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JP Morgan reports 47% profit jump
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Author:  tanqing369 [ Sat Jan 15, 2011 3:14 am ]
Post subject:  JP Morgan reports 47% profit jump

coach outlet coupon report,JP Morgan Chase has reported a jump in fourth-quarter net income, as it set aside less money to cover potential losses on bad loans.

Profit in the last three months of 2010 came in at $4.8bn (3bn), marking a rise of 47% on a year earlier. Revenue increased 6% to $26.7bn.

For the full-year, the bank made a record profit of $17.4bn, ahead of analysts' forecasts of $16.7bn.
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JP Morgan is the first of the big Wall Street banks to report.

"Although we continue to face challenges, there are signs of stability and growth returning to both the global capital markets and the US economy," said chief executive Jamie Dimon.

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