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JPMorgan Profit Up 20%; Shares Fall On Loan WorriesJPMorgan Chase & Company reported a 20 percent increase in second-quarter profit yesterday, helped by a surge in investment banking fees. The bank said it had set aside more money for possible loan losses, however, and its stock fell 3 percent. JPMorgan said net income totaled $4.2 billion, or $1.20 a share, up from $3.5 billion, or 99 cents a share, a year earlier. Revenue rose 25 percent, to $18.91 billion from $15.09 billion. The results, driven by higher profits from investment banking, asset management, Treasury and securities services, and private equity, topped the $1.09 expected by analysts surveyed by Thomson Financial. Net income from investment banking rose 41 percent, to $1.18 billion, compared with the period a year ago. Profit at JPMorgans retail banking business fell 10 percent, to $785 million from $868 million, hurt by decreases in regional banking and auto finance. Although the companys mortgage banking business improved, JPMorgans chief executive, James Dimon, warned that the bank was bracing itself for a riskier lending climate. JPMorgan tripled its total provision for credit losses to $1.53 billion in the second quarter from $493 million last year. Although we remain at a relatively benign point of the credit cycle, we continue to focus on being prepared for a less favorable environment, Mr. Dimon said in a statement. Flat or falling home prices in certain areas of the United States prompted the provision increase, as did a surge in debts written off. JPMorgans home equity business is in prime lending, and the chief financial officer, Michael J. Cavanagh, said the banks decision to increase its credit loss provisions did not reflect a spillover of subprime lending problems into prime lending. Prime loans are given to people with good credit histories; subprime loans are made to those with poor credit. Its more of a home price issue; its less about borrowers ability to pay, Mr. Cavanagh said in a conference call with journalists. Tag CloudExternal InformationAdditional InformationGas project cleared after turtles outcry...Grade brings in ex-BBC Fincham to head TV... EDF considers Sellafield for new reactor... Is Wal-Mart Too Cheap for Its Own Good?... Where Am I?News Main Page - Business - JPMorgan Profit Up 20%; Shares Fall On Loan Worries |
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