JPMorgan Chase Reports 1Q2008 Financial Results
JPMorgan Chase reported first quarter 2008 financial results this morning - its Card Services unit reported net income of $609 million, a decline of $156 million, or 20%, from the prior year.
End-of-period managed loans of $150.9 billion grew $4.4 billion, or 3%, from the prior year and declined $6.1 billion, or 4%, from the prior quarter. Charge volume growth of 5% reflected a 10% increase in sales volume, partially offset by a lower level of balance transfers. The company forecast further slowing in card spending for 2008.
Merchant processing volume was $182.4 billion, an increase of $18.8 billion, or 11%, and total transactions were 5.2 billion, an increase of 725 million, or 16%.
Add your comment... (note that all comments are reviewed before they're published)