Boston, MA 10/15/2014 (wallstreetpr) – JPMorgan Chase & Co. (NYSE:JPM) Chairman and CEO, Jamie Dimon, said that its Mortgage Banking division continues to reposition the business in the third quarter. The segment was also managing the cyclical lows witnessed in the recent past. He said that the Consumer & Community Banking deposit uptick led the nation even as the FDIC recognized Chase as the number one in deposit growth for the third straight year.
JPMorgan Chase & Co. (NYSE:JPM)’s CEO said that card business delivered sales volume growth of double-digit in the September quarter. Strong performance in fees allowed its Corporate & Investment Bank to maintain the number one place in worldwide IB fees year-to-date, with specific strength in the equity capital markets.
JPMorgan Chase & Co. (NYSE:JPM) Chase witnessed hectic competition in its commercial banking division for quality assets that resulted in compression of some spread. It generated record revenues in investment banking by leveraging its commercial banking clients while its commercial real estate growth remained robust in the September quarter.
The CEO said that the global economic recovery continues to remain challenged while it showed signs of steady improvement in the United States. He said that it continued to help the economic recovery and was part of $1.6 trillion credit and capital raising exercise for its clients in the nine-month period of the current year. It included $1.5 billion for small businesses in America.
JPMorgan Chase & Co. (NYSE:JPM) reported net income of $5.57 billion or $1.38 a share for the third quarter compared to a net loss of $380 million or a loss of 17 cents a share in the year-ago quarter. Its total revenue advanced 5% to $24.25 billion from $23.12 billion in the previous year quarter. It recorded $757 million as a provision for credit losses, which was up from $692 million in the second quarter.
JPMorgan Chase & Co. (NYSE:JPM) said that its profit was hurt $1.0 billion or 26 cents a share towards legal expenses recorded in the third quarter. It indicated that it returned about $3.0 billion to its shareholders in the third quarter by way of repurchasing of shares worth $1.5 billion and through dividend of 40 cents a share.