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JPMorgan Chase Reports Q2 2010 Net Income Of $4.8 Billion 2010.07.17

New York, July 15, 2010 - JPMorgan Chase & Co. (NYSE: JPM) today reported second-quarter 2010 net income of $4.8 billion, compared with $2.7 billion in the second quarter of 2009. Earnings per share were $1.09, compared with $0.28 in the second quarter of 2009.

Photo: Salim Virji / Flickr
 

New York, July 15, 2010


JPMorgan Chase Reports Second-Quarter 2010 Net Income Of $4.8 Billion, Or $1.09 Per Share, On Revenue Of $25.6 Billion


Includes Benefit From Reduction In Loan Loss Reserves ($0.36 Per Share) And Charge For U.K. Bonus Tax ($0.14 Per Share)

Quarterly profits up from prior year and prior quarter:

• Solid performance across most businesses combined with reduced credit costs

• Retail Financial Services and Card Services net charge-offs and delinquencies improved from the prior quarter

• Strong balance sheet: Tier 1 Common1 at $108.2 billion, or 9.6%; credit reserves at $36.7 billion; loan loss coverage ratio at 5.3% of total loans


Continued support for economic recovery through assisting customers, sound lending and efforts to prevent foreclosure:

• Nearly $700 billion in new and renewed credit provided to and capital raised for consumers, corporations, small businesses, municipalities and non-profits during the first half of the year

• Small-business originations up 37% during the first half of the year

• 880,000 modifications offered and 245,000 approved since the beginning of 2009


Jamie Dimon, Chairman and Chief Executive Officer of JPMorgan Chase.
Photo: AP
 
Jamie Dimon, Chairman and Chief Executive Officer
, commented on the quarter:
"Our net income increased to $4.8 billion, including the benefit from a $1.5 billion reduction of loan loss reserves - which we do not believe represents normal ongoing earnings - partially offset by a charge of $550 million for the U.K. bonus tax."

Continuing on the businesses, Dimon added:
"Although we are gratified to see consumer-lending net charge-offs and delinquencies decline, they remain at extremely high levels and therefore returns in our consumer-lending businesses are still unacceptable. As a result, these businesses did not meet expectations nor generate satisfactory returns on capital for our shareholders. It is too early to say how much improvement we will see from here.
"We saw solid performance in our other businesses. In particular, our wholesale businesses experienced reduced net charge-offs that led to reductions in loan loss reserves, and are currently seeing credit costs which reflect the increasingly healthy condition of our wholesale clients."

Jamie Dimon, Chairman and Chief Executive Officer of JPMorgan Chase.
Photo: JPMorgan Chase
 
Commenting on the strength of the balance sheet, Dimon said:
"We maintained very high liquidity, with a deposit-to-loan ratio of 127%, and generated additional capital, ending the quarter with a strong Tier 1 Common ratio of 9.6%. Total firmwide credit reserves fell to $36.7 billion, as loan balances remained flat and credit costs declined, resulting in a firmwide coverage ratio of 5.3% of total loans1. Our strong and growing capital base has enabled us to buy back over $500 million of stock to date, and we will continue to do so opportunistically."

Dimon further remarked:
"We continue to aggressively do all that we can reasonably and responsibly to contribute to the economic recovery. During the first half of the year, we loaned or raised capital for our clients of nearly $700 billion, and our small-business originations were up 37%."

Photo: JPMorgan Chase
 
Looking ahead, Dimon concluded:
"We recognize a number of positive aspects of the pending regulatory reform legislation, including systemic risk oversight and resolution authority. However, many challenges and uncertainties remain which may result in unintended consequences for our clients, the markets and our businesses. With a need for global regulatory coordination and hundreds of rules to be written, increased focus is critical in order to implement these reforms in a way that protects consumers and the competitiveness of the U.S. financial system, while ensuring the flow of safe and sound credit. As always, and regardless of uncertainties about the credit environment and pending regulation, we remain committed to the long-term growth of our franchise. We continue to invest in our infrastructure to enable us to deliver the quality products and services that our customers demand, and to provide good returns for our shareholders."

JPMorgan Chase & Co. (NYSE: JPM) is a leading global financial services firm with assets of $2.0 trillion and operations in more than 60 countries.

 
 
The Firm is a leader in investment banking, financial services for consumers, small-business and commercial banking, financial transaction processing, asset management and private equity.

A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands.

Information about JPMorgan Chase & Co. is available at

www.jpmorganchase.com  

http://investor.shareholder.com/jpmorganchase/releasedetail.cfm?ReleaseID=488345  


Video
Meet Jamie Dimon, CEO of JP Morgan Chase


http://www.youtube.com/watch?v=_6SrRv6-cak  



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