No surprises here: It was another blowout quarter for
JPMorgan Chase (NYSE: JPM), one of only a few
surviving banks that's just minting money in the post-Lehman
world.
Net income for the third quarter came in at $3.6 billion,
or $0.82 per share, on revenue of $28.8 billion. That was up
from a profit of $527 million, or $0.09 per share, in the
same quarter last year.
As has been the case for a while now, the results were
polarized between two divisions: investment banking and
traditional lending. Broken down by segment, it's plainly
clear where the money is coming from:
Segment
Q3 Net Income
Investment Bank
$1.9 billion
Retail Financial Services
$7 million
Card Services
($700 million)
Commercial Banking
$341 million
Treasury and Securities Services
$302 million
Asset Management
$430 million
Corporate/Private Equity
$1.3 billion
Investment banking and corporate services (essentially
trading) are pulling up the slack of still-struggling
traditional lending units. What's interesting is to peek
inside the investment banking unit:
Investment Banking Segment
Q3 Revenue
Advisory
$384 million
Equity Underwriting
$681 million Continued... |