JPMorgan reports soaring income
By Stevenson Jacobs |
July 16, 2010, Friday
|
Print Edition
Print Edition
JPMORGAN Chase & Co said yesterday that its second-quarter net income soared 77 percent to US$4.8 billion as a slowdown in losses from failed loans helped offset a difficult spring in trading and investment banking.
JPMorgan Chase, the first of the big banks to report earnings for the April-June period, easily surpassed analysts' expectations as it earned US$1.09 a share, up from US$2.7 billion, or 28 cents a share, a year earlier. Analysts had forecast a profit of 67 cents per share in the just-ended quarter.
JPMorgan Chief Executive Jamie Dimon said the company reduced its reserves to cover failed loans by US$1.5 billion in this quarter but that loan losses "remain at extremely high levels."
"It is too early to say how much improvement we will see from here," Dimon said. Bankers have been cautious throughout the aftermath of the 2008 financial crisis when reporting progress in their loan businesses. Economists and investors are looking to those loan loss levels as an indicator of how well the economic recovery is faring.
Dimon also warned of possible "unintended consequences" to the bank's business from the financial regulatory overhaul awaiting congressional approval.
JPMorgan Chase has been one of the strongest banks as it weathered the recession.
JPMorgan Chase, the first of the big banks to report earnings for the April-June period, easily surpassed analysts' expectations as it earned US$1.09 a share, up from US$2.7 billion, or 28 cents a share, a year earlier. Analysts had forecast a profit of 67 cents per share in the just-ended quarter.
JPMorgan Chief Executive Jamie Dimon said the company reduced its reserves to cover failed loans by US$1.5 billion in this quarter but that loan losses "remain at extremely high levels."
"It is too early to say how much improvement we will see from here," Dimon said. Bankers have been cautious throughout the aftermath of the 2008 financial crisis when reporting progress in their loan businesses. Economists and investors are looking to those loan loss levels as an indicator of how well the economic recovery is faring.
Dimon also warned of possible "unintended consequences" to the bank's business from the financial regulatory overhaul awaiting congressional approval.
JPMorgan Chase has been one of the strongest banks as it weathered the recession.
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