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JP Morgan reports $4.4bn third-quarter profit JP Morgan reports $4.4bn third-quarter profit
(40 minutes later)
US bank JP Morgan has reported a profit of $4.4bn (£2.8bn) in the third quarter, thanks to "solid earnings" from its investment bank and reduced credit costs. JP Morgan has reported a 23% rise in profit in the third quarter, as the bank was able to set aside less money to cover loan losses.
It marked a rise of 23% on the same period a year ago, but was down slightly on the $4.8bn the bank booked in the second quarter. The company reported a net profit of $4.4bn (£2.8bn), compared with a profit of $3.6bn a year ago.
Revenue fell 11% year-on-year to $23.8bn, slightly below forecasts. The bank set aside $1.5bn for retail credit losses during the quarter, less than half the $3.9bn it set aside during the third quarter of 2009.
But income at its investment bank fell 33% because of a drop in revenue.
JP Morgan's shares rose 1.5% in pre-market trading.JP Morgan's shares rose 1.5% in pre-market trading.
Total revenue at the bank fell 11% year-on-year to $23.8bn, slightly below forecasts.
"We are pleased to report a continued overall decline in credit costs, although our mortgage and credit card portfolios continued to bear very high net charge-offs," commented JP Morgan chief executive Jamie Dimon.
He said he expected mortgage credit losses to remain at high levels for "the next several quarters" as customers struggled to repay debt, but also said defaults on credit cards were likely to fall in the next quarter.