JPMorgan Chase's third-quarter 2016 revenues increased 8.3% from last year to $24.7 billion, up from the Capital IQ consensus of $23.69 billion.
The earnings for the third quarter came in at $1.58 per share, $0.19 better than predicted.
Net interest income increased 6% to $11.9 billion, driven primarily by loan growth. Average core loans increased 15% annually and 2% from the second quarter.
“We delivered strong results this quarter with each of our businesses performing well,” JPMorgan Chairman and CEO Jamie Dimon said. “We had record net income in commercial banking and record loan balances in asset management.”
In fact, revenue from mortgage banking increased significantly from last quarter’s loss of $47 million and last year’s gain of $319 million, to a revenue of $1,874 million.
The amount of loans increased slightly from $231.4 billion last quarter and $208.5 billion last year to this quarter’s $234.2 billion. Total loan originations are also up to 27.1 billion from 25 billion last quarter but down from 29.9 billion last year.
Total loans serviced decreased from 880.3 billion last quarter and 929 billion last year to 863.3 billion this quarter.
