JPMorgan Chase & Co. beat third quarter earnings expectations, on the back of strengths in fixed-income revenue and net interest income.
For the three months ending in September, the financial giant’s earnings rose +14.5% year-over-year to $2.68 per share, which is 23 cents ahead of the Street consensus forecast.
Total revenues for the quarter were $29.3 billion, handily topping analysts' estimates of $27.8 billion.
The company’s net interest income climbed +2.12% year-over-year to $14.4 billion. Revenues from its fixed income desk surged + 25% to $3.6 billion, exceeding the Street forecast of $3.09 billion. Equities revenue, however, fell -5% to $1.5 billion.
CEO Jamie Dimon emphasized that the company had a record third quarter in investment banking fees, with particularly strong performance in debt capital and equity capital markets. He also mentioned improved client activity, especially in fixed income.