JPMorgan says third-quarter net profit down 2%

US investment bank JPMorgan Chase reported Friday net income for the third quarter of $12.90 billion or $4.37 per share, compared to $13.15 billion or $4.33 per share in the prior-year quarter.

On average, 15 analysts expected the company to report earnings of $4.01 per share for the quarter. Analysts' estimates typically exclude special items.

The provision for credit losses was $3.11 billion, reflecting a net reserve build of $1 million and net charge-offs of $2.1 billion, compared to last year's $1.38 billion.

Total net revenue on a reported basis grew 7% to $42.65 billion from last year. On a managed basis, net revenue was $43.32 billion, up 6% from $40.69 billion in the same quarter last year. Analysts expected revenues of $41.63 billion for the quarter.

Net interest income was $23.5 billion, up 3% or up 1% excluding Markets. Non-interest revenue excluding Markets was $12.7 billion, up 17% from last year.

Noninterest expense was $22.6 billion, up 4%, driven by higher compensation, including higher revenue-related compensation and growth in employees, partially offset by lower legal expenses.