After the bank stunned investors with a better-than-expected earnings report, JPMorgan Chase & Co. shares increased by 5%.
JPMorgan Chase (NYSE: JPM) announced third-quarter net income of $9.7 billion, or $3.12 per share, down 17% from the same period last year.
However, the company's revenue increased 10% to $32.7 billion.
FactSet polled Wall Street analysts who predicted the bank will generate $32.12 billion in revenue and earn $2.90 per share.
According to JPMorgan, reduced earnings were caused by a net increase in credit reserves of $808 million as opposed to a net decrease in reserves of $2.1 billion the year before.
However, increased interest rates aided the bottom line by increasing its net interest income by 34% to $17.6 billion.