This Week
  • Wright Beverage Distributing has expanded again with an acquisition.

  • Employee Relations Associates has expanded services, reach.

  • Patience helped Joseph Morelle rise in the ranks to state Assembly majority leader.

  • Owners of nearby businesses welcome UR’s College Town development.

  • Shaina Sidoti's firm makes nutritious dishes that have helped her heal.

  • Area exporters starting 2014 with a sense of momentum.

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