NEW York - Remuneration of JPMorgan Chase grimpé 67 per cent in the first quarter on higher costs of banking services and investment clients as less fall on their credit card bills. The Bank has recorded more losses of its mortgage, and CEO Jamie Dimon said that he did not expect these problems to go quickly.
"Unfortunately, these losses will continue for some time," Dimon said in the statement. "Rest assured, we are fully engaged in our mounting problems and treat our mistakes of the past.".
Outside of real estate, JPMorgan did well. Bank of second in the country by assets said that more than customers were paying in time. 3.25% Of loan payments were overdue by 30 days or more, a percentage point drop from the previous quarter 0.41. Clients were also more spending. The volume of transactions on Chase credit cards increased by 12%.
The Bank of New York said Wednesday it has secured $ 5.6 billion dollars, or $1.28 per share, compared to $ 3.3 billion, or 74 cents per share during the same period last year. JPMorgan profits, the first bank to report first-quarter earnings, were average of $1.15 per share analysts surveyed by FactSet waited.
JPMorgan Chase profits included $ 2 billion to reduce its credit card loan reserves, the fall of delinquency. Income is down to 25.2 billion of $ 27.7 billion in the same period last year. Despite the better net figures, JPMorgan shares gave up gains at the beginning and Tomb $39 cents to 46.25 after federal regulators news had ordered several banks to repay owners who have improperly barred to.
JPMorgan Chase added new branches as it anticipates an increased demand for loans that the economy is recovering. Speaking at a conference call with analysts, Director financial of JPMorgan Douglas Braunstein, said the Bank built 33 new branches in the first quarter and provides add 200 on the rest of 2011.
Braunstein said companies were also showing signs of growth. The average of the balances for medium-sized businesses loans rose 13 percent from a year ago and a larger number of companies tapped into their lines of credit for the first time in several quarters.
The slump in the housing sector continued to weigh heavily on the results of JPMorgan. The Bank increased its provision for losses related to mortgage of $ 1.1 billion. Real estate loan portfolio had losses of $ 720 million and mortgage losses were $ 186 million. "First" mortgage or loans made to borrowers with good credit, losses were $ 165 million.
The part of the mortgage of JPMorgan clients who were late on their payment 30 days is fallen to 6.2%, compared to 7.3% a year earlier. During the quarter, the Bank also lost service fees increased $ 1.1 billion mortgage, an expenditure of $ 650 million due to costs of foreclosures and mortgage redemption losses of $ 420 million.
In a conference call with journalists, Dimon said that he expects that JPMorgan and other banks will pay more fees and penalties after an investigation by the Attorneys General of all 50 States is finite. Prosecutors are looking into allegations that banks botched foreclosure.
On Wednesday, JPMorgan Chase Bank of America and Wells Fargo were among the 16 largest mortgage lenders in the country that have been made by the Federal Reserve and other agencies of federal regulation on banks to repay owners who have improperly barred to. The Fed also fines warns more in the future.
During this time, profits from investment banks soared JPMorgan Chase, although revenue fell to $ 8.3 billion $ 8.2 billion in the previous year. Expenses increased by 23% to $ 1.8 billion. That included the record debt of $ 971 million, or 33 per cent of the previous year and an increase of 41% of advisory fees to subscription costs $ 429 million.
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