Arab Today, arab today jpmorgan income rises 13 as loan payments improve
Last Updated : GMT 07:23:27
Arab Today, arab today
Arab Today, arab today

JPMorgan income rises 13% as loan payments improve

Arab Today, arab today

Arab Today, arab today JPMorgan income rises 13% as loan payments improve

New York - Arabstoday

JPMorgan Chase and Co, the second-largest US bank, said net income rose 13 per cent, higher than analysts estimated, as more borrowers paid on time and the bank reduced credit-card loan-loss reserves by $1 billion (Dh3.67 billion). Second-quarter net income climbed to $5.43 billion, or $1.27 a share, from $4.8 billion, or $1.09, in the same period a year earlier and compared with a record $5.56 billion, or $1.28, in the first quarter, the New York-based company said Wednesday in a statement. The average per-share estimate for earnings was $1.21, projected by 28 analysts surveyed by Bloomberg. JPMorgan, led by chief executive officer Jamie Dimon, was the most profitable US bank last year with a record $17.4 billion in earnings. Net income was buoyed by the release of $7 billion in reserves back into income as the US economy improved, a benefit that Dimon said doesn\'t represent \"quality\" earnings. \"You continue to get reserve releases, which mean that your headline earnings-per-share numbers beat [estimates],\" said Paul Miller, an analyst at FBR Capital Markets Corp, in an interview earlier this week. \"Investors see that as poor quality and instead look at the underlying fundamentals, pretax pre-provision profits or your underlying revenue numbers.\" Investors already know that fewer borrowers are defaulting, allowing banks to bolster profit by lowering reserves, said Miller, a former examiner at the Federal Reserve Bank of Philadelphia. Capital One Financial Corp, this year\'s best-performing major US bank stock, said on Wednesday that net income rose 50 per cent to $911 million as it set aside fewer provisions for loan losses. Citigroup Inc, the third-biggest US lender behind JPMorgan and Bank of America Corp, may report a second-quarter profit of $2.96 billion when it releases results today, the survey of analysts shows. Charlotte, North Carolina-based Bank of America may report a profit of $3.08 billion on July 19, and San Francisco-based Wells Fargo and Co may say it earned $3.75 billion when it announces results, also today. The sovereign debt crisis in Europe and slowing economic growth in the US depressed trading volume and curtailed revenue in the second quarter as investors bought and sold fewer bonds and equities, according to analysts including Chris Kotowski at Oppenheimer and Co in New York. From / Gulf News

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today jpmorgan income rises 13 as loan payments improve Arab Today, arab today jpmorgan income rises 13 as loan payments improve

 



Arab Today, arab today
Arab Today, arab today Nasima Gamei revives Algerian heritage in jewelries

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives Algerian heritage in jewelries
Arab Today, arab today Saudis await visitors but will they come?

GMT 11:54 2017 Thursday ,23 February

Saudis await visitors but will they come?
Arab Today, arab today Sarah Belamesh designs antiques of "ceramic"

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"
Arab Today, arab today Blind sheikh buried in Egypt

GMT 06:32 2017 Thursday ,23 February

Blind sheikh buried in Egypt
Arab Today, arab today Media host Mona Iraqi stresses her show's success

GMT 15:32 2017 Wednesday ,22 February

Media host Mona Iraqi stresses her show's success
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today To hold social dialogue over secondary school

GMT 07:43 2017 Wednesday ,22 February

To hold social dialogue over secondary school
Arab Today, arab today UK appoints 1st Scotland Yard chief in 188 years

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Nissan enhances sales in most markets

GMT 14:08 2017 Monday ,20 February

Nissan enhances sales in most markets
Arab Today, arab today Wafaa Amer is happy for Sherihan’s return

GMT 07:36 2017 Wednesday ,22 February

Wafaa Amer is happy for Sherihan’s return
Arab Today, arab today Milan laughs while Rome cries

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 05:19 2017 Tuesday ,21 February

Salma Rashid happy for 'A Whisper of Love'

GMT 12:35 2017 Tuesday ,21 February

63-Year-Old Woman Delivers Baby

GMT 20:02 2017 Tuesday ,21 February

Nohan Seyam designs beautiful accessories

GMT 15:53 2017 Tuesday ,21 February

Small ponds have outsized impact

GMT 23:29 2017 Thursday ,16 February

Home built on sand castles-style costs $8m

GMT 07:51 2017 Wednesday ,22 February

Mom's immune system accepts babies

GMT 17:46 2017 Saturday ,18 February

Tourist guide reveals methods of tourist attractions

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 12:22 2017 Monday ,20 February

Kanye West puts hijab-wearing model
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday