logo
Share SHARE
FONT-SIZE Plus   Neg

JPMorgan Chase Q1 Profit Climbs; To Buy Back $6 Bln Of Stock - Quick Facts

Banking giant JPMorgan Chase & Co. (JPM) posted higher first-quarter net income of $6.53 billion, or $1.59 per share, compared with the prior year's $4.92 billion, or $1.19 per share. On average, 30 analysts polled by Thomson Reuters expected earnings per share of $1.40 for the quarter. Analysts' estimates typically exclude one-time items.

However, on a managed basis, the firm clocked revenue of $25.8 billion for the quarter, down 3% from last year's $26.8 billion, with reported total net revenue slipping 4% to $25.12 billion, from $26.05 billion a year before. Analysts estimated revenues of $25.97 billion for the quarter.

Further, the board plans to increase the second-quarter common stock dividend to $0.38 per share from the current $0.30 per share. Additionally, the board has authorized the company to buy back $6 billion of common equity commencing with the second quarter of this year through the end of the first quarter of 2014.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Succumbing to competition from the latest smartphones, BlackBerry has decided to shut down its phone making business. Once a market leader and a highly preferred phone maker, BlackBerry's products were highly praised for its security features and ergonomic designs. In fear of hard plastic contamination in cooked chicken nuggets, Tyson Foods has voluntarily recalled more than 132 thousand pounds of fully cooked nuggets. Wells Fargo's two former employees have filed a lawsuit against the bank, seeking $2.6 billion, on behalf of employees affected amid the unauthorized accounts scandal. The plaintiffs are seeking class-action status for the lawsuit. Former employees Alexander Polonsky and Brian Zaghi accuse Wells Fargo of wrongful termination.
comments powered by Disqus
Follow RTT