JPMorgan net income falls as bank sets aside more money to cover potential bad loans

JPMorgan says its net income fell to $12.9 billion in the third quarter from $13.2 billion a year ago. However, the New York bank’s earnings per share rose to $4.37 from $4.33 because there are fewer outstanding shares in the latest quarter. That beat Wall Street analysts’ forecasts, which called for a profit of $3.99 a share, according to FactSet. JPMorgan set aside $3.1 billion to cover credit losses, up from $1.4 billion in the same period a year ago. JPMorgan CEO Jamie Dimon said Friday that the bank continues to monitor geopolitical tensions that he called “treacherous and getting worse.”