09:18 AM EDT, 10/11/2024 (MT Newswires) -- JPMorgan Chase's ( JPM ) third-quarter earnings unexpectedly rose year over year while revenue topped market estimates, buoyed by gains in its investment banking operations.

The lender's per-share earnings rose to $4.37 from $4.33 a year earlier, surpassing the consensus on Capital IQ for $3.98. Consolidated revenue advanced 7% year over year to $42.65 billion, ahead of the Street's view for $41.38 billion.

"The firm reported strong underlying business and financial results in the third quarter," Chief Executive Jamie Dimon said in a statement. Net interest income increased 3% on a managed basis to $23.53 billion. Noninterest revenue gained 12% to $19.25 billion on a reported basis and 11% on a managed basis to $19.79 billion.

Consumer and community banking revenue decreased 3% to $17.79 billion, amid an 11% drop in banking and wealth management revenue. The commercial and investment banking segment inclined 8% to $17.02 billion, led by a 29% jump in investment banking with fees growing 31%.

Corporate revenue soared 97% to $3.07 billion, while asset and wealth management sales rose 9% to $5.44 billion. Assets under management climbed 23% to $3.9 trillion, boosted by continued net inflows and higher market levels.

JPMorgan's ( JPM ) provision for credit losses rose to $3.11 billion from $1.38 billion in the prior-year quarter, including net charge-offs of $2.1 billion and a net reserve build of $1 billion.

"While inflation is slowing and the US economy remains resilient, several critical issues remain, including large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world," according to Dimon. "While we hope for the best, these events and the prevailing uncertainty demonstrate why we must be prepared for any environment."

The Bureau of Labor Statistics data showed Thursday the consumer price index increased 0.2% in September, the same as in July and August, but ahead of the Wall Street estimate of 0.1%.

For 2024, the banking giant anticipates net interest income of about $92.5 billion, according to an earnings presentation. In July, the lender said it expected net interest income of around $91 billion.

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