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J.P. Morgan Chase profit falls 53% the first half of 2008

Financial newsJ.P. Morgan Chase said 17 July that net profit declined by 51% - up to 4.38 billion U.S., compared with 9.02 billion U.S. received during the same period a year earlier.

The main causes - the credit crisis continued to bite, driving markdowns on mortgage positions and leveraged loans higher, and as the company took more than $500 million in costs for its Bear Stearns acquisition. J.P. Morgan's investment banking unit took markdowns of $696 million on leveraged loans and $405 million on mortgage related investments.

JPMorgan revenues for the reporting half decreased by 7% to 35.29 billion U.S. against 37.88 billion U.S. in January-June 2007. Also J.P. Morgan Chase noted that it increased its credit reserves by $1.3 billion firmwide.

Net profit JPMorgan in second quarter declined by 53% - up to 2 billion U.S., compared with 4.23 billion U.S. received during the same period a year earlier. Revenue bank for the reporting quarter decreased by 3% and amounted to $ 18.4 billion against 18.91 billion U.S. in April-June 2007.

Source: BanksDaily.com
Date: 18.07.2008 [175]
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