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.
Most Popular Stories
- Twitter Coming to Phones Without Internet
- NASA Fellowships, Scholarships Bring Diversity to Workforce
- Dish Network Leads 2013 Top 50 Advertisers List
- Entravision Initiates Quarterly Cash Dividend
- Networks Vie for U.S. Hispanic TV Viewers
- Ad Counts Rise in 2013 for Hispanic Magazines
- Warner Bros. Unleashes 'Hobbit: Desolation of Smaug' Merchandise
- Shanghai Smog Forces Factory Shutdowns
- How to Arm Yourself Against CryptoLocker Virus
- Amanda Bynes Enrolls in California's FIDM