FILE - In this Aug. 8, 2012, file photo, a banker walks past JPMorgan Chase offices in London. JPMorgan Chase, the country's biggest bank by assets, reported a record quarterly profit Friday, Oct. 12, 2012. The bank said it made $5.3 billion in earnings for common shareholders, a widely used measurement, from July through September, up 36 percent from the same period a year ago.(AP Photo/dapd,Timur Emek)
Profits soar at 2 largest mortgage lenders
FILE - In this Aug. 8, 2012, file photo, a banker walks past JPMorgan Chase offices in London. JPMorgan Chase, the country's biggest bank by assets, reported a record quarterly profit Friday, Oct. 12, 2012. The bank said it made $5.3 billion in earnings for common shareholders, a widely used measurement, from July through September, up 36 percent from the same period a year ago.(AP Photo/dapd,Timur Emek)
By CHRISTINA REXRODE
AP Business Writers /
October 14, 2012
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Revenue rose 6 percent to $25.9 billion, beating expectations of $24.4 billion. Besides the higher mortgage revenue, the bank also set aside less money for bad loans, trimmed expenses, and enjoyed higher credit card use and investment banking fees.
— Wells Fargo: Wells made $4.7 billion in the third quarter, up 23 percent from the same period a year ago. That amounted to 88 cents per share, a penny higher than estimates. Overall revenue rose 8 percent to $21.2 billion, slightly lower than analysts expected.
JPMorgan’s stock fell about 1 percent, losing 48 cents to $41.62, although it fared much better than other financial stocks. Wells Fargo’s stock fell more than 2 percent, losing 93 cents to $34.25.
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