JPMorgan Chase Reports First-Quarter 2009 Net Income of $2.1 Billion, or $0.40 Per Share
Press Release Source: JPMorgan Chase & Co.
JPMorgan Chase Reports First-Quarter 2009 Net Income of $2.1 Billion, or $0.40 Per Share
Generated record firmwide revenue of $26.9 billion and pretax, pre-provision profit of $13.5 billion (on a managed basis1):
Record revenue and net income in the Investment Bank;
#1 rankings for Global Debt, Equity and Equity-related volumes and Global Investment Banking Fees
Solid growth in liability balances in Commercial Banking and Treasury & Securities Services
Washington Mutual integration on track, driving Retail Banking growth in deposits by 62% and in checking accounts by 126%
Net assets under management inflows of $119 billion over the past year in Asset Management
Fortress balance sheet strengthened further:
Tier 1 Capital of $137.2 billion, 11.3% Tier 1 Capital ratio (9.2% excluding TARP capital)
$87.2 billion of tangible common equity1, 7.2% of risk-weighted assets
Added $4.2 billion to credit reserves, bringing total to $28.0 billion, and firmwide loan loss coverage ratio to 4.53%2 as of March 31, 2009
Continued lending and ongoing foreclosure prevention efforts:
Extended approximately $150 billion in new credit to an estimated 4.5 million consumers (through credit cards, mortgages, auto and student loans), and to small and mid-sized businesses and large corporations
Purchased nearly $34 billion of mortgage-backed and asset-backed securities
Prevented almost 150,000 loan foreclosures since October 2008, bringing the total to over 400,000 since early 2007; opened the remaining 22 of our 24 new Chase Homeownership Centers and added over 650 loan counselors during the quarter
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MadX
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