J.P. Morgan beats expectations in the first quarter

Record revenues from fixed income and equity markets corroborate the bank's conviction that balance sheet strength will help it to win market share.

J.P. Morgan yesterday reported first-quarter net income of $2.1 billion, slightly down on the $2.4 billion in the same period last year, resulting in an earnings per share EPS of $0.40 versus $0.67 in the first quarter of 2008. The results follow a 2008 full-year profit of $5.6 billion, translating into an EPS of $1.37.

Overall, it was good news for the US bank with EPS beating consensus estimates of $0.32 a share and revenues reaching $26.9 billion, up on...

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