JPMorgan Chase & Co.’s third-quarter profit rose 24%, the bank said Wednesday.
The bank posted a profit of $11.69 billion, or $3.74 per share, up from $9.44 billion, or $2.92 per share, a year ago. That beat the $3 per share that analysts had expected, according to FactSet.
The bank freed up $2.1 billion it had set aside for soured consumer and corporate loans during the worst days of the coronavirus crisis. Excluding the boost from the release and a tax benefit, the bank’s profit was $9.6 billion in the third quarter.
Revenue rose 1% to $29.65 billion, falling just short of the $29.79 billion analysts had forecast.
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JPMorgan entered the quarter with high expectations. In July, the bank said it expected people to ramp up spending throughout the summer as the coronavirus pandemic receded. More recently, soaring oil prices and global supply-chain disruptions have sent the markets oscillating. The highly contagious Delta variant has delayed office reopenings.
Revenue in the consumer bank fell 3% from a year ago.
In the corporate and investment bank, revenue rose 7%.