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Bulletin: JPMorgan Chase & Co. Ratings Unaffected By Good First-Quarter Results Apr 11
Standard & Poors, April 2011
Abstract
NEW YORK (Standard & Poor's) April 13, 2011--Standard & Poor's Ratings Services said today that its ratings on JPMorgan Chase & Co. (JPM; A+/Stable/A-1) are not affected by the company's relatively good first-quarter results, which were slightly better than we expected given the current operating environment. JPM generated $8.0 billion of pretax earnings, up from $4.5 billion in the same period last year. Results include a $2.5 billion reserve release (largely credit card) offset by a $1.1 billion mortgage-servicing write-down and a $650 million expense for foreclosure matters. In addition, litigation expense declined roughly $1.9 billion year over year. JPM's revenue declined by roughly 9% annually, due mostly to lower net interest and mortgage-banking income. Positively, middle-market lending is picking...
Companies mentioned in this report are: JPMorgan Chase & Co.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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