Chase reports 53% earnings increase as mortgage profits rise

 

Another day, and another bank posts solid profits due to their mortgage loan operations.  Chase reported today that 4th quarter profits rose 53% as their profits in their mortgage division increased.  With record low interest rates for refinance and purchase home loans Chase turned in a solid quarter like other major national banks.   Net income climbed to $5.69 billion, or $1.39 a share, from $3.73 billion, or 90 cents, in the same period a year earlier, the New York-based company said today in a statement. “The firm’s results reflected strong underlying performance across virtually all our businesses for the fourth quarter and the full year, with strong lending and deposit growth,” Chief Executive Officer Jamie Dimon, 56, said in the statement.  This is their third  straight record year for profits and it’s clear record low interest rates are helping. Refinance and purchase mortgage loan volume is up significantly and so are profit margins.