给摩根大通的利润挤挤水分
|
会计师给摩根大通的帮助还不限于此。除了减少贷款损失入账，该行还在从坏账准备金中提取资金。由此，摩根大通净利润又增加了6.5亿美元。结果：原本11.5亿美元的不良贷款损失，变成了盈利2亿美元。 摩根大通发言人克里斯汀•莱姆考表示，公司利润增长主要来自业务的切实改善。“三年来我们创纪录的业绩，源于各项业务的市场份额增长，”莱姆考表示。她说，戴蒙总是告诉投资者们，他不认为坏账准备金是优质盈利。 当然，经济也在改善，房价在上涨。因此，你会预期损失减少。不过，该行的不良贷款只减少了11%，远低于冲销速度减半。而且，第一季度，摩根大通逾期超过3个月的住房贷款额突然增加了35亿美元。这是三年多来该行此类严重逾期贷款首次大增，信号值得警惕。 即便没有上述会计手法，第一季度该行的净利润也可能增加6亿美元或增长10%。因此，戴蒙应该走人的说法显得有些勉强。但同期，花旗集团和富国银行的净利润分别增长了31%和22%。摩根大通离不开戴蒙？或许我们应该从这个角度看看。（财富中文网） |
That's not the only boost JPMorgan got from its accountants. On top of taking fewer loan losses, the bank also pulled money out of the fund it has set aside to cover future bad loans. As a result, an additional $650 million made its way to JPMorgan's bottom line. The result: What could have been a loss of $1.15 billion from bad loans turned into a gain of $200 million. JPMorgan spokeswoman Kristin Lemkau says the bulk of the company's earnings gains have come from true improvements in its business. "We have had three years of record performance driven by market share gains in every line of business," says Lemkau. She says that Dimon has regularly told investors that he does not consider loan reserve releases as quality earnings. Of course, the economy is improving, and house prices are rising. So you would expect fewer losses. Still, the bank's nonperforming loans have dropped by only 11%, far less than the 50% drop in write-offs. What's more, the volume of home loans at JPMorgan on which borrowers haven't made a payment in more than three months suddenly jumped $3.5 billion in the first quarter. That's the first jump in seriously delinquent loans the bank has seen in more than three years and could be a sign of more problems ahead. Even without these accounting moves, though, the bank's bottom line would have been up $600 million or 10% in the first three months of the year. So it's hard to make the case that Dimon should go. But earnings at Citigroup (C) and Wells Fargo rose 31% and 22%, respectively. That puts the indispensability of Dimon in perspective. |
