JPMorgan Chase Reports Second-Quarter 2010 Net Income Of $4.8 Billion, Or $1.09 Per Share, On Revenue1 Of $25.6 Billion

New York, July 15, 2010 – JPMorgan Chase & Co. (NYSE: JPM) today reported second-quarter 2010 net income of $4.8 billion, compared with $2.7 billion in the second quarter of 2009. Earnings per share were $1.09, compared with $0.28 in the second quarter of 2009.

Jamie Dimon, Chairman and Chief Executive Officer, commented on the quarter: “Our net income increased to $4.8 billion, including the benefit from a $1.5 billion reduction of loan loss reserves – which we do not believe represents normal ongoing earnings – partially offset by a charge of $550 million for the U.K. bonus tax.”

Continuing on the businesses, Dimon added: “Although we are gratified to see consumer-lending net charge-offs and delinquencies decline, they remain at extremely high levels and therefore returns in our consumer-lending businesses are still unacceptable. As a result, these businesses did not meet expectations nor generate satisfactory returns on capital for our shareholders. It is too early to say how much improvement we will see from here.

Download: JPMorgan Chase Reports Second-Quarter 2010 Net Income Of $4.8 Billion, Or $1.09 Per Share, On Revenue1 Of $25.6 Billion PDF


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