Net income nearly $1 billion
By MortgageDaily.com staff
4/18/2002

In its announcement of first quarter results, J.P. Morgan Chase & Co. said mortgage originations were $33 billion. While this was down from $50 billion in the prior quarter, it was an increase from the first quarter of 2001.

The company said its commercial loans fell 3% from year-end and are down 10% from the first quarter of 2001. Its Tier 1 capital ratio increased from year-end 2001 to 8.5%.

JPMorgan Chase said its net income for the quarter, which includes special items such as merger and restructuring costs, was $982 million, compared to a loss of $332 million in the fourth quarter of 2001 and a profit of $1.2 billion in the first quarter of 2001. The company reported operating earnings -- which have been adjusted by adding back amortization of goodwill to present 2001 results on a basis comparable to this year's first quarter, which included the impact of the implementation of SFAS 142 -- of $1.2 billion for the quarter.

Article © MortgageDaily.com All Rights Reserved