This Week
  • UTC Retail Inc. grabbed the top spot on the 2014 Rochester Top 100.

  • Jean Maess is the site executive for Thomson Reuters, a top local employer.

  • UTC Retail Inc. grabbed the top spot on the 2014 Rochester Top 100.

  • Kelby Russell wants you to know: Local wines are among the world's finest.

  • The nominees for the upcoming 2014 Philanthropy Awards are profiled.

  • WebTitle Agency continues to grow following its 2012 merger with Customized Lenders Services.

JPMorgan's Q4 net income jumps 53%

Rochester Business Journal
January 16, 2013

JPMorgan Chase & Co., parent of the second-largest bank in the Rochester market, reported a 53 percent increase in profits for the fourth quarter.

The company earned $5.7 billion Wednesday, or $1.39 a share, compared with $3.7 billion, or 90 cents a year ago, beating Wall Street estimates by 23 cents.

Fourth-quarter revenues totaled $24.4 billion, up 9.8 percent from $22.2 billion a year ago.

“The firm’s results reflected strong underlying performance across virtually all of our businesses for the fourth quarter and the full year, with strong lending and deposit growth,” Chairman and CEO James Dimon said in a statement.

The increase in profits was driven by mortgage banking, which generated $51.2 billion, up 33 percent from the fourth quarter of 2011. Business loans totaled a record $18.9 billion, a 7 percent increase.

Dimon’s pay was cut in half for 2012, to $11.5 million, because of a trading loss that cost the bank $6 million, officials said. Dimon was paid $23 million in 2011.

JPMorgan Chase Bank N.A. ranks second in the local market with deposits of $1.7 billion.

(c) 2012 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or email service@rbj.net.


What You're Saying 

There are no comments yet. Be the first to add yours!

Post Your Own Comment

 
Username:
Password:

Not registered? Sign up now!
 

To Do   Text Size
Post CommentPost A Comment eMail Size1
View CommentsView All Comments PrintPrint Size2
ReprintsReprints Size3
  • E-mailed
  • Commented
  • Viewed
RBJ   Google