New York : JP Morgan Chase & Co., the biggest US bank by assets, reported a record profit for the third quarter Friday, as mortgage refinancing surged and commercial lending expanded.
The New York based company said its net income rose to $5.71 billion, or $1.40 per share, 34 percent up from a year-ago $4.26 billion, or $1.02 per share. Wall Street was expecting the bank to earn $1.20 per share, reported Xinhua.
Revenue rose 6 percent year-on-year to $25.9 billion, beating expectations of $24.4 billion.
Revenue from mortgage loans jumped 29 percent in the third quarter thanks to low interest rates and government help that encouraged homeowners to refinance.
"Importantly, we believe the housing market has turned the corner," JP Morgan's CEO Jamie Dimon said in a written statement.