Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

4-Traders Homepage  >  Equities  >  Nyse  >  JP Morgan Chase & Company    JPM

JP MORGAN CHASE & COMPANY (JPM)
Mes dernières consult.
Most popular
  Report  
SummaryQuotesChartsNewsAnalysisCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsofficial PublicationsSector newsTweets
OFFRE ETE Zonebourse : Jusqu'à 6 mois offerts sur tous les portefeuilles

Loan growth helps JPMorgan beat expectations despite trading decline

share with twitter share with LinkedIn share with facebook
share via e-mail
0
10/12/2017 | 04:07pm CEST
FILE PHOTO: People pass the JP Morgan Chase & Co. Corporate headquarters in the Manhattan borough of New York

(Reuters) - JPMorgan Chase & Co (>> JP Morgan Chase & Company) easily beat Wall Street's third-quarter profit expectations on Thursday, with loan growth and higher interest rates more than offsetting weakness in its markets-related unit.

(Reuters) - JPMorgan Chase & Co (>> JP Morgan Chase & Company) easily beat Wall Street's third-quarter profit expectations on Thursday, with loan growth and higher interest rates more than offsetting weakness in its markets-related unit.

Executives at the largest U.S. bank touted the diverse mix of businesses that allow JPMorgan to weather a dip in one area or another, and downplayed a 27 percent drop in bond trading revenue even though weakness has continued into the fourth quarter.

Overall, JPMorgan's profit rose 7.1 percent in the third quarter compared with the year-ago period, to $6.73 billion, or $1.76 per share. Analysts had expected earnings of $1.65 per share, according to Thomson Reuters I/B/E/S.

The bank's total revenue of $25.33 billion also topped the average analyst estimate of $25.23 billion.

In early notes to clients, analysts characterized the results as "solid" or "pretty good," given problems in bond trading that have affected Wall Street banks for some time.

"The results were solid but not exceptional," said Morningstar analyst Jim Sinegal.

JPMorgan shares were down 0.4 percent at $96.48 in morning trading.

Growth in credit cards, auto loans, commercial banking and corporate advisory fees drove the results, with average core loans up 7 percent during the quarter. JPMorgan's net interest income, or the difference between what it pays for funds and collects from lending them out, rose 10 percent.

However, markets revenue fell 21 percent as the slump in bond trading outweighed a more modest dip in equities, slightly worse than the roughly 20 percent drop Chief Executive Jamie Dimon had forecast at an event in September.

Wall Street banks have been grappling with bond market challenges for most of the past seven years, as client volumes have been depressed for a number of reasons and new regulations have restricted certain activities and made trading more expensive.

JPMorgan fared worse last quarter than rival Citigroup Inc (>> Citigroup), which reported a 16 percent decline in bond trading on Thursday. The trends bode poorly for Goldman Sachs Group Inc (>> Goldman Sachs Group), which has struggled more in bond trading recently than other Wall Street banks.

JPMorgan's markets revenue is likely to drop again in the fourth quarter because the year-ago period was strong, Chief Financial Officer Marianne Lake said on a conference call with analysts.

Trading revenue during the fourth quarter of 2016 benefited from a surge in trading activity following the U.S. election.

Still, management maintained earlier guidance for full-year net interest income, expenses, charge-offs and loan growth, indicating that they expect JPMorgan's other businesses to continue to offset capital markets pain.

During a call with reporters, Lake cited "the benefits of diversification and scale," while Daniel Pinto, who runs JPMorgan's investment bank, pointed to "balanced strength across diverse businesses" in a memo to employees.

(Reporting by Sweta Singh in Bengaluru and David Henry in New York; Writing by Lauren Tara LaCapra; Editing by Saumyadeb Chakrabarty and Meredith Mazzilli)

By David Henry and Sweta Singh

Stocks treated in this article : Citigroup, Goldman Sachs Group, JP Morgan Chase & Company
Stocks mentioned in the article
ChangeLast1st jan.
CITIGROUP 0.04% 66.78 Delayed Quote.-10.29%
GOLDMAN SACHS GROUP -1.33% 228.32 Delayed Quote.-8.97%
share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news on JP MORGAN CHASE & COMPANY
06/19JP MORGAN CHASE MPANY : to expand Hong Kong-based tech hires to support landmark..
AQ
06/19JP MORGAN CHASE MPANY : HKSTP, J.P. Morgan and HKIHRM Joint Program NxTEC 2.0 to..
AQ
06/19Packaging firm DS Smith to raise £1 billion via rights issue
RE
06/19Jp morgan hit by $65m fine for benchmark rigging
AQ
06/19JP MORGAN CHASE MPANY : Tech to double diverse founders by 2020
AQ
06/18JPMORGAN CHASE & CO : Other Events, Financial Statements and Exhibits (form 8-K)
AQ
06/18CFTC orders JPMorgan to pay $65 million to settle swap rate manipulation char..
RE
06/18JP MORGAN CHASE MPANY : JPMorgan to Pay $65 Million Fine for Dollar Benchmark Ma..
DJ
06/18CHASE : ’s ‘BizMobile’ Hits the Road to Deliver Free Consultat..
BU
06/18J.P. MORGAN ASSET MANAGEMENT : Launches US REIT ETF based on MSCI US REIT Index
PR
More news
News from SeekingAlpha
06/19Brighthouse reports closing of secondary stock offering 
06/19BATTLE OF THE BIG BANKS : JPMorgan Vs. Royal Bank Of Canada 
06/19U.S. BANKS MAY BOOST PAYOUTS BY $30B : Bloomberg 
06/18JPMorgan to pay $65M penalty for attempted ISDAFIX swap rate manipulation 
06/18J.P. Morgan starts US REIT ETF based on MSCI US REIT Index 
Financials ($)
Sales 2018 110 B
EBIT 2018 46 004 M
Net income 2018 30 752 M
Debt 2018 -
Yield 2018 2,32%
P/E ratio 2018 11,99
P/E ratio 2019 11,09
Capi. / Sales 2018 3,33x
Capi. / Sales 2019 3,19x
Capitalization 367 B
Chart JP MORGAN CHASE & COMPANY
Duration : Period :
JP Morgan Chase & Company Technical Analysis Chart | JPM | US46625H1005 | 4-Traders
Technical analysis trends JP MORGAN CHASE & COMPANY
Short TermMid-TermLong Term
TrendsNeutralBearishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 30
Average target price 120 $
Spread / Average Target 11%
EPS Revisions
Managers
NameTitle
James Dimon Chairman & Chief Executive Officer
Gordon A. Smith Co-President & Co-Chief Operating Officer
Daniel E. Pinto Co-President & Co-Chief Operating Officer
Marianne Lake Chief Financial Officer & Executive Vice President
Lori A. Beer Chief Information Officer
Sector and Competitors
1st jan.Capitalization (M$)
JP MORGAN CHASE & COMPANY1.16%367 375
INDUSTRIAL AND COMMERCIAL BANK OF CHINA-8.06%308 249
BANK OF AMERICA-0.81%296 880
WELLS FARGO-9.21%267 911
CHINA CONSTRUCTION BANK CORPORATION-5.86%264 147
HSBC HOLDINGS-5.75%192 210