JPMorgan’s First-Quarter Profit Swells 67%

JPMorganJPMorgan Chase & Co. (JPM) reported a 67 percent jump in first quarter earnings Wednesday on solid growth in investment banking fees and a drop in losses in its credit card portfolio.

The New York bank earned $5.6 billion, or $1.28 per share, compared with $3.3 billion, or 74 cents a share in the same period last year. The profits at JPMorgan, the first bank to report earnings, were way ahead of the $1.15 per share analysts surveyed by FactSet were expecting.

Revenue fell to $25.2 billion from $27.7 billion in the same period last year.

The slump in real estate continued to weigh heavily on JPMorgan's results. The bank increased its provision for mortgage-related losses by $1.1 billion.

Jamie Dimon, the CEO of JPMorgan, said in a statement that the bank's mortgage losses were "extraordinarily high," adding: "Unfortunately, these losses will continue for a while."

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JPMorgan's First-Quarter Profit Swells 67% originally appeared on BloggingStocks on Wed, 13 Apr 2011 08:06:00 EST. Please see our terms for use of feeds.

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