The biggest US bank also defied expectations by cutting its reserve for loan losses by $569 million, after adding $20 billion to the allowance in the first half.
The giant U.S. bank reported $9.4 billion in profits, up four percent from the year-ago period as revenues were down slightly at $29.9 billion. Citigroup also benefited from a jump in trading revenue, helping it to report earnings that beat analysts' expectations.
The smaller reserve build signals the bank believes it is prepared for the losses that will come.
"A good, well-designed stimulus package will simply increase the chance we get better outcomes, but there is so much uncertainty we're not saying that that's definitive", Mr. Dimon said on a call with reporters Tuesday morning.
The lender has faced severe regulatory scrutiny since the scandal erupted in 2016, when the bank disclosed it had opened millions of bogus accounts for customers, costing the company billions in fines.
Profit dropped by more than a third in the quarter as its credit card customers closed accounts and spent less.
Revenue from trading rose 3.6 per cent to US$3.34 billion, falling short of the US$3.5 billion that analysts had forecast.
Analysts expected a profit of 45 cents, according to Refinitiv data. The S&P 500 has rallied since a March slump and is now up about 9% for the year.
The bank was boosted by its investment banking operations. The stock was down 29 per cent this year through Tuesday. At an investor conference in September, Chief Financial Officer Mark Mason predicted "an additional increase in reserves, albeit meaningfully lower" than earlier this year. Total revenues fell 7% to $17.3 billion hurt by lower revenues in Global Consumer Banking and Corporate/Other. After setting aside almost $15 billion in the year's first half for problem loans, the firm stockpiled only $2.26 billion in the third quarter - nearly returning to the year-earlier level.