JPMorgan set unexpected Q3 earnings

JPMorgan reported earnings per share of $1.58 on adjusted revenue of $24.67 billion in third-quarter, beating estimates. Analysts were expecting adjusted earnings per share of $1.39 on revenue of $24.25 billion, according to Bloomberg.

"We delivered strong results this quarter with each of our businesses performing well," CEO Jamie Dimon said in a statement. JPMorgan's stock rose 1.4 percent in pre-market trading. The surprising result was propelled by investment bank; revenue in the unit came in at $9.46 billion due to the bank's bond trading desks, where revenue rose 48% from a year earlier. Lending revenue was $283 million, down 15%. 

"It was a really strong quarter … really across the board," Robert W. Baird analyst David George said, noting he was only expecting earnings per share of $1.38. "The upside was really broad based, but the big headline is just a blowout capital markets quarter — (fixed income markets revenue) up 48 percent, markets revenue up 33 percent year-over-year — so a good quarter from JPMorgan for sure." 

In September, JPMorgan surpassed Wells Fargo to become the world's most valuable bank by market capitalization.