JP Morgan 1Q Profit Rises 55% As Economy Improves |
| Wall Street Journal - Apr 14, 2010 |
The improving economy left its mark on J.P. Morgan Chase & Co.'s (JPM) first-quarter earnings, as delinquencies continued to decline and the company had to set aside less money for bad loans.
Net income at the nation's second-largest bank by market capitalization rose 55% from a year earlier, to $3.3 billion; the provision for credit losses for all loans J.P. Morgan manages shrunk 30%, to $7 billion, and helped results in several lines of business ranging from consumer to large corporate banking.
"There is clear and broad based improvement" in the economy in the U.S. and around the world, possibly resulting in a "strong recovery," J.P. Morgan Chairman and Chief Executive Jamie Dimon said in a conference call with reporters. "Chances of a double dip [recession] are rapidly going away."
Earnings "reflected another strong quarter for the investment bank," particularly in fixed-income and equity trading. Revenues at the investment bank rose 69% from the fourth quarter and earnings were up 30% from the previous quarter. Volatile revenue in retail banking and credit cards were also up slightly from the fourth quarter, though both businesses generated a loss.
Read Full Article from Wall Street Journal
- Posted: 2010-04-14 11:11:00
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