Roundup: J.P. Morgan, Citigroup Q3 results beat expectations on less credit losses

NEW YORK, Oct. 13 (Xinhua) -- U.S. top-ranking banks J.P. Morgan Chase & Co. and Citigroup Inc. on Tuesday reported expectation-beating operating results for the third quarter of 2020 largely thanks to improvement in market credit conditions.

J.P. Morgan posted 9.44 billion U.S. dollars of net income in Q3, which surged 101 percent from Q2 and rose 4 percent from the same period of 2019. The net income of J.P. Morgan in Q3 translates into 2.92 U.S. dollars per share, exceeding market expectation of 2.23 U.S. dollars per share. In particular, the consumer and community banking sector had 3.87 billion U.S. dollars of profits in comparison with 176 million U.S. dollars of losses in Q2.