JPMorgan Chase beats by $0.13
- JPMorgan Chase (JPM): Q3 EPS of $1.42 beats by $0.13.
- Revenue of $23.2B misses by $0.94B. (PR)
- Book value/share of $52.01
Litigation costs push JPMorgan into Q3 loss; shares gain
- EPS of $1.42 excludes litigation expense and reserves of $7.2B (vs. less than $1B a year ago), or $1.85 per share and also excludes the benefit of reserve releases of $992M, or $0.25 per share.
- Dimon: "The Board continues to seek a fair and reasonable settlement with the government on mortgage-related issues and one that recognizes the extraordinary circumstances of the Bear Stearns and WAMU transactions, which were undertaken at the request or encouragement of the U.S. Government."
- Consumer & Community Banking revenue of $11.1B is off 13% Y/Y. Tipped weakness on mortgage banking doesn't disappoint, with noninterest revenue of 27%. Total mortgage originations fell 17% from Q2, but that's all refi business as purchase originations rose 15%.
- Investment banking revenue of $8.2B is off 2% Y/Y, but includes a $397M DVA charge.
- Commercial banking revenue of $1.7B is off 7% Y/Y.
- Basel Tier 1 common ratio of 10.5%
- CC at 8:30 ET.
- Q3 results, press release.
- Shares +1.4% premarket.
Infosys open higher on strong revenue growth, ups guidance
- Infosys (INFY): FQ2 EPADS $0.73 (excl. prov. of $35M for visa related matter) vs consensus of $0.70.
- Net Profit -11.1% to $383M. Sales +15% to $2.06B vs $2.01B.
- Increase forecast for revenue growth in FY 2014 to 9-10%.
- Net addition of 2,964 employees.
- The board declares interim dividend of $0.32/share.
- Shares +5.1% in Mumbai.
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