Updated Friday, July 18, 2008 0:00 am TWN, AP

JPMorgan Chase profit falls 53% on loan losses

NEW YORK -- JPMorgan Chase reported a 53 percent profit decline Thursday as defaults rose in mortgages and other loans, but the bank’s results were better than the market anticipated. JPMorgan Chase & Co. earned US$2.00 billion, or 54 cents per share, in the April to June period, down from US$4.23 billion, or US$1.20 per share, in the same timeframe last year. Analysts surveyed by Thomson Financial had predicted, on average, a profit of 44 cents share.

JPMorgan Chase took a nearly US$3.5 billion provision for credit losses, and lost more than half a billion dollars due to Bear Stearns, the ailing investment bank it bought in March with the help of the government.

 

 

 

 

 

 

 

 

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