JPMorgan Chase (NYSE:JPM) posted Q3 earnings that surpassed Street predictions, driven by higher interest rates which counteracted reduced deposit balances. The adjusted revenue for the quarter was $40.7 billion, beating the expected $39.9 billion and marking a 21% increase from the previous year. This resulted in a net income of $13.2 billion, above the anticipated $11.9 billion.
CEO Jamie Dimon noted that their results benefited by net interest income and lower-than-usual credit costs. The net interest income grew by 30% annually to $22.9 billion, attributed to increased rates and higher balances in card services. Provisions for credit losses decreased by 10% to $1.38 billion.