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Bulletin: JPMorgan Chase & Co. Rating Unaffected By Fourth-Quarter Results Jan 11
Standard & Poors, Jan 2011
Abstract
NEW YORK (Standard & Poor's) Jan. 14, 2011--Standard & Poor's Ratings Services said today that its ratings on JPMorgan Chase & Co. (JPM; A+/Negative/A-1) are not affected by the company's relatively good fourth-quarter results, which were slightly better than we expected given the current operating environment. JPM generated $7.0 billion of pretax earnings, up from $6.2 billion in the previous quarter. JPM's revenue increased by 9.8% sequentially due mostly to higher mortgage-banking fees and a reduction in representation and warranty expense. The net interest margin (NIM) declined 13 basis points (bps) sequentially, reflecting a lower interest rate environment and the sale of a portion of its securities portfolio. The NIM will likely decline further in first-quarter 2011. Credit trends continue...
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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