JP Morganreturns toprofit inthird quarter
October 13, 2014
JP Morgan returns to profit in third quarter
NEW YORK (AP) — JPMorgan Chase, the largest US bank by assets, yesterday reported a third-quarter profit after booking a loss in the same period a year ago.
The bank reported earnings of US$5.6 billion, or US$1.36 a share, compared with a loss of US$380 million, or 17 cents a share, in the same period a year ago.
Revenue for the period rose five per cent to US$24.25 billion from US$23.12 billion a year ago.
The results missed the expectations of Wall Street analysts who had forecast earnings of US$1.38 a share, according to FactSet.
JPMorgan shares were down 36 cents, or 0.6 per cent, at $57.80 in pre-market trading. The stock is down 0.5 per cent this year.
