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JPMorgan net income jumps 34 percent in Q3

Rochester Business Journal
October 12, 2012

JPMorgan Chase & Co., the second-largest employer among financial institutions in the Rochester market, reported record third-quarter net income of $5.7 billion Friday, up 34 percent from a year ago, with earnings per share 16 cents better than analyst estimates.

“The firm reported strong performance across all our businesses,” Chairman and CEO Jamie Dimon said in a statement.

Third-quarter income, at $1.40 a share, compares with income of $4.3 billion, or $1.02 a share, a year earlier. Analysts predicted earnings per share of $1.24.

A 29 percent increase in mortgages helped drive the numbers. The bank said it originated $47 billion for homebuyers during the recent quarter.

“We believe the housing market has turned the corner,” Dimon said. “In our mortgage banking business, we were encouraged that credit trends continued to modestly improve.”

Because of that, JPMorgan reduced the amount of money set aside for bad loans by $900 million, he said.

“Despite this improvement, the absolute level of charge-offs remains elevated,” Dimon said. “We also expect to see high default-related expense for a while longer.”

JPMorgan employs 1,400 in the local market. It ranks second with local deposits of $1.74 billion and a market share of 11.3 percent.

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


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