NEW YORK (CNNMoney.com) -- JPMorgan Chase said it earned $4.4 billion during the third quarter on Wednesday, an increase of 23% from a year ago, as loan loss reserves continued to decline.
The first of the nation's big banks to report results, JPMorgan (JPM,Fortune 500) said it earned $1.01 per share. Analysts polled by Thomson Reuters were expecting the New York City-based bank to earn 90 cents a share during the three-month period ended September 30.
The provision for credit losses, the funds set aside for the allowance of bad loans, was reduced to was $3.2 billion, down 67% from a year ago.
"We are pleased to report a continued overall decline in credit costs, although our mortgage and credit card portfolios continued to bear very high net charge-offs," said chief executive Jamie Dimon in a statement.
The leaner stockpile of reserves allowed JPMorgan to post higher profits for its credit card and commercial banking businesses compared to a year ago and the prior quarter. Sales volume in the bank's card services division was up 7%, while the commercial banking unit reported record revenue of $1.5 billion.
Though the company's investment banking profits were down 33% from a year ago, Dimon called the unit's results "solid".
Dimon added that the bank is committed to supporting an economic recovery, and is on track to hire over 10,000 people in the United States this year.
CNN Money
