The consumer & community banking (CCB) division of JPMorgan Chase has posted a net income of $2.63bn for the third quarter of 2015, a rise of 4% compared to $2.53bn a year ago.
The unit’s net revenue for the quarter dropped 4.29% to $10.88bn from $11.37bn in the third quarter of 2014.
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Net interest income stood at $7.2bn, flat compared to a year ago, reflecting spread compression offset by higher deposit and loan balances and a reduction in the reserve for uncollectible interest and fees.
Noninterest expense was $6.24bn, a fall of 1.07% compared to $6.30bn in the prior year, due to lower mortgage banking expense.
The unit’s provision for credit losses was $389m, down 56.8% as against $902m in the corresponding quarter of 2014, driven by a larger reduction in the allowance for loan losses and lower net charge-offs.
Overall, the group recorded a net income of $6.8bn for the third quarter of 2015, up 22.2% compared to $5.56bn a year ago. Net revenue dropped 6.4% to $23.53bn from $25.15bn in the prior year.
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By GlobalDataCommenting on the results, JPMorgan Chase chairman and CEO Jamie Dimon said: "We had decent results this quarter. We saw the impact of a challenging global environment and continued low rates reflected in the wholesale businesses’ results, while the consumer businesses benefited from favorable trends and credit quality.
"Overall, our risk management discipline and diversified platforms across the businesses are serving us well."
