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JP Morgan quarterly profit up 23 percent

13 października, 2010

JP Morgan Chase on Wednesday reported its profits rose 23 percent in the third quarter on better performance by its retail banking arm.

Profits rose to 4.4 billion dollars from July to September, an increase of 23 percent from the same period last year, the company said in a statement.

"Our third-quarter net income of 4.4 billion dollars was the result of the good underlying performance of our businesses," said CEO Jamie Dimon in a statement. "Commercial Banking reported record revenue."

Profit from retail financial services rose to 907 million dollars, up from seven million dollars in the same period last year, a 12,857 percent increase.

But there was a word of warning that JP Morgan\'s exposure to unstable mortgage loans, although stable, would not disappear any time soon.

"Our mortgage delinquency trends remained relatively flat compared with the prior quarter, and we expect mortgage credit losses to remain at these high levels for the next several quarters."

JP Morgan\'s storied investment bank did poorly, with profits down 33 percent.

Amid government frustration that banks are hoarding cash -- removing a key driver of economic growth -- Dimon said the firm was "firmly committed to doing all we can to support the ongoing economic recovery.

"We are providing capital, financing and liquidity to our clients in the US and around the world. So far this year, we have loaned or raised capital for our clients of more than 1.0 trillion dollars, and our small-business originations were up 37 percent. In addition, we are on track to hire over 10,000 people in the US this year."

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