JPMorgan Chase reported Q3/16 managed net revenue of $25.5 billion was up 8% from $23.5 billion a year earlier. Net income of $6.3 billion was down 8% from $6.8 billion in the same quarter in 2015. The bank noted that the prior year quarter net income included tax benefits of $2.2 billion.

Earnings per share of $1.58 exceeded analysts’ expectations of $1.39.

The bank reported its Q3/16 provision for loan losses was $1.3 billion, up 86% from $682 million in Q3/15. The company noted that the increase was due to reserve increases in the current quarter versus reserve releases in the prior-year quarter, and higher charge-offs. Also noted was the wholesale provision was a benefit, primarily driven by net reserve releases in the oil and gas portfolio of approximately $50 million.