JPMorgan’s net profit falls as the bank sets aside more money to cover potentially bad loans

NEW YORK (AP) — JPMorgan reported Friday that its third-quarter net profit fell 2% as the bank had to set aside more money to cover bad loans.

Net income fell to $12.9 billion from $13.2 billion in the same quarter last year. However, the New York bank’s earnings per share rose to $4.37 from $4.33 as there were fewer shares outstanding in the latest quarter. That beat forecasts from Wall Street analysts, who were forecasting earnings of $3.99 per share, according to FactSet.

JPMorgan set aside $3.1 billion to cover loan losses, up from $1.4 billion in the same period last year.

Total revenue rose to $43.3 billion from $40.7 billion last year.

JPMorgan CEO Jamie Dimon said the bank continues to monitor geopolitical tensions, which he described as “insidious and getting worse.”

“There is significant human suffering, and the outcome of these situations could have far-reaching effects on both short-term economic outcomes and, more importantly, the course of history,” Dimon said in a statement.

Dimon often addresses global and economic issues that extend beyond the scope of banking. He is often seen as the banker to whom Washington and world leaders can turn for advice, whether solicited or unsolicited. His comments tend to resonate in Washington and corporate America.