J.P. Morgan profit falls on rising provision, but tops estimate

J.P. Morgan Chase & Co. on Thursday said first quarter profit fell 10% as the banking giant boosted reserves for bad loans by more than $4 billion.
The company added a total of $4.2 billion to credit reserves, raising its aggregate provision to $28 billion, representing 4.53% of assets, the company said.

Among other closely watched metrics, the New York-based bank said its Tier 1 capital level was 11.3% during the quarter, or 9.2% if the calculation excludes capital the bank got under the government's TARP investment plan. Tangible common equity, or the value of the company minus its liabilities, was $87.2 billion.

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- Posted: 2009-04-16 07:47:35

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