Key facts
- JPMorgan Chase reported third-quarter net income of $15.3 billion, up 6% year over year.
- Wells Fargo reported third-quarter net income of $6 billion, up 6% year over year.
- JPMorgan's Home Lending net revenue fell 3% year over year to $1.2 billion.
- Wells Fargo's Home Lending revenue declined 15% year over year to $743 million.
- JPMorgan's mortgage origination volume was $16 billion in Q3, down 7% from Q2.
- Wells Fargo reported $164 million in companywide mortgage banking income, down 39% year over year.
JPMorgan Chase and Wells Fargo both reported increases in net income for the third quarter compared to the previous year, but experienced declines in their mortgage revenue. JPMorgan's Home Lending division saw its net revenue fall 3% year over year to approximately $1.2 billion, attributed to lower production revenue partially offset by higher net interest income. The bank's mortgage origination volume for the quarter was $16 billion, a 7% decrease from the second quarter.
Wells Fargo's Home Lending revenue decreased 15% from a year earlier to $743 million, with the bank citing lower mortgage servicing income and reduced net interest income on smaller loan balances. Companywide mortgage banking income for Wells Fargo dropped 39% year over year to $164 million. Despite these declines in mortgage-specific revenue, both banks highlighted overall strong performance in other business lines and customer activity.
JPMorgan Chase reported a total net income of $15.3 billion, a 6% increase from the prior year, while Wells Fargo's net income rose 6% to $6 billion. Both CEOs, Jamie Dimon of JPMorgan and Charlie Scharf of Wells Fargo, commented on the broad-based strength of their respective firms, while also acknowledging potential risks from inflation, higher interest rates, and geopolitical conditions.