JP Morgan Chase reported better-than-expected quarterly profits after a record performance at its investment bank। It joined rival Goldman Sachs in saying it was ready to repay emergency bailout money received from the government last year. Increased losses from credit cards and other consumer debt have forced JP Morgan to set aside more money to cover bad debts in its consumer banking business।JP Morgan made a profit of $2।1bn (£1.41bn), or $0.40 a share, in the first three months of the year. Although that was lower than the $2.4bn result achieved a year ago, it beat analysts' consensus forecast of a profit of $0.30 a share. Revenues climbed 50% to $29.9bn. At the start of the week, Goldman raised $5bn from investors in an effort to become the first major US institution to pay back its $10bn slice of the emergency government bailout।
However, Jamie Dimon, the chief executive, said the bank had enough cash to return the $25bn in taxpayer funds it received in October. "We could pay it back tomorrow," he said, adding that he was waiting for guidance from the government on when it could do so. He said money received under the troubled asset relief program (Tarp) had become a "scarlet letter" for banks.
