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Fifth Third, JPMorgan Lead Big Bank Revenue Winners: KBW

JPMorgan Chase posted a third-quarter net loss of $380 million, or 17 cents a share, springing from $9.15 billion in extraordinary expenses, which came to $7.2 billion or $1.85 after tax. The company is expected soon to enter into a settlement of mortgage related investigations with the Justice Department, the Federal Housing Finance Agency, other federal regulators and states' attorneys general, with the total figure climbing as high as $13 billion, according to media reports. The Wall street Journal on Wednesday reported that a group of investors, including BlackRock (BLK) and Neuberger Berman are seeking "at least $5.75 billion" from JPMorgan Chase, to recover losses on mortgage-backed securities sold to them by the bank.

JPMorgan reported that its legal reserves as of Sept. 30 stood at $23 billion. That's an impressive figure, but if the media reports are accurate, investors could see a rough fourth-quarter bottom line. Still, JPMorgan's shares rose 2% from Oct. 10 -- the day before the third-quarter net loss was announced -- through Tuesday's close at $53.62. The shares trade for just 8.9 times the consensus 2014 EPS estimate of $6.01, among analysts polled by Thomson Reuters, which is one of the cheapest valuations among large-cap banks.

Huntington ranks third among large banks for core revenue with mortgage revenue excluded. Adjusted revenue-per-share came to 78 cents in the third quarter, increasing 4.3% from a year earlier.

In fourth place is Bank of America (BAC - Get Report), with adjusted core revenue, excluding mortgage revenue, of $20.049 billion in the third quarter, increasing from $18.299 billion in the third quarter of 2012, according to KBW. Bank of America's third-quarter average share count increased to 11.482 billion from 10.776 billion in the third quarter of 2012, according to KBW. Still, revenue-per-share was up 2.8% to $1.75 in the third quarter from $1.70 a year earlier.

Please see TheStreet's earnings coverage for much more on Bank of America's third-quarter results.

Wells Fargo (WFC - Get Report) is in fifth place, with adjusted third-quarter core revenue, excluding mortgage revenue, of $19.071 billion, increasing from $18.561 billion a year earlier, according to KBW. The company's share count declined to an average of 5.382 billion in the third quarter from 5.355 billion in the third quarter of 2012, according to KBW's data. Wells Fargo's adjusted core revenue rose 2.3% to $3.54 a share in the third quarter from $3.47 a share a year earlier.
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