JPMorgan Chase posted third-quarter results that exceeded expectations for earnings and revenue as the company generated more interest income than expected.

This is what the company reported:

• Earnings: $4.37 per share vs. $4.01 per share LSEG estimate
• Revenue: $43.32 billion, versus an estimate of $41.63 billion

JPMorgan said profit fell 2% from a year earlier to $12.9 billion, while revenue rose 6% to $43.32 billion. Net interest income rose 3% to $23.5 billion, above the $22.73 billion StreetAccount estimated, thanks to gains from securities investments and loan growth in its credit card business.

CEO Jamie Dimon praised the company’s quarterly results in a statement, while also addressing regulators’ sweeping efforts to force banks to hold more capital and expressing concern about rising geopolitical risks, saying that conditions ” treacherous and getting worse.”

“We believe rules can be written that promote a strong financial system without causing unnecessary impacts on the economy,” Dimon said, addressing the upcoming regulatory changes. “This is an excellent time to take a step back and review the extensive set of existing rules – which were put in place for good reason – to understand their impact on economic growth” and the health of the markets, he said.

The bank’s results were also helped by its Wall Street division. Investment banking expenses rose 31% to $2.27 billion in the quarter, ahead of the $2.02 billion estimate.

Fixed income trading generated $4.5 billion in revenue, unchanged from a year earlier but surpassing the StreetAccount estimate of $4.38 billion. Shares traded rose 27% to $2.6 billion, beating StreetAccount’s estimate of $2.41 billion.

The company also raised its full-year 2024 net interest income expectations from the previous quarter and said NII would be about $92.5 billion this year, up from the previous guidance of $91 billion. Annual spending is estimated at about $91.5 billion, down from the previous forecast of $92 billion.

The bank’s provision for credit losses in the quarter was $3.1 billion, worse than the estimate of $2.91 billion, as the company had $2.1 billion in charge-offs and built up reserves for future losses by $1 billion.

Consumers are “good and on good terms” and the increase in reserves is due to the bank growing its credit card loan portfolio, not because consumers are weakening, CFO Jeremy Barnum told reporters on Friday.

The largest US bank has thrived in an environment of rising rates, posting record net profit figures since the Fed began raising rates in 2022.

With the Fed cutting rates, questions arise about how JPMorgan will handle the change. As with other major banks, margins may come under pressure as interest rates on interest-generating assets such as loans fall faster than financing costs.

Last month, JPMorgan cut expectations for net interest income and expense for 2025, and analysts will want more details on these projections.

Shares of JPMorgan rose about 2% in premarket trading Friday and are up 25% so far this year, surpassing the KBW Bank Index’s 20% gain.

Wells Fargo also published quarterly results on Friday Bank of America, Goldman Sachs, Citi Group And Morgan Stanley report next week.

This story is developing. Check back later for updates.