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PrintJPMorgan Chase reports second-quarter 2007 net income of $4.2 billion; Earnings per share of $1.20 up by 21% from the prior year
Jul 18, 2007
Press Release
New York, July 18, 2007 – JPMorgan Chase & Co. (NYSE: JPM) today reported 2007 second-quarter net income of $4.2 billion compared with net income of $3.5 billion for the second quarter of 2006. Earnings per share of $1.20 were up 21% compared with $0.99 per share in the second quarter of 2006.
Commenting on the quarter, Jamie Dimon, Chairman and Chief Executive Officer, said, “We are pleased with our strong financial results driven by continued investment in all of our businesses and organic growth. Our strong earnings benefited from solid performance in the Investment Bank, record results in Asset Management and Treasury & Securities Services, and very strong results in Private Equity. In addition, during the quarter we strengthened our reserve for the home equity lending portfolio. Although we remain at a relatively benign point of the credit cycle, we continue to focus on being prepared for a less favorable environment. Given the diversity of our business mix, improving operating margins across our businesses and the strength of our balance sheet, the firm is well-positioned for the future.”