JPMorgan Chase’s third-quarter profit rose 6%, reaching $15.31 billion, or $5.57 per share, compared to $14.39 billion, or $5.07 per share, in the same period last year.
The bank’s revenue rose 8% to $50.17 billion, but this was below the $51.23 billion consensus estimate. Earnings came in below the $5.93 per share expected by analysts surveyed by FactSet.
JPMorgan’s Quarterly Profit
The figures marked JPMorgan’s first quarterly profit miss since the fourth quarter of 2023. Excluding a $658 million loss on investment securities, JPMorgan earned approximately $15.8 billion, or $5.75 per share.
The loss reduced reported earnings by 18 cents per share. JPMorgan shares initially fell more than 2% in premarket trading following the results before recovering and gaining 1.87% at 9:31 a.m. ET.
Investment Banking Fees
JPMorgan’s commercial and investment banking division reported revenue of approximately $22.7 billion, up 14% from a year earlier, while net income rose 20% to $8.2 billion. Investment banking fees increased 14% from the same period last year but declined 8% from the second quarter.
Trading results were mixed, with strength in equities offsetting declines in fixed-income products. Equity markets revenue surged 49% from a year earlier to approximately $5 billion, supported by higher activity across derivatives and prime services.
Consumer Banking Revenue
JPMorgan’s consumer and community banking division reported a 9% increase in revenue to approximately $21.2 billion, while net income rose 13% to $5.7 billion. Debit and credit card sales volume climbed 10% to approximately $539.5 billion, while active mobile customers increased 7% to 64.9 million.
Average credit card loans reached approximately $250.1 billion, up from $234.4 billion in the year-earlier period. The card services net charge-off rate declined to 2.91% from 3.15% in the third quarter of 2025.
Companywide net interest income rose 13% to $27.1 billion. Excluding the markets business, net interest income increased 6% to $24.7 billion, driven by higher deposit balances, credit card lending, and wholesale loans.
Dimon’s Warning
JPMorgan Chairman and CEO Jamie Dimon said the U.S. economy continued to benefit from strong business investment and consumer spending, although several economic risks remained.
Dimon also addressed the bank’s decision to reduce share repurchases during the quarter, saying JPMorgan remained focused on investing in its businesses and supporting clients. Operating expenses increased 12% from a year earlier to $27.3 billion, reflecting higher compensation costs, additional front-office employees, brokerage expenses, marketing and technology spending.
The bank ended September with approximately $5.1 trillion in total assets and a standardized common equity Tier 1 capital ratio of 13.9%, down from 14.2% at the end of June. JPMorgan’s results were released alongside third-quarter earnings from several other major U.S. banks, including Wells Fargo, Citigroup, and Goldman Sachs.
The bank’s asset and wealth management division reported a notable performance, with a 14% increase in revenue to approximately $6.9 billion and an 11% rise in net income to $1.8 billion. This division’s strong results were driven by an increase in assets under management, which reached $5.2 trillion, up 13% from a year earlier. Additionally, JPMorgan reported $2.2 billion in net charge-offs and a $539 million increase in reserves for potential loan losses, highlighting the bank’s efforts to manage its credit risk.
JPMorgan’s provision for credit losses was $2.74 billion, down from $3.4 billion a year earlier, indicating a decrease in the bank’s expected credit losses. The bank’s average loans increased 10% from a year earlier to approximately $1.6 trillion, while average deposits climbed 8% to $2.7 trillion, demonstrating the bank’s ability to grow its lending and deposit businesses.