JPMorgan Chase Swings to Q3 Profit on Lower Legal Costs
JPMorgan Chase reported Q3/14 net income of $5.6 billion, compared with a net loss of $0.4 billion in the third quarter of 2013. Revenue for the quarter was $25.2 billion, up from $23.9 billion or 5% compared with the prior year. The bank noted that last year’s Q3 earnings were negatively impacted by a $9.3 billion legal expense compared to this year’s legal charge of approximately $1.1 billion.
The firm said its Q3/14 provision charge of $757 million compared to a $543 million benefit in Q3/13. The bank’s noninterest expense was $15.8 billion, down $7.8 billion or 33% compared to the prior year.
Jamie Dimon, chairman and CEO, said, “In Commercial Banking, strong competition in the industry for quality assets resulted in some spread compression. However, our Commercial Banking clients leveraged the services of our investment bank, generating record investment banking revenues year to date, and growth in Commercial Real Estate remains strong. Lastly, Asset Management saw its twenty-second consecutive quarter of long-term inflows, record net income and strong margins.”
To read the JPMorgan Chase news release, click here.