Chase Posts Strong Credit Card Volume in Third Quarter

October 12, 2012, Written By Lynn Oldshue
Chase Posts Strong Credit Card Volume in Third Quarter

JPMorgan Chase, the nation’s biggest bank in terms of assets, reported record profits for the third quarter of 2012 with revenue increases in nearly all areas of business, including credit cards.

Credit card sales volume during the quarter was $96.6 billion, up 11 percent over last year. Chase was the number one credit card issuer based on outstanding credit.

A total of 1.6 million new accounts were opened, bringing the total number of open accounts to 63.9 million.

Net revenue as a percentage of average loans was 12.46, up from 12.36 percent in the previous year, and 11.91 percent in the previous quarter.

The bank reported that debit card revenue fell for the quarter, likely due to the decrease in interchange fees on debit card transactions that took place in October 2011.

The bank’s overall profits during the third quarter were $5.7 billion, a 34 percent increase over the same period a year ago.

This entry was posted in Credit Card News and tagged credit cards , debit cards , JPMorgan Chase

The information contained within this article was accurate as of October 12, 2012. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.

About Lynn Oldshue

Lynn Oldshue has written personal finance stories for for twelve years. She majored in public relations at Mississippi State University.
View all posts by Lynn Oldshue