JPMorgan Chase Q3 2019 revenue represents a record quarter, ahead of analyst forecasts.
At the same time Chase reports net income of $9.08bn, up by 8.3% from the year ago quarter.
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Net revenue of $30.1bn for the quarter to end September is up by 8% year-over-year.
And despite margin pressure, net interest income rises by 2% to $14.4bn largely driven by continued balance sheet growth and mix.
Jamie Dimon, Chairman and CEO, says: “JPMorgan Chase delivered record revenue this quarter. This demonstrates broad-based strength and the resilience of our business model despite a more challenging interest rate backdrop.
“In Consumer & Community Banking, we had strong deposit and client investment asset growth. Our consumer lending businesses benefited from our continued investments and a favourable environment for borrowers. This helped drive healthy volumes in Home Lending and Auto and strong loan growth in card.”
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By GlobalDataJPMorgan Chase Q3 2019: retail banking highlights
Credit card loans are up by 8% with client investable assets ahead by 13%. Average deposits rise by 3% with credit card sales volume ahead by 10%. Meantime, merchant processing volume rises by 11%.
On the other hand, average loans are down by 4% with home lending loans down by 12%, impacted by loan sales.
But positively, home lending net revenue of $1.5bn is up 12%, predominantly driven by higher net production revenue. Card, merchant services & auto net revenue rises by 9% to $6.1bn. This is driven by higher card net interest income on loan growth and margin expansion, and higher auto lease volumes.
Dimon adds: “In the US economy, GDP growth has slowed slightly. The consumer remains healthy with growth in wages and spending, combined with strong balance sheets and low unemployment levels. This is being offset by weakening business sentiment and capital expenditures mostly driven by increasingly complex geopolitical risks.”
For the year to date JPMorgan Chase shares are ahead by 18.3%.
