JP Morgan Chase (NYSE:JPM) chief executive and chairman Jamie Dimon damned his bank's third quarter update with faint praise.
Investment bank JP Morgan Chase (NYSE:JPM) posted what Dimon described as "decent results" for the the third quarter.
The July to September quarter was a challenging one for investment banks, with global markets unsettled by signs of slowing growth in China.
JPM's net income of US$6.80bn on revenue of US$23.5bn was equivalent to US$1.68 a share, though that included a US$2.2bn tax credit.
Underlying earnings of US$1.32 per share were six cents below the market consensus.
In the same quarter of 2014, the bank had made a profit of US$4.47bn on revenue of US$25.15bn, equivalent to earnings per share of US$1.35.
The results were released after the close of trading on Tuesday, and Dimon described himself in a conference call as "pretty pleased" with trading, considering how up-and-down the markets had been, while the Fed's continued policy of sticking with rock bottom interest rates meant money managers had to sweat their assets harder.
"Bottom line: it was no easy quarter; JPM seems to have maneuvered through as well as one should have expected, still generating a 'core' ROTCE of 11.4% and 3% tangible book value growth," said Swiss rival Credit Suisse.
"Sustained share price out-performance relies on continued above average ROE generation and GSIB surcharge reductions (with a manageable revenue impact) - JPM has delivered on both," the bank concluded.