JPMorgan turns in record profit, higher revenue

JPMorgan turns in record profit, higher revenue

NEW YORK (AP) — JPMorgan Chase, the country’s biggest bank, reported a record quarterly profit Friday, helped by a surge in mortgage refinancing. CEO Jamie Dimon said he believed the housing market “has turned a corner.”

The bank made $5.3 billion from July through September, up 36 percent from the same period a year ago. It worked out to $1.40 per share, blowing away the $1.21 predicted by analysts polled by FactSet, a provider of financial data.

Revenue rose 6 percent to $25.9 billion, beating expectations of $24.4 billion. Earnings were also helped because the bank set aside less money for bad loans — $1.8 billion, down 26 percent from a year ago.

Revenue from mortgage loans shot up 29 percent. About three-quarters of that was from people refinancing, rather than buying new homes. Low interest rates and government help encouraged homeowners to refinance.

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2 Responses to “JPMorgan turns in record profit, higher revenue”
  1. These profits are blood money. America is the titanic slipping into the ocean with the banksters pretending to throw life preservers to some without paddles or motors or ropes, so the people, entire families die slow deaths, the economy destroyed, with the banksters foaming the runway/sea with our dead bodies shoving us under water slowly. When there were enough life preservers for everyone. All in the name of greed and call it amazing profit. This is discusting. Absolutely discusting.

  2. stripes says:

    SO….WHERE IS ALL OF OUR STOLEN MONEY YOU DIRTY CROOKS…..? WHERE DID ALL THOSE PAYMENTS WE MADE GO……? THAT IS THE GAZILLION DOLLAR QUESTION….!

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