JPMorgan, Wells Fargo post record 3Q results

JPMorgan Chase, the country's biggest bank by assets, posted a record quarterly profit Friday.

The bank said it earned $5.3 billion for common shareholders, a widely used measurement, from July through September, up 36% from the same period a year ago.

Although the figures far outpaced expectations, JP Morgan shares were down 0.5% in trading Friday.

Wells Fargo, the nation's biggest mortgage lender, posted record earnings in the third quarter. The bank increased mortgage lending and pocketed more fees.

It expanded its loan portfolio by making new loans to consumers and collected more interest on loans than in the same period a year earlier. Revenue was lower than analysts expected, however, and Wells Fargo (WFC) stock fell 3% in trading Friday.

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- Posted: 2012-10-12 12:20:24

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