RealAdamWright : Decent action last night,... Mcuban: The sharks are back! On s... JP Morgan reports rebound in business. 13 April 2012Last updated at 16:51 ET JP Morgan is the first of the big US banks to report its first-quarter results JP Morgan, the first major US bank to announce its results, has reported a rebound in revenues in the first three months of 2012. Revenues jumped 24% versus a year ago, to $27.4bn (£17.2bn), although the Wall Street firm said profits fell slightly. The result was driven by its investment bank, the lender said, as well as its mortgage-lending business, which saw a 33% rise in applications. However, JP Morgan only made net income of $5.4bn for the quarter, down 4%. 'Stellar' The firm's profits were weighed down by a decision to set aside a further $2.5bn to cover possible losses due to litigation, particularly in relation to mortgages it sold during the housing bubble.
Despite this, its earnings per share were actually fractionally higher than a year ago, because the firm has bought back some of its shares in the meantime. Continue reading the main story “Start Quote Mortgage fees. Send Money, Pay Online or Set Up a Merchant Account with PayPal. Discover Card: No Cookie Error. Hudson Valley Federal Credit Union Home Page.