JP Morgan Chase (JPM) Tops Q1 EPS and Revenues Views
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JP Morgan Chase (NYSE: JPM) reports Q1 earnings of $0.40 per share, above the consensus of $0.32. Revenues came in at $25.02 billion, versus the consensus of $22.95 billion. Revenues on a managed basis was $26.92 billion.
CEO Jamie Dimon commented: "The firm earned more than $2 billion this quarter, despite extremely high credit costs of $10 billion (including $4 billion added to reserves), largely in Card Services and Retail Financial Services. Importantly, we generated record firmwide revenue; record revenue and net income in the Investment Bank; and benefited from underlying growth in Retail Banking, including increased deposits and checking accounts, higher mortgage refinancing volumes and excellent progress on the Washington Mutual integration. We also continued to see solid volumes and earnings across Commercial Banking, Treasury & Securities Services and Asset Management."
As of March 31, 2009, the firm reported a Tier 1 Capital ratio of 11.3%, or 9.2% excluding Troubled Asset Relief Program ("TARP") capital from the government.
JP Morgan Chase extended approximately $150 billion in new credit to consumer and corporate customers during the first quarter.
Looking ahead to the rest of 2009, Dimon concluded: "It is reasonable to expect additional increases to credit reserves if the economic environment worsens. Yet, we are confident that even a highly adverse economic scenario would not compromise our overall strength and stability - or our ability to enhance our franchises. We remain well-positioned to benefit when the economy recovers and remain committed to serving our clients, investing in our franchise and building a stronger company for the future."
UPDATE: Click here to see a summary of some highlights from JPM's conference call.
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