Banks--- Betting on the recovery Message Board

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Non-Tech : Banks--- Betting on the recovery

WFC 85.05

+0.4%

Nov 14 9:30 AM EST

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From: Road Walker	4/16/2009 7:16:32 AM
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JPMorgan Chase posts better-than-expected profit 26 mins ago NEW YORK – JPMorgan Chase says it earned $2.1 billion, thanks to rising deposits and lower borrowing rates. The profit was 13 percent lower than last year, but better than expected. JPMorgan has not posted a quarterly loss since the financial crisis began. Like other banks, JPMorgan's loans are still seeing defaults increase. Credit costs amounted to $10 billion. But the company is benefiting from a jump in mortgage refinancing and deposits, as well as low interest rates. When a bank can borrow cheaply, it can profit more from lending. JPMorgan says it earned $2.1 billion in the first quarter, or 40 cents per share. That's down from $2.4 billion, or 67 cents per share, a year ago. But analysts predicted a profit of 32 cents per share.

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