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October 14, 2010    

JP Morgan announces Q3 results

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by Kay Murchie
JP Morgan announces Q3 results

Wall Street banking giant JPMorgan has kicked off the banking reporting season by announcing a 23% increase in profits for the third quarter - better than the markets had expected.

The bank said net profit came in at $4.4 billion (£2.8 billion), against a profit of $3.6 billion in the same period a year earlier.

However, income at its investment bank slumped by a third due to a fall in revenue.

In the meantime, the bank said it set aside less money for loan losses and this led to profits at its mortgage banking and other consumer lending business down by 50% to $207 million.

Commenting on the results, JP Morgan’s chairman and chief executive Jamie Dimon, said: “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.”

Meanwhile, JP Morgan’s core tier one capital ratio currently stands at 9.5% - comfortably higher than the Basel III rules which agreed banks need to look to capitalise around 7%.

Bank of America, Goldman Sachs and Citigroup Inc are due to report their third quarter results over the coming week.

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