11:19 AM EDT, 10/14/2024 (MT Newswires) -- JPMorgan Chase ( JPM ) is likely to deliver above-average profitability and returns in the future as the bank reported a Q3 earnings beat and is positioned to handle the US Federal Reserve's Basel III re-proposal, RBC Capital Markets said in a note emailed Monday.

"The company's diversified business model combined with the billions of dollars of investments made over the last decade have resulted not only in a fortress balance sheet but also a highly profitable diversified banking model," RBC said.

RBC revised its 2024 earnings estimate to $17.08 per share from $16.53, and its 2025 EPS estimate to $15.80 from $16.24, reflecting an increase in non-interest income for both years but a contrasting net interest income and non-interest expense between 2024 and 2025, according to the note.

JPMorgan's ( JPM ) capital is still "very strong" with the Basel III standardized common equity tier 1 ratio at 15.3%, unchanged from Q2 this year and up from 14.3% in Q3 last year, RBC said.

The company on Friday reported Q3 earnings of $4.37 per diluted share, up from $4.33 a year earlier. Revenue for the quarter was $42.65 billion, up from $39.87 billion a year earlier. Analysts polled by Capital IQ expected EPS of $3.98 and revenue of $41.38 billion.

RBC maintained an outperform rating for JPMorgan ( JPM ) while lifting the price target to $230 from $211.

Price: 219.52, Change: -2.77, Percent Change: -1.25