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.