WASHINGTON: JPMorgan Chase on Wednesday reported a hefty jump in earnings to 3.3 billion dollars in the first quarter, as the massive US bank appeared to continue its journey back to health.
The New York-based financial giant said the earnings compared with 2.1 billion dollars in the first quarter of 2009, a 54 per cent increase.
“The firm’s net income of 3.3 billion dollars reflected another strong quarter,” said Chief Executive Jamie Dimon, who saw solid performance at the bank’s troubled investment arm, as well as other branches.
“Unfortunately, these good results were partially offset by high losses in the consumer credit portfolios,” he said.
The earnings were higher than expected by analysts, which points to a continued recovery for a bank that had required a 25 billion dollar bailout from the US government at the height of the financial crisis.
The bank has since repaid that sum, and last year saw its profits double for the full year to 11.7 billion dollars.
The profit for this quarter amounted to 74 cents a share, better than the 64 cents expected by most analysts.
Source The News
No comments:
Post a Comment