JPMorgan Chase's profit jumps 23 percent in 3Q

[October 13, 2010]  NEW YORK (AP) -- JPMorgan Chase says its third-quarter profit jumped 23 percent as the company was able to set aside less money to cover loan losses.

The New York bank earned $4.42 billion, or $1.01 per share. It earned $3.59 billion, or 82 cents, during the same quarter last year. Analysts forecast the bank would earn 90 cents per share.

JPMorgan Chase & Co. set aside $1.55 billion for retail credit losses during the quarter, less than half the $3.99 billion in loss reserves it recorded during the year-ago period.

Profit in the investment bank fell 33 percent as fees from underwriting stock offers slowed during the summer.

Shares are up 56 cents to $40.96 in pre-opening trading Wednesday.

[Associated Press]

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