JPMorgan Chase sees income, revenue gains in Q3

By Ovunc Kutlu

ISTANBUL (AA) - US-based multinational financial services company JPMorgan Chase saw its net income and revenue increase in the third quarter of this year, according to its financial results released Friday.

JPMorgan Chase posted a net income of almost $13.2 billion in the July-September period, up 35% from $9.7 billion during the same period last year.

Net revenues saw an increase of 22% to $39.9 billion, from $32.7 billion year-on-year.

Chairman and CEO Jamie Dimon said American consumers and businesses "generally" remain healthy, although consumers are spending down their excess cash buffers.

"However, persistently tight labor markets as well as extremely high government debt levels with the largest peacetime fiscal deficits ever are increasing the risks that inflation remains elevated and that interest rates rise further from here," he added.

Dimon noted that it is early to know the long-term consequences of the Federal Reserve's quantitative tightening, which reduces liquidity in the system at a time when market-making capabilities are increasingly limited by regulations.

"Furthermore, the war in Ukraine compounded by last week’s attacks on Israel may have far-reaching impacts on energy and food markets, global trade, and geopolitical relationships," he added.