: JPMorgan Chase profit grows with boost from $2.1 billion reserve release
JPMorgan Chase & Co. reported Wednesday third-quarter net income that increased 24%, mostly due to a boost from releasing more credit reserves, while the profit it made from lending edged up by 1%.
The bank notched gains in its auto lending and investment banking businesses, but reported a drop in loan activity, a key metric that Wall Street was watching closely. The bank’s revenue number also missed estimates.
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