JPMorgan Chase shares edged higher in premarket trading on Tuesday despite the largest US bank missing analyst earnings forecasts, as investors focused on a sixth consecutive quarter of profit growth.
The bank reported third-quarter profits of $15.3 billion, or $5.57 per share, against analyst expectations of $5.90.
Excluding $658 million in paper securities losses, earnings came in at $5.75 per share.
Net revenue rose 8% to $50.2 billion from $46.4 billion a year earlier.
Trading revenue rose 15% year on year to $10.3 billion, though it fell short of expectations and retreated from the previous quarter's elevated levels.
Dealmaking fees climbed 14%, but also pulled back from the second quarter's bumper performance.
Net interest income, the bank's core lending revenue, rose 13% to $27 billion.
Chief executive Jamie Dimon acknowledged the strength of the US economy, underpinned by solid business investment and resilient consumer spending, but struck a cautious tone on the wider outlook.
"Large fiscal deficits, sticky inflation, elevated asset prices, rising interest rates and geopolitical conditions continue to shift under the surface," he said.
"These forces may be manageable, but we remain prepared for a wide range of outcomes," Dimon added.
The results mark the start of what analysts expect to be a nuanced earnings season for US banks, with revenue growth likely to diverge after an unusually strong second quarter across Wall Street.
