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JPMorgan posts higher Q3 earnings as loans rise 4% YOY

JPMorgan Chase & Co. on Oct. 12 reported third-quarter net income applicable to common stockholders of $7.95 billion, or $2.34 per share, up from net income of $6.26 billion, or $1.76 per share, in the same quarter of 2017.

The S&P Global Market Intelligence consensus estimate for GAAP EPS for the third quarter was $2.25.

The consumer and community banking segment reported a 60% jump in net income year over year to $4.09 billion. Higher deposit margins and deposit growth helped that segment post an 18% growth in net revenue, while provision for credit losses declined 35% due in part to a net reserve release of $100 million in the quarter.

Net income at the corporate and investment bank segment grew 3% year over year to $2.63 billion. Investment banking revenue was flat at $1.73 billion.

The company's corporate banking segment reported net loss of $145 million in the third quarter, compared to net income of $78 million a year earlier. The segment's net revenue was a loss of $103 million, particularly due to markdowns on certain legacy private equity investments.

Total loans rose 4% compared to the same period in 2017 and grew 1% quarter over quarter to $954.32 billion.

Total deposits were $1.459 trillion, up 1% compared to the year-ago period and flat from the prior quarter.

The company also added about 3,800 employees year over year, increasing its headcount to 255,313 in the third quarter.