$JPM,...JPMorgan: Interest income and FICC gain
Q3 net income of $5.6B of $1.36 per share vs. a loss of $400M and $0.17 one year ago. Results include a $1B, or $0.26 per share legal charge. Return on tangible common equity of 13%. Roughly $3B returned to owners in Q3 - $1.5B of repurchases and a $0.40 per share dividend.
Consumer & Community Banking net income of $2.468B down 9% Y/Y, as the boost to income from lower credit loss provisions comes to and end. This quarter allowed a $200M reduction in loan-loss allowance vs. $1.6B one year ago. Noninterest expense of $6.3B falls 8% Y/Y thanks mostly to mortgage banking staff cuts. Net interest income of $11.4B gains a strong 4% from a year ago.
Corporate & Investment Bank net income of $1.485B down 34% Y/Y; excluding the DVA, net income fell 40%. Banking revenue of $2.7B fell 6% - investment banking fees grew 2% thanks to strong equity underwriting (up 24%), but debt underwriting fees fell 16%. Markets & Investor Services revenue of $6.1B rises 15% Y/Y, with Fixed Income Markets revenue of $3.5B up 2%, with particularly strong action in currencies and emerging markets.
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