Linda Young - AHN News Writer
New York, NY, United States (AHN) - Banking giant JP Morgan posted a profit of $5.6 billion for the first three months of the year, a 67 percent increase from $3.3 billion for the same period last year, the company has announced.
JP Morgan credited a turnaround in the profitability of its card services unit, which made a $1.3 billion profit during the first quarter of 2011 compared to losing $303 million for the same period in 2010.
That increase in year-over-year first quarter profits came despite a drop in revenues of 8 percent from $28.2 billion to $25.8 billion. JP Morgan officials attributed part of the revenue loss to ongoing problems in the housing market.
Bank profits exceeded expectations by analysts.
JP Morgan is the second largest bank in the United States.
Link:
http://beforeitsnews.com/story/558/367/JP_Morgan_posts_Q1_5.6_billion_profit.html
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