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JPMorgan Chase Shows Rising Credit Card Profits

by on July 22, 2011

Despite the recent crisis that JPMorgan Chase faced in 2009, the New York-based bank, showed record $11 billion in profits for the first half of 2011, driven primarily from by securities underwriting.  The bank showed a year-over-year rise in net income of 13%.

Fewer late payments and a drop in delinquency rates and charge-offs from Chase’s credit card portfolio bolstered the profit picture significantly, resulting in a $911 million profit for the credit card unit.

“Within our wholesale credit portfolio, credit trends appear to have normalized,” CEO Jamie Dimon said in a statement.

Source: http://www.bloomberg.com/news/2011-07-14/jpmorgan-beats-estimates-as-net-rises-13-on-lower-credit-costs.html
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