JPMorgan Chase Profits Surge

Although revenues in J.P. Morgan Chase's home finance unit fell 32% in the third quarter, the company was able to generate net income of $1.63 billion ($0.78 per share), up from $40 million ($0.01 per share) a year earlier."Our focus on execution against the backdrop of an improving economy has resulted in significant reductions in risk concentrations, strong year-over-year earnings growth, and improved competitive positions," said William B. Harrison Jr., J.P. Morgan Chase's chairman and chief executive officer. "I am especially pleased by the improvements in our commercial credit portfolio." Hedging of mortgage servicing rights during the quarter generated a net loss of $6 million. The company's home finance unit also suffered some losses from loan pipeline hedging and customer rate-lock extensions.