JPMorgan Chase is the first big bank to report third-quarter earnings.
on Wednesday posted third-quarter results that exceeded expectations on a $1.5 billion boost from better-than-expected loan losses.
. The bank produced $3.74 per share in earnings, which includes a 52 cent per share boost from reserve releases and a 19 cent per share benefit tied to a tax filing.Earnings: $3.74 per share vs. $3 per share estimate of analysts surveyed by Refinitiv.The bank "delivered strong results as the economy continues to show good growth - despite the dampening effect of the Delta variant and supply chain disruptions," CEOsaid in the statement. "We released credit reserves of $2.
Indeed, analysts have said that banks have exhausted most of the benefit from releases and must now rely on core activities like growing loans and rising interest rates to boost profits. Fixed income revenue dropped 20% to $3.67 billion, below the $3.73 billion StreetAccount estimate. But equities trading revenue more than made up the shortfall, producing $2.6 billion, beating the $2.16 billion estimate.
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