JPMorgan Chase Reports $3.6 Billion Quarterly Profit

October 14, 2009

(ChattahBox) — JPMorgan Chase, the first of the major banks to give results, has reported a $3.59 billion profit Wednesday, expanding its consumer lending franchise and overtaking investment banking rivals. It is the first time since JPMorgan Chase bought the collapsing Washington Mutual Inc. in September last year that assets and deposits did not shrink.  But it says its loan losses are still high and are expected to remain that way for the foreseeable future, perhaps a troubling sign for the economy. The bank has set aside $2 billion to cover current and future losses. Revenue in all but one of JPMorgan Chase’s six lines of businesses improved from the second quarter, earning 82 cents per share during the third quarter. Analysts were forecasting a profit of around 50 cents per share.


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