Thursday, October 18, 2007
Huh? No major changes in Credit Card delinquencies? Really?
"We do expect charge-offs to go up this quarter," said JPMorgan's CEO Jamie Dimon in a conference call with reporters.So far, the company has benefited greatly since the Fed lowered rates: Results improved by $454 million from the widening of its credit spreads.Its provision for credit losses was $1.79 billion, and including credit card securitization, managed credit loss provisions came to $2.36 billion. JPMorgan's credit-loss provisions between January and September this year have totaled $4.32 billion, more than double the $2.14 billion in provisions it made in the first nine months of 2006. Dimon noted that while home equity loan delinquencies and charge-offs are rising, there were no major changes in delinquencies of other products like auto loans and credit cards