JPMorgan beats estimates with EPS of $3.12 in Q3
JPMorgan Chase & Co. said on Friday that its diluted earnings per share stood at $3.12 in the third quarter of 2022, dropping 17% compared to the same period a year earlier but still coming in above estimates. Net income for the three-month period slid 17% to $9.7 billion.
The lender's reported revenue jumped 10% year on year to reach $32.7 billion, while the return on common equity stood at 15% and the return on tangible common equity was 18%.
"While we unfortunately still don’t know the ultimate effect of changes in capital requirements due to the completion of Basel III, through our earnings power and demonstrated ability to manage down risk-weighted assets, we expect to reach our current target CET1 ratio of 13%, which includes a 50 basis point buffer, in the first quarter of 2023," CEO Jamie Dimon stated.
JP Morgan shares climbed 1.95% in premarket trading on better-than-expected results.