J.P. Morgan Chase & Co. last week reported net income of $1.93 billion, or a 38 percent increase, for the first quarter of 2004. That's compared with a net income of $1.4 billion during the first quarter of 2003. Per share, net income was $0.92, compared with $0.69 a year ago. Earnings for Chase Home Finance, however, decreased by 48 percent to $221 million for the quarter. Total revenue of $813 million declined by 29 percent as higher rates and a smaller refinance market lowered mortgage originations and margins. The company's overall earnings growth was due largely to strong results in its capital markets-related business and commercial credit portfolio, said CEO William Harrison Jr. "This combined strength more than offset the anticipated earnings...
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