JPMorgan Chase (JPM) reported third-quarter earnings of $5.7 billion, or $1.40 a share, beating the analysts’ consensus estimate of $1.24.
That’s up from $4.3 billion, or $1.02 a share, in the year-ago quarter.
“During the third quarter, the company released $967 million in reserves. A year earlier, JPMorgan released only $170 million in reserves,” The Street reported. Read The Street’s article on JPM’s earnings here.
Bloomberg News reports the mega bank’s earnings are attributed to revenues generated from its mortgage and trading businesses.
“Residential mortgage volume in the U.S. rose about 33% to $412 billion in the third quarter from a year earlier, spurred by incentives to refinance,” Bloomberg reported citing Mortgage Bankers Association data.
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