(Reuters) – JPMorgan Chase’s profit rose in the third quarter, driven by mergers and acquisitions and initial public offerings (IPOs) that boosted the investment banking division, as well as a strong performance in trading.
Chairman and CEO Jamie Dimon, however, warned of an increased degree of uncertainty.
The largest US bank recorded $14.39 billion (€12.45 billion) in profit, or $5.07 per share, in the quarter ended September 30, JPMorgan said on Tuesday. Last year, for the same period, profit was $12.9 billion, or $4.37 per share.
Net interest income (NIR) also increased by 2% in the third quarter, reaching $24.1 billion.
“While there have been some signs of a slowdown, particularly in job growth, the U.S. economy has remained resilient overall,” Jamie Dimon said in a statement.
The JPMorgan CEO, however, warned of an increased degree of uncertainty resulting from complex geopolitical conditions, tariffs and trade uncertainty, rising asset prices and the risk of persistent inflation.
Business-to-business deals have recovered strongly this year after a brief slowdown in April, supported by a resilient economy and hopes of interest rate cuts that have pushed stocks to record highs.
JPMorgan’s investment banking fees rose 16% in the third quarter. At the same time, revenues from trading activities have also soared as economic uncertainty persists.
JPMorgan has earned the most investment banking fees among its competitors since the start of the year, according to analytics firm Dealogic.
(Written by Manya Saini in Bangalore and Nupur Anand in New York; Coralie Lamarque; edited by Augustin Turpin)
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