JPMorgan, the largest bank in the U.S. according to assets, reported a record third quarter profit that beat estimates, boosted by revenue from its mortgage business increasing by 72 percent. Net income increased by 34 percent to $5.71 billion, or $1.40 per share, from $4.26 billion, or $1.02 per share in the same period last year. Analysts estimated earnings of $1.20 per share. Revenue increased by 6 percent to $25.9 billion from $24.4 billion during the same period last year. Revenue at the investment banking division, however fell by one percent to $6.28 billion from $6.37 billion.
Shares are higher in early trading.
Rival Bank of America (NYSE:BAC) reports earnings on October 17. For the second quarter, Bank of America Corporation the company reported revenue of $22.2 billion, missing analyst estimates of $23.2 billion.
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