JPMorgan Chase's Q3 profit rises by 35%, bolstered by increased interest income as consumers and businesses 'generally remain healthy'

Steve Gelsi covers banking and cannabis as a Senior Reporter for MarketWatch.

JPMorgan Chase & Co. on Friday reported a stronger-than-expected third-quarter profit as the bank benefitted from a boost in net interest income and below-normal credit costs.

Dimon said the bank delivered “solid” results against a difficult macroeconomic backdrop that has worsened in the past week with war breaking out between Hamas and Israel. Looking ahead, the bank said it now expects 2023 net interest income of $88.5 billion and net interest income excluding markets to be $89 billion, up from its earlier estimate of $87 billion from three months ago.

The bank has outperformed its peers on frustrations such as dealing with digital tools and service experiences, he said. JPMorgan Chase’s three major business lines include Consumer & Community Banking, Corporate & Investment Bank, Commercial Bank, Corporate unit and Asset & Wealth Management.

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