JPMorgan profit up 67 percent, beats expectations

11:00, April 14, 2011      

Email | Print | Subscribe | Comments | Forum 

JPMorgan Chase, the second largest bank on Wall Street, said its profit for the first quarter rose 67 percent, beating markets expectations, as provisions for bad loans dropped.

The New York-based company said in a statement that its first-quarter net income increased to 5.56 billion dollars, or 1.28 dollars per share from 3.33 billion dollars, or 0.74 per share in the same period last year.

Analysts had expected profits of 1.16 dollars per share. It was the second straight record quarter after posting a record profit of 4.83 billion dollars in the fourth quarter of 2010.

Provisions for credit losses dropped to 1.17 billion dollars, down from 7.01 billion dollars a year earlier as defaults and late payments declined, which allowed it to set aside less money to cover bad loans.

JPMorgan is the first of the big banks to post quarterly results, and its earnings often give investors a hint of what to expect from other financial companies.

The results were good enough to lift JPMorgan shares and also boosted other bank stocks. Shares of JPMorgan and Goldman Sachs rose in the morning trading session. Bank of America, which was scheduled to release its earnings report Friday, traded flat.

Source: Xinhua
 
 
     
 
 
 
     
 
 
 
  Weekly review  
 
 
 
     
 
 

(Editor:张茜)

  • Do you have anything to say?

双语词典
dictionary

  
Special Coverage
  • BRICS Leaders' Meeting 2011
  • Focus On China
Major headlines
Editor's Pick
  • Local people mourn victims of Yushu earthquake
  • Belarus mourns victims of Minsk subway station bombing
  • BRICS leaders meet in China to discuss economic issues, global challenges
  • Egyptians hold protest against former President Mubarak
  • China, Vietnam vow to improve bilateral ties
  • 2011 HK Electronics Fair attractes 2,450 enterprises
Most Popular
Hot Forum Dicussion