J.P. Morgan Chase & Co. (NYSE: JPM) reported fiscal first-quarter results before markets opened this morning. The investment bank and financial services giant reported quarterly diluted earnings per share (EPS) of $1.59 on revenue of $25.8 billion. In the same period a year ago, J.P. Morgan reported EPS of $1.19 on revenue of $26.8 billion. First-quarter results also compare to the consensus estimates for EPS of $1.40 on revenue of $25.97 billion.
One-time items added $0.18 to the bank’s EPS in the first quarter. J.P. Morgan reduced its mortgage loan loss reserves and its credit card loss reserves by $1.15 billion. Absent the items, EPS came in as estimated and revenues were a little low.
The bank’s CEO said:
We are seeing positive signs that the economy is healthy and getting stronger. Housing prices continued to improve and new home purchases are also starting to come back. We…
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