J.P. Morgan Chase & Co., the New York banking major, on Friday reported stronger-than-expected third-quarter net income and revenue
Earnings advanced 34% to $5.71 billion, or $1.40 a share, from $4.26 billion, or $1.02, in the year-earlier quarter
Revenue reached $25.15 billion, up 6% from $23.76 billion
A survey of analysts by FactSet Research produced consensus estimates of profit of $1.21 a share on revenue of $24.42 billion
The banking firm estimated its common-equity ratio for purposes of the Basel III standards was 8.4% at the end of the third quarter compared with 7.9% at the end of the second quarter Business loans grew for the eighth straight quarter, up 8% from a year earlier to $19 billion, J.P. Morgan reported
The bank said that in mortgage banking, "credit trends continued to modestly improve."
And it said "the housing market has turned the corner."
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