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
Related Posts:
- JP Morgan Chase Credit Card Unit Shows Strong Earnings - While JPMorganChase’s stock priced traded lower immediately following their latest earnings report, there was some very good news indeed coming out of...
- JPMorgan and Wells Fargo Announce Financial Results - JPMorgan Chase and Wells Fargo recently announced quarterly financial results, alarming their stockholders about the dismal state of the economy. Just recently, both companies...
- Profits Looking Up For Discover in 2011 - NEW YORK – Shoppers with Discover cards were spending quite a bit more through the holidays according to new data. In fact,...
- Card Delinquencies At Chase Turns Up For The First Time In Months - NEW YORK – After falling for the previous twenty months, the rate at which customers made late payments to JPMorgan Chase increased...
