JPMorgan Chase Is Still Ticking

The other day I said I had no idea what JPMorgan Chase’s (JPM) earnings would be. It turns out, my prediction was correct. The bank earned over $2.1 billion for the first three months of the year, or 40 cents a share.
The news is reporting that the Street’s consensus was for 32 cents a share. That was the average, but analysts were all over the map. I think the Street is just happy to see a profit — any profit. I should remind you that JPM hasn’t posted a single earnings loss during this mess. For last year’s Q1, they made 67 cents a share.
The best news is that banking isn’t dead. The bank said that loan losses will continue growing from credit cards and mortgages. The Bear and WaMu acquisitions are clearly helping out. It’s kinda cool when your trading can make up for all the bad stuff.
Jamie Dimon said JPM wants to pay back its TARP money as soon as they can. He also said that the bank will sit out Timmy’s little public/private plan. If JPM won’t bite, who else will?

Posted by on April 16th, 2009 at 10:50 am


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