JP Morgan reports fourth Quarter net income of $702 mln
Posted on: 08:22 PM IST Jan 15, 2009
New Delhi: The credit crisis and economic slowdown continues to affect the financial markets. The profits of JPMorgan Chase's America's second largest bank by assets fell by a ghastly 76 percent.
JP Morgan Chase reported fourth Quarter net income of $702 mln, or 7 cents a share, compared to $2.97 bln, or 86 cents a year ago.
Analysts say that bank is in a better position to weather financial crisis. Despite $20.5 bln of write-downs, losses and credit provisions through the third quarter