<p>JP Morgan Chase & Co, the biggest US bank by assets, reported a record profit for the third quarter on Friday, as mortgage refinancing surged and commercial lending expanded. <br /><br /></p>.<p>The New York-based company said its net income rose to $5.71 billion, or $1.40 per share, 34 per cent up from a year-ago $4.26 billion, or $1.02 per share. Wall Street was expecting the bank to earn $1.20 per share, reported Xinhua. <br /><br />Revenue rose 6 per cent year-on-year to $25.9 billion, beating expectations of $24.4 billion. <br />Revenue from mortgage loans jumped 29 percent in the third quarter thanks to low interest rates and government help that encouraged homeowners to refinance. <br /><br />“Importantly, we believe the housing market has turned the corner,” JP Morgan CEO Jamie Dimon said.</p>
<p>JP Morgan Chase & Co, the biggest US bank by assets, reported a record profit for the third quarter on Friday, as mortgage refinancing surged and commercial lending expanded. <br /><br /></p>.<p>The New York-based company said its net income rose to $5.71 billion, or $1.40 per share, 34 per cent up from a year-ago $4.26 billion, or $1.02 per share. Wall Street was expecting the bank to earn $1.20 per share, reported Xinhua. <br /><br />Revenue rose 6 per cent year-on-year to $25.9 billion, beating expectations of $24.4 billion. <br />Revenue from mortgage loans jumped 29 percent in the third quarter thanks to low interest rates and government help that encouraged homeowners to refinance. <br /><br />“Importantly, we believe the housing market has turned the corner,” JP Morgan CEO Jamie Dimon said.</p>