JPMorgan Chase (NYSE: JPM) announced Q3 revenue of ₹48.7 billion, a 12% jump from ₹43.5 billion in the prior quarter and a 3% rise over the same period last year. Net income hit ₹13.4 billion, up 5% YoY, while earnings per share were ₹2.12, surpassing Bloomberg’s median expectation of ₹1.95. The bank’s loan growth in the U.S. market contributed ₹2.1 billion to revenue, and its asset‑management arm added ₹0.9 billion after a 4% increase in fee income.
Goldman Sachs (NYSE: GS) delivered a contrasting narrative, reporting Q3 revenue of ₹16.7 billion, down 7% from ₹18.0 billion a year earlier, yet still a 1% lift over the previous quarter. Net income fell to ₹4.3 billion, a 15% decline, while EPS slipped to ₹3.90 from ₹4.30. The headwinds came largely from higher interest expense and a slowdown in investment banking fees, which dropped 12% YoY.
The market reacted positively to JPMorgan’s strong performance. Shares closed 1.2% higher at ₹1,950.20, while Goldman’s stock ticked up 0.8% to ₹1,345.60. The broader banking index gained 0.5%, buoyed by the sector’s robust earnings season. Analysts noted that JPMorgan’s loan portfolio expansion and disciplined cost management were key drivers of the outperformance.
Looking ahead, JPMorgan has projected Q4 revenue of ₹50.5 billion and EPS of ₹2.30, signaling continued strength in its core U.S. retail banking. Goldman has cautioned that its investment banking unit may face a 3‑month slowdown due to regulatory changes, but the asset‑management side is expected to grow 8% YoY. Both banks will report results next Tuesday, setting the tone for the rest of the earnings calendar.