logo
Share SHARE
FONT-SIZE Plus   Neg

JPMorgan Chase Slips To Loss In Q3 - Quick Facts

Financial services giant JPMorgan Chase & Co. (JPM) reported third-quarter net loss of $0.4 billion, as against a profit of $5.71 billion in the 2012 period. On a per share basis, quarterly loss totaled $0.17, compared with a $1.40 income reported a year back. On average, 27 analysts polled by Thomson Reuters expected earnings per share of $1.19 for the quarter. Analysts' estimates typically exclude one-time items.

On a managed basis, the firm clocked revenue of $23.9 billion in the tri-monthly period, compared with the prior-year figure of $25.86 billion, with reported total net revenue dropping year-over-year to $23.12 billion, from $25.15 billion. Analysts estimated revenues of $23.94 billion for the quarter.

JPMorgan Chase said the third-quarter results included legal expense in Corporate of $9.2 billion, and a benefit from reserve releases of $1.6 billion. Excluding these items, quarterly net profit would have been $5.8 billion, or $1.42 per share, the company added.

The company's Chairman and Chief Executive commented: "While we had strong underlying performance across the businesses, unfortunately, the quarter was marred by large legal expense. We continuously evaluate our legal reserves, but in this highly charged and unpredictable environment, with escalating demands and penalties from multiple government agencies, we thought it was prudent to significantly strengthen them. While we expect our litigation costs should abate and normalize over time, they may continue to be volatile over the next several quarters."

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Federal Aviation Administration said several pilots complained about pointing of strong green laser beams at planes flying over Long Island. The location was around Farmingdale, during 9.30 pm and 10 pm. Searches are on to locate the exact source of the laser beam. The Federal official suspects that the beam came from a hand-held device. Discount retailer Big Lots, Inc. Friday reported an increase in income from continuing operations for the first quarter, from last year. The company also registered a surge in net income particularly as it had carried a loss from discontinued operations last year. Taco Bell, a division of Yum! Brands Inc, is planning to test delivery of food items on college campuses, the Street reported. The move comes at a time the fast food chain seeks to leverage demand for its popular breakfast and dinner items.
comments powered by Disqus
RELATED NEWS
Trade JPM now with 
Follow RTT