JPMorgan Misses Quarterly Profit Estimates but Lifts Net Interest Income Guidance
JPMorgan Chase reported third-quarter earnings of $5.57 per share, missing estimates, on revenue of $50.9 billion and net income of $15.3 billion. Investment banking fees increased from a year earlier but declined from the prior quarter, while equities trading rose sharply and fixed income trading fell. The bank raised its full-year net interest income outlook and also lifted its expense forecast.
JPMorgan’s third-quarter profit was $5.57 a share, short of the $5.91 consensus, marking its first miss in nearly three years. Revenue reached $50.9 billion, up 8% annually, while net income was $15.3 billion and investment securities losses totaled $658 million.
Investment banking fees climbed 14% year over year but slipped 8% sequentially. Equities trading surged 49%, fixed income fell 4%, and total markets revenue rose 15%. Net interest income excluding markets increased 6% to $24.7 billion, with average loans up 10%. The bank raised its full-year net interest income outlook to about $106.2 billion and its expense forecast to about $108.6 billion.
JPMorgan’s mixed quarter may matter beyond shareholders. If rates stay higher, borrowers—mortgages, cards, business loans—could face elevated costs, while savers might benefit from better deposit yields. Slower dealmaking could delay financing and advisory work for companies, affecting bankers and investors. Continued card spending and account growth suggest consumers remain engaged, though pressure could build if borrowing becomes less affordable.