Tsuen Wan International: JPMorgan post net income 13% above estimates.

July 14, 2011 - PRLog -- JPMorgan Chase & Co.  has announced that net income rose 13%, beating analyst’s estimates, as investment-banking profit surged 49% and more customers paid credit cards on time.

Second-quarter net income climbed to $5.43 billion, or $1.27 a share, from $4.8 billion, or $1.09, year-on-year, the New York-based bank informed Tsuen Wan International. The average per-share estimate was $1.21, by 28 surveyed analysts.

Fees from underwriting stocks and bonds helped increase investment-banking revenue and improving credit trends allowed the company to reduce credit-card loss reserves by $1 billion.
JPMorgan, led by Chief Executive Officer Jamie Dimon, was the most profitable U.S. bank last year with a record $17.4 billion in earnings Tsuen Wan International research shows.

Net income in 2010 was increased by the release of $7 billion in reserves back into income as the U.S. economy recovered, a benefit that Dimon, 55, said doesn’t represent “quality” earnings.

“I think these are really good numbers,” Michael Holland, who oversees over $4 billion in assets at New York-based Holland & Co.,  told Tsuen Wan International sources “The only thing I can say is, ‘Wow,’” Holland said in reference to the JPMorgan Chase &Co’s $26.8 billion in revenue.

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Tsuen Wan International is a leading independent investment company, based in the heart of Hong Kong. Tsuen Wan International offers a variety of investment products for institutional, corporate and high net worth investors in equity debt and FX markets.