JPMorgan Chase reports surge in earnings

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JPMorgan Chase reported higher earnings in the third quarter.

Net revenue was $29.3 billion, $28.8 billion, $27.3 billion for the third quarter of 2019, second quarter of 2019, and third quarter of 2018, respectively.

Net income for the quarter was $9.1 billion, up 8 percent.

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The financial services giant is Delaware’s largest for-profit employer, with 11,000 employees.

Consumer & Business Banking net revenue was $6.7 billion, up 5 percent, predominantly driven by higher net interest income as a result of growth in deposit balances and margin expansion, as well as higher noninterest revenue on higher transaction volumes.

Card, Merchant Services & Auto revenue was $6.1 billion, up 9 percent, driven by higher card net interest income on loan growth and margin expansion, and higher auto lease volumes. The company’s credit card business is based in Wilmington.

In the card segment, net charge- offs were higher, in line with expectations.

“JPMorgan Chase delivered record revenue this quarter, demonstrating broad-based strength and the resilience of our business model despite a more challenging interest rate backdrop. In Consumer & Community Banking, we had strong deposit and client investment asset growth. Our consumer lending businesses benefited from our continued investments and a favorable environment for borrowers, which helped drive healthy volumes in Home Lending and Auto and strong loan growth in Card,” stated CEO Jamie Dimon.

See full earnings report above.

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