JPMorgan Q3 Net Profit Down 2% - Update

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(RTTNews) - US investment bank JPMorgan Chase & Co. (JPM) reported Friday net income for the third quarter of $12.90 billion or $4.37 per share, compared to $13.15 billion or $4.33 per share in the prior-year quarter.

On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of $4.01 per share for the quarter. Analysts' estimates typically exclude special items.

The provision for credit losses was $3.11 billion, reflecting a net reserve build of $1.0 million and net charge-offs of $2.1 billion, compared to last year's $1.38 billion.

Total net revenue on a reported basis grew 7 percent to $42.65 billion from last year. On a managed basis, net revenue was $43.32 billion, up 6 percent from $40.69 billion in the same quarter last year. The Street expected revenues of $41.63 billion for the quarter.

Net interest income was $23.5 billion, up 3 percent or up 1 percent excluding Markets. Non-interest revenue excluding Markets was $12.7 billion, up 17 percent from last year.

Noninterest expense was $22.6 billion, up 4 percent, driven by higher compensation, including higher revenue-related compensation and growth in employees, partially offset by lower legal expense.