JPMorgan reported a profit Tuesday compared to a year-ago loss. NEW YORK (CNNMoney)
The nation's largest bank by assets bank reported a $5.6 billion profit in the three months that ended in September, compared to a rare loss in the same period a year earlier due to $9.3 billion it set aside for legal expenses at that time. Those expenses included the bank's negotiation of what would eventually be a $13 billion settlement for the sale of mortgages ahead of the financial crisis.
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But its earnings came in slightly below Wall Street forecasts and shares of JPMorgan (JPM) fell slightly in premarket trading.
The bank's earnings themselves posted on firm's website hours before they were meant to. A JPMorgan spokesman blamed shareholder.com, a third-party vendor that posts earnings to the site, for the snafu.
Some bright spots in JPMorgan's earnings may have more to do with Main Street than Wall Street. Deposits in its Consumer and Business Banking division rose 9%, and credit card sales volume jumped 12%.
Mortgage originations jumped 26% from last quarter, a sign that the housing market remained hot this summer despite concerns that it's cooling off.
Revenue from investment banking fees, derived from such activities as advising on mergers and acquisitions and helping take companies public, ticked up slightly last quarter.
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"While challenges remain in the global economic recovery, the U.S. economy is an exception, showing signs of steady improvement," said Chairman and CEO Jamie Dimon in the earnings release. "Corporate America is in good shape with strong balance sheets and employment trends continue to be positive."
Dimon himself has been a key focus on the bank's shareholders. He underwent treatment for throat cancer this summer, and just last week he made his first public appearance since finishing his regime.
In its earnings announcement, JPMorgan didn't address its cyber attack this summer, in which 76 million customers were hacked. The bank insists that hackers didn't get any account information -- account numbers, user IDs, dates of birth or Social Security numbers -- and that it hasn't seen "elevated levels fraud related to this matter."
First Published: October 14, 2014: 7:08 AM ET
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