Bursa Alert
Global Market
NewsJPMorgan quarterly profit higher, beats estimates
Page 1 of 1
JPMorgan quarterly profit higher, beats estimates
by hlk Thu 14 Jul 2011, 20:25
NEW YORK: JPMorgan Chase & Co posted higher-than-expected quarterly profit as it wrote off fewer bad mortgages and credit card loans.
JPMorgan, the first big U.S. bank to report second-quarter results, said on Thursday, July 14 it earned $5.4 billion, or $1.27 a share. Wall Street analysts, on average, had expected $1.21 per share, according to Thomson Reuters I/B/E/S.
The results compared with year-ago earnings of $4.8 billion, or $1.09 a share.
Chief Executive Jamie Dimon said in the earnings announcement that mortgage costs were down slightly. "Unfortunately, it will take some time to resolve these issues and it is possible we will incur additional costs along the way," he added.
This quarter the bank did not have to pay a UK tax on bonuses. In the year-earlier period, the tax reduced profits by $550 million, or 14 cents a share.
JPMorgan shares rose 2 percent in premarket trading following the results. Stock futures briefly edged higher, then fell back. - Reuters
JPMorgan, the first big U.S. bank to report second-quarter results, said on Thursday, July 14 it earned $5.4 billion, or $1.27 a share. Wall Street analysts, on average, had expected $1.21 per share, according to Thomson Reuters I/B/E/S.
The results compared with year-ago earnings of $4.8 billion, or $1.09 a share.
Chief Executive Jamie Dimon said in the earnings announcement that mortgage costs were down slightly. "Unfortunately, it will take some time to resolve these issues and it is possible we will incur additional costs along the way," he added.
This quarter the bank did not have to pay a UK tax on bonuses. In the year-earlier period, the tax reduced profits by $550 million, or 14 cents a share.
JPMorgan shares rose 2 percent in premarket trading following the results. Stock futures briefly edged higher, then fell back. - Reuters
hlk- Moderator
- Posts : 19013 Credits : 45112 Reputation : 1120
Join date : 2009-11-14
Location : Malaysia
Similar topics» Partly M'sian Axiata owned Idea Cellular profit beats estimates
» IPO IOI Properties soars 42% , beats estimates
» New Listing Sasbadi rises 59%, beats estimates
» Unilever soars to record as revenue growth beats estimates
» Update IFCA MSC 2Q profit quintuples y-o-y, highest quarterly profit
» IPO IOI Properties soars 42% , beats estimates
» New Listing Sasbadi rises 59%, beats estimates
» Unilever soars to record as revenue growth beats estimates
» Update IFCA MSC 2Q profit quintuples y-o-y, highest quarterly profit
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum