JPMorgan Chase has posted a net income of $6.28bn in the third quarter of 2016, down 8% from $6.80bn a year ago.
The bank’s quarterly total net revenue stood at $ 24.67bn, a rise of 8% from $22.78bn compared to the corresponding quarter of 2015.
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Total noninterest expense dipped 6% to $14.46bn from $15.37bn a year ago. Provision for credit losses increased to $1.27bn from $682m a year earlier.
The bank's consumer and community banking division reported net income of $2.20bn for the third quarter of 2016, down 16% from $2.63bn in the year ago period.
The unit's total net revenue increased 4% to $11.33bn from $10.88bn in the third quarter of 2015.
Total noninterest expense at the unit increased 4% year-on-year to $6.51bn from $6.23bn. The unit’s provision for credit losses increased to $1.29bn from $389m a year earlier.
JPMorgan Chase chairman and CEO Jamie Dimon said: “We delivered strong results this quarter with each of our businesses performing well.”
“In the Consumer businesses, we grew both loans and deposits double-digits, and our new card product, Sapphire Reserve, has gotten a great response – underscoring our unwavering commitment to enhancing customer engagement.”
