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JPMorgan Chase & Co. Message Board

  • bluecheese4u bluecheese4u Jan 16, 2008 7:42 AM Flag

    JPMORGAN CHASE REPORTS FOURTH QUARTER 2007 RESULTS

    JPMORGAN CHASE REPORTS FOURTH QUARTER 2007 RESULTS

    JPMORGAN CHASE REPORTS RECORD FULL-YEAR 2007 NET INCOME OF $15.4 BILLION ON RECORD REVENUE OF $71.4 BILLION;

    RECORD EARNINGS PER SHARE OF $4.38

    COMPANY REPORTS FOURTH-QUARTER 2007 NET INCOME OF $3.0 BILLION AND EARNINGS PER SHARE OF $0.86

    FULL-YEAR 2007 EPS FROM CONTINUING OPERATIONS UP 15%; FOURTH-QUARTER EPS FROM CONTINUING OPERATIONS DOWN 21%

    CAPITAL REMAINED STRONG WITH TIER 1 CAPITAL OF $88.7 BILLION, OR 8.4% (estimated); CREDIT RESERVES FURTHER STRENGTHENED

    • Investment Bank fourth-quarter results declined significantly. Results included:

    - Markdowns of $1.3 billion (net of hedges) on subprime positions, including subprime CDOs
    - Weaker trading performance
    - Strong fourth-quarter investment banking fees, record full-year fees

    • Asset Management and Treasury & Securities Services generated record earnings and revenue for the fourth quarter and full year

    • Commercial Banking produced double-digit earnings growth on record revenue and Private Equity posted strong results in the fourth quarter

    New York, January 16, 2008 — JPMorgan Chase & Co. (NYSE: JPM) today reported 2007 fourth-quarter income from continuing operations of $3.0 billion, or $0.86 per share, down 21% compared with $3.9 billion, or $1.09 per share, in the fourth quarter of 2006. For full-year 2007, income from continuing operations was a record $15.4 billion, or $4.38 per share, up 15% compared with $13.6 billion, or $3.82 per share, in 2006. Reported net income for the fourth quarter of 2007 was $3.0 billion, down from $4.5 billion in the prior year, which included a $622 million gain on the sale of selected corporate trust businesses in the fourth quarter of 2006 that is not included in continuing operations. Reported earnings per share of $0.86 declined from $1.26 per share in the fourth quarter of 2006.
    Commenting on 2007 full-year and fourth-quarter results, Jamie Dimon, Chairman and Chief Executive Officer, said, “I am pleased with our company’s record results for the year, despite our mixed performance in the fourth quarter. Our lower quarterly results were affected by the Investment Bank’s markdowns in subprime-related positions and weaker trading. In addition, our consumer home equity and subprime loan portfolios performed worse than we expected.
    “The diversified nature of our company helped offset areas of weakness. Asset Management, Treasury & Securities Services, Commercial Banking and Private Equity reported record or near-record revenue and earnings, while investment banking fees had strong growth in the quarter and were at record levels for the year. We also experienced organic growth across Retail Financial Services, with increases in deposits, checking accounts and mortgage originations.”

    http://www.sec.gov/Archives/edgar/data/19617/000095012308000442/y46643exv99w1.htm

    EARNINGS RELEASE FINANCIAL SUPPLEMENT

    http://www.sec.gov/Archives/edgar/data/19617/000095012308000442/y46643exv99w2.htm

 
JPM
56.02-0.62(-1.11%)Jul 9 4:00 PMEDT

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