JPMorgan registers slight rise in Markets & Securities Services revenue in Q3 2022
JPMorgan Chase & Co. (NYSE:JPM) has just posted its financial results for the third quarter of 2022, with Markets & Securities Services revenue marking a slight rise from the year-ago period.
Markets & Securities Services revenue was $7.9 billion in the quarter to end-September 2022, up 5% from the year-ago quarter.
Markets revenue was $6.8 billion, up 8%. Fixed Income Markets revenue was $4.5 billion, up 22%, primarily driven by higher revenue in macro businesses, partially offset by lower revenue in Securitized Products. Equity Markets revenue was $2.3 billion, down 11% compared to a record third quarter in the prior year. Securities Services revenue was $1.1 billion, relatively flat to the prior year.
Across all segments, net income was $9.7 billion, down 17%, driven by a net credit reserve build of $808 million compared to a net reserve release of $2.1 billion in the prior year. The current quarter included net investment securities losses of $959 million resulting in a decrease of $729 million (after tax) to net income.
Net revenue was $33.5 billion, up 10% from the equivalent period a year earlier. Net interest income (NII) was $17.6 billion, up 34%. NII excluding Markets was $16.9 billion, up 51%, driven by higher rates. Noninterest revenue was $15.9 billion, down 8%, driven by lower Investment Banking fees, $959 million of net investment securities losses in Corporate and lower net production revenue in Home Lending, largely offset by higher CIB Markets revenue.