JPMorgan Chase has reported a net income of $6.73bn for the third quarter (Q3) ended 30 September 2017, a rise of 7% compared to $6.28bn in the same period last year.

Net revenue stood at $25.32bn, up by 3% from $24.67bn in the previous year. Provision for credit losses increased 14% to $1.45bn from $1.27bn a year ago.

The consumer and community banking unit of the group reported net income of $2.55bn for the third quarter of 2017, a 16% surge from $2.20bn in the corresponding quarter of 2016.

The unit’s revenue was $12.03bn, a rise of 6% from $11.33bn in the previous year.

JPMorgan Chase chairman and CEO Jamie Dimon said: “JPMorgan Chase delivered solid results in a competitive environment this quarter with steady core growth across the platform.

“And for the first time, the Firm led the nation in total U.S. deposits, as consumers and businesses continue to view us as their partner of choice.

“In Consumer & Community Banking, card sales and merchant processing volumes were once again up double digits, while loans and deposits continued to grow strongly.”