8. JPMorgan Chase (JPM) is a global financial services firm with businesses such as commercial banking, investment banking, asset management and private equity.
The company reported 2011 first quarter net income of $5.6 billion, higher than $3.3 billion achieved in the first quarter of 2010. The company's investment banking and retail financial services segments fared well, recording net profit growth of 58% year-over-year.
Jamie Dimon, the company's CEO said, "We strengthened our fortress balance sheet, ending the first quarter with a strong Basel 1 Tier 1 Common ratio of 10%. Looking forward, we intend to operate the business with the objectives of maintaining a Basel I Tier 1 Common ratio of at least 9% and meeting the Basel III requirements substantially ahead of time. Our earnings power will allow us to generate significant capital in excess of our objectives, enabling us to invest aggressively in our future." The Tier-1 capital ratio at the end of the March quarter was 12.1% and capital adequacy ratio was 15.5%.During the quarter, JPMorgan provided credit and raised more than $450 billion capital and originated mortgages, offered credit cards, increased credit to small businesses, and lent to not-for-profit organizations, government bodies and corporations. The stock is trading at 8.9 times its estimated 2011 earnings and analysts expect the stock to gain 27% over the next one year.
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