JPMorgan Chase reported third quarter earnings well above Wall Street estimates Thursday, but the shares fell as traders focused on a big drop in trading revenue.

Here’s how the bank did relative to a consensus estimate from analysts polled by Reuters:

  • Earnings per share of $1.76 vs $1.65.
  • Revenue of $26.2 billion vs $25.23 billion.

Shares briefly fell 0.9 percent in premarket trading after rising slightly ahead of the earnings release.

Fixed income trading revenue fell 27 percent to $3.16 billion, worse than the $3.25 billion projected by Wall Street, according to FactSet.

The bank noted “lower revenue across all products was driven by sustained low volatility and tighter credit spreads.” Equities trading revenue fell 4 percent “reflecting lower revenue in derivatives predominantly offset by strength in Prime Services and Cash Equities.” The decline came off a strong third quarter last year.

Overall trading revenue fell 16 percent in the third quarter.

Chairman and CEO Jamie Dimon warned in mid-September that trading revenue dropped 20 percent in the third quarter.

This past September was the least volatile on record for the S&P 500, with an average daily range of 0.4 percent, according to Ryan Detrick, senior market strategist, LPL Financial.

Dimon did not comment specifically on the trading results in Thursday’s press release, but trumpeted the bank’s lead in consumer banking.

“For the first time, the Firm led the nation in total U.S. deposits, as consumers and businesses continue to view us as their partner of choice,” Dimon said in a statement.

“The global economy continues to do well and the U.S. consumer remains healthy with solid wage growth,” Dimon said. “Unfortunately, natural disasters in the U.S. and abroad have impacted many of our customers and we have responded with enormous financial support as well as the expertise and generosity of our employees to help these customers, clients and communities.”

Another figure traders were watching for in JPMorgan’s results is net interest income, a key measure of profitability. Shares fell after the bank’s second-quarter earnings report in July after JPMorgan lowered its net interest income forecast for the year by about half a billion dollars to a $4 billion increase from the prior year.

Shares of JPMorgan are up 12 percent this year and have surged more than 38 percent since the election to record highs.

Bank stocks overall have leaped since the November election. Promises of stimulus from the Trump administration and the Federal Reserve’s move towards tighter monetary policy have helped Treasury yields rise, which tends to increase profit margins for banks.

Later Thursday morning, Citigroup is expected to report third-quarter earnings before the market open.

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