JPMorgan Chase (JPM), the largest U.S. bank by assets, kicked off third-quarter earnings on Friday for the big banks, reporting better-than-expected results against a backdrop of geopolitical uncertainty.
“JPMorgan Chase delivered strong results this quarter with top-line growth in each of our businesses, demonstrating the power of our platform,” CEO Jamie Dimon said in a statement. “The U.S. and the global economy continue to show strength, despite increasing economic and geopolitical uncertainties, which at some point in the future may have negative effects on the economy.”
JP Morgan CEO Jamie Dimon speaks at a Remain in the EU campaign event attended by Britain's Chancellor of the Exchequer George Osborne (not shown) at JP Morgan's corporate centre in Bournemouth, southern Britain, June 3, 2016. REUTERS/Dylan Martinez
JPMorgan Chase Chairman and CEO Jamie Dimon speaks during a discussion on "Closing the Workforce Skills Gap", at the Aspen Institute in Washington December 12, 2013. REUTERS/Mike Theiler (UNITED STATES - Tags: BUSINESS POLITICS)
Jamie Dimon (C), Chairman and CEO of JPMorgan Chase, is questioned by journalists as he and other CEOs arrive at the White House in Washington October 2, 2013, for a meeting of the Financial Services Forum with U.S. President Barack Obama. REUTERS/Jason Reed (UNITED STATES - Tags: POLITICS BUSINESS)
Workers are reflected in the windows of the Canary Wharf offices of JP Morgan in London September 19, 2013. The "London Whale" trading scandal, once dismissed by JPMorgan Chase & Co CEO Jamie Dimon as a "tempest in a teapot," is costing the largest U.S. bank $920 million in penalties and a rare admission of wrongdoing. REUTERS/Neil Hall (BRITAIN - Tags: BUSINESS)
JPMorgan Chase & Co CEO Jamie Dimon testifies before the House Financial Services hearing on "Examining Bank Supervision and Risk Management in Light of JPMorgan Chase's Trading Loss on Capitol Hill" in Washington June 19, 2012. REUTERS/Yuri Gripas (UNITED STATES - Tags: POLITICS BUSINESS)
JP Morgan Chase and Company CEO Jamie Dimon answers a question at the U.S. Senate Banking, Housing and Urban Affairs Committee hearing on "A Breakdown in Risk Management: What Went Wrong at JPMorgan Chase?" on Capitol Hill in Washington, June 13, 2012. REUTERS/Larry Downing (UNITED STATES - Tags: POLITICS BUSINESS)
JP Morgan Chase and Company CEO Jamie Dimon pauses during a U.S. Senate Banking, Housing and Urban Affairs Committee hearing on "A Breakdown in Risk Management: What Went Wrong at JPMorgan Chase?" on Capitol Hill in Washington, June 13, 2012. REUTERS/Larry Downing (UNITED STATES - Tags: POLITICS BUSINESS)
JP Morgan Chase and Company CEO Jamie Dimon is surrounded by the media as he arrives to testify before the U.S. Senate Banking, Housing and Urban Affairs Committee hearing on "A Breakdown in Risk Management: What Went Wrong at JPMorgan Chase?" on Capitol Hill in Washington, June 13, 2012. REUTERS/Larry Downing (UNITED STATES - Tags: POLITICS BUSINESS)
Jamie Dimon, chairman and chief executive of JP Morgan Chase and Co, speaks during the Intrepid Sea, Air & Space Museum's Annual Salute to Freedom dinner in New York, May 24, 2012. REUTERS/Keith Bedford (UNITED STATES - Tags: SOCIETY BUSINESS)
Jamie Dimon, CEO and chairman of JPMorgan Chase & Co., poses for a portrait in his office in New York, in this photo taken December 22, 2010. At last week's World Economic Forum in Davos, Switzerland, Dimon once again lambasted the media and politicians for portraying all bankers as greedy evil-doers. It was at least the 12th time since the start of the financial crisis that Dimon has complained about Wall Street critics painting all bankers as cut from the same cloth. Photo taken December 22, 2011. To match Special Report JPMORGAN/DIMON REUTERS/Lucas Jackson (UNITED STATES - Tags: BUSINESS PROFILE POLITICS)
JPMorgan Chief Executive Jamie Dimon (R) is seen leaving a meeting with lawyer Davis Polk in New York January 13, 2011. Some of the United States' top bankers descended on a law firm in midtown Manhattan on Thursday to pitch for what could be one of the largest share sales in history -- a secondary offering for bailed-out insurer American International Group (AIG) Inc. REUTERS/Jessica Rinaldi (UNITED STATES - Tags: BUSINESS)
JP Morgan Chase CEO Jamie Dimon speaks during a session at the World Economic Forum (WEF) in Davos January 27, 2011. Organisers and CEOs at the annual Davos meeting projected cautious confidence in the global economy as the event opened on Wednesday, pointing to numerous risks which could yet derail a still-fragile recovery. REUTERS/Vincent Kessler (SWITZERLAND - Tags: POLITICS BUSINESS)
Chairman and CEO of JPMorgan Chase Jamie Dimon delivers a keynote address on "Global Banking and Regulatory Challenges" at the U.S. Chamber of Commerce in Washington March 11, 2009. REUTERS/Jim Young (UNITED STATES POLITICS BUSINESS)
JPMorgan Chase & Co. Chairman and Chief Executive Officer Jamie Dimon speaks at the 50th annual Investment Company Institute (ICI) general membership meeting in Washington May 8, 2008. REUTERS/Kevin Lamarque (UNITED STATES)
Bank One CEO Jamie Dimon speaks at the Seventh Annual Microsoft CEO Summit at the company's headquarters in Redmond, Washington on May 21, 2003. Dimon was one of more than 100 world business leaders that are attending the gathering for two days of dialogue and interactice sessions centered on the theme "The Agile Business: Balancing Strategy and Execution."
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The bank delivered earnings per share of $2.34 versus analysts’ estimates of $2.26 per share.
Adjusted revenue for the third quarter came in at $27.82 billion versus analysts’ estimates of $27.4 billion.
In the results, Dimon gave credit to the corporate tax cuts and revealed the banking behemoth’s first branch it opened in Washington, D.C. as a result.
“We are extremely excited to be expanding again, as smart regulatory policy and a competitive corporate tax system help us to deliver on our commitment to invest in our customers and communities,” Dimon said. “We just opened our first branch in Washington, D.C., which is one of hundreds of new branches that we will be opening in new markets, including Philadelphia and Boston. And every time we open branches in a new market, we bring the full force of JPMorgan Chase to that community.”
Dimon cheered the performance in the consumer bank, which saw credit-card sales up 12% year-over-year and merchant processing up 14% year-over-year.
“In Consumer & Community Banking we attracted record net new money this quarter, driving client investment assets up 14%, and we saw continued double-digit growth in card sales and merchant processing volume. Our customer satisfaction across CCB is at or near all-time highs, and we continue to grow deposits faster than the industry, even as the pace slows with rising rates.”
Breaking the results down further, revenue from FICC trading was $4.4 billion, down 2%. FICC results were dragged down by fixed income markets revenue, which came in at $2.8 billion, down 6%. The bank cited “mild weakness in Rates, Financing, Credit Trading and Securitized Products, as a result of compressed margins and tighter financing spreads in competitive markets.”
Meanwhile, equity markets revenue was $1.6 billion, up 17%.
Elsewhere, investment banking revenue was flat coming in at $1.7 billion, which the bank noted reflected “higher equity underwriting fees offset by lower debt underwriting and advisory fees.”
Shares of JPMorgan were trading up 1.34% in the early session.
— Julia La Roche is a finance reporter at Yahoo Finance. Follow her onTwitter. Send tips to email@example.com.