Chase third quarter results highlight the strength of its retail banking franchise with another quarter of earnings ahead of forecasts.

For the three months to end September Chase reported net income of $8.38bn, up 24.5% from the year ago quarter.

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US tax cuts result in an effective tax rate of 21.6% down from 29.6% in the year ago quarter.

Chase third quarter retail banking highlights

  • Net income of $4.1bn more than doubled from $1.53 in Q317;
  • Average loans +2% and core loans up 6% year-on-year;
  • Average deposits up 4% y-o-y;
  • Client investment assets up 14% y-o-y;
  • Client investment assets up 14% y-o-y;
  • Credit card sales up 12% y-o-y, and
  • Merchant processing volume rose by 14% y-o-y.

Retail banking revenue growth was predominantly driven by higher net interest income as a result of higher deposit margins and balance growth. Card, Merchant Services & Auto net revenue of $5.6bn rose by 10%,. Chase benefitted from higher Card net interest income on margin expansion and loan growth, higher auto lease volumes, and higher Card noninterest revenue, reflecting lower acquisition costs, predominantly offset by lower net interchange income.

Chase third quarter: mobile banking growth

Digital banking highlights included an 11% y-o-y rise in active Chase mobile banking customer numbers to 32.5 million.

Jamie Dimon, chairman and CEO of JPMorgan Chase said: “we delivered strong results this quarter with top-line growth in each of our businesses, demonstrating the power of our platform.

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“The US and the global economy continue to show strength, despite increasing economic and geopolitical uncertainties, which at some point in the future may have negative effects on the economy

In Consumer & Community Banking we attracted record net new money this quarter, driving client investment assets up 14%.  We saw continued double-digit growth in card sales and merchant processing volume. Our customer satisfaction across CCB is at or near all-time highs.

“We continue to grow deposits faster than the industry, even as the pace slows with rising rates.”