JPM Stock prices were up on Friday, trading at $112.07 as of 12:26 PM EDT.
JPM Stock (NYSE:JPM) was up 2.4% in premarket trading on Friday. Depending on market activity, the bank anticipates net interest income for FY2022 to be between $66 billion and $61.5 billion without the impact of the markets. This is different from what was said before about net interest income, excluding corporate and investment banks, which was more than $58 billion. In the meantime, JPMorgan (NYSE:JPM) raised its allowance for loan losses to get ready for the economy to slow down.
Its forecast for FY2022’s adjusted non-interest expense is at $77 billion. Strong performance in its consumer banking division is helping Q3 earnings. In the meantime, JPMorgan (NYSE:JPM) increased its provision for loan losses to prepare for a slowdown in economic activity.
In the United States, people continue to spend with strong financial standing, there are many job openings, and businesses are in good shape, according to CEO Jamie Dimon. “However, there are big headwinds right in front of us stubbornly rising inflation, leading to higher global interest rates, the unclear implications of quantitative tightening, the war in Ukraine which is heightening all geopolitical dangers, and the vulnerable situation of oil supplies and prices.”
JPM Stock, EPS, and Financials Breakdown
The Q3 EPS of $3.12 above the $2.85 consensus, up from $2.76 in Q2 but down from $3.74 in the Q3 of 2021. Provision for credit losses was $1.54 billion, up from $1.10 billion in Q2 and $1.53 billion in the prior quarter. Compared to Q2’s $15.1 billion and Q3 of 2021’s $13.1 billion, Q3’s $17.5 billion in net interest income. Compared to Q2’s $18.7 billion and Q3 of 2021’s $17.1 billion, Q3’s total noninterest expense was $19.2 billion. Return on tangible common equity was 18% compared to 17% in the prior quarter and 22% in the same quarter last year.
Income and net profit breakdowns for the third quarter by industry:
- Consumer & Community Banking made $14.3 billion in sales, which is more than the $12.6 billion it made in the previous quarter and the $12.5 billion it made in the same quarter last year. Net income was $4.33 billion, up from $3.10 billion in Q2, but down slightly from $4.35 billion in Q3 of 2021. was $4.33 billion.
- Revenue from corporate and investment banking, which totaled $11.9 billion, decreased 1% from the previous quarter and 4% year over year. Revenue from banking, which came in at $4.02 billion, was up 25% quarter over quarter but decreased 18% year over year.
- Commercial Banking’s $3.05 billion in revenue increased 14% Q/Q and 21% Y/Y, while it is $946 million in net income decreased 5% Q/Q and 33% Y/Y.
- Asset & Wealth Management saw a 5% Q/Q and a 6% Y/Y growth in revenue of $4.54 billion and a 21% Q/Q increase in net income of $1.22 billion.
In comparison to the end of Q2 2022, JPMorgan’s (NYSE:JPM) total loans were $1.11 trillion, while its total deposits were $2.41 trillion at the end of September.
JPMorgan Chase (NYSE:JPM) has beaten estimates for GAAP EPS of $3.12 and revenue of $32.72 billion by $0.23 and $840 million, respectively.
In earlier news, JPM Stock Up As Plans To Hire 2,000 Tech Professionals Through The End Of 2022.
Featured Image- Megapixl @ Lewistse
Author Jowi Kwasu 
