JP Morgan Reports Better-than-expected 3rd Quarter Profits
JP Morgan Reports
Better-than-expected 3rd Quarter Profits
JPMorgan Chase announced its third-quarter earnings on Wednesday as $4.4 billion, 23 percent higher than 2009's third quarter, as the company's loan loss reserves continue to decline.
The first of the major US banks to release results, JPMorgan said earnings were $1.01 per share. In a recentThomson Reuters poll, analysts had forecast earnings of 90 cents per share for the three month period which ended September 30th.
The New York City-based bank's loan loss reserves, funds set aside to offset bad loans, were reduced 67 percent from a year ago to $3.2 billion. A spokesman for the bank said they are pleased with the overall decline in credit costs, but their mortgage and credit card portfolios continue to suffer very high net charge-offs.
Thanks to the smaller stockpile of reserves, the bank was able to post higher profits for its credit card and commercial banking arms compared to 2009 and 2010's second quarter. Sales volume for the bank's card services department grew 7 percent, while the commercial banking division posted record-high revenue of $1.5 billion.
A spokesman for the bank said its investment banking division's profits were strong, even though they were down 33 percent from 2009. The official also said the bank is committed to supporting a recovery in the nation's economy, and the company is on a track to add more than 10,000 new jobs in the US this year.
JPMorgan's better-than-expected results may bode well for fellow large banks Bank of America, Morgan Stanley, Wells Fargo, and Goldman Sachs, all of which are expected to report third-quarter results next week.
JPMorgan Chase announced its third-quarter earnings on Wednesday as $4.4 billion, 23 percent higher than 2009's third quarter, as the company's loan loss reserves continue to decline.
The first of the major US banks to release results, JPMorgan said earnings were $1.01 per share. In a recentThomson Reuters poll, analysts had forecast earnings of 90 cents per share for the three month period which ended September 30th.
The New York City-based bank's loan loss reserves, funds set aside to offset bad loans, were reduced 67 percent from a year ago to $3.2 billion. A spokesman for the bank said they are pleased with the overall decline in credit costs, but their mortgage and credit card portfolios continue to suffer very high net charge-offs.
Thanks to the smaller stockpile of reserves, the bank was able to post higher profits for its credit card and commercial banking arms compared to 2009 and 2010's second quarter. Sales volume for the bank's card services department grew 7 percent, while the commercial banking division posted record-high revenue of $1.5 billion.
A spokesman for the bank said its investment banking division's profits were strong, even though they were down 33 percent from 2009. The official also said the bank is committed to supporting a recovery in the nation's economy, and the company is on a track to add more than 10,000 new jobs in the US this year.
JPMorgan's better-than-expected results may bode well for fellow large banks Bank of America, Morgan Stanley, Wells Fargo, and Goldman Sachs, all of which are expected to report third-quarter results next week.
Comments
Top Stories
Latest DT's
-
1 month ago by Geno -
1 month ago by dallaseste
-
2 months ago by Geno
-
2 months ago by Geno
-
2 months ago by Geno
-
2 months ago by Geno
-
2 months ago by Geno
-
2 months ago by Geno
-
2 months ago by dallaseste
Top Authors
Subscribe
Games
Alias
3 Foot Ninja 2
ALIAS 2
Air Dodge
Battle Tanks
Bomber Bob
Cable Capers
Gem Mania
Hacker
Hostile Skies
Mission Mars
Bowling
Samurai Warrior
The Pharoh's Tomb
Monkey Lander
Muay Thai
Action
Donkey Kong Banana Barrage
501 Dart Challenge
Rooftop Skater
Zelda
Donkey Kong
Xtreme Pinball
Tetris
Connect 4
Battleships
Frogger
Penguin Push
Online Video Poker
Spank The Monkey
Mob Pay Back
Dealer
Yeti Sports Seal Bounce
Hold Your Drink Steady
Solitaire
Canyon Glider
3D Sudoku
Metal Slug Rampage
Street Fighter II
Flashman
Disc Golf
Table Tennis
Ninja Air Combat
Celebrity Hitman Terrorist Alert
Spider Solitaire
Tubin
Presidential Knockout
Global Player
Ma Balls
Baseball
Beckham Fit
0 Comments
Click here to sign up now.