JPMorgan Chase profit multiplied by seven
The quarterly results from JPMorgan Chase should support exchanges early in the day on Wall Street. The U.S. banking giant reported net income increased sevenfold to $ 3.6 billion or 82 cents per share in the third quarter. Last year at the same time, the bank had reported a quarterly profit of $ 527 million or 9 cents per share. Revenues are up sharply. These figures far exceeded analysts' expectations. They had banked a profit of 49 cents per share. In preliminary award, the title leapt more than 2%.
The bank welcomes' strong performance in investment banking or profit reached 1.921 billion and achieved a "solid performance" in asset management, commercial banking and retail banking.
However, Jamie Dimon, CEO of Group deplores the costs too high risk for default on the loan. It has provisioned $ 2 billion more in reserves for consumer credit, bringing total reserves to 31.5 billion dollars. The coverage ratio for credit losses amounted to 5.3% in September.