JPMorgan profit misses analyst estimates as Jamie Dimon warns economic forces 'shift under the surface'

JPMorgan Chase ( JPM ) reported another quarter of rising profits on Tuesday, even as revenues from some of its biggest Wall Street businesses retreated after a standout second quarter.

The nation's largest bank said profits rose 6% from the third quarter a year ago to $15.3 billion, or $5.57 per share, falling short of the $5.90 per share that analysts forecast. Net revenue rose 8% to $50.2 billion compared to $46.4 billion in the third quarter of last year.

The bank also said it took $658 million in securities losses amid the quarter's worsening bond rout. Excluding those losses, the bank earned $5.75 per share.

JPMorgan Chase CEO Jamie Dimon warned that "large fiscal deficits, sticky inflation, elevated asset prices, rising interest rates and geopolitical conditions continue to shift under the surface" despite the US economy's strength powered by "strong business investment and a consumer that keeps spending."

Dimon added, "These forces may be manageable, but we remain prepared for a wide range of outcomes."

JPMorgan stock ticked up 1% midday Tuesday.

JPMorgan's results kick off a somewhat delicate earnings season for the country's biggest banks , where analysts are expecting some divergence in revenue growth after a bumper second quarter.

JPMorgan's trading revenue rose 15% to $10.3 billion from a year ago, slightly short of analyst expectations. Dealmaking fees climbed 14%. However, revenues from both these core Wall Street divisions fell from the previous quarter.

The bank's core lending revenue and net interest income rose 13% to $27 billion.

The bank also raised its full-year guidance for net interest income by $1 billion to $97.5 billion after excluding revenue from its markets business, while raising its 2027 forecast for the same figure to $107 billion.

One clear bright spot from results from JPMorgan, along with smaller rivals Wells Fargo ( WFC ) and Citigroup ( C ), which also reported Tuesday morning, was that US consumers have so far remained resilient despite rising interest rates.

JPMorgan's average credit card loans rose 7% from a year earlier, with card charge-offs falling to 2.91% from 3.15%. Both Wells Fargo and Citi both reported rising spending and improved consumer credit losses from a year earlier.

David Hollerith covers a range of developments throughout the financial sector, from Wall Street to banking and asset management to crypto and fintech. Email him at david.hollerith@yahoofinance.com. Follow him on X at @DsHollers.