JPMorgan Q1 2008

--Earning 2.4 bil, -50% drop from 4.8 bil in Q1 07 --Add 2.5 bil to alloance for credit losses (total 12.6 bil) --provision 5 bil --Tier 1 capital 8.3% --total asset 755 bil Investment Bank --Net Rev 3 bil, -50% drop from 6.3 bil in Q1 07, reflecting lower underwriting fees and markdown of 1.2 bil on prime, Alt-A an subprime mortgges; markdown of 1.1 bil on leveraged lending; markdown of 266 mil CDO; offset by equity and rate, and currencies. --provision 618 mil vs 63 mil Q1 07. The current-quarter provision reflects an increase of $605 million in the allowance for credit losses, reflecting the impact of the transfer of $4.9 billion of leveraged lending commitments to retained loans from held-for-sale loans and the effect of a weakening credit environment. Net charge-offs were $13 million, compared with net recoveries of $6 million in the prior year. Retail Financial Services --Net loss 227 mil vs 859 mil in Q1 07, due to an increase in the provision. --Provision 2.5 bil, vs 292 mil in Q1 07, reflecting 1.1 bil in allowanc efor loan losses realted to HEL; 417 mil increas in the allowance for loan losses related to subprime mortgage loan. --exposure: HEL 95 bil, mortgage 47 bil Card Services --Net Rev: 3.9 bil vs 3.7 bil Q1 07 --provision increased at smaller pace --loan exposure 151 bil Credit Data and Quality of IBanking --Nonperforming loans: 321 mil vs 92 bil Q1 07, other nonperforming assets 118 mil vs 36 mil --allowance for credit losses 2.5 Q1 08 vs 1.4 Q1 07 --provision 618 mil vs 63 mil Q1 07 --but net charge off is just 13 mil vs -6 mil Q1 07 Credit Data and Quality of IBanking --Nonperforming loans: 3.2 bil vs 1.7 bil Q1 07, other nonperforming assets 2.8 bil vs 1.9 bil --allowance for credit losses 4.2 Q1 08 vs 1.5 Q1 07 --provision 2.5 bil vs 292 mil Q1 07 --net charge-offs 789 mil vs 185 mil Q1 07