Banking giant JP Morgan Chase's third-quarter results were unexpectedly strong and its share price rose nearly 5%.
JP Morgan's net interest income (NII) #rose 3%, beating expectations for a decline.
NNII is the difference between a bank's income from interest-earning assets and the cost of interest-bearing liabilities.
N JP Morgan's earnings per share of $4.37 were well above Wall Street's expectations. Revenue rose 7 percent from a year earlier to $42.65 billion. Assets under management jumped 23 percent to $3.9 trillion and provisions for loan losses rose to $3.1 billion, $1.38 billion more than in the second quarter. Meanwhile, Wells Fargo's share price rose 6 percent after the company announced that NII fell 11 percent, slightly worse than expected. Earnings per share fell 13.5% to $1.42, slightly better than expected.
the bank's corporate and investment banking revenue was flat year-over-year, while wealth and investment management revenue rose 5%.
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