JP Morgan Earnings Beat Estimates
JP Morgan is still the bank to work for. The bank released its third quarter earnings today of $1.02 per share, beating analsyts estimates by eleven cents.
In its announcement, J.P. Morgan Chase & Co said its third-quarter profit fell 4% to $4.26 billion, or $1.02 a share, from $4.42 billion, or $1.01 a share, in the year-ago period.
According to MarketWatch, revenue remained about flat at $23.8 billion, while revenue on a managed basis totaled 24.4 billion in the latest quarter, up from $24.3 billion.
Wall Street analysts had expected JP Morgan to earn 91 cents a share on revenue of $23.3 billion, according to a survey by FactSet Research.
During the quarter, JP Morgan says it booked a one-time gain of 29 cents a share from a debit valuation adjustment in its investment bank unit that resulted from widening of the firm's credit spreads. Its private equity unit reported a loss of 9 cents a share.
The bank took 15 cents a share in litigation expenses related to mortgage matters.
The bank says it continues to face a challenging banking and capital markets program, but held on to its number one ranking in global investment banking fees so far in 2011, said MarketWatch.
