Filed under: Earnings reports, Good news, Press releases, JPMorgan Chase (JPM)

Shares of JPMorgan Chase & Co. (NYSE:JPM) soared today after the New York-based bank reported second quarter results that were not as lousy as expected.

They were terrible of course. Net income fell 53% to $2 billion, or 54 cents a share, ahead of the 44-cent average estimate of analysts surveyed by Bloomberg News. Net revenue fell 3% to $18.4 billion, beating the $16.6 billion average Bloomberg estimate.

The results, though, underscore how well the company has fared under the leadership of CEO Jamie Dimon.

Here are some highlights:

• Investment banking fees were $1.7 billion, their second highest quarter ever.
• Net income in commercial banking rose 25% to $355 million.
• Net income was a record $425 million in Treasury and Security Services, up 21% from a year earlier.
• Equity underwriting fees rose 6% to $542 million.
• Fix income markets revenue dropped only 4% driven largely by net markdowns of $696 million on leveraged lending funded and unfunded commitments, as well as mortgage-related net markdowns of $405 million.

The straight-talking Dimon did not mince words about the challenges that lie ahead for JPMorgan, saying in the release, “Our expectation is for the economic environment to continue to be weak - and to likely get weaker - and for the capital markets to remain under stress…. In spite of the environment, we are confident that we are building an increasingly strong and profitable company.”

But unlike many on Wall Street, Dimon can walk the walk and talk the talk.

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Via [bloggingstocks]

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This entry was posted on Saturday, July 19th, 2008 at 9:18 am and is filed under Stocks Money News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.