Jpmorgan Net Income Falls As Bank Sets Aside More Money To Cover Potential Bad Loans

JPMorgan on Friday reported that its net income fell 2 in the third quarter 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 year-ago quarter. However, the New York bank's earnings per share rose to 4.37 from 4.33 because there are fewer outstanding shares in the latest quarter. That beat Wall Street analysts' forecasts, which called for a profit of 3.99 a share, according to FactSet.

JPMorgan set aside 3.1 billion to cover credit losses, up from 1.4 billion in the same period a year ago.

Total revenues rose to 43.3 billion from 40.7 billion a year ago.

JPMorgan CEO Jamie Dimon said the bank continues to monitor geopolitical tensions that he called "treacherous and getting worse."