JPMorgan Chase’ Revenue in 2010 reached a massive $17.4 billion
The JPMorgan Chase has managed to buzz the internet world business news today regarding its shocking amount of revenue in 2010.
JPMorgan Chase, the nation’s second-biggest bank by assets, beat estimates in reporting $4.8 billion in income last quarter, a 47 percent jump, as the bank largely benefitted from choosing to not set aside cash to cover future losses.
JPMorgan Chase has stated that its revenue in 2010 reached $17.4 billion, a record for the lender. The firm’s revenues were up 13 percent last quarter, reflecting increased loan demand from businesses and households, and two percent for the year. Consumer loans were up eight percent. Mortgage applications rose 33 percent versus the same period last year.
The bank earned $4.8 billion in the final three months of 2010, or $1.12 a share, which significantly beat expectations. Analysts’ estimates put JPMorgan’s earnings at 99 cents a share for the fourth quarter. The bank generated revenue of $26.7 billion for quarter.
These figures far exceed JPMorgan’s fourth quarter numbers in 2009, when it earned $3.3 billion, or 74 cents a share, on revenue of $25.2 billion.
The bank recorded annual profit of $3.96 a share, up from $2.26 a share in 2009. But even amid strong profit at the bank, revenue for the year dipped to $104.8 billion, from $108.6 billion in the 2009.
The JPMorgan Chase holds $8 billion in area banking deposits, representing 19 percent of the market as of June 30, according to data from the Federal Deposit Insurance Corp. The bank also ranks as the region’s largest private-sector employer, with nearly 17,000 area workers, according to Columbus Business First research.
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