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Reuters Right Now: JPMorgan profits rise 34% with mortgage surge

Thursday, October 11, 2012 - 01:16

Oct. 12 - JPMorgan Chase's net income came in at a record $5.71 billion, or $1.40 a share, compared with $4.26 billion, or $1.02 a share, a year earlier.

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To JPMorgan posted a 34% increase in profit tour record five point seven billion bucks. I was driven mainly by mortgages but also by lower a provision for loan losses so there they're setting aside less money to cover atlas in the future. The market strength came in large part because of QE3. Says say the Fed said they're gonna be buying forty billion backs and that mortgages that have lower mortgage rates triggered a lot of free financing. Some British production rose 36%. I QE3 also helps their fixed income results. So there's this were pretty strong if you strip that the EPA which missed analysts' view. And and and most importantly perhaps the the London will trade seem to be behind them. There's only a modest impact on the results from that in this corridor. Assume these days they last about five point eight billion. In in the first two quarters from that. And it looks like -- to the extent there were losses now they're there in the hundreds of millions the low hundreds of millions so so JPMorgan is moving past the the whale. And and and just becoming a strong bank. One other interesting thing is that -- JPMorgan CEO Jamie diamond. He's famous firfer his bold -- announcements said that day he's he thinks that the housing market has turned the corner.

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Reuters Right Now: JPMorgan profits rise 34% with mortgage surge

Thursday, October 11, 2012 - 01:16