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That release of reserves, its first in more than two years, contributed to the strong results.
That release of reserves bolstered overall profits by more than $1 billion, echoing similar moves by other large banks.
Excluding capital losses and a gain from the release of reserves from discontinued businesses, Aetna reported an adjusted profit of 94 cents a share.
Stripping out the legal expenses and release of reserves — a tactic banks use to boost earnings — JPMorgan earned $5.8 billion, or $1.42 per share, in profit.
Unlike the first quarter of 2011, earnings growth came largely from underlying operating strength, while one-time gains from the release of reserves for credit losses actually dropped.
For the entire industry in the first quarter, about $12.6 billion, or roughly 43 percent of profits, came from the release of reserves.
Similar(49)
The proposed algorithm which we call earliest available channel with priority (EACP) is based on a reservation scheme; however, it differs from the traditional reservation scheme in that no explicit release of reserved resources takes place.
A coordinated release of reserve crude by the United States and its European and Asian allies could replace missing Iranian barrels for a year and a half.
Post-surgical cognitive improvement has been interpreted as the release of reserve capacities which were suppressed or irritated by epilepsy (Helmstaedter et al., 2003).
Oil industry leaders said West Coast refineries could feel the pinch of shortages in crude in a matter of weeks, even with the release of strategic reserves since those reserves tend to have higher sulfur content than many of the California refineries are designed to process.
On Thursday, after Mr. Gore called for release of the reserves, prices dropped $1.24 a barrel for crude oil.
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