JPMorgan Chase (NYSE:JPM) posted a stronger than expected set of Q3 2021 earnings, although its revenues for the quarter fell slightly short of consensus estimates. Profits for Q3 came in at $11.7 billion, marking an increase of $2.2 billion from the year-ago quarter, while revenues stood at $29.6 billion.
While revenues fell short due to lower net interest margins, profit growth was driven largely by a $2.1 billion release of reserves set aside last year for bad loans.
JPMorgan stock declined by around 2% in Wednesday’s trading.
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