JPMorgan Chase & Co. (JPM) Misses Q3 EPS by 2c

(Updated - October 14, 2014 6:46 AM EDT)

JPMorgan Chase & Co. (NYSE: JPM) reported Q3 EPS of $1.36, $0.02 worse than the analyst estimate of $1.38. Revenue for the quarter came in at $25.2 billion versus the consensus estimate of $23.96 billion.

Net income was $5.6 billion, from a loss of $380 million in the same period last year.

Legal expended of about $1 billion hampered earnings by 26 cents per share.

Fixed-income trading revenue rose 2 percent to $3.5 billion.

Jamie Dimon, Chairman and Chief Executive Officer, commented on the financial results: “Our businesses continue to perform well. Consumer & Community Banking deposit growth led the nation as the FDIC reported Chase #1 in deposit growth for the third consecutive year. Our Card business delivered double-digit sales volume growth and Mortgage Banking continues to reposition the business and manage through cyclical-lows.

The Corporate & Investment Bank saw strong performance in fees, maintaining a #1 position in Global IB fees year to date, with particular strength in equity capital markets. In Markets, we saw increased activity and better performance overall, particularly in currencies and emerging markets. In Commercial Banking, strong competition in the industry for quality assets resulted in some spread compression. However, our Commercial Banking clients leveraged the services of our investment bank, generating record investment banking revenues year to date, and growth in Commercial Real Estate remains strong. Lastly, Asset Management saw its twenty-second consecutive quarter of long-term inflows, record net income and strong margins.”

Dimon continued: “While challenges remain in the global economic recovery, the U.S. economy is an exception, showing signs of steady improvement. Corporate America is in good shape with strong balance sheets and employment trends continue to be positive. JPMorgan continued to support the economic recovery. We provided credit and raised capital1 of $1.6 trillion for our clients during the first nine months of 2014, which included $15 billion for U.S. small businesses."

Dimon concluded: “Despite challenges, we have continued to deliver strong underlying performance, maintain our fortress balance sheet and liquidity, simplify the business and adapt to regulatory changes. We remain very focused on executing the control agenda and investing to protect our customers and the company for the future.”

• Maintained fortress balance sheet
  • Common Equity Tier 11,5 of $163 billion, or ratio of 10.1%, up from 9.8% in 2Q14
  • Strong liquidity – compliant with final U.S. LCR6 – HQLA7 of $572 billion
  • Firm Supplementary Leverage Ratio ("SLR")1 of 5.5%

For earnings history and earnings-related data on JPMorgan Chase & Co. (JPM) click here.

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