JPMorgan Income Falls Amid ‘Treacherous’ Global Tensions [Video]

JPMorgan Chase reported a 2 percent decline in third quarter net income, dropping to $12.9 billion from $13.2 billion in the same quarter last year.

This decline was attributed to an increase in provisions for potential loan losses, which more than doubled to $3.1 billion from $1.4 billion a year ago, reflecting growing economic uncertainties.

Despite the dip in net income, earnings per share climbed to $4.37, surpassing Wall Street estimates of $3.99.

The rise was due to a decrease in outstanding shares, while total revenue grew by 6 percent to $43.3 billion, benefiting from higher net interest income amid elevated interest rates.

The bank’s third quarter results came against a backdrop of challenging global conditions, with CEO Jamie Dimon labeling the geopolitical environment as “treacherous and getting worse.”