Strong Mortgage Production Leads to Record Profits at JP Morgan and Wells

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Posted To: MND NewsWire

Two of the nation's largest banks published third quarter earnings today and both credited their respective mortgage businesses for part of their substantial increase in income. JP Morgan Chase reported record net income of $5.7 billion and Wells Fargo said its income for the quarter was $4.9 billion. Chase reported Net Revenue of $25.15 billion compared to $22.18 billion in the second quarter and $23.76 billion in the third quarter of 2011. This represented a net increase in revenue of 13 percent quarter-over-quarter and 6 percent year over year. Net income of $5.71 billion was 15 percent higher than the $4.96 billion reported in the previous quarter and 34 percent above the $4.26 billion reported a year earlier. Earnings were $1.40 per share, up from $1.21 in Quarter Two and $1.02 a year...(read more)

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Source: www.mortgagenewsdaily.com

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