14 Apr 2012

Rebound reported by JP Morgan

7:31 am on 14 April 2012

JP Morgan has reported a rebound in revenues in the first three months of 2012.

The Wall Street bank said on Friday that revenues rose 24% versus a year ago, to $US27.4 billion profits fell slightly.

The result was driven by its investment arm, as well as its mortgage-lending business, which saw a 33% rise in applications.

However, JP Morgan had net income of only $US5.4 billion for the quarter, down 4%.

The BBC reports the bank has set aside a further $US2.5 billion to cover possible losses due to litigation, particularly in relation to mortgages it sold during the US housing bubble.

JP Morgan's investment banking unit turned in a profit of $US1.7 billion for the three month period.

That was down 29% from a year ago, but much higher than the last three months of 2011.