JPMorgan Chase's third-quarter profit soared 35 per cent from last year, fueled by a rapid rise in interest rates, but the bank's CEO, Jamie Dimon, issued a sobering statement about the current state of world affairs and economic instability.

“This may be the most dangerous time the world has seen in decades,” Dimon wrote in the bank's earnings statement.

Dimon laid out a laundry list of major issues: the Russia-Ukraine War, the new war between Israel and the Palestinians in Gaza, high levels of government debt and deficits, high inflation, as well as the tight labor market, where worker demands for increased wages have led to high-profile strikes in manufacturing and entertainment.

“While we hope for the best, we prepare (JPMorgan) for a broad range of outcomes so we can consistently deliver for clients no matter the environment,” he said.

Dimon often weighs in on global and economic issues that go beyond the scope of banking. He's often seen as the banker that Washington and global leaders can turn to for advice, solicited or unsolicited. His comments are likely to reverberate through Washington and Corporate America.

In a call with reporters, Dimon said he was in regular contact with his major competitors on Wall Street regarding the geopolitical and economic situation.

Despite the uncertainties, the bank remains optimistic on both the U.S. consumer and the U.S. economy. Jeremy Barnum, the bank’s chief financial officer, said the bank was not observing any “acute pain” in consumer’s finances from higher interest rates so far, although it is seeing higher levels of delinquencies and charge offs in its credit card portfolios.

JPMorgan reported a profit of US$13.15 billion, up from US$9.74 billion in the same period a year earlier. On a per-share basis, profit rose to US$4.33 a share from US$3.12 a share a year earlier. The result beat analysts' forecasts, which called for a profit of US$3.95 a share, according to FactSet. JPMorgan shares rose 4.2 per cent in early trading on Wall Street.

The bank is no longer forecasting a recession for the U.S. economy, saying instead that the Federal Reserve's higher interest rate policy to combat inflation will successfully result in what has been referred to as a “soft landing,” where inflation slows and economic activity cools, but economic growth doesn't contract.

Total revenues in the July-September quarter were US$39.87 billion, up from US$32.7 billion a year ago. That was largely driven by higher interest rates, which has allowed JPMorgan to charge customers significantly higher amounts of interest on loans compared to a year ago.

Two other big Wall Street banks reported their results on Friday.

Wells Fargo & Co. said third-quarter profit rose to US$5.77 billion, or US$1.48 a share, from US$3.59 billion, or 86 cents a share a year ago. Earnings, adjusted for pretax gains, were US$1.39 per share, above analyst estimates of $1.25 per share, according to Zacks Investment Research.

The California bank’s net interest income rose eight per cent from a year ago to US$13.11 billion, although that figure was little changed from the second quarter. Wells Fargo set aside an additional $333 million to guard against potential losses on commercial real estate loans. Its shares rose nearly four per cent.

Citigroup reported a profit of US$3.55 billion, up a modest two per cent from a year earlier, or US$1.63 a share. The bank is currently going through a restructuring and winding down some less profitable parts of the financial conglomerate's business, which impacted the bank's profits this quarter. Citi shares gained 3.6 per cent.