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Thndr Claps » U.S. Claps » Financial Services 💸 » Interest rates play in JP Morgan’s favor 📈

Interest rates play in JP Morgan’s favor 📈

by Omar El Shorafa
October 17, 2022
Claps, NYSE, Financial Services

The Clap
JP Morgan Chase (NYSE: JPM) reported earnings of $3.12 per share, beating analysts’ estimate of $2.88.

The Deets
The bank’s Q3 profits fell 17% YoY, as the loan-loss reserve was increased by $808 million.

Revenues recorded a 10% increase YoY to reach $33.49 billion in Q3 2022. The increase in revenues was largely driven by the Fed’s interest rate hikes.

Why this Matters
Following the earnings report, JP Morgan’s stock increased by 1.66%.

What Now
Although consumer and business activity remained financially steady, there are increasing signs of an economic slowdown.

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