JP Morgan has reported a 23% rise in profit in the third quarter, as the bank was able to set aside less money to cover loan losses. The company reported a net profit of $4.4bn (£2.8bn), compared with a profit of $3.6bn a year ago. The bank set aside $1.55bn for retail credit losses during the quarter, less than half the $3.99bn it set aside during the third quarter of 2009. JP Morgan's card services unit posted a profit of $735m, compared with a loss of $700m a year ago, while income at its retail unit rose from $7m to $907m. But despite setting aside less money for loan losses, profits at its mortgage banking and other consumer lending business fell 50% to $207m. And, in what could be a bad sign for rivals Goldman Sachs and Morgan Stanley, investment banking profits fell by a third to $1.2bn.
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
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