JPMorgan closes the third quarter with declining profits but higher than analysts' expectations. The American bank closed the three months with a net profit of 4,3 billion dollars, which corresponds to 1,02 dollars a share against the forecasts of the experts of 92 cents.
The result is down by 4% compared to 4,42 billion in the same period of 2010 due to the drop in investment banking commissions instead of good performance in terms of revenues for the commercial bank and strong growth in treasury and custodian bank services. Total revenues were $24,4 billion and deposits were up 21% year over year to $1.100 trillion.
The bank also disclosed its exposure to the five weakest countries in Europe which amounts to 15,1 billion, of which 85% referable to Italy and Spain. At the equity level, the tier1 common ratio calculated according to Basel III criteria is 7,7%.
