JPMorgan Chase has posted a net income of $6.28bn in the third quarter of 2016, down 8% from $6.80bn a year ago.
The bank’s quarterly total net revenue stood at $24.67bn, a rise of 8% from $22.78bn during the same quarter in 2015.
Total noninterest expense dipped 6% to $14.46bn from $15.37bn in the prior year. Provision for credit losses increased to $1.27bn from $682m a year earlier.
The bank’s corporate and investment banking division recorded net income of $2.91bn for the third quarter of 2016, a 99% surge compared to $1.46bn a year earlier. The unit’s total net revenue jumped 16% to $9.45bn from $8.17bn in the corresponding quarter of 2015, while total noninterest expense slumped 20% year-on-year to $4.93bn.
The asset management unit of the bank reported net income of $557m in the third quarter of 2016, a 17% surge from $475m a year ago. The unit’s total net revenue rose 5% to $3.04bn from $2.89bn in the prior year, while total noninterest expense rose 1% year-on-year to $2.13bn.
JPMorgan Chase chairman and CEO Jamie Dimon said: “We delivered strong results this quarter with each of our businesses performing well.”
“Over the past months we have continued our extraordinary efforts and submitted what we believe is a credible Resolution Plan, as we remain focused on our regulatory and control agenda,” Dimon said.