JPMorgan net income falls as bank sets aside more money to cover potential bad loans
NEW YORK (AP) — JPMorgan on Friday reported that its net income fell 2% in the third quarter as the bank had to set aside more money to cover bad loans.
Net income fell to $12.9 billion from $13.2 billion in the year-ago quarter. However, the New York bank’s earnings per share rose to $4.37 from $4.33 because there are fewer outstanding shares in the latest quarter. That beat Wall Street analysts’ forecasts, which called for a profit of $3.99 a share, according to FactSet.
JPMorgan set aside $3.1 billion to cover credit losses, up from $1.4 billion in the same period a year ago.
Total revenues rose to $43.3 billion from $40.7 billion a year ago.
JPMorgan CEO Jamie Dimon said the bank continues to monitor geopolitical tensions that he called “treacherous and getting worse.”
“There is significant human suffering, and the outcome of these situations could have far-reaching effects on both short-term economic outcomes and more importantly on the course of history,” Dimon said in a statement.
Dimon often weighs in on global and economic issues that go beyond the scope of banking. He’s often seen as the banker that Washington and global leaders can turn to for advice, solicited or unsolicited. His comments tend to reverberate through Washington and Corporate America.