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JPMorgan net income up 8% from prior year; credit loss provision jumps

JPMorgan Chase & Co. posted third-quarter net income of $9.08 billion, or $2.68 per share, up from $8.38 billion, or $2.34 per share, in the year-ago quarter.

The S&P Global Market Intelligence consensus estimate for GAAP EPS for the quarter was $2.45.

Net interest income was $14.23 billion, up 2% year over year from $13.91 billion. The provision for credit losses was $1.51 billion, up from $948 million in the year-ago period.

The net yield on interest-earning assets was 2.41%, down from 2.53% in the same quarter last year.

JPMorgan's consumer and community banking segment reported net revenue of $14.26 billion, up from $13.29 billion a year ago. That included home lending revenue of $1.47 billion, up 12% from $1.31 billion a year ago.

In the corporate and investment bank division, markets and securities services revenue rose 9% to $6.04 billion. Fixed-income revenue bounced back, rising 25% from the prior year's results.

Total net revenue increased year over year to $29.34 billion from $27.26 billion.

Total loans for the third quarter were $945.22 billion, compared with $956.89 billion in the previous quarter and $954.32 billion in the year-ago period. Total deposits for the third quarter were $1.525 trillion, compared with $1.524 trillion in the previous quarter and $1.459 trillion in the year-ago period.