JPMorgan Chase reported a 35% increase in profit for the third quarter, surpassing analysts' expectations. The bank benefited from higher interest income and lower credit costs. CEO Jamie Dimon acknowledged that the bank was "over-earning" on net interest income and experiencing "below normal" credit costs, which he expects to normalize over time. The industry has been impacted by surging interest rates and rising loan losses, causing several midsized lenders to collapse. JPMorgan's performance will be closely watched for insights into how the industry has fared in this environment.
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