NEW YORK CITY (dpa-AFX) – US investment bank JPMorgan Chase & Co. (JPM) on Friday reported third-quarter net profit of $12.90 billion, or $4.37 per share, up from $13.15 billion, or $4.33 per share, in the year-ago quarter. .

On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of $4.01 per share for the quarter. Analyst estimates generally exclude special items.

Provision for credit losses was $3.11 billion, reflecting net reserve formation of $1.0 million and net write-offs of $2.1 billion, compared to $1.38 billion last year.

Total net revenue on a reported basis increased 7 percent 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. The Street expects revenue of $41.63 billion for the quarter.

Net interest income was $23.5 billion, up 3 percent or 1 percent ex-market. Non-interest income, excluding markets, was $12.7 billion, up 17% from last year.

Non-interest expenses were $22.6 billion, up 4 percent, due to higher compensation, including higher earnings-related compensation and growth in number of employees, partially offset by a reduction in legal costs.

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