JP Morgan Q3 net up 34% at $5.71 billion
Quotes

JP Morgan Q3 net up 34% at $5.71 billion

Last Updated: Saturday, October 13, 2012, 12:52
 
 Comment 0
 
JP Morgan Q3 net up 34% at $5.71 billion
New York: JP Morgan Chase & Co., the biggest US bank by assets, reported a record profit for the third quarter Friday, as mortgage refinancing surged and commercial lending expanded.

The New York based company said its net income rose to USD 5.71 billion, or USD 1.40 per share, 34 percent up from a year-ago USD 4.26 billion, or USD 1.02 per share. Wall Street was expecting the bank to earn USD 1.20 per share, reported Xinhua.

Revenue rose 6 percent year-on-year to USD 25.9 billion, beating expectations of USD 24.4 billion.

Revenue from mortgage loans jumped 29 percent in the third quarter thanks to low interest rates and government help that encouraged homeowners to refinance.

"Importantly, we believe the housing market has turned the corner," JP Morgan's CEO Jamie Dimon said in a written statement.

IANS



First Published: Saturday, October 13, 2012, 12:47


Comments


comments powered by Disqus
Honda Mobilio MPV
Honda Mobilio MPV
BRICS Annual Summit 2014
BRICS Annual Summit 2014
Tata Zest Standout Features: In Pics
Tata Zest Standout Features: In Pics
New car launches in July
New car launches in July
Tata Zest first drive review: In pics
Tata Zest first drive review: In pics

Web Wrap
Contact Us : Privacy Policy : Legal Disclaimer
Copyright © Zee Media Corporation Ltd. All rights reserved