摩根大通收益超预期 欲返还救助资金Profit Solid, J.P. Morgan Aims To Repay TARP Funds

就在美国联邦监管机构关注大型银行的帐目时，传统华尔街交易活动的兴盛却提振了这些银行的收益。

已被认为实力一流的摩根大通(J.P. Morgan Chase & Co.)周四进一步印证了这种观点，该行公布了高于预期的一季度收益，这主要归功于债券和外汇交易的出色表现。


尽管由于消费借贷业务的亏损，摩根大通公布的整体净利润下滑10%，但这仍高于华尔街的预期，并随之提振了公司股价。此前，本周早些时候高盛集团(Goldman Sachs Group Inc.)公布了类似的出色收益。

强劲的收益增加了这两家公司争取返还政府资金的可信性，此前它们从问题资产救助计划获得了资金。这类信心的表现对正在进行压力测试的监管机构来说可能是个积极的迹象，目前监管机构正在对接受问题资产救助资金最多的19家银行进行压力测试。

摩根大通首席执行长戴蒙(James Dimon)说，我们明天就可以还款，我们有这笔钱。因拿了纳税人的钱而蒙上的恶名让他有很大的挫折感。他说，摩根大通有能力在不发行新股的情况下还款，他说这笔钱就如同给公司刻上了“红字”。摩根大通收到250亿美元问题资产救助资金。

摩根大通公布一季度净利润降至21亿美元，合每股0.40美元；上年同期为24亿美元，合每股0.67美元。公司收入增长48%，至250.3亿美元。

纽约股市周四摩根大通股票上涨0.68美元，收于每股33.24美元，涨幅2.1%。

除返还问题资产救助资金外，摩根大通还显示出希望与政府撇清关系的其他迹象。戴蒙说，公司不会参与新的公私合作投资计划。根据该计划，财政部将支持私人投资经理收购银行问题贷款。

他在电话会议中说，我们管理并掌控自己的资产。

另外一个显示摩根大通能自力更生的迹象是，据知情人士说，该公司周四出售了30亿美元的10年期优先债券，这些债券都没有美国联邦存款保险公司(Federal Deposit Insurance Corp.)的担保。这是几周来摩根大通第二次出售没有联邦存款保险公司担保的债券。这种担保是去年11月推出的机制，旨在树立投资者的信心。

摩根大通旗下的投资银行（包括贝尔斯登）的收入和利润双双创下纪录，分别为83.4亿美元和16亿美元，而上年同期亏损8,700万美元。戴蒙警告说，这类交易条件不太可能保持这样的弹性，他说指望像这样继续下去是不合理的。

尽管摩根大通在衰退中也受到了冲击，但仍被普遍视为美国实力最强的银行之一。该行一季度一级资本水平（反映银行消化不良贷款的能力）占总资产的11.3%。不包括问题资产救助资金，一级资本充足率为9.2%，仍远远高于6%这一银行被认为资本充足所需的水平。

摩根大通一直在进行不良贷款拨备，一季度增加拨备42亿美元。总计274亿美元的拨备占了总资产的4.53%。摩根大通说，这一水平较去年四季度的3.62%有所上升，而花旗集团(Citigroup)、富国银行(Wells Fargo)和美国银行(Bank of America Corp.)的平均水平为2.74%。

与此同时，摩根大通的消费相关业务仍是遭受衰退冲击最严重的部门。就在摩根大通零售业部门从抵押贷款再融资的大幅增长中获得丰厚佣金之际，其物业套现贷款投资组合却显露出了更严重的损失。
The boom in traditional Wall Street trading activity has boosted earnings at the major banks just as federal regulators are poring over their books.

J.P. Morgan Chase & Co., already considered to be one of the strongest banks, reinforced that view Thursday when it reported better-than-expected first-quarter earnings, mostly due to blockbuster results from bond and currency trading.

Although the bank reported a 10% decline in overall net income because of losses in its consumer-lending business, the results surpassed Wall Street's expectations and sent the New York company's stock price higher. J.P. Morgan's results followed a similarly buoyant earnings report earlier this week from Goldman Sachs Group Inc.

The strong results gave both firms added credence in their push to return government funds that they have received from the Troubled Asset Relief Program. Those expressions of confidence could be a positive sign to regulators who are conducting stress tests of the 19 banks that have received the most money from TARP.

'We could pay it back tomorrow. We have the money,' said James Dimon, chief executive of J.P. Morgan, who has been frustrated by the stigma attached to taking taxpayer funds. The bank, which received $25 billion in TARP funds, can afford to repay the funds -- which he referred to as a 'scarlet letter' -- without issuing new stock, he said.

J.P. Morgan reported that first-quarter net income fell to $2.1 billion, or 40 cents a share, compared with $2.4 billion, or 67 cents, a year earlier. Revenue rose 48% to $25.03 billion.

Shares of J.P. Morgan rose 68 cents, or 2.1%, to $33.24 in 4 p.m. composite trading on the New York Stock Exchange.

In addition to repaying TARP funds, J.P. Morgan is showing other signs that it wants to steer clear of the government. Mr. Dimon said the company won't participate in the new Public-Private Investment Program in which the Treasury Department will support the purchase of banks' troubled loans by private investment managers.

'We manage and control our own assets,' he said on a conference call.

In another sign that it can stand on its own, J.P. Morgan on Thursday sold $3 billion in 10-year senior notes that aren't backed by the Federal Deposit Insurance Corp., according to people familiar with the deal Thursday. It was the second time in recent weeks that the bank sold debt without the FDIC crutch that was introduced in November as a confidence-building mechanism for investors.

J.P. Morgan's investment bank, which includes the former Bear Stearns Cos., earned a record $1.6 billion on record revenue of $8.34 billion compared with a loss of $87 million a year earlier. Mr. Dimon warned that those trading conditions aren't likely to remain so resilient, saying 'it is unreasonable to expect it to continue like that.'

Although J.P. Morgan has taken its share of lumps from the recession, it is still largely viewed as one of the nation's strongest banks. Its Tier 1 capital level, which reflects a bank's ability to absorb bad loans, was 11.3% of total assets in the first quarter. Excluding the TARP funds, the Tier 1 level was 9.2%, still well above the 6% that a bank needs to be considered well-capitalized.

J.P. Morgan, which has been socking away money to cover bad loans, added $4.2 billion to those reserves in the first quarter. The total of $27.4 billion brings its reserve ratio to total loans to 4.53%. That is up from 3.62% in the fourth quarter and compares with a fourth-quarter average of 2.74% at Citigroup, Wells Fargo and Bank of America Corp., J.P. Morgan said.

Meanwhile, J.P. Morgan's consumer-oriented businesses continued to bear the brunt of the recession. The bank's retail division showed more erosion in its home-equity portfolio even as the unit is collecting fat fees from the mortgage-refinancing boom.