Thaindian News

By Gina Gomez
New York, Jan 18, (THAINDIAN NEWS) It seems that global banking conglomerate JPMorgan Chase has finally recovered from the financial crisis that plagued the banking major last year. The financial service firm reported on Friday that it has made a whopping profit of $3.3 billion in the fourth quarter of 2009.

The company statement also revealed that the net revenue has escalated from $19.10 billion in the fourth quarter last year to $25.23 billion in the same period this time around. Moreover, the net profit of the banking major for the year 2009 has also shown an upsurge from $5.6 billion in 2008 to about $11.7 billion.

While reacting to the profits that have been gained by the banking giant, JPMorgan Chase Chairman and Chief Executive Officer Jamie Dimon has added that although the results highlight signs of improvement, the results cannot be considered satisfactory if the potential of the firm is taken into account.

The New York City-based banking entity is among the very few financial institutions that have been able to survive and recover from the global economic meltdown. Jamie Dimon also emphasized that throughout the financial crisis, all the employees of the banking conglomerate have stood by the company’s operation. Moreover, the chairman also added the efforts showcased by the employees resulted in the banking major remaining healthy and vibrant.

JPMorgan Chase is among the first financial institutions to have announced its fourth quarter results, which tuned out to be much better than the results anticipated by the Wall Street. However, despite the positive results, executives of the oldest financial services company were not inclined to declare that the worst period was over.