Investing.com – JP Morgan jumped almost 2% in pre-market trade on Friday after reporting third quarter earnings that beat consensus.
JP Morgan said adjusted earnings per share came in at $1.58 in the three months ended September 30, down from $1.68 a share a year earlier but above expectations for adjusted earnings of $1.39 a share.
The bank’s revenue totaled $25.51 billion in the third quarter, an 8.4% increase from the $23.5 billion reported in the same period in 2015, and above estimates for revenue of $23.8 billion.
“We delivered strong results this quarter with each of our businesses performing well,” chairman and chief exec Jamie Dimon said in the release.
“We had record net income in Commercial Banking and record loan balances in Asset Management,” he pointed out, adding that the Corporate & Investment Bank reported its best third quarter revenue.
“In the Consumer businesses, we grew both loans and deposits double-digits, and our new card product, Sapphire Reserve, has gotten a great response – underscoring our unwavering commitment to enhancing customer engagement," Dimon said.
Traders will now turn their attention to the bank’s conference call due to start at 8:30AM ET (12:30GMT).
Following the release of the report, shares in JPMorgan Chase & Co (NYSE:JPM) rose $1.05, or 1.55%, in pre-market trade to $68.98, from Thursday’s closing price of $67.75.
Meanwhile, U.S. equity markets pointed to a higher open. The blue-chip Dow futures advanced 104 points, or 0.58%, 6:50AM ET (10:50GMT), the S&P 500 futures rose 12 points, or 0.55%, while the tech-heavy Nasdaq 100 futures gained 25 points, or 0.53%.