Daily News: October 12, 2012

JPMorgan Beats the Street, Reports Record Q3 Profit


JPMorgan Chase reported record net income for third-quarter 2012 of $5.7 billion, compared with net income of $4.3 billion in the third quarter of 2011. Revenue for the quarter was $25.9 billion, up 6% compared to the prior year.

Earnings per share were a record $1.40. Analysts polled by Thomson Reuters expected earnings per share of $1.21.

The bank said it provided $15 billion of credit to U.S. small businesses year-to-date, up 21%, and over $380 billion of credit to corporations YTD.

Jamie Dimon, chairman and chief executive officer, commented that “the firm has provided credit and raised capital of over $1.3 trillion for our commercial and consumer clients during the first nine months of 2012. This included more than $15 billion of credit provided for U.S. small businesses, an increase of 21% compared with the same period last year. This also included $52 billion of capital raised and credit provided for more than 1,300 nonprofit and government entities so far this year, including states, municipalities, hospitals and universities.”

To read the JPMorgan Chase news release, click here.