Since the financial crisis began, JP Morgan Chase (JPM) has not posted a quarterly loss. It didn't do so today, either.
On Thursday, JP Morgan Chase (JPM) said it earned $2.14 billion for the first quarter of 2009. While the profit was 10% lower than the same period last year, it was better than analysts had expected.
JP Morgan Chase (JPM) continues to make profits despite having swallowed up troubled Washington Mutual (formerly, WAMU) last year.
Details: JP Morgan Chase (JPM) said it earned $2.14 billion in the first quarter, or 40 cents per share, on record revenue of $26.9 billion. That's down from net income of $2.37 billion, or 67 cents per share in 2008, but analysts predicted a profit of 32 cents per share.
These results came a week after Wells Fargo surprised by announcing a record $3 billion quarterly profit.
Like Wells Fargo and other financial institutions seeing a rebound, JP Morgan Chase (JPM) is looking to pay back its bailout funds quickly. The reason is less about being a "good citizen" than it is about being about to raise executive pay (which ought to make readers feel really good about Wall Street pay).
JP Morgan Chase (JPM) stock is up $0.79 or about over 2.4% at the time of this writing.
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