JP Morgan Chase beats forecasts despite decline in profits

US investment bank JPMorgan Chase has beaten analysts' estimates with its third quarter earnigns report, although it did see a decline in profits during the period when compared to last year.

Low interest rates and volatile markets saw the US's largest bank by assets post third quarter profits of $6.29bn, or $1.58 per share. Those figures are down 7.6% from the same quarter last year, when it posted a $6.8bn profit, or $1.68 per share.

Revenues grew 8.4% to $25.51bn.

However, both earnings and revenue beat projections from Wall Street analysts calling for EPS of $1.39 and income of $24.0bn.

The results from the New York-based bank provided the kick-off to earnings season for the big banks in the US, with Citigroup and Wells Fargo scheduled to post their own results later in the same session.

Shares in JPMorgan rose 1.8% in premarket trading.

Jamie Dimon, chairman and CEO of the bank, said that strong performances in loans and deposits were key for the quarter's strength.

"We had record net income in Commercial Banking and record loan balances in Asset Management," Dimon said. "The Corporate & Investment Bank reported its best third quarter revenue. In the Consumer businesses, we grew both loans and deposits double-digits, and our new card product, Sapphire Reserve, has gotten a great response."

In September, JPMorgan overtook Wells Fargo as the world's largest bank by market capitalisation, following the California-based bank's fake account scandal.