted many of our customers and we have responded with enormous financial support as well as the expertise and generosity of our employees to help these customers, clients and communities.”
Net interest income, a key measure of profitability, rose $1.2 billion from the third quarter last year to $13.1 billion in the third quarter this year.
Shares fell after the bank’s second-quarter earnings report in July after JPMorgan lowered its net interest income forecast for the year by about half a billion dollars to a $4 billion increase from the prior year.
Shares of JPMorgan have surged more than 38 percent since the election to record highs.Bank stocks overall have leaped since the November election. Promises of stimulus from the Trump administration and the Federal Reserve’s move towards tighter monetary policy have helped Treasury yields rise, which tends to increase profit margins for banks.
Later Thursday morning, Citigroup is expected to report third-quarter earnings before the market open.