NEW YORK, Oct. 11 (Xinhua) -- U.S. banking giant JPMorgan's net income fell 2 percent in the third quarter as it had to set aside more money to cover bad loans, but the results topped Wall Street estimates and shares rose in morning trading, The Associated Press (AP) reported on Friday.
Net income fell to 12.9 billion U.S. dollars from 13.2 billion dollars in the year-ago quarter, said the New York bank. However, earnings per share rose to 4.37 dollars from 4.33 dollars because there were fewer outstanding shares in the latest quarter.
The result beat Wall Street analysts' forecasts, which called for a profit of 3.99 dollars a share, according to FactSet. Total revenues rose to 43.3 billion dollars from 40.7 billion dollars a year ago.
JPMorgan set aside 3.1 billion dollars to cover credit losses, up from 1.4 billion dollars in the same period a year ago, said the report.
Consumers' credit card debt has been on the rise due to the lingering impact of the bout of inflation that hit the U.S. economy starting in 2021 and delinquencies have been rising, it added.
