JPMorgan Chase reports record net income of $4.8 billion, or $1.34 per share, on record revenue of $19.0 billion
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printApr 18, 2007
Press Release
New York, April 18, 2007 – JPMorganChase & Co. (NYSE: JPM) today reported 2007 first-quarter net income of $4.8 billion, or $1.34 per share, compared with net income of $3.1 billion, or $0.86 per share, for the first quarter of 2006. Income from continuing operations was $4.8 billion, or $1.34 per share, in the current quarter compared with $3.0 billion, or $0.85 per share, for the first quarter of 2006. The firm's adoption of SFAS 157 ("Fair Value Measurements") resulted in a benefit to the current quarter's earnings of $391 million (after-tax), or $0.11 per share.
Jamie Dimon, Chairman and Chief Executive Officer, commenting on the quarter said, "We are very pleased with our record results this quarter, which reflected the strength of our broad and diversified franchise. Across all of our businesses, we experienced continued growth in client volumes, including new accounts, loans, deposits and new business. The Investment Bank, Asset Management and Commercial Banking each delivered record earnings. Private Equity gains were also very strong. The firm’s strong results include some benefit from the generally favorable credit environment, which we do not expect to continue indefinitely." Commenting on The Bank of New York branch integration, Dimon noted, "Through the remarkable efforts of thousands of employees, we now have an integrated and much stronger retail banking business in the New York Tri-state area. Across the U.S. our customers now have available to them the convenience of more than 3,000 branches and 8,500 ATMs.”