JP Morgan Reports Better-than-expected 3rd Quarter Profits

Published by: Kelly Curtis on 13th Oct 2010 | View all blogs by Kelly Curtis


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.

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