JPMorgan Chase & Co has posted a internet income of $5.43bn, or $1.27 per diluted share, for second-quarter 2011, up a hundred and thirtieth compared to $4.8bn, or $1.09 per diluted share last year.
Total internet revenue for the latest quarter increased to $26.78bn from $25.1bn a year ago. Noninterest revenue was $15.5bn, up by $2.6bn, or 20%, from the previous year.
The provision for credit losses was $1.8bn, down by $1.6bn, or 46%, from the previous year. the entire client provision for credit losses was $1.9bn, compared with $3.9bn within the previous year.
Basel I Tier one Common ratio was ten.1% at 30 June 2011, compared with 100 pc at 31 March 2011, and 9.6% at 30 June 2010.
JPMorgan chairman and chief govt Jamie Dimon said they maintained their fortress balance sheet, ending the second quarter with a Basel I Tier one Common ratio of ten.1%. Their sturdy and growing capital base enabled them to shop for back $3.5bn of stock throughout the second quarter, and that they can still get back stock opportunistically.
"We estimate that our Basel III Tier one Common ratio was approximately 7.6% at the tip of the second quarter. This level is we tend toll in way over what is needed today under existing rules and is bigger than the extent we expect are going to be needed under the proposed rules for up to 5 years, together with the additional buffer for world systemically important monetary establishments.
"Our sturdy capital position and significant earnings power can permit us to actively grow our business and rapidly meet any proposed Basel III requirements as they're phased in. we tend to will keep our capital ratios approximately where they're as we tend to do not see a necessity to manage to higher ratios previous time," Dimon said.
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