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JP Morgan Chase profits exceeds expectations

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by Kay Mitchell
JP Morgan Chase profits exceeds expectations

Wall Street banking giant JPMorgan has today posted better-than-expected first quarter profits of $3.3 billion (£2.1 billion), compared with $702 million a year ago – when the world was gripped in the midst of the financial crisis.

The results boosted bank stocks with the FTSE gaining 42 points to 5,804 – just a few points short of the 22-month intra-day high on Monday.

Today’s figures from JP Morgan have also raised hopes that other lenders will report healthy results over the next week.

JPMorgan, which is the second-biggest bank on Wall Street, said its results were driven by its investment bank.

Jamie Dimon, JPMorgan’s chief executive, said: “While the economy still faces challenges, there have been clear and broad-based improvements in underlying trends.

“We believe these improvements will continue and are hopeful they will gather momentum, resulting in a strong recovery,” he added.

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News posted: April 14, 2010

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