Active Stocks
Thu Mar 28 2024 15:59:33
  1. Tata Steel share price
  2. 155.90 2.00%
  1. ICICI Bank share price
  2. 1,095.75 1.08%
  1. HDFC Bank share price
  2. 1,448.20 0.52%
  1. ITC share price
  2. 428.55 0.13%
  1. Power Grid Corporation Of India share price
  2. 277.05 2.21%
Business News/ Companies / JPMorgan Q3 profit soars; shares jump
BackBack

JPMorgan Q3 profit soars; shares jump

JPMorgan Q3 profit soars; shares jump

Premium

New York: JPMorgan Chase & Co reported sharply higher third-quarter results, topping Wall Street expectations, as underwriting revenue at its investment bank offset deeper losses on credit cards and other consumer loans.

The second-largest US bank on Wednesday posted net income of $3.6 billion, or 82 cents a share. That compares with $527 million, or 9 cents a share, in the year-earlier quarter.

Analysts on average had forecast earnings of 52 cents a share, according to Thomson Reuters I/B/E/S.

Credit costs climbed as the bank added $2 billion to its reserves against future losses on consumer and other loans, bringing total reserves to $31.5 billion.

Loan losses jumped and the bank reported $7 billion in net charge-offs on consumer loans, up from $3.3 billion a year earlier.

“While we are seeing some initial signs of consumer credit stability, we are not yet certain that this trend will continue," chief executive Jamie Dimon said in a statement.

The investment bank drove earnings, with net income of $1.9 billion, up from $882 million a year earlier.

A $700 million loss in JPMorgan’s card services division -- compared with a profit of $292 million a year earlier -- dragged on earnings.

JPMorgan shares were up 3.7% in premarket trading at $47.35. The shares closed at $45.66 on Tuesday on the New York Stock Exchange.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 14 Oct 2009, 05:51 PM IST
Next Story footLogo
Recommended For You
Switch to the Mint app for fast and personalized news - Get App

Chat with MintGenie