JPMorgan Chase (NYSE: JPM – $59.97) kicked off third-quarter earnings season for large U.S. banks with a whimper. Excluding a $2.2 billion tax benefit, the largest U.S. bank by assets reported an adjusted profit of $4.6 billion, or $1.32 a share. That compared with per share profits a year earlier or $1.36 and two cents below Street estimates. Revenue also disappointed falling to $23.5 billion from $25.2 billion, mostly driven by lower corporate and investment bank revenue, including business simplification and lower mortgage banking revenue. The Consumer and Community Banking segment saw a revenue decline of 4%, hard hit by a slow mortgage banking business, but net income was up by 4% on lower costs. Net revenue in the Asset Management and Commercial Banking segments were also lower by 5% and 3%, respectively. Corporate and Investment Bank fell 10%, primarily on lower trading volume. JPMorgan Chase saw the impact of a challenging global environment and continued low rates reflected in the wholesale businesses’ results, while the consumer businesses benefited from favorable trends and credit quality. Loan loss reserves were reduced by 10%, but loans in the energy sector may cause adverse adjustments down the road if oil prices trend lower. While JPM faces revenue growth challenges from the low-interest rate climate that could change for the better later this year. Earnings should be in the $5.80- $5.90 range for the full-year, making the shares attractive at 10 times that estimated range. Depending on the interest rate climate next year, earning could pop to $6.35 providing for above average total returns. The shares yield over 2.8%.