News Column

JPMorgan Posts Record Profit in 3rd Quarter

Oct. 12, 2012
JPMorgan Chase

JPMorgan Chase reported record third quarter profits on Friday, with net income rising 34 per cent over last year to 5.7 billion dollars.

Revenue from mortgage loans, a calming of financial markets and a nascent economic recovery contributed to the bank's earnings.

JPMorgan Chase, the largest bank in the United States by assets, declared the real estate crisis over as lower interest rates fuelled demand for loans.

"The housing market has turned the corner," chief executive Jamie Dimon said in a statement, noting that the bank had reduced reserves set aside for loan-related losses by 900 million dollars. However, it still retains 684 million dollars for mortgage-related lawsuits.

Revenue for the quarter rose 6 per cent to 25.9 billion dollars.

Trading losses from speculation in its London branch barely figured in the new quarterly figures, despite losing billions of dollars in the second quarter as a result of bad trading.

Source: Copyright 2012 dpa Deutsche Presse-Agentur GmbH

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