(Sharecast News) - A rebound in global financial markets helped JPMorgan Chase post a 4% jump in third-quarter income, the Wall Street bank confirmed on Tuesday.
The lender reported net income of $9.4bn for the three months to 30 September, compared to $4.7bn in the second quarter and a 4% rise year-on-year
Net revenues for the quarter were flat at $29.9bn, while earnings per share rose 9% to $2.92. Both EPS and revenues beat analysts' forecasts.
Lower interest rates saw net interest income fall 9% to $13.1bn, but higher investment banking fees and markets revenues helped pushed non-interest income 7% higher at $16.8bn.
The provision for credit losses was $611m, down on the $903m recorded in the same period a year previously and a significant reduction on the second quarter's $10.5bn. JPMorgan is the US's biggest lender.
Jamie Dimon, chairman and chief executive, said: "[The bank] earned $9.4bn of net income on nearly $30bn of revenue, and we maintained our credit reserves at $34bn, given significant economic uncertainty and a broad range of potential outcomes.
"The corporate and investment bank continues to be a big driver of firm performance, with market revenue up 30% and global investment banking fees up 9%. Asset and wealth management generated record revenue and saw strong net inflows into long-term products.
"Despite significant uncertainly in the environment, the firm is unwavering in its commitment to drive an inclusive economic recovery."
As at 1300 BST, shares in JPMorgan were ahead nearly 2% in pre-market trading.
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