Investing.com - JP Morgan Chase (NYSE:JPM), the largest U.S. bank, reported weaker-than-expected third quarter earnings and revenue ahead of Tuesday’s opening bell.
JP Morgan said adjusted earnings per share came in at $1.36 in the third quarter, below expectations for adjusted earnings of $1.39 per share and compared to a loss of $0.17 cents in the same period a year earlier.
Net income totaled $5.57 billion, compared with a loss of $380 million in the year-earlier period.
The bank’s revenue totaled $24.25 billion in the three months ended September 30, missing estimates for revenue of $24.43 billion and up from $23.1 billion in the same quarter last year.
According to the report, third quarter results were affected by a $1 billion, or $0.26 cents per share, write-off for legal expenses.
Commenting on the results, Jamie Dimon, Chairman and Chief Executive Officer, said, “Our businesses continue to perform well. Our Card business delivered double-digit sales volume growth and Mortgage Banking continues to reposition the business and manage through cyclical-lows."
Dimon continued, "While challenges remain in the global economic recovery, the U.S. economy is an exception, showing signs of steady improvement."
Traders will now turn their attention to the bank’s conference call due to start at 8:30 a.m. Eastern Time.
Following the release of the report, shares in JPM shed 0.6% in pre-market trade.
Meanwhile, the outlook for U.S. equity markets was steady. The Dow 30 futures indicated a loss of 0.1%, the S&P 500 pointed to a gain of 0.1%, while the tech-heavy NASDAQ 100 indicated a rise of 0.1%.