The net profit of the largest US bank – JPMorgan Chase & Co (NYSE: JPM), fell in the third quarter of 2016 by 7.6% and amounted to $ 6.286 billion, or $ 1.58 per share, compared with 6.804 billion, or $ 1.68 per share, for the same period a year earlier, according to a press release from the bank.
Meanwhile, the revenue of JPMorgan in the last quarter rose 8.4%, to $ 25.51 billion.
Analysts polled by FactSet Agency, on average forecast profit of $ 1.39 per share on revenue of $ 24 billion.
The revenue of Corporate and Investment Bank (CIB) JPMorgan increased compared with the same period last year to 16% in July-September, to $ 9.46 billion. The profit of the division doubled to $ 2.91 billion.
Revenue from asset trading fixed income jumped 48% to $ 4.33 billion, while revenue from equity trading increased by less than 1%, to $ 1.41 billion.
Revenues of the retail division (CCB) increased by 4% in annual terms, to $ 4.72 billion, the revenue of the mortgage business increased by 21%, to $ 1.87 million.
The Investment Bank JPMorgan Chase was founded in 1799, turning into one of the world leaders in the provision of investment banking services and asset management services. The bank currently operates in more than 60 countries around the world.
Citigroup Inc (NYSE: C), the fourth largest US bank in terms of assets, on Friday reported a fall in quarterly profit by 10.5% due to lower revenue from trading stocks.
The net profit fell to $ 3.84 billion, or $ 1.24 per share, in the third quarter ended September 30, from $ 4.29 billion, or $ 1.35 per share, a year earlier.
Total adjusted revenue decreased 4% to $ 17.76 billion.
Analysts on average expected earnings of $ 1.16 per share. At the moment, it is unclear whether the results are consistent with the forecast.
Revenue from trading in the stock market has fallen by about 34% due to lower market activity.
Adjusted revenue of Citicorp, a key unit of the bank, rose 0.6% to $ 16.88 billion, while expenses rose 3% to $ 9.58 billion.
Wells Fargo & Co (NYSE: WFC) reported a decline in profits in the fourth quarter in a row. The net profit attributable to shareholders fell 3.7% to $ 5.24 billion, or $ 1.03 per share, from $ 5.44 billion, or $ 1.05 per share from the previous year.