finance economics

JPMorgan Chase's profits in the third quarter declined due to $3.11 billion in provisions for bad debts offsetting the income from its investment banking sector

JPMorgan Chase's profits in the third quarter declined due to $3.11 billion in provisions for bad debts offsetting the income from its investment banking sector

2024/10/14

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Morgan Stanley reported that despite growth in investment banking, its third-quarter profits declined due to increased provisions for potential loan defaults. The bank set aside $3.11 billion in credit loss reserves, compared to $1.38 billion in the same period last year.

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Quarterly profits decreased by 2% to $12.9 billion from $13.15 billion a year earlier, while revenues grew by 6% to $43.32 billion. Thanks to gains from securities investments and growth in credit card loans, net interest income (NII) rose by 3% to $23.5 billion, exceeding StreetAccount's expectation of $22.

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