Q3 earning season is here – JPMorgan reports

JPMorgan reported their Q3 financial results before the opening bell on Wednesday. Let’s take a closer look at the numbers.

The company reported total revenue of $30.44 billion in the third quarter of the year, beating analyst expectation of $29.80 billion. Earnings per share at $3.74 per share – also above analyst forecasts of $3 per share.

Company Chairman and CEO, Jamie Dimon, commented on the financial results: ”JPMorgan Chase delivered strong results as the economy continues to show good growth – despite the dampening effect of the Delta variant and supply chain disruptions. We released credit reserves of $2.1 billion, as the economic outlook continues to improve and our scenarios have improved accordingly. As we have said before, however, we do not consider these scenario-driven releases core or recurring profits. These reserve calculations, while done extremely diligently and carefully, involve multiple, multi-year hypothetical probability-adjusted scenarios, which may or may not occur and which may continue to introduce quarterly volatility in our reserves. Our earnings, not including the net reserve release and an income tax benefit, were $9.6 billion.”

Dimon also spoke about future expansion plans: ”We are making important investments, including strategic, add-on acquisitions that will drive our firm’s future prospects and position it to grow and prosper for decades. This quarter, we became the first bank to have branches in all of the lower 48 states, allowing us to serve more households, businesses and communities across the country. We are more than halfway through our plan to open 400 branches in new markets by the end of 2022, with approximately 30% of these branches in low-to-moderate income communities. We are also expanding our retail presence internationally, most recently launching our digital retail bank in the U.K. We remain committed to using our resources to drive inclusive solutions to support our employees, customers, clients and the communities we serve.”

JPMorgan Chase & Co Chart (year-to-date)

Shares of JPMorgan trading lower during the trading day on Wednesday, down by around 2% at $160.91 per share. The stock is up by 59% in the past year.

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Sources: JP Morgan & Co, Refinitiv, TradingView