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 decrease in Chase Financial Services as mortgage originations declined,” Harrison said in a statement.


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