JPMorgan Q3 Earnings Beat: Robust Consumer & Community Banking, Credit Losses Dip, Outlook Revised & More
Portfolio Pulse from Lekha Gupta
JPMorgan Chase & Co reported Q3 net revenue of $40.7 billion, up 21% Y/Y, beating the consensus of $39.57 billion. Consumer & Community Banking revenue increased 29% Y/Y to $18.4 billion, while Corporate & Investment Banking was $11.7 billion (-2% Y/Y). The company's Q3 provision for credit losses was $1.4 billion (-10% Y/Y). Assets under management (AUM) stood at $3.2 trillion (+22% Y/Y). The company expects net interest income excluding Markets of ~$89 billion for FY23. JPM shares are trading higher by 1.33% at $147.75 premarket.
October 13, 2023 | 1:02 pm
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POSITIVE IMPACT
JPMorgan reported strong Q3 earnings with a 21% Y/Y increase in net revenue, beating consensus. The company's shares are trading higher premarket.
JPMorgan's strong Q3 earnings report, which beat consensus estimates, is likely to have a positive impact on its stock price in the short term. The company's robust performance across various segments, including a 29% Y/Y increase in Consumer & Community Banking revenue and a 22% Y/Y increase in AUM, indicates strong operational efficiency. Furthermore, the company's positive outlook for FY23 suggests continued growth, which is likely to boost investor confidence.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100