JPMorgan Chase, the biggest bank in America, reported blockbuster earnings for the third quarter Wednesday. The bank earned $11.7 billion in the quarter, an increase of 24% from a year ago which works out to $3.74 a share. Analysts were expecting a profit of $3 a share. Revenue was up slightly from a year ago and roughly in line with forecasts.
Earnings were helped by the fact that JPMorgan Chase released $2.1 billion in credit reserves during the quarter, thanks to the improving economic outlook and fewer concerns that loans would go bad.
The bank also got a lift from booming demand for initial public offerings and a surge in merger activity. JPMorgan Chase's investment banking revenue hit $1.3 billion in the quarter, a jump of 60% from a year ago.
CEO Jamie Dimon took an upbeat tone about the results, although he also pointed out two big challenges.
"The economy continues to show good growth - despite the dampening effect of the Delta variant and supply chain disruptions," Dimon said in a press release.
Shares of JPMorgan Chase (JPM) were flat in premarket trading. The company will host calls for reporters and analysts later this morning. It will be interesting to see if Dimon has more colorful comments about bitcoin in store.