JP Morgan Chase Reports Higher Profits in Q3 2015

JP Morgan Chase reported higher profits in Q3 of 2015 but still missed analysts’ expectations.

The banking giant posted a net income of $6.8 billion, up from $5.5 billion during the same period last year.

The largest US bank by assets said that net revenue was $23.5 billion, down from $25 billion compared with the year before.

JP Morgan also reported $1.3 billion in legal costs for the period.

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Banks have been under pressure to cut costs and hold more capital in reserve in case of future financial shocks.

JP Morgan also said that it received tax benefits of $2.2 billion in the period.

The bank also reported that sales of its loan products had increased by 15% year-on-year, and that the balance of those loans had gone up 13%.

JP Morgan CEO Jamie Dimon said in a statement: “We had decent results this quarter.

“We saw the impact of a challenging global environment… We continue to focus on our commitments, optimize our balance sheet and manage our expenses.”

In a conference call, JP Morgan pointed to the higher cost of regulation as a factor that would “tap down profit for a while”.