As Mel Brooks said in History of the World, “It’s good to be the king.” JPMorgan (JPM) beat Wall Street expectations and reported solid results after their trading desks and iBanking groups brought in some big kills last quarter.
The New York-based bank reported a quarterly profit of $3.3 billion, or 74 cents a share, compared with $2.1 billion, or 40 cents a share, a year earlier. Total revenue rose 5 percent to $28.2 billion for the quarter. iBanking earned $2.5 billion, up 50 percent from a year earlier. JPMorgan set aside $7 billion for loan losses in the quarter, down 30 percent from a year ago.
JPMorgan said it lost $1.3 billion on its real estate portfolios, slightly more than the $1.1 billion it lost the previous year. Signaling that it expects further credit weakness, the bank set aside $3.3 billion for real estate loan losses, up from $3.1 billion a year earlier.
The stock is up over 3%: