This Thursday, Nov. 29, 2018, photo shows a Wells Fargo bank location in Philadelphia. JPMorgan Chase & Co. reports financial results Tuesday, Oct. 14, 2019. (AP Photo/Matt Rourke)

JPMorgan Chase 3Q profits up 8%, but loan growth slows

October 15, 2019 - 4:15 am

NEW YORK (AP) — JPMorgan Chase & Co. says profits grew by 8% in the third quarter compared with a year earlier, helped partly by higher interest rates and a better-than-expected performance in its investment banking business.

The nation's largest bank by assets said it earned $9.08 billion, or $2.68 per share, up from $8.38 billion, or $2.34 a share, in the same period a year earlier. The results did beat analysts' expectations for a profit of $2.45 a share.

JPMorgan's total loans unexpectedly fell in the quarter, down 1%, as the bank said it sold off a chunk of home mortgages. Excluding the sale, the company said loan growth was flat.

Total revenue at the bank was $29.34 billion, up from $27.26 billion a year earlier.