The New York based bank achieved a net income of $1.67 billion, or 46 cents a share, compared with $1.86 billion, or 89 cents per share a year earlier. The reduced income was affected by an 18% fall in investment banking profits and $650 million of costs relating to the $58 billion merger with Chicago-based Bank One.
On the more positive side retail banking profits more than doubled to $775 million in the quarter.
Figure for the quarter, not including the Bank One costs, was an income of $2.3 billion, or 64 cents a share. This figure was still below the 68 cents a share predicted by city analysts.
JPMorgan Chase’s results compared poorly to that of some of its big rivals. A number of other large US banks reported on Tuesday with Bank of America grabbing the headlines for its impressive profits growth. Bank of America delivered record quarterly profits up 41%, while Wells Fargo & Co. achieved a 10% increase in profits and U.S. Bancorp 8%.
