JPMorgan Chase & Co. reported a net income of $3.3 billion in the first quarter of 2010, according to a Wednesday release. The mark represented a powerful 55% boost in income from the first-quarter of 2009, as individual shares of stock rose 74 cents in early 2010. In the past 12 months, JPMorgan stock has risen more than 53%.
In the release, JPMorgan CEO Jamie Dimon detailed reasons for optimism regarding his bank and the economy as a whole.
“While the economy still faces challenges, there have been clear and broad-based improvements in underlying trends,” Dimon said. “We believe these improvements will continue and are hopeful they will gather momentum, resulting in a strong recovery.”
JPMorgan Faring Better Than Most
JPMorgan, which received support from the U.S. government during the 2008 financial crisis, came out of the downturn stronger than competitors such as Bank of America® and Citigroup. A MarketWatch editorial published Wednesday praised Dimon and the rest of JPMorgan’s management, saying “[JPMorgan] has both model and management working in its favor.”
JPMorgan’s investment bank — especially in fixed income markets — was very successful in the first quarter, bringing in $2.5 billion, 54% better than first-quarter 2009.
Still Not Out Of The Woods
Despite the overall success, some of Chase’s services recorded losses in the first quarter. Chase Retail Services, which handles mortgages and consumer banking, lost $131 million. Chase Card Services, which handles credit cards, lost $303 million, although credit card delinquencies became less frequent, according to Dimon.
JP Morgan Chase & Co.’s official release on first-quarter earnings is available here (PDF).