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JP Morgan reports Q4r net income of $702 mln

CNN-IBN
Jan 15, 2009 at 08:22pm IST

New Delhi: The credit crisis and economic slowdown continues to affect the financial markets. The profits of JPMorgan Chase's America's second largest bank by assets fell by a ghastly 76 percent.

JP Morgan Chase reported fourth Quarter net income of $702 mln, or 7 cents a share, compared to $2.97 bln, or 86 cents a year ago.

Analysts say that bank is in a better position to weather financial crisis. Despite $20.5 bln of write-downs, losses and credit provisions through the third quarter

FINANCIAL CRISIS: Analysts say that bank is in a better position to weather financial crisis.

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