J.P. Morgan Chase Tops Estimate, but Profit Falls

J.P. Morgan Chase (JPM Quote) posted first-quarter profits below year-ago levels as the newly merged firm braved a stock market slump.

J.P. Morgan Chase reported earnings of $1.44 billion, or 70 cents a share, beating the Thomson Financial/First Call consensus estimate of 66 cents but falling from the year ago pro-forma $1.01 a share. J.P. Morgan and the former Chase Manhattan completed their merger at the end of 2000, so the year-earlier results were reported on a pro-forma basis, or as if the companies had been merged then.

Investment banking fees stumbled 24% due to "weak market conditions in equity capital markets" and merger and acquisition advisory. However, the firm said these were offset by higher bond underwriting and loan syndication. Trading revenue dipped 3% from year-ago levels. ...