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Bulletin: JPMorgan Chase & Co. Ratings Unaffected By Third-Quarter Results Oct 10
Standard & Poors, Oct 2010
Abstract
NEW YORK (Standard & Poor's) Oct. 13, 2010--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 third-quarter results, which were consistent with our expectations given the current operating environment. JPM generated $6.4 billion of adjusted pretax earnings, down from $7.1 billion in the previous quarter. The decline was largely due to a lower amount of reserve release. JPM's adjusted revenue declined by 1.6% sequentially, due to lower trading revenues and an increase in representative and warranty expense. The net interest margin (NIM) declined 5 basis points (bps) sequentially, reflecting a lower interest rate environment and fewer higher-yielding assets. Purchasing more securities abetted a possible...
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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