JP Morgan sees net rise

Source: Exec Digital USA

Date :10/17/2007 8:58:23 AM

JPMorgan Chase & Co Inc said on Wednesday its third-quarter net income rose 2.3 percent.

Despite $1.64 billion write-downs on leveraged loans and collateralized debt obligations, Morgan the third-largest U.S. bank said net income was $3.4 billion, or 97 cents a share from $3.3 billion, or 92 cents a share, a year earlier.

Contrast

The group’s investment banking profit plunged 70 percent to $296 million primarily because of markdowns of $1.3 billion, after fees, on leveraged lending commitments, and markdowns of $339 million on collateralized debt obligations.

Morgan’s performance contrasts other Wall Street firms who saw profits plunge in the third quarter.

Merrill Lynch & Co Inc said that it expects to lose money in the quarter on $5.5 billion in write-downs.

October 17 2007

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