JPMorgan Chase Q1 2012 Earnings: Big Bank's Profit Drops To $5.4 Billion

* Net income $5.4 billion vs $5.6 billion year earlier

* Q1 EPS $1.31 vs $1.28 year earlier

April 13 (Reuters) - JPMorgan Chase & Co reported lower first-quarter profit, but higher earnings per share after the company bought back stock.

The biggest U.S. bank by assets, JPMorgan said on Friday that net income was $5.4 billion, or $1.31 a share, compared with $5.6 billion, or $1.28 a share a year earlier.

The company's quarter-end share count declined 4 percent from a year earlier as it bought back stock.

Comments

[Manhattanite]

12:33 PM on 04/13/2012

I assume that Jaime Diamon will be "punished" by the board with an increase in his salary, bonus, and perks.

[aforbes808]

11:36 AM on 04/13/2012

Beware of false profits. pax.

[blood1]

09:27 AM on 04/13/2012

Most telling is when a company buys back shares - in order to keep the large shareholder's happy and hopefully see the their dividends increase. Thus far - JPM hasn't made that "dream occur", unless a $0.03 dividend is seen as a great reason.

I was invited to sell my shares of another company - opted not to sell and the stock price increased $6.00 / share after the close of buy back. Comparing that to JPM - the stockholder's will not be happy camper's!