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JPMorgan Q3 net income up 7.1% YOY

JPMorgan Chase & Co.'s net income applicable to common stockholders climbed to $6.23 billion, or $1.76 per share, from $5.81 billion, or $1.58 per share, in the third quarter of the prior year.

The S&P Capital IQ consensus estimate for normalized EPS in the third quarter was $1.66.

Net revenue on a reported basis totaled $25.3 billion, compared to $25.5 billion in the second quarter and $24.7 billion in the third quarter of 2016.

Card, commerce solutions and auto net revenue increased 7% to $5.1 billion, predominantly driven by higher auto lease volumes and net interest income on higher card loan balances, partially offset by new account origination costs.

Net income in the corporate and investment bank segment dropped to $2.55 billion, down 13% from the third quarter of 2016. Within the segment, markets revenue was down 21%, with fixed-income markets revenue decreasing 27% to and equity markets revenue down 4%.

The company recorded a provision for credit losses of $1.45 billion, compared to $1.22 billion in the previous quarter and up from $1.27 billion a year earlier.

Net charge-offs totaled $1.27 billion, compared to net charge-offs of $1.20 billion in the previous quarter and net charge-offs of $1.12 billion in the year-ago quarter.

At the end of the third quarter, nonperforming assets totaled $6.15 billion, down from $6.43 billion in the linked quarter and down from $7.78 billion a year ago.