The banking giant, JPMorgan Chase, reported a $2.1 billion profit in the first quarter, easily topping forecasts as investors hold out hope that the banking stocks have reached a bottom.
From the New York Times:
The banking giant, JPMorgan Chase, reported a $2.1 billion profit in the first quarter, easily topping forecasts as investors hold out hope that the banking stocks have reached a bottom.
Strong profits from its mortgage lending and investment banking businesses helped the company absorb nearly $6 billion in charge-offs for bad loans. But the bank still set aside another $4.2 billion as a cushion for future losses, a sign that the pressures from rising unemployment and weak economy have not abated.
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The bank’s profit, which was 40 cents a share, fell short of the nearly $2.9 billion, or 67 cents a share, it earned in the first quarter a year ago. Analysts estimated on average that the firm would earn 32 cents a share, according to a survey by Bloomberg News. Revenue rose to a record $26.9 billion from $17.9 billion, a 50 percent increase from the period a year ago.
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