JPMorgan Chase (JPM) reported another quarter of rising profits on Tuesday, even as revenue at some of its biggest Wall Street firms fell after a remarkable second quarter.
The nation’s largest bank said its profits rose 6 percent from last year’s third quarter to $15.3 billion, or $5.57 per share, below the $5.90 per share analysts expected. Net revenue increased 8% to $50.2 billion from $46.4 billion in the third quarter of last year.
Excluding $658 million in losses on paper securities, the bank earned $5.75 per share.
Jamie Dimon, CEO of JPMorgan Chase, warned that “large budget deficits, persistent inflation, high asset prices, rising interest rates and geopolitical conditions continue to change beneath the surface” despite the strength of the U.S. economy, fueled by strong business investment and a continued spending consumer.
“These forces may be manageable, but we remain prepared to face a wide range of consequences,” Dimon said.
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