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JPMorgan Chase reported better than expected third-quarter profits of $12.9bn, even as the bank prepared for higher loan losses from more indebted borrowers.
The largest US bank’s net income exceeded the $12.1bn expected by analysts but represented a 2 per cent fall on the same quarter in 2023.
JPMorgan set aside $3.1bn for potential loan losses, more than double its provisions in the third quarter last year.
Banks’ losses from lending have been unusually low since 2020, after government stimulus efforts helped boost savings.
This is a developing story