JPMorgan Chase’s 2016 3Q earnings fall 8 percent but beat estimates

FILE PHOTO In this Tuesday, Aug. 16, 2016, photo, a new Chase bank branch opens at the World Trade Center in New York. On Friday, Oct. 14, 2016, JPMorgan Chase reports financial results. (AP Photo/Mark Lennihan)
FILE PHOTO In this Tuesday, Aug. 16, 2016, photo, a new Chase bank branch opens at the World Trade Center in New York. On Friday, Oct. 14, 2016, JPMorgan Chase reports financial results. (AP Photo/Mark Lennihan)

NEW YORK (AP) – JPMorgan Chase’s third-quarter profits fell 8 percent from a year earlier, as higher revenue in the bank’s retail and investment banking divisions was offset by low interest rates.

The largest U.S. bank by assets earned $6.29 billion, or $1.58 per share, down from a profit of $6.80 billion, or $1.68 per share, in the same period a year earlier.

The bank’s results beat Wall Street’s estimates. Analysts anticipated earnings of $1.39 per share, according to FactSet.

Revenue rose to $24.67 billion, compared with $22.78 billion in the same period a year earlier.

JPMorgan’s stock rose 2 percent in pre-market trading.

 

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