Bank Results Season: JP Morgan posts $5 B in profits after CIO massacre

The bank opened the morning proceedings with a restatement of the first quarter results posting a $660M loss to add to the Q1 in Principal Transactions to bring the EPS to $1.20 for the quarter with Net Income from Corporate updated to a loss of $1.022B

That brought the quarter’s income down by $459 m to $4.924 B After that the bank noted a total of $4.4 B in CIO Office losses in Q2 and posted an income of $5B in Q@ after reducing the impact of losses fully

That brings the Total Net income (PAT) from the bank totally to $9.9 B for the first six months of 2012, on Revenues of $49.6 B as the restated $26B revenues of Q1 were added $22.9B in Q2

The bank transferred the synthetic credit portfolio from the CIO office to the Investment Bank and the remaining CIO office or Corporate portfolio of $323B in AFS securities still has a $7.9 B in unrealized gains

The Bank has $130B in Coinsumer credit and $260 B in Corporate credit with 425,000 new mortgages originated and 3.3 mln new credit cards activated in the first half. The Bank.’s Q1 Tier I capital will be restated lower by 4 basis points and at the end of June $130 B in Capital is qualified as Tier I under the Basel 3 regime at 8.3% above the required 7.5%

The bank  scores #1 in Investment Banking by a long margin of almost $800 mln with $2.8 B in year to date fees in the FT.com League tables. The Bank booked $6.8 B in revenue with $1.9 B in profits in Q2 in the Investment Bank

All in all the bank starts to walk away from its troubles with its head held high

 

 

 

 

 

 

Related articles

• The Shadow Darkens Over Investment Bank JP Morgan(sgtreport.com)

  ---

• JP Morgan: Estimating Q2 Numbers And The Whale Trades Impact, Part 2(seekingalpha.com)

  ---

• The London Whale May Have Actually Cost JP Morgan $9 Billion(theatlanticwire.com)

  ---