Monday, April 18, 2011

JPMorgan's First Quarter Profit Rises 67%

1st NW Quadrant: The Approval Matrix

From HP by Claire Baldwin

JPMorgan Chase & Co posted a 67 percent increase in first-quarter earnings, topping Wall Street expectations, as it set aside less money to cover bad loans.

But the news was not all positive for the second-largest U.S. bank. It said it was still suffering from high mortgage losses. The bank's book of consumer loans shrank by 10 percent in the quarter, and loans to companies did not rise enough to offset that.

But the results were good enough to lift JPMorgan shares 1.2 percent in premarket trading. 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.

JPMorgan said it earned $5.56 billion, or $1.28 a share, up from $3.33 billion, or 74 cents a share, in the same quarter last year.

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