JPMorgan profits surge six fold


Truth feeder
David Ellis
Wednesday, Oct 14th, 2009

JPMorgan Chase’s profits increased more than six fold in the latest quarter, the company said Wednesday, allowing the bank to handily beat Wall Street estimates.

Delivering its results before the opening bell, the New York-based bank said that it earned $3.6 billion during the third quarter, or 82 cents a share.

During the same period a year ago, when the company was grappling with massive writedowns, JPMorgan earned just $527 million, or 11 cents a share.

The latest results easily beat Wall Street expectations. Analysts were anticipating the company to report a profit of $2.03 billion for the quarter, or 52 cents a share, according to Thomson Reuters.

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